FBTX ~ Since its inception in 2009, the Farmers Branch Demolition/Rebuild program has been responsible for more than 40 homes being demolished and replaced with newer houses in many different neighborhoods of the city.
Now, after several different iterations, the newest version of the program is the most straightforward to-date, offering a sliding scale of incentives based on the original improvement value of the home being demolished.
Depending on that value, applicants may receive a cash grant in addition to a tax incentive for a specified period of time.
If a home is valued at $65,000 or less, the cash grant will be $30,000 with a tax incentive of three years. Between $65,000 and $100,000, the grant becomes $20,000 but the tax benefit increases to four years.
Likewise, for the next range, $100,000 to $150,000 in value, the cash grant is $10,000 but the tax benefit goes up to five years. Finally, for all properties valued at more than $150,000, there is no cash grant, but the tax incentive is seven years.
Farmers Branch Director of Economic Development and Tourism Allison Cook said the new program helps to balance the playing field for different areas of the City and acts as a catalyst for attracting business.
"Residential development and redevelopment will continue to attract and encourage business relocation and expansion since business will look to the available housing stock to meet the needs of management and the work force," she said. "The promotion of housing stock is a major contributing factor to the growth of the City, which, in turn, stimulates trade and commerce and reduces unemployment."
For more information on the Demolition/Rebuild program, call 972.919.2509.