Grupo Mariana has developed a master plan for the Property, acquired projected cost estimates, obtained a preliminary design and completed routing with grading plans of the course from the Nicklaus Design organization, and the Company has recently completed construction plans with a budget for the costs of the development of Phase I infrastructure and construction of high-rise condominiums.
Development of the Property will require extensive infrastructure improvements, such as roads, electricity, water and sewage facilities. Development of the Property requires issuance of a variety of permits and approvals from various governments. Many of these permits and approvals have been obtained, including the Major Land Use Permit, subdivision map, water permits, cultural permits and the INETER permit from the department of Managua, Nicaragua establishing good conditions for construction on the land and no faults lines or risk to development. In addition, development permits have been obtained from the two local municipalities, as have the required water and cultural permits. The Company has been issued a complete master policy of title insurance from First American Title Insurance and a second application was approved and a policy has been issued from a second carrier, Stewart Title Guarantee, as of February 2008.
The first phase of a two phase process submitting for environmental permits to the department of MARENA was completed in July 2007. The final environmental permit is anticipated in November 2011 following the completion of the civil engineering plans in August 2011. The Development site plan construction permit is anticipated in December 2011. The anticipated date of commencement of construction of infrastructure will depend on the availability of financing.
As of July 2007, a well has been drilled 200 feet and water located. The results of the drilling have proven the well has an ability to deliver up to and over 33 gallons of water per minute. A second well was completed in September 2007; with results of the drilling indicating the well has an ability to deliver up to 270 gallons of water per minute. Two more wells were drilled in the first and second quarters of 2008, each delivering an additional 250 gallons of water per minute.
The individual land lot surveys were completed in March 2008 and registered in the public registry of Managua and Carazo with a registered Catastral Survey Map and reference number along with the Horizontal Property Regime (HPR) submitted to the public registries of two municipalities in August 2008.
As of September 2009, all land lots within the HPA are registered in the municipalities of Managua & Carazo, ready for the transferring of individual titles and are approved for sale. The recording of the deed upon sale of property in Nicaragua is often a time consuming process and can take three (3) to six (6) months on average.
A master property owner’s association regime for the Property has been established. A Nicaragua Corporation has been formed for the mutual benefit of property owners and Developer. The Property Owner Association S.A. has been formed and serves as the property owners association for the Development (the “POA”). Existing property owners are members of the POA. New property purchasers will also be required to be members of the POA. All property owners are required to remain members of the property owners association for so long as they own property within the Club community. The POA is governed by a Master Declaration of Covenants, Articles of Incorporation and By-Laws (the “POA Documents”). The POA Documents provide for the payment of assessments by members of the POA to pay common expenses of the POA.
The owner is obligated to pay each year the current annual assessment for each home site owned after the sale of the first home site in that neighborhood. A neighborhood association will also govern each home site and the owner pays an annual assessment to cover the costs of maintaining any common area in the neighborhood such as individual condominium association or villa association. Club amenities dues are separate and do not form part of the POA.
Grupo Mariana is the first resort in Nicaragua to file the extensive documentation required for the Security and Exchange Commission (SEC), pending registration with Housing and Urban Development (HUD), and the comprehensive Canadian Disclosure process. This is all done in order to provide our investors with an unparalleled level of security, in a resort that is destined to become the finest in the country. Additionally, the Nicaragua Ministry of Tourism and the offices of PRO Nicaragua and the President of Nicaragua have signified their support for the project in letters to the Developer.
When you’re interested in receive further details about an early investment opportunity in Nicaragua, we can give you even more excellent reasons to explore a new life in Nicaragua, whether you’re interested in vacationing, retiring, starting a new business or investing in the lucrative opportunities that abound.
We are very excited about the future of our growing resort and would love to help you learn more about LAYA and Nicaragua’s Pacific Coast.
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