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Assessments Rise With Improvements At Cory Lake Isles

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LAURA KINSLER

The Tampa Tribune

Published: June 10, 2008

CORY LAKE ISLES - Homeowners in this New Tampa gated community often complained that they weren't getting first-rate service from developer Gene Thomason.

As the neighborhood weans itself from Thomason and his all-everything company, Cory Lakes Limited, it's learning that first-rate service will cost a hefty chunk of change.

Cory Lake Isles homeowners will face a 34 percent increase in their assessments in the next fiscal year. That's a difference of $540 per household.

For years, Cory Lakes Limited provided all security, landscaping and maintenance services in the posh community. As Thomason's term on the Cory Lake Isles Community Development District Board of Supervisors nears an end, board members have carved out portions of his contract to outside vendors.

The result is a $578,831 budget increase since last year. Security costs alone will go up 50 percent.

"What you have before you is a stepped-up security program," district manager John Daugirda said Tuesday.

The board switched to a more expensive security contract with Wackenhut in May. The extra $165,000 buys residents more diligent gate officers, a sophisticated computer and camera system, and nightly patrols in the community.

Administrative costs are scheduled to go up 49 percent, due in part to Daugirda's $12,000 raise. Daugirda said the raise is justified because his firm has put in extra hours to help the district through its transition. The board is meeting more frequently and is bidding out services that previously were handled by Thomason.

"We've been working a lot," Daugirda said.

For the first time, the budget includes a $265,000 reserve fund and allocates $200,000 for capital improvements, including refurbishing the community's beach house.

Despite the fee increase, not a single resident complained about the proposed budget. Homeowner Leo Northington praised the board at its meeting Tuesday.

"Thank you, guys, for an open discussion of this budget," he said. "When we see a line item going up, it's helpful to understand why."

Board member Suzanne Manzi said the higher fees equate to $45 more per month. Most of the homeowners she spoke with supported the investment.

"We can't look at things through rose-colored glasses," she said. "This is going to be a year of transition."

CORY LAKE ISLES ASSESSMENTS

Fiscal Year 2008 approved: $1,578 per house

Fiscal Year 2009 proposed: $2,118 per house

Debt service assessment: $1,080 to 1,733 per house

Reporter Laura Kinsler can be reached at (813) 865-4844 or lkinsler@tampatrib.com.

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