The City authorized a process for Historic Preservation Tax Exemption in 1994 for property owners who substantially improve their historic properties. This exemption is allowed pursuant to Section 196.1997 of the Florida Statutes. The exemption was initiated to implement Objective 1.4 of the Historic Preservation Element of the GMP, which requires the City to provide incentives for the redevelopment of historic properties. The exemption allows an owner to be exempt from that portion of ad valorem taxation levied by the City on 100% of the increase in assessed value resulting from the qualifying improvement project during the 10-year exemption period. A recorded covenant requires that the property owner maintain and repair the property so as to preserve its character and integrity during the exemption period.

 The owner of the property at 605 E. Ridgewood Street, Scott E. Polk, has renovated the building and completed a qualifying improvement project to an Orlando Historic Landmark in accordance with Chapter 65, Part 8; Tax Exemption for Rehabilitation of Historic Landmarks and Properties in HP Overlay districts. The exemption period will run from January 1, 2017 to December 31, 2026. Staff finds that the property, due to its age, location in the district, and the type of rehabilitation, meets the requirements of Section 196.1997 of the Florida Statutes and requests that City Council approve the resolution and authorize the Mayor / Mayor Pro Tempore to execute the covenant on the City's behalf.