AgdaPkt 2007-11-05 - Laserfiche WebLink

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6.1F ALTERNATIVES Page 2 Deny the Mills Act Contract for the subject property. As a consequence of a denial, there would be no Historic Preservation program and the implementation of many of the specific improvements, might not occur. Modify the Miils Act Contract. The work program outlined as "Attachment "C" of the Mills Act could be modified, as desired by the City Council. FISCAL IMPACT Mills Act Contracts will cause an estimated 40-60% reduction in the amount of property tax revenue that can be collected by the City for each assessed residential parcel. Because the City collects approximately 20% of the 1 % of property valuation tax, an estimated loss of revenue to the City for a property valued at $750,000 would be $560 (40%) to $840 (60%) per year. Only 96 properties out of an estimated 16,000 residential parcels are eligible for this program. The City has enacted a total of seven Mills Act Contracts since it began the program approximately 15 years ago. The potential fiscal impact is therefore relatively negligible relative to the overall fiscal revenue of the City. From another perspective, the implementation of the Mills Act program is expected to benefit the property values of the subject neighborhood, by insuring that the physical exterior of the property is maintained according to clear specified historic standards; not to mention the "leading by good example" message which is broadcasted to the community by historic resources that are well maintained. ,.,.0"". ~/ Peter Ingram ' ............. Community Development Director /'/-{1"--I, /; 1J,1 ,/1 (., tl /i ___' '/i' .' .-~' '..,./,;# I. ... Ed Efverett City Manager ATTACHMENTS 1. Vicinity Map 2. Planning Commission report from October 16, 2007 and draft minutes with recommendation 3. Proposed Mills Act Contract