Title
Conduct a Public Hearing to Consider/Discuss/Act on the Request by Mruthyunjaya Shastry & Vijayshree Hiremath for Approval of a Level 1 Historic Neighborhood Improvement Zone Tax Exemption for the House Located at 502 North Kentucky Street
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: March 5, 2020
DEPARTMENT: Planning
CONTACT: Guy R. Giersch, Historic Preservation Officer
Mark Doty, Assistant Director of Planning
STAFF RECOMMENDATION: Staff is recommending approval of the Level 1 tax exemption for 502 North Kentucky Street.
PRIORITY RATING: The property is listed as a high priority building according to the 2015 Update of the Historic Resource Survey. A high priority building contributes significantly to local history or broader historical patterns; is an outstanding or unique example of architecture, engineering or crafted design; retains a significant portion of its original character and contextual integrity; meets, in some cases, criteria for inclusion in the National Register of Historic Places and/or is eligible for a Texas Historical Marker.
ITEM SUMMARY: With an associated agenda item, 20-010HTM, the applicant is requesting approval of a Historic Marker. If the Historic Preservation Advisory Board (HPAB) approves the applicant’s request for a Historic Marker, then, under Ordinance 2015-12-105, the applicant is eligible to request that the HPAB consider an application for a Level 1 tax exemption (100% exemption of the City’s ad valorem taxes for a period of 7 years).
Per the Collin Central Appraisal District, estimated ad valorem taxes for this property in 2020 are $1,779.
ASSESSMENT: Staff has inspected the house to confirm that the building has architectural integrity and has been properly rehabilitated/restored and maintained according to the Secretary of the Interior’s Standards.