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2 <br />FINANCIAL IMPACT: The designation of the White Cross School as a Local Historic Landmark <br />will make the owner of the property eligible for a 50% (fifty percent) property tax reduction as <br />provided by state law and the County's local ordinance, as an incentive to maintain the property <br />in its historic condition for the public benefit. The 50 percent property tax reduction applies only <br />to the valuations of the historic school building and the immediate lot around the school, but will <br />not include several rental houses located on the northern half of the lot. As for any proposed <br />landmark, the exact valuation is determined by the County's Tax Administration Office, which <br />provided the following figures for guidance: <br />Valuation of historic school and immediate lot before landmark designation: $323,934 <br />Valuation of same property after landmark designation (50% reduction): $161,967 <br />Approximate reduction in annual property tax = (- $1,519.25) <br />RECOMMENDATION(S): The Manager recommends that the Board adopt and authorize the <br />Chair to sign the attached ordinance to designate the White Cross School as an Orange County <br />Local Historic Landmark, and also thank the owners, Jay and Danielle Sunde, for their ongoing <br />efforts to preserve this important historic rural school building. <br />