Estimated Development Liability for Sold Land

12 Months Ended

Dec. 31, 2014

Estimated Development Liability for Sold Land [Abstract]

Estimated Development Liability for Sold Land

Estimated Development Liability

The estimated development liability consists primarily of utilities improvements in Poinciana and Rio Rico for more than 8,000 home sites previously sold, in most cases prior to 1980, and is summarized as follows (in thousands): 

	December 31
	2014			2013
Gross estimated unexpended costs	$	35,888		$	36,117
Less costs relating to unsold home sites	(2,885		)	(2,885		)
Estimated development liability for sold land	$	33,003		$	33,232

The estimated development liability is reduced by actual expenditures and is evaluated and adjusted, as appropriate, to reflect management’s estimate of potential costs.  We engage third-party engineer evaluations and adjust this liability as necessary to reflect changes in the estimated costs. We recorded charges associated with these obligations of $0.0 million, $0.3 million, and $0.1 million during 2014, 2013, and 2012, respectively. Cash expenditures associated with these obligations were $0.2 million, $0.1 million, and $0.1 million during 2014, 2013, and 2012, respectively. Future increases or decreases of costs for construction, material and labor, as well as other land development and utilities infrastructure costs, may have a significant effect on the estimated development liability.