05/2003
ACQUIRING REAL ESTATE
FOR
PUBLIC IMPROVEMENT
PROJECTS
A Description of the Acquisition Process
City of Loveland
Public Works Department
i
TABLE OF CONTENTS
WHEN THE CITY OF LOVELAND NEEDS YOUR PROPERTY _____________________ 1
WHY MY PROPERTY?________________________________________________________ 1
COMMENCEMENT OF BILATERAL PROCESS__________________________________ 2
HOW IS THE AMOUNT OF THE CITY’S OFFER DETERMINED?__________________ 2
SUPPOSE ONLY PART OF MY PROPERTY IS NEEDED? _________________________ 3
WHO WILL CONTACT ME? ___________________________________________________ 3
HOW MUCH WILL I BE PAID? WHEN WILL I BE PAID? _________________________ 3
WHAT ABOUT INCIDENTAL TRANSFER COSTS?_______________________________ 4
WHAT IF WE CAN'T AGREE ON THE ACQUISITION TERMS? COMMENCEMENT OF
STATUTORY PROCESS. ______________________________________________________ 4
WILL COURT ACTION DELAY PAYMENT TO ME? ______________________________ 4
WHAT HAPPENS TO MY PROPERTY LOANS? __________________________________ 4
MUST I PAY A CAPITAL GAINS TAX?__________________________________________ 5
WILL THE CITY HANDLE MOST DETAILS? ____________________________________ 5
WHEN WILL I HAVE TO MOVE? ______________________________________________ 6
MAY I KEEP MY HOUSE AND MOVE IT?_______________________________________ 6
RELOCATION BENEFITS ____________________________________________________ 7
GLOSSARY _________________________________________________________________ 8
Appendix A (Minimum Appraisal Requirements) __________________________________ 13
Flowchart _________________________________________________________________ 15
Disclaimer:
This brochure and accompanying flow chart presents the typical process the City of Loveland follows when
acquiring property for public improvements. Due to the intangible nature of the process, it must be understood
that each property acquisition is unique and the process may vary fro