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Committee corrects cost estimate, forwards Mills Act contract for 450 Pacific Avenue
Summary
Planning staff corrected an earlier rehabilitation cost estimate and the Government Audit and Oversight Committee voted 3-0 to recommend a Mills Act historical property contract for 450 Pacific Avenue; staff and the assessor explained tax-savings assumptions and timing for storefront work.
The Government Audit and Oversight Committee on Dec. 15 voted unanimously to recommend to the full Board of Supervisors a Mills Act historical property contract for 450 Pacific Avenue, forwarding a contract under Administrative Code Chapter 71 and authorizing the planning director and assessor-recorder to execute and record the agreement.
Michelle Taylor, senior preservation planner in the Planning Department, told the committee that staff needed to correct the record on the estimated rehabilitation cost for the property. Taylor said staff had previously presented a 10-year rehabilitation estimate of $782,655 that omitted storefront rehabilitation; the correct 10-year valuation, she said, is $1,280,346.…
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