Title
Consider/Discuss/Act on a Request by Matthew Horner for a Level 3 (Preservation Level) Historic Neighborhood Improvement Zone Program Tax Exemption for the Property at 517 Heard Street.
Summary
COUNCIL GOAL: Enhance the Quality of Life in Downtown McKinney
MEETING DATE: December 1, 2022
DEPARTMENT: Planning Department - Development Services
CONTACT: Cassie Bumgarner, Historic Preservation Planner
Paula Jarrett Nasta, AIA, Planning Manager
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the request.
ITEM SUMMARY:
* The applicant requests approval of a Preservation Incentive (Level 3) HNIZ Program tax exemption for the property located at 517 Heard Street. This is a 30% exemption of the city's ad valorem taxes for a period of 10 years.
* To be eligible for a tax exemption incentive under the HNIZ Program, residential properties must meet the minimum eligibility requirements of the program, along with specific criteria for the requested incentive level.
* Staff has reviewed the request and has found that it meets the minimum eligibility requirements of the HNIZ Program for a Level 3 (Preservation Level) exemption.
* Specifically, the criteria for a Level 3 Preservation incentive are as follows:
o The residential structure is at least 40 years old.
* The home was built circa 1915.
o The owner receives a letter of eligibility from the City of McKinney verifying that proposed improvements qualify for a rehabilitation incentive.
* The Letter of Eligibility was issued on July 20, 2022.
o No later than 12 months following the issuance of the letter of eligibility, the owner completes, or causes to be completed, verified, eligible improvements having a combined cost of at least $5,000.
* The applicants did the following eligible work, which totals $5,000 within the last year:
* Foundation adjustment ($5,000)
BACKGROUND INFORMATION:
* The Historic Neighborhood Improvement Zone (HNIZ) Program was established in 2008 for the purpose o...
Click here for full text