To: MAYOR AND CITY COUNCIL
From: BRANDY FORBES, COMMUNITY DEVELOPMENT DIRECTOR
TITLE
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APPROVE HISTORIC PROPERTY PRESERVATION AGREEMENT WITH MELDIA INVESTMENT REALTY OF AMERICA INC FOR THE PROPERTY LOCATED AT 224 - 226 S BROADWAY BEGINNING ON OCTOBER 20, 2020 FOR THE TERM OF TEN YEARS WITH AUTOMATIC RENEWAL EVERY YEAR THEREAFTER
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EXECUTIVE SUMMARY
The Mills Act is a State law that enables cities to enter into agreements with the owners of officially designated historical buildings. In exchange for assuring continued preservation, property owners qualify for a property tax reduction. The property located 224-226 S. Broadway was designated as a landmark by the Preservation Commission on March 4, 2020. As such, this property qualifies for consideration of a Historic Property Preservation Agreement (aka Mills Act Agreement).
BACKGROUND
Since October 1992, the City Council has supported the approval of Historic Property Preservation Agreements with owners of properties designated as Local Historic Landmarks under the City's preservation program. This action was taken so that the Preservation Commission could outwardly promote the Mills Act to Redondo Beach property owners. This program has become the major incentive for property owners to apply for Local Historic Landmark designation under the City's Preservation Ordinance, and the number of Redondo Beach property owners interested in the Mills Act program has increased each year as more have become aware of its availability and attractiveness.
The property at 224 - 226 South Broadway is located on the eastern side of South Broadway, just north of Torrance Boulevard. The site is comprised of two tied lots for an overall width of 50 feet and a depth of 150 feet. There are five detached structures including four bungalows and one garage.
The subject property is listed in the City historic resources survey as C-rated California Bungalows built in 1920. According to the survey, "C" rated structur...
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