Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Builders Of Hope Lots topic
No spam. Unsubscribe anytime.
Council reviews city‑owned lots, Builders of Hope update; staff asked to provide lot cost and ROI
Summary
Council received an update on Farmers Branch‑owned residential lots and partnership activity with Builders of Hope. Staff reported 5 lots were sold to Builders of Hope (three homes complete and sold; two near completion); council asked staff for a cost and return‑on‑investment analysis for remaining city parcels.
Council members on Feb. 10 received a briefing on city‑owned residential parcels (part of a neighborhood remediation program) and ongoing work with Builders of Hope to deliver attainable single‑family homes.
Perla Tavera, Director of Economic Development, Tourism and Planning, presented the inventory: the city holds roughly 20 remaining parcels in the Valwood area (separate from five lots already sold to Builders of Hope). Builders of Hope representatives said the first phase yielded three completed and sold homes; two additional homes (2629 Squire and 2560 Booker Ave.) were reported as near completion. James Armstrong, President and CEO of Builders of Hope, and Chris Lewis (chief of real estate/development for Builders of Hope) told council their current build cadence is roughly 4½–5 months of construction time per home; earlier approvals and administrative processing extended the initial program timeline to about two years from parcel acquisition to move‑in.
Nut graf: Council asked staff for a financial accounting to explain the city’s costs in acquiring the lots, the discounted sale prices to Builders of Hope, and a long‑term return‑on‑investment analysis comparing lost upfront land proceeds with increased property tax revenue and neighborhood stabilization impacts.
Key details: Staff said five lots were sold to Builders of Hope; three are complete and sold, two are expected to be completed soon. Builders of Hope said they could build a larger tranche (for example, ~20 lots) in about a year if granted multiple parcels at once rather than phased sales that require repeated council approvals. Council members asked for a side‑by‑side cost/benefit spreadsheet showing city acquisition cost, sale price to Builders of Hope, estimated increased taxable value per completed home, and estimated time to recoup the city’s initial outlay via property tax. Perla Tavera committed to return the requested numbers and a demo/rebuild ROI analysis within two weeks.
Council and staff discussion also touched on related topics: deed restrictions and sale terms, potential mechanisms to recapture some equity if a buyer later sells (tiered resale provisions), parking and garage design to reduce on‑street parking pressure, and the possible use of additional programs (e.g., Dallas County replacement programs) to augment supply.
Ending: Council did not take formal final action on the remaining lots but asked staff to supply the requested financial analysis and options for disposition of the remaining parcels. Staff will provide the cost/ROI materials to council for further direction.
