February 09 Update
February 16th, 2009
As everyone is aware, our Flagstaff winter has been a long cold one with plenty of snow. However, work has not stopped on the developer/owner working with the court and creditors to develop a business plan with a consensus that meets the court’s requirements. The funds required to complete phase 2 and 3 are incorporated in the developer business plan and will require court approval.
The temporary access road that was given the green light last fall was in the process of completion when the snow began to fall and we haven’t seen the ground since. The access road reached 75% completion and the balance of construction work will resume once the snow is significantly gone.
The insurance company is obligated to fund completion of the public improvements for Phase I under an agreement between the City of Flagstaff and the other parties. The bonding company and developer have agreed on a contract bid amount to complete the public improvements for our Phase I work. LP Contracting (our existing contractor) has been awarded the contract and it should be signed shortly. LP has done the majority of the infrastructure and they are prepared to move to completion. Construction on the public improvements will begin as soon as our weather conditions allow.
The existing GMAC loans continue to be a major issue and they are yet to be resolved. GMAC seems to be in a holding pattern pending the variety of bankruptcy issues and, possibly, federal actions on loans. Once it is clear that we can proceed, we can resurrect our communication with alternative lenders willing to finance the completion of homes under contract.
Thank you for the update, we do appreciate hearing any and all news about our future home.
We hope and pray the court approval happens in March.
Karen Morefield