Title
Consider approving Resolution No. 2024-252 authorizing the City Manager to execute a Residential Demolition/Rebuild Program Incentive Agreement in the amount of $30,000 and a three (3) year property tax rebate for the property owner located at 2644 Leta Mae Lane; and take appropriate action.
Body
REQUESTOR:
Economic Development, Tourism and Planning Department
BACKGROUND:
To improve the quality of housing opportunities in the Farmers Branch, the City Council enacted a Residential Demolition/Rebuild Program pursuant to Chapter 380 of the Texas Local Government Code. This encourages the redevelopment of existing single-family detached residential properties by constructing new, higher-value, single-family detached residential structures.
DISCUSSION:
The applicant, Vertex Custom Homes LLC, is applying for the demolition/rebuild incentive for an existing residence located at 2644 Leta Mae Lane, which has an improved valuation (excluding the land value) of $65,000. The incentive for this range ($65,000 and less) includes a three-year rebate of municipal taxes based on the difference between the original and new home appraised value (excluding the land value), as determined by the Dallas County Appraisal District, and a $30,000 cash grant.
DISTRICT:
District 3
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2024-252 as presented.
2. I move to approve Resolution No. 2024-252 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution No. 2024-252
2. Application
3. Presentation