THE VILLAGES, Fla.--(BUSINESS WIRE)--The Sumter Landing Community Development District (“District”) plans to price approximately $375,000,000 Taxable Recreational Revenue Bonds, Series 2016 during the month of November 2016. The 2016 Bonds are being issued to: (1) pay the acquisition cost of certain recreational and security facilities; (2) fund the 2016 Subaccount of the Reserve Account for the 2016 Bonds; and (3) 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 432.4 gross acres located entirely within the unincorporated area of Sumter County, 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 does not constitute an offer to sell or the solicitation of an offer to buy any District bonds. An offering document 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 offering document.