Pursuant to Cal. Gov’t Code, Article 12, § 50280 (known as the Mills Act), the City Council may enter into a contractual agreement with the owner(s) of an historic property listed on the Corona Register, or the State or National Register of Historic Places, for the purpose of the preservation, rehabilitation and maintenance of a designated historic resource. The terms of a Historic Property Preservation Agreement allow the owner to receive a reduction in property taxes in exchange for the property owner’s commitment to specific restoration improvements and satisfactory maintenance of the Register property. The agreement shall include, but not be limited to, the contract provisions as required under state law and shall extend for a minimum period of ten years, renewed annually, until and unless a notice of non-renewal or cancellation is filed. The application process, review procedures and required contract provisions for Preservation Agreements shall be established by separate resolution of the City Council.
(`78 Code, § 17.63.180.) (Ord. 2522 § 1, 2001.)