Title
SPECIAL VALUATION APPLICATION: Rehabilitation of 1701 4th Avenue E (Permit #16-9096-P)
Recommended Action
Move to recommend approval of the special valuation application and all qualified rehabilitation expenditures as submitted for 1701 4th Avenue E.
Report
Issue:
Whether to recommend approval of the special valuation application and all qualified rehabilitation expenditures as submitted for 1701 4th Avenue E.
Staff Contact:
Michelle Sadlier, Historic Preservation Officer, Community Planning & Development, 360.753.8031
Presenter(s):
Michelle Sadlier, Historic Preservation Officer
Background and Analysis:
The Heritage Commission will review and provide a recommendation to the Olympia City Council on the approval or denial of this submitted application for the Washington State Special Valuation program, a tax incentive for approved rehabilitation of certain designated historic properties.
The City of Olympia received an application from Tina Roose and Teresa Guajardo for rehabilitation of the Richard & Lydia Stoecker House at 1701 4th Avenue E (Attachment 1). This rehabilitation work was conducted to convert the building from a residential to a commercial use as a health center.
Details on the special valuation program can be found in Attachments 2 and 3, and at: http://www.dahp.wa.gov/special-tax-valuation.
Minimum Expense Threshold
As described in Olympia Municipal Code 3.60.010 (Attachment 4), to qualify for special valuation, the value of the approved rehabilitation expenses must be equal to or greater than 25% of the value of the building (not the land value). The expenses submitted for consideration are found in the submitted application and total $461,351.60.
The Application and Certification of Special Valuation on Improvements to Historic Property signed by the Thurston County Assessor indicates that the current value of the building is $182,100.00. In order to meet the 25% threshold, the approved expenses would need to be value...
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