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REQUEST FOR Historic Resoun~es Commission Action OCTOBER 2, 2008 TITLE: HISTORIC PROPERTY PRESERVATION AGREEMENT NO. 2008-13 FOR THE PROPERTY LOCATED AT 2402 NORTH BONNIE BRAE Prepared by Hally Soboleske Msror~c ~sou~s mow sEC~ra~r APPROVED ^ As Recommended ^ As Amended ^ Set Public Hearing For CONTINUED TO Executive Dire for Planning Manager RECOMMENDED ACTION Recommend that the City Council authorize the City Manager and Clerk of the Council to execute the attached agreement with Kathy Lea Pascoe for the structure located at 2402 North Bonnie Brae, subject to non- substantive changes approved by the City Manager and City Attorney. DISCUSSION Request of Applicants The applicant, Kathy Lea Pascoe, Property Preservation Agreement No. property owner and the City of Santa requests the approval of Historic 2008-13 (Mills Act) between the Ana. Property Description The subject property includes a two story Italian Renaissance Revival residence and a detached, two-car garage located at 2402 North Bonnie Brae (Exhibit 1) The property is within the Floral Park 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 25G-3