Historic Preservation Commission Agenda and Packet 2013 04 15

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4 INCENTIVES: According to Section 15.36.030, City Council is afforded the legislative ability to provide preservation incentives for those wishing to landmark their historical structure. Once the structure is approved for landmarking, the applicant may act on one or more of the incentives offered. As part of the landmark process, City Council approved two incentives: a $1,000 signing bonus and a $900 structural assessment grant. The signing bonus has no restrictions on how it may be used, and the assessment grant may only be used for an assessment. Resolution 2, Series 2012 authorizes grants for landmarked residential structures of up to $21,900, leaving a potential $20,000 remaining to be awarded for this house. That is divided between a $5,000 flexible grant, requiring no matching, and a $15,000 focused grant, requiring a 100% match from the applicant. Section 3(a) of Resolution 2 states: “For a period of 18 months from when a property is declared a landmark… the owner of the property shall be eligible for a grant from the Historic Preservation Fund in the amount of up to $5,000….” This property was landmarked on September 6, 2011, making the eligibility period end on March 6, 2013. Because the City received this grant application before the March 6 deadline, staff believes the applicant is eligible for the $5,000 grant. Because the garage was landmarked along with the house (see attachment 2), the roof work on the garage is eligible for grant funding. Roofing and gutters are general preservation work eligible under both the flexible and focused grant. As the cost of roof and gutter work exceeds the value of the available grants, staff does not recommend a grant for the insulation work listed in the bid. The grants recommended by staff are as follows: Item Amount Flexible Focused Match Excess House roof $25,455 $0 $12,222.50 $12,222.50 $1,010 Garage roof $8,659 $3,104 $2,777.50 $2,777.50 $0 Gutters $1,896 $1,896 $0 $0 $0 Total $36,010 $5,000 $15,000 $15,000 $1,010 The above results in a grant request of $20,000 with an applicant match of $15,000 with a surplus of $1,010 to be paid by the applicant. This is the maximum allowed grant under Resolution No. 2, Series 2012, so there is no grant money available for a contingency. FISCAL IMPACT Expenditure of up to $20,000 from the Historic Preservation Fund for restoration work at the Thomas House and Garage located at 700 Lincoln Avenue. The following table depicts the expenditures from the Historic Preservation Fund since its inception: