Title
Consider approving Resolution No. 2025-114 authorizing the execution of a Residential Demolition/Rebuild Program incentive agreement in the amount of $10,000 and a five-year property tax rebate for the property located at 14262 Rawhide Parkway; 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 applicants, Chad and Leanna Long, are applying for the demolition/rebuild incentive for an existing residence located at 14262 Rawhide Parkway, which has an improved valuation (excluding the land value) of $144,650. The incentive for this range ($100,001 to $150,000) includes a five-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 eight years. The developer is Lindbergh Designs.
FISCAL IMPACT:
Budgeted Financial Impact of $10,000.
DISTRICT:
District 5
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2025-114 as presented.
2. I move to approve Resolution No. 2025-114 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution No. 2025-114
2. Application
3. Presentation