AGENDA REPORT
DATE: April 22, 2024
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: 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 Chapter 190, Florida Statutes, regarding Community Development Districts, 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 an ordinance establishing 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