Keys Cove Community Development District (the “District”) which 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. 04-145 of the Board of County Commissioners of Miami Dade County, Florida (the “County”), effective July 27th 2004. District lands consist of approximately 72 gross acres within the County and were developed as a residential community containing 576 courtyard condominium dwelling units and 398 townhome condominium units, totaling in 974 units.
The District is governed by a five-member Board of Supervisors (qualified electors) elected during the general election process by qualified electors of the District. The District issued Special Assessment Bonds, Series 2004 (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 2015, 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 2015 (the “2015 Bonds”) will mature in May of 2035. All property owners within the District will be subject to annual assessments which are broken down in two (2) components:
- The operation and management of the District owned improvements
- Bond debt service (annual principal & interest) on the (2015) Bonds.
The District utilizes the Miami-Dade County Tax Collector to collect the assessments each year. The annual 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.