SANCTUARY COVE COMMUNITY DEVELOPMENT DISTRICT

Mailing Address: 3501 Quadrangle Blvd., Suite 270, Orlando, Florida 32817
Est. 2007; Located in Manatee County, Florida
www.sanctuarycove.cdd

“On October 15, 2007, the City Commission of the City of Palmetto, Florida adopted Ordinance 7-952 establishing the Sanctuary Cove Community Development District (“the District”), a special purpose form of local government established pursuant to and governed by Chapter 190, Florida Statutes.

A map of the District’s boundaries can be found here: PDF | RTF

District Infrastructure and Property

The District issued its Series 2021 Bonds (“Bonds”) to fund the construction and/or acquisition of stormwater management improvements, landscaping, utilities improvements, and roadway improvements.

Community Development Districts – What you should know!

A Community Development District (CDD) is a governmental unit created to serve the long-term specific needs of its community. Created pursuant to chapter 190 of the Florida Statutes, a CDD’s main powers are to plan, finance, construct, operate and maintain community-wide infrastructure and services specifically for the benefit of its residents.

What will the CDD Do?

Through a CDD, the community can offer its residents a broad range of community-related services and infrastructure to help ensure the highest quality of life possible. CDD responsibilities within our community may include stormwater management, potable and irrigation water supply, sewer and wastewater management, and street lights.

How CDDs Operate

A CDD is governed by its Board of Supervisors which is elected initially by the landowners, then begins transitioning to residents of the CDD after six years of operation. Like all municipal, county, state, and national elections, the Office of the Supervisor of Elections oversees the vote, and CDD Supervisors are subject to state ethics and financial disclosure laws. The CDD’s business is conducted in the “Sunshine,” which means all meetings and records are open to the public. Public hearings are held on CDD assessments. and the CDD’s budget is subject to annual independent audit.

Relationship with Homeowners’ Associations

The CDD complements the responsibilities of community homeowner’s associations (HOAs). Many of the maintenance functions handled by these associations in other communities may be handled by the CDD. However, the associations have other responsibilities such as operating amenities and ensuring that deed restrictions and other quality standards are enforced. The CDD may contract with the master homeowners’ association to perform maintenance functions.

Benefits to Residents

Residents within a community with a CDD may expect to receive three major classes of benefits. First, the CDD provides landowners consistently high levels of public facilities and services managed and financed through self-imposed fees and assessments. Second, the CDD ensures that these community development facilities and services will be completed concurrently with other parts of the development. Third, CDD landowners and electors choose the Board of Supervisors, which is able to determine the type, quality and expense of CDD facilities and services.

Other savings are realized because a CDD is subject to the same laws and regulations that apply to other government entities. The CDD is able to borrow money to finance its facilities at lower, tax-exempt, interest rates, the same as cities and counties. Many contracts for goods and services, such as annually negotiated maintenance contracts, are subject to publicly advertised competitive bidding.

Residents and property owners in a CDD set the standards of quality, which are then managed by the CDD. The CDD provides perpetual maintenance of the environmental conservation areas. This consistent and quality-controlled method of management helps protect the long term property values in a community.

The Cost of a CDD

The cost to operate a CDD is borne by those who benefit from its services. Property owners in the CDD are subject to a non-ad valorem assessment, which appears on their annual property tax bill from the county tax collector and may consist of two parts—an annual assessment for operations and maintenance, which can fluctuate up and down from year to year based on the budget adopted for that fiscal year—and an annual capital assessment to repay bonds sold by the CDD to finance community infrastructure and facilities, which annual assessments are generally fixed for the term of the bonds. Because costs and services vary depending upon the individual CDD, specific fee information is available for each community.

Community Development District FAQs

Q: What is the Community Development District in our community specifically responsible for?

The CDD will provide the following publicly-owned elements:

• Roadway and sidewalk repairs & maintenance
• Aquatics maintenance
• Landscaping
• Wetland monitoring & maintenance
• Street lighting

Q: Who governs the CDD?

The CDD is governed by a five-member Board of Supervisors elected initially by the property owners. Eventually, the Board will he elected by majority vote of the resident electors in the community.

Q: How are CDD services financed?

The CDD issues Special Assessment Revenue Bonds to finance community infrastructure. Generally, Community Development Districts assess each property owner a yearly capital debt service assessment to pay back those bonds. In the case of the CDD a significant portion of this capital assessment will be prepaid by the developer at the time of closing. In addition, to maintain the facilities of the community and administer the CDD, the CDD conducts a public hearing each year at which it adopts an operating and maintenance budget. The funding of this budget is levied as an operating and maintenance assessment on your property by the Board of Supervisors. All residents pay for a share of the maintenance of the CDD improvements through this annual assessment.

Q: How are annual assessments determined?

The annual operating and maintenance assessment amount will be set annually by the Board of Supervisors. The factors that determine an adjustment in the assessment consist of inflation and changes to the levels of service.

Q: Can I pay off the bonds on my property?

In most cases, yes! You can request bond payoff at estoppels@pfm.com

Q: What are the ongoing responsibilities of the CDD?

The ongoing responsibilities of the CDD are to administer CDD bonds, operate and maintain the community facilities for the benefit of the property owners.

Florida Law requires that the District publish an annual meeting schedule for the fiscal year one time in a newspaper of general circulation in Manatee County.  The Board may decide to cancel or reschedule any of its meetings or add meetings or workshops as items of business dictate. These new meetings will be advertised in the newspaper at least seven (7) days in advance, and agendas are available on the website a week prior to the meeting.

PFM Group Consulting LLC.

• Attend, record and conduct all regularly scheduled Board of Supervisors Meetings including landowners meetings.
• Presentation of District’s annual budget in accordance with Chapter 190, Florida Statutes.
• Ensure District is in compliance with administrative and financial reporting for Community Development Districts.
• Correspond and communicate with Board of Supervisors and Staff to respond to the various needs of the District and Community.
• Prepare agendas for circulation to the Board of Supervisors.
• Prepare annual budget, annual audit, monthly disbursements.
• Review annual insurance policy to ensure District maintains proper insurance coverage.

SANCTUARY COVE CDD
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817
(407) 723-5900

District Manager:
Lynne Mullins
MullinsL@pfm.com

REGISTERED AGENT:
Lynne Mullins
3501 Quadrangle Blvd. Suite 270
Orlando, FL 32817

DISTRICT RECORDS CUSTODIAN:
Lynne Mullins
PFM Group Consulting LLC
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817
(407) 723-5900
recordrequest@pfm.com

For estoppel and payoff requests, please email: estoppels@pfm.com

Florida Public Records Notice: Emails to and from Community Development District’s are public record according to Section 119 Florida Statutes. For more information, please see http://www.myflsunshine.com/.

Note: Under Florida law, email addresses are public records. If you do not want your email address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing.