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REQUEST FOR Historic Resources Commission Action ~ ~ HSTORIC RESOURCES COMMISSION SECRETARY HISTORIC RESOURCES COMMISSION M~DATE: NOVEMBER 3, 2005 TITLE: HISTORIC PROPERTY PRESERVATION AGREEMENT NO. 2005-08 FOR THE PROPERTY LOCATED AT 1112 NORTH OLIVE STREET APPROVED o As Recommended o As Amended o Set Public Hearing For CONTINUED TO Prepared by Hally Soboleske ~cutive Director 1Ln~~ Planning na r RECOMMENDED ACTION Recommend that the City Council direct the City Attorney to prepare and authorize the City Manager and the Clerk of the Council to execute an agreement with Myrna L. Young for the structure located at 1112 North Olive Street. DISCUSSION Request of Applicant The applicant, Myrna L. Young, requests Property Preservation Agreement No. 2005-08 applicant and the City of Santa Ana. the approval (Mills Act) of Historic between the Property Description The subj ect property includes a single story residence and a detached one-car garage located at 1112 North Olive Street, and is within the Washington Square neighborhood. Surrounding land uses are residential. Analysis of the Issues In March 1999, the City Council approved an ordinance authorizing Historic Property Preservation Agreements (HPPA), commonly known as the Mills Act contracts, for eligible historic properties. The agreement provides monetary incentive to the property owner in the form of a property tax reduction in exchange to the owner's voluntary commitment to maintain the property in a good state of repair and to rehabilitate the property as necessary to maintain its character and appearance. Once recorded, the agreement triggers the use of a different valuation method in determining the property's assessed value, thereby resulting in potentially significant property tax savings for the owner. EXHIBIT A 25B-3