Title
Consider approving Resolution No. 2024-253 authorizing the City Manager to execute a Residential Demolition/Rebuild Program Incentive Agreement in the amount of $10,000 and a five (5) year property tax rebate for the property owner located at 14626 Southern Pines Drive; 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, Drees Custom Homes, is applying for the demolition/rebuild incentive for an existing residence located at 14626 Southern Pines Drive, which has an improved valuation (excluding the land value) of $100,001 through $150,000. The incentive for this range ($100,001 through $150,000) includes a five-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 $10,000 cash grant.
DISTRICT:
District 5
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2024-253 as presented.
2. I move to approve Resolution No. 2024-253 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution No. 2024-253
2. Application
3. Presentation