Title
Discuss the Demolition/Rebuild Program.
Body
REQUESTOR:
Mayor Terry Lynne, Councilwoman Tina Bennett-Burton
BACKGROUND:
In 2009, the City Council approved a resolution to allow residents to demolish and rebuild their existing homes with cash and property tax incentives. The resolution was later amended to include builders and developers as eligible for the incentive.
Current incentives depend on property assessed value and range from a $30,000 cash grant to up to seven (7) years of city property tax rebate. The City Council must review and approve all applications.
DISCUSSION:
Options for consideration:
A. Align to “taxable value increase” as the unit of measurement and look at the total value.
B. Keep it simple with a standardized number of years and a standardized cash grant.
C. Consider limiting the number of applications per fiscal year.
D. No change to the existing program.
DISTRICT:
Citywide
ATTACHMENT(S):
1. Draft - Demolition Rebuild Information
2. Reference Presentation - January 21, 2025, City Council Meeting
3. Presentation