Now you’ll see how to create a new feature class of Lot polygons from the lot lines feature class that you’ve been working on and from a point feature class that will supply the attributes of the new lot features.

The Polygon Feature Class From Lines tool finds areas enclosed by line features or the edges of polygon features. If you have a feature class of points with ID values for the polygons you're building, you can give the new polygons the attributes of a point they contain.