Despite unveiling new look and layout for the proposed Lake District development to the city of Lakeland's Industrial Development Board at a special meeting late Thursday evening, developer Yehuda Netanel's plans were put on ice by city officials until the matter of a “surprise” foreclosure notice could be sorted out. The issue stems from a 2007 $ 24 million construction loan agreement Netanel's company Gilad Development Co ., doing business as Lakeland Station Holding LLC , entered into with Massachusetts-based Tremont Realty Capital, which was operating under the name Tremont New Funding I LLC , to construct the development's original 35-acres.

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