The District was created to finance and manage the acquisition, construction, operate and maintain of a portion of the infrastructure necessary for community development. The Ordinance establishing the District authorizes the District to issue bonds for the purpose of financing, funding, planning, establishing, acquiring, constructing or reconstructing, enlarging or extending, equipping, operating and maintaining water management, water supply, sewer and wastewater management, roadways (Ashley Crossing Place, Barrington Cove Point, Bristol Channel Way, Corinth Crossing Way, Milford View Place, Port Concorde Lane, Swansea Bay Court, and Westcott Cove Boulevard), bridges or culverts, street lights and other basic infrastructure projects within or without the boundaries of the District as provided in the establishment Ordinance.
All landowners will also pay non-ad valorem assessments related to capital costs and operation and maintenance costs of District facilities and services. Bonds were issued to fund these capital costs, and the bonds were secured by pledged revenues which are collected on behalf of the District in the form of non-ad valorem assessments by the properties within the District that benefit from the capital improvements.
The annual assessment is comprised of two components: debt service and maintenance.
The debt service component is the fixed amount required to amortize the debt for the infrastructure and facilities acquired or constructed by the District. The annual debt assessment collected for each property has been determined based upon use of each parcel. The District has levied a debt assessment against your property that is based on benefit and your pro-rata share of the cost of the public infrastructure and facilities financed by the District.
The maintenance component is an annual assessment for operations and maintenance of District infrastructure and facilities. Each year, the Board of Supervisors holds a public hearing to set the budget and the level of operations and maintenance assessments. Included in the operations and maintenance assessment is your pro-rata share of the annual costs to administer the District.
While these assessments are not taxes, they will appear on your property tax bill that you receive in November of each year. If you have a mortgage on your property and your taxes are escrowed, your assessments may be included in your monthly mortgage payment. In such case, your tax bill will be sent directly to your mortgage company and will be paid from your escrow account.
The Vista Lakes CDD has issued in three bond series, Series 2000, Series 2002 and Series 2007, for the benefit of public infrastructure and facilities for all properties within the District. The Series 2000 and 2002 bonds were financed over a 30-year period, subject at any time to refinancing or refunding at the direction of the Board of Supervisors. Such refunding did occur in 2007 with the Series 2007 Refunding Bonds to paydown the remaining bond indebtedness for the earlier bond series.
These assessments are fixed over the life of the bonds and are included on the annual real estate tax bills. Any home owner has the option of paying down this debt assessment early, either in part or in whole, which will either reduce or eliminate the annual debt assessment levied on the property. For information on paying down your debt assessment, please contact the Assessment Department at 954-603-0034 or email at Luvinia.LaCap@inframark.com.
For those homeowners choosing not to paydown the debt assessment early, you will pay this assessment only for the period of time that you own your home, or until 2032, whichever is sooner. If you sell your home before the District bonds are paid off, the next owner becomes responsible for paying their share of the cost of the infrastructure and facilities.
The operations and maintenance assessment may vary based upon the general fund budget adopted each year after an advertised, public hearing. The budget for the current fiscal year shows the maintenance assessments by product type. Click here for the budget page.
The debt component added to the operations and maintenance component result in the total non-ad valorem assessments included on your annual real estate tax bill.
The CDD constructs, operates and maintains public infrastructure, open to the general public, while the HOA constructs, operates and maintains private infrastructure, such as the Residents’ Club which is for the exclusive use of the property owners of Vista Lakes.
While each entity performs very similar activities, such as landscape maintenance, each organization has a different governing Board and a different organizational charter. Each entity will also separately award maintenance contracts and hire consultants and employees for its own particular needs.
The schedule of meetings of the Board of Supervisors for the current fiscal year is available on the Board Meetings page.