Settlement reached between Jaguar’s Lair developer and Sunset Beach
BRUNSWICK COUNTY, NC (WWAY) — After more than a decade, the controversy regarding the Jaguar’s Lair subdivision, the developer, and the town of Sunset Beach is over.
The Town of Sunset Beach says they have successfully reached an agreement with Coastal Communities at Ocean Ridge Plantation.
According to a news release, the developer agreed to “design, permit, construct and complete the required improvements” for one section of the property by January of 2019. Improvements to another section of the property will be finished by 2020.
Those improvements include water, sewer, paved roads, curbs, and gutters.
The dispute has been raging for years.
Property owners spent between $300,000 and $500,000 on the lots eleven years ago, but were unable to ever build on the property because of lack of infrastructure. Property owners say they were expecting lush greens, blue water and lavish luxury similar to Ocean Ridge Plantation, which was also developed by Mark Saunders and Coastal Communities.
That never happened. Instead, property owners say they couldn’t receive construction loans because of the lack of infrastructure.
Sunset Beach eventually sued Bond Safeguard Insurance, the company that wrote about $3 million in bonds for the infrastructure work.
According to this new agreement entered into on Tuesday, the developer will pay for Brunswick Electric Membership Cooperative to install underground electric lines to provide electrical service, and when water and sewer is installed, and roads are paved, the town will release the bonds.
Once this agreement is complete, the town will dismiss the lawsuit. If anyone defaults under this agreement, arbitration will take place.
The town agreed to cooperate with the bond company and developer in the completion of the work and promptly consider renewal of any permits and timely inspection of work.
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