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Attachment 3. b. 7.C. - Page 18 ;r to recognize the importance of such structures and to offer assistance to preserve these fragile resources. Factors include the level of deterioration caused by age, the high cost of replicating missing or damaged architectural detailing and the use of strict historic rehabilitation standards. Q: What is the revenue loss to the City? A: Once granted a Mills Act Contract, a property owner saves approximately 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 for a property valuated at $750,000 would be estimated at $560 (using a 40% tax relief scenario). Q. How does this benefit the City? A. Because of the yearly maintenance inspection requirement associated with Mills Act contracts, and the reasons stated above, the City gains a powerful tool to insure the long term preservation of properties under contract at relatively little cost. Property owners commit to a customized high quality maintenance program which improves well known elements in the neighborhood and reflects positively in Community pride and character. DISCUSSION 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 Preservation/Built Environment section of the General Plan. The proposed historic designation does not change the zoning designation of 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 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.