1% Chance of Flooding each year (100 Year Flood Plain)

1% Chance of Flooding each year (100 Year Flood Plain)

http://en.wikipedia.org/wiki/100-year_flood

After the flood, the City of Cedar Rapids faces difficult decisions. Homes that suffered more than 50% damages should not be reoccupied without raising the home above the 1% annual chance of flooding. There are four possible alternatives:

1. If the home has less than 50% damage, it can be reoccupied.

2. Lift the 1st floor of the home above the 1% flood elevation.

3. Move the home to a higher location

4. Demolish the home


A central challenge for the city is when some homes on the block must be demolished, but others can be saved. The neighborhood suffers when it has numerous vacant lots.


TAX INCREMENT FINANCING (TIF)

Many of the flood plain areas and nearby vacant higher ground could be placed in a TIF. The major challenge will be to increase the increment to a level that provides for the needed infrastructure for the new locaiton and being able to prepare the old locaiton for its role in flood control.

Tax increment financing uses the difference in taxes before development and after development to pay for infrastructrue and developer incentives to make the project financially feasible.