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Historic Property Preservation Agreements <br />October 1, 2024 <br />Page 2 <br />This action allows for the approval of a Historic Property Preservation Agreement (Mills <br />Act Contract) which provides a property tax reduction whereby property owners agree to <br />reinvest the tax savings towards the maintenance of the historic property. Additionally, <br />the agreement prevents inappropriate alterations to the protected historic structure(s). <br />ENVIRONMENTAL IMPACT <br />In accordance with the California Environmental Quality Act, the proposed projects are <br />exempt from further review. The following Categorical Exemptions will be filed for this <br />project: <br />• ER No. 2024-16 (2369 N Flower Street) <br />• ER No. 2024-18 (424 S Broadway) <br />• ER No. 2024-39 (2620 N Flower Street) <br />• ER No. 2024-40 (825 N Lacy Street) <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 $4,162.95 annually noted below, <br />for a period of not less than ten years. <br />HPPA No. <br />Address <br />Estimate <br />Exhibit No. <br />2024-02 <br />2620 N. Flower Street <br />$1,269.35 <br />1-2 <br />2024-05 <br />2369 N. Flower Street <br />$675.77 <br />3-4 <br />2024-06 <br />424 S. Broadway <br />$1,005.08 <br />5-6 <br />2024-08 <br />825 N. Lacy Street <br />$1,212.75 <br />7-8 <br />Total for all Properties: <br />$4,162.95 <br />EXHIBIT(S) <br />1. Mills Act Agreement <br />— 2620 N Flower Street <br />2. HRC Staff Report — <br />2620 N Flower Street <br />3. Mills Act Agreement <br />— 2369 N Flower Street <br />4. HRC Staff Report — <br />2369 N Flower Street <br />5. Mills Act Agreement <br />— 424 S Broadway <br />6. HRC Staff Report — <br />424 S Broadway <br />7. Mills Act Agreement <br />— 825 N Lacy Street <br />8. HRC Staff Report — <br />825 N Lacy Street <br />Submitted By: Minh Thai, Executive Director of Planning and Building Agency <br />Approved By: Alvaro Nunez, City Manager <br />