The CDA boundaries shall initially include the property identified in exhibit A, as
attached to the ordinance from which this article derived and presented to the board
upon the creation of the CDA. In accordance with Code of Virginia, § 15.2-5157, a
copy of this article shall be recorded in the land records of the Circuit Court of
Chesterfield County for each tax map parcel in the CDA district and the CDA district
shall be noted on the land records of the county. The board, upon the request of the
CDA or the landowner or its successors in interest, may, by adopting an amendment
to this article, release or exclude from the CDA district (i) at any time before the
issuance of the CDA's bonds (the "bonds"), land containing no more than 270 acres
to be used for construction of the proposed golf course as shown generally on the
conceptual plan dated February 1, 2007, prepared by Timmons Group, entitled "Lower
Magnolia Green Conceptual Plan", a copy of which is attached hereto as exhibit B as
a part hereof (the "conceptual plan") and/or other areas designated by the CDA or
the landowner or its successors in interest, not to exceed a total of 55 acres and
(ii) at any time after the issuance of the bonds, additional portions of the land
within the CDA district as long as only de minimis portions of land not to exceed
25 acres are released from the CDA district. Except for the proposed golf course,
changes in the CDA boundaries pursuant to this section shall not be made unless the
CDA, the landowner or its successors in interest has provided the county with evidence
from an appropriate economic and financial consultant that such proposed reduction
in the size of the CDA will have a minimal impact on the amount of the assessment
necessary to amortize the anticipated bond indebtedness.
(Ord. of 8-22-07, § 1)
