This property will be part of the River Bluff Redevelopment Area.  The EDA and city had an appraisal completed in early 2018.  Six months had passed and the property owner and the city had the property reappraised.  Because of changes in market conditions, the property value increased.  The owner's appraisal was based on the B-1 zoning as a development parcel and range was as high as $280,000.  The city and the owner have settled on a value of $275,000 that includes $25,000 in relocation assistance that will offset moving and relocation costs and differential payments for the homeowner's new location. 

The cost will be reimbursed back to the EDA and the city through TIF payments.

The developer has redesigned its project to include this site and the inclusion creates a better project for the community and the river bluff.