Is it possible that the county government will complete subdivisions that are being abandoned?
I noticed that the bonds or guarantees provided by developers to the county and service providers like Regional Utilities are not enough to complete the developments. Who is responsible for ensuring that the projects are completed and not becoming blight on the county.
Some developers can not pay for the taps and are leaving entire subdivisions unfinished. Why would the service providers not assess tap fees on lot by lot basis rather than trying to collect for an entire subdivision.
Is the county going to take over the responsibility of finishing the installation of water and sewer in unfinished subdivisions?
Just a few questions I have. I submit that we might have to rethink about how much we are going to to do or not do to get our economy going. We have to take charge of ourselves and not hope that the State or Federal governments will trickle down to us.
please let me know your feelings.
Replies
37
Banned
The quickest fix I've heard came from Skerm. Skerm said that the Fed's should match the cash down payment for people who buy a foreclosure for their primary residence.
Banned
thanks a big bet, they can't even move IV...
I'd bet that if JOE built these type of 2,000 square footers in Watercolor Phase IV, they'd get 399,000 for the first 50 of them within 10 months. Appointed nicely they only cost $220,000 complete.
Beach Fanatic
The Walton County Taxpayers have been tracking these issues for a period of time due to the liability created for taxpayers over the letters of credit accepted as a guarantee for the completion of the infrastructure in lieu of requiring the developer to complete the infrastructure prior to the signing of the plats.
The County currently holds a letter of credit on Nature Walk for $2,281,188 that expires on 1/1/2009.
See speadsheet extract below:
Naturewalk @ Seagrove NatureWalk Dev Co LLC 12/22/2005 Expires 1/1/2009
This item is scheduled for the 12/9/2008 County Commission meeting. If the required work is not completed or another letter of credit received from the Bank before that date, the Planning Dept will request authority to surrender the letter of credit to the issuing Bank for payment. They will then be required to complete the infrastructure from those funds returning any amount in excess of the funds collected or paying with tax dollars anything over the collected amount and placing liens on the property to insure repayment.
This is not the first nor will it be the last time this process has been followed.
The County currently holds a letter of credit on Nature Walk for $2,281,188 that expires on 1/1/2009.
See speadsheet extract below:
Naturewalk @ Seagrove NatureWalk Dev Co LLC 12/22/2005 Expires 1/1/2009
This item is scheduled for the 12/9/2008 County Commission meeting. If the required work is not completed or another letter of credit received from the Bank before that date, the Planning Dept will request authority to surrender the letter of credit to the issuing Bank for payment. They will then be required to complete the infrastructure from those funds returning any amount in excess of the funds collected or paying with tax dollars anything over the collected amount and placing liens on the property to insure repayment.
This is not the first nor will it be the last time this process has been followed.
Edited
Beach ComberAuthor
Can we ask the county to not accept bonds, letters of credits en lieu of installing the services and roadways? or make sure not to plat unitl the stuff is installed?
Why not make sure the process changes to something more equatible. My god, how many subdivisions are there using this method and not being completed?
Why not make sure the process changes to something more equatible. My god, how many subdivisions are there using this method and not being completed?
SWGB
So what happens if the bank says it can't come up with the cash?
Banned
Can we ask the county to not accept bonds, letters of credits en lieu of installing the services and roadways? or make sure not to plat unitl the stuff is installed?
Why not make sure the process changes to something more equatible. My god, how many subdivisions are there using this method and not being completed?
The system is fine and it works very well. The problem is the mismanagement of the system. All of these improvements are securitized.
beats on hood
Speaking of empty subdivisions, why are all of the lots sold in Heritage Dunes on Eastern Lake Road in Seagrove, yet only one of the owners (I think it's one of the original owners of the development) has broken ground? This subdivision has been uber landscaped and with security gates for about two years now, yet it's a ghost town. There's a very nice community pool area, but there are no occupants to use it. Doesn't make sense to me.
Edited
SoWal Expert
Deal, we're not limiting this to domestic right? I'm comfortable with 2 years.
No, and I prefer
.Two years it is. I'm putting the wager in my BlackBerry right now.
SWGB
Speaking of empty subdivisions, why are all of the lots sold in Heritage Dunes on Eastern Lake Road in Seagrove, yet only one of the owners (I think it's one of the original owners of the development) has broken ground? This subdivision has been uber landscaped and with security gates for about two years now, yet it's a ghost town. There's a very nice community pool area, but there are no occupants to use it. Doesn't make sense to me.
Probably no build out requirement or it's about to the first gulf front branch for some bank.
No, and I prefer
Two years it is. I'm putting the wager in my BlackBerry right now.
I'm gonna go put it in the SoWal calendar.
Here's my pick:
SWGB
SoWal Expert
What exactly are the terms?
Does St. Joe have to close on the land in 2 years, release lots in 2 years, or what?
Does St. Joe have to close on the land in 2 years, release lots in 2 years, or what?
SWGB
They just have to purchase it in two years. If not I own SJ a beer. This ain't Vegas, we're pretty informal round these parts. 
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