This article appeared in the LaFollette Press:
http://www.lafollettepress.com/LaFollette_Press.html
Villages Owners Seeking Updates
By JENNIFER CALDWELL
stories@lafollettepress.com
Campbell County Regional Planning Commission meetings are not usually a tourist attraction.
More than 20 out-of-town guests were in attendance at Tuesday’s meeting in hopes of learning more about the fate of their property in the now defunct Villages at Norris Lake development.
In an effort to provide property owners with information, planning commission attorney Reid Troutman held a question-and-answer session with the group that traveled from Toledo, Memphis and a variety of other locations.
“I will tell you everything I know,” Troutman told Villages property owners.
Troutman told property owners the planning commission will use revenue from bonds to complete the development’s infrastructure.
The Villages parent company, Land Resource LLC, was required to provide the bonds in case the company ran into financial difficult and was unable to finish the project.
“I think this county owed you the fiduciary duty to call the bonds,” Troutman said.
According to Troutman, he participated in a meeting with Safeguard, the project’s bonding company, to discuss the development’s future.
“We had a meeting about 10 days ago with Safeguard to discuss this mess. Safeguard has its engineers and people here looking at the property now,” Troutman said.
Because much of the work in phase I of the development has already been completed, it is likely this will be the starting point for Safeguard to oversee completion of the project.
“One of the biggest issues right now is the waste water treatment facility,” Troutman told the group.
While construction of the facility is fully bonded, the proposed plant will not be able to function with only two houses that are already under construction.
Troutman said an alternative waste treatment plan will need to be in place until more homes are ready to be brought on line.
Since little work in phase II and phase III of the development has been completed, these property owners expressed the most concerns.
“Phases II and III have a long way to go,” Troutman said as he again stressed that bonds were available to complete the infrastructure in all three phases.
According to Troutman, Safeguard is planning to initiate litigation against Land Resource LLC soon in an effort to recoup the costs of completing work at the Villages.
“The big question is where did the money go?” Troutman said of the more than $30 million that was generated from property sales at the Villages.
While proposed amenities including a clubhouse, pool and marina are not covered by the bonds, Troutman projected that work on the development’s roads and utilities would be underway soon.
In addition to roads inside the development, a portion of the roadway outside the gated community that has sustained damage was also bonded.
“The goal is to start work in the next 60 days,” Troutman concluded.
End of article
Pat
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