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13. Demolition costs and liability expenses for the buyout structure will be the responsibility of the city upon transfer of title. Until the title is transferred, the property owner remains solely responsible for the property. 14. No structure may be demolished until the Missouri Office of Historic Preservation and the Federal Emergency Management Agency have determined that the property is not historically significant or that historically significant properties have been recorded and documented sufficiently to enable the city to demolish the structure. 15. The date of negotiations for the City of University City is the day the city provides written notification to potential buyout participants that grant funding has been provided to the city for a voluntary buyout program. Fair Market Value Determination 1. All offers to property owners will be based on the fair market value established by a State of Missouri, board certified, licensed appraiser. 2. The city, in compliance with local bid procedures, will hire a State of Missouri, board certified, licensed appraiser to complete the appraisals. The cost for the appraisal will be paid for by the city with grant funds. 3. The city's grant administrator will coordinate when the property will be appraised with each owner. The city encourages each property owner to be present during the site inspection by the appraiser to aid the appraiser in properly identifying property boundary lines and outbuildings etc. 4. If the property owner has an appraisal that was completed within the last twelve (12) months prior to the flooding event date by a State of Missouri, board certified, licensed appraiser, he/she may submit that appraisal to the city for review. (NOTE: property owners are not required to submit the appraisal.) If the city determines that the appraisal was completed in accordance with the city's buyout program guidelines, this appraisal may be used to establish the fair market value of the property. The city will not reimburse property owners for appraisal costs they incurred when this appraisal was completed. 5. The appraisal completed by the city is the official fair market value. If a property owner is in disagreement with the value indicated, he/she may hire a State of Missouri, board certified, licensed appraiser, at his/her own expense, and provide an original appraisal to the city for review. The city will then forward both the city of University City and owner appraisal to the Missouri State Emergency Management Agency (SEMA). The State's independent licensed appraiser will review both appraisals and determine the final fair market value. The State's decision is final. 6. All property appraisals will be completed with the following special buyout provisions: X The fair market value appraisal must clearly indicate the value of the entire buyout package and 1) the value of the residential structure only 2) the value of the underlying real property and outbuildings only 3