The Albemarle County Board of Supervisors voted Wednesday to move into an expenditure account nearly $3.68 million that will pay for infrastructure improvements at the Belvedere development off East Rio Road.
The county demanded the money from Wachovia Bank after the project’s owner, Belvedere Station Land Trust, lost his line of credit to pay for the improvements.
Homebuilder Bob Hauser is the company’s sole trustee, according to documents.
With Wednesday’s action, the county may now return the money to Wachovia if Hauser wins approval for a new line of credit. Or the county may now perform the infrastructure improvements itself.
A representative of Hauser’s company said that it expects Wachovia will extend credit for the projects and the money will be returned.
The county’s engineer is reviewing the project to see if the county needs to tackle some of the work itself.
Either way, county officials said, taxpayer money will not be used.
The county was able to demand the money because the developer had provided the county with performance bonds for the infrastructure improvements.
The Board of Supervisors endorsed the measure in a unanimous vote.
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