Declining the government’s offer

Dance O Mat  250x149 Declining the government’s offer

Dance-o-mat: A plug and play space for dance groups or classes is open till 11pm each day at St Asaph St, formerly the site of Bargain Rental Cars. Credit: Gapfiller project.

Q:      What will happen to my property if I decide that I do not want to accept the government’s offer?

A:      If you decide that you do not want to accept the government’s offer, you should be aware that:

  • The council will not be putting new services into the residential red zone.
  • If only a few people choose to stay in a street and/or area, the council and other utility providers (such as power companies) may reach the view that it is no longer affordable or practical to keep services to the remaining properties.
  • Insurers may decide to cancel or refuse to renew insurance policies for homes in the residential red zones.
  • While no decisions have been made on the ultimate future of the land in the residential red zones, CERA does have the power under the Canterbury Earthquake Recovery Act 2011 to require you to sell your property to CERA for its market value at that time. It is important to note that if CERA decides in the future to use these powers to purchase your property, the market value could be much less than the amount that you would have received under the Crown’s offer.

This information has been adapted from CERA’s website.

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