Title
Consider approving Resolution No. 2024-181 authorizing the execution of a Residential Demolition/Rebuild Program Incentive Agreement in the amount of $30,000 for the property located at 14617 Tanglewood 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 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, Todd Bonneau Homes, is applying for the demolition rebuild incentive for an existing residence located at 14617 Tanglewood Drive, which has an improved valuation (excluding the land value) of $65,000. The incentive for this range ($65,000 and less) includes a three-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, and a $30,000 cash grant.
DISTRICT:
District 5
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2024-181 as presented.
2. I move to approve Resolution No. 2024-181, with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution No. 2024-181
2. Application
3. Presentation