M&C Review


COUNCIL ACTION:  Approved on 3/21/2017 

DATE: 3/21/2017 REFERENCE NO.: G-18972 LOG NAME: 0616 HSE VERIFY - 4TH QUARTER
CODE: G TYPE: NON-CONSENT PUBLIC HEARING: NO
SUBJECT:   Approve Application for Partial Approval of Historic Site Tax Exemption for the Former Pinkston's Mortuary Building, a Highly Significant Endangered Property Located at 821 East Terrell Avenue (COUNCIL DISTRICT 8)

RECOMMENDATION:

It is recommended that the City Council approve the application for partial approval of the Historic Site Tax Exemption for the former Pinkston's Mortuary Building, a highly significant dndangered property located at 821 East Terrell Avenue.

 
DISCUSSION:

The owners of the property at 821 East Terrell Avenue have applied for a historic site tax exemption from City taxes. The Historic and Cultural Landmarks Commission (HCLC) approved both the applications for partial tax exemption and the Certificates of Appropriateness, where applicable, for the rehabilitation of this property at a public hearing.

Location

Historic Designation

Designation Date

Council District

Owners

821 East Terrell Avenue

Highly Significant Endangered (HSE)

2015

8

Jennifer and David Farmer

A structure designated as HSE, which is substantially rehabilitated in accordance with Chapter 4.401 of the Zoning Ordinance (Historic Preservation Ordinance), and the land necessary for access to and use of the structure, is entitled to an exemption from city ad valorem taxes of  (i) all of the assessed value of the structure; and (ii) any increase in the assessed value of the land necessary for access to and use of the structure, in excess of the value for the tax year immediately prior to commencement of the rehabilitation.  The minimum term for tax incentives for properties designated as HSE is 10 years; however, if the rehabilitation is completed and the project passes all final inspections within two years after designation as HSE, the tax incentives shall be for a period of 15 years.  The term of the rehabilitation incentives will decrease by one year for every year that completion of the rehabilitation is delayed, to a minimum term of ten years.  Substantial rehabilitation of a structure consists of rehabilitation at a cost that equals or exceeds the greater of 30 percent of the assessed value of the structure prior to rehabilitation or $3,000.00.  Following the rehabilitation of the property listed, tax exemption applications will be returned to the City Council for verification of completion of the project. If the City Council verifies the tax exemption for the Highly Significant Endangered property, the assessed value of the land will be frozen for the applicable term at the pre-renovation value listed below:









Location

Taxing Year

Land Value

Improvement Value

Required 30% Expenditure

Total Expenditure

HCLC Review

821 East Terrell Avenue

2016

$27,177.00

$79,869.00

$8,153.10

$8,153.10+

2016

This property is located in COUNCIL DISTRICT 8, Mapsco 77F.

This M&C does not request approval of a contract with a business entity.


 
FISCAL INFORMATION/CERTIFICATION:

The Director of Finance certifies that approval of the above recommendation will have no material effect on the Fiscal Year 2017 budget. While no current year impact is anticipated from this action, upon approval reduced revenues will be included in the long term forecast associated with years 2018-2022.

TO
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

FROM
    Fund Department
ID
Account Project
ID
Program Activity Budget
Year
Reference #
(Chartfield 2)
Amount

Submitted for City Manager's Office by:
Fernando Costa (6122)
Originating Department Head:
Randle Harwood (6101)
Additional Information Contact:
Justin Newhart (8037)

 
 
ATTACHMENTS
  PARTIAL 2ND QUARTER_1.pdf