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<br />HPPA Nos. 2005-03 through 2005-06 <br />August 4, 2005 <br />Page 2 <br /> <br />HPPA No. 2005-04 - 2014 North Bush Street. This structure is a one and <br />one-half story Craftsman style residence and a detached one-car garage <br />located in the Santa Ana Triangle neighborhood. <br /> <br />HPPA No. 2005-05 1719 North Heliotrope Drive. This structure is a <br />two-story Tudor Revival style residence and a detached two-car garage <br />located in the Floral Park neighborhood. <br /> <br />HPPA No. 2005-06 - 1320 North Broadway. This structure is a two-story <br />Craftsman style residence and a detached single-car garage located in <br />the Willard neighborhood. <br /> <br />Analysis of the Issues <br /> <br />In March 1999, the City Council approved an ordinance authorizing <br />Historic Property Preservation Agreements (HPPA), commonly known as the <br />Mills Act contracts, for eligible historic properties. The agreement <br />provides monetary incentive to the property owner in the form of a <br />property tax reduction in exchange to the owner's voluntary commitment <br />to maintain the property in a good state of repair and to rehabilitate <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. All subj ect properties were placed on the local register <br />and by the Historic Resources Commission (Exhibits I, 2, 3 and 4) . <br /> <br />Upon consideration of the application, it is recommended that the City <br />enter into Historic Property Preservation Agreement (Exhibits 5, 6, 7 <br />and 8). A review of the subject properties indicate that these <br />structures are in good/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 />25A-4 <br />