Title
Consider approving Resolution No. 2024-213 authorizing the City Manager to execute an amendment to a Residential Demolition/Rebuild Program Incentive Agreement in the amount of $20,000 and a four (4) year property tax rebate for the owner of the property located at 3140 Valley View Lane; and take appropriate action.
Body
REQUESTOR:
Economic Development, Tourism, and Planning Department
BACKGROUND:
To improve the quality of housing opportunities in the 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:
On July 16, 2024, the City Council approved a Residential Demolition/Rebuild Program Incentive for the property at 3140 Valley View Lane. Since the original submission, the home's square footage has been amended, and therefore, the request for incentive reimbursement has changed. The square footage is being reduced from 5,134 square feet to 3,153 square feet.
FISCAL IMPACT:
Budgeted Financial Impact of $20,000 cash grant and four (4) year property tax rebate.
DISTRICT:
District 4
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2024-213 as presented.
2. I move to approve Resolution No. 2024-213 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution No. 2024-213
2. Agreement
3. Elevation