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Supervisors table Mills Act designation for 166–178 Townsend after debate over tax break and financing
Summary
The committee heard valuations and tax-impact scenarios for a proposed Mills Act contract at 166–178 Townsend Street, debated the project's reliance on Mills Act assumptions for HUD financing, and voted 2–1 to table the Mills Act designation amid concerns about delinquent property taxes and the long-term cost of the tax reduction (~$62,296 annually).
The Budget and Finance Committee on Item 14 considered a proposed Mills Act historical-property contract for 166–178 Townsend Street and voted to table the designation after extended discussion about tax consequences, financing and precedent.
Planning Department representative Tara Sullivan described three valuation methodologies prepared with the Assessor’s Office and emphasized the program’s intent to incentivize preservation and maintenance. Assessor Matthew Thomas presented the numbers: an existing assessed value of…
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