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HPPA No. 2020-17 October 29, 2020 Page 2 valuation method in determining the property's assessed value, resulting in tax savings for the owner. Aside from the tax savings, the benefits include: • Long term preservation of the property and visual improvement to the neighborhood • Allows for a mechanism to provide for property rehabilitation • Provides additional incentive for potential buyers to purchase historic structures • Discourages inappropriate alterations to the property In 2017, the Historic Resources�Commission placed the Security Bank Building on the historical register and within the Landmark category. Character -defining features of the Security Bank Building determined architecturally significant included: its massing, with a nearly square, tower set atop a podium with side wings; symmetrical composition; two and ten -story height; flat roofs, edged by broad fasciae; roof overhangs at the side pavilions; exterior materials and textures, including concrete skin of the tower, pebble dash finish of the arcade, anodized aluminum window, door and wall frames, and fluted surfaces along a portion of the first floor; organization and articulation of bays; ground floor arcade; and shallow front courtyard. The Security Bank Building qualified for listing under Criterion 4 of Sec. 30-2, of the Santa Ana Municipal Code (SAMC), in that it embodied the post -World War II evolution of Santa Ana as the financial headquarters of Orange County and association with Security Bank, a historical Southern California financial institution. Additionally, the building was categorized as Landmark for its "unique architectural significance" as an example of the New Formalism style of architecture designed by master architect Welton Becket and Associates. The property has no identified unauthorized modifications. It is currently undergoing renovations for the adaptive reuse of the building for multifamily residential. Construction is anticipated to be completed before the end of the year. Upon consideration of the application, it is recommended that the City enter into a Historic Property Preservation Agreement. CEQA Compliance In accordance with the California Environmental Quality Act, the recommended action is exempt from further review under Section 15331, Class 31, as this action is designed to preserve a historic resource. Categorical Exemption No. ER-2020-76 will be filed for this project. Jill ra IC Senior Planner JA:sb S:1H1storic Resources Commission12020110-29-201888 N. Main Street- Security Bank BulldinglStaff Report- 888 N Main Street.docx Exhibits 1 - Mills Act Agreement 2 - 500' Radius Map 3 - Site Photos — 888 North Main Street 25C-462