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Agenda - 08-03-1992
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Agenda - 08-03-1992
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BOCC
Date
8/3/1992
Meeting Type
Regular Meeting
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Agenda
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lh <br />Mr. Marvin E. Collins <br />April 2;2-1992 <br />Page Three <br />Apart from the land, as has been suggested above, the most serious consequence of a delay <br />would be the loss of the principal investor. We feel most fortunate that at this juncture <br />moment, we have an investor enthusiastic about the rural village concept. Due to his <br />optimism that the economy is rising from its slump, he is currently willing to commit the <br />development funds necessary. We will lose him if we delay the project until next year. He <br />has assured us that he will not even be interested in further discussions unless we are <br />successful in keeping the application on a fast track. <br />Everyone recognizes the current problems with our economy. The S&L's, insurance <br />companies and banks have made so many bad loans in recent years that it is now <br />impossible to obtain financing for development in North Carolina. Private investors are not <br />interested in "risk" projects when they can simply invest in Cary and have a "slam dunk." <br />There are builders standing in line to build and buyers waiting to purchase homes in areas <br />like Greensboro, Cary and Charlotte. <br />To secure development financing for a new concept in a rural area is difficult in the best of <br />times. Recently a nationally prominent planner was quoted: "The real problem with <br />implementing many of these ideas (neo- traditional plans) is the lenders, most of whom do <br />not fully understand the development business and insist that the same mistakes be made <br />time and time again." <br />We will be submitting facts and figures on development impact analysis. These estimates <br />will hold firm for 1993 and 1994 as well. There is no reason to see much change over that <br />period, nor will the development ratio change, nor will the cost of developing this tract of <br />land. In addition, the revenue numbers will be relatively constant. In sum, both the plan <br />and associated analyses will be the same, whether submitted now or if delayed until <br />February. <br />If the County wishes to see land developed in a new and very desirable way, the <br />development of University Station is an opportunity to do that, but because of <br />circumstances over which we have no control, the window of opportunity is small. The <br />application must be heard at the May 26th hearing, or the options will expire, the investor <br />will go elsewhere and the opportunity will pass. <br />We very much hope that the Commissioners will favorably consider this request to hear <br />this application on May 26th. <br />Very sinc <br />Arthur . Co <br />Archite t and <br />AR /jb <br />
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