Title
Consider approving Resolution No. 2016-118 amending the Policy Statement on Local Economic Development and Business Incentives for the demolition rebuild program; and take appropriate action.
Body
BACKGROUND:
Chapter 380 of the Texas Local Government Code authorizes the City to provide incentives consisting of loans and grants of city funds, use of city personnel, facilities and services with or without charge, for the promotion of economic development. The availability of quality housing stock in the City of Farmers Branch encourages the relocation of businesses, attracts new businesses, and promotes expansion of existing businesses to and within the City, all of which in turn will stimulate growth, create jobs, and increase property and sales tax revenues. To assist in this endeavor, a Demolition/Rebuild Program was established in 2009 pursuant to Chapter 380 of the Texas Local Government Code to encourage the redevelopment of existing one-family detached residential properties with the construction of new, higher value, one-family detached residential structures.
DISCUSSION:
At the November 15 City Council Study Session, staff made a presentation regarding the current status of the Demolition/Rebuild Incentive Program including suggestions for enhancements. Ultimately, direction was given to increase the demolition incentive from $5,000 to $12,500 for houses valued over $100,000, and to $15,000 for those under $100,000. Additionally, to help balance the increase in increased demolition incentives, it was suggested to limit the number of years of tax rebates from seven (7) years to five (5).
RECOMMENDATION:
Staff recommends approving Resolution No. 2016-118 amending the Policy Statement on Local Economic Development and Business Incentives for the demolition rebuild program.
POSSIBLE COUNCIL ACTION:
1. I move to approve ....
2. I move to approve ....., with modifications.
3. I move to table the issue for further study or take no action.
ATT...
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