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Archive for Thursday, July 26, 2007

Refinery announces program to purchase homes damaged by flood, oil spill

July 26, 2007

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— A refinery that spilled crude oil into floodwaters offered Wednesday to pay homeowners 110 percent of their damaged homes' pre-flood market value to purchase the properties.

Coffeyville Resources Refining & Marketing LLC and the city released details of the residential buyout program a week after its initial announcement. About 300 homes most severely damaged by the flood and July 1 oil spill are covered under the voluntary program.

The company said it would guarantee its purchase of eligible properties for homeowners who contact it within the next 30 days.

"This innovative program is good for Coffeyville and its citizens, which is why city officials are backing it," Keith Osborn, executive vice president and general manager of the refinery, said in a news release. "For our company, this program represents our commitment to helping the city and its residents recover."

The company's refinery spilled 71,000 gallons of crude oil during record flooding.

Eligible homes are located in an area bound by Third Street on the north, 12th Street on the south, Pine Street on the west and the city limits on the east. Also included are affected homes on either side of 11th Street from Pine Street west to Oak Street.

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