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Board approves Serona community development district; staff says up to $19.8M in improvements possible
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Summary
The Board adopted Ordinance 26-002 establishing the Serona Community Development District (CDD), which can issue tax-exempt bonds and levy non-ad valorem assessments to finance public improvements. Staff said the petition estimates approximately $19,800,000 in infrastructure improvements.
The St. Lucie County Board of County Commissioners voted to adopt Ordinance 26-002, establishing the Serona Community Development District (CDD) in unincorporated county. County Attorney Catherine Barbieri presented the ordinance and staff recommended approval; the petitioners representative summarized the CDD powers and the obligations that accompany formation.
What a CDD means: As explained at the hearing, a CDD is an independent special district formed under Chapter 190 of the Florida Statutes. It can finance, construct, own and maintain public infrastructure using tax-exempt bonds paid through non-ad valorem special assessments on properties within the district. The assessment amounts and debt-service obligations are levied only against properties inside the CDD boundaries; they are not county-imposed property taxes.
Numbers and process: The petitioners materials estimated approximately $19,800,000 in potential public improvements (stormwater systems, water and sewer and roadway improvements) to be funded or maintained by the district; that estimate was described as a snapshot provided at petition time for consideration in the petition and ordinance process. The board accepted staffs recommendation and adopted the ordinance.
Quote from the hearing: "This CDD proposes that it is going to issue tax-exempt municipal bonds which will be paid for by non ad valorem special assessments... This is not a tax that St. Lucie County is imposing." (Stapled summary of petitioner presentation.)
Next steps: With formation adopted, the new CDD will be governed by an initial board of supervisors (a landowner election initially) and, over time, will develop the assessments, master engineer reports and bond issuance details if and when specific improvements and financings are pursued.
Speakers: County Attorney Catherine Barbieri (staff introduction) and petitioner representative Ginger Wald (presentation) were the principal speakers.
Ending: Adoption creates the legal structure for a Serona CDD; specific bond issuances, assessments and project-level planning will follow the districts formation and future proceedings.
