Got the letter today. What the article in the Sun apparently "forgot" to mention is that in addition to the $40 million set aside VLS will also pay the plaintiff class $6,700,000 for attorney's fees and $300,000 for incentive awards to the plaintiffs Class Representatives.
The suit filed claimed that the VCCDD breached various agreements to provide appropriate levels of amenity services and facilities to the subject class (owners of homesites in districts 1,2,3 and 4 etc.) While the VCCDD doesn't admit to being liable, the fact they settled this matter without proceeding to trial speaks for itself, especially considering the amounts involved. Simply put, the VCDD knew it breached agreements made with the homeowners and settled the suit rather than try it.
It appears many posts are confusing HOA duties with those of the CDD. They are two separate entities with totally different functions. This settlement has nothing at all to do with the HOA.
No doubt if any of us breached any of the agreements with TV, action would be taken. So the bottom line is the fact the VCCDD trying to pull a fast one and were held accountable by some residents who were familiar with the Florida CDD statute and the duties required by the developer under the statute. It was not the POA which commenced the suit.
Florida statute 190.00 sets out the law for CDD's. In case you can't sleep some time, here's the link.
http://www.ccfj.net/FS190CDD.html
This settlement is a great result for the residents and not gloom and doom as many have assumed.