Title
Consider approving Resolution No. 2025-077 authorizing the execution of a Residential Demolition/Rebuild Program Incentive Agreement in the amount of $20,000 and a four (4) year property tax rebate for the property owner located at 2504 Squire Place; and take appropriate action.
Body
REQUESTOR:
Economic Development and Tourism Department
BACKGROUND:
To improve the quality of housing opportunities in 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 applicants, Leobardo and Cynthia Hernandez, are applying for the demolition/rebuild incentive for an existing residence located at 2504 Squire Place, which has an improved valuation (excluding the land value) of $86,500. The incentive for this range ($65,001 to $100,000) includes a four-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 $20,000 cash grant.
At the April 22, 2025, City Council meeting, the Council had questions regarding the improvement valuation and the number of garage spaces. The homeowner has since submitted an updated application, reflecting an improvement valuation of $525,000 and revised renderings showing three proposed garage spaces.
The timeframe for the City to achieve a return on investment is 12 years.
FISCAL IMPACT:
Budgeted financial impact of $20,000.
DISTRICT:
District 1
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2025-077 as presented.
2. I move to approve Resolution No. 2025-077 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution No. 2025-077
2. Original 2504 Squire Appl...
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