PBR Community Development District (“District”) is an independent special district, created pursuant to and existing under the provisions of Chapter 190, Florida Statutes, and established by the City of West Melbourne Council’s approval of Ordinance No. 2007-35 on October 17, 2007. The District encompasses approximately 107 gross acres of land located entirely within the unincorporated limits of the City of West Melbourne in Brevard County, Florida. The lands within the District is planned to contain 740,381 square feet of retail space.
District Infrastructure and Property
The District issued its Series 2010 Note, with a par value of $13,610,000, to fund public infrastructure improvements providing a benefit to the property owners located within the District. It is expected that debt service on the Series 2010 Note will be funded by the collection of a 1.0% public infrastructure fee (“PIF”) on all taxable sales occurring within the District.
District Annual Budgets
The District annually approves an Operations and Maintenance (“O&M”) budget, which outlines the expected general revenues and expenses for the District. The budget is currently funded pursuant to the terms of a developer funding agreement.
District annual Non-Ad Valorem Assessments
The District is funded by the developer.