Title
Discuss the Demolition/Rebuild Program.
Body
REQUESTOR:
Mayor Terry Lynne, Councilwoman Tina Bennett-Burton
BACKGROUND:
In 2009, the City Council approved a resolution to allow residents to demolish and rebuild their existing homes with cash and property tax incentives. The resolution was later amended to include builders and developers as eligible for the incentive. Current incentives depend on property assessed value and range from up to a $30,000 cash grant to up to seven (7) years of city property tax rebate. All applications must be reviewed and approved by the City Council.
DISCUSSION:
Options for consideration include the following or any combination thereof:
• One-time cash payment for improvement value under $150,000 to be $30,000 and improvement value over $150,001 to be $20,000
• The developer would receive half of the cash payment when the property is demolished, and the homeowner would receive the remaining after completion.
• Budget limit of $300,000
• No change to the existing program
DISTRICT:
City-wide
ATTACHMENT(S):
1. Presentation