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REQUEST FOR Historic Resouroes Commission Action Hsrawc r~souRCES ooi~.ssioN ~rrvo DATE OCTOBER 2, 2008 TITLE: HISTORIC PROPERTY PRESERVATION AGREEMENT NO. 2008-11 FOR THE PROPERTY LOCATED AT 904 NORTH OLIVE STREET APPROVED ^ As Recommended ^ As Amended ^ Set Public Hearing For CONTINUED TO Prepared by Hally Soboleske Exec ive rector Planning Ma ger RECOMMENDED ACTION Recommend that the City Council authorize the City Manager and Clerk of the Council to execute the attached agreement with Cindy Carcamo and Michael Mello for the structure located at 904 North Olive Street, subject to non-substantive changes approved by the City Manager and City Attorney. DISCUSSION Request of Applicants The applicants, Cindy Carcamo and Michael Mello, request the approval of Historic Property Preservation Agreement No. 2008-11 (Mills Act) between the property owner and the City of Santa Ana. Property Description The subject property includes a single story Spanish Colonial Revival residence and a detached, two-car garage located at 904 North Olive Street (Exhibit 1). The property is within the Washington Square neighborhood and the 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. 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 25E-3