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NORTHWOOD CDD |
Allison
Martin, CDD Operations Director
amartin@dms-us.com
813-873-7300 x332
Peter
Altman, Regional Manager
paltman@dms-us.com
813-873-7300 x332
District
Management Services (DMS)
2002 N. Lois Avenue. Suite 507
Tampa, Florida 33647
813-873-7300 Office
813-873-7070 Fax |
Note: Seats 1,3,5 will
complete their four year term in Nov 2008, and are up for
reelection. Seats 2,4 will complete their term in Nov 2010.
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REFINANCING
& CAPITAL IMPROVEMENTS |
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Feb 12, 2008. Northwood's first
attempt to refinance a couple of years ago cost approx $50K,
and did not succeed due to a split in direction by meeting
attendees. Interest rates went up considerably soon after,
but with the economy faltering recently the rates have gone
down again. The board was more committed to take advantage
of the market conditions this time, and succeeded in
refinancing the remainder bond term - and realized
considerable savings in the process.
Northwood CDD seeks input on Capital
Improvement Plans - Pool cabana Saturday, March 1st at
2pm.
Your Community Development District has recently refinanced
its long term bonds to take advantage of the lower interest
rates available in the bond market and has converted those
savings into cash which is being held in a trust account to
be used for capital improvements on District lands within
the community. We missed an opportunity to do this a couple
of years ago, but recent market conditions have again
presented lower interest rates. Approximately $330,000 has
been earmarked for these improvements and an additional
$100,000 is available to supplement the improvement plan.
Improvements being contemplated can gain the community
assets, and enhance community values, security, and
aesthetics. Some improvements being considered may use only
a portion of the funds available, as we also have
maintenance reserves. A public workshop has been planned for
2:00pm at the pool cabana on Saturday, March 1st, so the
Board of Supervisors can get your input and opinions on the
proposed capital improvement plan.
Items under consideration include, but are not limited to
the following: Swimming pool resurfacing, and a new pool
deck. Bigger Items like Fencing and controlled access to the pool and courts
through a card access system. Items that could be assets like a Community center at the pool site to allow for
meeting space and possible indoor recreation and community
events and programs. New playground equipment at both parks.
Your input is important to the Board and we hope to see you
at the pool cabana Saturday, March 1st at 2pm. |
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Jan 23,
2008 Refinance update. With the current
environment turning even more favorable towards refinancing,
the CDD board moved forward with net result providing better
much better than expected results: approx $328,000 for
capital improvements. The board is considering how best to
utilize this, so Northwood gains an asset that will increase
our communities value. Please attend meetings to provide
input. |
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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 |
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