[kansasr]

Originally Posted by Rainger99

Who votes for the SLCDD supervisors?

According to the website, all Board Supervisors in Sumter Landing have been elected by “qualified electors” (registered voters) residing in the District. They are elected on a non-partisan basis on the general election ballot.

I thought it was just the commercial space in Lake Sumter? Does anyone reside in that district?

There are no residents. We have no say in who sits on this board, it's appointed by the developer.

[Rainger99]

Originally Posted by Marathon Man

Of all the things in my life to worry about, this is very near the bottom of the list.

I think understanding how we are governed and taxed is fairly important.

[Bill14564]

Originally Posted by Rainger99

I think understanding how we are governed and taxed is fairly important.

The SLCDD neither governs you nor taxes you.

[Rainger99]

Originally Posted by Bill14564

The SLCDD neither governs you nor taxes you.

A community development district (CDD) is a local, special-purpose government framework authorized by Chapter 190[1] of the Florida Statutes.

And I know amenities aren’t a tax but they are a payment made to a governmental entity.

Knowing how things work is helpful.

[Bill14564]

Originally Posted by Rainger99

A community development district (CDD) is a local, special-purpose government framework authorized by Chapter 190[1] of the Florida Statutes.

And I know amenities aren’t a tax but they are a payment made to a governmental entity.

Knowing how things work is helpful.

The SLCDD governs the area immediately surrounding Lake Sumter square. I doubt it reaches to the nearby villas. It governs but it doesn’t govern you or me.

We can look up the dictionary definition of a tax for a fun discussion but others will be bored. Our amenity fee is fixed by the terms of our deed restrictions. For many of us the SLCDD collects it and spends it but they have little or no ability to modify it. Unlike a general tax that can be used for any function of the governmental entity collecting it, the amenity fee is a fee for service and must be used for running the amenities. Some may feel that is a distinction without a difference but I feel the distinction is significant.

Again, the way I see it, the SLCDD neither governs me nor taxes me.

[Rainger99]

Originally Posted by Bill14564

The SLCDD governs the area immediately surrounding Lake Sumter square. I doubt it reaches to the nearby villas. It governs but it doesn’t govern you or me.

In Post #2, you stated "The Developer is selling the amenities to the respective Sumter Landing CDD that owns all the utilities south of 466."

It may not govern us but it sounds like it will have some control or input into our amenities.

Would you be satisfied if some corporation bought the amenities? Or if District 10 bought the amenities?

There seems to be a lot of confusion over how things work and many of us are just trying to figure it out. Someone suggested that the SLCDD will issue bonds.

Hopefully, Mr. Wiley will explain everything on Sunday.

[Bill14564]

Originally Posted by Rainger99

In Post #2, you stated "The Developer is selling the amenities to the respective Sumter Landing CDD that owns all the utilities south of 466."

It may not govern us but it sounds like it will have some control or input into our amenities.

Would you be satisfied if some corporation bought the amenities? Or if District 10 bought the amenities?

There seems to be a lot of confusion over how things work and many of us are just trying to figure it out. Someone suggested that the SLCDD will issue bonds.

Yes, the SLCDD runs the amenities and could potentially negatively affect us in some way. That is a minimal concern to me as I don’t believe they want to deal with the repercussions of upsetting tens of thousands of residents.

Hopefully, Mr. Wiley will explain everything on Sunday.

I don’t believe the sale is open to any entity other than the SLCDD. The issue is not who will purchase the amenities from the Developer, the issue is how much the SLCDD is going to pay.


Whatever financing mechanism the SLCDD Uses to pay for the amenities, I know it will not affect my amenity fee and I don’t believe there is any way the SLCDD can levy any other tax on me.

[Goldwingnut]

Originally Posted by Rainger99

There seems to be a lot of confusion over how things work and many of us are just trying to figure it out. Someone suggested that the SLCDD will issue bonds.

Hopefully, Mr. Wiley will explain everything on Sunday.

That's the plan, please tune it.

[GoldenBoy]

Originally Posted by RUCdaze

Well if you read it in the mainstream media it must be true. They never lie.

That statement sounds vaguely political.

[justjim]

Originally Posted by RUCdaze

Well if you read it in the mainstream media it must be true. They never lie.

Freedom of the Press: Mainstream media (whatever definition) as well as other media (whatever definition), freedom of speech, freedom of religion and finally the right to peaceful assembly to address the government ALL protected by the First amendment to the United States Constitution. Less we forget.

[Marathon Man]

Originally Posted by Rainger99

I think understanding how we are governed and taxed is fairly important.

I absolutely agree. So, years ago when I moved here, I took the time to become informed about how our community works. Resident Acadamy is a great start. Attending your monthly CCD Board meeting is another.

[BrianL99]

Originally Posted by Goldwingnut

I have a meeting tomorrow morning with the District Manager, Kenny Blocker, to discuss some of the details of this process for SLCDD to purchase these amenities from the developer. Much of this is mirroring the process that occurs in 2016 when SLCDD purchased the amenities between 466 and 44 so there really are few surprises on this.

I'll discuss the amenities purchase on my Gold Wingnut Live YouTube broadcast on Sunday at 3 PM. The link for the boardcast is:

Gold Wingnut Live #38 10/27/2024 at 3:00 PM - Amenities Purchase - YouTube

It's been reported that the "preliminary value" is $246.49M. Who's value is that? The Seller's or Buyer's ?

[onfire]

Originally Posted by BrianL99

It's been reported that the "preliminary value" is $246.49M. Who's value is that? The Seller's or Buyer's ?

Both parties hired independent appraisers and the final value is a negotiation, as with any sale / purchase agreement.

The developer still has primary control as they appoint the board, however, it should be transparent to home owners who continue to pay the amenity fee and receive the services.

The developer will get their cash to build more amenities further south and the CDD takes on bonds.

The only issue I have with this arrangement is the "landowner" control, it seems this should transition to the residents (local election) since the land is being purchased and is no longer owned by the developer, or perhaps that statement is incorrect.

[Bill14564]

Originally Posted by BrianL99

It's been reported that the "preliminary value" is $246.49M. Who's value is that? The Seller's or Buyer's ?

The article states that the SLCDD hired PFM to determine the value. Based on that reporting, this would be the buyer's value.

Note: the article is very light on the details of the process.

[onfire]

Originally Posted by Bill14564

The article states that the SLCDD hired PFM to determine the value. Based on that reporting, this would be the buyer's value.

Note: the article is very light on the details of the process.

You can attend or read the minutes of the meetings. The developer hired "Stantec" and the process is explained. They should finalize today I believe.

ANALYSIS/INFORMATION:
On October 14, 2024, the SLCDD Board approved a purchase and sale agreement to
purchase amenities in District 12 and District 13 and the remaining amenities in the
SLCDD service territory north of State Road 44. The SLCDD Board subsequently
approved the agreement with PFM to perform a valuation of said amenities to arrive at
a value using the income approach over 30 years. The seller was to engage with their
own valuation consultant, in which they hired Stantec to perform the valuation for the
seller to have a comparative value. Once each consultant derived a value, a
comparison is to be made to determine the preliminary purchase price. As previously
stated, the income approach is to be used over a 30 year period using a discount rate
equal to the modified true interest cost as provided by the investment banker. The
discount rate as provided by investment banker to use is 5.79%. Once each
preliminary valued is determined by both consultants, then a comparison is made to
determine how far apart the values are by percentage. If the difference is less than 5%,
the lesser of the two values will be the preliminary value used for pricing. If the values
are between 5-10%, then the average will be used as the preliminary value.
The preliminary value as prepared by PFM is $246,493,180.
Once final pricing is completed, the actual discount rate, as defined, will be applied and
the final purchase price will be determined as defined in the purchase and sale
agreement.