Title
Consider approving Resolution No. 2024-254 authorizing the City Manager to execute a Residential Demolition/Rebuild Program Incentive Agreement for a seven (7) year property tax incentive for the property located at 2981 Maydelle Lane; and take appropriate action.
Body
REQUESTOR:
Economic Development, Tourism and Planning Department
BACKGROUND:
In an effort to improve the quality of housing opportunities in the City of 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, L&P Investments, dba The Avant Group, is applying for the demolition rebuild incentive for an existing residence located at 2981 Maydelle Lane, which has an improved valuation (excluding the land value) of $174,000. The incentive for this range (over $150,000) includes a seven-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.
DISTRICT:
District 4
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2024-254 as presented.
2. I move to approve Resolution No. 2024-254 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution No. 2024-254
2. Application
3. Presentation