One sentence: Before the first bond, the audited year shows a district that collected no assessments, carried no bonded debt, booked $7.5 million of construction in progress, took $7.2 million of Village reimbursement on the interlocal plant work, and was written up by its auditor as economically dependent on the developer. That is the documented starting point. Series 2025 and the 227 working closings all sit after this report.
Village of Indiantown · Unincorporated Martin County
What the deeds and the CDD file show
A public compilation of recorded new-home transfers in Indiantown set beside the Terra Lago Community Development District papers that actually exist — not the pipeline slide, and not a guess about a memorandum the district has not posted.
This file is a compilation of public-source documents. It reflects the available record.
No inference of wrongdoing is made or implied. If the record later exposes wrongdoing, that exposure belongs to the facts — not to an accusation advanced here. What follows is the ordinary work of a public compilation: set out what is on file, set out what happened on the ground, and ask legitimate questions in the face of those events.
Prepared for public sharing and official consideration. Not a legal pleading. Not legal advice.
This page is the work of a private resident compiling records that are already public: Martin County Property Appraiser transfer files, Village of Indiantown agenda materials, Terra Lago CDD agendas, minutes, budgets, and the Disclosure of Public Finance. It is news reporting and commentary on a matter of public concern. It is not an official statement of any government. It is not an appraisal. It is not a credit rating. It is not an offering document, a solicitation, or investment advice. It does not allege fraud, concealment, or any violation of law by any named person, company, district, or government. Builder names appear because they are the grantors on recorded deeds. Dollar figures that are labeled “working,” “reconstructed,” “scenario,” or “implied” are arithmetic from those public files, not trustee payoff quotes and not audited financials. Where a document is missing from the district website — including the Final Limited Offering Memorandum approved by Resolution 2025-04 — that absence is stated as an absence, not as a finding of misconduct. Counts will be revised if a later official extract, certificate-of-occupancy file, or posted offering document supplies a better number. Readers who intend to rely on any figure for a legal, credit, or transactional purpose should obtain the underlying instrument from the official custodian and, if they need counsel, hire their own.
What sold — from the deed file, not the pipeline slide
Village Community Development updates list lots, models, and status. They do not publish monthly closings by builder. The Property Appraiser’s Real Transfers file does.
Two national builders account for the new-home book that can be isolated in Indiantown from qualified deeds: Meritage Homes of Florida, Inc., and NVR, Inc., selling as Ryan Homes. Other recorded transfers in the same city — resales, bulk lot moves, corrections — are not treated here as finished-home sales.
From July 29, 2025 through the Property Appraiser extract used for this compilation, 219 qualified builder-to-buyer deeds were counted. Eight additional Meritage addresses posted as sold in August 2026 on public listing feeds were not yet in that extract. Those eight are labeled reconstructed. They are not substituted for a deed. Together they make a working book of 227 through August 31. September 1–9, 2026 showed no additional sold listings on the same feeds. Nine days is not a month.
| Month | Meritage | Ryan | Total | Basis |
|---|---|---|---|---|
| Jul 2025 – Feb 2026 | 58 | 49 | 107 | PA deeds |
| Mar 2026 | 10 | 14 | 24 | PA deeds |
| Apr 2026 | 7 | 8 | 15 | PA deeds |
| May 2026 | 14 | 14 | 28 | PA deeds |
| Jun 2026 | 8 | 10 | 18 | PA deeds |
| Jul 2026 | 13 | 13 | 26 | PA deeds |
| Aug 2026 reconstructed | 8 | 1 | 9 | 1 PA Ryan + 8 MLS Meritage |
| Sep 1–9, 2026 | 0 | 0 | 0 | Listing feeds; incomplete month |
| Working total through Aug 31 | 118 | 109 | 227 | 219 deeds + 8 overlay |
Complete-month pace from March through July was 22.2. The six-month window that includes reconstructed August is 20.0. From the first recorded buyer deed to this compilation date is 13.4 months and 16.9 closings per month. Median deed prices in the last six recorded months sat near $422,000 for Meritage and $350,000 for Ryan’s mixed product, with Ryan townhomes in a lower band near $261,000. Those medians are from the deed file. They are not asking prices.
What this is not
It is not a claim that the Village “hid” sales. Pipeline tables and closing tables answer different questions. It is not a claim that August “failed.” Recording lags. That is why the eight August Meritage addresses are marked reconstructed until the next Property Appraiser extract lands.
The bond that exists
One issued series. One assessment area. Most of the authorized program still unissued.
The Terra Lago Community Development District was created October 13, 2022 by Village Ordinance 12-2022. It covers about 766 acres inside the Village. In June 2023 the Nineteenth Circuit validated the district’s authority to issue not more than $166,580,000 in special-assessment bonds. The master capital-improvement plan on the March 2023 minutes is $121,546,523.
What has actually been issued is narrower. On January 13, 2025 the board adopted Resolution 2025-04 authorizing a negotiated limited offering of not more than $7,500,000 for Assessment Area One and approving the form of a Preliminary Limited Offering Memorandum. On April 8, 2025 the district issued $5,775,000 Special Assessment Bonds, Series 2025 (Assessment Area One). The May 12, 2025 Disclosure of Public Finance is the public notice of that issue. MBS Capital Markets, LLC was the underwriter named in the January packet.
The 2025 Project — public roads, water, wastewater, reclaimed water, stormwater, and earthwork for Phases 1A and 1B — is estimated at $19,100,900 in the First Supplemental Engineer’s Report dated January 13, 2025. The preliminary methodology in that same agenda allocated about $4.69 million of bond proceeds to that work. The rest, about $14.41 million, is described as developer contribution or later series. A Completion Agreement, True-Up Agreement, and Collateral Assignment were approved April 4, 2025. Those instruments are how the gap is assigned. They are not a monthly sales quota.
The priced amortization in the May 12, 2025 agenda runs to May 1, 2055. Principal plus scheduled interest on the issued $5,775,000 is $12,238,984. First principal of $80,000 was due May 1, 2026. The January indenture draft funded interest at least through November 1, 2025. Assessment Area One is 398 planned units. Product-mix counts for 40-foot and 50-foot lots swapped between the January methodology table and the May assessment table. The total of 398 did not.
What the district has not posted
Resolution 2025-04 approved a Final Limited Offering Memorandum. As of this compilation the district website does not host that memorandum as its own file. Sentences on this page that quote “substantially absorbed,” reserve-release conditions, and capitalized interest through November 1, 2025 are taken from the January 13, 2025 agenda packet. They are the district’s draft language in a public agenda. They are not a substitute for the signed indenture.
What number the file actually requires
There is no sentence in the issued-series papers that says a missed month of closings is a default.
Four tests sit in the papers that do exist.
Current-pay. Series 2025 assessments are levied on Assessment Area One land. The adopted FY2026 debt-service levy is about $413,000. Unsold lots remain with Terra Lago, LLC under a Direct Collect Agreement approved September 8, 2025. A month with zero closings does not skip a coupon. The landowner writes the check until the lot is on the roll.
Sell-through of 398. The methodology sizes the first lien on 398 units. The papers do not lock a 12-month or 24-month clock. Two selling seasons from the first buyer deed is the ordinary production assumption when a clean year-by-year absorption table is not on file. That implied rate is about 17 closings a month. The Village’s August 2024 budget slide of roughly 30 homes a month is a tax-base model. It is not a Series 2025 covenant. A draft absorption table in the January packet appears internally inconsistent with the 398-unit mix and is not used here as a required pace.
Next series on the same land. The January packet defines substantially absorbed as the date when at least 90 percent of the principal of the Series 2025 assessments has been assigned to residential units in Assessment Area One that have received certificates of occupancy. Ninety percent of 398 is 358 occupied units. Until that certificate is in the trustee’s file, additional bonds on the same land generally require owner consent. Closings without COs do not finish the test.
Completion of the 2025 Project. Most of the $19.1 million is not in the first bond. That is a dollar test under the Completion Agreement, not a rooftop test.
| Test | Need | Status on this compilation date |
|---|---|---|
| Keep Series 2025 current | Pay the levy | Structurally on the papers. No default notice in the FY2025–26 minutes reviewed for this file. |
| Sell 398 units in two seasons | ~17 / month | 16.9 since the first deed. 20.0 over the last six calendar months once August is reconstructed. |
| 358 COs | 131 more occupied units if every working closing sits in AA1 | 227 is 57 percent of 398 by closing count — not by CO. At 20 a month, roughly two more quarters. |
| Unbonded $14.4 million | Developer cash or a later series | Cannot be scored from sales alone. |
Read the line, not the slide
If the question is whether Assessment Area One is selling at a two-season pace, the deed file says yes. If the question is whether the Village’s 30-a-month budget model has arrived, the deed file says no. If the question is whether the next tax-exempt series on the same land is open under the district’s own 90-percent language, the answer is not yet — and the missing document is a CO list, not another listing-site scrape.
What that means — and what it does not
Letter grades here are a reader’s aid. They are not ratings.
Phase 1 is a selling community. Two national builders are recording deeds. Median prices on those deeds are in a range that clears the small first-series lien by a wide margin — remaining allocated principal on a lot, using the FY2026 debt-service weights and the $5,695,000 outstanding after May 1, 2026, is on the order of $9,300 on a townhome and about $16,000 to $24,000 on the single-family products. Against a $422,000 Meritage deed that is a few percent of the house. Against a thin lot residual it is a larger share of the land check. Those prepay figures are working arithmetic. They are not a trustee quote.
The first bond reimbursed about a quarter of the 2025 Project. Developer economics, on the public file, are lot takedowns to those builders plus whatever later series the 90-percent test and a new assessment area will allow. FY2026 still includes a $421,760 landowner operations contribution. That is early-stage structure. It is also cash that does not appear in a listing price.
None of that is a finding that the project “does not work” or that any person is in default. It is the shape of a first-series Florida CDD at this stage of vertical sales, measured against the papers the district has put in an agenda.
Questions the file still leaves open
These are requests for documents, not charges.
- Will the district post the Final Limited Offering Memorandum and the signed First Supplemental Trust Indenture that Resolution 2025-04 approved?
- Will the Village Building Division produce certificates of occupancy by month, address, and contractor from January 2025 forward so the 90-percent test can be counted in the unit the indenture draft actually uses?
- What is the current on-roll versus off-roll split of the 398 Assessment Area One units?
- How much of the $19.1 million 2025 Project has been requisitioned against Series 2025 proceeds, and what remains under the Completion Agreement?
- When the next Property Appraiser extract is published, how many of the eight reconstructed August addresses appear as qualified deeds?
Those five pages would replace every “working” percentage on this site with a number a trustee could recognize.
Public files used
Each figure on this page should be traceable to one of these.
- Martin County Property Appraiser, Real Transfers extract, qualified builder-to-buyer deeds with situs Indiantown, grantor Meritage Homes of Florida, Inc. or NVR, Inc. / Ryan Homes, July 2025 through the August 7, 2026 file date of the extract used here.
- Public listing sold feeds for August and September 1–9, 2026, used only to mark recording lag. Labeled reconstructed.
- Village of Indiantown Community Development updates and the August 2024 budget presentation (pipeline and modeled absorption — not used as a closing count).
- Terra Lago CDD: Ordinance 12-2022; minutes March 13, 2023; agenda and minutes January 13, 2025 (methodology tables, Resolution 2025-04, indenture/PLOM draft language); minutes April 4, 2025; agenda May 12, 2025 (Disclosure of Public Finance, amortization, FY2026 assessment table); minutes September 8, 2025 (Direct Collect Agreement); FY2026 adopted budget.
- Nineteenth Judicial Circuit final judgment of validation, June 9, 2023, as recited in the May 12, 2025 disclosure.