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FOX HILL FARM 22 <br /> 2726 CROASDAILE DR,SUITE 102 <br /> DURHAM, NC 2 705 383-5681 <br /> HAND DELIVERED <br /> August 11, 1993 <br /> Mr. Eddie Kirk <br /> Orange County Planning Department <br /> 306F Revere Road <br /> Hillsborough, N. C. 27278 <br /> RE: Impact Statement - Fox Hill Farm <br /> Phase II, Section A <br /> Dear Eddie, <br /> This letter is written in an effort to respond to your recent requests concerning the Impact of the <br /> proposed 43 lot subdivision of Phase II, Section A of Fox Hill Farm. <br /> We anticipate that this will be sufficient information to answer your questions as it pertains to the <br /> Orange County Subdivision Ordinance. <br /> 1) The likely value of the homes when complete on the proposed 43 lots of Phase II, Section A will <br /> typically range in value between approximately $225,000 to $450,000. <br /> This range of values is based on our extensive covenants which all future owners will be required <br /> to abide by when constructing their new homes. These construction standards coupled with the lot <br /> values establish this likely value range. The lower value range is likely to be achieved only for those <br /> properties that construct homes which meet the absolute minimum standards set by our Design <br /> Review Committee. <br /> 2) The anticipated absorption rate of the 43 lots in Phase II, Section A will be approximately 15 lots <br /> per year (1.25 lots sold each month, after all improvements to this Section are complete). Therefore, <br /> within 3 years Phase II, Section A will likely be absorbed by the Market. <br /> If you have any additional questions please give me a call at 932-9908. I will be glad to supply <br /> additional information to you or others within the Planning Department as necessary. <br /> Thank you for your assistance with these matters. <br /> Sinc ely yours, <br /> Vic Knight <br />