Title
Consider approving Resolution No. 2015-049 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of the property located at 3353 Pine Tree Court and take appropriate action.
Body
BACKGROUND:
In an effort 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 to encourage the redevelopment of existing single-family detached residential properties with the construction of new, higher value, single-family detached residential structures.
DISCUSSION:
William and Helene Peppard, owners of the property located at 3353 Pine Tree Court, are applying for the Residential Demolition/Rebuild Program Option One which is an incentive that is based on the increase over the course of seven (7) years in the City property taxes paid on the difference between the original home appraised value (excluding the land value) prior to demolition and the value of the newly constructed home (excluding the land value), as determined by the Dallas County Appraisal District. This option also includes a reimbursement of up to $5000.00 of the cost of demolition of the original home following completion of demolition.
The current improvement value is approximately $139,280 and the estimated value of the new dwelling will be $605,000.
RECOMMENDATION:
Recommended motion by City Administration to approve Resolution No. 2015-049 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of property located at 3353 Pine Tree Court.
ATTACHMENTS:
1. Information Memorandum
2. Demo Rebuild Application
3. Front Elevation
4. Side Elevation
5. Location Map
6. Resolution No. 2015-049