The on-again, off-again completion of Edenmoor is back on.
The Lancaster County Forfeited Land Commission approved and signed a contract last Friday with Saybrook Capital, a California-based company that buys distressed and defaulted municipal bonds. The contract allows the company to purchase the property and complete development at Edenmoor, an Indian Land community that went into foreclosure after the developers abandoned the property.
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A co-investor, Raleigh-based developer LStar, will help develop the property, Saybrook officials said earlier this month. Work won’t begin on the property immediately. The contract allows for a standard 60 days to transfer titles and close on the property.
Edenmoor resident Jan Tacy said she and other homeowners were surprised the contract did not include a requirement that Saybrook restructure bond assessment fees that the homeowners have been charged annually. In discussions with the FLC, residents had been told that assessment fees would be suspended for at least one year until the property is improved.
Tacy paid $850 in bond assessment fees last year.
“And that’s for the privilege of living in Edenmoor. For that, we get nothing. We have roads falling apart, no amenities, and we still pay $525 a year in HOA fees,” Tacy said.
A meeting between the residents and Saybrook officials is being organized for mid-to-late September, Tacy said.
“We hope Saybrook will live up to their promises and our expectations,” Tacy said.
Jon Schotz, a partner with Saybrook Capital, said that as soon as the company closes on the property, they will begin working on completing the infrastructure, a project that will take around $5 million and eight to 10 months.
In May the FLC put out a Request for Proposal, soliciting bids for purchase of the Edenmoor property. In mid-July, Saybrook bought the property’s bonds, said John Lane, head of the Forfeited Land Commission.
Reilly Properties, working with Charlotte-based PACE development under the name Eden Ventures, received the initial nod from the FLC to purchase the property but last month terminated their agreement to develop Edenmoor because the FLC would not waive delinquent bond assessments.
Saybrook stepped in and negotiated with the FLC to purchase the property.
The commission received the property after the developers, Lawson’s Bend LLC, let the community fall into foreclosure.
The property went to tax sale in 2009. At the tax sale, no buyers made bids for the property and it fell under the charge of the Forfeited Land Commission.