Agenda - 12-17-1996 - 8f - Laserfiche WebLink

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r, 2 Improvements required for Phase I have been completed, and residences have been built on 16 of the 64 lots. Only 13 of the 43 lots approved in the Preliminary Plan for Phase IIA were recorded prior to its expiration. Road improvements were secured through a letter of credit, The letter of credit used to secure improvements for Phase IIA-1 differed from standard letters of credit in that: 1) it was issued for two years rather than one year, and 2) it was designed be used as the security for additional phases of the development, so that separate letters of credit would not have to be prepared for each new phase. The amount of the letter of credit was $500,000, which exceeded the estimated $74,000 needed to construct Fox Hill Farm Drive and Northfield Lane in Phase IIA-1. The amount was larger in order to accommodate the largest anticipated security that would be needed at any given time during development of the remaining phases. Since the sale of lots in Phase I has been slow,the applicant has chosen not to seek approval of additional phases at this time In addition,the lots which were created in Phase IIA-1 (none of which have been sold)have been recombined with the adjoining land owned by the applicant,thereby eliminating the subdivision lots. The property owner has requested that the letter of credit be released, since there are no lots to be served by a new road. Fox Hill Farm Drive and Northfield Lane were approved as public roads, and the rights-of-way for both roads were accepted by Orange County when the Final Plat was recorded. The recombination of the lots does not relieve the applicant of any requirements included in the Resolution of Approval, including the requirement to construct Fox Hill Farm Lane and Northfield Lane prior to release of the letter of credit, and does not abandon the road dedication. These actions could be accomplished by revocation of the Board of Commissioners October 4, 1993 approval of the Preliminary Plan. Revocation of the Preliminary Plan approval will restore the property to its pre- approval status. Any future development application will be considered a new request, subject to all requirements, including provisions related to Flexible Development, in effect at the time of submittal. RECOMMENDATION: The Administration recommends that the October 4, 1993 approval of the Preliminary Plan for Fox Hill Farm Phase IIA be revoked,per the attached Resolution.