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<br />HPPA No. 2004-05 <br />September 2, 2004 <br />Page 2 <br /> <br />the property as necessary to maintain its character and appearance. <br />Once recorded, the agreement triggers the use of a different valuation <br />method in determining the property's assessed value, thereby resulting <br />in potentially significant property 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 is to be placed on the local register <br />and categorized as Key in September 2004 by the Historic Resources <br />Commission (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 Spanish Revival styled <br />structure is in excellent condition. As a result, a supplemental <br />property rehabilitation plan will not be required as part of this <br />agreement. Photos of the property are included with the agreement as <br />well as a photo location map. The benefits of executing this agreement <br />include, 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 purchase <br />historic structures. <br /> <br />4. Discourages inappropriate alterations to the historic property. <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 />25G-4 <br />