Refinery's Home Purchase Program Moves Forward

The owners of the refinery in Coffeyville, Kansas, have agreed to buy out an estimated 300 flood damaged homes. It's a voluntary buyout for people in the flooded east side of Coffeyville. The News

Tuesday, July 24th 2007, 11:42 am

By: News On 6

The owners of the refinery in Coffeyville, Kansas, have agreed to buy out an estimated 300 flood damaged homes. It's a voluntary buyout for people in the flooded east side of Coffeyville. The News On 6â€™s Emory Bryan reports more specifics came out Tuesday about the plan to pay people the value of their homes, some of which were damaged by both water and oil.

On the flood damaged east side of Coffeyville the water has dried up and so has the neighborhood. Some people have cleaned out their homes and left it all in the yard, but most of the homes don't appear to have been touched since the water receded. The home of Gary and Sherry Davis is the exception. They have gutted it and plan to rebuild.

"They can offer me what they want, I'm not going anywhere," Coffeyville homeowner Sherry Davis said.

"When I see the east side property value not being as high as the west side, they're not going to give me the money to buy a five bedroom house, I'm pretty much stuck here," flood victim Gary Davis said.

The Davisâ€™ say they won't take a buyout offer because they're certain it won't be enough for them to buy another home. They lost almost everything in the flood, and their paid off home, what's left of it, is all they have.

While the buyout offer may seem generous on the surface, it may also be much less expensive for the refinery than settling lawsuits. That's because the homes in the area sold for very little even before the flood, some as little as $10,000, even larger homes for $30,000. It could be much less expensive for the refinery to buy the homes rather than risk settling a lawsuit with the homeowner.

The Dodsonâ€™s lost most everything too, and while they don't think they'll be paid for everythingâ€¦

"To me its worth more with the work we've done," homeowner Randy Dodson said.

They believe they'll take the buyout.

"It's probably a good deal, I don't know if I would want to live back here to be honest, so it's probably a good deal," said Dodson.

Back at the Davis' they hope to be back home by Christmas.

"We'll fix it,â€ Sherry Davis said. â€œIt's going to take some time, but we'll get it."

Homeowners have to register with Coffeyville Resources to take part in the buyout, and that has to be done in the next month. The refinery says 200 homes have already been appraised by a team of local people who know the value of the area, and that they'll start making offers as soon as they can.

To read the refineryâ€™s press release on the buyout, click here.

Watch the video: Coffeyville Buyout Plan

Related story:

7/20/2007 - Refinery Announces Plan To Purchase Flooded Homes