Subdivision developer asks for more time to finish work

Cypress Villages developer Dan Walker has requested a two-year extension from the Jefferson County Board of Supervisors to complete the subdivision?s second phase of infrastructure development.

During Tuesday?s board meeting, Walker reported 50 percent of the work is complete.

?It?s been difficult to move at the rate that we?d like to. At the same time, we have continued to move, and I think we?ve got quite a bit done,? Walker said. He explained financing the project has been a challenge since the start of the lending crisis.

Walker said he had met with Wells Fargo and believed financing for the project was secure when it first got under way two years ago.

?We said we were just going to roll this out, and we thought we were,? Walker said. ?[Wells Fargo?s] commercial lending department was dissolved about six months after we became a subdivision.?

In early 2009, Walker came to the board requesting tax increment financing. At that time, Walker stated the development had enough funding to move forward with infrastructure or home construction.

Tuesday, Walker said an opportunity he couldn?t refuse presented itself roughly six months ago, and a chunk of money that could have gone toward infrastructure instead went into purchasing a former dormitory from Maharishi University of Management ? a move that enabled the residents at Cypress Villages to grow from three to 12.

Walker also said an unanticipated, significant sum of money has gone into wiring the subdivision for electricity.

?From the developer?s side, there?s always a stepping balance,? Walker said.

He reported the development?s wastewater and water infrastructure is about two months away from completion.

Supervisor Lee Dimmitt asked how the development will proceed if its petition for incorporation is denied by the City Development Board. Walker answered progress will continue with out-of-pocket funds or in cooperation with banks. He is pursuing multiple funding avenues.

Supervisor Dick Reed said he wouldn?t have a problem extending the deadline for the second phase of development. Supervisor Steve Burgmeier asked Walker to work with county engineer Tom Goff to review the development?s design and come up with a new timeline.

For the complete article, see the Wednesday, Feb. 17, 2010, printed edition of The Fairfield Ledger.

CORRECTON:

Developer says design nearly complete

In Wednesday?s article ?Subdivision developer asks for more time to finish work? developer Dan Walker was incorrectly quoted.

The development?s wastewater and water infrastructure design is about two months away from completion.

This correction appeared in the Thursday, Feb. 18, 2010, printed edition of The Fairfield Ledger.