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Sec. 19.140.  Purpose.
 
   Pursuant to California Government Code Section 50280, the City Council may contract with an owner or agent of the owner of any qualified historical property, as defined in Section 50280.1  thereof, provided the contract meets the requirements of Sections 50281 and 50282 thereof.  Pursuant to Article 1.9 of the California Revenue and Taxation Code, historical properties that are “restricted” by the type of contracts referenced in the previous sentence shall be reassessed by the County Assessor in a manner that may result in lower real property taxes.  The purpose of this chapter is to implement State law permitting the approval of such Historical Property Contracts by establishing a uniform procedure for the owners of certain qualified historic properties within the City of Los Angeles to follow when applying for approval of Historical Property Contracts.
 
   The City Council finds and determines that entering into Historical Property Contracts as hereinafter provided, will provide an incentive for the owners of the City’s Historic-Cultural Monuments to preserve their properties, thereby providing a cultural benefit to the citizens of Los Angeles.  It is also the intent of the Council to provide the same preservation incentive to the owners of Contributing Structures within the City’s Historic Preservation Overlay Zones, established pursuant to Section 12.20.3 of the Los Angeles Municipal Code.  The City Council further finds that such preservation will assist in maintaining the City’s existing stock of affordable housing, thereby providing a social and economic benefit to the citizens of Los Angeles.
 
SECTION HISTORY
 
Chapter and Section Added by Ord. No. 171,413, Eff. 12-28-96.