VECDD again unanimously approves bond for golf course
For the second time in less than five months, the Board of Supervisors of the Viera East Community Development District unanimously passed a resolution to purchase an $11.2 million bond for golf course and park improvements.
About 125 people attended the public hearing that was held prior to the board’s vote on the bond resolution. The hearing was held Nov. 21 at the Faith Lutheran Church at 5550 Faith Drive in Viera.
The second public hearing was held because of a pending lawsuit against the VECDD. Four Viera East homeowners and commercial property owners — Robert Dale, Paul F. Daley, Steven Colasinski and Trisha Smith — filed a lawsuit seeking a permanent injunction restraining the VECDD from purchasing the bond.
That lawsuit hearing is scheduled for Jan. 7 before 18th Judicial Circuit Court Judge George Paulk in Titusville.
Prior to the public’s comments about the bond proposal, three presentations were made by the board.
One of the key presentations was made by Henry Fishkind, director of PFM Asset Management/Public Financial Management. Fishkind reported on his company’s assessment methodology report and study on the impact of VECDD’s proposed projects.
He told the audience homeowners and commercial property owners will see an increase in their property values once the project is completed.
“Based on my study, residents will see about a $7 per square foot increase,” he said. “That’s about a 5 percent increase in their property value.”
The board and residents also heard presentations from Jason M. Showe, VECDD’s district manager, and Rhonda Mossing, a partner with MBS Capital Markets, LLC.
Showe outlined new assessment proceedings that afford the board an opportunity to consider additional and supplemental information on the record with respect to the proposed benefit special assessments and bond issuance.
In order to pay off the $11 million bond, Viera East homeowners will have to foot the bill. The assessment will take effect after the VECDD’s water management assessment bond is paid off in 2023.
“The total projected gross annual assessment that the district will levy and collect against the Viera East property owner is anticipated to be $241.15,” Showe said.
Mossing’s report concerned the potential interest rate the VECDD will receive once the bond is approved. She said the interest rate on July 25, when the board first passed the resolution was 3.01 percent. Today, she said, the rate is 3½ percent. “It will cost the board an additional $95,000,” she said.