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Virginia Beach, Virginia. Sec. 7482(b)(1)(E). Robert G. Moore
(petitioner) is Lakewood's tax matters partner.
Lakewood was formed in the State of Virginia on August 12,
1987. During 1987, Lakewood acquired approximately 649 acres of
unimproved real estate located in Chesapeake, Virginia. Although
Lakewood acquired the property with a view towards profiting from
its development, efforts in this regard were halted when the
Federal Government issued its Wetlands Manual of 1989 (Wetlands
Manual).3 Under the Wetlands Manual, property falling within the
definition of protected wetlands is subject to the jurisdiction
of the Environmental Protection Agency and the United States Army
Corps of Engineers (COE).4
As a consequence of the release of the Wetlands Manual,
Lakewood engaged various environmental engineering consultants to
prepare wetland evaluations and provide advice regarding the
feasibility of developing the property. After determining that
approximately 75 percent of Lakewood's property constitutes
protected wetlands as defined in the Wetlands Manual, the
consultants advised Lakewood that, in accordance with the
Wetlands Manual, a permit would have to be obtained from COE
3 While not critical to the disposition of the pending
motion, it appears that the 1989 Wetlands Manual was abandoned
sometime in 1991 in favor of the readoption of the Wetlands
Manual of 1987.
4 Prior to 1989, the property in question was not
considered wetlands.
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