Frankfurt Airport to Purchase Residential Properties - Compensation for Low-altitude Overflights
"Fraport Casa " Voluntary Property
Compensation Program Launched
Frankfurt, Germany - In connection with the planned Northwest landing runway for Frankfurt Airport (FSE: FRA), Fraport AG is launching a voluntary program for purchasing residential properties or compensating owners of homes, which will be overflown at extremely low altitudes after FRA�'s expansion.
More than 1,200 homes in Flörsheim am Main will be eligible for the Fraport Casa program. Fraport is aware that a new landing runway and expanded airport capacity will create additional blight, which previously could not be anticipated. The Fraport Casa program was designed to compensate residents for these burdens.
For reasons of non-discrimination, the voluntary program will also apply for some residential areas in Raunheim (south of Flörsheim am Main), which are already overflown at low altitudes today, as well as about five to ten houses in Kelsterbach.
Unmatched in Europe to date, the Fraport Casa program is now being officially launched. A detailed information brochure will be distributed in the areas that come within the scope of the program.
As it did with FRA�'s current noise abatement program, the airport company will set up an information office for the Fraport Casa program at the Frankfurt Airport Center (FAC 1) opposite Terminal 1, where Fraport experts will be available twice a week to discuss details with interested residents.
The affected overflight zone is defined according to a flight altitude of 350 meters above ground level. Featuring a 180-meter wide core zone and 60-meter wide transition zones - both to left and right - the total zone affected is 420 meters wide.
Owners of residential properties - who purchased or constructed their homes before June 10, 2002, assuming that their homes were not located in proximity to the landing path - enjoy the so-called protection of confidence. The above date marked the day that the Regional Planning Evaluation Report was presented in conclusion of the regional planning procedure, which declared the northwest landing runway to be the preferred site for FRA�'s new runway.
Owners of homes in the defined core zone at Flörsheim am Main can request Fraport to purchase their homes or provide compensation payment in the amount of 150 per square meter of living space - provided their ownership started before June 10, 2002. For entitled homeowners in the transition zones, Fraport pays 100 and 50 respectively per square meter.
Homeowners in the affected areas in Flörsheim am Main as well as homeowners in Raunheim who acquired or built their homes after June 10, 2002, are entitled to a compensation of 100 per square meter, if located in the core zone or transition zone 1, and to 50 per square meter if located in transition zone 2.
As a prerequisite for any compensation payment the homeowner obliges via a corresponding entry in the land register to tolerate any impact of nuisance from airport operations. Homeowners in Raunheim can expect payments even before the planned northwest runway goes into operation. Compensation payments for residential property in Flörsheim am Main will only be made after the opening of the runway. Payment for the purchase of residential properties in this community will also be made after the opening of the runway. The same applies for the entitled homes in Kelsterbach.
The purchase price will be assessed by a Fraport commissioned sworn expert at the open market price of similar properties in the vicinity not severely affected by aircraft noise. That means the northwest landing runway is not a factor influencing this market price, irrespective of when a sales contract between the owner and Fraport is concluded.
Fraport AG is providing comprehensive information on the Fraport Casa program. As previously mentioned, entitled homeowners will receive a brochure explaining all of the details. Starting January 31, the Fraport Casa information office at FAC 1 (Section D, Level 3) will be open Monday and Wednesday from 14:00 to 19:00. Further information is available from Fraport AG's courtesy "Info Phone" at: 0800/2345679. From the middle of February, Fraport�'s Infomobile will be touring the areas eligible for Fraport Casa program to inform affected residents.