CEDAR RAPIDS – For the first time, the Cedar Rapids City Council definitively says the city will buyout some homes and other properties.

"If you are in the Hazard mitigation area, you will be bought out. Now, the only question that remains...exactly when? It will depend upon the funds we get,” council member Chuck Wieneke said.

The buyout plan will cost millions of dollars. It could take years before we have any kind of exact dollar amount. But, the city council did reveal some preliminary dollar amounts Wednesday night.

The council said it will purchase 246 homes in the way of floodwalls and levees and demolish them...if their owners give consent. The project will cost at least 22 million dollars.

In addition to those homes, the council is prepared to buy 60 commercial properties as well. It will cost 15 million dollars to acquire those properties, and that does not include the price of demolition.

Twelve industrial properties are also in the way of the levees and floodwalls. Purchasing those areas would cost approximately 30 million dollars...again...not including demolition.

Despite these new promises, city leaders still don't know when they'll be able to write these property owners a check.

"It's difficult, at this point, to really say what the exact timing will be on state approval. We're trying to come up with creative solutions on purchase agreements...working with the state on expediting the money to the city so we can pursue the buyout,” council member Brian Fagan said.

Some estimate it could take years before property owners get any money.

The council also said it wants to have some kind of financial program in place to restore and rebuild neighborhoods that are not directly in the way of the proposed levees and floodwalls.

The goal is to get that program started by early December.