Title
Discuss target areas for residential redevelopment and 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 to also be 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:
The current return on investment with the current program is 11.5 years based on assessed tax values. If a target area is selected, City Staff needs guidance on the methodology for choosing such an area, such as Dallas County assessed values up to a certain amount, median household income, and/or age of housing structure.
City staff needs direction with the following options:
-Limit to select target areas
-Limit to cash grant only
-Limit to a certain amount of property tax years rebate and/or a certain amount
-Remove incentive program
DISTRICT:
Citywide
ATTACHMENT(S):
1. Presentation