County delays closing on Lake Adger purchase
Published 12:35 am Friday, November 13, 2009
Polk County will not be closing on the Lake Adger purchase this week as earlier expected.
Commissioners held a special meeting Monday and discussed the Lake Adger and Turner Shoals Dam contract and commissioners decided not to close on the deal until Northbrook submits a survey and Duke Energy delivers a promise letter. Polk County Manager Ryan Whitson is also getting a second insurance quote to add the dam to the countys liability insurance.
Northbrook is supposed to be getting a survey done stating the legal description of the land it is to lease from Polk County. The county is also awaiting a letter from Duke Energy evidencing its commitment to release any of the property to be acquired by the county which is subject to the Duke Energy master deed of trust.
During the special meeting Monday, commissioners said there is no rush on the closing and the county might as well wait. The closing was previously scheduled for this Friday, but the resolution commissioners are considering states the date of Dec. 4.
Commissioners decided to table approving the resolution and will see what progress has been made during the first December commissioner meeting, scheduled for Dec. 7.
The county is working to purchase the lake bed and dam for $1.6 million to serve as the countys future water source. Polk recently reviewed seismic and flood studies on the dam and discovered approximately $2 million worth of repairs that will be needed over the next four years.
The countys cost for liability insurance on the dam is set to be about $50,000 a year for $5 million coverage for damages.