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Chairman Davis had concerns with comments from Commissioner Wheeler and <br />asked Attorney Collins if he was comfortable with the verbiage read by Commissioner Wheeler <br />(page 260 of the backup memorandum). <br />Attorney Collins summed up his understanding of discussions on the topic: that <br />that they could do a modification to extend the contract for a two-year extension; that the <br />security supporting that extension would remain in place for three months beyond the contract <br />default date or perhaps six months, because this is like cure period; Foster would have the ability <br />to modify the design to avoid filling in the interim, coming up with some design solutions that <br />could be implemented through a re -plat; and that whatever extension the Commission afforded to <br />the Developer would be passed through to individual lot owners, through an amendment with <br />Deed Restriction, to have a commensurate extension for each lot owner to complete their full <br />obligation. He said if those were the terms, staff could return, in a week or two, with a contract to <br />implement that Agreement. <br />ON MOTION by Commissioner O'Bryan, SECONDED <br />by Vice Chairman Flescher, the Board unanimously <br />approved to extend the contract for two (2) years; <br />approved the security for two (2) years and six (6) months; <br />approved to amend restrictions to allow individual lot <br />owners the benefits of the same period of time extensions <br />to fill their lots; and approved for the Agreement to be <br />brought back to the Board for final approval. <br />14. COMMISSIONERS' ITEMS <br />A. COMMISSIONER WESLEY S. DAVIS, CHAIRMAN - NONE <br />January 6, 2009 <br />17 <br />