Developers hold bill of assurance to last minute to avoid news coverage

BILL OF ASSURANCE
FOR THE CITY OF FAYETTEVILLE, ARKANSAS

In order to attempt to obtain approval of a request for a zoning reclassification,
the owner, developer, or buyer of this property, (hereinafter “Petitioner”) Campus
Crest Development, hereby voluntarily offers this Bill of Assurance and enters into this
binding agreement and contract with the City of Fayetteville, Arkansas.

The Petitioner expressly grants to the City of Fayetteville the right to enforce
any and all of the terms of this Bill of Assurance in the Circuit Court of Washington
County and agrees that if Petitioner or Petitioner’s heirs, assigns, or successors violate
any term of this Bill of Assurance, substantial irreparable damage justifying
injunctive relief has been done to the citizens and City of Fayetteville, Arkansas. The
Petitioner acknowledges that the Fayetteville Planning Commission and the Fayetteville
City Council will reasonable rely upon all of the terms and conditions within this Bill of
Assurance in considering whether to approve Petitioner’s rezoning request.

Petitioner hereby voluntarily offers assurances that Petitioner and Petitioner’s
property shall be restricted as follows IF Petitioner’s rezoning is approved by the
Fayetteville City Council.

1. The use of Petitioner’s property shall be limited to only those permitted uses
expressly provided or referenced within the Downtown General zoning ordinance .

2. Other restrictions including number and type of structures upon the property
are limited to:
a) A three-story height restriction on all buildings within fifty (50)
feet of the property line along Government Avenue;
b) There shall be a fifty (50) feet building set back along all property
adjacent to Government Avenue;
c) There shall be a density limit of twenty (20) residential apartment
units per acre on all property subject to the overall development
prior to any land dedication as required by the City of
Fayetteville.

3. Specific activities will not be allowed upon petitioner’s property include all
uses not expressly permitted by Downtown General zoning classification.