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Home My WebLink AboutCDD Meeting Attachmentsstablishment `Sebastian 7 SJ 4 low, • Over 1,000+ CDDs in Florida Quick Facts • First CDD established in 1982 • Over 85% of Master Planned Communities in nation have a special taxing district A CDD is a better version of an HOA • Special purpose unit of government established under Ch. 190, F.S. • CDD is a FINANCING & MAINTENANCE entity • Issues tax-exempt bonds • Constructs/acquires roads, utilities, stormwater & other improvements • Levies special assessments to repay the bonds • Once infrastructure is constructed, operates like an HOA Summary of Benefits • Higher quality project with competitive pricing • Superior maintenance entity • On -roll tax collection — appx. 99%+ collection rate (better than HOA!) • Better able to undertake large refurbishment projects • FEMA funding • Better able to take care for stormwater infrastructure and address flooding/hurricane impacts • Better able to take care of roadway systems • Sovereign immunity protection and better insurance • Better default protection • CDDs won't "sunset" and expire like an HOA • More transparency and accountability (public records, open meetings, etc.) • Professional Staff • CDDs help ensure that growth pays for itself • Takes burden off local government and residents outside of the CDD 9 Excellent long term maintenance entity as compared to HOA ADVA INFRASTRUCTURE COSTS FUTURE COST SAVINGS PROTECTS FROM RECESSI TAX ROLL COLLECTION SOVEREIGN IMMUNITY TURNOVER TO RESIDENTS FEMA FUNDING ACCOUNTABILITY LONG-TERM VALUE CDD v. HOA YES — Infrastructure Costs Less YES — Infra. Costs Less to Refurbish YES — Money in Bank Trust Estate YES — CDD can collect on the tax roll (99%+ Collection Rates) YES — Protected from frivolous suits f HOA j NO - Infrastructure Costs More NO - Infrastructure Costs More NO NO m Relatively Faster Turnover 90%+ Build -Out (Elections Every 2 Years; Q. Elec. Yr 6) Typically YES Typically NO MORE Accountable LESS Accountable Greater Ability to Maintain Value LESS Ability ,n $t. )o in vet 1 Water Management District 7756Mmleaadx Way • W 1 W • Ja6MMm4. R.>a56 • 91I-T.AL O • ha 9W-)JD6nt 9n IMIMamnM avPAMA . J 17. MM Mr.J—P`_J ._' H pmrg (.wens6S .AA In mGNMm S1m,1 Ta1la . FL MMI REMmlmnnrn Enmm 0.a. M-.JWPem I UnUMybnU nUl yW f'OrP �neenM PEPn ng ellarly el P IM��Por•M] dPWdlpn 1'xPmPeon'1 M a Commainiry eewbpmnnl MIM (CDD'I b verve M pormnlwl epennm W ... . Sall, mu14f In ybmvrxlM manepP/nem:nlema. magalgn N®e, aN fLn,NVB1Un . can ema�.�a,u1MVM m m..,le,ne m,mlan MaA snrem, uMM sl. 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Tl-mP A MiW, IM uvPnu uPUMac asw City retains all powers • CDD has limited authority • City keeps all of its powers, including but not limited to zoning, permitting, etc. • CDD has to comply with applicable laws, including City ordinances • No debt of the CDD can be a debt of the City — section 190.016, F.S.: • "A default on the bonds or obligations of a district shall not constitute a debt or obligation of a local general-purpose government or the state." • No administrative costs to City • CDD assessments do not impact City millage caps • CDD debt is NOT disclosed on City's financial statements (unlike TIF) CDD Transparency • Disclosed in Sales Contracts • Mandatory Public Website • Subject to Sunshine Laws & Public Records Laws • All Meetings & Public Hearings Must Be Advertised & Posted • Minutes are kept of each meeting • Mailed Notice for All Assessment Hearings • Public Procurement Laws Govern • Recordable Notice of Establishment • Recordable Disclosure of Public Finance • Recordable Notice of Special Assessments • Annual Audit Required • Etc. Establishment Criteria The City is responsible for considering only the following factors in making a determination to grant or deny a petition for the establishment of a community development district: 1. Whether all statements contained within the petition have been found to be true and correct 2. Whether the establishment of the district is inconsistent with any applicable element or portion of the state comprehensive plan or of the effective local government comprehensive plan 3. Whether the area of land within the proposed district is of sufficient size, is sufficiently compact, and is sufficiently contiguous to be developable as one functional interrelated community 4. Whether the district is the best alternative available for delivering community development services and facilities to the area that will be served by the district 5. Whether the community development services and facilities of the district will be incompatible with the capacity and uses of existing local and regional community development services and facilities 6. Whether the area that will be served by the district is amenable to separate special -district government eik You! questions? jere.earlywine@kutakrock.com