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leTIBI~I~ <br />HOMES <br />300 McGill Avenue, N,W. <br />Concord, NC 28027 <br />October 9, 2009 <br />Board of Commissioners <br />Cabarrus County <br />65 Church St. SE <br />Concord, NC 28026 <br />RE: Waterford on the Rocky River Development --Request for APFO Fee to be Paid at <br />Building Permitting <br />Dear Board of Commissioners, <br />The Consent Agreement for the subject development ("Waterford") was entered into <br />between Martingale Holdings LLC and Cabamas County on December i 9, 2005. <br />Martingale Holdings LLC sold the Waterford development to Niblock Development Corp <br />on June 22, 2006. Niblock Developments Corp has finished and recorded a total of fifty- <br />one (51) lots in Phase 1 and has built and completed fifteen (15) single family homes. <br />The original rate of occupancy for this project was: 40 homes in calendar year 2006; 85 <br />homes in calendar year 2007; 85 homes in calendar year 2008; and 56 hon2es in calendar <br />year 2009. As you can see, Waterford is at less than 10% of its approved occupancy. <br />Extreme economic conditions are affecting the housing market in Cabarrus County. <br />Single family permits in 20091ikely will be at the lowest level since 1996 and monthly <br />permits issued have fallen by over 80% since mid 2007. Therefore, we request that the <br />APFO fee for Waterford be paid at building permitting instead of at plat recordation. <br />This allows us to finance the fee at the time of home building construction and there is no <br />negative impact on county services until the homeowner closes on their home. <br />Sincerely, <br />s% ~ ~~ <br />William T. Niblock <br />.President --Niblock Development Corp <br />704-788-4$18 • www.nibloclchomes.com • Fax 704-784-3720 Attachment number 2 <br />G-5 Page 266 <br />