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Dylan Reingold, County Attorney William K DeBraal, Deputy County Attorney Susan J. Prado, Assistant County Attorney 3C— County Attorneys Matters - B.C.C. 6.7.22 Of Ce of INDIAN RIVER COUNTY ATTORNEY MEMORANDUM TO: Board of County Commissioners FROM: Dylan Reingold, County Attorney DATE: May 25, 2022 SUBJECT: Community Development Districts BACKGROUND. Per section 190.003, Florida Statutes, a community development district is defined as a local unit of special-purpose government. The main purpose of a community development district is to plan, finance, construct, operate and maintain infrastructure and services in a development. The financing for the infrastructure and services is through the issuance of tax-exempt bonds, with the principal and interest then paid back over time by the residents through assessments on the annual property tax bill. Please note that the community development district assessment is in addition to the other taxes and assessments on the annual property tax bill and homeowner's association fees that are not found on the annual property tax bill. The community development district is a financing option for developers that allows them to shift the upfront development costs of a project onto the future residents of a development. If these assessments are not paid, homeowners can lose their homes through the same process established under Florida statutes for not paying property taxes. Per section 190.005, Florida Statutes, the Indian River County Board of County Commissioners ("Board") has the authority to establish a community development district of less than 2,500 acres in size. Per the statute, in making a determination as to whether to grant or deny the Petition, the Board considers: 1. Whether all statements contained within the Petition have been found to be true and correct. 2. Whether the establishment of the proposed district is inconsistent with any applicable element or portion of the state comprehensive plan or of the Indian River County Comprehensive Plan. 3. Whether the area of land within the proposed district is of sufficient size, is sufficiently compact, and is sufficiently contiguous to be developable as one functional interrelated community. 4. Whether the proposed district is the best alternative available for delivering community development services and facilities to the area that will be served by the proposed district. 5. Whether the community development services and facilities of the proposed district will be incompatible with the capacity and uses of existing local and regional community development services and facilities. C:IUsensufc-prod4pDataEL aRTemplBCL TechmlogiesleaWPDF81@BCL@A008E93n@BCL@4008E437.dx 330