Community Development Districts (CDDs)
What will the CDD Do?
How CDDs Operate
The CDD’s business is conducted in the “Sunshine,” which means all meetings and records are open to the public. Public hearings are held on CDD assessments. and the CDD’s budget is subject to annual independent audit.
Benefits to Residents
Other savings are realized because a CDD is subject to the same laws and regulations that apply to other government entities. The CDD is able to borrow money to finance its facilities at lower, tax-exempt, interest rates, the same as cities and counties. Many contracts for goods and services, such as annually negotiated maintenance contracts, are subject to publicly advertised competitive bidding.
The CDD sets the standards of quality in the community. The CDD provides perpetual maintenance of the environmental conservation areas. This consistent and quality-controlled method of management helps protect the long term property values in a community.
The Cost of a CDD
Community Development District FAQs
Q. Who governs the CDD?
A. The CDD is governed by a five-member Board of Supervisors elected initially by the property owners. The Board will then be elected by majority vote of the resident electors in the community. A professional manager implements the policies of the Board.
Q. How are CDD services financed?
A. The CDD issues Special Assessment Revenue Bonds to finance community infrastructure. Generally, Community Development Districts assess each property owner a yearly capital debt service assessment to pay back those bonds. These bonds can be paid off prior to the amortization schedule by the homeowner. For information on your individual debt service payoff amount, please contact the District Office.
In addition, to maintain the facilities of the community and administer the CDD, the CDD conducts a public hearing each year at which it adopts an operating and maintenance budget. The funding of this budget is levied as an operating and maintenance assessment on your property by the Board of Supervisors. All residents pay for a share of the maintenance of the CDD improvements through this annual assessment.
Q. How are annual assessments determined?
A. The annual operating and maintenance assessment amount will be set annually by the Board of Supervisors.
Q. What are the ongoing responsibilities of the CDD?
A. The ongoing responsibilities of the CDD are to administer CDD bonds, operate and maintain the community facilities for the benefit of the property owners.
Q. How Do I Find Out More About the Viera East Community Development District?
A. All other issues can be directed to the District Manager HERE.
Viera East Community Development District
Tel: (407) 841-5524
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