As construction projects continue to rise in Fort Walton Beach, a local business park could soon be in for improvements. The Fort Walton Beach Commerce and Technology Park wants to set up a business improvement district or Community Redevelopment Agency at the park to generate funds to support improvements to the area. According to the city manager, this kind of agency could fund retrofitting the technology park’s buildings to come into compliance with the Americans with Disabilities Act. In addition, the funds could also support the construction of dormitories at the site to serve the tech workers employed there.
The city manager noted that additional funds could come forward to support construction efforts, including the potential revenue generated by an Okaloosa County half-cent sales tax. Voters approved the sales-tax assessments in the Nov. 6 elections. The technology park is already home to around 70 businesses, ranging in size from small local businesses to major national corporations like Boeing and Lockheed Martin.
However, development officials warned that if further upgrades are not performed at the technology park, the area could lose out on further contracts with major tech employers. The technology park will present a master plan for its future to the City Council on Nov. 13, and officials expect it to be completed by the end of 2018. The park is also looking to show that the 320-acre campus provides strong economic benefits to Fort Walton Park and the greater region.
Major construction projects like those that could accompany the renovations at the park can come with an array of detailed agreements and contracts. When one party fails to live up to those promises, construction disputes can delay progress and lead to costly legal battles. A construction law attorney can work with businesses and contractors to protect their rights and seek a positive resolution.