empty subdivisions

[Matt J]

I would bet dollars to donuts that Nature Walk becomes phase V.

 

[John R]

I would bet dollars to donuts that Nature Walk becomes phase V.

thanks a big bet, they can't even move IV...

 

[AAbsolute]

The county has accepted the duty to make sure that developers install what they promised when given a development permit. The money placed as a security needs to be used to finish as much of the development as possible.

The problem is that this amount of money may not be enough to finish the project when liens are placed on the property by contractors or the utility providers.

Because so much of our economy is based on construction, we are going to have to make the hard choices and force developers to finish their projects or accept the responsibility of the basic services of roads, water, and sewer. The banks will not sink more funds into a project. or will they?

Lets be clear that someone will have to lead, ask who, then make them.

The community needs to be clear about what is going to be required.

The bond set for performance of the infrastructure improvements is negotiated from the cost of the improvements and securitized prior to the Plat being approved for filing. The lienors you speak of are a part of the infrastructure team. If the bond is insufficient after platting people should be going to jail. If the security instrument expires while the County is the custodian, people should be fired or worse.

There is only one reason these bonds are posted, to gaurantee completion of infrastructure. Some developers opt to not post a bond. Instead they complete the infrastructure first and then their Plat is approved and recorded.

As far as who will lead, it is the County officers who endorse the Plat for Recording. It is at that point in the development cycle that innocent taxpayers are being put in harms way.

 

[Smiling JOe]

I'll take that bet, Gayboi. Since I'm not a betting man, I'll limit the wager to one beer. What time frame do you want to give them? Two years? JOE cannot afford to pick up NatureWalk due to the bond on the property.

 

[Matt J]

I'll take that bet, Gayboi. Since I'm not a betting man, I'll limit the wager to one beer. What time frame do you want to give them? Two years? JOE cannot afford to pick up NatureWalk due to the bond on the property.

Deal, we're not limiting this to domestic right? I'm comfortable with 2 years.

 

[30ashopper]

lets say the County pays for the roads, with concrete ribbon curbing, and the water taps. If no one buys a lot, who the heck will pay for continued maintenance? The County? for what reason? tax revenues would continue to be non-existent, would they not? I just don't see it as a viable way to make things better.

I grew up in a town which is heavy into Historical Preservation of old homes. Recently, the Historical Society was trying to take possession of a house, which the owner had pretended to be renovating for the last thirty years. The house is an eyesore, but does that give gov't entities the right to take private property? Lord, I hope not.

Certain judges in the Supreme Court feel that the answer is yes, the city does have the right. Further, they feel cities have the right to turn that property over to WaMart so new tax revenue can be generated from it.

 

[AAbsolute]

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.

 

[AAbsolute]

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.

 

[Bob Hudson]

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.

 

[citeright]

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?