Agenda - 04-07-2009 - 4k - Laserfiche WebLink

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~"= ~ Habitat for Humanifiy Orange County, NC, Inc. ~ SZ9 E. Franklin S. #~ 2008 * Chapel Hill, NC 275 4 ~ ~9~ 9}932.7077, ~x ~9~ 9}932.1019 • info a~orangehabita~.org February ~, 2009 Tara Fikes, Director Hausing and Community Development P.C). Box 8 l 8 Hillsborough, NC 27278 RE: Amendment to Development Agreement for Sunrise Road property Dear Tara. Can behalf of Habitat for Humanity of Drange County ~HHaC} f am writing to request an amendment to the previously amended development agreement between Habitat and the County far $25D,DDD from the Orange County Housing Trust Fund for the acquisition of the l7 acre tract on Sunrise Road for the development of affordable housing. The original develapment agreement was dated February 24, 2003, and the amended develapment agreement is dated May l7, 2005. As you are aware, ~3UC partnered with Regions Development LLC, to develop Bradley Ridge, a subdivision of 63 single family homes, including 3l Habitat homes an our original l7 acre tract, and 32 market rate homes on an additional 20 acres. The Chapel Hill Town Council approved the preliminary plat for the Bradley Ridge Cluster Subdivision an February 25, 2DD8. Since receiving the approval last February, we have been in regular contact with Gary Wallace, who represents Regions LLC as the developer of Bradley Ridge. Because of the crisis in the financial markets, Mr. Wallace has been unable to secure financing to move ahead with the Zoning Compliance Permit process, and the subsequent infrastructure construction for Bradley Ridge. Mr. Wallace intended to go forward with the project when financing became available, and planned to renew his options on the properties under his control.. However, when one of the options expired at the end of 2D08, the property owner declined to renew his option with Mr. Wallace. As a result, Mr. Wallace has informed us that he has allowed his other options on the remaining properties to expire. This change in circumstances is beyond our or Mr. Wallace's control, and is of course extremely disappointing for Habitat. However, our Board feels that it is very important to hold onto our property on Sunrise Road for the future development of affordable homes, especially since land suitable for residential development is so scarce in Chapel Hill, and the need for affordable homes is so great. We respectfully request that the County modify the develapment agreement to delay the completion date for the first 25 homes, currently set at December 3 l., 20 f D, until December 31, 2D l 5. Given the uncertainties of the economy aiad the availability of financing, such an extension will allow Habitat time to revise our plans and deterr~.ine the best way to provide much needed affordable housing on the Sunrise Road property.