ACTUAL CASH VALUE: The fair market value of the property if it were to be sold between a willing buyer and willing seller on the date of damage or loss; the depreciated value of the property.
APPLICANT: The owner of residential property that was impacted by a flooding event.
APPROVED REMEDIATION EFFORT: An improvement or redesign of a structure or property upon which a structure sits that, to a reasonable degree of engineering certainty, will reduce the likelihood of flooding from a flooding event in the residential structure or likely reduce the severity of flooding from a flooding event.
CLEAN-UP COSTS: The expenses reasonably and actually incurred by an applicant after a flooding event to remove standing stormwater, debris, and damaged property from the residence and property, sanitize flooded areas of the residence, or demolish any property such as flooring or drywall that needs to be removed from the residence due to water damage. The costs to repair or replace damaged building material, personal property, or other property damaged in a flooding event are not clean-up costs, but rather property damage possibly covered as substantiated property damage.
FLOODING EVENT: An event where: a) stormwater backflows out of intake points for the stormwater system and b) the backflowed water enters a structure causing damage.
REPLACEMENT COST VALUE: The cost to replace damaged property with new property of the same or comparable quality or materials.
SUBSTANTIATED PROPERTY DAMAGE: Damage actually incurred to real property, fixtures, and personal property caused directly and principally by a flooding event, including the cost to rebuild or restore damaged portions of the residence, the actual cash value of personal property and fixtures destroyed, or the cost to repair personal property and fixtures that were not completely destroyed. (Ord. 18-09, 4-24-2018)