City Council

8. HISTORIC PROPERTY PRESERVATION AGREEMENT (MILLS ACT) 320 W. MAIN STREET The Mills Act is a State program that provides property tax relief to owners of qualified historic properties who agree to comply with preservation restrictions and maintain and preserve the property for a minimum of ten years. If approved by the City Council, the execution of the attached Mills Act contract (Historic Property Preservation Agreement) for the preservation and rehabilitation of a qualified historic property located at 320 W. Main Street would provide the property owner with some tax relief. Recommendation: That the City Council adopt Resolution No. 24-75 (Attachment 1) authorizing the execution of the Historic Property Preservation Agreement (Exhibit A of Attachment 1) for the property located at 320 W. Main Street in the State’s Mills Act Program. RESOLUTION NO. 24-75 A RESOLUTION OF THE CITY COUNCIL OF 10/11/24, 12:51 PM Regular Meeting of the City Council/Closed Session-5:30 pm/Regular Meeting-7:00 pm THE CITY OF TUSTIN, CALIFORNIA, AUTHORIZING THE COMMUNITY DEVELOPMENT DEPARTMENT TO COORDINATE, PROCESS, AND EXECUTE THE HISTORIC PROPERTY PRESERVATION AGREEMENT ATTACHED HERETO AS EXHIBIT A WITH THE OWNERS OF THE PROPERTY LOCATED AT 320 W. MAIN STREET, TUSTIN, CALIFORNIA Fiscal Impact: The execution of the Historic Property Preservation Agreement would reduce the property owner’s property tax payment by approximately $9,058.00 annually and proportionately reduce the City’s share of the property tax revenue for the property. Property tax revenue loss to the City would be minimal.