Wednesday, December 05, 2012 - Regular Planning ... - Polk County

DRAFT
The Oakmont PD includes residential and commercial development
parcels. The Parties agree the overall reimbursement to Polk County shall
be based on and paid by the Owner as follows:
• Residential development: $ 136.00 per lot or dwelling unit
• Commercial development: $ 509.00 per 1,000 square feet of gross
leasable area
This payment for the residential or commercial development is due at the
time a building permit application is submitted to Polk County for a
proposed residential or commercial structure. Once Polk County has
received a total of $150,000.00 from the Owner (or other owner within the
Oakmont PD), Polk County shall no longer require reimbursement for the
construction of Pine Tree Trail as provided herein.
The above stated payment per lot or dwelling unit is based on 999 lots and
28,000 square feet of gross leasable area, as described in the PD.
Should the number of lots, residential dwellings or commercial area be
modified in any way, the payment shall be adjusted to reflect this change
to insure that Polk County receives up to but not exceeding $150,000.00
for its construction of Pine Tree Trail, provided, however, Polk County
shall not be obligated to refund Owner any monies whatsoever paid by
Owner to Polk County prior to such modification.
Owner further agrees that in the event Owner acquires additional property
within the Oakmont PD, such property shall automatically be bound by the
terms of the Development Agreement, as hereby amended, and the
Owner shall be required to pay Polk County for such additional property in
accordance with this Paragraph 3.6 of the Development Agreement, as
hereby amended.
2.4 Additional Provisions. The following additional provisions are hereby
added to Article III of the Development Agreement:
3.9 Letter of Credit. Polk County has received and accepted
the Irrevocable Standby Letter of Credit No. 55106191 for $150,000.00
from Regions Bank with Polk County as the beneficiary of the Letter of
Credit. The Owner may submit building permit applications to Polk County
and Polk County will issue building permits for residential structures on the
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