SUMMARY
That City Council adopt an Ordinance repealing Ordinance No. 2018-1009, and approving in its stead an Historic Site Tax Exemption for the historic landmark located at 712 Main St.; which meets the relevant eligibility requirements of Section 44-5 of the Code of Ordinances.
SPECIFIC EXPLANATION
Section 44-5 of the Code of Ordinances provides an incentive for historic preservation in the form of a tax exemption for historic sites. Prior City Council designation of the property as a landmark, protected landmark, or as a contributing structure in a historic district is a prerequisite to granting a historic site tax exemption. The property owner must then demonstrate to the Chief Development Officer that restoration and preservation expenditures were made in an amount equal to at least 25% of the appraised value of the improvements and within the time frames prescribed in the Ordinance. The tax exemption amount is then calculated based on the amount spent on restoration, up to 100% of the appraised value of improvements only (not land). The exemption is for a 15-year period but is capped each year at the exemption amount calculated for year one.
In December 2018, the property at 712 Main St. was incorrectly granted a different exemption, under Section 44-29 of the Code of Ordinances. The coversheet presented at that time accurately showed the intent of Council, including calculation of the exemption amount, but the ordinance, Ordinance No. 2018-1009, failed to reflect that intent due to a drafting error. The City is now accurately reflecting the intent of Council. This item would repeal that Ordinance No. 2018-1009 and provide for the intended exemption, under Section 44-5.
The owner of the historic landmark submitted sworn affidavits that meet the criteria set out in the Code of Ordinances.
Since the property has been designated as a historic landmark, and meets all other criteria, it is recommended that City Council grant this property the exemption from ad valorem taxation provided under Section 44-5 of the Code of Ordinances.
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Andrew F. Icken, Chief Development Officer