AR 051507 AGRMT Mills Act Contract - Guerrero

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I ROVED BY C U CIL 5 S #_ it HISTORIC PROPERTY PRESERVATION AGREEMENT ("MILLS ACT CONTRACT") THIS AGREEMENT is made and entered into this) day of May 2007 by and between the CITY OF COLTON, a municipal corporation ("City") and STEVEN AND CLARA GUERRERO ("Owners"). RECITALS 1. California Government Code section 50280, et. seq., allow cities the discretion to enter into contracts with the owners of qualified historic properties, as that term is defined in Government Code section 50280.1, for the purpose of providing for the use, maintenance, protection, and restoration of such historic property so as to retain its characteristics as property of historic significance; 2. Owner holds fee title in and to that certain real property, together with associated structures and improvements thereon, generally located at the street address 280 East "F" Street, Colton, California ("Historic Property"). A legal description of the Historic Property is attached hereto as Exhibit A, and incorporated herein by this reference; 3. On November 24, 2003, the City Council of the City of Colton adopted Resolution No. R-131-03 designating the Historic Property as a historic landmark, pursuant to the terms and provisions of Chapter 15.40 of the Colton Municipal Code; 4. City desires to enter into this Agreement for the purpose of protecting and preserving the characteristics of historic significance of the Historic Property that help provide the community with its own unique civic identity and character; and 5. Owner, in consideration for abiding by the terms of this Agreement, shall be entitled to qualify for a reassessment of valuation of the Historic Property, pursuant to the provisions of Chapter 3, Part 2, of Division 1 of the California Revenue and Taxation Code, and any corresponding adjustment in property taxes resulting there from. NOW, THEREFORE, the City and Owner in consideration of mutual covenants and conditions set forth herein do hereby agree as follows: 1