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7.A. - Page 3 of 40 The minimum duration for Mills Act Contracts is 10 years. One additional year is automatically added to the contract term each year unless the City and/or property owner elect to not renew, and the contract transfers in the event the property is sold to another party. Once approved, each contract is recorded against the title of the subject property and the information forwarded to the County Assessor's office. The initial Mills Act Contract includes a 10 -year schedule of proposed maintenance and improvements. Each of the homeowners have submitted a 10 -year plan for each property which is located within the contracts. Once granted a Mills Act Contract, a property owner may save as much as 40%-60% of the individual assessed tax valuation of the property. Since the City collects less than 20% of the 1% of the assessed value of the property, an estimated loss of revenue to the City fora property valuated at $1,000,000 would be approximately $800 to $1,200 per year. FISCAL IMPACT Designation of a local historic landmark has no fiscal impact. However, approval of a Historic Preservation Agreement (Mills Act Contract) does reduce the annual property tax collected by the City. The fiscal impact is minimal and acts as an incentive to maintain and improve the City's aging housing stock. GENERAL PLAN CONFORMANCE The proposed projects complies with the following General Plan Goals, Policies, and Programs: • Policy BE -37.1: Enhance, restore, preserve, and protect, as appropriate, historic resources throughout the City. • Policy BE -37.5: Provide incentives, support, and guidance to the owners of designated historic landmark sites to preserve and rehabilitate structures. ENVIRONMENTAL REVIEW The projects are categorically exempt from the requirements of CEQA per Section 15308, Class 8 (Actions by Regulatory Agencies for Protection of the Environment), and Section 15331 Class 31 (Historical Resource Restoration/Rehabilitation). The Mills Act contracts will ensure the maintenance, restoration, enhancement, and protection of the environment (which includes historical resources), and because the maintenance and preservation work carried out is required to be consistent with the Secretary of the Interior's Standards for the Treatment of Historic Properties. PUBLIC NOTICE A public hearing notice for both landmark designation and Mills Act contracts (along with notice of the same action for 891 Edgewood Road) was placed in the San Mateo Daily Journal on November 26, 2019 and sent to the owner/applicant in compliance with the Historic Preservation Ordinance Page 3 of 4 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 364