Fiscal Year 2017 Operations and Maintenance Budget Funding

TRIPLE CREEK COMMUNITY DEVELOPMENT DISTRICT

DISTRICT OFFICE · 3434 COLWELL AVENUE · SUITE 200 · TAMPA, FLORIDA 33614

July 20, 2016

THIS IS NOT A BILL – DO NOT PAY

RE:    Triple Creek Community Development District
Fiscal Year 2017 Operations and Maintenance Budget Funding

 

Dear Property Owner:

               We are writing to provide you with an update from the Board of Supervisors (the “Board”) of the Triple Creek Community Development District (the “District”) regarding its preparation and adoption of the District’s Fiscal Year 2017 (October 1, 2016 through September 30, 2017) operations and maintenance budget (the “O&M Budget”). As you may know, the District is a local unit of special-purpose government located in Hillsborough County, Florida that was created pursuant to Chapter 190, Florida Statutes, and by the Hillsborough County Board of County Commissioners. The District was established for the purpose of acquiring, constructing, operating and/or maintaining certain types of infrastructure serving and benefitting the lands within the District, including your property, which includes but is not limited to the following:

  • Amenity facilities;
  • Stormwater management infrastructure;
  • Water and sewer distribution infrastructure;
  • Roadway improvements;
  • Streetlights; and
  • Landscaping, hardscaping and irrigation

             During this time each year, the District undertakes its O&M Budget preparation process for the upcoming fiscal year. The District imposes operation and maintenance special  assessments on benefitting property within the District for the purpose of funding the District’s general administrative, operations and maintenance expenses encompassed within the O&M Budget (“O&M Assessments”). The District adopts an O&M Budget each year after consideration by the Board and after the holding of a public hearing, which this year occurred on July 19th, 2016. What this means is that the District’s Board considers current and anticipated expenses of the District for operation and maintenance (i.e. landscape contracts, amenity management contracts, etc.), as well as replacement estimates for the upcoming year, adopts a budget based on those numbers and secures funding for that adopted budget by levying O&M Assessments. Notice of this public hearing is published in the local newspaper and declared at a public meeting of the Board. While the O&M Assessments are determined annually by the District’s O&M Budget, the debt service special assessments you pay are separate and apart from the O&M Assessments; they are established at the time of the issuance of the District’s bonds and the amount is fixed for the term of the bonds.

               For the past four years, the District has been able to keep your annual O&M Assessment level at $500.00, which is significantly less than the actual benefit your property receives from the District’s operations. Instead of assessing residents the full proportional amount of the  budget allocable to residential properties, the primary owner of the undeveloped lands within the Triple Creek community, TC Venture 1, LLC (“TC Venture”) has deficit funded the difference (the “TC Venture Contribution”). For example, for this upcoming fiscal year, TC Venture is anticipated to pay $463,267 to the District representing the TC Venture Contribution, which amounts would otherwise be proportionately allocated and imposed on the benefitted properties within the District, including your property. For the upcoming fiscal year, the District is anticipating a modest increase in its operating budget in the amount of approximately 4%.  Rather than increase assessments for the residents within Triple Creek, TC Venture has again requested that the District keep the annual O&M Assessment level at $500.00 per developed residential lot, and has agreed to fund the difference between the District’s expenditures and the O&M Assessments actually imposed. Accordingly, your O&M Assessment for Fiscal Year 2017 will remain at $500.00. Without this deficit funding, the amount of your O&M Assessment would be substantially increased. In any future fiscal years, the amount of O&M Assessment allocable to your property may increase, decrease or remain the same, based on the District’s adopted budget and TC Venture’s deficit funding arrangement.

If you have any questions, please do not hesitate to contact my office at (813) 933-5571 during normal business hours.  I look forward to your continued interest in the District.

 

Sincerely,
Joe Roethke District Manager

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