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 A Deed Restricted Community |
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In August 1997 the 446 acres that constitute the Groves was purchased by Florida Dream Communities (hereinafter “FDC”) from the Conner family. The initial zoning and permitting process pertaining to the 755 lots anticipated at the Groves commenced in 1998 and continued through October 1999. Construction of Phase I began in November 1999. Phase I consisted of 320 lots, the Clubhouse, 10 holes of golf course, the Gate House and other community amenities. Pre-sales of new homes started in January 2000. On March 31, 2000 Articles of Incorporation of “The Groves Golf & Country Club Master Association, Inc.” were filed with the Secretary of State. That organization is also known as the Home Owners' Association (hereinafter “HOA”). On August 15, 2000 the Groves Community Development District (hereinafter “CDD”) was created by an ordinance adopted by the Pasco County Board of County Commissioners. On September 5, 2000 the Board of Supervisors of the CDD adopted Resolution 00-19 with respect to the issuance of revenue bonds. The Clubhouse opened in November 2000. The first nine holes of the golf course also opened in November 2000. The HOA became the legal owner of that portion of the golf course. The HOA did not purchase the golf course from FDC. FDC simply deeded the property to the HOA. As of November 1, 2000 approximately $8,750,000 of infrastructure was complete. That was the majority of Phase I. The other phases had not been designed or permitted at that time. The funding for the cost of the infrastructure had been obtained by FDC through construction loans from a lending institution. On December 1, 2000 a Master Trust Indenture was signed between the CDD and SunTrust Bank, a Georgia banking corporation whereby SunTrust Bank became Trustee with respect to revenue bonds to be created on that same day. Two series of revenue bonds were created that same day. They were Series 2000A and Series 2000B. Series 2000A revenue bonds were in the amount of $1,825,000. That series yields 7.75% and is due May 1, 2032. That series is paid pursuant to an annual non-ad valorem assessment on each of the properties in the Groves. Series 2000B revenue bonds were in the amount of $18,295,000. That series yields 7.75% and is due May 1, 2008. That series has been paid incrementally when the sale of each home closed at escrow. That amounts to thousands of dollars from the sale of each home. There was a schedule that varied with respect to each home. That series was paid off entirely before the due date. From the revenue generated by the issuance of the revenue bonds FDC was reimbursed the $8,750,000 it had incurred as expenses with respect to Phase I. The first homeowners moved in during April 2001. The Groves Grill opened in November 2001. The back nine holes on the golf course opened in November 2003. The back nine holes have also been deeded to the HOA. An Advisory Steering Committee (ASC) was created by residents to bring issues, concerns, and questions of the residents to the Home Owners Association (HOA) and the Community Development District (CDD) when those organizations were controlled by the Developer Florida Dream Communities. It also enabled residents to learn and understand the functions of the HOA and the CDD so as to bring about a smooth and seamless transition of control from the Developer to the residents. That transition occurred in November 2006 when the residents took control of the HOA and the CDD. The ASC was, therefore, no longer needed. It was dissolved immediately following the transition. The CDD must comply with the provisions set forth in Section 190 of the Florida Statutes. The CDD is primarily involved in controlling the properties which it owns. Those properties include the streets, sidewalks, common areas and the Club House. There are five members on the CDD Board of Supervisors. In December 2006 the residents took control of the Board when four residents became members of the Board. The last Supervisor who represented the developer resigned from the Board in August 2007. At that time the Board replaced him by appointing a resident to serve the remainder of his term. All five seats on the Board of Supervisors are now occupied by residents. The HOA must comply with the provisions set forth in Section 720 of the Florida Statutes. The HOA is the governing body at the Groves. It is responsible for making the rules by which the residents live as a community. That has included the creation of an Architectural Control Committee (ACC) which controls what the residents may do with the outside of their respective properties. There are five members on the HOA Board of Directors. By law the residents were entitled to elect a majority of the Board of Directors of the HOA three months after 90 percent of the parcels in all phases of the community that would ultimately be operated by the HOA were conveyed to the members. (See Section 720.307 of the Florida Statutes.) That occurred in November 2006. |
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Golf At The Groves Clubs/Organizations
Social Club Internal Links/Info
Monthly Newsletter
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