Cape Council to consider two community development districts
7 Islands, Star Farms submit proposal requests
Revised CDD with Exhibit 6 Seven Islands_Redacted. – updated to apply redactions
Comm Dev District Petition and Associated Docs-B1_v1 (6)_Redacted – updated to apply redactions
Cape Coral will consider the authorization of two community development districts Wednesday, one for the Seven Islands, the other for Star Farms at Cape Coral.
Community Development Districts are special purpose districts authorized by local governments to “plan, finance, construct, operate and maintain public infrastructure” within a designated area to be developed.
Ordinance 34-26 would establish the 7 Islands Community Development District, and area of approximately 47.18 acres in northwest Cape Coral along the North Spreader for Gulf Gateway Resort & Marina Village.
According to the petition to establish the district, “the establishment of the district will prevent the general body of taxpayers in the City of Cape Coral from bearing the burden of installation of the infrastructure and the maintenance of the above-described facilities within the development encompassed by the district.”
The 7 Islands CDD proposed facilities – infrastructure and maintenance – include potable water system, sanitary sewer system, stormwater drainage system, irrigation system, roadway improvements, earthwork, landscaping and environmental, public right-of-way improvements and amenities. The electrical infrastructure would be done by a service provider.
The estimated costs, which include a 10% contingency is $71,504,778.04, with the largest sum being earthwork at $29,378,815.31.
According to the document, “the district may issue special assessment bonds to fund all or a portion of the costs of these facilities. These bonds would be repaid through the levy of non-ad valorem special assessments. Prospective future landowners in the district may be required to pay non-ad valorem assessments levied by the district to secure the debt incurred through bond issuance.”
The 7 Islands Community Development District is a mixed-use development, which will be made up of 992 residential dwelling units, a 240-room hotel, event space, retail, community center, and marina.
Ordinance 35-26, to establish the Star Farms at Cape Coral Community Development District, is petitioned by Forestar Real Estate Group, Inc., a Delaware corporation.
According to the petition, “the District is the best alternative for delivering community development services and facilities to the proposed community without imposing an additional burden on the general population of the local general-purposes government.”
The Star Farms contains approximately 1,279.549 acres and is located east of Burnt Store Road, south of Yucca Pens Preserve, north of Wilmington Parkway and west of Andalusia Boulevard.
The proposed facilities infrastructure ownership and maintenance for the CDD include environmental restoration/enhancement, drainage systems, and perimeter landscaping and walls. The city and county ownership and maintenance include off-site road improvements, sanitary sewer systems, and potable water systems.
The estimated costs with a 15% contingency sits at $220,985,639.90.
Star Farms at Cape Coral Community Development District “is designed to provide public infrastructure, services, and facilities, along with operation and maintenance of the same, to a master planned residential development currently anticipated to contain a total of approximately 2,500 residential dwelling units.”
The meeting will be held at 4 p.m. Wednesday, July 22, in City Council chambers, 1015 Cultural Park Blvd. The meeting is open to the public.