What is a Community Development District (CDD)?
Wilderness Lake Preserve, with its beautifully landscaped roadways and boulevards and outstanding amenities, is designated as a Community Development District (CDD). The CDD was established in 2001 pursuant to Chapter 190 of the Florida Statutes and is run like a separate governmental entity. The District is created to finance, construct and maintain infrastructure, stormwater and lake systems, the amenities and other aspects of a master-planned community. Many of the nation’s best master-planned communities are designated as a CDD to help preserve the quality and beauty of the community over time.
Who Administers the Wilderness lake Preserve CDD?
The CDD is managed by an independent firm and has a District Manager.
Who Governs the Wilderness Lake Preserve CDD?
The landowners elect the initial board of five supervisors. After the sixth year, three of the supervisor positions are up for election or re-election. At that time, the registered voters within the District elect two of the supervisors and one is elected by the landowners. In the eighth year, and all subsequent years, the registered voters within the District elect all positions up for election or re-election. Ultimately those homeowners who registered voters will then assume control of the Board. The District Manager continues to oversee day-to-day operations.
How is the CDD Financed?
The District, in the name of The Preserve at Wilderness Lake, will have a portion of the community improvements financed with 30-year bonds. The annual amount due to The Preserve at Wilderness Lake CDD from each property owner will be comprised of two amounts – the first being for the debt service assessment and the second for operations and maintenance of all common areas, conservation areas, lakes and recreational facilities.
What Does the Wilderness Lake Preserve CDD Provide?
The Preserve at Wilderness Lake CDD provides homebuyers the highest standards of infrastructure, storm-water and lake systems, landscaping, entry signage, a full range of services, and a considerably more extensive offering of amenities not generally available elsewhere at a comparable price. Moreover, the CDD assures these high standards will continue long after the Developer completes the community.
How is the CDD Allocated?
The amounts due from each homeowner will vary from village to village and is based on the infrastructure benefit allocated to that village. In other words, the assessments are base upon the size of the home site and the village.
Will the Debt Service Assessment Ever Increase?
No. The debt service assessment amount is amortized over 30 years and may be paid off in full at any time.
Will the Operations and Maintenance Fee Change?
Yes. The operations and maintenance (O&M) portion may fluctuate up or down annually. The fees are determined by the District’s annual operating budget adopted by the Board of Supervisors, based on a fiscal year starting October 1.
How and When Do I Pay the CDD?
The total amount due will appear under Special Assessments (Non Ad-Valorem) on homeowners’ property tax bill and be paid to the Pasco County Tax Collector. The county then remits the payments to the District. CDD Fees are payable one year in advance. (Note: It is advisable to consult with a Tax Specialist/Accountant to determine eligibility for income tax deductions.)
Does Everyone Pay the CDD?
Yes. The CDD is payable during a party’s period of ownership.
What are Some Added Benefits of the CDD?
One of the greatest benefits of The Wilderness Lake Preserve CDD is that it develops, constructs and maintains the Lodge complex, the entry boulevards, common areas and signage and manages the operations of the Wilderness Lodge, Recreational Amenities and the Ranger Station. The entire amenity package is available at the very beginning of the community. Residents of CDD communities enjoy the peace of mind that comes with this funding structure that is designed to protect their investment in the community. The District’s finances remain stable and ensure the ability to finance maintenance, programs, equipment, facilities, etc. in an expeditious manner. Therefore, the District can offer an assurance that the upkeep of the facilities will always be of the highest standard and quality.
How Do I Contact the CDD?
Rizzetta & Company
5844 Old Pasco Road
Wesley Chapel, FL 33544