Title
Approval recommendation of Special Valuation for 222 Capitol Way North
Recommended Action
Move to recommend approval of the Special Valuation for 222 Capitol Way North
Report
Issue:
The Commission's Heritage Review Committee recommends the approval of the application for special valuation submitted by Graham Trustees, owners of 222 Capitol Way North. The result of the Heritage Commission's review will be a recommendation to City Council, who will make the final determination before returning the application to the Thurston County Assessor for final processing.
Staff Contact:
Katie Pruit, Associate Planner, 360.570.3746
Presenter(s):
Leonard Bauer, Deputy Director, Community Planning and Development
Background and Analysis:
The Heritage Commission will review and provide a recommendation on approval or denial of this submitted application for Washington State's Special Valuation program.
Applicants Graham Trustees submitted their attached application to the Thurston County Assessor, which was received December 8, 2017. Details on the Special Valuation program can be found attached and at: http://www.dahp.wa.gov/special-tax-valuation.
Expenses
To qualify for special valuation, the rehabilitation expenses must be equal to or greater than 25% of the value of the building (not the land value). The submitted application indicates that on December 8, 2017, the Thurston County Assessor provided a value of $1,447,400.00 for the building. The minimum value of approved expenses would have to meet or exceed a value of $361,850.00 to meet the 25% threshold.
The applicant submitted the attached Expense Summary Table of rehabilitation expenses totaling $1,529,946.31. The City's Historic Preservation Officer reviewed each receipt and determined some expenses did not meet the IRS requirements (Special Valuation Guide to Eligible Expenses is attached). Receipts determined ineligible include removable items or business expenses not related to the rehabilitation ...
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