title
AD VALOREM TAX EXEMPTIONS FOR HISTORIC PROPERTIES (NB)
recommendation
Authorize the City Attorney to draft, and the Clerk of the Commission to advertise, four ordinances exempting certain improvements made to historic properties from ad valorem taxation.
explanation
Section 25-61 of the Code of Ordinances renders certain improvements made to properties located within the City's Historic Districts eligible for exemption from ad valorem taxation. The property owner must enter into a Covenant with the City of Gainesville for required maintenance and upkeep of the property. This exemption would continue for a period of ten years. The Historic Preservation Board approved the applications for ad valorem tax exemption on October 16, 2007. The ordinances would authorize the Mayor and the Clerk of the Commission to sign the Historic Preservation Property Tax Covenant and would grant the exemption to properties located at 105 SE 7th St., 205 SE 7th St., 725 NE 1st St., and 303 NE 8th Ave.