Title
Approval of Special Valuation for 1701 4th Avenue E
Recommended Action
Committee Recommendation:
The Heritage Commission recommends approval of the special valuation application for 1701 4th Avenue E.
City Manager Recommendation:
Move to approve the special valuation application for 1701 4th Avenue E.
Report
Issue:
Whether to approve the application for property tax incentives for qualified rehabilitation expenses under the special valuation program.
Staff Contact:
Michelle Sadlier, Historic Preservation Officer, Community Planning & Development, 360.753.8031
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
The City of Olympia participates in the Washington State Special Valuation program, a benefit of having a designated historic property. Following Olympia Heritage Commission review and recommendation for approval, the City Council will make a final decision on whether to approve or deny the submitted application.
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 use to a commercial one for use as a health center.
Special Valuation Program
This program provides owners of eligible historic buildings the opportunity to apply for a property tax revaluation following the completion of approved rehabilitation work. This program incentivizes historic preservation by helping offset the costs of work to maintain and upgrade older buildings that typically result in higher property tax values. Following review and approval of expenditures, the property tax is reassessed and the total approved amount invested is subtracted from the new property tax value for 10 years. More information on this program can be found in Attachments 2 and 3.
As outlined in OMC 3.60 Special Property Tax Valuation (Attachment 4), the Olymp...
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