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7. C. - Page 2 <br /> listed on the California Register independent of its pending designation as a local <br /> landmark. <br /> If designated as a historic landmark, this property will automatically become eligible for <br /> a Mills Act contract, which provides property owners with a long term property tax break <br /> in exchange for a contract agreement with Redwood City insuring the preservation of <br /> the property according to strict National and State rehabilitation standards. This contract <br /> agreement renews automatically every year and is for a 10 year minimum period. Such <br /> contracts transfer automatically with every change of owner and are subject to penalties <br /> if cancelled within the 10 year contract period. <br /> ALTERNATIVES <br /> 1. Deny the application for landmark status. <br /> 2. Approve the application for landmark status and deny the Historic Preservation <br /> Agreement. <br /> FISCAL IMPACT <br /> A property owner may save approximately 40% to 60% of the individual assessed tax <br /> valuation of the property. Because the City collects less than 20% of the 1% of the <br /> assessed value of the property, an estimated loss of revenue to the City for a property <br /> valuated at $750,000 would be estimated at $560 (using a 40% tax relief scenario). <br /> ENVIRONMENTAL REVIEW <br /> The proposed historic designation seeks to insure the long term preservation of the <br /> subject resource which is exempt from CEQA (California Environmental Quality Act) <br /> review, per section 15331, Class 31 of the CEQA guidelines. <br /> ���� <br /> CHARLES JANY <br /> PRINCIPAL PLANNER <br /> vEjL'�'��`� <br /> WILLIAM EKERN <br /> COMMUNITY DEVELOPMENT DIRECTOR <br /> �� <br /> ROBERT B. BELL <br /> CITY MANAGER <br />