2003-26
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IMPACT FEE AGREEMENT
BETWEEN THE CITY OF CLERMONT, FLORIDA
AND LOST LAKE RESERVE, L.C,
REGARDING TRACT MIN CITY PARK
THIS AGREEMENT TO ENTER INTO IMPACT FEE AGREEMENT ("Agreement")
is made and entered into by and between the CITY OF CLERMONT, FLORIDA, a Florida
municipality ("CITY") whose address for purposes of this Agreement is 1 Westgate Plaza,
Clermont, Florida 34711; and LOST LAKE RESERVE, L.c., a Florida limited liability company
("LOST LAKE RESERVE"), whose address for purposes of this Agreement is 33 E, Wall Street,
Frostproof, Florida 33843.
WITNESSETH
WHEREAS, Lost Lake Reserve is the owner of certain real property located in the City of
Clermont, Lake County, Florida, being more particularly described and shown on Exhibit A attached
hereto and by this reference made a part hereof (the "Lost Lake Reserve Property"), which is being
developed as a development of regional impact as defined in Section 380.06 of the Florida Statutes
(the "Lost Lake Reserve Project"); and
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WHEREAS, Lost Lake Reserve intends to construct certain infrastructure, including park
improvements, to serve the Lost Lake Reserve Project and the citizens of the City of Clermont; and
WHEREAS, Chapter 166, Florida Statutes, authorizes the City to provide for and construct
certain public purpose facilities and exercise its powers to control and maintain such facilities; and
WHEREAS, the City has identified a need to establish a new municipal park in the City in
order to accommodate increased recreational demands anticipated as a result of population growth in
the City and surrounding Lake County; and
WHEREAS, the City has approved the Conditional Use Permit for the Lost Lake Reserve
Project that provides for impact fee credits for the amount of design and construction; and
WHEREAS, the City has requested Lost Lake Reserve, and Lost Lake Reserve has agreed, to
contribute property and to undertake the design, permitting and construction of certain improvements
to and for the City's park system as generally described on Exhibit B attached hereto and by this
reference made a part hereof (the "Park Property"), in conjunction with Lost Lake Reserve's use of
the Lost Lake Reserve Property necessary to accommodate development of the Lost Lake Reserve
Project and the citizens of the City of Clermont; and
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WHEREAS, the parties intend to enter into an Agreement based on the terms contained
herein.
NOW, THEREFORE, for and in consideration of the mutual terms, understandings,
conditions, premises and covenants herein set forth, and other good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, the City and Lost Lake Reserve do hereby
agree as follows:
Section 1. Recitals. The foregoing recitals are true and correct, and are hereby incorporated
herein by this reference.
Section 2, Estimated Cost and Expense. The parties hereto agree that the estimated costs
and expenses associated with the Park Improvements are shown in Exhibit C attached hereto and
incorporated by reference herein. The costs shown are estimated and the final cost shall be based on
actual contracts but in no case shall the cost be greater than the amount shown in the estimate.
Section 3, Payment. As stated herein above, Lost Lake is entitled to Recreation Impact Fee
credits for (i) the engineering and design cost and (ii) the final cost of construction of the City Park.
The Impact Fee Credits shall be directly applied to the impact fees due and owing the City by
Developer for the Lost Lake Property identified in Exhibit A.
Section 4. AssÏlmment ofImpact Fee Credits. Lost Lake shall have the authority to assign
or transfer impact fee credits, which will be given by the City, from the Lost Lake Reserve Project to
another property or project in the same impact fee district. Upon completion and acceptance of the
City Park or posting of a Letter of Credit, Lost Lake may transfer any surplus of impact fee credits or
the portion of credits that exceed the amount of impact fee credits utilized by Lost Lake Reserve.
Section 5. Vouchers and Accountine. At the time of building permit, builder shall provide
the City with a voucher equal to the current impact fee. amount. The voucher (a form of which is
attached as Exhibit D) shall be signed and notarized by Lost Lake or an authorized agent. On an
annual basis, Lost Lake shall provide the City with its current balance or the total cost incurred less
the amount of vouchers issued, (Attached as Exhibit E is the form of the annual report.)
Section 6. Present Development. Prior to completion of the Park Improvements, the parties
hereby agree that Lost Lake Reserve shall be permitted to commence development and construction
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of the initial portions of the Lost Lake Reserve Project. In connection with the development and
construction of the initial phases of the Lost Lake Reserve Project, the parties hereby agree to the
following:
a. Since the Park Improvements have not been completed and conveyed to the
City, Lost Lake Reserve shall deposit with an escrow agent, for the benefit of the City, a
letter of credit in the amount of $ or the amount required for Lost Lake
Reserve to complete the park improvements. The Letter of Credit will be in the form
attached as Exhibit F,
b.
If the park improvements have not been completed within 120 days of this
Agreement, the City may draw on the Letter of Credit to complete the Park Improvements.
c, Upon completion of the Park Improvements and the conveyance of the land
and improvements the letter of credit, as amended, will be returned to Lost Lake Reserve.
Section 7, Bindine: Effect. This Agreement shall be binding upon and inure to the benefit of
Lost Lake Reserve, the City and their respective successors and assigns. The terms and conditions of
this Agreement shall burden, "benefit and run with the title to the Lost Lake Reserve Property.
Section 8, Severabilitv. If any provision of this Agreement, the deletion of which would not
adversely affect the receipt of any material benefits by a party hereunder or substantially increase the
burden of a party hereunder, shall be held to be held to be invalid or unenforceable to any extent by a
court of competent jurisdiction, the same shall not affect in any respect whatsoever the validity or
enforceability of the remainder of this Agreement.
Section 9, Breach. In the event of a breach of this Agreement by either party hereto, the
other party shall have all rights and remedies allowed by law, including the right to specific
performance of the provisions hereof.
Section 10. Govemine: Law. This Agreement shall be construed and enforced in
accordance with the laws of the State of Florida. Exclusive venue in any action to construe or enforce
the provisions of this Agreement shall be in the Circuit Court in and for Lake County, Florida.
Section 11. Counterparts. This Agreement may be executed in any number of counterparts
each of which, when executed and delivered, shall be an original, but all counterparts shall together
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constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have made and executed this Agreement on
the respective dates under each signature: CLERMONT, FLORIDA through its CITY COUNCIL,
signing by and through its Mayor, authorized to execute same by Council action taken on th~ "'t
day °r/2"ÆM.:I-. 2003. and by F. Hood Craddock, as Vice President of LOST LAKE
RESERVE, .C., duly authorized to execute same.
ATTEST:
BY~
City C!Ølk
CLERMONT, FLORIDA through its
CITY COUNCIL
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TW.:JID <J¡ o~, 2003
Approved as to form and .
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Robert Guthrie
City Attorney
Signed, sealed and delivered in the
ceof:
LOST LAKE RESERVE, L.C.
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By:(~~ ~ ~
F. Hood Craddock
Its:J'.c:.k. -~~D{"~l'\ ,.,'\~(,tL
Sig 'tur. of ~
Printed Name. il£11I1.i,(h¡"J,/MS
-Lf~ ~¡t&*
Signature of w!ess
Printed Name: .'ff1 S -I-~f/' Ie'
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Date:
, 2003
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constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have made and executed this Agreement on
the respective dates under each signature: CLERMONT, FLORIDA through its CITY COUNCIL,
signing by and through its Mayor, authorized to execute same by Council action taken on th~ "-t
day o~~, 2003, and by F, Hood Craddock, as Vice President of LOST LAKE
RESE~ authorized to execute same.
ATTEST:
BY~~
CLERMONT, FLORIDA through its
CITY COUNCIL
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Thi.:J1D q., ornr* . 2003
Approved as to form and
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Robert Guthrie
City Attorney
Signed, sealed and delivered in the
presence of:
LOST LAKE RESERVE, L.C,
By:
Signature of Witness
Printed Name:
F. Hood Craddock
Its:
Signature of Witness
Printed Name:
Date:
,2003
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EXHIBIT A
Legal Description of Lost Lake
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EXHIBIT "All
LepI Description
BEGIN at the East 114 comer of Section 32, Township 22 South, Range 26 East, Lake County,
Florida; thence run N 89°41 '03" E, a ctistanœ 1323.14 feet to the East line of the West 1/2 of the
Southwest 1/4 of Section 33, Township 22 South, Range 26 East, Lake County, Florida; thence
run S 00°31 '40" E, along said East line, a distance of 1299,54 feet to the North boundary of a
parcel of land as recorded in Official Records ~k 1630, Page 721 of the Public Records of Lake
County, Florida; thence leaviDg said East line, run along the North, West and South boundary of
said parcel of Janel recorded in Official Records Book 1630, Page 721 the following courses and
distances; thence run S 89°28'39" W, a distance of 100,12 feet to a point on a non-tangent curve,
concave northeasterly, having a radius of 790.00 feet and a central angle of 31 °44' 53 "; thence
on a chord bearing of N 74 °39'33" W, run 437. 7S feet 10D¡ the arc of said curve to the point of
tangency thereof; thence run N 58°46'47" W, a distance of 130.62 feet to a point on a non-tangent
curve, concave southwesterly, having a radius of 710,00 feet aDd a central angle of 19°02'48";
thence on a chord bearing of N 68°21 '38" W, run 236.02 feet along the arc of said curve to a
point; thence run N 77°51'26" W, a ctistanœ of 490,25 feet to the West line of the Southwest 1/4
of Section 33, Township 22 South, Range 26 East, Lake County, Florida; thence run
N 77°25'52" W, a distance of 54.42 feet to a point 53,00 feet West of, when measured
perpendicular to, the East line of the Southeast 1/4 of said Section 32; thence run S 00 °33 '01" E,
parallel with said East line of the Southeast 1/4, a distance of 750,09 feet; thence run
S 45°33'22" E, a distance of 247,91 feet; thence run N 89°26'38" E, a distance of 1200.10 feet
to the East line of the West 1/2 of the Southwest 1/4 of said Section 33; thence leaving the
boundary of said parcel of land recorded in Official Records Book 1630, Page 721, run
S 00°31'40" E, along said East line of the West 1/2 of the Southwest 1/4 of said Section 33;
thence runN 89°59'16" W, along said South line of the Southwest 1/4, a distance of 1322.21 feet
to the Southwest 1/4 of said Section 32, a distance of 862,15 feet; thence run N 89°56'56" W,
along said South line of the Southeast 1/4, a distance of911,61 feet to the East right of way line
of U.S. Highway No. 27 as it exist on May 17, 2000; thence run N 28 ° 12' 35" W, along said East
right of way line, a distance of 457.45 feet to the West line of Tract 62, Lake HigJ11anihl Company
in Section 32, Township 22 South, Range 26 East, 'according to the plat thereof, as recorded in
Plat Book 3, Page 24 of the Public Records of Lake County, Florida; thence departing said East
right of way line. run N 00°12'58" W, along said West line, a distance of 226.62 feet to the
Northwest comer of said Tract 62; thence run N 89°52'19" W, along the South line of Tract 52
of said Lake HigJtlsaMQ Company, a distance of 98,23 feet to said East right of way line of U .S,
Highway 27; thence run the following courses and distances along said East right of way line;
thence run n 21 °59'31" W, a distance of 667,42 feet; thence run N 25°09'25" W, a distance of
400. 00 feet; thence run N 31 °00' 10" W, a distance of 281, 84 feet to the East line of the Southeas t
1/4 of the Northwest 1/4 of the Southwest 1/4 of said Section 32; thence departiDg said East righ t
of way line, run N 00°06'20" W, along said East line, a distance of 39.91 feet to the Northeast
comer of said Southeast 114 of the Northeast 1/4 of the Southwest 1/4; thence run
N 89°40'15" W, along the North line of said Southeast 1/4 of the Northeast 1/4 of the Southwest
114, a distance of 24.10 feet to said East right of way line; thence run the following courses and
distances along said East right of way line; thence run N 31 °00'10" W, a distance of 123.83 feet;
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thence run N 25°09'25" W, a distance of 100.00 feet; thence run N 16°24'07" W, a distance of
~0~.89 feet; thence run N 25°09'25" W, a distance of 800.00 feet; thence run N 64°SO'3~" E,
a distance of 5.00 feet; thence run N 25°09'25" W, a distance of 350.00 feet; thence run
N 31 °16'20" W, a distance of 217.72 feet to the North line of the Southeast 1/4 of the NorthweU
1/4 of said Section 32; thence departing said East right of way line, run S 89 ° 1~' SO" E, along said
North line, a distance of 867.38 feet to the Northeast corner of said Southeast 1/4 of the
Northwest 114; thence run S 89°18'30" E, along the North line of the Southwest 114 of the
Northwest 1/4 qf the Northeast 1/4 of said Section 32; a distance of 26.00 feet to the East line of
the West 26.00 feet of the Southwest 1/4 of the Northwest 1/4 of the Northeast 1/4 of said Sectio n
32; thence run N 00°06'20" W, along said East line of the west 26,00 feet of the said Southwest
1/4 of the Northwest 1/4 of the Northeast 1/4 of said Section 32, a distance of 634.70 feet to the
North line of said Tract 13 of said Lake Higb1Jnds Company; thence run S 89°09'44" E, along
said North line of Tracts 13 ami 14 of said Lake High1aDds Company, a distance of 1293.87 feet
to the Southwest comer of the Northwest 114 of the Northeast 1/4 of the Northeast 1/4 of said
Section 32, thence run N 00°00'30" E, along the West line of said Northwest 1/4 of the Northeast
1/4 of the Northeast 1/4, a distance of631.38 feet to the Southwest comer Southwest 1/4 of the
Southeast 1/4 of the Southeast 1/4 of said Section 29, Township 22 South, Range 26 East; Thence
run N 00010'3~" W, along the West line of said Southeast 1/4 of the Southeast 1/4, a distance of
1327,77 feet to the Northeast comer of said Southeast 114 of the Southeast 1/4; thence run S
88°~4'1l" E, along the North line of said Southeast 1/4 of the Southeast 1/4, a distance of
1319.12 feet to the Northeast corner of said Southeast 1/4 of the Southeast 1/4; thence run
S 00°16'08 E, aloDl the East line of said Southeast 1/4 of the Southeast 1/4, a distance of 662.60
feet to the Southwest comer of the Northwest 114 of the Southwest 1/4 of the Southwest 1/4 of
said Section 28, Township 22 South, Range 26 East; thence run N 89 °31 '20" E, along the South
line of said Northwest 114 of the Southwest 1/4 of the Southwest 1/4, a distance of 656,25 feet
to the Southeast corner of said Northeast 1/4 of the Southwest 1/4 of the Southwest 1/4; thence
run N 89°41 '42" E, along the South line of the Northeast 1/4 of the Southwest 1/4 of the
Southwest 1/4 of said Section 28, a distance of 454.78 feet to the East boundary of a parcel of
land recorded in Official Records Book 1170, Page 1266, as extended the following courses and
distances; thence run S 00°38'18" W, a distance of 303.55 feet; thence run S 02°48'24" E, a
distance of 93.07 feet; thence run S 12°48'33" E, a distance of 114.35 feet; thence run S
~7°07'45" W, a distance of 16S.~3 feet; thence run S 83°04'23" W, a distance of 269.61 feet;
thence run S 32 o~9'33" W, a distance of 41,15. feet to the South line of the Southeast 1/4 of the
Southwest 1/4 of the Southwest 1/4 of said Section 28; thence departing said Bast boundary of
said parcel of land recorded in Official Records Book 1170, Page 1266, as extended; run S
89°32'34" W, along said South line, a distance of 50.57 feet to the Northeast comer of the
Northwest 1/4 of the Northwest 1/4 of the Northwest 1/4 of said Section 33; thence run S
00°01 '51" E, along the East fine of the West 1/2 of the Northwest 1/4 of the Northwest 1/4 of
Section 33, Township 22 South, Range 26 East, Lake County, Florida, a distance of 628,40 feet
to the Northwest comer of the Southeast 1/4 of the Northwest 1/4 of the Northwest 1/4 of said
Section 33; thence run N 89°34'42" E, along the North line of the Southeast 1/4 of the Northwest
1/4 of the Northwest 1/4 of Section 33; thence run S 00° 11 '07" E, along the East line of said
Southeast 1/4 of the Northwest 114 of the Northwest 1/4 of Section 33, a distance of 628.79 feet
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to the Southeast corner of said Southeast 1/4 of the Northwest 1/4 of the Northwest 1/4 of Section
33: thence run S 89°36'50" W, along the South line of the Northwest 1/4 of the Northwest 1/4
of Section 33, a distance of 1316,37 feet to the Northwest comer of the Southwest 1/4 of the
Northwest 1/4 of said Section 33; thence run S 00°07'26" W, along the West Iinë of said
Southwest 1/4 of the Northwest 1/4, a distance of 12S6,OO feet to the POINT OF BEGINNING.
Subject to any easements or rights of way of record.
Less and except those lands described in Exhibit A of that certain Warranty Deed recorded in
Official Records Book 1794, Page 1718 of the Public Records of Lake County, Florida.
Containing 423,54 acres, (18448985,52 sq ft) more or less.
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EXHIBIT B
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Park Property
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LINE
TABLE
NUMBER BEARING DISTANCE:
L1 500'JJ'OO"E 64.JJ'
L2 N66'24'47"E 65.20'
LJ NJO'JO'OB"E 102.55'
L4 N47"56'4B"£ 53.77'
LS NB4'27'20"£ 106.11'
L6 N59'40'4J"£ 103.74'
L7 N 76'47'56 "£ 9B.04'
LB 571 '34'IB"£ 141.46'
L9 559'54'Jd"£ 74.33'
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- OF'¡:¡ClA£ RE< £.4-;..,,- - - (O.IlDISTTlIBUI1 Y ,.---'---;.-_.
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Q '" EAST LINE OF LANDS ~- - N77' ""',;.-----=-' I ',I
:::0 lo DESCRIBED IN - ----- "52"2 ", - ~ '.J...-
~ 8 ~ (O,R.B, 2046. PC. 1~~O) 1 ---- ----- ,., 740.00' --
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TRACT 4
FUTURE' DEVELOPMENT
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sòum LINE: ÐF
SEC. 32-22-26
SE CORNER
SEC. 32-22-26,\
S89"59'1O8r
862.67'
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EXHIBIT C
Park Costs and Expenses
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I LOST LAKE RESERVE !
CITY PARK
COST ESTIMATE 5/27/03
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. Area/Item Quantltv Unit Unit Cost Sub-Totals Totals
SITEWORK (DeWitt Excavating)
Includes earthwork, water, sewer, drainage, sodding of embankments for stabilization,
sidewalks, parking lot and roadway paving, pedestrian sidewalks, curbs, striping, etc.
Sub-Total 1 LS $240,543 $240,543 $240,543
LANDSCAPING & IRRIGATION (Concepts in Greenerv)
Includes all plant material, trees and sod as indicated on plans prepared by Can in
and Associates revised 6/21/02. 1 LS $60,637 $60,637
Installation of irrigation system including reclaimed lines 1 LS $60,875 $60,875
6" Well with 25/hp pump @ depth of 300' with 150' casing. Add'i depth is $28.50 per foot. 1 LS $24,700 $24,700
Electrical connection from transformer to pump station and timers. 1 LS $6,149 $6,149
Engineering plans for electrical servica. 1 LS $1,400 $1,400
Sub-Total $153,761
LANDSCAPE MAINTENANCE (Estimate)
Cost for Bermuda sprigging includes installation and one fertilization (included above). There is a
90-day "grow-in" period which will require approximately 6 add'i fertilizations and mowing.
Sub-Total 1 LS $1,500 $1,500 $1,500
ELECTRICAL
Run 3-phase power from Johns Lake Road to well site. (Progress Energy) 1 LS $10,191 $10,191
Underground cost differential for parking lot lightingJ~æ9ress Enet:9ï) 1 LS $1,594 $1,594
Sub-Total $11,784
ENTRANCE COLUMNS & SIGNAGE
Brick columns between hedge and entrance sign, entrance monument & aluminum panel (Seminole) 1 LS $11,268 $11,268
Oval Sign (Sign Crafters) 1 LS $802 $802
Misc. Directional signage - painted metal blade (Estimate) 1 LS $1,450 $1,450
Sub-Total $13,520
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TOT LOT AREA (Estimate)
Poured-in-place Flush Concrete Curb, sponge float finish (Around tot-lot) 250 LF $9 $2,250
6" Thick Layer Ground Cypress Mulch 80 cy $50 $4,000
Sub-Total $6,250
SPORTS FIELDS AND COURTS (Estimate)
Tennis Courts (2 total) (incl. nets) 1 LS $27,500 $27,500
Tennis Court Fencing 1 LS $8,000 $8,000
Basketball Courts (2 total) (without aquipment) (see site furnishings for basketball hoops) 1 LS $23,000 $23,000
Softball Field (incl. 4" clay infield, bases, striping, supervision) 1 LS $13,000 $13,000
Softball Field Fencing 1 LS $15,000 $15,000
Soccer Field (incl. striping, soccer nets and end poles, supervision) 1 LS $22,000 $22,000
Sub-Total $108,500
SITE LIGHTING
Sports Lighting - includes installation of poles (Musco Lighting) 1 LS $97,415 $97,415
Sports Lighting - electrical secondaries from pole ballasts to transformer (estimate) 1 LS $15,000 $15,000
Sub-Total $112,415
STRUCTURES (Lennar)
Restroom Facility (standard economy four place restroom) 1 LS $51,838 $51,838 $51,838
SITE FURNISHINGS (Estimate)
(TB) Team Bench w. back - 10'Iong (Custom with in ground mount) 4 EA $444 $1,776
(PB) Bench w. back - 6' long (Standard with surface mount) 9 EA $175 $1,575
(TR-2) Trash receptacle - free standing with plastic liner 2 EA $1~5 $330
(TR-1) Trash receptacle - free standing with dome top and plastic liner 5 EA $225 $1,125
(BL) Bleachers (3 row x 15' portable) 2 EA $600 $1,200
(BG) Basketball Goal (Pole, backboard, and rim) 4 EA $800 $3,200
(SG) Soccer Goal (8'x 24' permenant goal with nylon netting) Pair 1 EA $2,025 $2,025
pm Plavaround Structure (custom 3000 series Dlav svstem) -
1 EA $11,000 $11,000
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LOST LAKE RESERVE I
I CITY PARK
COST ESTIMATE 5/27/03
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Area/Item Quantitv Unit Unit Cost Sub-Totals Totals
(FP) Flagpole (30' heavy duty aluminum) 1 EA . $975 $975
Installation Cost (all amenities) 1 LS $8,500 $8,500
Sub-Total $31,706
ENGINEERING & DESIGN
Can in & Associates 1 LS $17,500 $17,500
Don Mcintosh & Associates 1 LS $15,000 $15,000
Cuhaci & Peterson 1 LS $6,529 $6,400
Sub-Total $38,900
PERMITS & REVIEW FEES 1 LS $5,000 $5,000 $5,000
FREIGHT & TAX FOR SITE FURNISHINGS (Estimated at 10%) 1 LS $2,800 $2,800 $2,800
CONTINGENCY (15%) 1 LS $116,778 $116,778 $116,778
GRAND TOTAL $895,295
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EXHIBIT D
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Form of Voucher
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3434 Colwell Avenue· Suite 120· Tampa, FL 33614·813-915-3449· Fax 813-915-0649
VOUCHER NUMBER
RECREATION IMPACT FEE VOUCHER
LOST LAKE RESERVE
Legal Description:
Lot _, Parcel
Street Address:
Clennont, Florida
The undersigned hereby confinns that it has received from on
, 2003 funds sufficient for impact fees for Recreation as required by Lake
County for ( ) single-family residential units, ( ) multi-family residential units, or ( )
commercial property.
The undersigned hereby gives notice to Lake County that the sum of $ should
· be deducted from the Lost Lake Reserve Recreation Impact Fee Credit Amount
Maxcy Development Group, Manager for
Lost Lake Reserve, L.C.
By:
Harry Lerner, Vice President
STATE OF FLORIDA
COUNTY OF HILLSBOROUGH
Sworn to and subscribed to before me this _ day of
,20_,
Notary Public, State of Florida
My Commission Expires:
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EXHIBIT E
Form of Annual Report
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CITY OF CLERMONT RECREATION IMPACT FEES - LOST LAKE RESERVE
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Voucher # Date Payee Lot Block ParcellTract Rec'd from City Pd by Bldrs. Balance
nIB BEGINNING BALANCE 895,443.00 895,295.00
LOC 1/22/2002 Sundance Apartments nIB nIB G 150,320,00 744,975.00
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7/24/2003
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EXHIBIT F
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Form of Letter of Credit
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. ,. ,. +8139150649 WESTSHORE DEVELOP,
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c8 CiTizENS BANk
. All carrerpandeDt&:
P.O. SQ)( 7
FraStproof. F~ 33843-0007
274 P02
JAN 18 '02 12:52
Marn 0fII...
2 e)$t Wðll Street
Pr..st~r.."~ PI.
Phone:(863) 635-2244
F~x:(S63) 635-9202
I.IIItWaltlOfflœ,
1838 Statlil Road 60 I!3n
I..3keWSIe1.FI.
Phone: (863) 676-7077
Fax:(S63) 679-7793
Heln.. CIty 011100:
1400 U.s.Hwy 27 N.
Haine~ CiIY, i'L
Phcne:(863 .m.84S4
Fax: (863) 421-6090
4ßY1imP- BankLine (863) 679-7777
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Citizens Bank
Irrevocable Letter of Credit No. 129
January 8, 2002
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.Haro~d TutV~ll~: M:~yor
Çity. of C!eimont, Florida
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Attn.: ParK rmpaç~ Fee Agreement
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W e h~reby open our Irrevocable Letter of Credit in your favor for the accoun~ of Lost
Lake Reserire LC.,.33 East Wall St., Frostproof, Florida 33843 for a sum not to exceed
the ~ggreg~ie of.$150,320 (One Hundred Fifty Thousand Three Hundred Twenty and
00/100 U.S~ pollars), Such sum shall be available in accordance with that Park Impact
Fee Agreem;~~t between the City of Clennont, Florida and Lost Lake Reserve, L.C, dated
January 8, ~QO2,
The credit i~ sl.lþject, so far as applicable, to "The Uniform Customs and Practice for
pocurp.e~taOr Credit, 1993 revision, The International Chamber of Com¡nerce
Public.arion No. 500."
:We hereby agr,ee witþ you ~at payment will be made under and in compliance with the
-teim.s. 'of thí~ credit ~d wi~l ~e duly honored if presented for payment to our main office,
Citizens B~ of Frostproof; PO ;Box 7, Frostproof, FL 33843, This letter win expire on
...Jàriuary 8, 2pO4,
Citi~ens BJk ofFrostproof
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Polk County's Oldest and Strong~st Bank.. - founded in 1920
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