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6.1 B <br /> Page 6 <br /> program which, if approved would become °Exhibit C" of the Contract. This updated list <br /> was determined to be desirable for the subject historic property and compliant to the <br /> Secretary of Interior's Standards, consequently replacing "Exhibit C" of the original <br /> contract. The HRAC made minor changes to the draft proposal and unanimously <br /> recommended approval of this Mills Act Contract. A similar inspection took place at the <br /> 1028 Wa�ren Street property, and after minor modifications were made to the draft 10 year <br /> program list (to become "Exhibit C' of the contract), the HRAC unanimously recommended <br /> approval of the subject Mills Act Contract. <br /> What are the consequences of a property being approved for a Mills Act Contract? <br /> Because each Mills Act Contract is recorded against the individual title of each property <br /> under contract, such agreements represent long term commitments by a property owner to <br /> preserve the subject historic resource. Should they decide to cancel their agreement, <br /> property owners must wait for a minimum of 10 years in order to be able to remove a <br /> contract from a property's title. "Premature" contract cancellation requests are met with <br /> very stiff tax penatties which are applied by the Tax Assessor's Office; staff is not aware of <br /> any processing of contract cancellations ever having occurred in the State. � <br /> From the City's side, there is a yearly loss of property tax revenue with each contract; '' <br /> however, this loss of revenue is considered relatively insignificant in light of the very limited <br /> number of properties that are eligible for such contracts (approximately 100 properties out <br /> of an estimated 10,000 parcels which have residential buildings which are over 50 years <br /> old (the State criterion for potential historic eligibility). In addition, cities only collect a �� <br /> fraction of the yearly property tax revenues from residential parcels (approximately 12%). <br /> With each contract, the City gains insurances that the contracted historic resources are I � <br /> well maintained over the long term. By their nature, historic resources are older, relatively <br /> fragile and more architecturally detailed and therefore more difficult to preserve than new ', <br /> construction. By having we0 maintained properties in older neighborhoods, the community � <br /> benefit includes an upholding/increase in property values as well as a long term <br /> presenration role model for the neighborhood. <br /> From the property owner's side, there is extra funding available to maintain aging <br /> properties in need of attention. Because it is transferable from one property owner to the <br /> next, the property tax benefit is frequently used to p�omote the sale of a property which is <br /> already in, or eligible for such contracts. In addition, owners benefit from special technical <br /> support by the City, such as design recommendations from the HRAC. There are currently <br /> 13 such approved contracts in place. <br /> General Plan and Zoning Compliance <br /> One of the primary goals of the Historic Resources Chapter of the Built Environment <br /> Element of the 2010 General Plan is to insure the long term preservation of the <br /> community's historic resources according to high standards of quality. Redwood City's Mills <br /> Act Contract program is designed to meet that objective. <br /> The City Council has a long standing policy of supporting historic preservation efforts in our <br /> community, particularly when it comes to enhancing the physical character of Redwood <br /> City's traditional residential neighborhoods which were constructed during the �rst half of <br /> the 20 century. The finro properties under consideration for a Mills Act contract are <br />