Central Indiana City Works to Buy Flood-Damaged Properties
Officials in a central Indiana city are looking to make it easier for them to buy some properties in an area hard-hit by repeated flooding.
The city of Kokomo plans to demolish numerous homes near Wildcat Creek that were damaged by severe flooding in April.
City attorney Lawrence McCormack tells the Kokomo Tribune that a new ordinance would allow the city to negotiate property purchases under $25,000 without obtaining the two appraisals now required. The state has specific rules on the purchase of property valued at more than $25,000.
McCormack says the city is working a flood mitigation plan for submission to the Indiana Homeland Security Agency.
Heavy rains in April flooded more than 300 homes in the city about 40 miles north of Indianapolis.
- Citigroup Settles $70 Million Trade-Loss Suit With Loomis Sayles
- Goldman Sachs Creates $1 Billion Reinsurance Pool With Talcott
- Bodily Injury Is Now A Big Share of Auto Claims Payouts. Is AI to Blame for That Too?
- Humans, Not AI, Still A Cause of Most Cyber Losses in First Half of Year