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Council approves formation of Nokomis Groves CDD covering 60.4 acres, citing $13.1M in planned improvements
Summary
The council approved on first reading the establishment of the Nokomis Groves Community Development District, which the petitioner estimated would finance about $13.1 million in public improvements for a 60.4-acre development expected to contain about 341 residential units; the vote was unanimous.
Attorney Patrick Collins presented a petition seeking establishment of the Nokomis Groves Community Development District for roughly 60.4 acres. Collins described planned public improvements estimated at approximately $13,100,000, including stormwater systems, utilities, roadway improvements, landscaping, underground electric conduit and recreational amenities. He said assessments and tax-exempt bonds would be used to finance construction and long-term maintenance, and emphasized that the city retains zoning and permitting authority.
"This property is approximately 60.4 acres and anticipated to house approximately 341 residential units," Collins said, and explained that a CDD allows projects to access tax-exempt financing while the city retains authority over land-use approvals. Council members asked about typical disadvantages of CDDs and local precedents; the city attorney and staff noted several existing local CDDs and described the bond-validation process and oversight requirements.
Council voted to approve the ordinance establishing the Nokomis Groves CDD on first reading and scheduled final reading; the motion passed unanimously. The ordinance authorizes the district’s boundaries, powers and initial board of supervisors and requires the district to comply with public-records and sunshine laws and to remit annual budgets to the city for review.
