Here is a synopsis of the 'Agreement":
August 1976
Mr. and Mrs. George E. Chuddy
28 Lake Drive
Darien,Connecticut 006820
Dear Mr. and Mrs. Chuddy:
Because you have made a commitment in Palm Coast by establishing your home here, we believe
you should be aware of an agreement that we recently reached with the Federal Trade Commission.
ITT Community Development Corporation ( ICDC) has signed a Consent Agreement with the Federal Trade Commission (FTC)
concerning the furture development of Palm Coast. Signing the agreement does not constitute an admission that any law
has been violated, as the agreement itself states. We feel the agreement is important in order to attain our primary goal
-- the development of Palm Coast as a balanced, well-rounded community.
An important part of the Consent Agreement calls for the execution of plans, within six years, which we believe, in the
long run, will be good for Palm Coast. In brief, among other things , we have agreed to the following:
1. A shopping center with at least 400,000 square feet of floor space will be provided.We are already in contact
with prospective developers of individual stores, including a supermarket.
2. With appropriate governmental agreement, a traffic interchange on Interstate Highway 95 will be constructed
to serve Palm Coast according to plans we submitted to the Florida Department of Transportation in August 1972. ICDC
will pay for the interchange as originally designed.
3. An office and research park area will be developed with appropriate roads and utilities to serve it and landscaping
to make it an attractive part of Palm Coast. Planning for this already is under way.
4. A multi-purpose office building, with at least 5,000 square feet of floor space, will be constructed for tenants
in the office and reserch park. This structure, also, is under planning.
5. We will move the headquarters of ICDC to Palm Coast. We plan to be substantial employer contributing much to
the economy of Palm Coast and Flagler County.
The agreement also provides for us to restrict our developoment efforts to 42,000 acres for a period of 15 years ( with
possible extension for another five years). This will allow appropriate construction in areas set aside for commercial
establishments, light industry, recreation, preservation and conservation and other residential uses. Moreover, during this
15- or 20-year period, sales will be limited to 48,000 registered lots of which over 36,000 already have been sold.
The aforementioned are some of the most important points contained in the Consent Agreement as it affect you and the
balanced development of Palm Coast. You will also be interested in knonwing of additional projects that we believe further
enhance the community.. Here are some examples:
We have donated two acres of land, adjoining the furture Emergency Services Building site, to the Palm Coast branch of
the YMCA to be used as the location fo a Community Activities Center. We will bear the cost of constructing this facility
for all community residents and for sharing in operational expenses during its first three years -- a gift totalling
more than $400,000.
We have provided as a gift a site of 57 acres to the Flagler County School Board for a junior-senior high school.
The first class of proud seniors was graduated from Flagler-Palm Coast High School last spring.
We have designated a number of sites for recreation parks, preservation and conservation, and other public areas.
One site, in Section 1-A, now is being developed and a paved bicycle path has been constructed. Another bike path, starting
near the Yacht Club, is in use. ((( He's speaking of the first Yacht Club we had which was replaced by the second Shearaon
we had - called the Harborside Sheraton at the end of Club House Drive - you see, the Developer promised and delivered, with
NO disclaimers: A Yacht and Swim Club, a Tennis Club, Marina and Public Boat Ramp, a Full Professional complete Golf
Course with driving range, putting green, and Contemporary Clubhouse. These were elements shown to thousands of Prospective
Buyers on "The Companys' official 'Guided Tour' run by their big FLEET of, Vans, Jitneys, and even a London Bus. We all paid
a HUGE premium , sometimes hundreds and thousands over TWICE the price of a 'standard lot', to be in these sections,
and Palm Coast was promoted and advertised as 5 miles of Beach, and miles of Canals and a Four Golf Course Community with
a density of 2.7 per acre, less than that of Beverly Hills and all LOTS were 'designated and recorded' and a height restriction
of about 30 feet, with Covenants and Restrictions running with the land for 30 years. . )))
We are working with the Palm Coast Civic Association so that Palm Coast residents can form a legal entity to which we
can donate oa one-acre site and an Emergency Services Building to house fire and security forces, an ambulance, and facilities
for community activities. A preliminary blueprint fo the structure has been approved by a committeee from the Community.
As you know, we donated a $36,000 pumper fire truck to the Palm Coast Volunteer Fire Department , which will be stationed
in the Emergency Services Building..
Palm Coast's first church building, St. Mark by the Sea Lutheran Church, ws dedicated on the morning of July 4.
Catholic and Baptist church organizations have purchased sites for their proposed churches. And Temple Beth Shalom is
considering building a Synagogue. We at ICDC are very pleased, as we know citizens of Palm Coast are, to witness this growth
and progress in the vitally important religioius life of our community.
Palm Coast's first financial institution, a branch of the Security First Federal Savings and Loan Association, recently
opened for business. We believe others will follow with the growth of the community.
These and many other facilitites will be needed to serve Palm Coast's growing population. And it is growing. During the
last nine months, construction of over 200 homes began. We now have over 1,000 people living and enjoying the good life at
Palm Coast.
In closing, let me assure you that the ITT Community Development Corporation believes very strongly in the
furture of Palm Coast and that we are determined that it will grow and progress in a balanced and healthy manner.
Sincerely yours,
Alan Smolen
President.
