Grand Forks residents who faced severe flooding last year might only receive money for what their homes are worth following the floods.
“Post-flood value means current fair market value,” Mayor Brian Taylor said in a news release. “We got some budget numbers from the appraisals last year, but obviously things have changed since then.”
“We aren’t aiming to necessarily use the numbers in those appraisals because you may have improved the value of your property since then, and that wouldn’t be in the spirit of current fair market value,” he added.
Council voted to buy out properties in the North Ruckle neighbourhood in September, but its residents were left in limbo as the city waited to hear if it could secure funding from higher levels of government.
In June, the provincial and federal governments announced about $50 million for the buyouts and flood mitigation work.
“Despite only receiving funding for the post-flood value, the city is considering what in-kind support it can give to the residents struggling to relocate,” the city said in a news release.
Council is set to discuss the matter at a 9 a.m. committee of the whole meeting on July 15.
The city expects the timeline for buyouts to be from late 2019 to 2020, although no specific dates have been set.