[StBernard] Craig, is this right?

[Westley Annis]

Thanks, Wes. Craig, I wonder if you can confirm this for us.  I would
imagine a lot of people are in my situation and it will make a difference as
to whether we take the buy-out. I had heard rumors of the 75% compensation
for the "mitigation zone" (I am in the mitigation zone as it is presently
drawn, in BVN and north of Patricia) but I have not heard confirmation of
whether or not my insurance proceeds would be deducted from the 75% buyout
price. If it is true that insurance is not deducted, a lot more people in
the mitigation zone will sell out and it truly can be the green space
envisioned by the Duany plan. 

CK
------------
CK,

It really depends on where your house was located and if it is located in a
mitigation zone.  

If you are in a mitigation zone then you will be offered 75% of your
pre-Katrina value without insurance or FEMA funds taken into consideration.

If you are outside the mitigation zone, then you may have to just sit on the
property until a private party does come along and make an offer for it.

Westley

-----Original Message-----


Let's say I have a slab house in Buccaneer Villa North -- north of Patricia
-- that had flood insurance. The plan as presented Wednesday night says I
should not invest in repairing or rebuilding, because if and when I try to
sell, no subsequent purchaser will be able to get flood insurance, and
therefore no subsequent purchaser will be able to get financing to buy my
house.  Essentially, I would be throwing away any investment in that house.
So repairing or tearing down and rebuilding on my lot is out. As for a
buy-out, if I was insured close to what the Parish or State believes my
house was worth, I can't be bought out because I won't get anything for my
property.  My house is sitting there -- what are my options? 

CK