Orange County NC Website
Browse       Search
i5 <br />economy, and increasing levels of unemployment in the construction <br />industry. <br />(9) The construction industry and related trades are sustaining severe economic <br />losses, and the lapsing of government development approvals would <br />exacerbate, if not addressed, those losses. <br />(10) Financial institutions that lent money to property owners, builders, and <br />developers are experiencing erosion of collateral and depreciation of their <br />assets as permits and approvals expire, and the extension of these permits <br />and approvals is necessary to maintain the value of the collateral and the <br />solvency of financial institutions throughout the State. <br />(11) Due to the current inability of builders and their purchasers to obtain <br />financing under existing economic conditions, more and more <br />once-approved permits are expiring or lapsing, and, as these approvals lapse, <br />lenders must reappraise and thereafter substantially lower real estate <br />valuations established in conjunction with approved projects, thereby <br />requiring the reclassification of numerous loans, which, in turn, affects the <br />stability of the banking system and reduces the funds available for future <br />lending, thus creating more severe restrictions on credit and leading to a <br />vicious cycle of default. <br />(12) As a result of the continued downturn of the economy and the continued <br />expiration of approvals that were granted by State and local governments, it <br />is possible that thousands of government actions will be undone by the <br />passage of time. <br />(13) Obtaining an extension of an approval pursuant to existing statutory or <br />regulatory provisions can be both costly in terms of time and financial <br />resources and insufficient to cope with the extent of the present financial <br />conditions; moreover, the costs imposed fall on the public as well as the <br />private sector. <br />(14) It is the purpose of this act to prevent the wholesale abandonment of already <br />approved projects and activities due to the present unfavorable economic <br />conditions by tolling the term of these approvals for a finite period of time as <br />the economy improves, thereby preventing a waste of public and private <br />resources. <br />SECTION 3. Definitions. - As used in this act, the following definitions apply: <br />(1) Development approval. -Any of the following approvals issued by the <br />State, any agency or subdivision of the State, or any unit of local <br />government, regardless of the form of the approval, that are for the <br />development of land or for the provision of water or wastewater services by <br />a government entity: <br />a. Any detailed statement by a State agency under G.S. 113A-4. <br />b. Any detailed statement submitted by a special purpose unit of <br />government or a private developer of a major development project <br />under G.S. 113A-8. <br />c. Any finding of no significant impact prepared by a State agency <br />under Article 1 of Chapter 113A of the General Statutes. <br />d. Any approval of an erosion and sedimentation control plan granted <br />by a local government or by the North Carolina Sedimentation <br />Control Commission under Article 4 of Chapter 113A of the General <br />Statutes. <br />e. Any permit for major development or minor development, as defined <br />in G.S. 113A-118, or any other permit issued under the Coastal Area <br />Management Act (CAMA), Part 4 of Article 7 of Chapter 113A of <br />the General Statutes. <br />f. Any water or wastewater perrr~it issued under Article 10 or Article 11 <br />of Chapter 130A of the General Statutes. <br />g. Any building permit issued under Article 9 of Chapter 143 of the <br />General Statutes. <br />h. Any nondischarge or extension permit issued under Part 1 of Article <br />21 of Chapter 143 of the General Statutes. <br />Page 2 Session Law 2009-406 SL2009-0406 <br />