AgdaPkt 2012-12-03 - Laserfiche WebLink

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6.2.D. - Page 1 RE PO RT To the Honorable Mayor and City Council From the Cit Mana er December 3, 2012 SUBJECT Historic Property Preservation Contracts for 2215 Broadway (The Fox Theatre) and 726/728 Brewster Avenue RECOMMENDATION 1. Adopt a resolution approving a Historic Property Preservation Contract for 2215 Broadway (The Fox Theatre). 2. Adopt a resolution approving a Historic Property Preservation Contract for 726/728 Brewster Avenue. BACKGROUND The owners of two historic resources have applied to enter into Historic Property Preservation contracts with the City. These agreements, which are also known as "Mills Act" contracts, are considered to be one of the most beneficial historic preservation incentives available today. Mills Act contracts provide for yearly property tax savings for the owner that can be channeled towards the long-term maintenance of a property. This historic preservation program was adopted by the City Council in 1990. To date, out of approximately 100 known eligible properties, approximately 15 Mills Act contracts have been granted by the City. The minimum duration for Mills Act Contracts is 10 years. Contracts renew automatically every year thereafter and transfer in the event the property is sold to another party. Once approved, each contract is recorded against the title of the property and the information is forwarded to the County Assessor's office. In order to insure compliance with the proposed program, staff and/or the Historic Resources Advisory Committee conduct yearly inspections. Mills Act contract-eligibility is currently limited to designated landmarks and contributing structures to historic districts. Redwood City adopted the Mills Act Contract program in order to recognize the importance of such structures and to offer assistance to preserve these local resources. Factors considered in granting the contracts 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.