A community development district (“CDD”) is a special purpose government established pursuant to the Uniform Community Development District Act of 1980, Chapter 190 of the Florida Statutes (“CDD Act”).
A CDD has the authority to finance the cost of acquiring, constructing and installing a variety of public infrastructure, facilities and services, including recreational amenities, to serve the development within its boundaries.
A CDD assures a high standard of quality and maintenance of the public infrastructure, facilities and services it manages and owns, long after the developer has completed the community.
Members of the District’s Board Supervisors are subject to applicable state ethics and financial disclosure laws and to Florida’s government-in-the-sunshine and public records laws.
Meetings of the District’s Board of Supervisors are open to the public and all Beacon Lake residents are encouraged to attend.
Generally stated, public hearings are held when the District seeks to adopt its annual budget, levies assessments, adopts rules, or where otherwise required by law. The District’s financial records are subject to annual independent audit.
CDD Improvements are partially funded by the proceeds of the sale of the District’s special assessment bonds. The District has issued, and may issue in the future, special assessment bonds to finance the construction and acquisition of certain CDD Improvements.
As a government entity, the District is able to borrow money to finance CDD Improvements at tax-exempt, interest rates, the same as cities and counties, and for that reason is typically able to finance CDD Improvements at relatively low cost. Many contracts for goods and services are subject to publicly advertised competitive bidding as well.
All bonds issued by the District are payable from non-ad valorem special assessments (“Debt Service Assessments”) that are levied against assessable lands within the District benefitting from the CDD Improvements.
Costs of operation and maintenance of the CDD Improvements owned by the District are funded via annual operation and maintenance assessments (“Operation and Maintenance Assessments”) levied by the District.
The amount of the Operation and Maintenance Assessments are determined each year based on a budget approved by the District’s Board of Supervisors during the annual budget process. These assessments can increase or decrease each year.
The Debt Service Assessments and Operation and Maintenance Assessments are in addition to County and other local governmental taxes and assessments and all other taxes and assessments provided for by law.
Generally stated, the Debt Service Assessments and Operation and Maintenance Assessments will appear on each homeowner’s annual property tax bill and are collected for the District by the County’s Tax Collector when property taxes are paid. The Debt Service Assessments securing a particular bond issue are levied when those bonds are issued, and as such, these amounts typically do not change from year to year during the term of the bonds. In contrast, because the Operations and Maintenance Assessments are levied based on the District’s annual budget, the Operations and Maintenance Assessments may vary from year to year. Each homeowner may elect to prepay his or her Debt Service Assessments. As with any tax bill, if all taxes and assessments due are not timely paid, the tax collector is required to sell tax certificates which may result in the loss of title to the property.
Visit the Meadow View at Twin Creeks Community Development District website for more information about the District, its Board of Supervisors, meeting agendas and meeting schedules.
Or contact the District’s Manager, Governmental Management Services at 904-940-5850. Further, the District has recorded a Disclosure of Public Financing at Instrument No. 2016073453, Book 4283, Page 1713 in the Official Records of St. Johns County, Florida, which is available from the District Manager.
This document is provided for informational purposes only and cannot be relied upon as a basis to purchase a home in Beacon Lake. Any descriptions and representations of proposed facilities contained in this website are subject to change.
