Title
Consider approving Resolution No. 2025-095 authorizing the execution of a Residential Demolition/Rebuild Program incentive agreement for a seven (7) year property tax rebate for the property located at 3146 Berrymeade Lane; and take appropriate action.
Body
REQUESTOR:
Economic Development and Tourism
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, Lake and Ashley Wilcoxson, are applying for the demolition/rebuild incentive for an existing residence located at 3146 Berrymeade Lane, which has an improved valuation (excluding the land value) of $197,490. The incentive for this range (over $150,000) includes a seven (7) 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. The timeframe for the City to achieve a return on investment is seven (7) years.
FISCAL IMPACT:
Budgeted in the FY 24-25 budget
DISTRICT:
District 5
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2025-095 as presented.
2. I move to approve Resolution No. 2025-095 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution No. 2025-095
2. Application
3. Presentation