nch Stewardship	District
or  at   e   Blvd,  Or  land o,  Florida 32817 7-3  8 2   -3  2 56	•	F.  407-382-3254
 a kevvood ranchstewardship.com

Friday, March 1, 2 0 19 9:00 a.m. S chr	o ed er - M a n a t e e Ranch, Inc.
14 -40-  0	Covenant Way
Lakewood Ranch, FL 34202

e   c al  l - in	i n J c)r  m  a t i o n   for	th   e   meeting is  as :follovvs:

 	AGENDA

y niernbers of the public desiring to speak on any proposition

the February :t,20:19 Board of Supervisors Meeting

beti>veen  t-he  Dsi

tr  ict   and	Irr  gi

a tion Design Associates, Inc.

rvices and .Materials (Rangeland Plcvvy. f"roUl U ih l ein Road elative   to   the   Isles   at   Lak.e"' ood   Ranch,   Series  2019   Bond pplemental Assessment Resolution (provided under separate
d under separate cover)
lative to the Cr es wind, Series 2019 Bond Issuance er 's Report
As essment Methodology Report claring Special Assessments
Setting	a	PubJic	laJ..earing	on	the	In)position	of	Special

behveen the District and ICII Lake"vood 1 anch,_ LLC lative to the S tock - Lalce Club Phase 4, Series 2019 Bond
,)
m C ol lection Agreeinent·tor Non-Ad Valorem Assessments,

nder separai-e cover)

Other Business
Staff Reports
Manager's Repmi
Attorney's Report
Engineer's Repmi
Change Order No. 61 Under Specific Authorization No. 77
Stantec
44t11 Avenue East Phase 5 and Uihlein Road Phase 3 Project
Change Order No. 1
E.T. MacKenzie of Florida, Inc. Waterside East-West Utilities
Deduction for Owner direct purchase of materials
Audience Comments
Adjournment

LAKEWOOD RA.NCH STEWARDSHIP DISTRICT
BOARD OF SUPERVISORS MEETING AGENDA MARCH 1, 2019 AT 9:00 A.M.

SCHROEDER-MANATEE RANCH, INC.
14400 Covenant Way Lakewood Ranch, Florida 34202

BOARD OF SUPERVISORS		DISTRICT STAFF	

Rex Jensen Tony Chiofalo Scott Almand Jim Schier Richard Bedford

Chairman

Vice Chairman/Asst. Secretary Treasurer
Assistant Secretary Assistant Secretary

District Manager District Counsel District Engineer

Hank Fishkind

Hank Fishkind	Fishkind & Associates Jonathan Johnson	Hopping Green & Sams Mike Kennedy	Stantec

Secretary

Enclosed is the agenda of the Lakewood Ranch Stewardship District Board of Supervisors ("Board"). Meetings of the Board are open to the public in accordance with Florida law.  Agendas  can be reviewed  by contacting the District Manger's office at (407) 382-3256 at least seven days in advance of the scheduled meeting. Requests for the Board to consider items that are not on this agenda must be submitted in writing with an explanation to the District Manger at least fourteen (14) days prior to the date of the meeting.

Upon establishing a quorum, meetings of the Board are anticipated to begin promptly at 9:00 a.m. at the address listed above, unless proper notice states otherwise. Each meeting will begin by inviting comments from members of the public in attendance, if any. Public comments may address any matter of interest or concern to the District, regardless whether listed for consideration on the meeting's agenda, and will be received by the Board in accordance with the District's Public Comment Policy. Generally, each individual speaker is limited to three (3) minutes of public comment. The Board or District staff is not obligated to respond immediately to comments or concerns expressed during the public comment period.

Following the public comment period, the Board will proceed to address agenda items that require the review and approval of the Board as a normal course of business. As necessary, other business items may appear on the agenda for the Board's discussion and further action by motion or vote of the Supervisors. If the Board elects to consider any business item not previously published on the meeting agenda, the Board will invite public comment regarding the item prior to taking official action.

As a routine matter, the Board will consider financial status updates and may approve financial repotis, work authorizations, and other financial business items as appropriate. Staff, including the District Manager, District Counsel, and District Engineer,  will report to the Board regarding any pending issues that may be of interest to the District or the Board on a case-by-case basis. Time is reserved at the conclusion of each meeting for the Board Supervisors to express comments or concerns regarding items to be researched, considered or addressed by the Board or Staff.  The Board may elect to receive Public Comment prior to adjournment  of the meeting at the discretion of the Board Chairman.

Occasionally, ce1iain items for decision by the Board are required by Florida law to be held as a Public Hearing, which will be indicated by a notice published in the local newspaper or mailed directly to impacted persons as the circumstances require. The Board will announce the opening of the Public Hearing on these agenda items and invite public comment on the specific item being considered under the notice of the Public Hearing. Public comment received during the Public Hearing must conform to the District's Public Comment Policy. If needed, the Board may hold an advertised public workshop session to consider a policy or business matter informally with staff or consultants prior to scheduling the item for action on an agenda.

Pmsuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to pmiicipate in a meeting/hearing/workshop of the Board is asked to advise the District Office at least forty-eight (48) hours before the meeting/hearing/workshop by contacting the District Manager at (407) 382-3256. If you are hearing or speech  impaired,  please contact the Florida Relay Service at (800) 955-8770, which will assist you in contacting the District Office.

A person who decides to appeal any decision made at the meeting/hearing/workshop with respect to any matter considered at the meeting is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made including the testimony and evidence upon which the appeal is to be based.

LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Minutes

CH STEWARDSHIP	DISTRICT
der-Manatee Ranch, Inc.
ay,  Lal<:e w	o  o d	Ranch,F lorid a  34202

eeting

orum:

emb er emb  er ember ernber ember

& Associates ancial Advisors Gr   een  & Sams Green &Sams

phone) ital phone)

ommunities omes
(byp h one)
e nt	shadowing
Call t:oOrder and Roll Call

order and	proceeded with  the roll call.	The  members in

e		noting  that  Mr. McClure   is   pursuing  a  master 's	degree  in today's	meeting.	Staff	and	Board	Members	introduced

1

SECOND ORDER OF BUSINESS	Administrative Matters

Consideration of Minutes of the January 11, 2019 Board of Supervisors Meeting

Mr. Jensen presented the minutes from the previous meetings and asked if there were any questions or comments.

On MOTION by Mr. Bedford, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the minutes of the January 11, 2019 Board of Supervisors Meeting.

THIRD ORDER OF BUSINESS	Business Matters

Consideration of Disclosure of Public Financing- Northeast Sector

Dr. Fishkind explained the disclosure.

On MOTION by Mr. Schier, seconded by Mr. Bedford, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the Disclosure of Public Financing- Northeast Sector and authorized its recording in public record as mandated by statute.

FOURTH ORDER OF BUSINESS		Consideration of Disclosure of Public Financing- Lakewood Centre & Northwest Sector Project

Dr. Fishkind presented the disclosure.

On MOTION by Mr. Bedford, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the Disclosure of Public Financing- Lakewood Centre & Northwest Projects and authorized its recording in public record as mandated by statute..

FIFTH ORDER OF BUSINESS	Consideration of Matters Relative to the Isles at Lakewood Ranch Bond Issuance
Resolution 2019-18, Supplemental Assessment Resolution (provided under separate cover)
Other Matters (provided under separate cover)

Dr. Fishkind provided updates on the project noting that the utilities  issue has been  resolved.  The financing team is expecting to be able to move forward with the project at the  March meeting.

SIXTH ORDER OF BUSINESS		Consideration of Matters Relative to the Stock - Lake Club Phase 4 Bond Issuance
2

Acquisition Agreement with SD TLC Holdings, LLC

Mr. Johnson presented the agreement noting it is in standard form as seen for other bond issuances.

On MOTION by Mr. Schier, seconded by Mr. Bedford, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the Acquisition Agreement with SD TLC Holdings, LLC_._

SEVENTH ORDER OF BUSINESS

Tabled

EIGHTH ORDER OF BUSINESS

Consideration of Resolution 2019-19, Investment Policies (provided under separate cover)

Financial Matters

Mr. Almand presented for the Board's Consideration:

Draw Requests & Requisitions

Requisition List for Draw No. 18 Del Webb - Series 2017 A Bond

On MOTION by Mr. Chiofalo, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the Lakewood Ranch St wardship District approved Draw No. 18, Del Webb - Series 2017 A Bond.

Requisition	List	for	Draw	No.	49 Lakewood Centre North-Series 2015 A

On MOTION by Mr. Chiofalo, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 49 for Lakewood Centre North - Series 2015 A.

Requisition List for Draw No. 2 Lakewood Centre & NW Sector Series 2018 Bond

On MOTION by Mr. Chiofalo, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 2 for Lakewood Centre & NW Sector.

Requisition List for Draw No. 21 Lakewood Centre South
- Pre-Funding

On MOTION by Mr. Chiofalo, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 21 for Lakewood Centre South.

Requisition List No. 3 Northeast Sector Phase lB
3

Series 2018 Bond

On MOTION by Mr. Chiofalo, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Requisition List No. 3 for Northeast Sector Phase lB.

Requisition List No. 44
The Villages of Lakewood Ranch South
-Pre-Funding

On MOTION by Mr. Chiofalo, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District accepted the Pre-Funding and approved payment of Requisition List No. 44 for The Villages of Lakewood Ranch South.

Requisition List for Draw No. 37
The Villages of Lakewood Ranch South
- Series 2016 A Bond

On MOTION by Mr. Chiofalo, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 37 for The Villages of Lakewood Ranch South - Series 2016 A.

NINE ORDER OF BUSINESS

No Comments

TENTH ORDER OF BUSINESS

Compilation Report

Staff Reports

Manager's Report- No Report

Attorney's Report -
Mr. Johnson noted that the Cresswind project is ready to move forward; he also provided further updates on Amendment 12, and the legislative District boundary amendment.
Mr. Johnson introduced Sarah Warren, who will be working with him on the District while Ms. Whelan is out on leave.

Engineer's Report -
Mr. Engel presented for the Board's approval:	Change Order No. 2 (Final)
Woodruff & Sons, Inc.
Lakewood Centre Core Phase 1B Relocate fire hydrant, storm & Sewer stakeout,	repair/adjust	curb,	sani services, and misc extras; reconcile unbilled line items
Voided

Change Order No. 4 (Final) Woodruff & Sons, Inc.
Lakewood Centre Core Phase 1B
4

Voided

Reconcile unbilled line items

Change Order No. 5
E.T. MacKenzie of Florida, Inc. Bourneside	Blvd	South	Ph	1	at Lakewood Ranch
Additional Services at SR-70 & Bourneside Blvd South; drainage, lighting and additional seed, sod & mulch (onsite and offsite)

On MOTION by Mr. Chiofalo, seconded by Mr. Almand, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Change Order No. 5, E.T. MacKenzie of Florida, Inc.

Change Order No. 2
C & M Road Builders, Inc. Waterside Neighborhood 8 Changes in Plans to Asphalt

On MOTION by Mr. Chiofalo, seconded by Mr. Almand, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Change Order No. 2, C & M Road Builders, Inc.

Proposal / Work Authorization Universal Engineering Sciences Inspections and Concrete Testing for 44th Box Culvers - Lakewood Ranch - CSD

On MOTION by Mr. Almand, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the Proposal / Work Authorization, Universal Engineering Sciences, Inc.

ELEVENTH ORDER OF BUSINESS

There were no Supervisor requests.

TWELFTH ORDER OF BUSINESS

There were no audience comments.

THIRTEENTH ORDER OF BUSINESS

Supervisor Requests

Audience Comments

Adjournment

Mr. Jensen asked for a motion to adjourn the meeting.

On MOTION by Mr. Bedford, seconded by Mr.  Schier, with all in favor, the  Board  of Supervisors of Lakewood Ranch Stewardship District moved to adjourn the February 1, 2019 meeting.

5

 	
Secretary/Assistant Secretary	Chairperson/Vice-Chairperson

6

LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Agreement between the District and Irrigation Design Associates, Inc. for Irrigation Installation Services and Materials

(Rangeland Pkwy. from Uihlein Road to Bourneside Blvd. Project)

AGREEMENT BETWEEN LAKEWOOD RANCH STEWARDSHIP DISTRICT AND IRRIGATION DESIGN ASSOCIATES, INC. FOR IRRIGATION INSTALLTION SERVICES AND MATERIALS (RANGELAND PKWY. FROM UIHLEIN ROAD TO BOURNESIDE BLVD. PROJECT)

THIS AGREEMENT (the "Agreement") is made and entered into this F day of March, 2019 by and between:

Lakewood Ranch Stewardship District, a local unit of special-purpose government located in Sarasota and Manatee Counties, Florida, and whose mailing address is 12051 Corporate Boulevard, Orlando, Florida 32817 (the "District"); and

Irrigation Design Associates, Inc. whose address is 6175 Palmer Blvd., Sarasota, Florida, 34240 (the "Contractor").

RECITALS

WHEREAS, the District was established pursuant to Chapter 2005-338, Laws of Florida, as amended, for the purpose of planning, financing, constructing, operating and/or maintaining certain infrastructure improvements, including but not limited to, landscaping and irrigation improvements; and

WHEREAS, the District desires to retain an independent contractor to provide irrigation installation services and materials relative to its Rangeland Pkwy. from Uihlein Road to Bourneside Blvd. project within the District as described herein and in the attached Exhibit A, which is incorporated herein by this reference (the "Services"); and

WHEREAS, Contractor represents that it is qualified, willing and capable of providing the Services and desires to do so in accordance with the terms of this Agreement; and

WHEREAS, the District and Contractor wmrnnt and agree that they have all right, power and authority to enter into and be bound by this Agreement.

Now, THEREFORE, in consideration of the recitals, agreements, and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows:

SECTION 1. RECITALS. The recitals so stated  are  true  and  correct  and  by  this reference are incorporated into and form a material part of this Agreement.

SECTION 2.	DESCRIPTION OF WORK AND SERVICES.

The duties, obligations, and responsibilities of the Contractor are to provide the services, labor and materials necessary for the installation of certain irrigation

improvements, including materials and related  site  preparation,  as  described  herein and in Exhibit A.

This Agreement grants to Contractor the right to enter the lands that are subject to this Agreement, for those purposes described in this Agreement, and Contractor hereby agrees to comply with all applicable laws, rules, ordinances and regulations affecting the provision of the Services.

Contractor shall be solely responsible for the means, manner and methods by which its duties, obligations and responsibilities are met to the satisfaction of the District and in accordance with this Agreement. Contractor shall use industry best practices and procedures when carrying out the Services. Any additional compensation for additional duties shall be paid only as negotiated between the parties and upon the written authorization of the District.

The Contractor shall report directly to the District's Designee who shall be Louis Lawman. Contractor acknowledges and agrees  that  the  District  has  the  right  to request that Contractor's employees and/or subcontractors who do not behave in a professional manner, in the District's sole dete1mination, be removed from the Contractor's team(s) providing the Services to the District.

Contractor shall use all due care to protect the property of the District, its residents and landowners from damage and shall follow and be responsible for the Services set forth in Exhibit A. Contractor agrees to repair any damage resulting from Contractor's activities and work within twenty-four (24) hours.

In the event that time is lost due to heavy rains ("Rain Days"), the Contractor agrees to reschedule its employees and divide their time accordingly to complete all scheduled services during the time during the same week as any Rain Days. The Contractor shall provide services on Saturdays if needed to make up Rain Days, but shall not provide services on Sundays.

SECTION 3.	DATE OF COMPLETION

Contractor shall complete the installation services within Sixty (60) calendar days of the execution of this Agreement, provided however that such completion date may be adjusted to address any delays caused by the District. Contractor shall be allowed additional days for adverse weather days. "Adverse Weather" is defined as the occurrence of one or more of the following conditions within a twenty-four (24) hour day that prevents construction activity exposed to weather conditions or access to the site: (1) precipitation (rain, snow, or ice) in excess of one-half inch (0.50") liquid measure ("standard baseline"); or (2) sustained wind in excess of twenty-five (25)
m.p.h.	Contractor must document such Adverse Weather and notify the District promptly after its occurrence.

2

The Contractor and the District recognize that time is of the essence of this Agreement and that the District will suffer financial loss if the installation services are not completed within the times specified herein. The District and the Contractor also recognize the delays, expense, and difficulties involved in providing in a legal proceeding and the actual loss suffered by the District if the installation services are not completed on time. Accordingly, instead of requiring any such proof, the District and the Contractor agree that as liquidated damages for delay (but not as a penalty), the Contractor shall pay the District Five Hundred Dollars ($500) for each day that expires after the time specified herein. Contractor must coordinate its work with others performing work for the District as the District directs. Contractor will work overtime or extra shifts as necessary to meet the timeframes provided for herein.

SECTION 4.	COMPENSATION; TERM

As compensation for completion of the Services described in this Agreement, the District agrees to pay the Contractor ONE HUNDRED SEVENTY-EIGHT THOUSAND, EIGHT HUNDRED THIRTY-FIVE DOLLARS ($178,835.00). Such amount includes all items, materials and labor necessary for the completion of the Services as itemized in the attached Exhibit B incorporated herein and made hereof by this reference.

If the District should desire additional work or services not provided in Exhibit A, the Contractor agrees to negotiate in good faith to unde1iake such additional work or services. Upon successful negotiations, the parties shall agree in writing to a work order, addendum, addenda, or change order to this Agreement as set forth in more detail in Section 5.

The District may require, as a condition precedent to making any payment to the Contractor that all subcontractors, material men, suppliers or laborers be paid and require evidence, in the form of Lien Releases or patiial Waivers of Lien, to be submitted to the District by those subcontractors, material men, suppliers or laborers, and fmiher require that the Contractor provide an Affidavit relating to the payment of said indebtedness. Further, the District shall have the right to require, as a condition precedent to making any payment, evidence from the Contractor, in a form satisfactory to the District, that any indebtedness of the Contractor, as to services to the District, has been paid and that the Contractor has met all of the obligations with regard to the withholding and payment of taxes, Social Security payments, Workers Compensation, Unemployment Compensation contributions, and similar payroll deductions from the wages of employees.

The Contractor shall maintain records conforming to usual accounting practices. Further, the Contractor agrees to render an invoice to the District, in writing, which shall be delivered or mailed to the District by the fifth (5th) day of the next succeeding month. These invoices are due and payable within thirty (30) days of receipt by the District. Each invoice shall include such suppo1iing information as the District may reasonably require the Contractor to provide.

3

SECTION 5. CHANGE ORDERS. Contractor understands that the  Services  may  be reduced, enlarged or otherwise modified in scope. If any additional Services are proposed  beyond those identified in this Agreement, Contractor shall perform them but only  after receiving a written change order from the District. Contractor shall not perform any service omitted from the Agreement by deductive change order. Contractor shall cooperate with and assist the District in preparing and determining the scope of any change order. In the event the service represents a unit price set forth in this Agreement, Contractor's compensation shall be adjusted for the added or deducted services proposed by the change order in accordance with the unit prices established in the Agreement. In the event the unit price for the additional services is not set forth in this Agreement, Contractor's compensation shall be adjusted for the assed or deducted services proposed by the change order as reasonably service determined by the District in conference with the Contractor. All change orders shall be in the form attached hereto as Exhibit B.

SECTION 6.  WARRANTY  AND COVENANT.  The Contractor warrants to the District that all materials furnished under this Agreement shall be new, and that all services and materials shall be of good quality, free from faults and defects. The Contractor hereby warrants any materials and Services for a period of one (1) year after acceptance by the District or longer as required under Florida law. With respect to any and all plant material provided pursuant to Section 2, all plant material shall be guaranteed to be in a satisfactory growing condition and to live for a period of one (1) year from planting except for annuals, which will be replaced seasonally. All plants that fail to survive under the guarantee shall be replaced as they fail with the same type and size as originally specified. Contractor further warrants to the District those warranties which Contractor otherwise warrants to others and the duration of such warranties is as provided by Florida law unless longer guarantees or warranties are provided for elsewhere in the Agreement (in which case the longer periods of time shall prevail). Contractor shall replace or repair warranted items to the District's satisfaction and in the District's discretion. Neither  final acceptance of the Services, nor monthly or final payment therefore, nor any provision of the Agreement shall relieve Contractor of responsibility for defective or deficient materials or Services. If any of the Services or materials are found to be defective, deficient or not in accordance with the Agreement, Contractor shall correct remove and replace it promptly after receipt of a written notice from the District and correct and pay for any other damage resulting there from to District property or the property of landowners within the District.

Contractor hereby covenants to the District that it shall perform the Services: (i) using its best skill and judgment and in accordance with generally accepted professional standards and (ii) in compliance with all applicable federal, state, county, municipal, building and zoning, land use, environmental, public safety, non-discrimination and disability accessibility laws, codes, ordinances, rules and regulations, including, without limitation, all professional registration (both corporate and individual) for all required basic disciplines that it shall perform. Contractor hereby covenants to the District that any work product of the Contractor shall not call for the use nor infringe any patent, trademark, services mark, copyright or other proprietary interest claimed or held by any person or business entity absent prior written consent from the District.

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SECTION 7.	INSURANCE.
Contractor shall, at its own expense, maintain insurance during the performance of its Services under this Agreement, with limits of liability not less than the following:

Workers Compensation

General Liability
Bod;fy Injury (;nclud;ng contractual) Property Damage (;nclud;,1g contractual)

Automobile Liability (if applicable)
Bod;fy Injury and Property Damage

statutory

$1,000,000/$2,000,000
$1,000,000/$2,000,000

$1,000,000

Contractor shall provide the District with a certificate naming the District, its officers, agents and employees as an additional insured prior to the commencement of the Services. No ce1iificate shall be acceptable to the District unless it provides that any change or termination within the policy periods of the insurance coverages, as ce1iified, shall not be effective within thirty (30) days of prior written notice to the District. Insurance coverage shall be from a reputable insurance carrier, licensed to conduct business in the State of Florida, and such caiTier shall have a Best's Insurance Reports rating of at least A-VII.

If the Contractor fails to have secured and maintained the required insurance, the District has the right (without any obligation to do so, however), to secure such required insurance in which event the Contractor shall pay the cost for that required insurance and shall furnish, upon demand, all information that may be required in connection with the District's obtaining the required insurance.

SECTION 8. INDEPENDENT CONTRACTOR. It is understood and agreed that at all times the relationship of Contractor and its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor to the District is the relationship of an independent contractor and not that of an employee, agent, joint venturer or paiiner of the District. Nothing in this Agreement shall be interpreted or construed as creating or establishing the relationship of employer and employee between the District and Contractor or any of its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor. The paiiies acknowledge that Contractor is not an employee for state or federal tax purposes. Contractor shall hire and pay all of Contractor's employees, agents, subcontractors or anyone directly or indirectly employed by Contractor, all of whom shall be employees of Contractor and not employees of District and at all times entirely under Contractor's supervision, direction and control.

In particular, District will not: i) Withhold FICA (Social Security) from Contractor's payments; ii) Make state or federal unemployment insurance contributions on Contractor's behalf; iii) Withhold state or federal income tax from payment to Contractor; iv)'Make disability insurance contributions on behalf of Contractor; or v) Obtain workers' compensation insurance on behalf of Contractor. Moreover, Contractor shall provide the District with a completed IRS W-9 form prior to the commencement of the Services.

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SECTION   9.	COMPLIANCE   WITH   LAWS,   ORDINANCES  AND  REGULATIONS.	In
performing its obligations under this Agreement, Contractor and each of its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor shall comply with all applicable laws, ordinances, rules, regulations, and orders of any public or governmental authority having appropriate jurisdiction, including all laws, regulations and rules relating to immigration and/or the status of foreign workers. Contractor shall initiate, maintain, and supervise all safety precautions and programs in connection with its obligations herein. Contractor shall ensure that all of Contractor's employees, agents, subcontractors or anyone directly or indirectly employed by Contractor observe Contractor's rules and regulations  of safety and conduct. Contractor shall take all reasonable precautions for the safety of and shall provide all reasonable protection to prevent damage, injury or loss to all of its employees, agents and subcontractors performing its obligations herein and other persons who may be affected, and any material, equipment and other property. Contractor shall remedy all damage or loss to any property caused in whole or in part by Contractor, its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor, or by anyone for whose acts Contractor may be liable. Contractor shall indemnify District for all damage or losses it may incur or be exposed to because of Contractor or any of its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor's failure to comply with the provisions contained herein.

SECTION 10.	DEFAULT AND PROTECTION AGAINST THIRD PARTY INTERFERENCE. A
default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which may include, but not be limited to, the right of actual damages and/or specific performance. The District shall be solely responsible for enforcing its rights under this Agreement against any interfering third party. Nothing contained in this Agreement shall  limit or impair the District's right to protect its rights from interference by a third party to this Agreement.

SECTION 11. ENFORCEMENT OF AGREEMENT.  In the event that either party is required  to enforce this Agreement by court proceedings or otherwise, then the parties agree that the prevailing party shall be entitled to recover from the other all fees and costs incurred, including reasonable attorney's fees and costs for trial, alternative dispute resolution, or appellate proceedings.

SECTION 12. AMENDMENTS.  Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both the District and the Contractor.

SECTION 13. AUTHORIZATION. The execution of this  Agreement  has  been  duly authorized by the appropriate body or official of the District and the  Contractor,  both the District and the Contractor have complied with all the requirements of law, and both the District and the Contractor have full power and authority to comply with the terms and  provisions  of  this instrument.

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SECTION 14. NOTICES. All notices, requests, consents and other communications under this Agreement ("Notices") shall be in writing and shall be delivered, mailed by First Class Mail, postage prepaid, or overnight delivery service, to the parties, as follows:

If to Contractor:

If to District:

With a copy to:

Iffigation Design Associates, Inc. 6175 Palmer Blvd.
Sarasota, Florida 34240 Atten: Laura Raines

Lakewood Ranch Stewardship District 12051 Corporate Boulevard
Orlando, Florida 32817 Attn: District Manager

Hopping Green & Sams, P.A.
119 South Monroe Street, Suite 300 Post Office Box 6526
Tallahassee, Florida 32314 Attn: Jonathan T. Johnson

Except as otherwise provided in this Agreement, any Notice shall be deemed received only upon actual delivery at the address set fmth above. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day.  If any time for giving Notice contained in this Agreement would otherwise expire on a non­ business day, the Notice period shall be extended to the next succeeding business  day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the District and counsel for the Contractor may deliver Notice on behalf of the District and the Contractor. Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees of any change in name or address to which Notices shall be sent by providing the same on five (5) days written notice to the patties and addressees set forth herein.

SECTION 15. ARM'S LENGTH TRANSACTION. This  Agreement  has  been  negotiated fully between the District and the Contractor as an arm's length transaction. Both parties patticipated fully in the preparation of this Agreement and received the advice of counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, both patties are deemed to have drafted, chosen, and selected the language, and the doubtful language will not be interpreted or construed against either the District or the Contractor.

SECTION 16.  THIRD  PARTY  BENEFICIARIES.  This Agreement  is solely for the benefit of the District and the Contractor and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third patty not a formal patty to this Agreement. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the District and the Contractor any right, remedy, or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure to

7

the sole benefit of and shall be binding upon the District and the Contractor and their respective representatives, successors, and assigns.

SECTION 17. ASSIGNMENT. Neither the District nor the Contractor may assign this Agreement or any monies to become due hereunder without the prior written approval of the other.

SECTION 18. APPLICABLE LAW AND VENUE. This Agreement and the prov1s1ons contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida. Each pa1iy consents that the venue for any litigation arising out of or related to this Agreement shall be in Manatee County, Florida.

SECTION 19.	INDEMNIFICATION.

Contractor, its employees, agents and subcontractors shall defend, hold harmless and indemnify the District and its supervisors, officers, staff, employees, representatives and agents against any claims, damages, liabilities, losses and costs, including, but not limited to, reasonable attorneys' fees, to the extent caused by the acts or omissions of Contractor, and other persons employed or utilized by Contractor in the performance of this Agreement or the Services performed hereunder up to the amount of One Million Dollars ($1,000,000.00). By executing this Agreement, Contractor agrees such indemnification amount bears a reasonable commercial relationship to the Agreement.

Obligations under this section shall include the payment of all settlements, judgments, damages, liquidated damages, penalties, forfeitures, back pay awards, court costs, arbitration and/or mediation costs, litigation expenses, attorney fees, paralegal fees and expert witness fees (incurred in court, out of court, on appeal, or  in bankruptcy proceedings) as ordered.

SECTION 20.	LIMITATIONS	ON   GOVERNMENTAL	LIABILITY.	Nothing	in	this
Agreement shall be deemed as a waiver of immunity or limits of liability of the District beyond any statutory limited waiver of immunity or limits of liability which may have been adopted by the Florida Legislature in Section 768.28, Flor;da Statutes, or other statute, and nothing in this Agreement shall inure to the benefit of any third pmty for the purpose of allowing any claim which would otherwise be barred under the Doctrine of Sovereign Immunity or by operation of law.

SECTION 21.  EFFECTIVE DATE.  This Agreement shall be effective  upon the execution of the Agreement by each of the pmiies hereto and shall remain in effect until the completion of the Services, unless terminated earlier in accordance with the terms of this Agreement.

SECTION 22. TERMINATION. The District agrees that the Contractor may terminate this Agreement for cause by providing thi1ty (30) days written notice of termination to the District; provided, however, that the District shall be provided a reasonable opportunity to cure any failure under this Agreement. The Contractor agrees that the District may terminate this

8

Agreement immediately for cause by providing written notice of tennination to the Contractor. The District shall provide thirty (30) days written notice of termination without cause. Upon any termination of this Agreement, the Contractor shall be entitled to payment for all Services rendered up until the effective termination of this Agreement, subject to whatever claims or off sets the District may have against the Contractor as the sole means of recovery for termination.

SECTION 23. OWNERSHIP OF DOCUMENTS. All rights in and title to all plans, drawings, specifications, ideas, concepts, designs, sketches, models, programs, software, creation, inventions, reports, or other tangible work product originally developed by Contractor pursuant to this Agreement shall be and remain the sole and exclusive property of the District when developed and shall be considered work for hire.

SECTION 24. PUBLIC RECORDS.  Contractor  understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records, and, accordingly, Contractor agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Contractor acknowledges that the designated public records custodian for the District is Jane Gaarlandt ("Public Records Custodian"). Among other requirements and to the extent applicable by law, the Contractor shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract te1m if the Contractor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Contractor's possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by the Contractor, the Contractor shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.

IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE CONTRACTOR'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (407) 382-3256, JANEG@FISHKIND.COM, OR AT 12051 CORPORATE BOULEVARD, ORLANDO, FLORIDA 32817.

SECTION 25. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part of this Agreement not held to be invalid or unenforceable.

9

SECTION 26. HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this Agreement are for convenience only and shall not control nor affect the meaning or construction of any of the provisions of this Agreement.

SECTION 27. ENTIRE AGREEMENT. This instrument shall constitute the  final  and  complete expression of the agreement between the parties relating to the subject matter of this Agreement.

[Signatures  on Next Page]

10

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

Attest:	Lakewood Ranch Stewardship District

Secretary	Chairman/Vice Chairman, Board of Supervisors

Witness:	Irrigation Design Associates, Inc.

Signature of Witness

Print Name

By:

Print Name:---------------
Title:     	

Exhibit  A: Composite Exhibit B: Exhibit C:

Irrigation Design Associates Form of Proposal Landscape Development Plan
Form of Change Order

11

987	QUOT.ATION	
	Job: 9017 - RANGELAND PARI<WAY
Quote Date:	08/ 1 6 /2 0 1 8	
	Job Name:
RANGELANDP ARI<WAV UfrILIEN TO BOURNESIDE	
Payment '1e r ms	:	Es t i m a t o r :	
Net30  Davs 	0	

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CHANGE ORDER

Project:	No.:----
Date oflssuance: 	_	Effective Date:------
Owner: 	_
Owner's Contract No.:---------------
Contractor: 	--	Engineer: 	_

You are requested to make the following changes in the Contract Documents. Description: Increase in contract scope

Change in Contract Price
Original Contract Price
$ 	

Change in Contract Times
Original Conh·act Times

Substantial Completion: 		_ Ready for Final Payment: 	_
days or dates

Net changes from previous Change Orders No._ To No._

Net changes from previous Change Orders No._ To No._

$	

days

Contract Price prior to this Change Order

Contract Times prior to this Change Order

$ 	_

Substantial Completion: 		_ Ready for Final Payment: 	_
days or dates

Net Increase (decrease) of this Change Order
$ 	

Net Increase (decrease) of this Change Order

days

Contract Price with all approved Change Orders

Contract Times with all approved Change Orders

$ 	

Substantial Completion: 		_ Ready for Final Payment: 	_
days or dates

Reason for Change Order: Additional landscape maintenance services required. Attachments: Exhibit A contract scope

Recommended:
By: 	_
lvlaintenance Manager or Operations Director

Date: 	_

Approved:
By: 	_
Stewardship District Board of Supervisors

Date: 	_

Accepted:
By: 	_
Contractor

Date: 	_

LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Matters Relative to the Isles at Lakewood Ranch, Series 2019 Bond Issuance

LAKEWOOD	RANCH STEWARDSHIP		DISTRICT

Resolution 2019-18

(provided under separate cover)

LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Other Matters

(provided under separate cover)

LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Matters Relative to the Cresswind, Series 2019 Bond Issuance

LAKEWOOD	RANCH STEWARDSHIP		DISTRICT

Engineer's Report

E N G I N E E R' S REPORT FOR
OOD RA NCH STE\N ARDSHIP DISTRICT
(CRESS\NIND PROJECT)

PREPARED FOR: BOARD OF SUPERVISORS
OD RANCHS TE\NARDSHIP DISTRICT

ENGIN EER:

m.l] M	O	R	R I S
o f essi o n al  Pa r k vvay	East ,  Su it e  B
S a r aso t ,a	Florida 34240
C.A. 28780
(941 )444 -6644
morrisengineering  .net

April 13, 20 18

	TABLE OF CONTENTS		
SECTION		PAGE NO.	
1.	INTRODUCTION	1	
2.	CRESSWIND BOUNDARIES AND PROPERTIES SERVED	2	
3.	PROPOSED CAPITAL IMPROVEMENT PLAN	4	
4.	OPINION OF PROBABLE CONSTRUCTION COSTS	6	
5.	PERMITS	7	

TABLES			
TABLE lA	LAND USE SUMMARY	1	
TABLE 1B	LOT SIZE AND COUNT SUMMARY	2	
TABLE 2	SUMMARY OF OPINION OF PROBABLE COST	6	

APPENDIX			
EXHIBIT 1	CRESSWIND LOCATION MAP		
EXHIBIT 2	TOTAL PROJECT SKETCH AND DESCRIPTION		

CRESSWIND PROJECT

ENGINEER'S REPORT

INTRODUCTION

Description of Cresswind Project

) ,

Cresswind,   a  residential   community   (the   "Development11	which  is  served   by  the

) ,

Lakewood  Ranch  Stewardship  District,  (the  "Dist rict11	is  located  in  Manatee  County,
Florida lying within Sections 7, 12, 13 and 18, Township 35 South, Ranges 19 and 20 East; more precisely the northeast quadrant of the intersection of future Uihlein Road and Rangeland Parkway, as shown by Exhibit 1 of the attached Appendix.

Access to the Development is provided via three access points with the main access point on Uihlein Road, a secondary access point on Rangeland Parkway and a third, resident only access on Bournside Boulevard. Upon completion of the Development, the District will contain 651 residential dwelling units (single family detached and semi-detached product).

The residential community comprising the Development will be constructed in four (4) phases, with the total number of units outlined as per Table 1B below. Upon completion of construction, the entirety of the infrastructure installed will provide necessary roadway, utility and stormwater management services to all areas of the Development and will function as one whole and unified system of improvements.

TYPE OF USE	ASSESSMENT AREA 1 ACREAGE+/-	% OF TOTAL	
SINGLE FAMILY RESIDENTIAL	110.5	44%	
OPEN SPACE*	101.58	41%	
RIGHT-OF-WAY	37.5	15%	
TOTAL	249.58	100%	

TABLE 1A LAND USE SUMMARY

-1-

* Open Space areas consist of lakes, wetlands, upland preserves, landscape buffers and other "common" open space areas.

TABLE lB

LOT SIZE AND COUNT SUMMARY

40' Lots*	50' Lots	60' Lots	Total	
Phase	1	37	85	44	166	
Phase	2	49	43	55	147	
Phase	3	26	66	48	140	
Phase	4	46	110	42	198	
Total	158	304	189	651	

*40' lot product may be a mix of single-family detached and single-family semi-detached units.

Purpose and Scope of the Report

The purpose of this report is to provide a description of the capital improvements to be constructed by the District and/or the herein defined Developer and acquired by the District (the "CIP"), and an apportionment of the categories of costs for the CIP. The financing and assessment methodology will be developed by the District's methodology consultant.

Cresswind BOUNDARIES AND PROPERTIES SERVED

Cresswind Boundaries

Exhibit 2 delineates the boundaries of the Development. The Development is bounded on the North by an existing natural stream/slough, the South by the future Rangeland Parkway Extension, the East by the future Bournside Boulevard extension, and the West by the future Uihlein Road extension. The total acreage of the Development is approximately 249.58 acres.

Description of Properties Served

The Development is located in Sections 7, 12, 13 and 18, Township 35 South, Ranges 19 and 20 East, Manatee County, Florida. All developable property within the Development will be owned by KH Lakewood, LLC (the "Developer").

The land within the Development is comprised of undeveloped land consisting of future development land, open space and wetlands. The undeveloped land is mainly agricultural lands and pasture. Overall the terrain is generally level with elevations ranging from 59

-2-

to 67 feet NAVD 1988. During the wet season the seasonal high water table is estimated at 1.5 to 2.5 feet below ground.

The entire property within the Development is currently zoned A (Agriculture} with a Future Land Use of MUC/R and MUC/ AC-3 (Mixed Use Commercial/Residential and Mixed Use Commercial/Activity Center 3). The Development is the subject of an application for Re-Zone with Manatee County, which would modify the zoning to PDR (Planned District Residential} with a binding Preliminary Site Plan. The re-zone is anticipated to be approved at a Public Hearing before the Manatee County Board of County Commissioners on April 5, 2018.

Existing Infrastructure

The Development is located within the Manatee County Utilities service area which will provide potable water and wastewater disposal services to the Development. Capacity for these utilities has been reserved by virtue of the pending PDMU Zoning Ordinance for the Development, and an approved Land Development Agreement between Manatee County and SMR Northeast, LLC, a development entity of Lakewood Ranch (recorded in Manatee County OR Book 2717, Page 6444). Final vesting of all concurrency for the District will occur at the time of Final Plats being approved and recorded by Manatee County.

Potable water for the community will be provided by connection to the proposed water mains on Uihlein Road, Rangeland Parkway and Bournside Boulevard providing for an efficient, looped water main system. The proposed water mains of Uihlein Road, Rangeland Parkway and Bournside Boulevard will be installed by the Lakewood Ranch Stewardship District.

Wastewater from the Development will be collected by gravity sewer mains within the site and will be pumped via a lift station and conveyed via force main to a proposed force main on Rangeland Parkway. The proposed force main on Rangeland Parkway will be installed by the Lakewood Ranch Stewardship District.

The Development is located within Braden River and Mill Creek drainage basins which ultimately discharge to tributaries of the Manatee River. The existing site is comprised of smaller sub-basins with existing discharge being conveyed to the north as well as the south via overland flow.

The Development is located within the franchise areas of Peace River Electric Cooperative, Verizon and Spectrum. These utility companies are expected to provide electrical power, telephone, cable and internet services to the District.

All utilities are available to the Development or will be during the development of the public infrastructure.

-3-

PROPOSED CAPITAL IMPROVEMENT PLAN

Summary of the Proposed Public Infrastructure

The Development's public infrastructure will generally consist of the following:
Stormwater Management
Utilities {Water, Sewer)
Landscaping/Lighting

Stormwater Management

The Development's stormwater management system will consist of excavated stormwater management lakes, drainage pipes, catch basins, swales, berms and water control structures. Stormwater runoff from within the Development will be collected and conveyed to the stormwater management lakes for water quality treatment and quantity storage. The treated stormwater will discharge from a number of water control structures to the north and into the stream/slough to the north of the Development.

The stormwater management system will be designed and constructed in accordance with Southwest Florida Water Management District standards for water quality treatment, quantity storage and flood protection, as well as the standards and requirements of the Manatee County Land Development Regulations.

The lakes will be excavated in accordance with the size and depth requirements of the Manatee County Land Development Code and the Southwest Florida Water Management District. The excavated material will be placed within the Development to promote the flow of stormwater to the lakes, as well as provide flood protection and control within the Development.

In addition to the above stormwater funding, the Stewardship District will also fund the infrastructure related to the stormwater conveyance system including the clearing, excavation and the portion of embankment necessary to create stormwater facilities that provide beneficial use to the Development, as well as stormwater piping in the collection and transmission systems.

The District will maintain ownership of the stormwater management system within the Development and will also be responsible for the operation and maintenance.

-4-

Utilities (Water, Sewer)

The utilities within the Development will consist of potable water and wastewater collection/transmission systems which will be designed and constructed in accordance with the appropriate Manatee County Utilities and Florida Department of Environmental Protection Standards. The potable water and wastewater collection/transmission systems will be conveyed by the Stewardship District to Manatee County Utilities for ownership, operation and maintenance after completion of construction.

The potable water facilities will consist of distribution mains of varying sizes with all required valves and fire hydrants. Connection to the proposed Manatee County system will be located within the Uihlein Road and Rangeland Parkway rights-of-way.

The wastewater facilities will consist of gravity collection mains flowing to one on­ site lift station. Force main will then connect the lift station to the proposed Manatee County force main system within the Rangeland Parkway right-of-way.

Landscaping/Lighting

Landscaping will be provided in perimeter monument walls and Development entrances. Landscaping will consist of sod, shrubs, ground cover, trees and irrigation heads and services directly providing irrigation coverage to the landscaped areas.

Lighting will be provided within the right-of-ways, common areas and Development entrances.

Professional Services

The professional services for design and construction of all components within the Development consist of engineering the stormwater management system and utilities systems as well as soils investigation and testing, landscaping design, environmental consultation, construction services for inspection of infrastructure during construction and other professional services necessary for the design and implementation of the District infrastructure within the Development.

The costs do not include the financing, operation or maintenance services necessary to finance and operate the District infrastructure.

In addition to the above professional services funding, the District will also reimburse the costs of the professional services that were performed prior to the

-5-

construction of the infrastructure serving the Development that provided the means to develop the infrastructure within the Development Boundary. These services include, but are not limited to, soil exploration, water management permitting, master utility permitting and design, environmental permitting, etc.

These costs also include permitting fees for construction of required Development infrastructure, bonding for these facilities and construction inspection services.

OPINION OF PROBABLE CONSTRUCTION COSTS

Table 2, below, presents the Opinion of Probable Cost for the CIP to include all proposed infrastructure for all District funded infrastructure within the Development as well as professional fees and a 10% Contingency.

It is my professional opinion that these costs are reasonable for the quality of work desired.

TABLE 2

Summary of Opinion of Probable Cost:

Category	Estimated
Cost*	
Stormwater Management	$9,500,000	
Utilities (Water, Sewer)	$5,000,000	
Landscaping/Lighting	$1,300,000	
Professional Services	$1,300,000	
Contingency	$1,710,000	
TOTAL	$18,810,000	

The improvements allocated to the Development primarily benefit the lands solely within the Cresswind Development. Any benefits to other properties are purely incidental in nature.

* The probable costs estimated herein do not include anticipated carrying cost, interest, reserves or other anticipated District expenditures that may be incurred.

-6-

Permits

All necessary permits for the construction of the Development have been submitted and are in the process of being obtained. They include the following:

Manatee County Final Site Plan Approval
Manatee County Construction Plan Approval
Southwest Florida Water Management District Environmental Resource Permit
FDEP Potable Water Distribution System Permit
FDEP Wastewater Collection System Permit
NPDES Notice of Intent

Local zoning approvals  are anticipated  to  the obtained  through  Manatee  County,  in the form  of a Zoning Ordinance, expected to be approved by the Manatee County Board of County Commissioners on April 5, 2018.

It is our opinion that there are no technical reasons existing at this time which would prohibit the implementation of the plans for the Development as presented herein and that all permits/approvals not heretofore issued and which are necessary to effect the improvements described herein will be obtained during the ordinary course of development.

It is also our opinion that the estimated cost of the public infrastructure set forth herein to be paid by the District is not greater than the lesser of the actual cost or fair market value of such infrastructure. Further we are of the opinion that the assessable property within the District will receive a special benefit that is at the least equal to such costs.

Matthew J. Morris, P.E. FL License No. 68434

Date

-7-

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LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Master Assessment Methodology Report

LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Master Assessment Methodology Report

MASTER ASSESSMENT
METHODOLOGY	REPORT LAKEWOOD RANCH STEWARDSHIP	DISTRICT NORTHEAST SECTOR
Cresswind Project Area

February 28, 2019 Prepared for
Board of Supervisors
Lakewood Ranch Stewardship District Prepared by
Fishkind & Associates, Inc.
12051 Corporate Boulevard
Orlando, Florida 32817
407-382-3256

Master Assessment Report Lakewood Ranch Stewardship District Northeast Sector Cresswind Project Area

Master Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Cresswind Project Area

1.0	Background

The Lakewood Ranch Stewardship District ("District") was created on June 17, 2005. The District encompasses approximately 23,255 acres in Manatee and Sarasota Counties. The Cresswind Project Area ("Cresswind") comprises +/- 249.58 acres located in the Northeast Sector ("Sector") that contains +/- 3,853 gross acres. Table 1 and the District Engineer's report of March 1, 2019 (the "District Engineer's Report") provides a description of the area and a location map.

This master assessment report provides a methodology to allocate the debt over the approximately 249.58 acres in Cresswind that will receive a special benefit from the proposed GIP to be installed in Cresswind ("Properties"). It is the District's debt-funded capital infrastructure improvements that will allow the development of the Properties in Cresswind. By making development of the Properties within Cresswind possible, the District creates benefits to these Properties.

The methodology described herein allocates the District's debt to the Properties based upon the benefits each receives from the infrastructure program. In this case the Properties receiving benefit are some 250 acres of land within the Cresswind portion of the District. This report is designed to conform to the requirements of Chapter 170, F.S. with respect to special assessments and is consistent with our understanding of the case law on this subject.1 In addition, this report is consistent with the assessment methodologies that the District has used for all of its other financings in all sectors of the District.

Projected Land Use Plan for Cresswind

Cresswind is located in Manatee County, Florida lying within Sections 7, 12, 13 and 18, Township 35 South, Ranges 19 and 20 East; more precisely the northeast quadrant of the intersection of future Uihlein Road and Rangeland Parkway. Table 1 summarizes the land use development plan.

1 See for example Indian Creek Country Club v. Indian Creek Village 439 So. 3d (Fla. 2017) and City of Boca Raton v. State, 595 So. 2d 25 (Fla. 1992)

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Page 2 of 10

Master Assessment Report Lakewood Ranch Stewardship District Northeast Sector Cresswind Project Area

Table 1: Projected Land Use Plan for Total Acres in The Cresswind Project Area

Category	Acreage

Single-Family Units Open Space
Right of Way Total

110.50
101.58
37.50
--------
249.58

Source: The Landowner

Cresswind is planned for 648 single-family homes of varying sizes on lots with widths of approximately 40', 50', and 60'. The homes will be built in four phases based on market demand.

At the outset, the CIP is based on the projected land uses the Landowner plans for the lands comprising Cresswind (as shown in Table 1). However, until either: (a) parcels of land along with their development entitlements are sold by the Landowner to the new landowner and entitlements conveyed or
(b) plats are filed, the precise land uses are unknown.

Therefore, the District initially will impose assessments ("Assessments") on a per gross acre basis on the unsold and unplatted Properties within Cresswind based on the land use plan outlined in Table 1 (or in any updates issued from time to time), and on any sold or platted Property in accordance with its actual land use or contractual entitlement as transferred to the new landowner from the Landowner.

The numerical analysis provided below is illustrative of the assessment methodology. Since actual costs may vary from the estimates, the actual figures may change as information becomes available. However, the information provided here is the best available at this time.

There is one important proviso. The debt per acre on the Property that remains unplatted in Cresswind is not allowed to increase above its Ceiling Amount. The Ceiling Amount is set whenever the District issues debt. It is calculated by dividing the unplatted acres of the Properties in Cresswind into the debt allocated to the unplatted Properties. In addition, this requirement will be tested at four intervals based upon the percentage of total acres that are developed. The intervals are at 25%, 50%, 75% and 100% of the gross acres.

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Page 3 of 10

Master Assessment Report Lakewood Ranch Stewardship District Northeast Sector Cresswind Project Area

Requirements of a Valid Assessment Methodology

Valid special assessments under Florida law require two things. First, the properties assessed must receive a special benefit from the improvements paid for via the assessments that exceeds the burden of the debt placed upon them. Second, the assessments must be fairly and reasonably allocated to the properties being assessed.

If these two characteristics of valid special assessments are adhered to, Florida law provides wide latitude to legislative bodies, such as the District's Board of Supervisors in approving special assessments. Indeed, Florida courts have found that mathematical perfection is probably impossible, but if reasonable people disagree the assessment will be upheld. Only if the Board was to act in an arbitrary, capricious or grossly unfair fashion would its assessment methods be overturned.

Special Benefits and General Benefits

New capital Infrastructure improvements included in the GIP create both:
special benefits to Gresswind and (2) general benefits to properties outside Gresswind. However, as discussed below, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to Gresswind.

The GIP described in the District Engineer's Report enables Gresswind to be developed. Without the GIP, there would be no infrastructure to support development of Gresswind.

There is no doubt that the general public, and property owners outside Gresswind, will benefit from the provision of the GIP. However, these benefits are incidental to the GIP, which is designed solely to meet the needs of Gresswind. Lands outside Gresswind do not depend upon the GIP to obtain, or to maintain, their development entitlements. This fact alone clearly distinguishes the special benefits which the Properties in Gresswind receive compared to those lying outside of the boundaries of Gresswind.

As described in Table 3, the estimated cost of the GIP as funded totals
$4,880,000. Since the District comprises 250 gross acres, the cost per gross acre in the District is $19,553 on a debt financed basis. As discussed in more detail below, at the time all of the Properties are developed according to the land plan in Table 1, the developed Properties will have absorbed all of the debt that was initially allocated on a gross acre basis.

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Page 4 of 10

Master Assessment Report Lakewood Ranch Stewardship District Northeast Sector Cresswind Project Area

Therefore, the proper analysis of the special benefit to the Properties in the District planned for development is to compare the current value of the property to be developed to the expected future value of the property after the total CIP is installed. As demonstrated below, the installation of the infrastructure will generate benefits well in excess of its $19,553 per acre cost by boosting the market value of the now undeveloped property well above the current land value (as described below) plus the cost of the infrastructure.
Table 2 demonstrates the expected special benefit to the Properties from the installation of the CIP. The development plan shown in Table 1 projects 648 residential units developed. Since the District comprises 250 gross acres, the plan is for a density of 2.6 units per acre.

Based on current market pricing, the estimated average market price of residential units to be developed in the District is $350,000. On average a finished building lot is valued at 22% of the total home and lot package. This produces an estimated finished lot value of $77,000. The CIP has a total cost as financed of $21,405,000 for 648 lots, thus the cost to produce a finished lot is $33,032. The market value of the land, as improved by the CIP, is then estimated as the difference between the value of the finished lot of $77,000 and the cost of the improvements per lot of $33,032 resulting in a residual value for the land, as improved, of $43,968. The foregoing market value is subject to change based on the final pricing details of the District's bond issues and the market value of the homes to be built on the Properties.

According to the Manatee County Property Appraiser, the 250 acres of land that comprise the Cresswind was purchased for $12,570,100. The development program produces a density of 2.6 units per acre, so the land value per unit for the lots is $19,358.

Therefore, the District's CIP will provide a special benefit to the Properties. The cost of the raw land at an expected density of 2.6 units per acre is
$19,358 per lot. The net increase in the market value of the lots once improved by the District's CIP is estimated at $24,569 after deducting the cost of the land before the improvements (ie. $43,968 - $19,358 = $24,569). This demonstrates the special benefits generated by the CIP to the Properties.

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Page 5 of 10

Master Assessment Report Lakewood Ranch Stewardship District Northeast Sector Cresswind Project Area

	Category	Amount		
	Acreage	249.58			
	Bonds to Fund CIP	$21,405,000			
	Debt/Acre	---------			
	Units	648			
	District Acreage	249.58			
	Units/Acre	2.60			
	Average Price	$350,000			
	Finished lot	$77,000			
	Cost per lot	$33,032			
	Remainder	$43,968			
	Land Cost	$12,570,100			
	Acres	249.58			
	Cost/Acre	$50,365			
	Cost/DU/Lot	$19,398			
		Net Benefit	$24,569			

Table 2. Demonstration of Special Benefit for Properties in Cresswind

$85,764

----------------

--------

--------

Assessment Methodology

Overview

The assessment methodology is a process by which the District will allocate the costs associated with its improvement program to properties in Cresswind area of the District benefiting from the improvements. The allocation is based upon the benefits that the Properties receive. At the outset, the District has based its CIP on the projected land uses the Landowner plans for Cresswind portion of the District as outlined in Table 1.

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Page 6 of 10

Master Assessment Report Lakewood Ranch Stewardship District Northeast Sector Cresswind Project Area

The District's Capital Improvement Plan for the Assessment Areas and the District Engineer's Estimate of Cost

Based upon the projected land use plan for Cresswind created by the Landowner summarized in Table 1, the District Engineer has developed the GIP for Cresswind. These cost estimates are summarized in Table 3 below. The Engineer estimates a total project cost of $18,810,000. The GIP estimate excludes financing costs and interest expenses.

Table 3: District Engineer's Estimated Costs for
The District's Capital Improvement Program for Cresswind

Category	Total	
Stormwater Management	$9,500,000	
Utilities (Water, Sewer)	$5,000,000	
Landscaping/Lighting	$1,300,000	
Professional Services	$1,300,000	
Contingency	$1,710,000	

Total

----------
$18,810,000

Source: Morris Engineering (March 1, 2019), "Engineer's Report Cresswind Project Area"

Based on the District Engineer's estimated cost for Cresswind, the District's Underwriter has designed a financing program to provide the construction funds needed for the GIP. Table 4 provides a summary of the financing program needed to fund this project in Cresswind. Bonds totaling approximately $21,405,000 are needed to fund the District's share of the GIP.

Table 4: Estimated Size of the Bonds for Cresswind

Bond Sizing	Amount	
Construction Account	$18,810,000	
Debt Service Reserve Fund	$1,419,569	
Capitalized Interest	$546,273	
Costs of Issuance	$200,000	
Underwriter's Discount	$428,100	
Rounding	$1,058	

Total Uses

----------
$21,405,000

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Page 7 of 10

Master Assessment Report Lakewood Ranch Stewardship District Northeast Sector Cresswind Project Area

The debt service reserve account is set initially at 100% of maximum annual debt service. The bond sizing includes six months of capitalized interest.

We estimated the underwriter's discount at 2.0%. This allowance pays the underwriter for taking the risks involved in purchasing the District's bonds. The cost of issuance pays for the trustee, financial advisor, district counsel and other costs associated with issuing the District's bonds.

Allocation to Benefiting Properties - The Master Methodology

The discussion offered below illustrates the process by which this report will allocate Assessments levied to pay indebtedness incurred to support the GIP. As described above, until such time as either: (a) Properties are sold along with their entitlements or (b) plats are recorded; the specific land uses in the District are not known with certainty. Therefore, at the outset, the debt is allocated on an acreage basis across all benefited acres in the District totaling approximately 250 acres. As the sale and platting process unfolds, the District will more finely articulate the allocation of debt to benefiting Properties based on their land uses.

As noted above, as long as two basic principles are adhered to, Florida law allows the Board of the District great latitude in determining the appropriate methodology to allocate the costs of the GIP to benefiting properties within Gresswind. The two principals are: (1) the properties being assessed must receive a special benefit from the GIP and (2) the assessments allocated to each property must be fairly and reasonably apportioned among the benefiting properties. In allocating special assessment costs to benefiting property Florida governments have used a variety of methods including, but not limited to, front footage, area, trip rates, equivalent residential units, dwelling units, acreage, and value.

As shown in Table 1, the development plan for Gresswind anticipates construction of 648 residential units. Since all of the development is planned for residential units of varying front footages, the front foot method is most appropriate for the Gresswind Project Area. The District has routinely used this methodology in other similar circumstances. Table 5 provides the allocations to the Properties using the front foot methodology.

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Page 8 of 10

Master Assessment Report Lakewood Ranch Stewardship District Northeast Sector Cresswind Project Area

Table 5. Front Foot Allocation Methodology for the Properties

Category	Front Feet	Units	Total Front Feet	% Allocation Single-Family 40		40		160		6,400		20%
Single-Family 50	50	302	15,100	46%
Single-Family 60	60	186	11,160	34%

--------

----------------	----------------

Total	648	32,660	100%

Category	Par Debt		Annual	DebUUnit		Annual Assessment		AssessmenUUnit
Single-Family 40	$4,194,489	$278,176	$26,216	$1,869 Single-Family 50	$9,896,372	$656,322	$32,769	$2,337 Single-Family 60	$7,314,140	$485,070	$39,323	$2,804
--------	--------
Total	$21,405,000	$1,419,569

True Up Mechanism

The true up mechanism provides a critical safeguard in the assessment process preventing a buildup of debt on undeveloped Properties. The mechanism has two parts: (1) establishment of the Ceiling Amount and (2) application of the test to assure the Ceiling is not exceeded. The Ceiling Amount is established by dividing: (a) the debt that is not allocated to platted Properties in Cresswind by (b) the number of unplatted acres of Properties in Cresswind.

By way of illustration, if the District issues $21,405,000 in Series 2018 Bonds as planned, then the Ceiling Amount would be set at $85,764 per gross acre $21,405,000/249.58.

The second part of the process is the application of the test to assure that a plat does not cause the debt on the remaining unplatted acres to exceed the Ceiling Amount. The test is conducted at the platting thresholds of 25%, 50%, 75% and 90% based on gross acreage. Table 6 displays the timing for these tests.

At each threshold the District would calculate the remaining unallocated debt per unplatted acre. If the remaining debt per unplatted acre is below the Ceiling Amount, then no further action is needed. However, if the remaining debt were to be above the Ceiling Amount, then the Landowner would be obligated to make a True Up payment to bring the debt per unplatted acre down below the Ceiling Amount.

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Page 9 of 10

Master Assessment Report Lakewood Ranch Stewardship District Northeast Sector Cresswind Project Area

TABLE 6. STAGE OF DEVELOPMENT FOR TRUE UP TEST

Category	25%	50%	75%	90%	
Cumulative Acres	62.40	124.79	187.19	224.62	
Unallocated Acres	187.19	124.79	62.40	24.96	

Tax Roll

Table 7 presents the tax roll for Cresswind. The benefitted parcels are identified by parcel numbers at this juncture. When the PA assigns tax identification numbers, the District will update the tax roll. The annual assessment amount is calculated based on an estimated interest rate of 6% and a term of 30-years. The administrative charges include charges of 1.5% for the Manatee County Property Tax Assessor, 1.5% for the Manatee County Property Appraiser, and a 4% collection allowance for early payment of property taxes.

Table 7. Tax Roll

Tax Identification Number	Acres	Par Debt	Annual	Administrative	Total Annual	
			Assessment	Fees	Assessment	
581101009	249.58
========	$21,405,000	$1,419,569
---------	$106,849
:=======	$1,526,418
---------	
Total	249.58	$21,405,000	$1,419,569	$106,849	$1,526,418	

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Page10of10

LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Resolution 2019-19

RESOLUTION 2019-19

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT DECLARING SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE INFRASTRUCTURE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE SPECIAL ASSESSMENT; PROVIDING THE MANNER IN WHICH SUCH SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH SPECIAL ASSESSMENTS SHALL BE MADE; DESIGNATING LANDS UPON WHICH THE SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENT ROLL; AND PROVIDING FOR PUBLICATION OF THIS RESOLUTION.

WHEREAS, the Lakewood Ranch Improvement District (the "District") is a local unit of special-purpose government located in Sarasota and Manatee Counties, and established pursuant to Chapter 2005-338, Laws of Florida, as amended (the "Act") for the purposes of constructing, installing, acquiring, operating and/or maintaining public infrastructure improvements; and

WHEREAS, the Board of Supervisors (the "Board") of the District hereby determines to undertake, install, plan, establish, construct or reconstruct, enlarge or extend, equip, acquire, operate, and/or maintain the infrastructure improvements ("Improvements") within the portion of the District known as the Cresswind Project as more particularly described in that certain Engineer's Report for the Lakewood Ranch Stewardship District (Cresswind Project) dated April 13, 2018, attached hereto as Exhibit A and incorporated herein by reference; and

WHEREAS, it is in the best interest of the District to pay the cost of the Improvements by special assessments levied on benefitted lands within the Cresswind Project pursuant to Section 13 of the Act (hereinafter, the "Assessments"); and

WHEREAS, the District is empowered by the Act, and Chapters 170 and 197, Florida Statutes, to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate and maintain the Improvements and to impose, levy and collect the Assessments; and

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WHEREAS, the District hereby dete1mines that benefits will accrue to the property improved, the amount of those benefits, and that special assessments will be made in propmiion to the benefits received for lands within the Cresswind Project of the District as set fo1ih in that ce1iain Master Assessment Methodology Report of the Lakewood Ranch Stewardship District Cresswind  Project, dated  	,2019 attached hereto as Exhibit Band incorporated herein by reference and on file at 14400 Covenant Way, Lakewood Ranch, Florida 34202 (the "District Records Office"); and

WHEREAS, the District hereby dete1mines that the Assessments to be levied will not exceed the benefits to the property improved; and

WHEREAS, this Resolution shall serve as the "resolution required to declare special assessments" contemplated by Section 170.03, Florida Statutes, for the assessment lien(s) levied against the property as described in Exhibits A and B that secure the Assessments.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT:

The Assessments shall be levied to defray the cost of the Improvements.

The nature and general location of, and plans and specifications for, the Improvements are described in Exhibit A, and are on file at the District Records Office. Exhibit B is also on file and available for public inspection at the same location.

The total estimated cost of the Improvements is $18,810,000 (the "Estimated
Cost").

The Assessments  will defray approximately $ 	which includes the Estimated Cost, plus financing-related costs, capitalized interest, and debt service reserve.

The manner in which the Assessments shall be apportioned and paid is set forth in
Exhibit B.

The Assessments shall be levied within the Cresswind Project of the District on all lots and lands adjoining and contiguous or bounding and abutting upon such improvements or specially benefitted thereby and further designated by the assessment plat hereinafter provided for.

There is on file, at the District Records Office, an assessment plat showing the area to be assessed, with certain plans and specifications describing the Improvements and the Estimated Cost of the Improvements, all of which shall be open to inspection by the public.

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Commencing with the year in which the Assessments are confomed, the Assessments shall be paid in not more than (30) thi1iy annual installments. The Assessments may be payable at the same time and in the same manner as are ad-valorem taxes and collected pursuant to the Act and Chapter 197, Florida Statutes; provided, however, that in the event the uniform non ad-valorem assessment method of collecting the Assessments is not available to the District in any year, or if determined by the District to be in its best interest, the Assessments may be collected as is otherwise pe1mitted by law.

The District Manager has caused to be made a preliminary assessment roll, in accordance with the method of assessment described in Exhibit B hereto, which shows the lots and lands assessed, the amount of benefit to and the assessment against each lot or parcel of land and the number of annual installments into which the assessment may be divided, which is hereby adopted and approved as the District's preliminary assessment roll.

The Board shall adopt a subsequent resolution to fix a time and place at which the owners of property to be assessed or any other persons interested therein may appear before the Board and be heard as to the propriety and advisability of the Assessments or the making of the Improvements, the cost thereof, the manner of payment therefor, or the amount thereof to be assessed against each property as improved.

The District Manager is hereby directed to cause this Resolution to be published twice (once a week for two (2) weeks) in a newspaper of general circulation within Manatee and Sarasota Counties and to provide such other notice as may be required by law or desired in the best interests of the District.

This Resolution shall become effective upon its passage.

PASSED  AND ADOPTED  this  l51  day of March, 2019.

ATTEST:	BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT

Secretary	Rex Jensen, Chairman

Exhibit A: Exhibit B:

Engineer's Report for the Lakewood Ranch Stewardship District (Cresswind Project) dated April 13, 2018
Master Assessment Methodology Report of the Lakewood Ranch Stewardship District Cresswind Project, dated 	,2019

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Exhibit A

Engineer's Report for the Lakewood Ranch Stewardship District (Cresswind Project)
dated April 13, 2018

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Exhibit B

Master Assessment Methodology Report of the Lakewood Ranch Stewardship District Cresswind  Project, dated  	,2019

LAKEWOOD	RANCH STEWARDSHIP	DISTRICT

Resolution 2019-20

RESOLUTION 2019-20

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT SETTING A PUBLIC HEARING TO BE HELD ON APRIL 5, 2019, AT 9:00 A.M. AT 14400 COVENANT WAY, LAKEWOOD RANCH, FLORIDA, FOR THE PURPOSE OF HEARING PUBLIC COMMENT ON IMPOSING A SPECIAL ASSESSMENT ON CERTAIN PROPERTY WITHIN THE DISTRICT GENERALLY DESCRIBED AS THE LAKEWOOD RANCH STEWARDSHIP DISTRICT IN ACCORDANCE WITH CHAPTER 2005-338, LAWS OF FLORIDA.

WHEREAS, the Board of Supervisors of the Lakewood Ranch Stewardship District, ("Board") has previously adopted Resolution 2019-19, entitled:

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT DECLARING SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE INFRASTRUCTURE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE SPECIAL ASSESSMENT; PROVIDING THE MANNER IN WHICH SUCH SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH SPECIAL ASSESSMENTS SHALL BE MADE; DESIGNATING LANDS UPON WHICH THE SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENT ROLL; AND PROVIDING FOR PUBLICATION OF THIS RESOLUTION.

WHEREAS, in accordance with Resolution 2019-19, a preliminary assessment roll has been prepared and all other conditions precedent set forth in Chapter 170, Florida Statutes, and Chapter 2005-338, Laws of Florida, to the holding of the aforementioned public hearing have been satisfied, and the roll and related documents are available for public inspection at 14400 Covenant Way, Lakewood Ranch, Florida 34202 ("District Records Office").

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NOW THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT:

There is hereby declared a public hearing to be held at 9:00 a.m., on April 5, 2019, at 14400 Covenant Way, Lakewood Ranch, Florida, for the purpose of hearing comment and objections to the proposed special assessment program for community improvements within the area of the District lmown as the Cresswind Project, as identified in the preliminary assessment roll, a copy of which is on file. Affected parties may appear at that hearing or submit their comments in writing prior to the meeting to the office of the District Manager, 12051 Corporate Boulevard, Orlando, Florida 32817.

Notice of said hearing shall be adve11ised in accordance with Chapters 170 and 197, Florida Statutes, and Section 13 of Chapter 2005-338, Laws of Florida, and the District Manager is hereby authorized and directed to place said notice in newspapers of general circulation within Manatee and Sarasota Counties (by two publications one week apai1 with the first publication at least 20 days prior to the date of the hearing established herein). The District Manager shall file a publisher's affidavit with the District Secretary verifying such publication of notice. The District Manager is further authorized and directed to give (30) thirty days written notice by mail of the time and place of this hearing to the owners of all property to be assessed and include in such notice the amount of the assessment for each such property owner, a description of the areas to be improved and notice that inf01mation concerning all assessments may be ascertained at the District Office. The District Manager shall file proof of such mailing by affidavit with the District Secretary.

This Resolution shall become effective upon its passage.

PASSED AND ADOPTED this 1st day of March, 2019.

ATTEST:		BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT

Secretary	Rex Jensen, Chai1man

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LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Acquisition Agreement between the District and KH Lakewood Ranch, LLC

AGREEMENT BETWEEN THE LAKEWOOD RANCH STEWARDSHIP DISTRICT AND KH LAKEWOOD RANCH, LLC REGARDING THE ACQUISITION OF CERTAIN WORK PRODUCT AND INFRASTRUCTURE

THIS AGREEMENT (the "Agreement") is entered into as of this 		day of February,
2019 by and between, KH LAKEWOOD RANCH, LLC, its successors and assigns (hereinafter "Landowner"), and LAKEWOOD RANCH STEWARDSHIP DISTRICT, a local unit of special-purpose government, (hereinafter the "District"), located in Manatee and Sarasota Counties, Florida.

RECITALS

WHEREAS, Landowner is the owner and/or developer of certain lands in Manatee County, Florida, located within the boundaries of the District and known as the Cresswind Project (hereinafter the "Development"); and

WHEREAS, the District is a special district which was established to plan, construct, install, acquire, finance, manage and operate public improvements and community facilities for lands within the District, including the Development; and

WHEREAS, the District presently intends to finance the planning, design, acquisition, construction, and installation of certain public infrastructure improvements and facilities as generally described in that certain Engineer's Report for the Lakewood Ranch Stewardship District (Cresswind Project), dated April 13, 2018, attached hereto as Exhibit A (the "Project Improvements"); and

WHEREAS, the District has not had sufficient monies on hand in order to allow the District to contract directly for the preparation of the necessary surveys, reports, drawings, plans, permits, specifications and related documents which will allow the timely commencement and completion of construction of the infrastructure facilities and services contemplated in Exhibit A (the "Work Product"); and

WHEREAS, the District acknowledges the Landowner's need to commence development of the lands within the District in an expeditious and timely manner; and

WHEREAS, the District agrees that it will not have sufficient monies to proceed with either the preparation of the Work Product or the commencement of construction of portions of the infrastructure described in Exhibit A until such time as the District has closed on the sale of its proposed tax exempt bonds; and

WHEREAS, in order to avoid a delay in the commencement of the construction of infrastructure, which delay would also delay the Landowner from implementing its planned development program, the Landowner has offered to advance fund and commence certain work on behalf of the District to enable the District to expeditiously provide the infrastructure described in Exhibit A; and

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WHEREAS, the Landowner has created the Work Product for the District; and

WHEREAS, the Landowner wishes to convey the Work Product to the District; and

WHEREAS, the Landowner acknowledges that upon their conveyance, the District will have the right to use and rely upon said Work Product for any and all purposes and further desires to release to the District all of its right, title and interest in and to the same (except as provided for herein); and

WHEREAS, the District desires to acquire ownership of the completed Work Product, as well as the umestricted right to use and rely upon the same for any and all purposes; and

WHEREAS, in order to allow the District to avoid delay as a result of the lengthy process incident to the sale and closing on the District's proposed tax exempt bonds, the Landowner has commenced construction of some portion of the Project Improvements; and

WHEREAS, the Landowner agrees to convey to the District all right, title and interest in the portion of the Project Improvements completed as of the Acquisition Date (as hereinafter defined); and

WHEREAS, the Landowner agrees to convey any needed real property interests to the District from time to time in a form satisfactory to the District and subject to the conditions set f01ih herein.

NOW, THEREFORE, in consideration of the mutual understandings and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the District and Landowner agree as follows:

SECTION 1.  GENERAL.	The recitals so stated are true and c01Tect and by this reference are incorporated into and form a material pmi of this Agreement and Assignment.

SECTION 2. WORK PRODUCT.

COST. The District agrees to pay the actual reasonable cost incmTed by Landowner in preparation of the Work Product in accordance with the provisions of this Agreement. The Landowner agrees any and all administrative and/or management fees are specifically excluded from this Agreement, and to the extent such fees may arise, the Landowner acknowledges sole responsibility for any such fees. Landowner shall provide copies of invoices, bills, receipts or other evidence of costs incuned by Landowner for the Work Product and any other documents requested by the District in accordance with the checklist attached hereto and incorporated as Exhibit B. The pmiies agree to cooperate and use good faith best efforts to unde1iake and complete the acquisition process contemplated by this Agreement at or prior to the closing on the District's proposed Special Assessment Revenue Bonds (Cresswind Project) (the "Series 2019 Bonds") or such other date as the parties may jointly agree upon in writing (the "Acquisition Date"). The pmiies agree that separate or multiple Acquisition Dates may be

2

established for any pmiion of the acquisitions contemplated by this Agreement, whether in Section 2 or any other section of this Agreement. The District Engineer shall review all evidence of cost and shall present to the District Board, or the Chairman serving as the designee for the Board, for consideration the total actual amount of cost, which in the District Engineer's sole opinion, is reasonable for the Work Product. The District Engineer's opinion as to cost shall be set fo1ih in an Engineer's Certificate which shall accompany the requisition for the funds from the District's Trustee. In the event that the Landowner disputes the District Engineer's  opinion as to cost, the pmiies agree to use good faith best efforts to resolve such dispute. If the pmiies are unable to resolve any such dispute, the parties agree to jointly select a third pmiy engineer whose decision as to any such dispute shall be binding upon the parties. Such a decision by a third party engineer shall be set forth in an Engineer's Affidavit which shall accompany the requisition for the funds from the District's Trustee. The Work Product is being acquired for use by the District in connection with the construction of the Project Improvements.

CONVEYANCE AND ACCEPTANCE. The Landowner agrees to convey to the District the Work Product upon payment of the sums determined to be reasonable by the District Engineer and approved by the Board as set forth in Section 2 above.

RELEASE AND ACCEPTANCE. Landowner agrees to release to the District all right, title and interest which the Landowner may have in and to the above described Work Product, as well as all common law, statutory and other reserved rights, including all copyrights therein and extensions and renewals thereof under United States Law and throughout the world and all publication rights and all subsidiary rights and other rights in and to the Work Product in all fo1ms, mediums and media, now known or hereinafter devised. Landowner shall obtain all releases from any professional providing services in connection with the Work Product to enable the District to use and rely upon the Work Product. Such releases may include, but are not limited to, any architectural, engineering, or other professional services. Such releases shall be provided prior to the acquisition of any pmiion of the Work Product covered by the release.

USE AND RELIANCE. Landowner acknowledges the District's right to use and rely upon the Work Product for any and all purposes.

INDEMNIFICATION. Landowner hereby agrees to provide to the District, at or prior to the Acquisition Date, indemnification in a scope and form acceptable to the District which indemnification may be provided by assignment or directly from a third pmiy provider of some or all of the Work Product.

WARRANTY. Landowner agrees to warrant that the Work Product is fit for the purposes to which it will be put by the District including but not limited to the construction, installation, and operation and/or maintenance of the Project Improvements as contemplated by the District Engineer's Repmi; provided, however, that Landowner may provide such a wan-anty from a third party acceptable to the District.

ACCESS. The District agrees to allow Landowner access to and use of the Work  Product   without  the  payment   of  any  fee by  Landowner.	However, to the extent

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Landowner's access to and use of the Work Product causes the District to incur any cost or expense, such as copying costs, Landowner agrees to pay such cost or expense.

SECTION  3.	ACQUISITION  OF PROJECT IMPROVEMENTS.	The District
agrees to acquire those p01iions of the Project Improvements which have been commenced or completed prior to the issuance of the Series 2019 Bonds. Payment for the Work Product and the Project Improvements described in and contemplated by this Agreement shall be payable solely from the proceeds of the Series 2019 Bonds available for that purpose at the times and in the manner provided in the Trust Indenture for the Series 2019 Bonds. The Landowner shall be obligated to construct and complete the Project Improvements, and to convey the same and any real propeliy, all as provide by this Agreement, regardless of whether the proceeds of the Series 2019 Bonds for that purpose under the Trust Indenture are available to pay the applicable acquisition price. Landowner agrees to provide, at or prior to the Acquisition Date, the following: (i) documentation of actual costs paid, (ii) instruments of conveyance such as warranty bills of sale or such other instruments as may be requested by the District, and (iii) any other releases, indemnifications or documentation as may be reasonably requested by the District. Each of the Project Improvements, or any poliion thereof, shall be complete prior to any acquisition by the District in the sole dete1mination of the District. Completeness which may include, but is not limited to, all releases of liens from contractors, subcontractors and suppliers, sign-offs by permitting or regulatory agencies or other evidence of completion as determined by the District. The Landowner agrees to pay the cost and cooperate fully in the transfer of any permits to the District or a governmental entity with maintenance obligations for any Project Improvements conveyed pursuant to this Agreement. To the extent there is a delay in the conveyance of celiain Project Improvements between the District and the governmental entity, Landowner agrees to indemnify and hold the District hmmless for any damage or repairs that may be required to such Project Improvements. Landowner agrees to repair and remediate any such damage to the satisfaction of the governmental entity.

SECTION 4. ACQUISITION OF REAL PROPERTY. The District agrees to accept dedication or conveyance of appropriate interests in real propeliy over which the Project Improvements have been or will be constrncted at or prior to the time that such Project Improvements are completed. Landowner agrees to provide to the District the following: (i) appropriate special wmTanty deeds or other instruments conveying interests in real prope1iy acceptable to the District, and (ii) legal descriptions, whether by metes and bounds or other reference to plats or recorded data to the satisfaction of the District. Landowner and the District agree that reasonable future adjustments to the legal descriptions may be made in order to accurately describe the interest in lands conveyed to the District. The pmiies agree to cooperate and act in good faith in relation to any such adjustment(s) to legal descriptions. The pmiies agree that any land transfers made to accommodate such adjustments shall be accomplished by donation. However, the Landowner shall pay any transaction costs resulting from the adjustment, including but not limited to taxes, title insurance, recording fees or other costs. The District may, in its discretion, require title insurance on any real prope1iy conveyed pursuant to this Agreement, which cost shall be borne by the Landowner. Landowner agrees that it has, or shall provide, good and marketable title to any real prope1iy to be acquired which shall be free from all liens and encumbrances. In the event a title search reveals exceptions to title which render title unmarketable or which, in the District's reasonable discretion, would materially

4

interfere with the District's use of such real property, the Landowner shall cure such defects at no expense to the District. Landowner agrees to indemnify and hold the District harmless from any and all claims, demands, liabilities, judgments, costs, or other actions which may be brought against or imposed upon the District as a result of Landowner's failure, whether intentional, negligent or otherwise, to comply with the terms of this section.

SECTION 5.  ACQUISITION IN ADVANCE OF RECEIPT OF PROCEEDS.	The
Landowner and District acknowledge that various regulatory and permitting requirements may necessitate the acquisition of a portion of the Project Improvements and conveyance of those facilities to a third party governmental entity prior to the receipt of bond proceeds. The District and Landowner hereby agree that such an acquisition by the District may be completed prior to the District obtaining proceeds from the Series 2019 Bonds; provided that the District agrees that upon obtaining such funds, it shall pay the amount agreed upon for those facilities in accordance with this Acquisition Agreement within ten (10) days of receipt of bond proceeds sufficient for that payment.

SECTION 6. LIMITATION ON ACQUISITIONS. The Landowner and the District agree and acknowledge that any and all acquisitions, whether for improvements, work product or real property, shall be limited to those items which may legally be acquired by the District in conformance with all applicable state and federal laws and regulations and that nothing herein shall be deemed or construed to require the acquisition of any item in contravention of these authorities.

SECTION 7. TAXES, ASSESSMENTS AND OTHER COSTS.

The Landowner agrees to indemnify the District from and make payment for any and all taxes (ad valorem, personal property, intangibles, or otherwise), non-ad valorem assessments, and costs which may be imposed upon the District, or which the District is legally obligated to pay, as a result of the parties entering into this Agreement, if any, whether such taxes, assessments, or costs are imposed upon the District's property or property interest, or Landowner's property or property interest, or any other such expense. The potential obligations of Landowner to pay such taxes, assessments and cost that may be incmTed as a result of the parties entering into this Agreement shall te1minate one (1) year after conveyance of each parcel of real property.

The District is an exempt governmental unit acquiring property pursuant to this Agreement for use exclusively for public purposes. Accordingly, in accordance with Florida law, the Landowner agrees to place in escrow with the Manatee County Tax Collector an amount equal to the cmTent ad valorem taxes and non-ad valorem assessments prorated to the date of transfer of title, based upon the expected assessment and millage rates.

If and only to the extent the property acquired by the District is subject to ad valorem taxes or non-ad valorem assessments, the

5

Landowner agrees to reimburse the District for payment, or pay on its behalf, any and all ad valorem taxes and non-ad valorem assessments imposed during the calendar year in which each parcel of property is conveyed. For example, if the District acquires property in October 2019, the Landowner shall escrow the pro rata amount of taxes due for the tax bill payable in November 2019. If any additional taxes are imposed on the District's property in 2019 then the Landowner agrees to reimburse the District for that additional amount.

Nothing in this Agreement shall prevent the District or the Landowner from asserting any rights to challenge any taxes or assessments imposed, if any, on any property of the District.

The parties agree to provide notice to the other within ten (10) calendar days of receipt of any notice of potential or actual taxes, assessments, or costs, as a result of any transaction pursuant to this Agreement, or notice of any other taxes assessments or costs imposed on the property acquired by the District as described in subsection B above. The Landowner covenants to make any payments due hereunder in a timely manner in accord with Florida law. In the event that the Landowner fails to make timely payment of any such taxes or costs, the Landowner acknowledges the District's right to make such payment. If the District makes such payment, the Landowner agrees to reimburse the District within seven (7) calendar days of receiving notice of such payment, and to include in such reimbursement any fees, costs, penalties, or other expenses which accrued to the District as a result of making such a payment, including interest at the maximum rate allowed by law from the date of the payment made by the District.

Nothing herein is intended to create or shall create any new or additional tax liability on behalf of the Landowner or the District. Furthe1more, the parties reserve all respective rights to challenge, pay under protest, contest or litigate the imposition of any tax, assessment, or cost in good faith they believe is unlawfully or inequitably imposed and agree to cooperate in good faith in the challenge of any such imposition.

SECTION 8. ENTIRE AGREEMENT. This instrument shall constitute the final and complete expression of the agreement between the parties relating to the subject matter of this Agreement.

SECTION 9. AMENDMENT. Amendments to and waivers of the  provisions contained in this Agreement may be made only by an instrument in writing which is executed by both of the parties hereto.

6

SECTION 10.	AUTHORITY TO CONTRACT. The execution of this  Agreement has been duly authorized by the appropriate body or official of all parties hereto, each paiiy has complied with  all the  requirements  of law, and each paiiy  has full power  and  authority to comply with the terms and provisions of this instrument.

SECTION 11.	ASSIGNMENT. No paiiy may assign its rights, duties or obligations under this Agreement or any monies to become due hereunder without the prior written consent of each other party, which consent shall not be unreasonably withheld; provided, however, the Landowner shall assign this Agreement to any developer or sub-developer of all or a significant p01iion of the lands within the Development without obtaining the prior written consent of the District.

SECTION 12.	EFFECTIVE DATE.	This Agreement shall have an effective
date as of the date first written above.

SECTION 13.	NEGOTIATION  AT ARM'S LENGTH.	This Agreement has
been negotiated fully between the parties as an arms length transaction. Both paiiies paiiicipated fully in the preparation of this Agreement and received the advice of counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, both paiiies are deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against either party.

SECTION 14.	DEFAULT. A default by either party under this Agreement shall entitle the other party to all remedies available at law or in equity, which may include, but not be limited to, the right of damages, injunctive relief and specific performance.

SECTION 15.	ENFORCEMENT OF AGREEMENT. The parties agree that in the event that either paiiy is required to enforce this Agreement by comi proceedings or otherwise, then the substantially prevailing paiiy shall be entitled to recover all fees and costs incuned, including reasonable attorneys' fees and costs for trial, alternative dispute resolution, or appellate proceedings.

SECTION 16.	PUBLIC RECORDS. The Landowner understands and agrees that all documents of any kind provided to the District or to District Staff in connection with the activities contemplated under this Agreement are public records and are treated as such in accordance with Florida law.

SECTION 17.	SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part thereof.

SECTION 18.	EXECUTION IN COUNTERPARTS. This instrument may be executed in any number of counterparts, each of which, when executed and delivered, shall constitute an original, and such counterparts together shall constitute one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this document to physically form one document.

7

SECTION 19.	SOVEREIGN IMMUNITY. Landowner agrees that nothing herein shall constitute or be construed as a waiver of the District's limitations on liability contained in Section 768.28, Florida Statutes, or other statutes or law.

IN WITNESS WHEREOF, the Parties execute this Agreement the day and year first written above.

Attest:		LAKEWOOD RANCH STEWARDSHIP DISTRICT

Secretary/Assistant Secretary	Rex Jensen, Chairman

WITNESS:	KH LAKEWOOD RANCH, LLC, a
Florida limited liability company

By: 	_ Name: 	_

By: 		_ Name: 	_ Title: 	_

Exhibit A:		Engineer's Report for the Lakewood Ranch Stewardship District (Cresswind Project), dated April 13, 2018
Exhibit B:	Acquisition Checklist

8

Exhibit A Engineer's Report

Exhibit B Acquisition Checklist

                           &	s
Attorneys and Counselors

Acquisition of District Improvements.

For the acquisition of District Improvements, the following items should be collected or generated for each completed piece of infrastructure the developer is requesting the District acqmre:

Request for Infrastructure Acquisition - For each acquisition the developer would like to District to make, a request must be made to the District in writing describing at least the following:

Nature of the District Improvement.
General location of the District Improvement.
Cost of the District Improvement.

Contract for Construction Services - A copy of the contract (and any change orders) entered into by and between the developer and the construction contractor under which the District Improvement was constructed.

Documentation of Costs Paid - This simply means applications for payment, invoices, bills, receipts, or other evidence of cost. The invoices should be organized based on the District Improvement to be acquired and must be accompanied by proof of payment and a verification of payment from the construction contractor.

Lien Releases - Lien releases from the construction contractor reflecting payment in full for construction of completed District Improvements (incl. subcontractors).

Schedule of Values - A Schedule of Values identifying only those costs associated with the construction and/or installation of District Improvements (utilities, paving, drainage, etc.).

Contractor's Warranty Letter and Maintenance Bond - A wananty letter and maintenance bond from the construction contractor for the District Improvements to be acquired. For example,

Stormwater - ponds, master drainage pipes and control structures
Roadway - paving and drainage
Utilities - water, sewer and lift station

Test Results - If applicable to the District Improvement being acquired, the following testing must be completed and the results provided to the District Engineer for review in advance of acquisition. By way of example:

Bacteriological

Post Office Box 6526 Tallahassee, Florida 32314 119 S. Monroe Street, Suite 300 (32301) 850.222.7500 850.224.8551 fax www.hgslaw.com

LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Matters Relative to the Stock - Lake Club Phase 4,
Series 2019 Bond Issuance

(provided under separate cover)

LAKEWOOD	RANCH STEWARDSHIP	DISTRICT

New Uniform Collection Agreement for Non-Ad Valorem Assessments, Manatee County

UNIFORM COLLECTION AGREEMENT
FOR LAKEWOOD RANCH STEWARDSHIP DISTRICT ASSESSMENTS

THIS UNIFORM COLLECTION AGREEMENT FOR DISTRICT ASSESSMENTS ("Agreement") is made and
entered     into     this          1st       day    of	March		2019 by and between Lakewood  Ranch Stewardship District		("District"), whose address  is 12051 Core_orate Boulevard, Orlando, Florida 32817
the Honorable Ken Burton, Jr., State Constitutional Tax Collector in and for Manatee County, an independent constitutional county officer of the State of Florida, whose address is 819 301 Boulevard  West, Bradenton, Florida 34205 ("Tax Collector") and the Honorable Charles E. Hackney, State Constitutional Property Appraiser in and for Manatee  County,  an  independent  constitutional  county officer of the State of Florida, whose address is 915 4th Avenue West, Bradenton, Florida 34205 ("Property Appraiser").

SECTION I
Findings and Determinations

The parties find and determine:

The District is authorized to impose and levy, and by appropriate resolutions has expressed its intent to use, the statutory uniform methodology of collection for, certain non-ad valorem special assessments ("Assessments"), as authorized by constitutional and statutory municipal home rule and by Section 197.3632, Florida Statues and Rule 12D-18, Florida Administrative Code, as amended; and

The term "Assessments" means those certain levies by the District, which constitute non-ad valorem special assessments pursuant to Section 197.3632, Florida Statutes; and

The uniform statutory collection methodology is provided in Section 197.3632, Florida Statutes, and Rule 12D-18, Florida Administrative Code ("uniform methodology"), with its enforcement provisions, including the use of tax certificates and tax deeds for enforcing against any delinquencies; and

The uniform methodology is more fair to the delinquent property owner than traditional lien foreclosure methodology; and

The uniform methodology provides for more efficiency of collection by virtue of the Assessment being on the official tax notice ("Tax Notice") issued by the Tax Collector which will produce positive economic benefits to the District and its citizens, property owners and taxpayers; and

The uniform methodology, through use of the Tax Notice, will tend to eliminate confusion and promote local government accountability; and

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The Tax Collector, as a state constitutional officer for the county  political subdivision,  is charged by general law in Chapter 197, Florida Statues, and related rules and regulations,  to  implement the uniform method of collecting Assessments; and

The sole and exclusive responsibility to determine, impose and levy the Assessments and to determine that an Assessment is a legal, constitutional and lienable non-ad valorem special assessment for improvements and related systems, facilities and services is that of the District and no other person, entity or officer.

SECTION II
Applicable Law and Regulations

Sections 197.3631, 197.3632, and 197.3635, Florida Statutes; Rule 12D-18, Florida Administrative Code, and all other applicable provisions of constitutional and statutory law, govern the exercise by the District of its local self-government power to render and pay for municipal services.

Section l(d), Article VIII, Florida Constitution; Chapter 197, Florida Statutes; Rule 12D-13, Florida Administrative Code; Rule 12D-18, Florida Administrative Code; and other applicable provisions of constitutional and statutory law apply to the Tax Collector in his capacity as a state constitutional county officer for the purpose of collecting and enforcing non-ad valorem special assessments levied by District authorities within the boundaries of the District.

Section 197.3632, Florida Statutes, and Rule 12D-18, Florida Administrative Code, has provisions that apply to the District, the Tax Collector, the Department of Revenue and the  Property Appraiser.

Section 200.069, Florida Statutes, requires the Property Appraiser to send to all taxpayers a notice of proposed property taxes and non-ad valorem assessments ("TRIM Notice") on behalf of the taxing authorities and local governing boards.

SECTION Ill
Purpose

The purpose of this Agreement under Rule 12D-18, Florida Administrative Code, is to meet the requirements of Section 197.3632(2), Florida Statutes, requiring the District to enter into a written agreement with the Property Appraiser and the Tax Collector providing for reimbursement of necessary administrative costs related to the collection of the Assessments levied by the District. This Agreement further includes compensation by the District to the Tax Collector for  actual costs of collection pursuant to Section 197.3632(8)(c), Florida Statutes; payment by District of any costs involved in separate mailings because of non-merger of any non-ad valorem special assessment roll as certified by the District, or its agent, pursuant to Section 197.3632(7), Florida Statutes; and reimbursement by District for necessary administrative costs, including, but not limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage

Page 2 of 8

and programming which attend all of the collection and enforcement  duties  imposed  upon  the Tax Collector by the uniform methodology, as provided in Section 197.3632(2), Florida Statutes.

Additionally, the purpose of this Agreement under Rule 12D-18, Florida Administrative Code, is to establish the terms and conditions under which the Property Appraiser shall perform his statutory duties under Section 197.3632, Florida Statutes, which include providing the District with legal descriptions of properties and the names and addresses of all property owners.

SECTION IV
Term

The term of this Agreement shall commence upon execution, effective for 2019 Tax Notice purposes, and shall continue and extend uninterrupted from year-to-year, automatically renewed for successive periods not to exceed one (1) year each.

This Agreement shall continue in full force and effect until terminated by the Tax Collector and/or the Property Appraiser and if not terminated by Tax Collector or Property Appraiser,  the Agreement shall continue until the District informs the Tax Collector, as well as Property Appraiser and the Department of Revenue, by 10 January of the calendar year, if the District intends to discontinue to use the uniform methodology for such Assessments pursuant to Section 197.3632(6), Florida Statutes and Rule 12D-18.006(3), Florida Administrative Code, using Form DR-412 promulgated by the Florida Department of Revenue.

SECTION V
Duties and Responsibilities of District

District agrees, covenants and contracts to:

Compensate the Tax Collector for collection costs and reimburse administrative costs incurred pursuant to Sections 197.3632(2) and 197.3632(8)(c), Florida Statutes and Rule 12D-18.004(2), Florida Administrative Code. District agrees that an annual payment of 1.5% of the Assessments collected is an accurate estimate of the collection costs and administrative costs  (which include, but are not limited to those costs associated with personnel, forms, supplies, data processing, computer equipment, postage  and programming)  incurred by the  Tax Collector.  District  agrees to the Tax Collector being paid the 1.5% through deduction before the amounts are remitted.

Reimburse the Property Appraiser for necessary administrative costs incurred by the Property Appraiser under the uniform methodology, pursuant to Section 197.3632(2), Florida Statutes, and Rule 12D-18.004(2), Florida Administrative Code, to include, but not limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage and programming. District and Property Appraiser agree that an annual payment of 1.5% of the Assessments collected is an accurate estimate of the administrative costs incurred by the Property Appraiser. District agrees to the Property Appraiser being paid the 1.5% through deduction before the amounts are remitted.

Page 3 of 8

Pay for, or alternatively reimburse, the Tax Collector for any separate tax notice necessitated  by the inability of the Tax Collector to merge the non-ad valorem special assessment roll certified by the District pursuant to Section 197.3632(7), Florida Statutes and Rule 12D-18.004(2) Florida Administrative Code to produce a combined notice for ad valorem taxes and non-ad valorem assessments. The parties acknowledge that the actual merger of the non-ad valorem special assessments roll in with the ad valorem assessments has  been and will be a function  performed by the Property Appraiser pursuant to a separate agreement between the Property Appraiser and the Tax Collector to which the District is not a party. However, the combined notice shall be produced by the Tax Collector.

Upon being timely billed, District shall pay directly for necessary advertising relating to implementation of the uniform non-ad valorem special assessment law pursuant to Sections 197.3632 and 197.3635, Florida Statutes, and Rule 12D-18.004(2), Florida Administrative Code.

Certify its non-ad valorem assessments roll to the Property Appraiser and Tax Collector after August 31st and on or before 15 September of each calendar year pursuant to Section 197.3632(5)(a), Florida Statutes, and Rule 12D-18.006, Florida Administrative Code using the Certify option in the Property Appraiser's NAV Web Portal; https://nav.manateepao.com ("NAV Web Portal"). The Certify option will produce form DR-408A and affix to it an itemized list of parcel identification numbers and associated Assessments. District shall exercise its responsibility that such non-ad valorem assessments roll is in compliance with Section 197.3632(10) and is free of errors and omissions. District agrees to use the Corrections feature in the NAV Web Portal to correct individual Assessment errors. District acknowledges that additional fees may be charged by the Tax Collector to correct an abundance of errors after roll certification. District further acknowledges that its Assessments will be zeroed out if the District fails to certify its non-ad valorem assessments roll by the 15 September statutory deadline.

Abide by and implement its duties under the uniform law pursuant to all the provisions of Sections 197.3632 and 197.3635, Florida Statutes, or its successor of statutory provisions and all applicable rules promulgated by the Department of Revenue and their successor rules.

Acknowledge that the Tax Collector and Property Appraiser have no duty, authority or responsibility in the imposition and levy of any non-ad valorem special assessments, including the District's Assessment, and that it is the sole responsibility and duty of the District to follow all procedural and substantive requirements for the levy and imposition of constitutionally lienable non-ad valorem special assessments, including the Assessments.

Include its Assessments in the TRIM Notice pursuant to Section 200.069, Florida Statutes, and to update ("upload") or verify its Assessments in the NAV Web Portal on or before August 1st of each year to insure the Assessments that appear in the TRIM Notice closely match those that will  appear in the Tax Notice. District is exempt from this requirement if its boundary  does not  lie wholly within Manatee County, Florida. District acknowledges that  irrespective  of  its boundary, any and all Assessments uploaded to the NAV Web Portal on or before August 1st will appear in  the TRIM Notice.

To the extent permitted by applicable Florida law, and specifically subject to the provisions and dollar limitations set forth in Section 768.28, Florida Statutes, the District shall indemnify and hold

Page 4 of 8

harmless Tax Collector and Property Appraiser to the extent of any legal action which may be filed in local, state or federal courts against Tax Collector and/or Property Appraiser regarding the imposition, levy, roll preparation and certification of the Assessments arising from the negligence of the District or its agents, officers, or employees; District shall pay for or reimburse Tax Collector and/or Property Appraiser for fees for legal services rendered to Tax Collector and/or Property Appraiser with regard to any such legal action. Nothing herein shall constitute a waiver of sovereign immunity or the limitations on liability provided under the Florida Constitution or general law.

SECTION VI
Duties of the Tax Collector

Except as provided in paragraph 5 below, the Tax Collector shall prepare a combined notice (the "Tax Notice") for both ad valorem taxes and non-ad valorem special assessments for all levying authorities within the boundaries of the District, pursuant to Sections 197.3632 and 197.3635, Florida Statutes, and their successor provisions, and any applicable rules, and their successor rules, promulgated by the Department of Revenue, and in accordance with  any  specific ordinances or resolutions adopted by the District, so long as said ordinances and resolutions shall themselves clearly state the intent to use the uniform  method for  collecting such  Assessments and so long as they are further not inconsistent with, or contrary to, the provisions of Sections 197.3632 and 197.3635, Florida Statutes, and their successor provisions, and any applicable rules.

The Tax Collector shall collect the Assessments of the District as certified by the District, or its agent, to the Property Appraiser and the Tax Collector no later than 15 September of each calendar year on form DR-408A with an itemized list of parcel identification numbers and associated Assessments affixed to it, and free of errors or omissions.

The Tax Collector agrees to cooperate with the District in implementation of the uniform methodology for collecting Assessments pursuant to Sections 197.3632 and 197.3635, Florida Statutes, and any successor provisions and applicable rules. The Tax Collector shall not  accept any non-ad valorem assessment roll for the Assessments of the District that is not officially, timely and legally certified to the Tax Collector pursuant to Chapter 197, Florida Statutes, and Rule 12D- 18, Florida Administrative Code.

The Tax Collector agrees to submit a report that contains payment information received for non­ ad valorem assessments including, but not limited to, the property identification number for the parcel and the amount received.

If the Tax Collector discovers errors or omissions on such roll, the Tax Collector may request the District to file a corrected roll or a correction of the amount of any Assessment, and the District  shall bear the cost of any such error or omission.

If the Tax Collector, in its discretion, determines that a separate mailing is authorized pursuant to Section 197.3632(7), Florida Statutes, and any applicable rules  promulgated  by the  Department of Revenue, and any successor provision to said law or rules, the Tax Collector shall either mail a separate notice of the particular Assessment or shall direct the District to mail such a separate

Page 5 of 8

notice. In making this decision, the Tax Collector shall consider all costs to the District and to the taxpayers of such a separate mailing as well as the adverse effect to the taxpayers of delay in multiple notices. If such a separate mailing is effected, the District shall bear all costs associated with the separate notice for the Assessment that could not be merged, upon timely billing by the Tax Collector.

SECTION VII
Duties of the Property Appraiser

Annually by June 1, the Property Appraiser shall provide District the information required by Section 197.3632(3)(b), Florida Statutes by the NAV Web Portal, with the legal description of the property affected by the levy, and the names and addresses of the owners of each parcel. District, or its agent, will be required to enter into a non-disclosure agreement with the Property Appraiser in order to receive information protected under Section 119, Florida Statutes.

The Property Appraiser shall merge the District's non-ad  valorem  assessments  roll with the tax roll to enable the Tax Collector to prepare a combined Tax Notice for both ad valorem taxes and non-ad valorem special assessments.

The Property Appraiser shall zero out the District's Assessments if the District fails to certify its non-ad valorem assessments roll to the Property Appraiser and the Tax Collector on or before 15 September pursuant to Section 197.3632(5)(a), Florida Statutes, and Rule 12D-18.006, Florida Administrative Code.

Upon  request  of  a  property  owner,  the  Property  Appraiser  will  split  or  combine  tax  parcels  ( 11 Par ent Parcel"). If the parcel identification number of a Parent Parcel is individually  referenced in the resolution or ordinance establishing or modifying the District boundary, the Property Appraiser  shall  zero  out   the   District's  Assessment  on  the  resulting  parcel  or  parcels  (11Child Parcels"). If the parcel identification number of a Parent  Parcel is not  individually  referenced  in the resolution or ordinance establishing or modifying the  District  boundary,  the  Property Appraiser will equally apportion the District's Assessment to the resulting Child Parcels.

The Property Appraiser will place the District's most recently uploaded Assessments prior  to August 1st on the TRIM Notices regardless of how long ago the last upload may have occurred.

SECTION VIII
Miscellaneous

The parties shall perform all their obligations under this Agreement in accordance with good faith and prudent practice.

This Agreement constitutes the entire Agreement between the parties with respect to the subject matter contained herein and may not be amended, modified or rescinded, unless otherwise provided in this Agreement, except in writing and signed by all the parties hereto. Should any

Page 6 of 8

provision of this Agreement be declared to be invalid, the remaining provisions of this Agreement shall remain in full force and effect, unless such provision found to be invalid alters substantially the benefits or the Agreement for either of the parties or renders the statutory and regulatory obligations unable to be performed. All prior agreements between the parties hereto addressing the matters set forth herein are hereby terminated and superseded by this Agreement.

This Agreement shall be governed by the laws of the State of Florida.

Written notice shall be given to the parties at the following addresses, or such other place or person as each of the parties shall designate by similar notice:

As to Tax Collector:

As to Property Appraiser:

The Honorable Ken Burton, Jr. Manatee County Tax Collector 819 301 Boulevard West
Bradenton, Florida 34205

The Honorable Charles E. Hackney Manatee County Property Appraiser 915 Fourth Ave West
Bradenton, Florida 34205

As to  District:		Lakewood Ranch Stewardshi2_ District	                     12051 Cor2_orate Boulevard	 Orlando, Florida 32817

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IN WITNESS WHEREOF, the parties have hereunto set, their hands and seals and such of them as are corporations have caused these presents to be signed by their duly authorized officers.

WITNESS	MANATEE COUNTY TAX COLLECTOR

	By:	 		
Signature	

Date:	Ken Burton, Jr.

Printed Name			

WITNESS	MANATEE COUNTY PROPERTY APPRAISER

	By:	 		
Signature	

Date:	Charles E. Hackney

Printed Name			

As authorized for execution by the Local Governing Board of Lakewood Ranch Stewardship District.

WITNESS	Lakewood Ranch Stewardship District

By:	 	

Signature	Signature

Printed Name	Printed Name

Date:	 	

Page 8 of 8

----------------------·-- -

LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Draw Requests

(provided under separate cover)

LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Compilation Report

Lakewood Ranch Stewardship District
Statements of Assets, Liabilities and Fund Balances - Cash Basis January  31, 2019

Current Month	Prior Month	Variance

	ASSETS		
CmTent Assets
Cash-Operating Account	
$	1,428,813	
$	
1,442,222	
(13,409)	
Due from Land Owner	315,899		315,899	0	
Utilities Deposits	700		700	0	
Total Assets	$	1,745,412	$	1,758,821	(13,409)	

LIABILITIES AND FUND BALANCES

Current Liabilities Accounts Payable	
$	338,425	
$	381,688	
(43,263)	
Total CmTent Liabilities	338,425	381,688	(43,263)	
Fund Balance
Retained Earnings - Prior Year	
17,717	
17,716	
1	
Surplus (Deficit) for the Period	1,389,270	1,359,417	29,853	
Total Fund Balance	1,406,987	1,377,133	29,854	
Total Liabilities & Fund Balance	$	1,745,412	$	1,758,821	(13,409)	

No assurance is provided on these financial statements.

Page 1 of6

Lakewood Ranch Stewardship District
Statements of Revenues, Expenditures and Fund Balances - Cash Basis For the Four Months Ended January 31, 2019

Full Year
Budget	Current
Actual	Current
Budget	Current Vnriance	Y-T-D
Actual	Y-T-D
Budget	Y-T-D
Variance	
SOURCES OF FUNDS							
228,975 Assessments - NE	$	60,424	$	19,081	41,343	$	689,059	$	76,325	612,734	
1,365,274 Assessments - Northwest	125,822	113,773	12,049	582,698	455,091	127,607	
1,169,047 Assessments - Southeast	84,692	97,421	(12,729)	996,076	389,682	606,394	
286,010 Assessments - Sarasota	153,503	23,834	129,669	240,991	95,337	145,654	
1,125,311 Landowner Contributions	0	93,776	(93,776)	150,738	375,103	(224,365)	
183,267 Land Owner Contribution - NE	0	15,272	(15,272)	100,000	61,089	38,911	
48,376 Land Owner Contributions - NW	0	4,031	(4,031)	220,000	16,125	203,875	
85,928 Land Owner Contributions - SE	0	7,161	(7,161)	0	28,643	(28,643)	
513,475     Land  Owner Contribution-SRQ	 	0	 	42,790	(42,790)	150,000	171,158	(21,158)

5,005,663     Total - Sources of Funds	424,441	417,139	7,302	3,129,562	1,668,553	1,461,009

USES OF FUNDS
GENERAL AND ADMINISTRATIVE
8,000	Insurance	0	667	667	7,500	2,667	(4,833)	
15,000	Meeting Advertising	0	1,250	1,250	1,972	5,000	3,028	
70,000	Engineering	2,103	5,833	3,730	14,771	23,333	8,562	
30,000	Bond Agent Fees	0	2,500	2,500	0	10,000	10,000	
100,000	Legal Fees	0	8,333	8,333	21,480	33,333	11,853	
32,000	Accounting	0	2,667	2,667	4,970	10,667	5,697	
139,000	Lien Book and Tax Roll	20,500	11,583	(8,917)	31,000	46,333	15,333	
17,000	Annual Audit	0	1,417	1,417	10,000	5,667	(4,333)	
100,000	Trustee	0	8,333	8,333	8,050	33,333	25,283	
85,000	Manager	20,343	7,083	(13,260)	51,313	28,333	(22,980)	
1,500	Postage	0	125	125	0	500	500	
1,500	Office Supplies	323	125	(198)	323	500	177	
3,810	Other Current Charges	39	318	279	39	1,270	1,231	
--- 500  Dues, Licenses & Subscritions	 	0	 	42	42	175	167	(8)	
603,310	Total General & Administrative	43,308	50,276	6,968	151,593	201,103	49,510	

MAINTENANCE							
268,000	Maintenance Management Fee	25,000	22,333	(2,667)	97,507	89,333	(8,174)	
254,000	General & Park Maintenance	26,214	21,167	(5,047)	148,208	84,667	(63,541)	
2,367,293	Contracted Landscape & Irrigation	145,524	197,278	51,754	669,575	789,099	119,524	
653,941	Non-Contracted Landscape & Jrrig	76,329	54,494	(21,835)	299,927	217,979	(81,948)	
556,846	Irrigation for Master Landscaping	59,370	46,404	(12,966)	269,966	185,615	(84,351)	
182,300	Environmental	6,713	15,191	8,478	64,807	60,766	(4,041)	
6,773	Utilities	4,894	564	(4,330)	17,591	2,257	(15,334)	
113,200	Other Maintenance	7,236	9,434	2,198	21,118	37,734	16,616	

4,402,353	

Total - Maintenance	

351,280	

366,865	

15,585	

1,588,699	

1,467,450	

(121,249)	

5,005,663	

Total Uses of Funds	

394,588	

417,141	

22,553	

1,740,292	

1,668,553	

(71,739)	

0	
Surplus (Deficit) for the Period	$	29,853	
$	(2)	29,855	$	1,389,270	
$	0	1,389,270	

No assurance is provided on these financial statements.

Page 2 of 6

Lakewood Ranch Stewardship  District
Statements of Revenues, Expenditures, and Fund Balances - Cash Basis
NORTHEAST SECTOR
For the Four Months Ended January 31, 2019

Full Year
Budget	Current
Actual	Current
Budget	Current Variance	Y-T-D
Actual	Y-T-D
Budget	Y-T-D
Variance	

MASTER LANDSCAPING & IRRIGATION REPAIRS CONTRACTS	
24,740	Post Blvd & SR70 Intersection	$	2,138	$	2,062	(76)	$	8,552	$	8,247	(305)	
17,032	59th Ave-Lorraine to Post Blvd	628	1,419	791	2,513	5,677	3,164	
5,830	NE SR70 & Lorraine Rd Jntersec	0	486	486	0	1,943	1,943	
62,000	Uihlein Road	11,420	5,167	(6,253)	20,003	20,667	664	
1,200	Lakebank and Swale Mowing	100	IO0	0	400	400	0	
92,000	Lorraine Comers	7,665	7,667	2	30,660	30,667	7	
60,000	Future Roads	0	5,000	5,000	0	20,000	20,000	
262,802	Total	21,951	21,901	(50)	62,128	87,601	25,473	
 	
NON CONTRACTED LANDSCAPING & IRRIGATION REPAIRS	
15,000	Irrigation Repairs - NE	0	1,250	1,250	8,615	5,000	(3,615)	
10,000	Plant Replacement - NE	0	833	833	12,806	3,333	(9,473)	
I0,000	Mulching - NE	0	833	833	15,730	3,333	(12,397)	
5,500	Tree Trimming	0	458	458	408	1,833	1,425	
2,000	Other Landscape Maintenance	0	167	167	0	667	667	
42,500	Total	0	3,541	3,541	37,559	14,166	(23,393)	

8,868	
IRRIGATION FOR MASTER
Irrigation-Mthly. Meter Cllarge	
LANDSCAPING
718	
739	
21	
2,873	
2,956	
83	
40,000	Irrigation - Utilization - NE	8,866	3,333	(5,533)	40,560	13,333	(27,227)	
48,868	Total	9,584	4,072	(5,512)	43,433	16,289	(27,144)	

16,000	
ENVIRONMENTAL
Lake maint.-lakes outside comm	
1,000	
1,333	
333	
4,000	
5,333	
1,333	
800	Mitigation monitor. & maint-NE	0	67	67	0	267	267	
1,500	Littoral Shelf Plantings - NE	0	125	125	0	500	500	
12,000	Conservation areas - NE	0	1,000	1,000	2,025	4,000	1,975	
30,300	Total	1,000	2,525	1,525	6,025	I0,100	4,075	

100	
UTILITIES
Manatee Co. Utilities	
0	

8	

8	
0	
33	
33	
1,273	Peace River Utilities	78	I06	28	311	424	113	
1,373	Total	78	114	36	311	457	146	

12,000	OTHER MAINTENANCE
Drainage Maintenance - NE	
500	
1,000	
500	
2,000	
4,000	
2,000	
10,000	Sanitary Sewer - NE	150	833	683	600	3,333	2,733	
3,200	Hardscapes - NE	0	267	267	403	1,067	664	
1,200	Miscellaneous Maintenance - NE	0	IO0	IO0	0	400	400	
26,400	Total	650	2,200	1,550	3,003	8,800	5,797	
412,243	
TOTAL NORTHEAST SECTO	$	33,263	$	34,353	1,090	$	152,459	$	137,413	
(15,046)	

No assurance is provided on these financial statements.

Page 3 of6

Lakewood Ranch Stewardship  District
Statements of Revenues, Expenditures, and Fund Balances - Cash Basis
NORTHWEST SECTOR
For the Four Months Ended Januaty 31, 2019

Full Year	Current	Current	Current	Y-T-D	Y-T-D	Y-T-D	
Budget	Actual	Budget	Variance	Actual	Budget	Varinnee	

MASTER LANDSCAPING & IRRIGATION REPAIRS CONTRACTS
23,694	WhiteEagle - SR70 to Rangeland	$	2,300	$	1,975	(325)	$	9,201	$	7,898	(1,303)	
27,093	Rangeland- LWRB!vd to WhiteEag	2,834	2,258	(576)	14,382	9,031	(5,351)	
37,136	Kent Lake & Lake Bank Maint	3,005	3,095	90	12,020	12,379	359	
18,120	Malachite Rd from LWRB to Pope	1,466	1,510	44	5,864	6,040	176	
34,089	44th- LWR Blvd To WhiteEagle	3,507	2,841	(666)	11,269	11,363	94	
12,978	Malachite - LWR Blvd to White	1,258	1,082	(176)	5,031	4,326	(705)	
10,296	WhiteEagle -Rangeland to 44th	997	858	(139)	3,989	3,432	(557)	
15,450	Lake Bank mowing	1,250	1,288	38	5,000	5,150	150	
9,072	Range!and-WhiteEagle to Esplan	2,634	756	(1,878)	10,536	3,024	(7,512)	
43,436	SR70 & LWRBLVD entrance	3,899	3,620	(279)	15,596	14,479	(1,117)	
81,605	Future Roads	7,326	6,800	(526)	29,305	27,202	(2,103)	
47,380	White Eagle/Malachite to 44th	3,436	3,948	512	13,743	15,793	2,050	
164,800	White Eagle/44th to Gatewood	0	13,733	13,733	40,420	54,933	14,513	
5,974	Silver Palm Blvd	620	498	(122)	2,659	1,991	(668)	
53,560	Wood Fem Trail	4,159	4,463	304	16,635	17,853	1,218	
51,500	Gatewood Drive	0	4,292	4,292	12,122	17,167	5,045	
36,050	44th Ave/White Eagle to Indigo	0	3,004	3,004	9,012	12,017	3,005	
31,386	44th Ave from Indigo to Lorr	0	2,616	2,616	3,451	10,462	7,0ll	
32,000	44th Ave from Lorraine to Bour	0	2,667	2,667	0	10,667	10,667	
10,421	Silver Falls	2,752	868	(1,884)	6,926	3,474	(3,452)	
86,600	ll7tl1Street	0	7,217	7,217	22,052	28,867	6,815	
832,640	Total	41,443	69,389	27,946	249,213	277,548	28,335	

NON CONTRACTED LANDSCAPING & IRRIGATION REPAIRS	
55,000	Irrigation Repairs - NW	5,877	4,583	(1,294)	27,044	18,333	(8,711)	
42,000	Plant Replacement - NW	10,386	3,500	(6,886)	19,112	14,000	(5,112)	
98,000	Mulching - NW	0	8,167	8,167	62,278	32,667	(29,61 I)	
76,000	Tree Trimming	0	6,333	6,333	22,423	25,333	2,910	
4,000	Other Landscape Maintenance	574	333	(241)	1,815	1,333	(482)	
275,000	
Total	16,837	22,916	6,079	132,672	91,666	(41,006)	

8,610	
IRRIGATION FOR MASTER LANDSCAPING
lrrigation-Mthly Meter Charge	718	
718	
0	
2,873	
2,870	
(3)	
200,000	Irrigation - Utilization - NW	19,518	16,667	(2,851)	89,294	66,667	(22,627)	
208,610	Total	20,236	17,385	(2,851)	92,167	69,537	(22,630)	

26,000	
ENVIRONMENTAL
Lake maint.-lakes outside comm	2,096	
2,167	
71	
8,384	
8,667	
283	
0	Littoral Shelf Plantings - NW	0	0	0	2,560	0	(2,560)	
40,000	Conservation areas - NW	2,667	3,333	666	14,188	13,333	(855)	
66,000	Total	4,763	5,500	737	25,132	22,000	(3,132)	

1,200	
UTILITIES
FPL - NW	83	
100	
17	
302	
400	
98	
2,000	Peace River Utilities	1,960	167	(1,793)	7,305	667	(6,638)	

3,200	
Total	2,043	267	(1,776)	7,607	1,067	(6,540)	

14,000	
OTHER MAINTENANCE
Drainage Maintenance - NW	832	
1,167	
335	
3,328	
4,667	
1,339	
1,000	Sanitary Sewer - NW	0	83	83	0	333	333	
12,000	Hardscapes - NW	2,246	1,000	(1,246)	5,848	4,000	(1,848)	
0	Signs-NW	0	0	0	1,248	0	(1,248)	
1,200	Miscellaneous Maintenance - NW	465	100	(365)	465	400	(65)	

28,200	
Total	3,543	2,350	(1,193)	10,889	9,400	(1,489)	
1,413,650	TOTAL NORTHWEST SECTOR	$	88,865	$	117,807	
28,942	$	517,680	$	471,218	(46,462)	

No assurance is provided on these financial statements.

Page 4 of6

Lakewood  Ranch Stewardship District
Statements of Revenues, Expenditures, and Fund Balances - Cash Basis
SARASOTA SECTOR
For the Four Months Ending January 31, 2019

Full Year	Current	Current	Current	Y-T-D	Y-T-D	Y-T-D	
Budget	Actual	Budget	Variance	Actual	Budget	Variance	

MASTER LANDSCAPING & IRRIGATION REPAIRS CONTRACTS
216,497	Deer Drive	$	11,279 $	18,041	6,762	$	46,119	$	72,166	26,047	
172,580	Lorraine Road; University Pkwy	14,042	14,382	340	57,638	57,527	(Ill)	
151,700	LWR Blvd; Comm Blvd to Deer Dr	9,877	12,642	2,765	40,354	50,567	10,213	
41,200    Lorraine Rd;South Boundary	 	3,427	 	3,433	6	13,708	13,733	25 

581,977    Total	38,625	48,498	9,873	157,819	193,993	36,174
 	
NON CONTRACTED LANDSCAPING & IRRIGATION REPAIRS
20,000	Irrigation Repairs - SRQ	838	1,667	829	1,656	6,667	5,011	
15,000	Plant Replacement - SRQ	1,960	1,250	(710)	4,930	5,000	70	
32,450	Mulching - SRQ	16,638	2,704	(13,934)	38,179	10,817	(27,362)	
33,991	Tree Trimming	0	2,833	2,833	0	11,330	11,330	
4,000    Other Landscape Maintenance	 	2,757	 	333	(2,424)	4,374	1,333	(3,041)	
105,441	Total	22,193		8,787	(13,406)	49,139	35,147	(13,992)	

8,868	
IRRIGATION FOR MASTER
Irrigation-Mtl1ly Meter Charge	
LANDSCAPING
718		
739	
21	
2,873	
2,956	
83	
60,000	Irrigation - Utilization - SRQ	 	6,708 		5,000	(1,708)	30,690	20,000	(10,690)	

68,868	
Total	
7,426		
5,739	
(1,687)	33,563	22,956	(10,607)	

10,000	
ENVIRONMENTAL
Lake maint.-lakes outside comm	
950		
833	
(117)	
3,800	
3,333	
(467)	
12,000	Conservation areas - SRQ	0		1,000	1,000	0	4,000	4,000	
22-,0-00       Total	 	950	 	1,833	883	3,800	7,333	3,533
UTILITIES
-1-,200    FPL -SRQ	 	2,716    	 	100	 (2,616)	9,416	400	 (9,016)

1,200	Total	2,716	100	(2,616)	9,416	400	(9,016)	

12,000	
OTHER MAINTENANCE
Drainage Maintenance - SRQ	
0	
1,000	
1,000	
0	
4,000	
4,000	
6,000	Hardscapes - SRQ	754	500	(254)	754	2,000	1,246	
2,000	Miscellaneous Maintenance - SR	0	167	167	0	667	667	

20,000	
Total	754	1,667	913	754	6,667	5,913	

799,486	
TOTAL SARASOTA SECTOR	
$	72,664	
$	66,624	
(6,040)	
$	254,491	
$	266,496	
12,005	

No assurance is provided on these financial statements.

Page 5 of 6

Lakewood Ranch Stewardship District
Statements of Revenues, Expenditures, and Fund Balances - Cash Basis
SOUTHEAST SECTOR
For the Four Months Ended January 31, 2019

Full Year
Budget	Current
Actual	Current
Budget	Current
Variance	Y-T-D
Actual	Y-T-D
Budget	Y-T-D
Varinnee	

l\'IASTER LANDSCAPING & IRRIGATION REPAIRS CONTRACTS	
160,000	U Pkwy /Lorraine to Concession	$	8,750	$	13,333	4,583	$	35,000	$	53,333	18,333	
196,573	The Masters Ave. Extension	15,904	16,381	477	72,667	65,524	(7,143)	
108,150	Lorraine Rd.- East Side	8,750	9,013	263	35,000	36,050	1,050	
20,173	CDD allocation/UP & Lorraine	0	1,681	1,681	16,632	6,724	(9,908)	
80,000	Boumside Blvd Masters to SR70	0	6,667	6,667	0	26,667	26,667	
12,978	Covenant Way	1,050	1,082	32	4,200	4,326	126	
112,000	Masters Ave from Players Dr	9,051	9,333	282	36,916	37,333	417	

689,874	
Total	
43,505	
57,490	
13,985	
200,415	
229,957	
29,542	

NON CONTRACTED LANDSCAPING & IRRIGATION REPAIRS	
55,000    Irrigation Repairs - SE	1,184	4,583	3,399	16,604	18,333	1,729	
92,000   Plant Replacement - SE	0	7,667	7,667	23,110	30,667	7,557	
50,000    Mulching - SE	35,190	4,167	(31,023)	35,190	16,667	(18,523)	
30,000  Tree Trimming	0	2,500	2,500	3,893	10,000	6,107	
4,000 Other Landscape Maintenance	925	333	(592)	1,760	1,333	(427)	

231,000    Total	37,299	
19,250	
(18,049)	
80,557	
77,000	
(3,557)	

IRRIGATION FOR MASTER LANDSCAPING						
I0,500 lrrigation-Mthly Meter Charge	718	875	157	2,873	3,500	627	
220,000    Irrigation  - Utilization - SE	21,406	18,333	(3,073)	97,930	73,333	(24,597)	

230,500   Total	22,124	
19,208	
(2,916)	
100,803	
76,833	
(23,970)	

ENVIRONMENTAL						
4,000   Lake maint.-lakes outside comm	0	333	333	0	1,333	1,333	
60,000   Conservation areas - SE	0	5,000	5,000	29,850	20,000	(9,850)	

64,000   Total	0	
5,333	
5,333	
29,850	
21,333	
(8,517)	

UTILITIES						
1,000 FPL - SE	57	83	26	257	333	76	
1,000 Total	57	
83	
26	
257	
333	
76	

OTHER MAINTENANCE						
2,000   Roads and sidewalks - SE	0	167	167	0	667	667	
20,000 Drainage Maintenance - SE	850	1,667	817	3,400	6,667	3,267	
5,000   Sanitary Sewer - SE	0	417	417	0	1,667	1,667	
10,000    Hardscapes - SE	1,439	833	(606)	3,072	3,333	261	
1,200   Miscellaneous Maintenance - SE	0	100	100	0	400	400	
400  Telephone-Irrigation, Sewer-SE	0	33	33	0	133	133	

38,600   Total	2,289	
3,217	
928	
6,472	
12,867	
6,395	

1,254,974   TOTAL SOUTHEAST SECTOR    $	105,274	
$	104,581	
(693)	
$	418,354	
$	418,323	
(31)	

No assurance is provided on these financial statements.

Page 6 of 6

LAKEWOOD RANCH STEWARDSHIP	DISTRICT

Change Order No. 61

Under Specific Authorization No. 77 Stantec
44th Avenue East Phase 5 and Uihlein Road Phase 3 Project