Title
Consider approving Resolution No. 2025-094 authorizing the execution of a Residential Demolition/Rebuild Program incentive agreement in the amount of $10,000 and a five (5) year property tax rebate for the property located at 14421 Southern Pines Court; 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 applicant, Sunstone Properties LLC, is applying for the demolition/rebuild incentive for an existing residence located at 14421 Southern Pines Court, which has an improved valuation (excluding the land value) of $137,270. The incentive for this range ($100,001 to $150,000) includes a five (5)-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 $10,000 cash grant. The time frame for the City to achieve a return on investment is seven (7) years.
FISCAL IMPACT:
Budgeted Financial Impact of $10,000.
DISTRICT:
District 5
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2025-094 as presented.
2. I move to approve Resolution No. 2025-094 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution No. 2025-094
2. Application
3. Presentation