Paying Off Your CDD Construction Bond Debt
If you are a Phase II homeowner who still owes on the original bond issue used to finance the construction of the CDD infrastructure, you can pay it off between now and the end of July and not incur any further interest on the remaining balance.
To find out if you have a balance, look at your Lake County tax statement for the current tax year and see if you are making a payment under the "Non-Ad Valorem Assessments" section of your tax bill for an item called "CO64 CC Mount Dora Debt." If so, you have a balance. Or you can call a CDD Supervisor who can tell you if you have a balance, and what that balance is. (CDD Supervisors are George Adams, Jack Koester, Bob Maraio, Joe d'Ouville, and Harry Wendel.) Another option is to call Karen Ellis at Severn Trent (the CDD's Management Company) in Coral Springs, FL at 954-753-5841 or contact her at KEllis@SevernTrentMS.com.
If you decide to pay off your balance, write a check in that amount to CC of Mt. Dora CDD and mail it to Mount Dora Community Development District District Offices, 210 North University Dr., Suite 702, Coral Springs, FL 33071.
There are two reasons you might want to consider paying off your balance. First, you will save the 7.75% interest you are paying on the outstanding balance. Secondly, you will assist in helping reduce the bond issue debt ahead of its 2013 maturity and support the CDD Board in trying to terminate the CDD. Terminating the CDD will save all Phase II residents the annual cost of maintaining the CDD. Since the legal deadline for paying off the bond balances is 2013, paying early is not a requirement.
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