Title
Consider approving Resolution No. 2014-103 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of property located at 3463 Pine Tree Circle; repealing Resolution No. 2014-092; and take appropriate action.
Body
BACKGROUND:
The City Council recently enhanced the Residential Demolition/Rebuild Program by establishing two incentive options: (1) To provide up to $5,000 for the cost of the demolition and a seven year municipal tax rebate; or (2) To provide a municipal tax rebate up to ten years with the option of advancing 50% of the estimated municipal tax increase upon receipt of permanent financing.
This item supports Core Value No. 3 to provide for strong, thriving commercial and residential neighborhoods through planning, land use, development, code enforcement, revitalization activities and programs.
DISCUSSION:
On October 6, 2014 the City Council approved the Residential Demolition/Rebuild incentive for the single-family detached residential dwelling at 3463 Pine Tree Circle. The homeowners chose incentive option one, providing for demolition costs and a seven year municipal tax rebate to demolish and construct a new single-family detached residential dwelling at 3463 Pine Tree Circle.
The Vickers now prefer incentive option two, providing for an incentive equal to 10 times the amount of the increase 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 for the year following completion of construction.
The current improvement value is approximately $99,790 and the estimated value of the new dwelling will be $374,000.
RECOMMENDATION:
Recommendation by City Administration to approve Resolution No. 2014-103 authorizing execution of a Residential Demolition/Rebuild Program In...
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