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Supervisors continue Mills Act review for 178 Townsend amid questions on tax break and scope
Summary
Supervisors continued action on a Mills Act contract for 178 Townsend after budget analysts flagged a $170,005.20 annual tax reduction, unclear rehabilitation cost figures, lender reliance on the Mills Act for financing, and questions about whether the abatement should apply to the full improved value.
The subcommittee continued consideration of a Mills Act historical property contract for 178 Townsend Street on May 13 after extended discussion about the scope of eligibility and the fiscal impacts of the tax abatement.
Tara Sullivan of the Planning Department outlined the Mills Act program under Chapter 71 of the San Francisco Administrative Code: a rolling 10-year contract under which owners of qualified historic properties agree to undertake maintenance and preservation work in exchange for up to a 50% reduction in local property taxes. Sullivan said the subject property is in the South End Historic District, received a certificate of appropriateness and other entitlements, and that the…
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