THE VILLAGES, Fla.--(BUSINESS WIRE)--The Village Community Development District No. 12 (“District”) plans to issue approximately $58,280,000 Special Assessment Revenue Bonds, Series 2016 during the week of October 3, 2016 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 2016 Bonds through May 1, 2018; (iii) fund the 2016 Reserve Account of the Reserve Fund for the 2016 Bonds; and (iv) pay costs of issuance of the 2016 Bonds.
The District has retained Citigroup Global Markets Inc. to serve as its underwriter during these bond financing activities. The initial offering of the 2016 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 699.02 gross acres and is located in the City of Wildwood, Florida. The lands within the District are part of the active adult retirement community known as “The Villages.” The Villages presently consists of approximately 23,686 acres spanning the borders of Lake, Sumter and Marion counties, the Town of Lady Lake, Florida, the City of Wildwood, Florida and the City of Fruitland Park, Florida. The Villages is expected to include 62,502 residences and approximately 122,504 residents upon full build-out, which is anticipated to occur in 2019.
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.