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Henderson County orders draw on $1.7 million letter of credit for Lake Townes at Lake Palestine
Summary
Commissioners voted unanimously to draw on an irrevocable letter of credit tied to the Lake Townes at Lake Palestine final plat after finding no visible road construction and noting the letter of credit will expire before the construction deadline.
Henderson County Commissioners Court voted unanimously to approve a court order to draw on an irrevocable letter of credit tied to the Lake Townes at Lake Palestine development, placing the funds into the county-registry process for possible future use on unfinished road work. The vote concluded an extended discussion about unsatisfied infrastructure requirements for the subdivision.
The resolution affects a letter of credit the court recorded at roughly $1,700,000 as security for roads and streets in the Lake Townes final plat. County staff told the court the developer…
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