THE VILLAGES, Fla.--(BUSINESS WIRE)--The Village Community Development District No. 11 (“District”) plans to issue approximately $59,485,000 Special Assessment Revenue Bonds, Series 2014 during the week of October 20, 2014 in order to: (i) fund the costs of constructing and/or acquiring certain public infrastructure improvements associated with the development within the boundaries of the District, including, but not limited to, public roads and drainage improvements, multi-modal trails and tunnels, and landscaping and irrigation in common areas; (ii) pay interest on the 2014 Bonds through November 1, 2015; (iii) fund the 2014 Reserve Account of the Reserve Fund for the 2014 Bonds; and (iv) pay costs of issuance of the 2014 Bonds.
The District has retained Citigroup Global Markets Inc. to serve as its underwriter during these bond financing activities. The initial offering of the 2014 Bonds is limited under Florida law to accredited investors within the meaning of the rules of the Florida Department of Financial Services.
The District encompasses approximately 692.75 gross acres and is located entirely within the jurisdictional boundaries of the City of Fruitland Park, Florida. The lands within the District are part of the active adult retirement community known as “The Villages.” The Villages presently consists of approximately 21,812 acres located in unincorporated Sumter, Lake and Marion Counties, the Town of Lady Lake, the City of Wildwood and the City of Fruitland Park, containing residential, commercial and recreational development, as well as significant open space and to-be developed areas. The Villages is expected to include 58,789 residences and approximately 111,699 residents upon full build-out, which is anticipated to occur in 2016/2017 timeframe.
This press release is an advertisement and is not a prospectus or an offering to purchase District bonds. A prospectus for the District’s bond offering will be prepared and made available prior to the sale of any District bonds. Investors should not subscribe for any securities referred to in this document except on the basis of information contained in the prospectus.