Flooded Home Purchasing Plan

Tuesday, July 24th 2007, 9:58 pm

By: News On 6

Coffeyville Resources Refining & Marketing and the City of Coffeyville Announce Details of Residential Purchase Program Company Offers Residential Purchases at 110 Percent of Pre-Flood Fair Market Value

COFFEYVILLE, Kan. (July 24, 2007) â€“ Coffeyville Resources Refining & Marketing, LLC and the City of Coffeyville Tuesday announced details of a residential purchase program for flood-damaged homes. The company said that approximately 300 homes are covered by the program and it has already received 200 completed appraisals based on claims previously filed.

Coffeyville Resources will guarantee purchase of eligible flood damaged residences for qualified homeowners who contact us during the next 30 days. The purchase price will be calculated at 110 percent of pre-flood fair market appraised value, the company said. Participation in the program is strictly voluntary.

Both the City of Coffeyville and Coffeyville Resources Refining & Marketing, LLC believe this program will speed recovery efforts within the designated flood affected area and will help families reestablish their lives.

â€œThis innovative program is good for Coffeyville and its citizens, which is why city officials are backing it,â€ said Keith Osborn, executive vice president and general manager of the refinery. â€œFor our company, this program represents our commitment to helping the city and its residents recover.â€

Homes eligible for the program are in an area generally bounded by 3rd Street on the north, 12th Street on the south, Pine Street on the west and the city limits on the east. In addition, affected homes on either side of 11th Street from Pine Street west to Oak Street are included in the program. The company said the designated homes are the properties in Coffeyville determined to be most affected by the flood and subsequent oil spill.

The company invited homeowners in the designated flood damaged area to visit its claims office at 900 Hall Street or call the claims office at 1-800-958-5380 as soon as possible to have their homes included in the program. Appraisals are being conducted by Shaner Appraisals, Metro Real Estate Services, Bailey Appraisals Inc. and George Realtors. Homeowners will be given complete access to the fair market appraisals.

Coffeyville Resources also said it will use local banks and real estate title companies to quickly and efficiently purchase homes under the program, so that homeowners can get access to money for use as down payments on their next Coffeyville residences. The company said its claims office also will provide residents with contact information for federal and state financial assistance programs, which could be used to assist with buying a new home.

Other than remediation, the company said it has no plans for the purchased land, although after remediation it could be made available for public use if requested.