The Venetian Isles Community Development District (the “District”) is a local unit of special-purpose government of the State of Florida established in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended and by Ordinance No. 02-60 of the Board of County Commissioners of Miami Dade County, Florida (the “County”), effective May 3, 2002. District lands consist of approximately 127.52 gross acres lying wholly within the County and were developed as a residential community which contains 358 single family residential dwelling units and 216 townhome units. The District is governed by a five-member Board of Supervisors (qualified electors) elected by qualified electors of the District through the General Election process. The District issued Capital Improvement Revenue Bonds, Series 2002 (the “Bonds”) and has imposed taxes and/or assessments on all assessable property in the District to pay off the Bonds issued to finance the installation and construction costs of the public infrastructure improvements. In 2013 the District refinanced the Bonds to reduce the interest rate and pass on a portion of the savings to the property owners. The Special Assessment Refunding Bonds, Series 2013 (the “2013 Bonds”) will mature May 1, 2029. All property owners within the District are subject to annual special assessments which are broken down into two (2) components:
- The operation and management of the District owned public improvements.
- Bond debt service (annual principal and interest) on the 2013 Bonds.
The District uses the Miami-Dade County Tax Collector to collect the assessments each year. The special assessments appear under the non-ad valorem tax section of the real estate property tax bill. The District’s fiscal year runs from October 1 thru September 30 of each respective year.