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<br />HPPA No. 2004-03 <br />September 2, 2004 <br />Page 2 <br /> <br />the property as necessary. Once recorded, the agreement triggers the <br />use of a different valuation method in determining the property's <br />assessed value, thereby resulting in potentially significant property <br />tax savings for the owner. <br /> <br />One of the eligibility requirements for the Mills Act is that the <br />property must be listed on the Santa Ana Register of Historical <br />Properties. The subject property was placed on the local register and <br />categorized as Key in May 2004 by the Historic Resources Commission <br />(Exhibit 1). <br /> <br />Upon consideration of the application, it is recommended that the City <br />enter into a Historic Property Preservation Agreement (Exhibit 2). A <br />review of the property indicates that this craftsman structure is in <br />excellent condition. As a result, a supplemental property <br />rehabilitation plan will not be required as part of this agreement. <br />Photos of the property are included with the agreement as well as a <br />photo location map. The benefits of executing this agreement include, <br />but are not limited to, the following: <br /> <br />1. Reduced property tax to allow reinvestment for the long-term <br />preservation of the property. <br /> <br />2. Allows for a mechanism to provide for property rehabilitation. <br /> <br />3. Provides an additional incentive for potential buyers to <br />purchase historic structures. <br /> <br />4. <br /> <br />Discourages <br />property. <br /> <br />inappropriate <br /> <br />alterations <br /> <br />to <br /> <br />the <br /> <br />historic <br /> <br />5. Provides an opportunity for visual improvement to the physical <br />environment of the community. <br /> <br />6. Offers additional support and attention for historic districts <br />and historic structures in the City. <br /> <br />25F-4 <br />