Title
Consider approving Resolution No. 2017-063 authorizing execution of a Residential Demolition/Rebuild Program Incentive Agreement for the owner of the property located at 13426 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 were approved for residential Demo Rebuild program at 13426 Castleton Drive in December 2016. The applicant has requested a decrease in square footage and proposed value. The new square footage is 2400, down from 2800 in the original proposal. The new proposed value is $350,000.00 down from $500,000.00. This change is due to applicant's budget. Staff continues to support approval of this item, as the proposed home is still a considerable improvement over the existing value of $63,820 and is aligned with the demolition rebuild program goals.
Applicants Cameron and Jennifer Spooner are reapplying for the Demo Rebuild incentive. 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 this applicant as the residential structure to be demolished has a current taxable value of One Hundred Thousand Dollars ($100,000.00) or less. 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 structu...
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