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6.2.D. - Page 2 <br /> ANALYSIS <br /> At its meeting of November 27, 2012, the Planning Commission reviewed the <br /> applications by the owners of the Fox Theatre and 726/728 Brewster Avenue. Based <br /> on the reports provided by staff and the analysis of the conditions of the properties, the <br /> Planning Commission recommended approval of both contracts. The contracts lay out <br /> specific improvement programs for both properties that must be met during the ten-year <br /> contract, in exchange for property tax relief. As noted above, staff and the Historic <br /> Resources Advisory Committee will annually review the properties for compliance. <br /> ALTERNATIVES <br /> 1. Deny the request for one or both of the Historic Property Preservation Contract <br /> (Mills Act) requests, which would result in the property owner(s) maintaining the <br /> currently assessed tax valuation of the property. <br /> 2. Modify the terms of the Historic Property Preservation Contracts (Mills Act) for <br /> one or both of the requesting properties. <br /> FISCAL IMPACT <br /> Once granted a Mills Act Contract, a property owner saves approximately 40%-60% of <br /> the individual assessed tax valuation of the property. Since the City collects less than <br /> 20% of the 1% of the assessed value of the property, an estimated loss of revenue to <br /> the City for a property valuated at $1,000,000 would be approximately at $800 to $1,200 <br /> per year. <br /> ENVIRONMENTAL REVIEW <br /> The proposed Mills Act contracts are intended to insure the long term preservation of <br /> the subject resources which are exempt from CEQA (California Environmental Quality <br /> Act) review, per section 15331, Class 31 of the CEQA guidelines. <br /> ���i <br /> � d�� <br /> DANZACK <br /> DOWNTOWN DEVELOPMENT COORDINATOR <br /> G�� <br /> BILL EKERN, <br /> DIRECTOR COMMUNITY DEVELOPMENT <br /> �� <br /> ROBERT B. BELL <br /> CITY MANAGER <br />