July 2018 Meeting Recap

The Southwood CDD held its July 2018 meeting on July 12 at the Southwood Community Center. Highlights included:

Upcoming Elections
Five candidates for three seats on the CDD Board of Supervisors introduced themselves to the board and audience.
Discussion of DRI The Southwood CDD is part of a development of regional impact (DRI), which is a large-scale development affecting more than one county that is subject to state-level review. The Florida Legislature recently eliminated the DRI, state-level review program. As a result, St. Joe, as the developer, has recently indicated its desire to rescind the current DRI and replace it with a local development order (DO).
St. Joe has submitted a preliminary draft DO that takes the substance of the existing DRI and redlines. Among other changes, St. Joe is seeking flexibility with respect to timing and construction of certain major roadways and with respect to exactly how many of various unit types may be developed.
The city and county have been made aware of the CDD’s interest in the matter. The city has not responded in writing to St. Joe’s informal request. Once a preliminary response is received from the city, the CDD expects St. Joe will decide whether, and what, to formally submit. The CDD will meet with the city to discuss St. Joe’s proposed rescission and replacement in August.

Discussion of Golf Course
A local investor closed on the purchase of the golf course last week. Even with this development, it is at least possible the new owners might consider selling the golf course to the CDD in the future.
St. Joe has said it will accept backup offers. The board voted to extend an backup offer consisting of basic deal terms, including a $1.1 million purchase price, a requirement that the seller pay off the bond debt prior to closing, and a 120-day due diligence period, and acceptable financing as determined by the CDD.
Discussion of Capital Reserves Study
The board reviewed a draft of the Capital Reserve Study prepared by Reserve Advisors. The study is still under review and will likely be revised.

Discussion of Fiscal Year 2019 Budget
The FY19 Budget hearing is set for August 16 at 6:30pm at the Southwood Community Center. Points of interest include the assessments to be levied on the Southwood House and surrounding commercial acreage. The budget will also include $8,500 for a traffic study in regards to the request for additional street parking on Blair Stone Road and Four Oaks Blvd near the traffic circle.

Next Meeting
The next meeting of the Southwood CDD is Thursday, August 16 at 6:30pm at Southwood Community
Center.