Title
Consider/Discuss/Act on the Request by Kristyn and Ben Love for Approval of a Historic Marker Level Historic Neighborhood Improvement Zone Program Tax Exemption for the Property Located at 507 W Lamar Street.
Summary
COUNCIL GOAL: Enhance the Quality of Life in Downtown McKinney
MEETING DATE: September 7, 2023
DEPARTMENT: Planning Department - Development Services
CONTACT: Cassie Bumgarner, Historic Preservation Planner
Paula Jarrett Nasta, AIA, Planning Manager
RECOMMENDED BOARD ACTION:
* Staff recommends approval of the request.
ITEM SUMMARY:
* The applicant requests approval of a Historic Marker HNIZ Program tax exemption for the property located at 507 W Lamar Street.
* 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 Historic Marker Level exemption.
* Specifically, the criteria for a Historic Marker Level incentive are as follows:
o The property has received a historic marker designation pursuant to the Historic Mark Program requirements outlined in Chapter 98 of the City's Code of Ordinances.
* The property owners are applying for a City of McKinney Historic Marker on September 7, 2023.
o A minimum investment of $10,000 in building improvements for the property has been demonstrated within at least the previous 3 years from the date of the incentive request.
* Within the last three years, the owners have completed rehabilitation efforts to the structure, including:
* Exterior paint ($5,798.20)
* HVAC ($5,112.00)
BACKGROUND INFORMATION:
* The Historic Neighborhood Improvement Zone (HNIZ) Program was established in 2008 for the purpose of preserving the city's unique and historic neighborhoods while encouraging property owners to mainta...
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