17 - HISTORIC STRUCTURE PROPERTY TAX EXEMPTIONItem No. 17
memorandum
TO: John Godwin, City Manager
FROM: Joey Sleeper, CBO, Historic Preservation Officer
SUBJECT: HISTORIC STRUCTURE PROPERTY TAX EXEMPTION, 134- 136 -138-
140 N MAIN STREET
DATE: 02/02/2015
BACKGROUND: Section 30 -50 of the Code of Ordinances provides for tax exemption for
historic properties to encourage preservation. Structures which are located within a Historic
District and undergo exterior rehabilitation of at least $10,000 are eligible. Once a property
meets all codes and guidelines, and the owner has made proper application as outlined in Section
30 -51, the City Manager is authorized to enter into a tax exemption agreement with the owner.
The City agrees to hold the taxable value at the year prior to the rehabilitation (in this case 2013
value) for up to 7 years starting the year after the rehabilitation (in this case 2015- 2021). The
owner agrees to maintain the property in accordance with all city codes and guidelines during the
tax exemption period.
STATUS OF ISSUE: Laura & Steve Harper own the property at 134- 136- 138 -140 North Main
Street, which is Lot 1 Block 11 of the City of Paris, and is located in the Downtown Historic
District. During the year 2013 they obtained proper approvals and permits to renovate the
exterior of the structure. The work was completed and accepted by the City in 2014. Mr. and
Mrs. Harper then made application for tax exemption in November 2014 which was approved by
the Historic Preservation Commission on January 14, 2015.
BUDGET: The tax exemption agreement could affect tax revenues in future fiscal years, but no
budget expenditures are anticipated.
RECOMMENDATION: Approve the tax exemption agreement to hold the taxable value at the
2013 amount for 7 years beginning January 1, 2015 and ending December 31, 2021.