[JourneyOfLife]

Two general questions about TV's funding mechanisms:

First:

Are the TV funding mechanisms (and reserves) subjected to regular actuarial audits to determine if there is adequate funds to meet upkeep needs of the existing TV common infrastructure and in the next 10 or 20 years?

Is is subjected to daylight and regular (i.e., yearly) scrutiny by "independent third party auditors"?

Next:

I looked at the "Survey Question" Thread. I noticed a number of comments from people that were asking for additional large infrastructure to be built or modified. I even saw one post say something like: Put in hot tubs. I can't afford one myself. It made me think, "how will you afford the cost increase to support of the common infrastructure expansion"... it is not free!

How will that wish list be funded? That list would probably increase both fee cost and infrastructure cost (bond).

The mechanism can be a little tricky. Will certain homeowners end up paying more. It all depends on how it works.

Extend that question to current and future funding in general.


One thing that has bothered me since I read about it was that that $40M lawsuit settlement. That suit seemed to be over inadequacy of current funding to meet certain upkeep costs.

Then there is future funding (relatively near term... say rolling 10 years).... when the build out ends, major maintenance and teardown/replacement costs begin to happen.

The TV funding design looks somewhat inconsistent amongst different TV sub communities.... then there is the common VCCD. This just adds to the complexity of it. There may be multiple answers.

I know that a bond is originally assessed when a new home is sold. What happens after that money is used up or not funded to meet actuarial cost needs (current and 10 years)... IOW try to avoid large special assessments.

How does bond funding work for the various CCDs? Including the common Lifestyle oriented infrastructure VCCD Bond? How often are existing homeowners assessed new bonds? For example: Do they have to pay for a new bond every 20 years (since home was built)?

How about special Bond assessments? How does that work? Will all homes be assessed the same percentage of existing home value?

IOW are bond costs normalized such that newer home owners (or some subgroup of owners) do not bear a disproportionate cost of the maintenance and the inevitable replacement cost of infrastructure in the smaller TV communities? Same question across communities for VCCD.

[Ragman]

If you live in or visit TV you should make an appointment with the VCCD staff and pose your questions to them.

You would probably get more concise and accurate answers to your varied questions.

[JourneyOfLife]

Originally Posted by Ragman

If you live in or visit TV you should make an appointment with the VCCD staff and pose your questions to them.

You would probably get more concise and accurate answers to your varied questions.

Is there any documentation. Much of what I listed should either be listed in some charter or legal document or FAQs.

I doubt I am the first to ask this sort of question. I hope I am not the first to ask.

[mickey100]

Well, you may be the first to ask. I would try to call the VCCD and question them directly. The information on this board often needs to be taken with a grain of salt. The lawsuit thing bothered us as well, but we had already bought by that time, so we were taken by surprise. If you do find out anything factual, please take the time to post. Many would appreciate it!

[graciegirl]

Originally Posted by JourneyOfLife

Is there any documentation. Much of what I listed should either be listed in some charter or legal document or FAQs.

I doubt I am the first to ask this sort of question. I hope I am not the first to ask.

YOU are certainly NOT the first to ask.

If you look up to the top of this page and see the brown bar? You will see a "search" function. If you type in "bonds" or any of the other things you are wondering about... you will find that MANY, MANY have had such questions. Go back four or five pages and see that the questions haven't varied for years.

This place makes everyone wonder..."What's the catch". I certainly made a lot of people annoyed when I asked all of those questions six years ago.

This forum is wonderful to get the answers from real people who live here. It is NOT owned by the developer if you didn't know.

Here is just one thread I found from a similarly questioning soul.

Extra fees

Come and see. Talk to the people at the sales center. THEY won't pressure you. (Our sales agent, who we just love and who has sold us two new homes in five years is a non pressure person, Jim McLaughlin said there are a couple who might, but most won't, He didn't) No one has to sell the homes here. The Villages sells itself. But most of all talk to people on the square, on the golf course, on the pickleball courts, near where you are staying...talk and ask questions.

I take it you haven't been here yet. Have you? The first thing you will need is a TALL DRINK WITH ICE IN IT.

I hope your neck doesn't itch.

The last two sentences were meant to be funny because we all joke that we drank the water here and it made us all gaga and then we bought and they secretly implanted a chip in our necks, something like the Stepford wives.

[JourneyOfLife]

Looks like audits are performed for the CCDs.

Quote form the District Gov website.

A Community Development District is a public non-profit unit of local government with the special purpose of providing the services described above. As a unit of local government, the District is subject to many of the same State Statutes that regulate cities and counties; of particular interest are those statutes related to ethics in government for the elected Board of Supervisors, Government in the Sunshine, a cornerstone of local government in the State of Florida which requires that decisions made by any governmental agency be done at a public meeting; the public records law, which means the records of the District are open for review by any citizen; the auditing requirements in which annually the accounting records of the District are audited by an independent certified public accountant and the results of such audit are provided to the State Controller and Auditor General; competitive bidding requirements for construction and maintenance contracts, and various other statutory provisions that protect the interest of the public.

VCDD Your Community District

[JourneyOfLife]

Here is part of the summary description of District 1

Village Community Development District No. 1 was established pursuant to the provisions of Florida Statutes Chapter 190 on February 19, 1992. The lands that are encompassed by the District are located in Sumter County and consist of approximately 998 acres. In order for the District to provide the infrastructure services described above, in June of 1992 and in November of 1994 the District issued Capital Improvement Revenue Bonds. The proceeds of these bonds were used to construct the first phase of improvements within the District which consists of roadway improvements, landscaping, open areas, streetlights, master drainage systems and a water and waste water distribution and collection service system. The bonds are supported by assessments that are levied upon the benefited properties. A majority of the assessment represents the cost of developing each subdivision and is prepaid by the developer at the time the property is conveyed to individual residents; however, a portion of the assessment does remain on each residential lot. That portion represents infrastructure improvements such as collector roads, major roadway lighting, and major water and waste water lines that are not specifically provided for within each subdivision. In addition to the bond assessment for construction of the infrastructure, there is an annual maintenance assessment to provide for the services and on going maintenance and administration. Each homeowner may prepay the bond assessment against their property at any time; however, the maintenance assessment is on going and determined at the annual budget hearings by your Board of Supervisors.

Village Community Development Districts

[JourneyOfLife]

Here is part of the VCCD Summary

Maintenance of the infrastructure is provided through an annual assessment to property owners based upon square footage of properties benefited. The assessment programs are managed through the Village Center District Accounting Department, and may be collected on the Lake County tax bill, by agreement with the Lake County Tax Collector, utilizing the uniform method of assessment adopted by the Board of Supervisors.

Village Community Development Districts

[graciegirl]

hmmmm.

[JourneyOfLife]

Here is part of the SLCCD Summary

Maintenance of the infrastructure is provided through an annual assessment to property owners, again based upon acreage benefited. The assessment programs are managed through the Sumter Landing District Accounting Department, and may be collected on the Sumter County tax bill, by agreement with the Sumter County Tax Collector, utilizing the uniform method of assessment adopted by the Board of Supervisors.

Village Community Development Districts

[graciegirl]

GOSH. I was being all helpful and apparently you know how to get the answers to your own questions.

Here, have a cup of coffee and tell us about your self.

I am from Ohio and moved here six years ago with my husband and daughter and we were certainly not thinking to locate to Florida when we wandered in.

Where do you live and what do you hope to find in a retirement area and when will you come to look at this place?

We will arrange a meet and greet for you if you want us to.

You are just like many of us who cannot believe this place when you hear about it ....WELL SIR, Just wait until you see it. We will recognize you by the incredulous look on your face as you walk up to the sales center at Brownwood.

I am surprised you aren't asking where to buy a golf cart. Usually that is a common excitement for wannabees.

OH..The developer owns the largest golf cart store too.

[JourneyOfLife]

Some basic information about the VCCD Amenity fee

Village Community Development Districts

[JourneyOfLife]

Originally Posted by graciegirl

GOSH. I was being all helpful and apparently you know how to get the answers to your own questions.

Here, have a cup of coffee and tell us about your self.

I am from Ohio and moved here six years ago with my husband and daughter and we were certainly not thinking to locate to Florida when we wandered in.

Where do you live and what do you hope to find in a retirement area and when will you come to look at this place?

We will arrange a meet and greet for you if you want us to.

You are just like many of us who cannot believe this place when you hear about it ....WELL SIR, Just wait until you see it. We will recognize you by the incredulous look on your face as you walk up to the sales center at Brownwood.

I am surprised you aren't asking where to buy a golf cart. Usually that is a common excitement for wannabees.

OH..The developer owns the largest golf cart store too.

I am positive that I want to make a short visit to TV to learn more... possibly the Lifestyle Visit.

I am investigating several retirement communities in FL in different locations to visit as prospective places to rent in the winter. Beach vs Central

My more immediate goal is to find a location to rent in the winter.

But, I want to look at the community in which we choose to rent, as if I might buy.... because I might later.

If, after renting for a couple of years, we decided we really liked it, we might consider relocation. Not sure yet, that is a big decision in itself.

If I spend several years renting, I will have invested time, money, and energy to build relationships and understand the deeper details of the community. I want to make sure I Identify solid targets to consider for renting. Otherwise, I might just as well "throw the dart" to select it.

Since the financial part it is important, I figure I can learn some of that right now to Filter potential communities in or out based on that aspect.

TV appears to be more complicated than several of the other communities I have looked at so far. My guess is that it was done that way because it is so large.

[elevatorman]

I think first you should realize the structure of the CDDs. There are numbered CDDs (1 thru 10) where the residents live. Then there are two other CDDs, the VCCDD (Village Center Community Development District)and the SLCDD (Sumter Landing Community Development District) which are commercial areas. As a resident of the numbered CDD you will vote for your district representatives.

This is the way I understand how the amenities are controlled and paid for. The developer built and owned all the amenites. The VCCDD sold tax free bonds and use the proceeds to buy all the amenities and the amenity fee flow north of route 466 from the developer. The amenities south of 466 are still owned by the developer, but eventually will be sold to the SLCDD. When we purchased our home we signed a contract with the developer. The contract says basically we pay $135/mo (raised based on CPI every year) and the developer supplies amenities. We are obligated to pay and the developer is obligated to keep the amenities at the level they are are now or better. All the CDDs are audited just like the local government where you live now. Part of the amenity fee we pay is used to pay for the above mentioned bonds.

Next before the homes are built the numbered CDDs sell bonds to investors and use the money to build the infrastructure for the homes. Then the total investment is divided by the number of homes. When you buy a home the cost of paying the investors back is the homeowners bond. So, how is the infrstructure maintained? Once the roads are built they are maintained by the county thru county taxes. The water and sewer piping is maintained by the water company. They charge what they need for water and sewer on a per gallon basis to include maintenance of the system. If a pipe breaks they fix it.

The maintenance fee we pay each year is mostly for landscaping and mowing and for the pond system to control run off.

As for the lawsuit settelment, there was a dispute as to wether the cart paths were an amenity or should be maintained by the numbered CDDs. The $40 million setelement was used to improve the cart paths and add some pickleball courts. There is still a large portion of the money still to be spent by the Amenity Athority.

None of the above is gospel. It is just my take on the situation.

[looneycat]

Originally Posted by JourneyOfLife

I am positive that I want to make a short visit to TV to learn more... possibly the Lifestyle Visit.

I am investigating several retirement communities in FL in different locations to visit as prospective places to rent in the winter. Beach vs Central

My more immediate goal is to find a location to rent in the winter.

But, I want to look at the community in which we choose to rent, as if I might buy.... because I might later.

If, after renting for a couple of years, we decided we really liked it, we might consider relocation. Not sure yet, that is a big decision in itself.

If I spend several years renting, I will have invested time, money, and energy to build relationships and understand the deeper details of the community. I want to make sure I Identify solid targets to consider for renting. Otherwise, I might just as well "throw the dart" to select it.

Since the financial part it is important, I figure I can learn some of that right now to Filter potential communities in or out based on that aspect.

TV appears to be more complicated than several of the other communities I have looked at so far. My guess is that it was done that way because it is so large.

simple reason for that, The Villages has a population of 100,000+ as opposed to 3-8,000 as most others are, The Villages has over 40 different golf venues as opposed to the SINGLE venue most have, some have a ball field, The Villages has one of, if not THE largest softball complex in the US, and a Polo field, etc., etc.