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<br />7A <br />Page 2 <br /> <br />subject property is included in the applicable Mills Act Contract as Attachment "C" of <br />Attachment 3. <br /> <br />Discussion/Issues <br />An extensive historic evaluation has been prepared for the subject property by a <br />qualified historian (see Attachment 6). After a careful evaluation of the unique historical <br />and architectural features of the subject property with respect to the City's historic <br />designation criteria, both the HRAC and Planning Commission have confirmed the <br />eligibility of the property located at 1816 Hopkins Avenue as a Historic Landmark (see <br />above findings in Recommendation #1). Prior to making their recommendation for the <br />adoption of a Mills Act Contract for the subject property, the HRAC met on-site with the <br />property owner to evaluate the exterior condition of the property. This detailed <br />inspection has resulted in the recommended site-specific long term preservation <br />program in the proposed Mills Act Contract. <br /> <br />General Plan and Zoning Compliance <br />The designation of historic landmarks and implementation of Mills Act Contracts for the <br />long term preservation of the Community's historic resources is one of the primary goals <br />and objectives of the Historic Resources Element of the General Plan. The historic <br />designation does not affect the zoning regulations which are currently applicable to the <br />subject property. <br /> <br />Environmental Review <br />The proposed historic designation seeks to insure the long term preservation of the <br />subject resource which is exempt from California Environmental Quality Act (CEQA) <br />review, per section 15331, Class 31 of the CEQA Guidelines. <br /> <br />ALTERNATIVES <br />Approve the designation "in part." As a consequence of this action, the City Council <br />would adopt a resolution containing findings which would be modified from those <br />recommended by the Planning Commission. <br /> <br />Deny the designation, based on the finding that the property does not meet the historic <br />designation criteria established in the Redwood City Historic Preservation Ordinance. <br />As a result of a non designation, the property would not become eligible for a Mills Act <br />Contract. <br /> <br />FISCAL IMPACT <br /> <br />Landmark designations per se have no fiscal impact to the City. Mills Act Contracts <br />however, will cause an estimated 40-60% reduction in the amount of property tax <br />revenue that can be collected by the City for each assessed residential parcel. Because <br />the City collects approximately 20% of the 1 % of property valuation tax, an estimated <br />loss of revenue to the City for a property valued at $750,000 would be $560 (40%) to <br />$840 (60%) per year. Only 96 properties out of an estimated 16,000 residential parcels <br />are eligible for this program (because they have been designated as Historic Landmarks <br />or are located within designated Historic Districts). The City has enacted a total of seven <br />Mills Act Contracts since it began the program approximately 15 years ago. The fiscal <br />impact is therefore relatively negligible to the overall fiscal revenue of the City. From <br />another perspective, the implementation of the proposed Mills Act program could benefit <br />