Title
Consider approving Resolution No. 2014-067 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of property located at 14616 Southern Pines Drive and take appropriate action.
Body
BACKGROUND:
The availability of quality housing stock in the City of Farmers Branch encourages the retention of businesses, attracts new businesses, and promotes expansion of existing businesses to and within the City. In turn, quality housing stock will stimulate growth, create jobs, and increase property and sales tax revenues. In an effort to accomplish this, the City Council enacted a Residential Demolition/Rebuild Program pursuant to Chapter 380 of the Texas Local Government Code to encourage the redevelopment of existing single-family detached residential properties with the construction of new, higher value, single-family detached residential structures. The Council recently enhanced this program by establishing two incentive options: One, to provide up to $5,000 for the cost of demolition and a seven (7) years municipal tax rebate, and two, to provide a municipal tax rebate up to 10 years with the option of advancing 50% of the estimated municipal tax increase upon receipt of permanent financing.
DISCUSSION:
Todd Bonneau Homes, LLC is applying for the incentive option providing for demolition costs and a seven year municipal tax rebate to demolish and construct a new single-family detached residential dwelling at 14616 Southern Pines Drive. The current improvement value is approximately $78,900 and the estimated value of the new dwelling will be $400,000.
RECOMMENDATION:
This agenda item supports Core Value No. 3 which provides for strong, thriving commercial and residential neighborhoods through planning, land use, development, code enforcement, revitalization activities and programs. City Administration recommends approving Resolution No. 2014-067 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of the property located at 14616 Southern Pines Drive.
ACTIONS:
1) Motion to approve Resolution No. 2014-067 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of property located at 14616 Southern Pines Drive.
2) Motion to deny Resolution No. 2014-067 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of property located at 14616 Southern Pines Drive.
3) Motion to modify to meet the needs of the Council.
4) Motion to table the issue for further study or take no action.
ATTACHMENTS:
1. Demo Rebuild Application
2. Elevation
3. Floor Plan- First Floor
4. Floor Plan- Second Floor
5. Location Map
6. Resolution No. 2014-067