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<br />X Appraisals will be based on comparable sales for properties located in a flood hazard area. If <br />properties not located in a flood hazard area are used as comparable sales, a location <br />adjustment must be reflected in the appraisal. <br /> <br />X Property previously purchased by the city of University City through the flood buyout <br />program may not be used as comparable sales for other buyout appraisals. <br /> <br />X Rental property will be appraised on the sales comparison approach. In no event may rental <br />property be acquired based on a market value established through the rental income approach. <br /> <br />7. All property appraisals (whether completed by the city's appraiser or submitted by a property <br />owner) will be forwarded to the Missouri State Emergency Management Agency prior to an offer <br />being made. <br /> <br />Buyout Categories <br /> <br />The appraised value of a property and the occupancy status (owner occupied or renter occupied) will <br />determine what type of buyout offer a participant will receive. The criteria for each type of offer is as <br />follows: <br /> <br />Straie:ht Buvout <br /> <br />Criteria: <br /> <br />1. Home and underlying real property is owned by the same owner. <br />2. Property is occupied by the owner of the property or a tenant/renter* <br />3. Property value is greater than $20,000 <br /> <br />A property and property owner meeting the criteria listed above will be acquired at the fair market <br />value established by the appraiser. <br /> <br />*tenant may qualify for a tenant relocation assistance grant; see page 5 <br /> <br />Land Plus Replacement Housine: Payment <br /> <br />Criteria: <br /> <br />1. Home and underlying real property is owned by the same owner. <br />2. Property is occupied by the owner of the property (owner-occupied) <br />3. Property value is $20,000 or less <br /> <br />. A property and property owner meeting the criteria listed above will receive an offer from the city <br />for the fair market value of the underlying land and outbuildings but will then receive a relocation <br />assistance payment (up to $22,500). Refer to the Replacement Housing Payment section of this <br />policy. <br /> <br />. Even though the offer to the property owner is only for the underlying real property and <br />outbuildings, because the property owner is also receiving a relocation assistance grant, the city <br />will take title to the entire buyout package to include the home. <br /> <br />4 <br />