Quote:
Originally Posted by Bill14564
How did you recover the cost of infrastructure required by the thousands of lots you've developed? Did you put in the roads, sidewalks, entrance signs, water mains, and sewers with money out of your own pocket never to be seen again or did you pass those costs to the home buyers in the price of their homes?
|
Within the Special District each sub-district was contractually obligated to reimburse the developer for infrastructure. State defined and approved infrastructure related to either roads or utilities. Functionally some 93% of the development cost. The rest, like parks & recreation, trails, major signage, was a developer expense. We also provided water service and sewer treatment, which were reimbursed pro rata by all sub-districts at 100%. Sub-districts sold bonds as district assessed value warranted. This means that each sub-district was obligated to bear a debt and M&O burden of $1/$100 assessment based on home valuation by the county assessor, until such time as the developer is fully repaid. This split between debt and M&O can delay developer repayment if there are significant maintenance expenses. We were also able to have our own police force, but instead contracted with the county for the exclusive use contract with the constable. Response times were measured in seconds.
Much like the unincorporated portions of The Villages, our Special District gave us total control of use (zoning), building inspections, all permits, etc… The only permits needed outside were for gasoline tanks, sewer plant performance and alcohol sales.