Title
Conduct a Public Hearing to Consider/Discuss/Act on the Request by William and Bonita Thedford for Approval of a Level 1 Historic Neighborhood Improvement Zone Tax Exemption for the House Located at 505 West Hunt Street
Summary
MEETING DATE: December 5, 2013
DEPARTMENT: Planning
CONTACT: Guy R. Giersch, Historic Preservation Officer
Jennifer Arnold, Planning Manager
STAFF RECOMMENDATION: Staff is recommending approval of the Level 1 tax exemption for 505 West Hunt Street.
PRIORITY RATING: The property is listed as a medium priority building according to the 1985 Historic Resource Survey. Medium priority buildings contribute to the local history or broader historical patterns, but alterations have diminished the resource's integrity. The building is a significant example of architecture, engineering or crafted design.
ITEM SUMMARY: With an associated agenda item, #2013-017HT, the applicants are 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 2013-11-110, the applicants are 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 2013 were $1,729.
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.
In Staff's assessment, the applicants have met the requirements to obtain a tax exemption under Level 1 of the Historic Neighborhood Improvement Zone Tax Exemption Program. Therefore, Staff is recommending approval of the Level 1 tax exemption for 505 West Hunt Street.