08252016Thu
Last updateWed, 24 Aug 2016 12pm

Mills Act agreement lowers tax rate on $13M property in Los Altos


Megan Winslow/Town Crier
The 90-year-old property at 220 University hosted a “Garden Party” fundraiser for the History Museum last May.

When Chuck Geschke rehabilitated a vintage 1926 property on University Avenue, he said he did it “because it was the right thing to do.” Now that the founder of Adobe Systems is looking to sell the villa for $12.9 million, he can rest assured that any new owner will be required to keep up the house and the grounds.

The Los Altos City Council voted unanimously to execute a Mills Act agreement with the Geschkes that will reduce taxes on the property in exchange for the preservation of the property.


Los Altos native brings paint home


Megan Winslow/Town Crier
California Paint Company is a family business featuring three generations of Davidsons –Marcus, from left, Jeff and Bob.

Paint poured into south Los Altos last week, arriving in pallet after pallet at California Paint Company’s newest location at 2249 Grant Road. The family unloading it – Jeff Davidson, 15-year-old son Marcus and grandfather Bob – represent the latest three generations of a local paint dynasty dating back to 1962.

Davidson bought his father Bob out of the business a few years ago, and this summer is the first time that his son, Marcus, has joined the enterprise. Davidson grew up in Los Altos and said he stumbled upon the new location while doing a broader search in the area to expand the business; the family already has stores in Palo Alto and Sunnyvale. Scheduled to open in early August, the Los Altos store is next to Alotta’s Deli, not far from the Foothill Crossing Shopping Center.

Longtime LAVA director announces resignation


Dunaway

After more than 10 years on the job, Nancy Dunaway is stepping down from her role as executive director of the Los Altos Village Association (LAVA).

“It’s a good time for both the association and myself,” Dunaway said last week.

Assessor: Los Altos, Hills property values continue rise on crest of booming economy

Property values are soaring all over Silicon Valley, including Los Altos and Los Altos Hills.

The Santa Clara County Office of the Assessor reported a nearly 8 percent increase in assessed values throughout the county in 2015 over 2014. Los Altos had a nearly 7 percent increase, while Los Altos Hills grew more than 6.5 percent in the same period.

Los Altos CPA Young earns Distinguished Service Award


COURTESY CALCPA
Dennis Young, left, receives the CalCPA’s Distinguished Service Award.

Los Altos resident Dennis Young, CPA, recently received the Distinguished Service Award from the California Society of CPAs.

Young is past president of the CalCPA Education Foundation, which is celebrating its 50th anniversary. The foundation provides continuing professional education to CPAs in California and 42 other states.

Transactions

Los Altos

2240 Ancora Court, Connelly Trust to S. & I. Mejias for $2,325,000

5633 Arboretum Drive, Schneider Trust to Y. Dinai for $2,300,000

A plan for rising costs of long-term care

A new study showed just how expensive health care is getting in the Bay Area.

Genworth, one of America’s largest long-term care insurers, recently released its 2016 cost of health care data. The results are based on surveys or interviews with thousands of health-care providers across the U.S. The data include estimates on the potential cost of services for dementia or a physical disability that requires support for basic living activities.


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