Property Acquisition
Property Acquisition Process
The Central 70 Project requires the acquisition of 56 residential properties and 17 businesses. CDOT is required to follow the requirements of the Uniform Relocation Act for all property acquisitions. Here are some important benefits required by the Act for residents:
- CDOT negotiates a purchase price with property owners, with CDOT reimbursing property owners for the reasonable cost of obtaining their own appraisal.
- CDOT personnel works with displaced residents to identify a suitable replacement property.
- For displaced owner-occupants, if the cost of the replacement home is more than the value of their existing residence, the displaced will receive an acquisition benefit for the value of their home, and a relocation benefit for the difference between the value of their home and the replacement property.
- Renters of impacted residential properties must be relocated to appropriate housing and assisted in moving. If the rent is higher at the new property, CDOT will pay the difference for up to 42 months. This payment may be provided as a lump sum if used for a down payment for a home purchase.
- Residents are not asked to move until a decent, safe and sanitary property has been identified that is available on the market for purchase or rent.
