Orange County NC Website
Browse       Search
O R A N G E C O U N T Y <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: _June 3 1991_ <br />Action Agenda <br />Item # <br />SUBJECT: HABITAT FOR HUMANITY - LETTER OF CREDIT RELEASE <br />DEPARTMENT: PLANNING PUBLIC HEARING: Yes �X_No <br />ATTACBMENT(S): <br />Construction Estimate <br />Village Bank Letter of Credit <br />5/20/91 Draft Planning Board <br />Minutes <br />1 <br />INFORMATION CONTACT: Emily Cameron <br />Extension 2580 <br />TELEPHONE NUMBERS: <br />Hillsborough - 732 -8181 <br />Durham - 688 -7331 <br />Mebane - 227 -2031 <br />Chapel Hill - 967 - 9251/968 -4501 <br />PURPOSE: To consider a request by the Planning Department for <br />authorization to release a letter of credit submitted <br />by Orange County Habitat for Humanity, Inc. if <br />Community Development Block Grant funds are obtained. <br />BACKGROUND: This item was discussed by the Commissioners on May <br />21, 1991, as part of the report presented by Tara <br />Fikes, Housing and Community Development Director. <br />Action on this request will carry out the decision <br />made by the Board regarding the method of funding <br />required improvements in Chestnut Oaks Subdivision. <br />Habitat for Humanity has submitted its final plat <br />application for the amended Phase Two of Chestnut Oaks <br />Subdivision. The cost of required improvements in this <br />phase (plus ten percent) is $80,410.00. Habitat <br />proposes to use the $25,000 challenge grant awarded by <br />the County last year to pay for a portion of the road <br />construction and shared well installation. They have <br />submitted a letter of credit from The Village Bank for <br />the remainder, $55,410.00. <br />Under normal circumstances, the County would not <br />release funds from a letter of credit until a portion <br />or all of the required improvements are installed and <br />approved by the appropriate authority. However, the <br />Planning Department would like to propose an <br />alternative procedure for the Chestnut Oaks <br />Subdivision. <br />