NOTICE: Please be advised that two or more Supervisors of the Principal One Community Development District (“District”) may serve on and attend meetings of the Board of Directors of Il Villagio Condominium Association, Inc. (the “Association”). In addition, other Supervisors of the District may from time to time attend and participate in Association meetings. Matters being considered at an Association meeting may relate to the District, but no final action shall be taken on any matter affecting the District unless considered at a scheduled or special meeting of the District’s Board of Supervisors convened for such purpose.
The Principal One Community Development District was established pursuant to F.S. Chapter 190 and is governed by a five-member Board of Supervisors elected by qualified electors within the Il Villagio community. The District may impose and levy taxes and/or assessments on the property to pay off bonds issued for capital improvements. All property owners within the District will be subject to annual assessments which are broken down in two components:
1. The operation and maintenance (O&M) of the improvements
2. Debt service (annual principal & interest) on the capital improvement bonds.
The District utilizes the Duval County Tax Collector to collect these assessments each year. The annual assessments appear as one line in the non-ad valorem section of the property tax bill. The fiscal year is October 1st – September 30th.