1. Myrtle Beach National’s proposed project is to develop a mixed-use village with approximately 46,000 square feet of mixed-use space (Sea Market Village) and 100 condos on the 12.6 acres adjacent to Litchfield By The Sea.
o Litchfield By The Sea accepts the property and condos into full Litchfield By The Sea Membership.
2. Myrtle Beach National revises their existing Beach Access Easement Agreement to eliminate potential public access and to state that access is permitted only to those engaged by Myrtle Beach National in connection with the operation of its business conducted upon the Waccamaw House parcel for the rental of resort accommodations at Litchfield By The Sea.
3. Myrtle Beach National pays $1.5 million into the Litchfield By The Sea Reserve Fund and up to $100,000 Litchfield By The Sea interest expenses for the Enhancement Project.
o $500,000 at the close of the construction loan to initiate the first phase.
o Remainder paid from closing proceeds of Condos in the first phase.
4. Litchfield By The Sea gains architectural review rights over all improvements to the property and a Covenants and Restrictions agreement for the proposed project.
5. The Proposed Agreement is offered until January 1, 2015 (was 2012), or until the closing of the construction loan on the first phase. The date may be mutually extended through January 1, 2020 (was 2016).
6. This Proposed Agreement is in effect within the timeframe if and when:
o The Litchfield By The Sea Community passes the proposed Resolution.
o Ten days after Myrtle Beach National closes a construction loan to finance the first phase of the project.
Upon review of the Proposed Agreement, you may submit questions by visiting www.Litchfieldfuture.wordpress.com or emailing Litchfieldfuture@gmail.com.
