25B - AGMT - HISTORIC PROPERTY - 118 W 5TH ST

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REQUEST FOR Historic Resources Commission Action OCTOBER 2, 2014 TITLE: HISTORIC PROPERTY PRESERVATION AGREEMENT NO. 2014-08 FOR THE PROPERTY LOCATED AT 118 WEST FIFTH STREET (STRATEGIC PLAN NOS. 5,2; 5,3) Prepared by Hally Soboleske ti Interim Exe tiv irector RECOMMENDED ACTION APPROVED ❑ As Recommended ❑ As Amended ❑ Set Public Hearing For CONTINUED TO Acting Pla nin tanager Recommend that the City Council authorize the City Manager and Clerk of the Council to execute the attached agreement with Jack Jakosky on behalf of Ramona Building LLC, property owner, for the structure located at 118 West Fifth Street, subject to non - substantive changes approved by the City Manager and City Attorney. DISCUSSION Request of Applicant The applicant, Jack Jakosky, is requesting the approval of Historic Property Preservation Agreement No. 2014 -08 (Mills Act) between the property owner and the City of Santa Ana. Property Description The subject property consists of a two -story, plus basement, 35,000 square foot commercial building designed in an Italian Renaissance style located at 118 West Fifth Street. The site is within the Specific Development No. 84 (SD -84) zoning district. Surrounding land uses are commercial (Exhibit 1). Analysis of the Issues In March 1999, the City Council approved an ordinance authorizing Historic Property Preservation Agreements (HPPA), commonly known as 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 for 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