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