Cera has published its later red zone offer. Details are below.
Residential Red Zone Offer Recovery Plan
The Residential Red Zone Offer Recovery Plan has now been approved and released
The Recovery Plan confirms the following Crown offers:
- For all vacant red zone land: a new Crown offer at 100% of the 2007/08 rateable land value.
- For all insured commercial red zone properties: a new Crown offer at 100% of the 2007/08 rateable land value and 100% of the 2007/08 rateable improvements value for the insured improvements, if the insurance benefits are transferred to the Crown, or the owners may choose not to accept any payment for the improvements and keep the benefits of their insurance claims.
- For uninsured improved red zone properties: a new Crown offer at 100% of the 2007/08 rateable land value, with no payment for uninsured improvements. The owners may choose to relocate, salvage or sell any uninsured improvements, or they can elect for the Crown to demolish the improvements. The Crown will meet the demolition costs.
For other affected property owners the Recovery Plan confirms the following Crown offers:
- For the ten privately-owned red zone properties at Rāpaki Bay: new Crown offers on the same basis as any new offers for vacant, uninsured improved and insured red zone properties, and the Crown will agree with the property owners to apply to the Māori Land Court to set aside the land as Māori reservation, if the owners wish to accept a Crown offer.
- For other privately-owned red zone properties: the Crown will consider buying the properties, only if offered for sale by the owners, with payment on the same basis as the original red zone Crown offers (depending on the property category) for insured properties, underinsured properties, properties under construction and properties owned by not-for-profit organisations.
The Recovery Plan enables the Chief Executive of CERA to make new Crown offers to the owners of vacant, insured commercial and uninsured improved red zone properties. The Chief Executive expects to be able to start this process within the next two weeks.
Report on Decisions Made in Approving the Residential Red Zone Offer Recovery Plan
This paper outlines the Minister for Canterbury Earthquake Recovery’s decisions in approving the Residential Red Zone Offer Recovery
Plan, including changes made to the Draft Recovery Plan and the reasons for those changes.
Summary of the Public Submissions on the Draft Recovery Plan
This is a summary of all the public feedback received on the Draft Residential Red Zone Offer Recovery Plan. This was prepared for CERA by an independent research company.
Residential Red Zone Offer Recovery Plan: Draft
The Draft Recovery Plan identified the CERA Chief Executive’s assessment that new Crown offers should be made and as soon as practicable, if the Recovery Plan is approved. It identified five key criteria for new Crown offers, and the Chief Executive’s preliminary views on the quantum of new offers. The public was invited to provide written comments between 25 June 9 July 2015.
Summary of the Public Submissions on the Preliminary Draft Recovery Plan
This is a summary of all the public feedback received on the Preliminary Draft Residential Red Zone Offer Recovery Plan. This was prepared for CERA by an independent research company.
Residential Red Zone Offer Recovery Plan: Preliminary Draft
The Preliminary Draft Recovery Plan was the first opportunity for the public to provide views on whether the Crown should make new offers to buy vacant, commercial and uninsured improved properties in the residential red zone, and if so, how any offers should be structured. The public had from 5-19 May 2015 to provide written comments.
This Direction specifies the matters to be dealt with in the Residential Red Zone Offer Recovery Plan and that the responsible entity to develop the Recovery Plan is CERA. It was published on 23 April 2015 in issue no.41 of the New Zealand Gazette.