Background/Purpose of Request:
The parties entered into a bond replacement agreement in 2013. Since that time, the North Myrtle Liquidating Trust has installed infrastructure in three subdivisions. The Trust has expended substantially all of the funds allocated for the Seawatch subdivision.
There is a current deadline of February 19, 2018 for the Trust to procure a successor developer and to provide a developer replacement bond. An extension through May 18, 2018 is recommended to provide time for the Trust to continue to seek a purchaser and to allow all parties to explore other potential resolutions. |