CORY LAKES CDD

In Florida, a CDD (Community Development District) is a local, special purpose government authorized as an alternative method for planning, financing, acquiring, operating and maintaining infrastructure in a planned community. CDDs are intended to help solve Florida's need for quality community infrastructure that addresses the demands of a growing population, without overburdening other area governments and tax-payers. CDDs can establish higher construction standards and provide a long term solution to the operation and maintenance of a community's facilities. CDDs are governed by Florida Statute chapter 190.

A CDD is a separate entity from a Homeowners Association and as such, serves a different purpose in creating community standards and regulations. As with all Florida CDDs, the Cory Lakes CDD has an officially elected, five-member Board of Supervisors who establish the policies of the District in accordance with Florida law. The Board hires a District Management Company and a District Counsel who implement the Board's policies and contracts, using the same formalities as do a County Administrator and County Attorney.

The Cory Lakes CDD's responsibilities also include creating and managing an annual operating budget, managing any necessary assessments, maintaining community infrastructure such as overseeing road improvements, street lighting, public property management, gatehouse/security staff, storm-water management, and waterway maintenance. All of these services take money to maintain; money that comes from CDD fees.

So how does the system work?

Basically, each homeowner pays a proportionate, annual fee that is divided into two parts. One part helps payoff development bonds that were issued to create and maintain the community. Once these bonds are retired that part of the CDD fees could go away. The other part of the fees pays for ongoing operations and maintenance of the common public areas and amenities.