Frequently Asked Questions
What are the benefits of FPSD creating a Metro District?
How does a Metro District differ from an HOA?
How is a Metro District funded?
Who are the decision makers for the Metro District?
Benefits of FPDS Forming a Metro District
Forming a Metro District allows FPSD communities to finance essential improvements without relying solely on taxpayer funds, ensuring affordability by spreading costs over time. This enables enhanced amenities, infrastructure development, and timely availability of critical services, making areas more attractive to residents. A larger pool of members in the Metro District means affordability, funding for essential infrastructure needs, and potential recreational opportunities.
Current property owners do not contribute towards new development, it is funded by new development only.
HOA and Metro District Differences and Collaboration
Metro Districts, as government entities, handle infrastructure for all property owners, including funding for new developments which are not paid by current property owners. In contrast, HOAs, as private organizations, manage community rules and amenities, maintaining aesthetics and property values. Collaboration between Metro Districts and HOAs is crucial for providing all needed services for a thriving community.
Funding for a Metro District
State and County Funds: Metro Districts receive funds for infrastructure projects.
Bonds: Issued to finance infrastructure, with the underwriting process reviewing the project's financial viability. Costs are repaid over 20-30 years through property taxes, with FPSD bearing no risk; all risk is on bondholders.
Mill Levies: Provide multiple disclosures to homebuyers, with caps and limited terms protecting homeowners from excessive taxes.
FPSD bears no risk for bonds, ALL risk is on the bond holders.
Management of the Metro District
Once formed, the FPSD board manages the Metro District until an elected board is chosen by members. As a governmental agency, it operates with full transparency, with the board voted in by district members.