It is recommended that the City Council approve the applications from multiple property owners for partial approval of the Historic Site Tax Exemption for 1908 S. Henderson Street, 2420 College Avenue, 1813 S. Adams Street, and 2001 College Avenue.

The purpose of this Mayor and Council Communication (M&C) is to approve the initial applications for rehabilitation projects for the following Historic and Cultural Landmark (HC) properties as part of the City's historic site tax exemption program:

Location	Historic Designation	Council District	Owners
1908 S. Henderson St.	Historic & Cultural Landmark (HC)	9	Stephanie Ladner
2420 College Ave.	Historic & Cultural Landmark (HC)	9	Stephen and Judy Robinson
1813 S. Adams St.	Historic & Cultural Landmark (HC)	9	Tarrant Properties
2001 College Ave.	Historic & Cultural Landmark (HC)	9	Sara & William Karashin

Any structure that is designated as HC, or that contributes to a HC district, and the land necessary for access to and use of the structure that is substantially rehabilitated are eligible to receive certain tax incentives under Chapter 4.401 of the City Code.  Substantial rehabilitation 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.  If eligible, the structure and land described above will have an assessed value for city tax valuation purposes equal to the assessed value of such structure and land for the tax year immediately prior to the commencement of rehabilitation. Any increase in the value of the structure and land in excess of the assessed value for the tax year immediately prior to commencement of the rehabilitation will be exempt from City ad valorem taxes.  The term of this tax incentive is ten years, commencing on the first day of the tax year following the City Council's verification that the rehabilitation project is complete.  

The Historic and Cultural Landmarks Commission (HCLC) approved the applications for the partial tax exemption and the certificates of appropriateness, where applicable, for the rehabilitation of these properties at public hearings (See table below).

The property owners intend to substantially rehabilitate the properties in compliance with all City Ordinances.  Following substantial rehabilitation of the properties listed, tax exemption applications will be submitted to the City Council for verification of completion of the applicable project. If the City Council verifies completion of the applicable project and declares the properties to be entitled to a tax exemption, then the properties will receive the tax incentives set forth above, which will based on the assessed values of the improvements and the land necessary for access to and use of the structure set forth in the chart below.

Property Address	Taxing Year Value	Land Value	Improvement (Structure) Value	Required 30 Percent Expenditure	Proposed Expenditure	HCLC Review
1908 S. Henderson St.	2016	$ 62,500.00	$109,413.00	$32,742.00	$36,754.00	7/10/17
2420 College Ave.	2017	$157,500.00	$255,000.00	$76,500.00	$169,000.00	8/14/17
1813 S. Adams St.	2017	$50,000.00	$35,437.00	$10,631.00	$70,000.00	8/14/17
2001 College Ave.	2016	$50,000.00	$136,000.00	$40,800.00	$103,000.00	9/11/17

*The taxing year refers to the tax year immediately prior to the commencement of rehabilitation.  

These properties are located in COUNCIL DISTRICT 9.