What is the Community Development District in our community specifically responsible for?
The CDD will provide the following publicly-owned elements:
- Off-site road improvements, streets, sidewalks, street signs and street lighting. This will be transferred to the County for maintenance
- Water management. Including main line irrigation, lake and water control structures
- Conservation areas
- Water and sewer facilities, which will be transferred to the appropriate franchised utility
- Landscaping and entry features
Who governs the CDD?
The CDD is governed by a five-member Board of Supervisors elected by majority vote of the resident electors in the community. A professional manager implements the policies of the Board.
How are CDD services financed?
The CDD issues Special Assessment Revenue Bonds to finance community infrastructure. Generally, Community Development Districts assess each property owner a yearly capital debt service assessment to pay back those bonds. In the case of the CDD, a significant portion of this capital assessment will be prepaid by the developer at the time of closing.
In addition, to maintain the facilities of the community and administer the CDD, the CDD conducts a public hearing each year at which it adopts an operating and maintenance budget. The funding of this budget is levied as an operating and maintenance assessment on your property by the Board of Supervisors. All residents pay for a share of the maintenance of the CDD improvements through this annual assessment.
How are annual assessments determined?
The annual operating and maintenance assessment amount will be set annually by the Board of Supervisors.
What are the ongoing responsibilities of the CDD?
The ongoing responsibilities of the CDD are to administer CDD bonds, operate and maintain the community facilities for the benefit of the property owners.
How Do I Find Out More About Parkway Center CDD?
For more information about Parkway Center, please contact the District Manager’s Office.