Financial Services Shareholder Paul H. Shur led the representation of Parklands West Community Development District (CDD) in closing a third-generation tax exempt refunding bond which will fund special assessments used for community improvements. Shareholder Katie Berkey, who is Board certified in City, County, and Local Government Law, assisted with the complicated financing.
Compliance with Florida’s statutory definition of Refunding Bond was a unique feature of the closing as there had been two prior bond closings and the parties were required to trace and allocate funds.
Parklands West CDD is a 315-acre district in the City of Bonita Springs in Lee County, Florida. A governmental unit created to serve the long-term specific needs of its community, the CDD is like other special taxing districts, however, its powers are limited solely to the provision of infrastructure and services for master planned developments.
Other firms advising on the matter included Greenberg Traurig as bond counsel, Kutak Rock LLP as lender’s counsel, and Holland & Knight as trustee and escrow agent counsel.