Agenda - 12-05-94 - VIII-I - Laserfiche WebLink

Browse Search

29 Date: November 8, 1994 HAND DELIVERED To : Orange County Planing Department 306F Revere Road Hillsborough, NC 27278 Attn: Mr. Eddie Kirk Subject: Impact Statement - Phase I Section C - FOX HILL FARM Dear Eddie, This letter is written in an effort to respond to your recent requests concerning the Impact of the proposed 39 lot subdivision of Phase I Section C of Fox Hill Farm. We anticipate that this will be sufficient infoLluation to answer your questions as it pertains to the Orange County Subdivision Ordinance 1) The likely value of the homes when complete on the proposed 39 lots of Phase I Section C will typically range in value between approximately $200 , 000 to $300 , 000 . This range of values are based on our extensive covenants which all future owners will be required to abide by when constructing their new homes. These construction standards coupled with the lot values establish this likely value range. The lower value range is likely to be achieved only for those properties which construct homes which meet the absolute minimum standards set by our Design Review Committee. 2) The anticipated absorption rate of the 39 lots in Phase I Section C will be based on approximately all 10 lots within phasing section C-1 sold and approximately 4 lots within phasing section C-2 sold in the first year, and the remaining approximately 4 lots within phasing section C-2 sold and all of phasing section C-3 sold in the second year. The remaining lots in phasing section C-4 will likely be sold during the third year (therefore, 1 . 25 lots sold each month, after all improvements to Section C are complete) . Therefore, within 3 years Phase I Section C will likely be absorbed by the Market. If you have any additional questions please give me a call 932-9908, I will be glad to supply additional information to you or others within the Planning department as necessary. Thank you for your assistance with these matters . Sinc rely yours, Vic Knight