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GRAHAM:Is that a new Planning Directors memo since our last meeting <br />or -? <br />th <br />FUKE:I dont know, this is something I received April 27. <br />th <br />DARROW:Its dated April 27. It should be the light yellow sheet right there. <br />Its on the back page. <br />FUKE:And I think this is the bond that I think that everybody was looking <br />for. Cause now you have a guaranteed bond to assure that the road will be constructed at <br />some point in time. <br />GRAHAM:Yeah, permanent running, Im coming down near the bottom of it <br />there, ‚the obligation shall be secured by a covenant running with the land recorded <br />against at least one of the parcels created by Subdivisionƒ such and such. So thats, as I <br />recall the general layout, there are several parcels, and one of the parcels is this one <br />where the affordable housing will be. But we dont have any construction timetable or <br />anything firm at all about what will go on and when it will go on on the additional <br />parcels. <br />FUKE:Thatiscorrect.IfIcandirectyoutothismaphere,thedeveloper <br />is already constructing this road up until this point over here. So what hes asking for is <br />relief from maybe approximately like 400 feet over here. This is the adjoining State land <br />which is this parcel over here. And the State has, at this point in time no plans to do <br />anything. So what the proposed condition is saying is that there has to be a covenant on <br />one of these parcels, and probably it would be this parcel here cause its adjoining, you <br />know, this section thats undeveloped, they would be obligated to complete the roadway. <br />The developer would have to complete it or, alternatively, the landowner of this when the <br />County asks for it would have to complete this section. Otherwise the County just calls <br />in on this property here, and uses the money and build the road. Thats the way I <br />understand how its supposed to work. <br />GRAHAM:Mr. Torigoe, could you give me any sense of whether you read this <br />to be as portrayed by Mr. Fuke? <br />TORIGOE:Yeah, its almost like a bond, you know, a secured bond kind of a <br />situation where theres a promise on the part of the developer to make sure that this <br />happens. You know, when the State does do something that would call for the road to be <br />built, that basically there would be a covenant on the land that -. Its like an agreement <br />that the developer is going to do it; and if the developer fails to do it then the County <br />would have the ability to basically sell the land and use the proceeds to build the <br />roadway. <br />FUKE:Just for your added information, Commissioner Graham, at the last <br />meeting I had asked the developer what the estimated cost to construct this remaining <br />400- or 500-foot section. He said it costs approximately about $250,000. So this one <br />3EXHIBIT E <br /> <br />