Northwest Florida Realtor: Credits continued on City of Destin impact fee

7

(2) By such other appropriate method as the City Council may have

accepted prior to the effective date of this article for particular park capital

improvements, or

(3) By fair market value established by private appraisers acceptable to the

city.

Credit for the dedication of park land shall be provided when the property has been

conveyed at no charge to, and accepted by, the city in a manner satisfactory to the

City Council.

(b) Applicants for credit for construction of park capital improvements shall submit

acceptable engineering drawings and specifications, and construction cost estimates

to the city manager. The city manager shall determine credit for construction based

upon either these cost estimates or upon alternative engineering criteria and

construction cost estimates if the city manager determines that such estimates

submitted by the applicant are either unreliable or inaccurate. The city manager shall

provide the applicant with a letter or certificate setting forth the dollar amount of the

credit, the reason for the credit, and the legal description or other adequate

description of the project or development to which the credit may be applied. The

applicant must sign and date a duplicate copy of such letter or certificate indicating

his/her agreement to the terms of the letter or certificate and return such signed

document to the city manager before credit will be given. The failure of the applicant

to sign, date, and return such document within 60 days shall nullify the credit.

(c) Except as provided in subparagraph (d), credit against impact fees otherwise due

will not be provided until:

(1) The construction is completed and accepted by the city, the county, or

the state, whichever is applicable; or

(2) A suitable maintenance and warranty bond is received and approved by

the city manager when applicable.

(d) Credit may be provided before completion of specified park capital

improvements if adequate assurances are given by the applicant that the standards set

out in subparagraph (c) will be met and if the feepayer posts security as provided

below for the costs of such construction. Security in the form of a performance

bond, irrevocable letter of credit, or escrow agreement shall be posted with and

approved by the City of Destin in an amount determined by the city manager. If the

park construction project will not be constructed within one year of the acceptance

of the offer by the city manager, the amount of the security shall be increased by ten

percent compounded, for each year of the life of the security. The security shall be

reviewed and approved by the City Council prior to acceptance of the security. If the

park construction project is not to be completed within five years of the date of the

feepayer's offer, the City Council must approve the park construction project and its

scheduled completion date prior to the acceptance of the offer by the city manager.

Florida Real Estate with Brandon Jordan, your Northwest Florida Realtor and ActiveRain featured Realtor for Okaloosa County since 2007. We provide this information and much more on our site for you at no charge, so please remember us when you're looking to buy or sell real estate.