Title
Consider approving Resolution No. 2024-184 authorizing the execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of the property located at 3473 Pine Tree Circle; and take appropriate action.
Body
REQUESTOR:
Economic Development, Tourism, and Planning Department
BACKGROUND:
In an effort 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:
The applicant, Richard and Michelle Frymire with Todd Bonneau Homes LLC, is applying for the demolition rebuild incentive for an existing residence located at 3473 Pine Tree Circle, which has an improved valuation (excluding the land value) of $189,710. The incentive for this range ($150,001 and up) includes a seven-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.
DISTRICT:
District 5
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2024-184 as presented.
2. I move to approve Resolution No. 2024-184, with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution No. 2024-184
2. Application
3. Presentation