Title
Consider approving Resolution No. 2025-038 authorizing the execution of a Residential Demolition/Rebuild Program Incentive Agreement for a seven (7) year property tax incentive for the property located at 3373 Dorado Beach Drive; 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 City of 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, VVP Multifamily LLC, Nick Patel, is applying for the demolition rebuild incentive for an existing residence at 3373 Dorado Beach Drive, which has an improved valuation (excluding the land value) of $250,000. The incentive for this range (over $150,000) 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. 2025-038 as presented.
2. I move to approve Resolution No. 2025-038 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution 2025-038
2. Application
3. Presentation