White Oak development water line paid offPublished 9:22am Tuesday, November 27, 2012
The 941.93-acre subdivision and golf community is located off Pea Ridge Road in the Green Creek Township and was originally developed by Irish partners Gene Kinsella, Austin MacHale and Leonard Kinsella.
The development includes an Arnold Palmer designed golf course and had plans for an equestrian center. So far, nine holes of the golf course have been developed.
The foreclosure was done on a $3.2 million loan White Oak secured in order to pay for sewer lines to the development from the City of Rutherfordton, according to White Oak Development Partners representatives.
White Oak developers have said the loan was acquired in 2008 after the partners had expended approximately $40 million of their own money on the development of the property.
The water line was paid for by Polk County in the amount of $359,505 with White Oak putting half the total costs in escrow. The remainder was to be paid by Aug. 31, 2009 with the construction completed in the fall of 2009.
The water line was extended from the county’s main line that runs through Green Creek and connects the Broad River Water Authority to the Inman Campobello Water District.