Title
Consider approving Resolution No. 2024-005 authorizing the execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of the property located at 14617 Tanglewood Drive; and take appropriate action.
Body
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 is to encourage the redevelopment of existing single-family detached residential properties by constructing new, higher-value, single-family detached residential structures.
DISCUSSION:
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 $204,920. The incentive for this range ($150,000 and over) 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.
RECOMMENDATION:
City Administration recommends approving Resolution No. 2024-005 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of property located at 14617 Tanglewood Drive.
DISTRICT:
District 5
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2024-005 as presented.
2. I move to approve Resolution No. 2024-005 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENTS:
1. Resolution No. 2024-005, including Exhibit A - Agreement
2. Presentation
3. Demolition Rebuild Application for 14617 Tanglewood Drive