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Mr. Chris Yuen <br /> January 5, 2005 <br /> Page 2 <br /> Additionally, although the market conditions and demand for residential property <br /> have increased within recent years, the focus has been, and continues to be on oceanfront <br /> property. The money required to fund on and off site infrastructure improvements can only be <br /> recovered through lot sales at the project. With no market for a development such as the <br /> Highlands Golf Estates and Golf Course project, a significant investment in the project such as <br /> for infrastructure improvements, would make the investment economically unfeasible at this <br /> time. Applicant has also explored numerous other financing options for this project to no avail. <br /> Therefore, Applicant has made a good faith effort in complying with the <br /> conditions stated in Ordinance No. 95 51. The inability to develop this project so as to obtain <br /> final subdivision approval was due to market conditions beyond the control of Applicant. The <br /> request for a time extension does not run contrary to the original reasons for the granting of the <br /> change of zone, permit, and subdivision approvals. <br /> The extension of time in Condition B of Ordinance No. 95 51 to March 21, 2015 <br /> would be greatly appreciated. The extension could allow Applicant to explore other avenues to <br /> develop the project as well as a opportunity that market conditions may favor development of the <br /> Highlands Golf Estates and Golf Course project. <br /> Resp fully submitted, <br /> os Rohr <br /> Enclosures: Filing fee of five hundred dollars ($500) made payable to County Director of <br /> <br /> Finance and an original and twenty (20) copies of this completed application. <br /> <br />