|Voluntary Property Purchase Program |
Sasol recognizes that its new facility and related property acquisitions in Southwest Louisiana will move our operations closer to our neighbors to the west and northwest of our existing facility. In July 2013, Sasol announced a Voluntary Property Purchase Program for residents in those designated areas. Registration to participate in the program is now closed.
Facts about Sasol's Voluntary Property Purchase Program
The Voluntary Property Purchase Program (VPPP) demonstrates how Sasol listens to and responds to our neighbors.
- Our initiation of the VPPP was a result of our ongoing dialogue with our near neighbors. The community requested the program, and we responded.
- Community members had significant input into the design and implementation of the VPPP.
- The purpose of the VPPP is to give our near neighbors choices.
- Throughout the process, Sasol has hosted community meetings in Mossville one to three times per month, depending on community requests, to answer questions and receive input from the community. In addition to these community meetings, a Sasol representative has met individually with Mossville residents, by appointment, twice a week at the Mossville School.
- Additionally, our on-the-ground counselors continue to meet face-to-face with community members to give personal attention and guidance to those with unique situations and concerns.
The Voluntary Property Purchase Program has been very well-received by our near neighbors.
- More than 80 percent of properties eligible for the program have registered to participate, meaning that they have agreed to have their home appraised so we can make an offer.
- As of March 1, 2018, Sasol has made approximately 780 offers on parcels; 583 have been accepted, 197 have been rejected and 0 are pending. Of the accepted, 559 have been closed.
The Voluntary Property Purchase Program is designed to provide property owners with offers greater than market value, for their property. Other program specifics are outlined below.
- Independent appraisers evaluate the properties in the purchase area, then establish the price through comparable home sales in Calcasieu Parish. Because there were no recent comparable home sales in the purchase area, the comparisons are made for sales in nearby areas considered higher-value. This eliminates any discount that could have occurred because of the location of the properties.
- The offers are for the appraised value of the property, plus 40-60 percent, depending on the type of property. Minimum appraised values have been set for the different type of properties to provide additional protection to lower-value properties. For example, the minimum appraised value of owner-occupied homes is set at $100,000.
- Other allowances and bonuses are available to help ease the burden of the relocation. These include an early registration bonus, a miscellaneous expense allowance, a professional advice allowance, closing cost assistance, title work allowance and a clear site bonus.
- Mineral rights remain with the seller.
- The program covers an area which is much larger than we would have considered to be "near neighbors," as it extends to the western boundary of Mossville. We extended the program to the western boundary of the historic community of Mossville, because we felt it important to include all Mossville community members whether they were near to our boundary or not.
We will continue our dialogue with our near neighbors after the Voluntary Property Purchase Program has concluded.
- We continue to respond to all community questions that we receive and meet regularly with all stakeholders.
- We will continue to work with our near neighbors who choose to stay to discuss how we can work together to address the needs of their communities.