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Committee forwards Mills Act contract for 690 Market, budget office flags $525,000 annual tax loss
Summary
The Government Audit & Oversight Committee forwarded a Mills Act historic-property contract for 690 Market Street to the full Board with a committee recommendation; the city budget analyst estimated an annual property-tax revenue loss of $525,000 under the current version of the agreement.
The Government Audit & Oversight Committee on Nov. 3 forwarded a proposed Mills Act contract for 690 Market Street to the full Board with a recommendation from the committee.
Chair Supervisor Aaron Peskind said the item had been discussed for years and noted the Board last week designated 690 Market as a contributory building under Article 11 of the Planning Code. He described the agreement as a standard Mills Act contract: in exchange for the property owner maintaining the site's historic features for 10 years, the owner would receive a reduced annual property tax assessment.
Staff confirmed the contract terms. "That's correct," a staff member responded when the chair summarized the arrangement and the approximate tax reduction.
Ken Bruce of the Budget Analyst's Office told the committee that "under this version of the ordinance, the property tax loss of the city would be $525,000 annually." Bruce said he had no additional comments beyond the fiscal estimate.
There was no public testimony on the Mills Act item. Supervisor Sophie Maxwell moved to forward the matter to the full Board with the committee's recommendation; the motion carried without objection.
The committee recorded the matter as a committee report to the Board; no formal roll-call vote was taken in committee. The full Board will consider the Mills Act contract and any related ordinance language at its forthcoming meeting.
