Raydient
Press Release
Submitted by Alejandro Barbero
Strategic Development
& Communications Director
Media Contact: [email protected]
April 10, 2018 8:37 a.m.
The East Nassau Stewardship District (“ENSD”) is a special taxing district empowered to provide funding to build, operate and maintain public infrastructure improvements and enhancements which supplements, not replaces, the county’s funding for these purposes. Residents of the ENSD will pay county taxes as well as Stewardship District fees.
The cost of these enhancements, such as trails, neighborhood parks and street lights that may not exist elsewhere in the County, is paid for only by the residents of the ENSD while the benefits of these improvements will be enjoyed by anyone who chooses to use them whether they live in the ENSD or not.
A Stewardship District is similar to a Community Development District (“CDD”) but it is reserved for large projects that will be developed over many decades. There are six other Stewardship Districts and hundreds of active CDD’s in the State.
The ENSD was created in 2017 by the Florida Legislature (see HB1075) to oversee, operate and maintain infrastructure improvements and the ~13,000-acre Conservation Habitat Network within the 24,000-acre East Nassau Community Planning Area (ENCPA).
Special districts do not replace county services or taxes, nor do they create any burden or obligation on taxpayers outside the District. All Nassau County laws, regulations, ordinances and permitting processes remain in place and will continue to control the development of lands within the ENSD.
The ENSD is governed by a five-member Board of Supervisors which today are appointed by the developer, Raydient Places + Properties. Over time, as the community develops, the members of the Board of Supervisors will be appointed by the residents of the district.
Q&A:
Q: What is the District Bond Validation?
A: This is the next step for the District to move towards issuing bonds.
In order for the Stewardship District to assist with the funding of public infrastructure improvements, a necessary step is bond validation proceedings. This step results in a court determining District’s authority to issue bonds and the legality of collecting assessments and revenues that are pledged to repay the bonds.
Q: What property is included in the $600MM authorization?
A: This is the “universe” of improvements that are eligible to be bond financed.
The District’s validation encompasses the 2,900 acre Central Planning Area known as Wildlight within the ENCPA Detailed Specific Area Plan #1. The $600MM validation is based upon an Engineer’s opinion of probable costs for roadways, utilities, parks and recreational facilities and professional fees adjusted for inflation over a 25-year buildout. The validation amount also includes the costs associated with bond underwriting and issuance.
Q: Does this mean $600MM of bond debt is being issued and placed upon the property?
A: No. $600MM is an estimate of total capital improvements that are needed for this property. Ultimately some may be funded by the developer(s) of Wildlight.
Q: Who pays for debt issuance by the District?
A: Only landowners within the District pay for assessments by the District.
Landowners within the ENCPA pay assessments to the District that are used to repay bond debt. Nassau County residents outside the District and ENCPA will NOT be taxed to repay a bond debt issuance by the District.
Q: Is this something new for Nassau County?
A: No. Similar bond proceedings have occurred in Nassau County with Community Development Districts ”CDD’s” in neighborhoods such as Amelia National, Amelia Walk & Amelia Concourse among others.