(A) A property owner with a qualifying property and demolition proposal may be reimbursed for up to 100% of the demolition costs, up to a maximum of $10,000.
(B) If the demolition costs exceed $10,000, the property owner may be reimbursed an additional 50% of the demolition costs, up to a maximum total reimbursement by the city of $40,000.
(C) If the total demolition cost is $60,000.
(1) The first $10,000 is covered by the city. (The remaining amount to be considered for the matching grant is $50,000 ($60,000 - $10,000).
(2) The city's additional contribution would be 50% of $50,000, which is $25,000.
(3) The city's total contribution would be $35,000 ($10,000 + $25,000).
(4) Thus, the applicant's responsibility for the demolition costs would be $25,000, calculated as the remaining amount ($60,000 - $35,000) after the city's contribution of $35,000 is deducted.
(5) Other examples:
Example 1 | Demolition Cost | City’s Responsibility | Applicants Respon sibility |
1 | $10,00 0 | $10,00 0 | $0 |
2 | $60,00 0 | $35,00 0 | $25,00 0 |
3 | $150,0 00 | $40,00 0 | $110,0 00 |
(Ord. O-23-2023, passed 8-8-23)