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PCD SF KG AS DJ f Iplanlsharelcouncillstrptlmillsact #1
Council Mtg No~ember 25, 1997 Santa Monica, California
TO Mayor and City Counal
FROM C~ty Staff
SUBJEGT Recommendation to authorize the City Manager to Negatiate and Execute
a Mil€s Act H~stor~cal Property Contract between t~e City of Santa Monica
and the Property Owner of the Second Roy Jones House, a C~ty
Landmark, Located at 13Q Adela~de Drive Applicant Robert I Weinstein
INTR~DUCTI~N
This report recornmends that th~ Cjty Council adopt a resoiution and authorize the City
Manager to negotiate and execute a Mills Act H~storical Property Contract between the
City af Santa Monica and the proper#y owner of the Second Roy Jones House, a
designated City landmark located at 130 Adelaide Dri~e The Milis Act is a state law
that enabtes local go~ernments ta enter rnta cvntracts with owners of qualrfied historrc
properties to authanze a property tax ~eduction This is the first Mills Act contract to be
considered by the City The proposed resolution is contained in Attachment A and the
Milis Act application is contained in Attachment B
BACKGROUND
~n 1991, as part af a comprehensive revision to the City's Landmarks Ord~nance, the
City Counal authorized designated structures af inerit, landmarks, and contributing
sfructures located in designated h~staric districts to be cansidered "qualified historical
t~~~J 2 5 1~~7
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properties" eligible for histor~cal property cantracts submitted pursuant to the pro~isions
of Cal~fornia Ga~ernment Code Sections 50280-50290 As a result, property owners
of such designated historic properties may file a Mills Act Contract Application Once
appro~ed, a Mills Act contract rec~uires the County Tax Assessor's office to determine
the ~alue of the historic property based upon its current net operatir~g income, rather
than upon the traditional assessed ~aluation method, resulting in a property tax
reducfion ~pr structures that are owner occu~ied, the net operating incame is
determined by the income the property woufd produce if rer~ted In exchange for the
property tax reduction, the owner agrees to protect, maintain and, if necessary, restore
the his~oric property
Under the traditianal method af determining property taxes, praperties are reassessed
when sold Howe~er. since Mifis Act contracts run with the property, subsequent
owners may realize greater tax benefits. as the assessed property ~alue typically
mcreases when property is sold, resu[ting in an eWen greater difference between the
property taxes under the assessed ~alua#ion methad ~ersus the property tax calculation
perm~tted by the Mills Act contract This can be a significant marketing feature for the
property in terms of future sales and is considered an important histonc preser~atian
~ncenti~e because the property will be mamtained
The initial Mills Act contract term rs #en years Howe~er, each year on the anniversary
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of the contract's effecti~e date, an additional year is added to the contract term unless
the property owner or the Gity submits a notice of non-renewaf to fhe other pa~ty in a
timely ma~ner Effect~vely, t~e actua! term of the contract ~s at leas~ ten years, but may
be indefinite, as it is autamatically annually renewed
ANALYSIS
The property owner of 130 Adela~de Dri~e has requested to enter Ento a Mills Act
contract to offset the cost of normal maintenance and repairs The structure underwent
a substant~af rehabi~itatian after suffering ma~or damage in the 1994 Nor~F~ricige
eartnquake S~nce tne home has been fully restored, the Mi!!s Act car~tract sav~ngs
would be used for continued maintenance, upgrade af build~ng details which are
ir~tegral to the property's historic integrity, includmg paint~ng. roofing, and repairs to
gutters, doors, windows, and architectural features, and some interior wark
The ma+ntenance plan for this property is included ~n the Mills Act application and wi!!
be mcarporated into the Mifls Act cantract The maintenance plan proWides a ljst of the
projects to be completed by the property owner durrng the mrtral ten year contract term
ln addition. the application provides an estimate of the property owner's tax sa~ings as
well as an es#imate of the City's annual costs due to the property tax reduction SEnce
this estimate Es based on financial data subm~tted by the applicant, the County
Ass~ssor will venfy the calculation pnor to the final tax assessment By exec~ting the
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contract, the Cjty daes not carroborate the applicant's submitted financial statement,
but authorizes tax abatemen# for the property
LANDMARKS COMMISSION REVIEW
The Landmarks Comm~ssion re~iewed this request at its October 1~, 1997 meeting and
d~rected Staff tfl forward a recommendation to the Council ~n support of the applicat~on
The Miils Act is one af the few financial ir~centi~es available to owners of historic
properties and is an ~mportant tool in the Commission's efforts to encaurage the
designation and long term preservation of the C~ty's historic resources
CONCLUSION
The Miffs Acf appfication for 130 Adefaide Dri~e ~s fhe firsf such requesf fo ~e
considered by the City The fax relief pro~~ded by the Mifls Act provides owners af
hrstorrc propertres w~th a f~nanc~af rrrcentrve to marntain and ~mprove therr bu~td~ngs. ar~d
prov~des the City with a means to e~courage preservation of those structures which
contrib~te to the City's h~star~ca! and cultural fabr~c
BUDGETlFISCAL IMPACT
Execution of th~s Mills Act contract would resul~ in reduced property tax revenue to the
City Th~ actual amount of the tax reduct€on is determined by the Los Ang~les County
Assessor, based on an evaluation of the worksheet provided w~th the application The
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current annual property tax~s for this property is approximately ~10,000 Although the
applicati~n states tha# the annual cost to the City in last tax re~enue would begm at
$953 and increase approximatefy 2% each year, the actual revenue loss ~s sub~ect to
rev~ew and determinat~on hy the Caunty Tax Assessar once the contract has been
executed and recorded with the County
RECOMMENDATION
It is recommended that the City Gounci~ adopt the attached resolut~on and authorize the
C~ty Manager to execute an Historical Pro~erty Preser~ation Agreement under the Mills
Ac#, between the City of Santa Monica, and the property own~r of the Second Roy
Jones House at 130 Adela~de Drive, a designated City landmark
Prepared by Suzanne Frrck, D~rector
Karen Ginsberg. Planning Manager
Amanda Schachter, Seniar Planner
Donna Jerex, Assoaate Planner
City Plannmg ~i~ision
Plannmg and Community Development De~ar#ment
Attachments A M~IIs Act Resolution
B Mills Ac# Contract Application
C Milis Act Inforrrtatian Packet
D Photographs
F IPLANISHAREICDUNCILISTRPTIMILLSACT #1
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ATTACHMENT A
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parcels where refuse and recyclable materiais are both stored and collected ad~acent
to public ra;;ht-of-way, the refuse and recyclable materrals shall be screened frorn
pub~ac v~ew on a ieast three srdes i~y a salid opaque Yrnpact-resistant waii nat less than
five feet or more than eight feet in height, and on the fourth side by a solid opaque
impact-resjstant gate not iess than five feet or more than eight feet in height, or of
ather such material or des~gn appro~ed by the Archztec[ural Rev~ew Board The gate
shall be maintamed m work~ng order and shall remaln closed except during such tunes
a refuse, recyclable matenals and otiier such rtems are bemg d~scarded, placed for
collection, ar collect~d All refuse and recyclable materials which are stored and
collected from the same location out of doors shall be stored not more than ten feet
form the property ~me which ~s closest to the refuse collection point
39 The Prv~ect shaIl mclude a refuse and recycimg room or out door enclosure which
complies with all the requirements of the CS zone The Director of tl~e
En~ironmental and Public Works Managernent Department shall require the design
and placement of a refuse and recyclmg room or outdoor enclosure ta prflvide
adequate and accessible areas for the storage and collection of refuse and recyclable
materials
40 In any ~w restaurant on the Property an a~r filtration and ventilation system shall be
provided
41 The Pro~ect, ~ncluding all Open Spacs shall be accessible to handicapped persons .
42 The applicant shall be required to abtaln Architectural Review Board apgroval pnor
to issuance of a building pernut Arclutectural Review $oard re~~ew shall be lirruted
to the scope of reviewed allowed m the Mumcipal Code and shall be sub~ect to the
deveiopment rights granted to the Property Owner pursuant to the Development
Agreement
43 Civil Engineering plans shall be prepared tv City standards for all off-site
improvements and suhmitted to the Office of the City Engineer for review and
approval.
The Department of Environmentai and Public Works Management may modify this
condation in accordance with the standards set forth m Section b-C af the
De~elopment Agreement regard~ng pro~ect phasing or Exhibrt D of the Development
Agreement regard~ng subsutute unprovements
44 The applicant shall uistal~ a sewage regulating tank, if reasonably deemed necessary
by the Enviranmental and Public Works Management Department based upan
availat~le sewage capacity and other unprov~ments of sufficient size for the Pro~ect
The Env~r~nmental and Public Works Management Departcnern and the apphcant may
I9
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•
WHEREAS, the City Council has determined that rt is appropnate for the City to enter
inta a tustarical property cornract with the owner of the property located at t 30 Adelaide Dnve,
NOW, THEREFORE, TI~ CITY COUNCIL dF TI~ CITY OF SANTA MONICA
D4ES HEREBY RE50LVE AS FOLLOWS
SECTIQN 1 Pursuant to Santa Monica Munic~pal Code Sect~on 9 36 270{g), the C~ty
Counc~l authorizes the City Manager to enter into a h~storical praperty contract w~th the owner of
the property located at 130 Adelaide Dnve, Santa Monica, California in accordance wkth
Government Code Section 502$0 et se~c
SECTION 2 The C~ty Clerk shall cert~fy to the adopt~on of tlus Resalution and
thenceforth the same shall be m full force and effect
APPROVED AS TO FORM
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MARSHA JONES MOUTRIE
City Attorney
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Adopted and appraved this 25th of November. 1997
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Robert Hoibrook, Mayor Pro Tem
I, Maria M Stewari, Ciry Clerk af the City af Santa Momca, da hereby certify that the
forego~ng Resoluuon 9217 (CCS) was duly adopted at a meeung of the City Council held on
the 25~ of No~ember, 1997 by the follawmg vote
Ay es Councilmembers
Noes Councilmembers
Abstain Councilmembers
Absent Councilmembers
Ebner, Fe~nste~, Genser, Greenberg, Halbrook, Rosenstem
None
None
~' Connor
ATTEST
.~ ~~~~--
Maria M Ste~rart, City Clerk
ATTACHMENT B
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C~n of
Santa Monica
Placuung and Community Development Department
Ctry Planrung D~~~s~on
(310) 458-8341
MILLS ACT CONTRACT APPLICATION
(Please T~-pe or Pnnt All Informatxon)
A lic rio Number {s) Filec3 ~~ ~ ~ ~~~
~' J~R ~?-00 f Fee
Rere~pt 1~pr
By ~
rxo.rEC~ Avnu~ss i~~ P~ ~-Pri`~ ~. ~2~V L
Land Use Element Distnct Zomng Discrict ~' ~
Legal DescrEpt~on (Lot, Block. Tract) ~T ~ ti g~~'~ ~'~~~~~G`
Legal Descnption (Book, Page. Parcel #) ~'~- ~~ P#~- ~Z ~~~
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[Please attach copy of legal descr~pt~oa Generally this ~s "Exluhit A" on a Deed.}
APPLICANT ~~ P~~L,`j~'J Oinao~~~F~'-
Address Phone
Santa Mornea Bus~ness Lxcense No
CONTACT PER50N
Address w( ~ Phone
5auta Manica Business Lieen~ No
DESIGNER/ARCHITEC'i'
Address ~ ~ Phone
r~
Professional License Number
Santa Momca Business L~cense No
ATTORNEY
Address N~/ ~ Phone
5anta Man~ca Basmess L~cense ivo
'~~ ~ ~-.1 ~ Pr l~ ~- r~s"~a~
PROPERTY OWf~iER !
Address 1~O ~~--Pst.~ ~~(L Phone~ ~! Ol 3 13 O I~,
I Certifr that this appl~cat~on is bemg made wtth my consent
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PROPERTY OWNER'S SIG'vATUR~ ~
~ SrN~t~, (rfi~+~v~ ~`z~,~YzNC,~
Ex~stme tise of Properi}'
~-l~ ~USf. €~ Pn-~ ~X7~n-S~~f~
Rehabil-tanon ar Ma~ntenance Needed
(AFtach either the Rehab~litation ar Ma~ntenance Plan, as appropnate )
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FINANCIAL ANALYSIS ~1~' MLLLS ACT CONTRACT
~
Annual
]ncrease Current Ycar 1 Year year 3 Year 4 Year 5 eaf 6 ear 7 ear Year 9 Year 10
!~ ~~lstoric Property
Risk Component
(Single Fam~iy Home = 4%)
(All Other Property = 2%)
t. ~` 11 I'roperty "Tax Component
12 Amonizauon Component
(rec~procal of kife a~ property)
13 Total = Cap~talizattnn Rate
(sum ]ines 9 through i2)
TAXES
14 Mills Act Assessment
(Net ~perat~ng incomel
Lkne 13)
15
r ~ Tax Under Mills Act
(Line 14 x O105881b)
Ib Current Tax , 2%
! 7 7'ax Sxvmgs
(Line 16 m~nus I.ine 151
18 Annual :'os[ C~~ C~iy
( I. mc 1'~ x 14 °I )
~ fa
(F~xed °k}
1~ (F~xed at 1~ due to Propos~tion 13)
3~ (30 years = 1/3D = 3% Generally constant hut rnay be read~usted based upon s~nreture's cvnstructiun materials )
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,~~95~ .~~2 '_'~ 33~ ,~7$3 s~F~ ~-~ ~~ 1~ ~`~~~ 3~3~ <`,~~`~
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FINANCIAI. ANALYSI3 41~~ MIGL5 ACT COIVTRACT
.
Annuaf
REVENU~S ricrease Current Year 1 ~2 Year Year 4 Year ear 6 ear 7 Year 8 ae 9 ear l0
1 Munthly Rental lncome ~ 8r~"~
2 Annual FtenEal Income 3% ~[,nnn
r ~~ ~ ~~; 16~ larr,~~
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{I.lne l x ]2) (Increase by 3~i each year) ~
ANNUAL EXPEI~SES ~Uues not mciude Taxes, Mortgage or Interest ]
3 Insurance 5°k b,r ; ~, ~_~;~ (~,,j,~? 76~F'~ 74('I ~,~ $~,Q ~~ gc~/_ ~ g~
a Uc~i~u~~ 6~ 1?.3rn i~ ~~&.?~ 1~~ ,~;.r~~ ~ 11 ~~,~
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5 M~~ntenanc.c 5I IS,non l~_n !-~~^~i; ~~~ ?i,x-~C z~~J ?~~, '",~"~;;
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~ Uther (Opeiat~ng Lxpenses) 2% ~e~lc, ~~l 1 _`-,._.~ i~. ~_ H~~G~ ,a.,3, ~~re ~ ~,I -j•'_" '`~~.', d{~k~~
8 `i atal FxpenSeti
(sum L~ncs 3 Ihrough 7) •~,~,u{) " ~ i~?~ ~~'~;1 '' 1 ~ ~, ~ ~~ ~~ ~..1 vv,a~ ~~~ ~7'-.5~,. ~
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CAl'I'I'ALYLA'f1UN itA'I'H;
9 Intcrest C'omponenl 7 5~ (Scptemhei 1995-1996) ~Ad~u sied each year by 5tate Boa rc~ of Liyualization ]
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Date of Local Designauon ~ ~ ~ ~~~
Is the propem~ des~gnated as part of an ttistor~c distnct~ _ If so, what distnct
Is tlie propem~ listed on the 1`ational Register of H~skoric Places' Yes tio~
~ Is the propem- listed as part of an histonc distnct`' If so, what distr~ct'~
Please alsa attach
I A restorauonrrehabilitaUan plan for the des~gnated histonc property, if the buildmg is
already restored and ~n good condit~on, a tnamtenance list must be submitied to support
the need for tax reIsef
2 4 cost esumate of the restorauon~rehabilitatioa plan from a certifed archttect
v~~as ~,~L ~-~ i S ~~ S -~i.b
3 A completed Financ~al Analysis of IvUIIs Act Con~act form
4 Phatographs of afl building ele~abons and character defu~ng features using 35 ~nm black
and wlute film
I certify that the mfarmation contained in the appl~cation ~s correct to the best of mj•
knowfe~ge snd that th~s application ~s made v~~th the knawfedge snd canseet of the
propertr owner.
~
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APPLICA'~T'S SIGNATURE ~~~~ ~~r ~~~, / DATE ~ r/Z/ ( /~
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DnVer's L~cense Number Ne533~1~, State Ce~ Expiratian Date 1L~1~~S~C
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~MIE fORM iVR1Vli1i O OY 71GdR 71YL[ IIV/VI~CRs
' '~ ~ The ui ders~gncd ~r- ~ 1ec[are(s) ~i~ •
' Docu~ ientdrti tranti• .~ 5 7.Sl~_qfs
~ z X ~ cornpu-cd ~~ue of property com
yed, or ,
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'~•e less value o: ]iea and encumbrances remammg ar t~me of sale
, ( ) l.-r,tn[ ~r~x ~ X) Clri' ot Y~nra Hlnm ra , aird
FQR V41 l hBl - ~' 'DFRAZ'ION, receip of wh[ch ~s hereby acknowiedged, ~~- ~~r ~
_ Tr~ast ee of Gc~-~ : Inc. Defined B~nefit Penszon Plan, CRAIG F~t.SCti and CYNTHIA •
= EhPtE~ES~[d, husba;, 3a: wife
' . - -" ~ ' hereb~ GRAI~T(5) ° _ '
- ' ' ` - xZOBE~ T IRVINC nr'' ~'~"'iN and ZVIA WEIN"TEIN, hus6and and wlfe a5 conmunity pCt~perty
~ [he fa Ic~w~;n~ ~~ s~ ~ [.ropert~' ~n the ~l -y of Santa i~nica I
, Coan~ ot ~g~l~ , 5iate of Cal~forn~a
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, f Lot -~r~ ~•It •'~" o~ the Pal~s~des. a$ per map recorded in Hook 9
, Page 32 rsG 1~aT~5 in the off3ce ~f thc county recorder of sasd
county
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oerso~ allc krru» ~ y~red [o me on the bas~s ~f sat-
~sfa[[~ ~ti' eti'i~en~i '~ ~~ -son(~whose ~ame f ~
su~scr 6e~ cu r'i~ urcmen: and acknora :dgecE
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, FiISTORIC PROFERTY PRESERVATION AGRE~MENT
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The followmg r.~...a~-~n pro,~ects shall be compieted by tt~e applzcant over the inrt~al 10 year
, - term of the contrac~
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~ Date of Loca; ~es~gnat~on ~ ~ ~S ~4`~
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Is the property des~gnated as part af an }ustonc district7 ~' ~ Tf so, what d~str!:.t~ ~
is the property l~sted on the Natianal Register of H~stor~c Places~ Yes No~
~ Is the property ltsted as part vf ~n historic district? lf so, what d~str~cC~
" i
Pldase also attach ~
- _;
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1 A reslorationlrehabllitatluri plan for the designated historic property, if #he bu~lding ~s
already restored ehd ii~ $t5tld condition, a mainttnance I~st trtust be subrniried to support
;i
the need f~r tax ~eli~f. ' '
2 A cost estimate df khe restarat~an/reheb~l-tat~on plan from a ctrtsfe~ ~rch~tcct
ya~ pa~y~ ~},~ 14R5~4L
~i
3 A ~omplet~d ~'inanciai Aitalysis of Mills Act Cbntract form
4 Photographs of ali bu-ld`ntg ~1ev~#ions and chara~ter deFining fea#ures using 35 mm. black
and wh~te film ,
.... .._ , . _. .. __,,.....-._~.....,,w,.. .. .~~.. . , ~r . r - ~ - ~
I cert~iy th~t tl~~ 4eformaNon eot~t~infd i~ the ap~licAtlan ls corttet #n #he 6e~t of iny.
k~owledge and that t~is.appl~ration is made with the kno~•1ed~e and cangent uf the
prapee-t}~ owaer.
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ATTACHMENT C
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STATE OF CALIFORHlA-TF~ P~~RCE.S AGEMCr
, ~
aFFICE OF HISTORIC PAESERYATI4N
GEPART~IENT QF PARKS AND RECREATiON
P.o eox ~ze9a
s~Fxro a2saaoo~
~~af ~zs
Fruc: ~s~sy esa-~
Preserva fion
Incen~i'ves
THE
MiLLS
TAX
ACT
~~~
~.~~.~
1~ 18TS s.o.~ar aama ~. ~nt~.o.a. ~M~b~i-
~d b~. #~t ra1»~ e~ rrl~ie4 if oai~r ~ow b~ioi roo~
» b~ o
aiud. T~ M~la Aat em~ow~s 1ocaY ~o~~ram~ts ~o
Raat ~tapetq- t~x reli~f ~o orr~s a[ qa~d ~iStoeFe
~ivpatia, ~t6 o~re~oawp~d d~e ta~a~ ~s
a~ ioaome p~ne~ ooma~ed~ ~
A~ozmal asratmeat, ~- ~ td as a~ A~et
eo~ae~ ii ~sseutid b~twwa tbe ~al ~o~t aad
the prop~stj- o+raer 6o~r s~•:•~:••nm qa ~„ur p~riod to
1o+r~r the prop~rt~- taz
2m m~r~. t~e PmP~'i7' ow~pr[ a~nas to ~~.
-~d msinnin t~ biua~ia~l a~d ~ c~
~ ott~e p~vp~eq- i~ uoaeda~e~ with ~~i~od~cpr~r
~rwadem stsada:di md ~e~an.,
O~ea~rs i~d t~at s~ ~d ~rtbe bw~s aa~
t~ 1/i~~ ~i~ ~ I~R~ ~~ M~ ~il~i Ad
[Dq~'1R ~t~011~ #~ ~Ofpt'~ t~ OO~t ~ ~li~-
q,t~ t~! ~L1i~0~C ~f~OplYQ~.
~ ~! ^'~"""`iIIl~f ~i~! 9~ Oa 0~ Zw0 ~['Op~!-
Llls ~! COIIti~CL. t~R ~ OZ ~~O ~Ch i~
Esaomdid~o we the pro~ram ss aa iaoeative ~d haw
almost 20 bistarie prapsr~ iavdv~ed.
~~liOdlG ]~#p~Ct10IIi Of t,~! p=Op~i[]- by r1Cy ~ OOt1AL]- Of
Sciav !altl=! the piOplr maiatlaaaea Qf L~ plOpaq'.
Loeal anthant~es msp imPoae P~nilties £ar bsrach ~aa~-
tract as a fsilure to prot~et tbe hiamzie groperty. Tbe
contract is bir~;n• ou aIl a~raas during t~e ooatract
~~ -
To qu:lify, a praper~y mr.st be Iisted va aay o~cial ted-
esa1. stat~, oouat3', or city rfNter, iudn~;,,• the N~danal
Re~ister ofHutarie plaees. tbe C-~t+f~e~ia Re~tar of Hia
PETE MIILSON~ cer.rnar
: .. _
._ - -
~aei~al ~i~om~. th~ Ca~6ocaia B~d ~
Ittidosdr~, Giwe~iaPadfradHis~ejoslL-t~ aad
lo~] a~n~e~J 1~R
T~ 016ee a[$i~ooei~e Pr~iea m~ a st~te.
wide ~M o[wao~ad~1 ~tsrosA~t ~ ~salQtiooa
aad ooatraet a~ab. Fae fi~ ia~tioa aoa-
t~et Eu~ear Itepw-s, 0~6ia~ ot8i~e Pr~s~rasi~n. at
(9I6) 665~9338.
~ ~ ~~ ,~ ~ ~~ ~
cwLt~ar~r~w l~afE~.YA?ED1i
~ovxowr~~N
~ r~~r ir..~ b a.r n..~ r ai.~r.~ ~....~
nY~e ~M~irrsM liw~e 11w~.l~ M ~Ae
~l ~r O~i lw~~wlw I~~II~I~•~!~*
r j~a ~llt ~ ~1~11pe[ ~lOw~d~i~i i ~1~t ~0 !~
~ l~w~ra 'l~ir M~t+~1r~w~~s~i ras ~al~
~Ap(~el~lsf~rhe)~r~i~~rrwelnlw~.~sOd ~
~E~M~III.~O~~~i __-_ - - - ~o . ~r
•tpw~F1100I1~1~R ~lOf~.~k~~f1d~ -
~•
Q!. liE3 Meriwn 5.t~s 705. G~Id~d. Gl1i11
.a _t~~~
EXAMPLE 2: Mills Ac~ ~. Normal Assessment - 199b _
Commercial Office Suitding
Mi1ls Acf Assessmenf
sRCOme Approach to ~a~u~
Gro:s lncome: ~
Oifice i 40. i 36 si ~a- ;1.7 t=~239.6Zd I
Otfice Z0.$bD sf ~ 2.D4= 42554 ~
Sforage 540 sf @ =1.~Ix 545
~~27~5 ~
- _ x I2 rno ~ ;
` Tota! Anauallncoe~n~ ' ~3.392.7G0
Vaca~cp S!6 -„ t~.~35
EN~r: Gtots ~.223.0~
Exp~ns~s:
~nt - 25~,r8~5
MQir~tsnance - 9~.593
lr+s~.xoncf - SOADO
Ut~s - 3Zt.4B~
Jc~itori~ - ~20.7~s ~~,]~
Net lneaen~: ;2.375.897
Cap~di~aljon Rote:
Inter~t Rate 7.~
RWc Rate ZAD
Deprecyatton R~te 2AQ
Tax Raf~ ~Q
Tota~ Cap Rcte ~230 ~'.
Normal Aasessmenf
t~come Appraac~ to Value
Gro:s Income:
~S~me os #or Mills Act Treatment}
N~t Income: ~2.37~,89T
Cap~al~a~o~n Rol~;
Mcrket O~eived Ol1tt 9.S9f.
~ax Rc#e . .~,,~
Tofal Cap Rate 10.~.
Cap~a~~d Ydu~;
NOlntate ~@~~ ;19,0~7.t7b
.1250 -
Value Concl~ston- .
Asses~sd Volw ~ 51 ~.OQ0.00~
Es~ienaied Praptrty Tmcs~ $190.OOE~
I Capltali~~d Ya~s: _
j hlOl/Rt~t~ 3 23i5.897: ~.~27.590
I JOSO
ydu~ Canr.l~e~ -
~ed Valw ~ en_i?S.OOa
~sfimnied lropNly Tax~s: $ 22~.~50
Net propetty tax savirtgs unde: M~tls a~t ~$36,?.~0 (169~)
'-,
COURTESY OF SACRAME~TQ COU`TY ASSE55~R'S OFFICE
~~
~~z~
EX~1MP~.E ~: Mitis Act v. Normal Assessmen~
Single Famity Resider~ce
140Q Sq. Ft., 7S Years Oid
Mills Art Assrssmen#
Incame Approach to Volue
Gross lncome: {~85Qlmo x 12F= ~10.200
Vacancy 8~ Col Loss: {5~} _ ~- 5x0
~tfective Gross: ;9.694 '
~xperts~s:
Maintenance ~ 600
~r~uronce ; ~80
Totol Expenses: ~~¢
Net Operat~np tntame ; 8.69Q
Capitatization Rate
Interes# Raie 7.50
Risk RCte 4.00
Depr:ciatior~ Rate 3.OD
tax Rate a .OD
Tota] Cap Rate 1 t.SQ 9G
Capitolization ot Net Incame:
NQllCap Rcte S 8•~90 = ,; 59.931
.1454
Jlss~ssed Volue ~ S6~.OQ0
Es~irnafed Propeely Tax~r. $ 400
Normol Asseasmeni
Maricet Approach to Vo~ue
3) Asseuor uses Seie Compcrison
Approa~~ u:ing sales of aimilar
prop~rfies appropr~ataiy ad}~sted for
d~ffercnces betwesn comparohle
and the sub~ect property.
2~ Sates ~dicate mcrket vdue of
~ 150.00~
I~:ess~d Ye~lu~ = 5~9Q.000
E~matfd Tmcf~ s .~1.500
Net property tax savings under Mills ~.ct =~900 (!~)
~~Z5
CITY DF VAI.r-F~a
APPLICATTON FQR A MILLS ACT CONTR.4CT
V•
l. ~pplicant's/Orvners'.~ Nurnc.•
2. Smet Addreu:
~~
3. Phau Nas. ~Da-~tim~: f ?
HIS TORIC PROPERTY LOCATION:
4. H~Storic Name:
~ 3• Smeet ~ddr~ss:
6. As~~'s Pance! Nrm6~cr.•
7. lrgal Drsai~iar~:
LANDMARI~ DESIGNATION:
Statt.- . , ~'rp:
- Fvir~ting: ~ ~ -
& I.~cr~ Typr. Paandal: l.oaal: Sta~c:
9 Da~c of D~esf~
~
r~
.
F07'ENTlAL ST RUC~TJRBJPRQPER?Y IMPROVEM~'j' Tl~[~LIN~•
PL_°~ J~t d~e ~. e~d d~e~fr esrf~s~ aara. ~iak arr iwrend~d m rake plaa o~er nc~ ,~aa 10 ~.
L~t t1ia~ f~ order aj"aw~er'a R~a~j- fior e~di ~r ~~dd~ttawa~ s~uers ~+~ae~-j
YGa4
1
~ .
A~I~CQi~OA Fa:
~
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~
~
~
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~
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,~Y~ W~t/! ~pll, S3~ tLICh ~QT ,~T 1JQl thTCE yEQr~ T[aQT~!t~ Of ~
1~1~T QT 1JOt t~t CO~ ~T ~T1d1~C~ ~- ~~A{p~C~.
n ~ ' YO~ti ~
t
T IS THE MILLS ACT :~
• AD~PTION IN 1~72, AMEN~ED IN 1984.
• PROVIDES F~R A REDUCTI4N Il~I PROPERTY T.AXES
FOR gUA~ ~IE~ HISP4RIC PROPERTtES.
• REPRESENTS A CU~RENT USE ASSESSMENT FOR
PR~PERTIES, KNOWN AS A"CON'I~ACT ASSESSME11Tr'.
• PROPERTY 4WNERS MUST ENTEI~ IMTD PRESERV~iT~ON
C~NTRAGTS WITFi Ti~ Cl'!Y IN EXCHANGE FOR
PROPER'iY TA7~ RELIEF.
~ SOURCE QF AVTHflI~IIY:
- C~ ~NAL ALTI'~~OR1TY T~4 PR~VIDE
PROPERTY TAI~ R~~-~`~ F4R ~QRI~
~a~~~s {~. corYSn~v~zo~. ~. xYn-s~
- ~' HIS1~RiC PRa~RTY CONTRAGT5 (CA. GO~IT.
CaDE--50250-50289)
- RF,~,S.SESSII~NT' ~F PROPERTY $UBJECT ~ A
11~.i.S AC:T' G~ONII~A{:T ~CA. REVEIWE ~t TAK
CaDE--439-439.4~
• COUN'rY A~SSESSOR DIRECTED SY STA1E IAW Z~O
ADJUST VALUE OF PROPERZY DOWNWARD 1~0 REF'L~CT
RES'TRICIIONS PLACED ON PRaPER'IY RATHER THAN
VALUE.
COURTESY pF REDWOOD CITY
`~" - il2 I
B ENEFI'TS O F
~VIILLS A~T AGREE11/IENT
• REDUCTTON IN PR4PERTY TAX.
• INCEASES LIKELIHOaD ~F PRESERVATION.
• ASSURES MECHANISM'PO AVOID DETERIORATI~N.
• PROVIDES MECHANYSM F4R R~A~n-~'TATION.
• CAN EN~URAGE SENSTI'IVE HUME BUYERS T~O P'URCHA~E
DESIGNA'TED HIS~R~C STRUC~JRES.
• 11AFFT'S 1~ G~ALS OF ~ HIS"I~DRIC LANDMARKS
OF'TI~ ~990 GBNERAL PLAN AND ~S'I~ORIC
PRESERVATION ORDINAI~CE.
+ ~~ 0~~~~~ ~~./L 1 MiwiA7 ~i~i ~T.l . ~
INCOME PROD~C~NG FRaPERTIF.S.
• VISUAi i Y IIuIPROVES THE PHYSICAL ENVIltONMENT OF
THE CaMMUN1TY AND PROVIDES A FOCUS t~ HIS~~RIC
LANDII+IA.RKS. '
.
~ . ~ ; •, ~
~~
HI GHLI GHTS ~F
MILLS AGREEMENT
• corrr~cr ~ ~s r a ~s.
- PROVIDES FOR TF~ PRESERVATTQN OF A QUAi,~TEED
HIS'~'QRIC PRQPERTY AND, WI~EN NECESSARY,
RESTaRA'I'I4N AND RLHABILI~'ATION.
• PERIODIC INSPECI'I(3N OF Tf~ SUBJECT H~~ItIC PR~PFRT'Y.
~ CONTRACI' IS BINDIlV~ ON SUCCESS~RS iN IlVTE~F.S1' IN Ti~
.PRO~PER1'Y.
• CI'I'Y CAN REQUIItE PROPERTY ~WNF.R 'I'0 PAY A FEE "N0~'
'PO EXCEE,D THE REASONABLE C4STS AF AD ~
1"HE P~tOGRAI-T' (GaVT. C4DE 50281.~)
_~,~;~
~w~
~
~
~
C~NTRACT `~
APpRC~VAL PRa~ESS
_ G~UAL1FiEQ HfSTORIC
PHOV~RTY 4WNER
STAFF
~
MlLLS ACT
CONTRA~T
TAX ASSESSOR
~ r ___..~_
HIST4RIC
RESOURCES
ADVISQRY COM.
PLANNMI(~
COMIIAISSiOPi
CITY
CI~UNCiL
C~J:EH (~I~l46)
MILLS ACT
~ _ _. _
1 PR4PERTY VALUE: ~T ~, ~~a~
$1 U0,000
CAPITALIZATIQN RATE:
MORTGAGE
~ RA'TE +
1 D.59'a
1
PR~PFRTY
RI5~ CC)MPONEN'~' +
4~0
~
c~ '
~:
; ~ >~~
~.~..~.
TAX 20
RATE + YEAR ~ -24.50%
~~ L~
~ NEW ASSESSED VALUE: :>6~[}[~ ZO.Sa~'o = :~29,268
CURRENT' PR~PER'TY $1~04 .
.
AX ~,
4 MILL~ ACT PRUPERTY . ~293
TAX PAYM~NT SAV~NGS: $7Q7
. ,
c,1:a~, t:~r
t;~~
ATTACHMENT D
-+-'33
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