AGENDA REPORT
DATE: April 8, 2024
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Resolution setting a legislative public hearing on an ordinance to establish the Varrea North Community Development District. (PB-2024-05)
EXECUTIVE SUMMARY
The applicant submitted a petition to establish the Varrea North Community Development District (CDD). The proposed Varrea North CDD is a planned community of approximately 415.2 acres located north of Interstate 4, north of Midway Road, west of Charlie Taylor Road, and east of North Wilder Road.
A CDD is a special-purpose unit of government created under Florida law to finance, acquire, operate, and maintain community-wide infrastructure within a large scale planned development. From the developer’s perspective, a CDD can obtain low-cost financing by issuing tax-exempt bonds to finance the construction of infrastructure. The City is not a party to any debt nor obligated under any such bonds.
On March 27, 2024, the Planning Board (6-0) found the request consistent with Florida Statutes Chapter 190, Community Development District, and to forward the petition to establish the Varrea North Community Development District to the City Commission with a recommendation of approval.
RECOMMENDATION
That the City Commission adopt a resolution setting a legislative public hearing for April 22, 2024, on an ordinance to establish the Varrea North Community Development District.
FISCAL IMPACT
There is no fiscal impact associated with establishing a CDD.
Prepared by: Julie Ham, Planning and Zoning Manager