Feature Envelope To Polygon (Data Management)
Summary
Creates a feature class containing polygons, each of which represents the envelope of an input feature.
Illustration
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Usage
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The attributes of the input features will be maintained in the output feature class. A new field, ORIG_FID, will be added to the output feature class and set to the input feature IDs. 
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Since the envelope of a perfectly horizontal line (parallel to the x-axis) has a zero height and the envelope of a perfectly vertical line (parallel to the y-axis) has a zero width, the resulting polygon from either line would have a zero area; such invalid polygons will be omitted in the output. The same applies to a part in a multipart line feature. 
Syntax
| Parameter | Explanation | Data Type | 
| in_features | The input features that can be multipoint, line, polygon, or annotation. | Feature Layer | 
| out_feature_class | The output polygon feature class. | Feature Class | 
| single_envelope (Optional) | Specifies whether to use one envelope for each entire multipart feature or one envelope per part of a multipart feature. This parameter will affect the results of multipart input features only. 
 | Boolean | 
Code Sample
The following Python window script demonstrates how to use the FeatureEnvelopeToPolygon function in immediate mode.
import arcpy
from arcpy import env
env.workspace = "C:/data"
arcpy.FeatureEnvelopeToPolygon_management("urban_analysis.gdb/parks",
                                          "c:/output/output.gdb/parks_extent",
                                          "SINGLEPART")
The following stand-alone script is a simple example of how to apply the FeatureEnvelopeToPolygon function in a scripting environment.
# Name: FeatureEnvelopeToPolygon_Example2.py
# Description: Use FeatureEnvelopeToPolygon function to find 
#              the general extent of features.
# Author: ESRI
# import system modules 
import arcpy
from arcpy import env
# Set environment settings
env.workspace = "C:/data/urban_analysis.gdb"
# Set local variables
inFeatures = "houses"
outFeatureClass = "c:/output/output.gdb/houses_extent"
# Execute FeatureEnvelopeToPolygon
arcpy.FeatureEnvelopeToPolygon_management(inFeatures, outFeatureClass, 
                                          "SINGLEPART")