What is a Community Development District?

1. What are the duties of the Vasari CDD Board?

a. The Vasari CDD Board of Supervisors (BOS) consists of five members, who are qualified voters and residents of Vasari, and hold terms of four years. The Supervisors are public officials elected at the general election the first Tuesday of November by the residents of Vasari. The supervisors have staggered terms, therefore every two years either two or three Supervisors are elected at the end of their terms. Any vacancies occurring before the General Election, are filled through appointment by the BOS.

 

b. The BOS must hire a District Manager who shall have charge and supervision of the works of the District. The BOS, through the District Manager, is responsible for preserving and maintaining all assets of the District and any improvements to facilities constructed or erected with District funds. District funds include any ad-valorem or non ad-valorem taxes or assessments, charges for service and any bonds taken out by the district. 

 

c. Specifically the BOS is responsible for all assets, finances, and the general duties as identified in Ch. 190 of the Florida State Statues. The assets of the District include the lakes, conservation areas, irrigation distribution excluding the golf course, and perimeter landscaping features.

 

2. How was the money spent to develop Vasari?

The initial bond used to develop the public infrastructure for Vasari was for $17.8 million and was spent as follows:

1.        Irrigation delivery system (non golf course)        $811,550
2.        Water Management Systems (lakes)                    $2,973,905
3.        Earth work for Community                                  $5,567,636
4.        Perimeter landscaping features                           $1,215,968
5.        Wetland Mitigation and Monitoring                     $880,000
6.        Land Acquisition                                                 $6,187,000
7.        Professional Service fees                                     $221,298
                                                                                      $17,857,359   

 

3. Explain the last refinancing of the Bond?

The initial bond was taken out in 2001 and in 2008 the BOS gave the District's financial investment firm, Prager, Sealy & Co., the authorization to refund the bond if they could meet a minimum threshold of reduction in the interest rate from 6.95% to 5% or less. Prager, Sealy & Co. was able to refund the bonds at an average interest rate of 4.85%. This allowed the District to receive the following results:

• Reduction of maturity date for bonds from 2032 to 2028 which is a four year reduction on debt payments.
• A net present value savings of $1,037,291.
• A reduction in annual debt service assessment to every unit of 4.9% per year.

 

4. When will the bond be paid off?

The bond will be paid off in 2028.

 

5. Will the CDD Board ever cease to exist?

No. The CDD will remain to insure the assets of the District are maintained even after the bond is paid off.

 

6. Which preserves are maintained by the CDD Board and which are the responsibility of the HOA?

All areas described as conservation areas on the attached map are the CDD's responsibility.

All areas shaded in dark gray belong to the Master Association.

Click Here to Download the Preserve Map

 

7. Why have some preserves been cleared of debris and others have not?

Those that have been cleaned or cleared out are Master Association owned preserves. Not CDD.

 

8. How does the CDD board maintain the lakes?

a. With a lake maintenance company who treats for algae and exotic vegetation.

b. The lake banks are maintained by Inframark and when maintenance is needed, a contractor
is obtained to make changes.

 

9. What can the CDD Board do to maintain water levels in the lakes during the dry season?

Unfortunately, nothing.

 

10. What can the CDD Board do to improve the aesthetic appearance of the lakes during dry season?

The CDD has initiated a planting program to install native plants and trees that are acceptable to protect and enhance the lakes' littoral shelves.

 

11. Where does the water for irrigation for homeowner property come from?

It comes from the big lake known as Lake 24. This lake is filled by a natural aquifer.

 

12. Where does the water for irrigation of the golf course come from?

It comes from Lake 24.

 

13. Was the new control system for irrigation on Pienza Dr. paid with CDD funds?

The Master Association paid for the changes to Arezzo and Pienza to put them onto a single point control system like all the other associations.

 

14. What can the CDD Board do to reduce noise level from I-75?

Not much, but the CDD can install sound barriers on the berm, such as walls or vegetation.

 

15. Who has responsibility of resurfacing the streets in Vasari?

The Master Association has the responsibility of resurfacing the streets.

 

16. What is the CDD doing about improving street lighting?

This is not a CDD issue.

 

17. How does the CDD Board coordinate maintenance with the HOA?

All maintenance needs are coordinated with Mark West.

 

18. How does the CDD Board communicate to the Vasari residents?

The CDD communicates through the Vasari CDD website and public notices that are published in the local news paper.

 

Frequently Asked Questions?

Vasari Community Development District