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Mr. Bagley stated that he and Tom Donohue have been working in the project <br />area contacting a number:of those persons in occupancy there. They have <br />been delivering brochures that encourage questions and answer questions <br />relative to the affect acquisition and displacement would have in the event <br />the project would proceed. <br /> <br />During acquisition/relocation, the following occurs: Appraisors come into <br />the area and appraise property. After appraisals are completed and there <br />is a review appraisal. The review appraisor determines whether or not all <br />of the factors that pertain to the appraisal have been met; establishes <br />fair market value based on appraisals; and forwards that information to the <br />City Council for approval. After approval of values, formal offers are <br />made to owners of land. These owners will have an opportunity to review <br />the offer made for their property and representatives of the Federal/State <br />Relocation Service will then discuss that offer with them. At that time, <br />owners of land would be advised that if they are not in agreement with or <br />felt that the offer was not consistent with what they felt their property <br />was worth, they would have the opportunity to hire their own appraisor and <br />the City would pay up to $500 for that appraisal. If negotiations are <br />successful, an option is signed and representatives of Relocation Service <br />proceed to advise the owner what is necessary to affect a closing on the <br />property. In the event the property owner rejects the offer, the next <br />course of action is condemnation and that takes about 90 days to get into <br />effect. During that time in which land titles are being passed to the <br />City, owners of land will be contacted by Relocation Service to advise them <br />of the following relocation benefits available to them: 1) moving <br />expenses; 2) housing replacement grant which has a $15,000 maximum <br />payment. Mr. Bagley noted that even though there is a $15,000 maximum on <br />housing replacement grants, that amount can be exceeded in an effort to <br />make the displacee whole. <br /> <br />Mr. Greenberg inquired about the process if the displacee chose to build a <br />new home. <br /> <br />Mr. Bagley replied that many people prefer to build a replacement location. <br />Relocation Services still looks for a comparable home and establishes the <br />amount of payment the property owner is eligible for. That property owner <br />would have to expend all of that payment on building a replacement home <br />before he would be eligible for a housing replacement grant. <br /> <br />Mr. Bagley went on to explain that the housing replacement grant has a <br />$15,000 limit and covers the following issues: <br /> <br />1. Differential payment - Difference between the acquisition price <br /> and the purchase price of a new dwelling. <br /> <br />2. Incidental expenses - Expenses incurred in the purchase of the <br /> replacement dwelling. <br /> <br />Interest differential - Difference in interest that is payable by <br />the displacee if he had a mortgage on the existing dwelling and it <br />is lower than the interest on the dwelling he is moving into. <br /> <br />Airport Commission/November 12, 1987 <br /> <br />Page 3 of 6 <br /> <br /> <br />