WATERLOO - The city is upping its offer to flood victims who have been waiting for buyouts.

An administrative plan to guide the property acquisition process adopted unanimously Monday by the Waterloo City Council will offer property owners 120 percent of their pre-flood assessed property values, which is up from the 110 percent suggested when the program was initially floated last year.

The city has been awarded some $5.7 million in federal and state funds to buy and demolish 44 homes damaged in the record flood of June 2008. Those homes are primarily on Sans Souci Island and in Sherwood Park, areas not protected by the city's flood control system.

Community Planning and Development Director Noel Anderson said the decision to boost the buyout offer to 120 percent of assessed value was based on experience.

"We've had some appraisals coming back, five or six, that were in the 120 percent range," he said. "Based on those real numbers we felt it would be better to raise the (purchase offer) to 120 percent so we didn't have all these people coming in with appraisals and going through the appeal board."

The Federal Emergency Management Agency's hazard mitigation property acquisition program is designed to get structures out of the floodway. But it is a voluntary program, meaning homeowners can't be forced to sell.

Property owners also will be eligible to receive an additional $10,000 in relocation money and up to $850 in moving expenses. FEMA assistance or property insurance the residents received will be deducted from the purchase price to avoid a duplication of benefits.

"We're pretty certain a majority of the people (on the buyout list) will be interested in the program," said Mayor Tim Hurley.

City staff will be handling negotiations with the property owners.