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

AK Oakmont Property once all the applicable requirements of the Polk
County Comprehensive Plan and Land Development Code, and Florida
Statutes have been satisfied. Polk County shall surrender this Letter of
Credit to Regions Bank once the two initial payments of the Owner’s share
of the payments for the collector road set forth below have been received
by Polk County in accordance with Paragraph 3.10 below. If the Owner
has not paid all of their share payment on or before June 15, 2013, Polk
County may draw on the Letter of Credit in accordance with that Letter of
Credit up to but not exceeding the aggregate sum of $150,000.00.
3.10 Terms of Owner’s Payment. The Owner has purchased
325 residential lots that have been approved by Polk County for residential
use, concurrency has been issued for these lots and a plat has been
approved and recorded; therefore and based on the number of residential
lots set forth above, the Owner’s share of the payment required under the
Development Agreement, as hereby amended, is $44,200.00, which shall
be payable to Polk County as follows:
DRAFT
• $14,200.00 - No later than 10 calendar days from the Effective Date
of this Amendment;
• $15,000.00 - No later than March 1, 2013;
• $15,000.00 - No later than June 1, 2013.
The Owner’s failure to make the payment on or before the payment dates
will result in Polk County immediately ceasing to issue building permits for
the development on the AK Oakmont Property until such payment(s) is/are
received. In the event such delinquent payment(s) are made by Owner to
Polk County, Polk County shall continue to issue building permits that
meet the applicable requirements for development as set forth in the Polk
County Comprehensive Plan and Land Development Code, and Florida
Statutes.
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