

| City of Los Angeles Mills Act Historical Property Contract |
[The following text is taken from the City of Los Angeles Cultural Heritage Commission.] The Historical Property Contract Program provides the potential for property tax reduction for owners of historic properties within the City of Los Angeles. The program is administered by the City's Cultural Affairs Department in cooperation with the Los Angeles County Assessor and the State Office of Historic Preservation. Eligible properties include only those designated as Historic-Cultural Monuments or are contributing structures within one of nine Historic Preservation Overlay Zones designated by the City. [This will be extended to contributing structures of all new HPOZs as they are recognized by the City Council.] Eligibility is limited to single-family homes with a current property tax assessment of $500,000 or less and commercial properties with a current property tax assessment of $1.5 million or less. Three areas including the Downtown Historic Core, Hollywood Historic District, and the Greater Downtown Los Angeles Area are exempt from these current assessment limits. The Cultural Heritage Commission may, at its discretion, grant assessment limitation exemptions in certain exceptional circumstances. An Historical Property Contract may provide up to 50% reduction in general levy property taxes for historic property owners who agree to comply with certain preservation restrictions and use this economic incentive to preserve, rehabilitate and maintain the resource. An Historical Property Contract extends for ten years and is renewed automatically each year on the anniversary of the contract. There is a non-refundable application fee of $268.00 For more information contact: Matthew Dillhoefer Historical Property Contracts Manager Cultural Affairs Department 433 S. Spring Street 10th Floor Los Angeles, CA 90013 Call: 213/485-9575 or Send Fax to 213/485-6835 |

| Some areas homes that could fall under The Mills Act |