§ 14-3-4. REAL ESTATE PURCHASE BENEFIT.

(A)

A displaced owner is eligible for a real estate purchase benefit for the cost necessary to purchase a comparable property only as provided in this section and Section 14-3-5 ( Calculation of Real Estate Purchase Benefit ). A displaced person other than a displaced owner is not eligible for a real estate purchase benefit. The amount of a real estate purchase benefit shall be calculated as provided in Section 14-3-5 ( Calculation of Real Estate Purchase Benefit ).

(B)

Except as provided under Subsection (C), to be eligible for a real estate purchase benefit a displaced owner must:

(1)

have continuously resided in the dwelling from which the displaced owner is displaced for more than 180 days before the date:

(a)

that public notice was given that the dwelling would be included in a City project area or that the acquired dwelling would be acquired, and appropriated funds were available for the acquisition; or

(b)

that the City's agent made the first contact with the displaced owner where price was discussed for the purpose of purchase; and

(2)

begin residence at the comparable property within a one-year period beginning on the latest of:

(a)

the date on which the displaced owner received from the City final negotiated payment for all costs for the purchase of the displaced owner's property, or in the case of condemnation, the date on which the City deposits the required amount in court for the benefit of the displaced owner;

(b)

the date on which the displaced owner is required to move by the City's written notice to vacate; or

(c)

the date on which the displaced owner moves, if earlier than the date on which the displaced owner is required to move.

(C)

If a displaced owner has entered into a contract for the construction or rehabilitation of a comparable property and, for reasons beyond the displaced owner's reasonable control, cannot comply with the time period prescribed under Subsection (B)(2), the displaced owner may receive a real estate purchase benefit, but no real estate purchase benefit may be paid until the displaced owner has taken residence in the comparable property.

Source: 1992 Code Sections 15-8-2, 15-8-4(B) and (C)(1) and (2); Ord. 031204-12; Ord. 031211-11.