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EXHIBIT 26 <br />REQUEST FOR Mal <br />Historic Resources Commission Action <br />U117 hi <br />HISTORIC RESOURCES COMMISSION MEETING DATE: <br />OCTOBER 29, 2020 <br />TITLE: <br />HISTORIC PROPERTY PRESERVATION AGREEMENT <br />NO. 2020-17 (MILLS ACT) FOR THE PROPERTY <br />LOCATED AT 888 NORTH MAIN STREET <br />Prepared by Jill Arabe, AICP <br />HISTORIC RESOURCES COMMISSION SECRETARY <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Set Public Hearing For <br />CONTINUED TO <br />Executive Director Planniig Manag r <br />RECOMMENDED ACTION <br />Recommend that the City Council authorize the City Manager and Clerk of the Council to execute <br />a Historic Property Preservation Agreement (Mills Act) with 888 TOWER APARTMENTS, LLC, for <br />the property located at 888 North Main Street, subject to non -substantive changes approved by <br />the City Manager and City Attorney (Exhibit 1). <br />Request of Applicant <br />888 TOWER APARTMENTS, LLC, a Delaware limited liability company, is requesting approval to <br />execute a Mills Act Agreement with the City of Santa Ana at an existing commercial building <br />located at 888 North Main Street that is currently listed on the Santa Ana Register of Historical <br />Properties. <br />Project Location and Site Description <br />The subject property, known as the Security Bank Building, consists of an existing ten -story New <br />Formalism style building that is approximately 114,365 square feet in size on a 60,468-square-foot <br />commercial lot (Exhibit 2). The commercial building was added to the Santa Ana Register of Historical <br />Properties in 2017 and categorized as "Landmark." <br />Analysis of the Issues <br />Ordinance No. NS-2382 authorized the Historic Resources Commission to execute Historic <br />Property Preservation Agreements (HPPA), commonly known as Mills Act agreements for eligible <br />properties. The property is listed on the Santa Ana Register of Historical Properties and <br />categorized as Landmark, making it eligible for a Mills Act agreement. The agreement provides <br />monetary incentives to the property owner in the form of a property tax reduction in exchange for <br />the owner's voluntary commitment to maintain the property in a good state of repair as necessary <br />to maintain its character and appearance. Once recorded, the agreement generates a different <br />25C-461 <br />