Title
Review and discuss the Demo/Rebuild Program and provide direction to staff.
Body
REQUESTOR:
Mayor Pro Tem Omar Roman
BACKGROUND:
The Demo/Rebuild Program was approved by the City Council in 2009 and amended in 2009 to include builders and developers. The incentive is a cash and/or tax rebate to demolish an old home and build a new home. Current incentives include the following structure:
Original Improvement Value Cash Grant City Property Tax Rebate
$65,000 and under $30,000 3 years
$65,001 - $100,000 $20,000 4 years
$100,001 - $150,000 $10,000 5 years
$150,001 and up 0 7 years
After researching surrounding cities, it was found that Carrollton and Dallas offer similar incentives. The City of Dallas does not have any minimum or maximum amounts, and the City of Carrollton reimburses 100% of demolition costs and makes one single payment equal to 100% abatement of municipal ad valorem property tax multiplied by ten.
Since the City’s program's inception, 134 participants have participated, and three (3) are currently interested in participating.
Staff is requesting guidance from the City Council regarding incentive amounts and whether they should be increased or remain as is.
ATTACHMENT(S):
1. Presentation