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Due Diligence Documentation "Exhibit E-6"
Approved Development Plat
The following notes
are provided pertaining to this exhibit:
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What: the
Approved Development Plat is a scale drawing of the project site plan
together with the surrounding neighborhood. The Approved Site Plan
(see Exhibit E-5) fits
hand-in-glove within the Approved Development Plat. The Approved
Development Plat also provides the zoning board letter or other public
document that demonstrates the project has approved zoning for the type of
construction to be undertaken by the Design/Builder.
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When: this
document is required for production during the pre-construction phase of the
project's development program and is ordered as soon as the pro forma
financial presentation is complete. The Design/Builder may, under
certain contract circumstances, be responsible for obtaining these services
on behalf of the Syndicate.
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Why: the
stamped Development Plat is proof the project can undertake construction
activities in the very near-term (next 30 to 60 days). This lets the
Syndicate investors know that, more or less, the proposed project has been
the subject of significant effort and expense in completing the due
diligence expectations of the Syndicate.
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Where: this
document is filed at the county clerk's office and there may be an online
database maintained by the county that would allow a cross-check to be
performed by an investor/purchaser in the Syndicate.
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How: this
document is prepared by the Civil Engineer in consultation with the project
architect, the project structural engineer and regulatory bodies. A
stamped copy is on file in a repository (the county clerk's office) that
offers public access to all real property filings within the county.
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What's important: this
document should be in the drawings set created by the project
architect. The Design/Builder would be able to provide a copy of this
drawing and send it to an investor in the Syndicate as an email file
attachment. This document should tell you the construction can begin
within a reasonable window of time that, is more or less depending upon the
practices of a given county, once the Syndicate closes and funds.
For more information, please contact us at 832.659.5009 or via email at info@realestateplays.com.
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