[Goldwingnut]

We all know about Fenney, Desoto, DeLuna, and all the other development going on west of the Turnpike, what's next? CDD-13 is now in the more public planning stages.

The Villages of Lake-Sumter (the developer) has requested of the City of Wildwood to establish CDD-13. The boundaries are can be seen in the latest city commission agenda package and in the attachment below. At over 2400 acres, it is the largest CDD yet and appears to be four major areas that help to complete the connections between the existing CDDs 1-10 and CDD-12 (Fenney area) as well as the huge swath of land on the north side of the Turnpike near the service plaza.

It's doubtful that this will be the final shape of the new CDD when final plans are announced because of the planned commercial and government areas as well as many other considerations. CDDs 9, 10, and 12 have all undergone major boundary changes over the years of their development. There are several gaps in the drawings shown and a best guess is that this new CDD will have move acreage added to fill the gaps, some acreage removed for a business/government district, and just because of the geography split into two districts most likely at CR468, but again these are just my guesses based on what we've seen in the past.

The documents indicate approximately 6,600 additional homes in these areas with a development cost of $292 million for the infrastructure and a development timeline of about 4 years (2018-2022).

Exciting times to come.

[Brenda.ball]

Exciting times for sure! Thanks for sharing.

[pauld315]

So, is the bond roughly calculated by dividing the 292 million by 6600 ?

[Goldwingnut]

Originally Posted by pauld315

So, is the bond roughly calculated by dividing the 292 million by 6600 ?

The calculation is a LOT more complicated than that and the number used (for the residential bonds) will change considerably as the area designs become more certain.
For example any infrastructure costs that may be included in the total 292 number for any commercial or governmental areas would come out.
Also if they hold true-to-form the amenities will be owned by the development company and the infrastructure costs for these would also be removed from the 292.
For right now what is being used is the total cost for the infrastructure for the entire area with no segregation of the monies into the different pots.

Two other factors to be considered when looking at the costs. The first being the size of the area, CDD-10 and CDD-13 are looking to have a nearly equal number of homes (6600+/-) but CDD-13 would have about 1000 acres more property that infrastructure will be being built for, these costs have to be included. The second is time, these numbers project out to 2022, one cannot do an apples-to-apples comparison of the dollar amount without calculating in the rising costs involved and inflation. The work to build an area will cost substantially more today. If you dig into the bonds for the various districts you will see about a 4% rise per year per acre development bond cost increase. This new number appears consistent with that increase.

Yes, the bond will be more in the new areas than in areas that were built 5, 10, and 15 years ago, just as the home and everything else back then cost less. The bond is irreverent in the initial cost of the home, you will have to pay these costs either in the CDD bond or it will be rolled into the cost of the home like it is in nearly every other development in the country.

A better benchmark, for now, would probably be to look a the bonds in Fenney, and add about 20% for the 5 years difference and you'll come up with close numbers.

[Laker14]

Are the individual bonds relative to the cost of the home?

IOW, would a 250K villa have the same bond price as a $350 home?

[Bogie Shooter]

Originally Posted by Laker14

Are the individual bonds relative to the cost of the home?

IOW, would a 250K villa have the same bond price as a $350 home?

You been around since 2008 suprising this question hasn't come up before.
Village Community Development Districts has a lot of useful information.

The Bond Debt Assessment was set at the time the bond used to build the infrastructure was issued. The formula for calculating each lot’s proportionate share starts with the total cost of the bond (including interest) issued to pay for the infrastructure. That cost is divided equally among each assessable acre in the “phase” of the District for which the bond was issued. That gives you a cost per acre. The cost per acre is then multiplied by the number of acres in the unit in which you live. That gives you the obligation for the unit as a whole. The unit total cost is then divided by the number of lots or parcels in the unit, and that computation gives you the amount of the assessment levied against each property. Therefore, each lot within a unit pays the same amount. Amortization schedules for each unit are located on the Districts' website; Village Community Development Districts under the Finance Department link.

[bandsdavis]

One of the things that will be interesting to me is how many of the folks living in these parts of the Villages, which are significantly south of the older sections, will drive the extra distance to see shows at The Sharon and The Savannah Center. Will they become involved in clubs and organizations that meet in the more northerly sections, like most of the Bands of The Villages, many of which rehearse at Mulberry, Village Voices and Brothers in Song, which rehearse at North Lake Presbyterian, and the groups which may rehearse in Rec Centers more central to The Villages but then perform at a northerly location, like Villages Theater, Villages Musical Theater, SMASH, KC Productions, Broadway Bound Players, Villages Pops Chorus, and any number of others. Might we see another Savannah Center type facility in these new areas? Will folks who move into these new areas start similar new groups aimed at people living there? And if so, whre will they perform? A facility the size of a Regional Rec Center is limited in many ways for some performance groups. Will be interesting to see how this plays out.

[Goldwingnut]

Originally Posted by Laker14

Are the individual bonds relative to the cost of the home?

IOW, would a 250K villa have the same bond price as a $350 home?

A fairly common question, the answer is no, because of the way the bond costs are allocated. However a $250,000 and a $500,000 home in the same subdivision will have the same bond, in a different subdivision the same two houses would have a different bond amount from the first two but again not from each other.


I have explained this in detail with examples a previous post.


Newbie Bond Questions

[Bogie Shooter]

Originally Posted by Goldwingnut

A fairly common question, the answer is no, because of the way the bond costs are allocated. However a $250,000 and a $500,000 home in the same subdivision will have the same bond, in a different subdivision the same two houses would have a different bond amount from the first two but again not from each other.


I have explained this in detail with examples a previous post.


Newbie Bond Questions

Or again in post #6.................