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Project Profile: Century Garden Community Development District (Expansion Area Project)

Century Garden Community Development District (Expansion Area Project) - Miami-Dade County, Florida

photo credit: Century Gardens Community Development District

Location

Miami-Dade County, Florida

Project Sponsor / Borrower

Century Gardens Community Development District

Program Areas

Project FinanceValue Capture

Mode

Local Road

Description

The Century Gardens Community Development District was created in June 2003 under Florida's Uniform Community Development District Act of 1980 to finance improvements necessary to create a new 76-acre residential community in an unincorporated area of Miami-Dade County, Florida. These improvements included water supply, sewer and wastewater management, public roads, bridges and culverts, streetlights and other basic infrastructure. In 2006 the District boundaries were expanded by 14 acres to a total of 89.5 acres. Silver Springs Lennar, LLC, a private developer, has constructed 401 single-family homes to create a residential community know as Garden Valley. Garden Valley is fully built out and sold to home buyers.

In December 2017, the Board of Supervisors of the Century Gardens Community Development District petitioned Miami-Dade County to expand the district by an additional 9.84 acres to build a new 86-unit townhome community in the Expansion Area. The District will levy a special assessment on the 86 new units to cover a portion of the public infrastructure costs associated with the new townhome development. The District will use the revenue from the special assessment to leverage $1,733,000 in Special Assessment Bonds. These so-called "Series 2019" bonds will be issued in four tranches that will mature in 2024, 2029, 2039 and 2049, respectively.

The par issue amount of $1,733,000 will produce $1,425,749 in usable construction funds. The remaining $307,251 will cover the cost of issuance, debt service reserve fund, and capitalized interest.

All property owners within the District are subject to annual assessments, which are broken into two components:

  1. The operation and management of the District owned improvements.
  2. Bond debt service (annual principal and interest) on the bonds.

The District utilizes the Miami-Dade County Tax Collector to collect the assessments each year. The annual assessments appear under the non-ad valorem tax section of the real estate property tax bill.

The Special Assessment Bonds will be used to cover a portion of the cost for roadway improvements and a stormwater management system. The interior roadway system improvements in the Expansion Area has been constructed by the Developer and will be acquired by the District. The District will own the roadway system in the Expansion Area and the Homeowners Association will operate and maintain it.

Cost

Total Cost - $2,921,260

  • Community Development District cost - $1,741,667
    • Roadway improvements - $1,128,674
    • Stormwater management system - $612,993
  • Non-Community Development District cost - $1,179,592
Funding Sources

Series 2019 Special Assessment Revenue Bonds - $1,733,000 (backed by annual, per unit special assessments of $1,363.64)

Project Delivery / Contract Method

NA

Private Partner

Silver Springs Lennar, LLC (private sector developer)

Project Advisors / Consultants

Special District Services, Inc. - District Manager/Methodology Consultant

Billing, Cochran, Lyles, Mauro & Ramsey, P.A. - Counsel to the District

Greenberg Traurig, LLP - Bond Counsel

Alvarez Engineers, Inc. - Engineering Advisor

Lenders

Bondholders

Duration / Status

As of May 2018, all public infrastructure had been completed in the expansion area, except a final course of asphalt and pavement markings. In addition, 45 of the 86 townhouse units were also complete.

Financial Status

Financial close expected in early 2019

Innovations
  • The Century Gardens Community Development District issued special assessment bonds as a means for future property owners to share the cost of developing the interior roadway system in a new residential development
Related Links / Articles

Century Gardens Community Development District

Contacts

Armando Silva
Special District Services, Inc.
Tel: (305) 777-0761

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