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HPPA No. 2010-12 <br />August 12, 2010 <br />Page 2 <br />One of the eligibility requirements for the Mills Act is that the property must be listed on the Santa <br />Ana Register of Historical Properties. The subject property was placed on the local register as the <br />Pacific Building and categorized as Key in September 2001 by the Historic Resources Commission <br />(Exhibit 2). <br />Upon consideration of the application, it is recommended that the City enter into a Historic Property <br />Preservation Agreement (Exhibit 3). The benefits of executing this agreement include, but are not <br />limited to, the following: <br />1. Reduced property tax to allow reinvestment for the long term preservation of the property. <br />2. Allows for a mechanism to provide for property rehabilitation. <br />3. Provides an additional incentive for potential buyers to purchase historic structures. <br />4. Discourages inappropriate alterations to the historic property. <br />5. Provides an opportunity for visual improvement to the physical environment of the <br />community. <br />6. Offers additional support and attention for historic districts and historic structures in the City. <br />CEQA Compliance <br />In accordance with the California Environmental <br />from further review under General Rule Section <br />action is exempt from further review. <br />ally So leske <br />Associat Planner <br />Quality Act, the recommended action is exempt <br />15061(b)(3), and therefore, the recommended <br />HS:jm <br />hs\histodc Info\mills act agreements\225_N_Broadway\hppal0-12.081210.hrc