City to explore grant to buy homes on oft-flooded east side
Next week, the city will apply for the grant from the
"We're trying to get people information about the pre-disaster flood mitigation grant that we're applying for so people can make an informed decision as we go forward," City Manager
About 200 homes, 32 businesses and 30 vacant lots on
The grant would allow property owners with flood insurance to receive the assessed value of the property, plus five times the cost of flood insurance. For those without flood insurance, the city would be able to offer the owner the assessed value of the home and up to an additional
Property value assessments would be conducted by an assessor from
"First of all, you can't get a loan at 65," said
Residents also questioned what would happen to those who choose to remain on the east side and whether the grant money would be used appropriately.
"Our concern has always been that the grant dollars have never come to this side of town after they've come into town," said Windy Pearson.
Crow said the errors of the past are part of the reason why the city's voters chose to transition to the city manager form of government. He assured residents he is trying to make a difference.
"It took the politics out of it with a professional here," Crow said. "This is the second full meeting I've been (to) over here and I've met with the community leaders over here. I actually invited them, for the first time ever, to go with me to talk with the
Once the city and an owner close on a sale, the city is mandated to demolish the property within 90 days. The property would then remain a green space forever, unless otherwise designated by
Before the meeting, 11 homeowners and three business owners signed up to signify their interest in selling their properties. Owners can back out at any time, and neither the state nor the city will use its eminent domain authority to acquire properties if owners choose not to participate in the grant program, or if negotiations to sell the home break down.
If the city receives the grant, the money would be available in November. City leaders would then have three years to use the money. The city is required to provide a 25-percent match on any purchases made through the grant.
___
(c)2018 The Journal-Standard, Freeport, Ill.
Visit The Journal-Standard, Freeport, Ill. at www.journalstandard.com
Distributed by Tribune Content Agency, LLC.
Travelers commits $5 million to crumbling foundations fund
John Gallina
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News