New Crown offer process underway

The process of making new Crown offers to owners of vacant, insured commercial and uninsured properties in the Residential Red Zone is now underway.

“Following the release of the Residential Red Zone Offer Recovery Plan last week, I’m now in a position to start the offer process,’’ says Canterbury Earthquake Recovery Authority (CERA) Acting Chief Executive John Ombler.

“The first step is to ask eligible property owners who wish to receive an offer if they consent to the collection of the necessary information so their offers can be formulated. Letters will be in the post tonight to those owners we have contact details for.”

The new Crown offers are as follows:

· For vacant properties (sections with no buildings): a new Crown offer at 100 per cent of the 2007/08 rateable land value.

· For insured commercial properties: a new Crown offer at 100 per cent of the 2007/08 rateable land value and 100 per cent of the 2007/08 rateable improvements value for the insured improvements (such as buildings). Property owners may choose not to accept any payment for the improvements and keep the benefits of their insurance claims.

· For uninsured improved properties: a new Crown offer at 100 per cent of the 2007/08 rateable land value. No payment will be made for uninsured improvements (such as buildings). Property owners may choose to relocate, salvage or sell to a third party any uninsured improvements, or they could elect for the Crown to remove the improvements, with the Crown meeting the cost.

Those former vacant, insured commercial and uninsured property owners who have previously accepted a Crown offer will be eligible for a top-up to bring it in line with the new offer.

The Crown offer process has also been reopened to insured red zone property owners (including owners of not for profits, part builds and underinsured properties) who did not accept the offer last time around.

Property owners will have until 10 December 2015 to decide whether to accept the offer. The final date for settlement is 26 February 2016.

Any property owner who may be eligible for a Crown offer, or a top-up, but is not sure whether their contact details held by CERA are up to date, is encouraged to contact CERA on 0800 RING CERA (0800 7464 2372) or info@cera.govt.nz.

The Residential Red Zone Offer Recovery Plan can be viewed at www.cera.govt.nz/residential-red-zone-offer-recovery-plan. Hard copies are available at CERA offices, and Christchurch City Council and Waimakariri District Council libraries and service centres.

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