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ITEM: AUTHORIZATION TO EXECUTE AFFIDAVIT OF OWNERSHIP AND CONSENT TO ESTABLISHMENT OF VILLAGE LANDING COMMUNITY DEVELOPMENT DISTRICT
REQUEST: Authorization for the Mayor, as Board President of the Acme Improvement District, to execute the Affidavit of Ownership and Consent to Establishment of Village Landing Community Development District.
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EXPLANATION: Wellington Property Owner LLC has submitted a petition to establish a community development district ("CDD") pursuant to Chapter 190, Florida Statutes, for the entirety of the K-Park property. The purpose of the district is to provide a mechanism for developer financing of community infrastructure, such as earthwork, roadways, utilities, sanitary sewer system, stormwater management system, landscaping, perimeter improvements, and off-site roadway improvements. Under the statutory framework, a CDD operates as an independent special district with its own governing board, and is authorized to finance such infrastructure through the issuance of bonds secured by the proceeds of non-ad valorem special assessments levied on the land within the district that is specially benefitted from the infrastructure improvements. This financing mechanism means that infrastructure for the Wellington Village (f/k/a K-Park) will be paid for by the residents, tenants, and users of such development and is a financing mechanism widely used by developers throughout Florida.
Pursuant to section 190.005, one of the requirements for the petition is that it contains the written consent to the establishment of the district by all landowners whose real property is to be included in the district. The Acme Improvement District presently owns the property in its entirety. The Affidavit of Ownership and Consent to Establishment of Village Landing Community Development District attests that Acme is the owner of the property, which is to be included within the boundaries of the proposed CDD, and that Acme consents to the establ...
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