The developer of a new subdivision in West End provided the county with a certified check for $376,000 Tuesday at the Moore County Board of Commissioners meeting.
This acts as a performance guarantee, ensuring that funds are available to complete the required infrastructure if the developer is unable to complete the work.
The board of commissioners approved the 166-lot subdivision on Gretchen Road, called Gretchen Pines, overruling objections from some residents that the new development was not compatible with the rural character of the area.
The agreement is in effect until April 2020 at which point it can be extended, or a new agreement can be approved if the work is not completed.
According to Moore County Planning Director Debra Ensminger, the county development ordinance gives the developer the option to enter into an agreement guaranteeing that the funds will be available to complete the necessary upgrades. This permits the developer to go ahead and sell lots before the completion of all required improvements.
According to Commissioner Catherine Graham, “it is always better to get cash instead of a performance bond.”
If the work is completed as stipulated, the county returns the funds to the developer.
The commissioners approved the agreement unanimously.
The next board of commissioners meeting is November 19.
~Article by Local News/Government Reporter Chris Prentice.
Contact him at [email protected] or (910) 639-9303.
