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<br />6.1E <br /> <br />residential parcel. Because the City collects approximately 20% of the 1 % of propertyPage 3 <br />valuation tax, an estimated loss of revenue to the City for a property valued at $750,000 <br />would be $560 (40%) to $840 (60%) per year. Because only 90 properties out of an <br />estimated 10,000 residential parcels which are over 50 years old (a general State and <br />Federal criterion) are eligible for this program, the potential fiscal impact is therefore <br />relatively negligible relative to the overall fiscal revenue of the City. From another <br />perspective, the implementation of each Mills Act program is expected to benefit the <br />property values of the neighborhood in which the properties are located by insuring that <br />the physical exterior of the property is maintained according to clear preservation <br />historic standards; not to mention the positive message which is broadcasted to the <br />community by historic resources that are proudly maintained. <br /> <br /> <br />it:(~ <br />Jill E <br />Pia . ng Manager <br /> <br />~ <br /> <br />Peter Ingram <br />City Manager <br /> <br />ATTACHMENTS <br />1. Planning Commission report from October 21, 2008 <br />2. Proposed Mills Act Contracts (Exhibit "C") <br />a. 812-820 Hopkins Avenue and 1005-1011 Warren Street <br />b. 821 Hopkins Avenue <br />c. 1405 Middlefield Road <br />d. 418 Stambaugh Street <br />3. Model Mills Act Contract <br /> <br />RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br />1. List of Mills Act properties <br />2. Stambaugh-Heller Historic District map showing Contributing properties <br />3. Mezesville Historic District map showing Contributing properties <br />4. Draft Mills Act Contracts for: <br />a. 812-820 Hopkins Avenue and 1005-1011 Warren Street <br />b. 821 Hopkins Avenue <br />c. 1405 Middlefield Road <br />d. 418 Stambaugh Street <br />