Title
Consider approving Resolution No. 2016-111 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of the property located at 14326 Castleton Drive; 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:
Applicants Cameron and Jennifer Spooner are applying for Demo Rebuild. There are two (2) categories of residential structures that qualify for the program, residential structures with a taxable value of One Hundred Thousand Dollars ($100,000.00) or less, and residential structures with a taxable value of more than One Hundred Thousand Dollars ($100,000.00. The City will provide a cash incentive grant in the amount of Fifteen Thousand Dollars ($15,000.00) and five (5) annual consecutive economic development incentive grants for residential structures to be demolished with a taxable value of One Hundred Thousand Dollars ($100,000.00) or less. The City will provide a cash incentive grant in the amount of Twelve Thousand Five Hundred Dollars ($12,500.00) and five (5) annual consecutive economic development incentive grants for residential structures to be demolished with a taxable value of more than One Hundred Thousand Dollars ($100,000.00). Each incentive shall be equal to one hundred percent (100%) of the difference between the City property taxes assessed and paid for the new improvement (excluding the land) for a given tax year and the City property taxes assessed and paid for the residential structure (prior to demolition) (excluding the land) for the tax year in which the structure was demolished (the "Base Year"). The five (...
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