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HRCA No. 2022-13, HRC 2022-6, HPPA No. 2022-3 – Gibbs-Wasley House <br />September 8, 2022 <br />Page 4 <br />2 <br />6 <br />1 <br />6 <br />determining the property’s assessed value, resulting in tax savings for the owner. Aside <br />from the tax savings, the benefits include: <br />•Long term preservation of the property and visual improvement to the neighborhood <br />•Allows for a mechanism to provide for property rehabilitation <br />•Provides additional incentive for potential buyers to purchase historic structures <br />•Discourages inappropriate alterations to the property <br />The property has no identified unauthorized modifications. Upon consideration of the <br />application, it is recommended that the City enter into a Historic Property Preservation <br />Agreement. <br />Public Notification <br />The subject site is located within the Floral Park Neighborhood Association. The <br />president of this Neighborhood Association was notified by mail 10 days prior to this <br />public hearing. In addition, the project site was posted with a notice advertising this <br />public hearing, a notice was published in the Orange County Reporter and mailed <br />notices were sent to all property owners within 500 feet of the project site. At the time of <br />this printing, no correspondence, either written or electronic, has been received from <br />any members of the public. <br />ENVIRONMENTAL IMPACT <br />Pursuant to the California Environmental Quality Act (CEQA) and the CEQA Guidelines, <br />the project is exempt from further review pursuant to Section 15331 of the CEQA <br />Guidelines (Class 31 – Historical Resource Restoration/Rehabilitation) as these actions <br />are designed to preserve historic resources. Based on this analysis, a Notice of <br />Exemption, Environmental Review No. 2022-45 will be filed for this project. <br />FISCAL IMPACT <br />The Historic Property Preservation Agreement will reduce the Property Tax revenue <br />account 01102002-50011 to the City by an estimated $1,042.18 annually, for a period of <br />not less than ten years. <br />EXHIBIT(S) <br />1. Resolution <br />2. Mills Act Agreement <br />3. 500-Foot Radius Map <br />4. Site Photos - 2405 Bonnie Brae <br />5. 2405 Bonnie Brae Approved Plans - HEMA No. 2021-03 <br />6. July 1, 2022 - HRC Meeting Staff Report and Resolution of Approval <br />  <br />Historic Resources Commission 1 – 4 9/8/2022 <br />