CDD
(Community Development District)
What is a CDD?
A Community Development District (CDD) is an independent special purpose unit of local government established pursuant to and governed by Chapter 190 of Florida Statutes. There are more then 400 CDDs throughout Florida today. A CDD is a special-purpose unit created primarily for the purpose of financing and then operating and maintaining community-wide infrastructure and improvements in new communities. The CDD was developed in 1980 by the state of Florida as a tool for local municipalities and developers for funding the rapid growth and development of new communities. Generally, a landowner (usually a developer) petitions the local government to create a CDD with broad powers that enables the CDD to generate revenue to pay for these infrastructure items over a period of time up to 30 years.
A letter from your CDD to the residents of LOP.
In the Case of Live Oak Preserve
Bonds were issued and payable by the land-owners (purchasers of homes) for funding development and construction of the roads, the community ponds, mitigation areas, landscaping of some common areas, community fountains and a portion of the community street lighting.
Responsibility for maintaining, operating, and administering
the property and improvements under its control.
Authority to establish fees or other financial obligations
for landowners within its jurisdiction.
Governed by a 5-seat board
composed of supervisors elected by qualified electors of the District during the general election.
Each supervisor
serves a 4-year term on the CDD board.
Primary focus
is managing the assets entrusted to it through the established ordinance, although the CDD may express support for various community issues.
It is not intended to address homeowner issues
that fall outside the scope of managing the assets under its control.
CDD Governance and Responsibilities:
CDD Contact Information:
Bond Repayment
In CDD communities Florida developers take out Bonds to pay for infrastructure. The repayment of these bonds are the responsibly of the property owners of a district, as they receive the benefits of this infrastructure. The Live Oak Preserve bond will be paid of May, 10 2034.
Operations/Maintenance
This portion of the assessment represents the ongoing costs of maintaining infrastructure that a District owns as well as any established reserves.
Where Does the CDD Get Its Funds?
Each property in the Live Oak I CDD receives an assessment which is collected with the County Taxes each year. This assessment (tax) is based on the size and scope of your lot and contains two parts: