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Approval of Historic Property Preservation Agreements <br />July 15, 2025 <br />Page 2 <br />tax savings towards the maintenance of the historic property. Additionally, the agreement <br />prevents inappropriate alterations to the protected historic structure(s). <br />ENVIRONMENTAL IMPACT <br />In accordance with the California Environmental Quality Act, the proposed projects are <br />exempt from further review. The following Categorical Exemptions will be filed for this <br />project: <br />• ER No. 2025-28 (1001 N. Olive Street) <br />• ER No. 2025-30 (1011 N. Olive Street) <br />FISCAL IMPACT <br />The Historic Property Preservation Agreement will reduce the Property Tax revenue <br />account 01102002-50011 to the City by an estimated $1,611.16 annually noted below, <br />for a period of not less than ten years. <br />HPPA No. <br />Address <br />Estimate <br />Exhibit No. <br />2025-03 <br />1001 N. Olive Street <br />$766.06 <br />1-2 <br />2025-04 <br />1011 N. Olive Street <br />$845.10 <br />3-4 <br />Total for All Properties: <br />$1,611.16 <br />EXHIBITS <br />1. Mills Act Agreement — 1001 N. Olive Street <br />2. HRC Staff Report — 1001 N. Olive Street <br />3. Mills Act Agreement — 1011 N. Olive Street <br />4. HRC Staff Report — 1011 N. Olive Street <br />Submitted By: Ali Pezeshkpour, AICP, Executive Director, Planning and Building <br />Agency <br />Approved By: Alvaro Nunez, City Manager <br />