Item Coversheet
Brunswick County Board of Commissioners
ACTION AGENDA ITEM
October 3, 2022

Action Item # V. - 6.

From:
Bryan W Batton, Asst. County Attorney

County Attorney - Ocean Isle Palms Bond Extension Request

Issue/Action Requested:
To approve an extension of the Ocean Isle Palms subdivision bonding agreement subject to terms satisfactory to the County Attorney and authorize the County Manager to execute the same.
Background/Purpose of Request:

OIP NC, LLC, purchased the Ocean Isle Palms development from the North Myrtle Liquidating Trust.  As part of the transaction, OIP NC, LLC was required to post replacement bonds for asphalt in Phase 1 and the infrastructure in Phase 2.  In addition, Brunswick County required a lot exchange program as a condition of the bonding such that independent lot owners could trade their undeveloped lots for developed lots. 

 

Since then, OIP NC, LLC has continued to work with engineers and planners on the development. This includes an NCDOT driveway permit and associated work.  In addition, several lot owners have utilized the lot swap program.

 

OIP NC, LLC is requesting an extension from December 31, 2022 through December 31, 2024.  Any extension would also include the lot swap program for any remaining lot owners in Phase 2.

Fiscal Impact:
Reviewed By Director of Fiscal Operations
Approved By County Attorney:
Yes
County Attorney's Recommendation:
To approve an extension of the Ocean Isle Palms subdivision bonding agreement subject to terms satisfactory to the County Attorney and authorize the County Manager to execute the same.
County Manager's Recommendation:
Recommend that the Board  approve an extension of the Ocean Isle Palms subdivision bonding agreement subject to terms satisfactory to the County Attorney and authorize the County Manager to execute the same.