Monday July 21, 2014
Starkey Ranch is envisioned to be a beautiful, well-maintained community not only when it opens but for years to come. To fulfill that vision, a Community Development District (CDD) has been established to finance and professionally maintain amenities, common areas, and major infrastructure such as main roads and storm water facilities.
A Community Development District raises capital for construction of new communities through the issuance of municipal bonds that are retired over time through property taxes paid by residents. This is advantageous for residents in three ways—services and facilities are usually available early in the life of the community, the cost of capital is lower than a developer would typically have to pay, and the full cost of building infrastructure is spread out rather than paid up front as part of the lot price. A CDD provides residents with financial safeguards not available in a typical homeowners association structure.
The CDD is a legal entity controlled by a five-member board of supervisors initially elected by the landowners within the district. They in turn hire a district manager to be responsible for the daily operations of the CDD. After six years, control begins to transition to the residents who vote for board members during regular County elections.
CDD operations and maintenance costs are set annually by the governing board and are billed on the property tax statement, in addition to other county and local governmental taxes as provided by law.