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Sebastian council hears primer on community development districts; resident urges fuller local review
Summary
City council members heard outside counsel explain how CDDs finance and maintain neighborhood infrastructure through tax-exempt bonds and special assessments; a resident warned of disclosure gaps and urged a future public hearing and possible local standards.
Jer Earlywine, an attorney with QTAC Rock, told the Sebastian City Council that a community development district, or CDD, functions like "a more capable version of a homeowners association," able to issue tax-exempt bonds to finance public infrastructure and to maintain that infrastructure over long periods.
Earlywine said CDDs allow developers to spread capital costs over 30 years so a neighborhood can finance roads, stormwater systems and amenities without placing the cost on the citywide tax base. "They issue a tax exempt bond, which is basically a loan," Earlywine said; assessments tied to properties within the district then repay that debt.
Phil Hunt, of Raquel/Rafael Hunt and Associates, echoed the financing explanation and told the council the two core powers of a CDD are to "finance public infrastructure" and to "maintain public infrastructure." He and Earlywine said CDDs commonly have strong collection rates (the presentation cited a "99 plus percent" collection figure) and are subject to sunshine and public…
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