WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

I have been wondering if the present family will continue to run TV (once there are no more home sites left) or if it will be run by a management group. If they do leave, what do your feel might be the consequences - pro and con.

HB

For The Most Part, The Residents Will "Run" TV
 

Each Community Development District (CDD) is required by law to be governed by a 100% property owner board by ten years after the formation of the CDD. The law permits a sliding scale of developer involvement on the governing board, from all members of the board in the first year to no developer-appointed board members after the tenth year.

There are currently seven CDD's and as I recall there will be nine after final build-out. From what I can gather from the viewpoint of a relatively new resident, the biggest problem seems to be how the various CDD's will band together to manage or govern the many common elements of the infrastructure and amenities that exist within TV. That's going to be a bear of a problem in that the interests of the residents in the older parts of TV are sometimes materially different than those in the newer parts of the development. For one thing, the age of the infrastructure and amenities in the older sections are going to create some very different needs and financial planning from those in the newer sections.

As far as the role of the developer, some time after complete build-out the developer will be left owning much of the retail buildings in and around TV. I'm pretty sure they "own" the town squares, the retail buildings in the town centers and much of the retail development around the periphery of the development. They could continue to manage those facilities, but personally I think it's more likely that they will sell them off, probably to multiple real estate investors.

Once the build-out is complete, the developer's motivations to maintain the "life style" of TV in order to attract new home buyers will be removed. At that point, it'll be up to the residents, I think, to assume the responsibility for governance and management of the community to continue to maintain the lifestyle for themselves.

The good news, I think, is that based on the sell rate of new homes and the legally-binding ten year program for shifting the membership of the CDD governing boards from developer to residents, it may be another 10-15 years before the residents of The Villages, particularly in the newer CDD's, will be required to run the place themselves.

In that I don't even buy green bananas these days, I'm going to thoroughly enjoy the magnificent management of this place by the developing family members for as long as I still see daylight when I wake up each morning. The actuarial tables tell me that someone else will have to worry about who runs this place when the time comes.

Someone tell me if I have this all wrong.

Re: WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

Thank you Villages Kahuna for your well thought out response. Appreciate it.

As far as Actuarial Tables, they are just that. For my part, you will prove those tables wrong.

HB

Re: WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

From what I can tell, I think it's gonna be a BIG problem sooner, or later! ???

Re: WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

Does anyone know what the status of Sun City in Arizona is? If I remember correctly, it's a Del Webb community built maybe 30 years ago. By now, it has to be built out and the Del Webb company has to have moved on. It would be interesting to learn how that place is functioning. I tried to research it on the web but didn't learn much.

There's Plenty Of Precedent For Resident-Governance Of Amenities
 

...even here in TV. Actually all the CDD's north of 466 (CDD's 1 thru 4) are already governed by totally resident-elected boards of supervisors. CDD 5 (the villages of Belvidere, Lynnhaven, Ashland and Bonnybrook) has a board ofsupervisors with two residents and three developer-appointed members. The rest of the CDD's south of 466 are still totally controlled by the developer.

The laws permitting the use of CDD's to develop real estate and then shift the governance from the developer to residents are widely used. There are almost 30,000 such CDD's in the U.S. with 700 or so in Florida. Of the Florida CDD's, about 500 are used for the governance of infrastructure and recreational amenities, just like here in TV.

There are actually two more existing CDD's, with one more planned, that will likely always be governed by the developer. Those are the CDD's that govern and manage the commercial buildings and activities in the town centers. There is one for Spanish Springs, another for Lake Sumter Landing, and I'm guessing there'll be a third for the new town center, Brownwood. Those have boards of supervisors totally appointed by the developer. I'm guessing that if the developer ever sells off the buildings and facilities in the town centers, the governance will be taken over by whomever the new owner or owners appoint. To me, that's the greatest area of risk that the "town center life style" could change.

There certainly are some future uncertainties regarding the governance of the infrastructure and amenities. But it's not like we're already about halfway there. Residents govern everything north of 466 and as I recall, there haven't been any dramatic negative developments as the result of the turnover of governance by the developer as the residential development is completed. Maybe we shouldn't get our shorts in a knot over a progression that already seems to be working pretty well.

Re: WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

Hi VK - where did you find out the information you have informed everybody about?

The Info Regarding CDD's Was In The Book That Came With Today's Daily Sun
 

The publication of the Newcomers: Guide To The Villages & Surrounding Counties booklet was timely, given this thread.

Re: WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

The Villages may incorporate as a City after the build out - see the link to the Wikipedia article on Palm Coast, FL which also has had a recent large increase in population.

http://en.wikipedia.org/wiki/Palm_Coast%2C_Florida

Re: WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

I read the article. Enjoyed reading about the history of the county. It peaked my curiosity, I will have read more about the historic aspects of the county.

Thanks for the info

HB

Re: WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

In simple terms, the residents will be responsible. Don't know if you are aware, but the "country clubs" are being sold off one at a time by the developer to private owners. There actually is no such thing as a country club here because there is no membership fee or monthly allowance or fee. These are simply restaurants that are in the Villages and are open to the public as is everything else except Katie Belle's.

I agree that the Villages might at some time incorporate into a City but I am guessing that will be many years away. At the current time 2011 is the target date for all development to be completed by the Morse family etc. I would guess as long as a penny can be squeezed out of it, they will hang around to make it.

Re: WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

I don't think things will change materially once all the CDD's are governed by the residents. I have faith that the residents will continue the lifestyle, and I hope I'm around for it! What I do know is that once build out has occurred our property values will climb through the roof as then there will be only one way to buy here, and that's an existing home.

Re: WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

We just had the opportunity to vote in the last election on wether or not we wanted to be incorporated and it was voted down.

Re: WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

Where can I get a copy of the Newcomers: Guide To The Villages & Surrounding Counties booklet?

Re: WHEN ALL HOUSES ARE BUILT WHO DO YOU THINK WILL RUN THE VILLAGES?
 

It was part of Sunday's Daily Sun. Contact the Sun for a copy.