The Viera East Community Development District (VECDD) Board of Supervisors announced that it has closed the Special Revenue Assessment Bonds, Series 2020 issued to finance improvements to VECDD’s recreational facilities.
The VECDD was established in 1991 as a local unit of special purpose government for the planning, construction, acquisition, operation and maintenance of community-wide improvements. The Special Revenue Assessment Bonds for recreational facilities and improvements were initially validated and issued to construct Woodside Park and the Viera East Golf Course.
The Series 2020 Bonds have been issued with the goal of improving and maintaining the VECDD’s recreational facilities. It also is trying to ensure that certain safety improvements have been made in the best interest of the health and welfare of the people and businesses residing in the VECDD.
In 2019, the VECDD originally authorized the issuance of bonds to fund recreational capital improvements of more than $9 million. The proposed improvements were associated with the Viera East Golf Course and Woodside Park.
At two public hearings held in 2019, the VECDD Board of Supervisors heard from many members of the public, including representatives of commercial properties. Based on that feedback, and in conjunction with the resolution of legal proceedings brought against the VECDD, the VECDD Board of Supervisors reduced the capital project list by $3 million.
The major projects removed from the proposed project list were the enlargement of the restaurant and kitchen, expansion of the golf pro shop and the addition of a conference room within the CDD offices. The elimination of these improvements, and others, comprised the $3 million reduction.
Major projects that are approved as part of the project list financed by the Series 202 Bonds are the addition of a dog park and picnic pavilion at Woodside Park, the renovation of the clubhouse restrooms, the replacement of seawall bulkheads on the golf course, the installation of a new irrigation system and the renovation of 66 large bunkers on the golf course.
A more favorable credit rating also was secured as the result of the VECDD’s ability to secure bond insurance resulting in lower interest rates on the Series 2020 Bonds. The lower interest rates generated additional savings not originally anticipated.
For more information, go to vieraeastcdd.com.