What is a CDD ?
Some builders who cannot put up the money
upfront for building the infrastructure like roads, lakes, landscaping
etc will sometimes take out a 20-year loan or bond, the payment of the
bond is then passed onto the residents.
The area affected by the bond is called the CDD (Community Development
District). The management of this CDD is given to a private company, but
is regulated by the State Of Florida. This CDD is responsible for
initially providing the roads, lights and other common areas like storm
drains
etc.. There is a general belief these days that
the CDD is not being used as originally intended.
Florida citizens for
Justice explains CDD's on their website
What is the Northwood CDD fee and how is it assessed
The NW CDD fee is assessed through your taxes, and in most cases your
mortagage company will make the necessary adjustments for it, after the
CDD board approves a budget..
The CDD assessment varies depending
on your lot. From 1995 till about 2001 the assesment was approx
$750, but it was raised to approx $1200 in 2001, and is now approx
$1350.
What Is the Northwood CDD ?
The Northwood CDD is a special purpose unit of local government which
was created by the Pasco County Commission on April 13, 1995, pursuant
to Chapter 190 of the Florida Statutes. The Northwood CDD was
established to finance the construction and maintenance of the community
infrastructure, amenities, and landscaping for the Northwood
development.
Who administers the Northwood CDD?
The Northwood CDD is directed and governed by a board of 5 (see bottom) initially elected by the property owner within the CDD which was
US Home Corp., the developer of Northwood. Thereafter, as provided by
state law and the District’s charter, the Board of Supervisors will be
elected by the majority vote of the homeowners within the Northwood CDD.
A district/CDD manager (top-right) oversees the day to day operation of
the Northwood CDD. Meetings are generally held the second Tuesday of
every off/uneven Month.
What Will the Northwood CDD Provide?
The Northwood CDD was created to enable the community to offer a higher
standard of infrastructure, amenities, and landscaping while providing
residents with the assurance that the community maintenance standards
will continue long after the developer has completed the community. The CDD’s
actual maintenance responsibilities are mostly associated with landscape
maintenance and the cost of maintaining the community recreational
facilities
