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Live Oak Preserve Community Development District

 

A letter to Residents

A letter from your CDD to the residents of LOP

 

What is a Community Development District?

A Community Development District (CDD) is an independent special purpose unit of local government established pursuant to and governed by Chapter 190 of Florida Statutes. There are more then 400 CDDs throughout Florida today. A CDD is a special-purpose unit created primarily for the purpose of financing and then operating and maintaining community-wide infrastructure and improvements in new communities. The CDD was developed in 1980 by the state of Florida as a tool for local municipalities and developers for funding the rapid growth and development of new communities. Generally, a landowner (usually a developer) petitions the local government to create a CDD with broad powers that enables the CDD to generate revenue to pay for these infrastructure items over a period of time up to 30 years. In the case of Live Oak Preserve, bonds were issued and payable by the land-owners (purchasers of homes) for funding development and construction of the roads, the community ponds, mitigation areas, landscaping of some common areas, community fountains and a portion of the community street lighting.

The CDD maintains, operates and administers the property and improvements subject to its control and establishes the fees or other financial obligations of the land owners. As it stands, currently it is a 5 seat board composed of supervisors elected during the general election, by qualified electors of the District. Each Supervisor serves a 4 year term. While the CDD may at times express support for various community issues, it is not an organization that is meant handle homeowner issues that are outside of the scope of managing the assets with which the Board is entrusted through the ordinance that established it.

 

Where does the CDD get its funds?

Each property in the Live Oak I CDD receives an assessment which is collected with the County Taxes each year. This assessment (tax) is based on the size and scope of your lot and contains two parts:

Bond Repayment. - In CDD communities Florida developers take out Bonds to pay for infrastructure. The repayment of these bonds are the responsibly of the property owners of a district, as they receive the benefits of this infrastructure. The Live Oak Preserve bond will be paid of May, 10 2034.

Operations/Maintenance - This portion of the assessment represents the ongoing costs of maintaining infrastructure that a District owns as well as any established reserves.

 

Live Oak Preserve CDD #1
Information regarding Live Oak CDD #1 can be found by clicking on the corresponding link: www.liveoakno1cdd.com

 

 

Live Oak Preserve CDD #2
Information regarding Live Oak CDD #2 can be found by clicking on the corresponding link: www.liveoakno2cdd.com