SR-6L (2)~ ~~~~a.~ 7
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PCD SF KG AS DJ f lplanlsharelcounc~llstrptlm~llsa~t #3 MAY } Z~
Council Mtg May 12, 1998 Sar~ta Monica, Cal~fam~a
70 Mayor and City Council
FR4M City Staff
SUBJECT: Recommendation #o authori~e the City Manager to Negotkate and Execute
a Mills Act Historical Property Contract between the C~ty of Santa Mor~ica
and t~e Property Owner af 2523 T~ard Street, a Designated Landmark
~pplrcant Maureen Cassmi
INTRODUCTIQN
Th~s report recommends that the C~ty Counc~l adopt a resalu#ion and au#harize the C~ty
Manager to negot~ate and execute a Mills Act Historical Property Contract betwee~ the
City of Santa Mor~~ca and the property owner af 2523 Third Street, a dESignated City
Landmark The Mills Act is a state law enabling local go~ernments to enter inta
contracts with owners of qual~fied historic properties to authonze a property tax
reductio~ Th~s ~s the third Mills Act contract cons~ciered by the City The proposed
resolution ~s conta~ned in Attachrnent A and the Mil1s Act apphcatiar~ ~s contained in
Attachment B
BACKGROUND
!~ ~991, as ~art of a comprehens~~e revision to the City's Landmarks Ordmance, the
City Cour~cil au#hor~zed designated structures of inerit, landmarks, and contributmg
structures located m designated historic districts to be considered "qualified historical
prapert~es" elig~ble for historical property contracts submitted pursuant to the pro~isions
of Californ~a GovernmEnt Code Sections 50280-5Q29D
~ 1 -
As a result, property owners
~~
MAY 1219~
of such designated hGStarac properties may #ile a Mills Act Contract Application Qnce
approved, a MGfls Act contract requires the County Tax Assessar's offGCe to determine
the value of the histor~c propsr~y based upon its current net operatir~g mcome. rather
than upon the tradttional 855~55~C~ valuation method, resultEng in a pro~aerty tax
reduc~ian For owner-accupied strucfures, the r~et operating mcome is determmed E~y
the income the property would produce ~# rented tn exchange for the property tax
red~ct~on, the owner agrees to protect, ma~ntarn and, ~f ne~essary, restore the htstorrc
property
Under the traditional method af determining praper~y taxes, properties are reassessed
when sold However, since Mills Act contracts run with the property, subsequent
owners may reaEi~e greater tax benefits, as the assessed pro}~erty ~alue typically
mcreases when property is sald, resulting m an eve~ greater dEfference between the
property taxes under the assessed valuation method ~ersus the property tax calculation
permitted by the Mills Act contract This can be a significant marketing feature for the
pro~erty in terms of future sales and is cons~dered an im~ortant historic preserva#ion
incenkive because the property will be maintained
The ~nit~al Mills Act contract term ~s ten years However, each year or~ the ann~versary
of the contract's effecta~E date, an addGtional year ~s added ta the contract term unless
the property owner or the City submits a r~otice af non-renewal to the other party in a
timely manner Effecfi~ely, fhe actuaf term af t~e eontract is at feast ten years, buf may
be indefinite, as it is automatically annually rer~ewed
_ 2 --
ANA~YSIS
The property owner of 2523 Th~rd Street has requested to enter Ento a ME11s Act contract
to offset the cost of normal ma~ntenance and repairs The Mills Act contract savings
would be used for cont~nued mamtenance of build~ng details which are mtegral #o the
property's histonc ~ntegrity, includmg paint~ng, roof~ng and electr~cal wark, as we~l as
repa~rs to gutters, doors, wmdows, porches and ather architectural features
The majntenan~e plan for this property is in~lud~d in the MiJls Act appJ~cation and v-+ill
be incorporated into the Milis Act contract The maintenance plan provides a i~st of
pro~~cts to be compl~ted by the pro~erty owner durir~g the ~nitial ten year contract term
I~ addition, the application provides a~ est~mate of the prape~ty owner's tax savmgs as
well as an estimate of the City's annual costs due to the proper~y tax reduction Since
this estimate is based on fmanc~al data submitted by the appiicant, the County
Assessor will verify the calculation prior to the fmai tax assessmer~t By executmg the
contract, the City does not co~roborate the applicant's submitted f~nanc~al statement,
but authonzes tax abatement for the property
LANDMARKS COMMISSION REVIEW
The Landmarks Commisston reviewed th~s request a# ~ts Apr~i 13, 199$ meetir~g and
directed Staff to forward a recommendation to the Council supporting the applicat~on
The M~IIs Act ~s one of the few financ~al incentives a~ailable to owners of historic
propert~es and is an ~mpo~tant tool m the Comm~ssaon's efforts to encourage the
- 3 -
designat~on and long term preservatian of the City's historic resources
BUDGET/FISCAL IMPACT
Execu~~on of this Mills Act contract would result m reduced property tax re~enue to the
C~ty The actual amount of the tax reduct~an is ~etermined by the Los Angeles County
Assessvr, based an an e~aluation of the worksheet prov~ded with the applicatian The
current annual property taxes for this prope~ty are approx~mately $7,436 00 Althaugh
the a~}~Ijcatior~ states that the anr~ual cost to the Gity in lost tax revenue would begin at
$684 00 ar~d increase at a rate ~ust below 2°/a each year, the actual revenue loss is
sub~ect to review and determination by the County Tax Assessor once the contract has
been executed and recorded with the County
RECOMMENDATION
It is reeommended that the City Cauncil adopt the attached resolution and authorize the
C~ty Manager to execute an H~storicaf Pro~erty Preservation Agreement under the Mills
Ac#, between the City of Santa Monica, and the praperty owner o# 2523 Third Street, a
d~sEgnated C~ty ~andmark
Prepare~ by Suzanr~e Frick, Director
Karer~ Ginsberg, Planning Manager
Amanda Schachter, Senior Planner
Donna Jerex, Assaciate !'lanner
City Plann~ng Di~ision
Planning and Cammun~ty Deve~opment Departmenf
~ 4 -
Attachments A Mills Act Resolution
B Mills Act Contract AppE~cation
F IPLANISHAREICOUNCILISTRPTIMtLLSACT #3 wpd
- 5 -
ATTACHMENT A
a; ~ u U u
ATTACH~ENT B
.. . a~
Cin of
Santa Monica
Plamm~g and Commun~tF• De~-elopment Deparunent
~ Cit}~ Plamm~g Div~s~on
(310) 4~8-8341
~ MILLS ACT CONTRACT ,APPLICATION
(Please Trpe or Prutt All Informahon)
~pplcationI~ er(s) Frled ~a~~f ~QQg
i/~`M~ - u~Q~Z Fee ~~H~i
Receipt
_ ~ ~ gy ~ ~
PR~JECT ADDRE55 Z ~ ~ ~ ~ ~ t ° ~f~`)~ ,' ' , _ : ~' , '~ ~,~, ~:.; ;,'-
Land Use Element District Zomng Distnct
, Legal Descript~on (Lot. Block_ Tract)
-_ - ~
- ~ Legal Descnption ($ook, Page. Parcel #} ~~~~ `~~~~ ~'•-~a~- CG'S{ ~'~~r ~~~ ` '
[Please attach cop}~ of lega~ descnption Generallv this ts "E~ubit A" on a Deed ]
APPLICA\T
, ~ Address Z5~3 ~l' ~ [ ~ ~ Phane ~3 iQ~ ~`~~c R s~? 3 ~
~
5anta 1~Ionica Business License l~:o
CONTACT PERSON ~
Address ~J ~ Phone
f
Santa Nionica Bus~ness License No
AESIGri ER/ARCHITECI'
Address ~ ~`~ ~ Phane
i
Profess~onal L~cense 1`lumber
Santa Momca 8usmess License No
~ ATTORNEY
.~ddress ~J ~ Phone
Santa'1Somca Busmess L~cense No
• ' . _ ~ ~~ ~" U.~¢/f ~~~--~iY~~
~ ~~ PROPERTY OWtiER
) ~'" / ~l3 /
Address Jf ~Z ~ -~ =' ' ~ J ~j ~• ~~i"r hone ', ~ ~ 1 ~ ~fF '~
[ Certify that this appl~cauon ~s bemg made u~th rn~~ consent
_ ~ 1i ~
PROPERTY 0~4NER'S SIGNATI;RE ~' I ' `. ~ ~_r ~';'-~' ,''~
~ ~ '
Existm~ L~se of Propert}~ _: :'.l_ ;~ ~-`..~ ~F 't •r'_f'-~~'~' ~i~-~~+~ f` `{_--
, ~ ~
r ~ ~
~
Rehabzlitat~on ar ~4a~ntenance leeded =`~t--~ ~~~n"~ ~•`-~-~ l'-~'~=7-~ ='-` f ~~ ` ~-
(.~tcach either the Aehab~litation or ~iamtenance Plan, as approprtate )~~ ~- ,
~
- - ~ ~.1
Date c~f Local Designatian ~ ' "' "
Is the ~ropert~- desigriated as part of an histonc distr~ct`' ~~= If so. what distrtct`'
Is the propertti~ Lsted on the ~ationa] Register of Historic Places`' ~'es tio ~
4
' Is the propem~ l~sted as part of an historic district~ ~ If so_ .ti~hat distnct`'
- - - _ ~~- -- i Please aiso attach
~ 1 A restoratioru'rehabilitation plan for the designated histonc propem~. ~f the buildmg is
akeadv restored and rn Eood condit~on. a mamtenance lis[ must be submatted to suppo~t
-' the need for ta.~ relief
2 A cost esumate of the restorauon/rehabil~tauon plan from a certifed architect
3 A completed F'manc~al Anai~-sis of ~Iills Act Gontract form
.~. -- ~ 4 Photographs of all building ele~at~ons and character definuig features us~ng 35 mm black
- - ~ and ~vfute fiim
~
- - ~ I cert~fy~ that #he ~nfor~~t~on contaeee~ ~o the appl~cat~on ~s correct to the best of mr
knowledge and that #h~s appl~catian is made w~fh Ehe know~iedge and eonsent of the
; propern• owner. ~
_ ~
APPLICANT'S SIGVATURE ~ ~ GZ~./~~~•'~~y~ATE ~ r /~ ~ ~~
Drir•er's L~cense Number /11~~ Z~(p'a State ~/~~Exp~ration Date ~~ ~°7~`~~G~`~~
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F[NANCIAG Af1iALYSI5 OF MILLS ACT CONTRACT
Annual
itl:VKiVt1~5 ]ncredse Curr~nt Yea 1 Year 2 Year 3 Year 4 Yea~' S Ye Year 7 Y,_ear g Ye,~r 9 Year 1(}
! Mnnthly Iteatal l~x:nme ~ ~ ~ ~
2 Antwal Rental Inc~me 39~ ~p~~ G~~ ~~,?( ~..~63 ~ 695s~~ 7~~y3 73 ~z ~~ ~ z~~Sab~ `~
(I,Ene 1 x 12) (h~crcase by 3 k each ycar)
AiYNUAI, EXi'ENSES [Does not i ~d¢~Tazxes~M~age~ t~res~~~Q ~ ~ ~
3 Insurance 5% J~,~ a 3 1~TI ~ ~Q y~ ~
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5 M~untenance 5~ ~~ g'1~ q~ /(J~ ~fU lO~y7 /~i~o //73y !~~1~ I~z 1~5~~ I9z~ 9
fi Managemcn~ 5~ J~.~O y~ ~ ~aDa ~~J`~U 5~~.~ ,~~~ ~ C~o,~$~ ~o7Q~ ~.~6
7 (]ther (Uperatinb ~,xpenses) 2k o~~~~~ n7~ ~~j~2.. Z~f~O Z'`~~9 Z~3' ~3 j0 Z~v`~/ ~~ s,?~ Z~'D,~
8 TuEal Expcnses ~ ) ~~3 ~ Z ~ Z~ ~-- U ~ ~ ~-L ! ----
Isum L.ines 3 thruu~h 7 1~l ~ 9 ~~~ ~~~ S~~ ~Q ~oz33 ~~~~~ 3~3~r ~s~ 3~~~~
NBT OPERA'i'1NG INCOMN: ~ ~
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CAYITAGI'GA'1'LON KATE
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FIIYA3VCIAL ANAI,YS[S OF MILLS ACf' CUNTItAC'I'
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Annual
lnerease Current Year ! Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year S Year 9 Year 1 Q
lU Ilistoric Propeny
R~sk Camponent
(5mgle Family Home = q°lo)
(A{1 Othcr Property = 2°l0)
I i f'ro~;.rty 1'ax Cornpo~ent
12 Amnrtizanon Component
(rec~procat of Life of property)
13 'Total = Capital~zauon Rate
(tium l~nes 9 thrnugh 12)
TAXES
24 M~fls Act Assessment
(Net ~peratmg Incomel
I.ine 13)
15 Tdx iJnder Mills Act
(I.me 14 x 0105$816)
1G Current 'fax
i~ •rdX sd~~~~~
(l~me 16 m~nus Ltne 15}
18 Af1IlUdI CU5l lU CIIY
(l.me 17 x l4%)
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EXH~BIT "B"
HISTORIC PROPERTY PR~SERVATIQN AGREEMENT
PROPERTY MAINTENANCE
CITY OF SANTA MONICA
Propenv Maintenance As requtred bF Landmarks Ordinance Sect~on 9 36 190. all
desygnated landmarics and structures lacated withm a historic district shall be mazntamed in good
repair and preserved against deterjorauan through the prampt repa~r of any of the foilowing
1 Facades w~hich may fall and m~~re members of the publtc or propert}~
2 Deieriorated or ~nadequate foundati~n, defecuve or deteriorated floarmg or floor
supports, deteriorated walls or ather verticat structurat supports
3 Members of ceil~ngs, roofs, ce~ling and roof sugports or otner hor~zontaI
memhers which a~e, split ar buc~Cle due [a defectfve ma~eria! or de~er~oration
4 Deterlarated or meffective ~~vaterproof~ng of exterior v~alls. roofs, foundations or
floors, includzng braken windows or doors
5 Defect~ve or insuffic~ent weather protecaon for exterior wail covering, ~nclud~ng
Iack af paint or weathering due to lacic of paint or other pratect~ve covering
b An~~ fault or defect in the buildmg which renders ~t not praperly watertight or
structurallv unsafe
In addrtion, the following maintenance measures are also required for the subJect property {The
follow~ng items are an example on~}~ Actual requsrements, if any, will be ta~lored ta the
spec~f~c propertp )
1 Rerna~e tl~e existin~ raaf as~d repair in-kin3 Repatr alj roof Seaks, reflash, seal
and regutter as necessary~
2 Repair or replace ex~st~ng darnaged broken pIumbin~ lines Repair all
mtscellaneous piumbing Ieaks within the wal~s
3 Rewire, rework, and update as needed interior electrical wrring Rework and
update exterior electrtcal panels to make waterttght
S
'- r ~ ~ ~
EXHIBIT "C"
HISTORIC PROPERTY PRF.SERVATI~N AGREEMENT
PR4POSED HOME IMPROVEMENTS
The followxng renovat~on profects shadl be comgleted by Ehe applacant over the init~al i0 year
term of the contract
Item
Year
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Task
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lmklmsllsact
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f lattylmuruVawslt~arrylmills3 can
City Covncil Meeting 5-12-98 Santa Moruca, Cal~fornia
RES~LUTION NUMBER 9 26 7 CCS
(C~ty Council Ser~es)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAl`TT'A MONICA
AUTHORTZING THE CITY MANAGER TQ EXECUTE A HISTORICAL
PROPERTY CONTRACT IN ACCORDANCE WITH GO~~ERNMENT
CODE SECTION 50280 WITH THE OWNER OF PROPERTY
LOCATED AT 2523 THIRD STREET
WHEREAS, Government Code Sectlon 5028~ et s~ authonzes a cEty to enter into a
}ustarical property contract with the owner of any qualified h~stoncal property to restnct the use
of such property so that rt retains rts histarically si¢nificant charactertst~cs ~n return for which the
property owner vbtatns property tax relief,
VVI~REAS, Santa Monica Munic~pal Code 5ectton 9 36 270(g) prov~des that Designated
5tructures of Ment, landmarks, and contributmg structures located in h~staric d~str~cts that are
pn~ately owned shall be considered qualjfied histor~cal propert~es eligible to enter into h~stoncal
property cantracts with the City upon resolution by the Crty Council,
WHEREAS, the property located at 2523 Th~rd Street, Santa Mon~ca, California ~s a
~es~gnated C~ty ~andmark and the a~~er of the praperty has f~ed an appl~cat~on to enter into a
histoncal property cantract with the Ccty,
WHEREAS, the Landmarks Commission rev~ewed the owner's applrcation at 1ts April 1,
1998 meet~ng and directed CEty Staff to forward a recommendation to the City Council in support
of the appl~cat~on,
~5-. ~ ~,7
a
WHEREAS, the City Council has determmed that rt is appropriate for the City to enter
into a lustoncal property contract with the ow~er of the property Iocated at 2523 Therd Street,
NOW, TI~REFORE, THE CITY COUNCII, OF THE CITY OF SAIv'TA MONiCA
DOES HEREBY RESOLVE AS F4LLOWS
SECTION 1 Pursuant to Santa Monica l~~iunicipal Code Sect~on 9 36 274(g), the City
Council authonzes the City Manager to enter anto a histoncai property cantract with the owner of
the property located ai 2~23 Th~rd Street, Santa 1~4on~ca, California in accordance wrth
Government Code Section 50280 et seq
SECTION 2 The Czty Clerk shall cert~fy to the adopt~on of th~s Resolut~on and
thenceforth the same shail be m fuIt force anc~ effect
APPROVED AS TQ FORM
,(it.~ A
~ SHA JQN~'~ MOUTRIE
C~ty Attorney
` ` ~ ~~
~
~
Adopted and appro~ed th~s~2th of May, 1998
Robert Holbrook, Mayor
I, Mar~a M Stewart, Gity Clerk of the C~ty of Santa Monica, do hereby certify that
the foregoing Resolut~on 92~7 (CGS) was duly adopted at a meetir~g af the Santa
Mon~ca City Council held on the 12th of May, 1998 by the foliowing vote
Ayes Councilmembers
Naes Co~ncilmembers
AbstaEn Councilmembers
Abser~t Counc~~members
Ebner, FeEnstein, Genser, Greenberg, Holbrook,
Rosenstein
None
None
~'Connor
ATTEST
~ ~
l _,..~... °`~~
Maria M Stewart, City Clerk