AMSCD Approves Bonds for Maple Ridge Infrastructure

Published on Friday, 05 December 2014 21:16

The Ave Maria Stewardship Community District has approved a $2.37-million bond offering for part of the infrastructure costs in the next phase of the Maple Ridge Development.

The bonds will add about $430 a year in costs for buyers of 399 homes that will be built in three areas: 211 homes in Maple Ridge Phase 3, 123 homes in Coquina, and 65 homes in a new area of larger lots called Maple Ridge Estates, which has yet to be formally announced.

The total costs for this phase's infrastructure, which includes roads, irrigation and stormwater drainage, is estimated at about $6.7 million. The developers will pay the amount not covered by the bond offering.

Costs of this financing will not be borne by Ave Maria residents in any other areas of town, nor will the new bonds affect the first 152 homes built in Phases 1 and 2 of the main area of Maple Ridge.

Current plans call for a total of 2,163 homes to be built in the various Maple Ridge sections and the documents say that the total infrastructure costs for the remaining phases are estimated at more than $38 million.

There currently are about $55 million in infrastructure bonds outstanding that financed initial infrastructure development in Ave Maria. All homeowners pay toward these bonds as part of a special AMSCD assessment billed along with county property taxes.

The Maple Ridge bonds are the first issued in Ave Maria that are specific to a particular neighborhood and will mean that the AMSCD, rather than local homeowners' associations, will be responsible for the first time for streets other than those in the town center or the main arterial roads such as Ave Maria Blvd. and Pope John Paul II Blvd.

The new Maple Ridge Estates area will be located south of the Ave Maria University campus and west of Ave Maria Blvd. (See map below which shows areas covered by this phase of infrastructure development -- roads are in red.) The development was described at the meeting as "estate lots," suggesting that buyers will be able to build homes of their own design, which would be a first in Ave Maria. The Estates project is still in permitting, and more details are expected to be announced early in 2015.

District manager Todd Wodraska said after the meeting Tuesday that following the bond offering, the board will meet in February to formally review the terms and set the exact amount of the assessment.

All documents relating to the bond offering are available online at the AMSCD website by clicking here.