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Dear Herons Glen Residents,
The Herons Glen Recreation District was established in 1998 under a unique Florida law, allowing communities like ours to acquire amenities from the Commercial community developer in a highly advantageous way. As a Recreation District, we benefit from the ability to issue tax-free municipal bonds, exemption from property taxes on District-owned property, and the ability to make sales tax-exempt for everything the District purchases. These advantages result in significant cost savings. The District owns and maintains amenities for the benefit of its homeowners, including the clubhouse, food and beverage facilities, ballroom, tennis courts, golf course, fitness center, pickleball courts, and more.
To fund major updates and improvements for amenities, the District periodically issues municipal bonds. Such tax-free bonds are often purchased by large institutions. The bonds are repaid by owners through the Lee County Property tax billing system as shown on the owner’s property tax bill. Homeowners currently pay approximately $1,424 per year as bond payments for major updates and improvements. This funding model helps us avoid the need for large assessments.
Following the approval of the plan from the homeowners, the District secured new bonds at a historically low rate of 2.3% for 30 years, generating about $13 million in new money to accomplish the planned updates and renovations. Of the 16 planned Bond Projects, several were subsequently found to be unnecessary now, including the creation of another holding pond and the replacement of the Golf Shop bridge. Other projects required adjustments in the budget due to cost variations primarily due to inflation and hurricane-related impacts. Most projects have been completed, while the final five are underway. Four of those should be completed within the next six months, provided Lee County issues the necessary final permits.
The only major project that will not be completed is the CLIS (Common Lot Irrigation System) update. Despite doubling the funds from the Bond from $500k to $1 million, given the age and complexity of the outdated underground wiring, piping, and control systems, the updating will be a long-term work in progress which the GM and the Board are aggressively working on.
These improvements were made possible by your trust and support. We are confident these upgrades will serve the community well for years to come.
Please use the link below to read a detailed summary of completed projects to date.
Sincerely,
Herons Glen Recreation District Board of Supervisors
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