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7A Q: What is the revenue loss to the City? Page 11 A: Once granted a Mills Act Contract, a property owner saves approximately 40% to 60% of the individual assessed tax valuation of the property. Since the City collects approximately 20% of the 1 % of property valuation tax, an estimated loss of revenue to the City for a property valuated at $750,000 would be $560 (40%) to $840 (60%). Q. How does this benefit the City? A. Because of the yearly maintenance inspection requirement associated with Mills Act contracts, a mandated design review process for exterior changes and required compliance to the Secretary of Interior's Standards, the City gains a powerful tool to insure the long term preservation of properties under contract. Property owners commit to a high quality maintenance program which typically affects the property values of the neighborhood and reflects positively in Community pride and character. GENERAL PLAN AND ZONING COMPLIANCE The designation of historic landmarks and implementation of Mills Act Contracts for the long term preservation of the Community's historic resources is one of the primary goals and objectives of the Historic Resource Element of the General Plan. The historic designation does not affect the zoning regulations which are currently applicable to the subject property. ENVIRONMENTAL REVIEW The proposed historic designation seeks to insure the long term preservation of the subject resource which is exempt from CEQA (California Environmental Quality Act) review, per section 15331, Class 31 of the CEQA guidelines. PUBLIC NOTIFICATION A public hearing notice and regarding this item was advertised in the paper and sent to the owner/applicant in compliance with the Historic Preservation Ordinance. FUTURE STEPS As outlined in Section 40.7 of the Municipal Code, the next step in the historic designation process involves the following: The City Council must hold a public hearing within 30 days of the Planning Commission recommendation: a. To consider and take action on the designation of the subject property as an historic landmark and make the appropriate findings, per section 40.6 of the Redwood City Code. b. If the City Council designates the subject property as a historic landmark, the City Council will also consider the Planning Commission's recommendation on the adoption of a Mills Act Contract for the subject property per section 40.5 K of the Redwood City Municipal Code. ALTERNATIVES a) Historic designation: "Approve in whole or in part or disapprove, in whole or in part the application"...per section 40.7 G of the Redwood City Municipal Code.