Two parts; the Debt (the “Debt”) portion is the Series 2015A Bonds and the Operation and Maintenance (the “O&M”) portion includes the General Fund from the Annual Adopted Budget. The Debt is the fixed annual amount that needs to be collected to pay off the amount proportionately owed by each homeowner within the CDD in order to pay the issued bonds (loan) that paid for the CDD’s original infrastructure (roadway system, stormwater management system, sanitary sewer collections system, water distribution systems, parks and recreations facilities, and landscaping). The Operations and Maintenance (O&M) portion applies to the general day-to-day administrative fees and costs as well as maintenance and repair of the infrastructure and general administrative functions (attorneys, engineers, board meetings, maintenance, landscape maintenance, lake maintenance, insurance, utilities, security services, etc.). Insurance for the District, Audit expenses and various annual contracts are detailed in the CDD budget listed under Financials
Yes, the Debt Portion may be paid off in full. To request an estoppel letter with a payoff amount please contact Management at this link: Email CDD Management. Please take in consideration that paying off the Debt does not eliminate the O&M assessment that will continue to be levied via the property’s taxes for as long as the CDD exist. Additionally, a payoff transaction cannot be reversed.
Assessments are collected uniformly by the Pasco County Tax Collector as a “non-ad valorem” assessment on your Pasco County Tax bill and are paid directly by the owner or via a mortgage holder escrow, beginning November 1st of each year.