It is recommended that the City Council approve the application from the property owner for partial approval of the Historic Site Tax Exemption for the property located at 1618 Lipscomb Street.

The owner of the property has applied for partial exemption from City taxes. The Historic and Cultural Landmarks Commission (HCLC) approved both the application for partial tax exemption and the Certificate of Appropriateness, where applicable, for the rehabilitation of this property at a public hearing.

Location	Historic Designation	Council District	Owner
1618 Lipscomb Street	Historic & Cultural Landmark (HC)	9	Ethnic Estates, LLC

The owner intends to complete substantial rehabilitation of the designated building. They will be eligible for the partial tax exemption if the work is:

* Completed in compliance with rehabilitation standards; and
* The rehabilitation costs equal or exceed the required expenditure of 30 percent of the assessed value of the improvements or $3,000.00, whichever is greater.

Following the rehabilitation of the property listed, the tax exemption application will be returned to the City Council for verification of completion of the project. If the City Council verifies the tax exemption for the Historic and Cultural Landmark property, the assessed value of the improvements and the land will be frozen for a 10-year period at the pre-renovation values listed below:

Property Address	Taxing Year Value	Land Value	Improvement Value	Required 30 Percent Expenditure	Proposed Expenditure	HCLC Review
1618 Lipscomb Street	2016	$50,000.0	$58,240.00	$17,472.00	$35,900.00	03/13/2017

This property is located in COUNCIL DISTRICT 9.

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