CDD

VASARI CDD

Click here for Vasari CDD Website

CDD Definition

A Community Development District (CDD) is a local, special purpose government authorized by Chapter 190 of the Florida Statutes as amended and is an alternative method for managing and financing infrastructure required to support community development.

Developers petition the County to get permission to form a CDD. By forming as a CDD, the developer is allowed to take out bonds to pay for building and preparing the development's infrastructure and amenities. Repayment of these bonds is passed along to the homeowners of the community. The bond repayment may last for many years and will be collected from homeowners who live within the CDD boundaries in their annual tax bill.
When you pay your CDD assessment through your annual tax bill, a portion of your assessment will be budgeted to pay back the bond, and the remainder will be budgeted to pay for the repair and maintenance of the community.

CDD Boards are usually controlled by the developer initially (often for many years) and are gradually turned over to the residents. Resident CDD Board positions are elected positions. To run for election for a CDD Board, a candidate must register with the County's Supervisor of Elections Office to have their names on a Ballot. The homeowners within the CDD Boundary will vote for their CDD candidates at the same time and polling place that they vote for other elected officials. Homeowners must be registered voters to vote for their CDD candidate.

One of the best aspects of a CDD community is that often a homeowner can afford to move into a more upscale community with nicer amenities than they might otherwise be able to afford if they had to pay for the full cost of their home and improvements at closing. CDD's allow you to spread out your payment through many years via annual bond repayments.

The CDD operates in the same way and manner that County Commissioner's operate and CDD Boards are subject to Florida Sunshine Laws and Public Records law.

Vasari Community Development District
Fiscal Year 2007-2008 Lien Roll

The Vasari Community Development District (VSCDD) is governed by a five-member Board of Supervisors elected by the majority of the resident electors in the district. A professional management company – Severn Trent implements the policies of the Board.

All property owners pay for the operation and maintenance (O & M) of the CDD improvements through an annual assessment along with debt service (annual principal, interest and admin) on the VSCDD’s capital improvement bonds.

The VSCDD utilizes the Lee County Tax Collector to collect its assessments each year. The annual assessments are added together and appear as one line in the non-ad valorem section of the property tax bill. The VSCDD fiscal year is October 1st – September 30th.

The VSCDD operates and maintains the following elements of the community:

• Storm Water Management System, Including Lake & Water Control Structures
• Water Management Facilities
• Conservation Area Preservation & Maintenance