City Council

8. HISTORIC PROPERTY PRESERVATION AGREEMENT (MILLS ACT)\n320 W. MAIN STREET The Mills Act is a State program that provides\nproperty tax relief to owners of qualified historic properties who agree to\ncomply with preservation restrictions and maintain and preserve the\nproperty for a minimum of ten years. If approved by the City Council, the\nexecution of the attached Mills Act contract (Historic Property Preservation\nAgreement) for the preservation and rehabilitation of a qualified historic\nproperty located at 320 W. Main Street would provide the property owner\nwith some tax relief.\nRecommendation: That the City Council adopt Resolution No. 24-75\n(Attachment 1) authorizing the execution of the Historic Property\nPreservation Agreement (Exhibit A of Attachment 1) for the property\nlocated at 320 W. Main Street in the State’s Mills Act Program.\nRESOLUTION NO. 24-75 A RESOLUTION OF THE CITY COUNCIL OF\n10/11/24, 12:51 PM Regular Meeting of the City Council/Closed Session-5:30 pm/Regular Meeting-7:00 pm\nTHE CITY OF TUSTIN, CALIFORNIA, AUTHORIZING THE COMMUNITY\nDEVELOPMENT DEPARTMENT TO COORDINATE, PROCESS, AND\nEXECUTE THE HISTORIC PROPERTY PRESERVATION AGREEMENT\nATTACHED HERETO AS EXHIBIT A WITH THE OWNERS OF THE\nPROPERTY LOCATED AT 320 W. MAIN STREET, TUSTIN, CALIFORNIA\nFiscal Impact: The execution of the Historic Property Preservation\nAgreement would reduce the property owner’s property tax payment by\napproximately $9,058.00 annually and proportionately reduce the City’s\nshare of the property tax revenue for the property. Property tax revenue\nloss to the City would be minimal.