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ATTACHMENT 5 <br />Sometimes improvements may exist on a property, which are not required by the City. If you <br />wish to keep any of the improvements, please let your Acquisition Agent know. If you do arrange <br />to keep any improvement(s), the City will deduct its salvage value from the purchase price you <br />would otherwise receive. (The salvage value of an item is its probable selling price if offered for <br />sale on the condition that the buyer will remove it at his or her own expense.) If you arrange to <br />keep any improvement pertaining to the property, you will not be entitled to receive a relocation <br />payment for the cost of moving it to a new location. <br />CAN THE CITY TAKE ONLY A PART OF MY PROPERTY? <br />YFS. But, if the purchase of only a part of your property reduces the value of the remaining <br />part(s), you must be paid for the loss in value (offset by any special benefits accruing to the <br />remainder resulting from the new public improvements). Also, under those circumstances, if any <br />remaining part would have little or no utility or value to you, the City will offer to buy that <br />remaining part if you so desire. <br />WILL I HAVE TO PAY RENT TO THE CITY AFTER MY PROPERTY IS ACQUIRED? <br />If you (or your tenant) wish to remain in the property after acquisition for a short term or for a <br />period subject to termination by the City on short notice, you will be required to sign a rental <br />agreement or similar document. The rent will not exceed the lesser of the fair rental value of the <br />property to a short-term occupier or the prorated portion of the fair rental value for a typical rental <br />period. <br />However, the amount of rent to be paid by your or your tenant shall be within your financial <br />means or your tenant's financial means, as the case may be. <br />HOW SOON MUST I MOVE? <br />If you reach a voluntary agreement to sell your property, you cannot be required to move before <br />you receive the agreed purchase price. In the case of a condemnation, you cannot be required to <br />move before the estimated fair market value of the property has been deposited with the court so <br />that you can withdraw your share. <br />Every reasonable effort will be made to give you ample time to relocate after the <br />acquisition of your property. In most cases, a mutually satisfactory arrangement can be <br />worked out. You cannot be required to move without at least 90 days advance written <br />notice of the date by which your move is required. In addition, if you are being displaced <br />from your residence, a decent, safe and sanitary replacement property must be available before <br />you can be required to move. <br />AM I ENTITLED TO RECOVER LOSS OF BUSINESS GOODWILL? <br />The offer of compensation made by the City does not include any consideration for loss of <br />business goodwill, which may be claimed by an owner of a business if one is being conducted on <br />the property or on the remainder if the property being acquired is part of a larger parcel. <br />75F641 <br />