On May14th,The James City County Board of Supervisors will consider a contract award to Meridian Land Company to complete the infrastructure at the failed Westport subdivision off of Centerville Rd across from Fords Colony
The Westport development has been sitting idle for a number of years now. Its grand opening was in May of 2008. Amazingly nine lots were sold without any roads or infrastructure being built. The community is composed of 102 lots between three to five acres in size.
Realtec Incorporated , the original developer of Ford’s Colony and Westport took out a surety bond with Fidelity and Deposit Company of Maryland in the amount of $2,245,000 . Realtec failed to complete necessary infrastructure for the development and the property was foreclosed upon by Meridian Land Corporation, LLC
On February 28, 2012, the County entered into an agreement with Realtec and Meridian Land Corporation, to establish a framework for completion of Westport contingent upon the County’s receipt of the bond proceeds.
As a result of Realtec’s failure to complete the infrastructure, the County made demand on F&D for the bond proceeds. F&D assumed full responsibility and the County has received the full bond proceeds of $2,245,000.
Using the bond proceeds,the County wishes to enter into an agreement with Meridian, to perform work on the infrastructure
Apparently the bonds were not large enough to cover the planned infrastructure improvements which include a costly well facility. Meridian will contribute the funds necessary in excess of the bond proceeds for the completion of Westport
Meridian estimates final completion of the infrastructure, including those portions not paid by the bond proceeds to be finished by December 31, 2014.
Filed under: Ford's Colony | Tagged: fords colony, westport |
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