Agenda - 06-03-1991 - Laserfiche WebLink

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M@ � FV - 7 This item is to consider a request by the Planning Department for authorization to release a letter of credit submitted by Orange County Habitat for Humanity, Inc. if Community Development Block Grant funds are obtained. Habitat for Humanity has submitted its final plat application for the amended Phase Two of Chestnut Oaks Subdivision. The cost of required improvements in this phase (plus ten percent) is $80,410.00. Habitat proposes to use the $25,000.00 challenge grant awarded by the County last year to pay for a portion of the road construction and shared will installation. They have submitted a letter of credit from The Village Bank for the remainder, $55,410.00. Under normal circumstances, the County would not release funds from a letter of credit until a portion or all of the required improvements are installed and approved by the appropriate authority. However, the Planning Department would like to propose an alternative procedure for the Chestnut Oaks Subdivision. In Decemer 1990, the County received a preliminary award of $175,000.00 in Community Development Block Grant (CDBG) funds from the NC Department of Economic and Community Development. These funds have been earmarked for road construction in the Chestnut Oaks Subdivision. According to the Orange County Housing and Community Development Department, the County can anticipate signing a final grant agreement with the State in June, and have the funds released by July 15, 1991. when the County has obtained the CDBG funds to be used for road construction, that money can be used to replace the letter of credit submitted by Habitat with their final plat application. The Planning Staff recommends that the Planning and Inspections Department be authorized to release the letter of credit submitted by Habitat for Humanity in the amount of $55,410.00 when the County obtains CDBG funding from the NC Department of