White Oak development water line paid offPublished 9:22am Tuesday, November 27, 2012
After purchasing White Oak Development earlier this year, Overmountain Trace Holdings LLC paid Polk County the remaining $115,752.50 for a water line to the property.
The Polk County Board of Commissioners met Nov. 19 and heard from county manager Ryan Whitson that the remaining balance was paid in full. Whitson said the check was received from a different LLC than the company that owed the county.
“I’m very happy we received that payment in full,” Whitson told commissioners.
He also said the county had sued White Oak for the payment with a remaining $25,000 in interest issued by the judge. Whitson later told the Bulletin he would not seek the interest money.
“I will not be attempting to collect any interest from the other entity, which is in bankruptcy,” Whitson said.
The county has also received all property tax payments for White Oak except 2012 taxes, which are not past due until Jan. 8, 2013.
The development was auctioned in February with Overmountain Trace Holdings winning the bid with a $4,750,000 offer.