Lighthouse Cove bond re-fi yields savings

HERITAGE HARBOUR — In a unanimous decision, the Heritage Harbour South Community Development District board of supervisors voted on a move that will save Lighthouse Cove residents money.

The CDD board voted at its April 7 meeting to begin the process of refinancing the 495-home community’s bond.

“We’re talking about a significant enough amount of money to do this re-fi,” CDD Chairwoman Michelle Paterson said to fellow supervisors. “Any time interest rates fall on all of this (bond) money — we’re talking millions of dollars — it makes sense to refinance. If I lived in Lighthouse Cove I’d be happy about this.”

 Brett Sealy, managing partner of MBS Capital Markets LLC, estimated Lighthouse Cove residents will save approximately $43 per year on townhomes, and single-family homeowners will save close to $50 on non-ad valorem taxes.

Non-ad valorem taxes are district-specific and include items such as paying back bonds the community used. The bonds also focus on the square footage of homes instead of property values, Patterson explained.

“Communities are in a good environment from an economic perspective,” Sealy said. “These are good numbers.”

Supervisors expect to have a better idea of how much residents will save by their next monthly meeting, slated for May 5. 

Residents can expect to see the decrease on their tax bills in October and November, Patterson said. 

The principal amount owed for Lighthouse Cove’s bond will increase by approximately $75,000, Sealy said, to help pay for refinancing costs.

Contact Amanda Sebastiano at [email protected].