Title
Consider approving Resolution No. 2014-093 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of property located at 14304 Olympic Court and take appropriate action.
Body
BACKGROUND:
The City Council recently enhanced the Residential Demolition/Rebuild Program by establishing two incentive options: (1) To provide up to $5,000 for the cost of the demolition and a seven year municipal tax rebate; or (2) To provide a municipal tax rebate up to ten years with the option of advancing 50% of the estimated municipal tax increase upon receipt of permanent financing.
This item supports Core Value No. 3 to provide for strong, thriving commercial and residential neighborhoods through planning, land use, development, code enforcement, revitalization activities and programs.
DISCUSSION:
Jeffery Jimes is applying for the Residential Demolition/Rebuild Program option providing for demolition costs and a seven year municipal tax rebate to demolish and construct a new single-family detached residential dwelling at 14304 Olympic Court. Mr. Jimes was previously awarded a demo rebuild incentive, however he has been unable to receive an appraisal that mirrors his funding needs and therefore has not moved forward with the house demolition.
The current improvement value is approximately $201,200 and the estimated value of the new dwelling will be $545,000.
RECOMMENDATION:
Recommendation by City Administration to approve Resolution No. 2014-093 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of property located at 14304 Olympic Court.
ATTACHMENTS:
1. Summary Memorandum
2. Demo Rebuild Application
3. Front & Rear Elevations
4. Floor Plan-First Floor
5. Floor Plan-Second Floor
6. Location Map
7. Resolution No. 2014-093