Lakewood Ranch Stewardship District
3501 Quadrangle Boulevard, Suite 270, Orlando, Florida 32817; 407.723.5900 www.lakewoodranchstewardship.com

BOARD OF SUPERVISORS	Friday, August 20, 2021 9:00 a.m.
LAKEWOOD RANCH	Schroeder-Manatee Ranch, Inc.
STEWARDSHIP DISTRICT	14400 Covenant Way
Lakewood Ranch, FL 34202

For those attending the meeting telephonically, the call-in information for the meeting is as follows:
Number:	1-844-621-3956
Participant code:	790 393 986#

BOARD OF SUPERVISORS CONTINUED MEETING AGENDA

Call to Order / Roll Call
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]

Administrative Matters

Consent Agenda
Second Amended & Restated Disclosure of Public Financing (Azario Project Modification)

Business Matters
Consideration of Matters Relative to the Azario GDP Modification
Public Hearing on the Imposition of Special Assessment
Public Comments
Board Comments
Resolution 2021-35, Levying Special Assessments
Resolution 2021-36, Adopting Supplemental Report for 2019 Bonds
Addendum to the Azario 2019 Supplemental Assessment Methodology
Resolution 2021-37, Adopting Supplemental Report for 2020 Bonds
Addendum to the Azario 2020 Supplemental Assessment Methodology
Other Matters (provided under separate cover)
Consideration of Resolution 2021-38, Authorizing Boundary Amendment
Consideration of Draft Legislation for Boundary Amendment

Other Business
Staff Reports
Manager’s Report
Attorney’s Report
Engineer’s Report

Audience Comments Adjournment

LAKEWOOD RANCH STEWARDSHIP DISTRICT BOARD OF SUPERVISORS MEETING AGENDA
AUGUST 20, 2021 AT 9:00 A.M.

SCHROEDER-MANATEE RANCH, INC.
14400 Covenant Way Lakewood Ranch, Florida 34202
Call in Number: 1-844-621-3956	Access Code: 790 393 986#

BOARD OF SUPERVISORS		DISTRICT STAFF		
REX JENSEN	CHAIRMAN	DISTRICT MANAGER JANE GAARLANDT	PFM GROUP CONSULTING LLC	
TONY CHIOFALO	VICE CHAIRMAN / ASST. SECRETARY	DISTRICT COUNSEL	JONATHAN JOHNSON HOPPING GREEN & SAMS	
SCOTT ALMAND	TREASURER / ASST. SECRETARY	DISTRICT ENGINEER MIKE KENNEDY	STANTEC	
JIM SCHIER	ASSISTANT SECRETARY	EXECUTIVE DIRECTOR ANNE ROSS	LWRSD	
ED HUNZEKER	ASSISTANT SECRETARY	JANE GAARLANDT	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) 723-5900 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 reports, 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, certain 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.

Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate 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) 723-5900. 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

Consent Agenda

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Disclosure

This Instrument Prepared by and return to:

Lakewood Ranch Stewardship District c/o PFM Group Consulting, LLC 12051 Corporate Blvd.
Orlando, Florida 32817

This space reserved for use by the Clerk of
the Circuit Court

SECOND AMENDED AND RESTATED DISCLOSURE OF PUBLIC FINANCING AND MAINTENANCE OF IMPROVEMENTS TO REAL PROPERTY UNDERTAKEN BY THE LAKEWOOD RANCH STEWARDSHIP DISTRICT
[AZARIO PROJECT]1

Board of Supervisors and Officers2
Lakewood Ranch Stewardship District

Rex Jensen Chairman

Tony Chiofalo
Vice Chairman/Assistant Treasurer

James Schier Assistant Secretary

Scott Almand Assistant Secretary

Ed Hunzeker Assistant Secretary

PFM Group Consulting, LLC District Manager
12051 Corporate Blvd.
Orlando, Florida 32817
(407) 723-5900

District records are on file at the offices of the District Manager and at the local records office 14400 Covenant Way, Lakewood Ranch, Florida 34202, and are available for public inspection upon request during normal business hours.

1 This document replaces the Amended and Restated Disclosure of Public Financing recorded in the Manatee County Official Records at Instrument No. 202041135365.
2 This list reflects the composition of the Board of Supervisors and Officers as of August 1, 2021. For a current list, please contact the District Manager.

TABLE                  OF                   CONTENTS Introduction	1
What is the District and how is it governed?	1
What infrastructure improvements does the
District provide and how are the improvements paid for?	2
District Infrastructure Improvements	3
Water and Wastewater Improvements	3
Surface Water Management Improvements	3
Perimeter Berm & Landscaping Improvements	3
Assessments, Fees, and Charges	3
Method of Collection	5

Introduction

On behalf of the Board of Supervisors of the Lakewood Ranch Stewardship District (the “District”), the following information is provided to give you a description of the District’s services and the assessments that are anticipated to be levied within the District to pay for the construction, operation and maintenance of certain community infrastructure. The District is a unit of special-purpose local government created pursuant to and existing under the provisions of 2005-338, Laws of Florida. Unlike city and county governments, the District has only certain limited powers and responsibilities.

Under Florida law, special districts are required to take affirmative steps to provide for the full disclosure of information relating to the public financing and maintenance of improvements to real property undertaken by such districts. The law specifically provides that this information shall be made available to all persons currently residing within the District and to all prospective District residents. The following information, describing the Lakewood Ranch Stewardship District and the assessments, fees and charges that are anticipated to be levied within the District to pay for certain community infrastructure, is provided to fulfill this statutory requirement.

The District is here to serve the needs of the community and we encourage your participation in District activities.

What is the District and how is it governed?

The District is an independent special taxing district created pursuant to and existing under the provisions of Chapter 2005-338, Laws of Florida, enacted on June 17, 2005 and amended by Chapter 2009-263, Laws of Florida, Chapter 2018-178, Laws of Florida, and Chapter 2019-180, Laws of Florida. The District currently encompasses approximately 25,605 acres of land located within the jurisdictional boundaries of Manatee and Sarasota Counties, Florida. As a local unit of special-purpose government, the District provides an alternative means for planning, financing, constructing, operating and maintaining various public improvements and community facilities within its jurisdiction.

The District is governed by a five-member Board of Supervisors, the members of which must be residents of Florida and citizens of the United States. There is an election by landowners for the District every two years on the first Tuesday after the first Monday in November. Board members shall begin being elected by qualified electors of the District as the District becomes populated with qualified electors based on the following schedule: at 10,000 qualified electors, one governing board member shall be a person elected by qualified electors and four elected by landowners; at 20,000 qualified electors the ratio is two-to-three respectively; at 30,000 qualified electors the ratio is three-to-two; at 40,000 qualified electors, the ratio is four- to-one; and at 45,000 qualified electors, all five governing board members shall be persons who were elected by qualified electors. A "qualified elector" in this instance is any person at least 18 years of age who is a citizen of the United States, a legal resident of Florida and of the District, and who is also registered with the Supervisor of Elections to vote in either Manatee County or

Sarasota County and resides in either Manatee or Sarasota County. Notwithstanding the foregoing, if at any time the Board proposes to exercise its ad valorem taxing power, it shall, prior to the exercise of such power, call an election at which all members of the Board shall be elected by qualified electors of the District.

Board meetings are noticed in the local newspaper and are conducted in a public forum in which public participation is permitted. Consistent with Florida's public records laws, the records of the District are available for public inspection during normal business hours. Elected members of the Board are similarly bound by the State's open meetings law and are subject to the same disclosure requirements as other elected officials under the State's ethics laws.

What infrastructure improvements does the District provide and how are the improvements paid for?

The boundaries of the District encompass approximately 25,605 acres of land located in Manatee and Sarasota Counties. The Azario Project consists of approximately 1,010.26 acres located in Manatee County, the legal description of which is attached hereto as Exhibit A. The development is planned as a single-family residential development.

The public infrastructure necessary to support the development program includes, but is not limited to, the following: water and wastewater facilities, surface water management, and perimeter berm and landscaping improvements (the “Improvements”).   Each of Improvements are more fully detailed below. The Improvements are anticipated to be funded by the District’s sale of bonds, notes, or other indebtedness as discussed below (the “Azario Project”).

On December 9, 2019, the District issued $12,670,000 Lakewood Ranch Stewardship District Special Assessments Revenue Bonds, Series 2019 (Azario Project) (the “Series 2019 Bonds”) for the purpose of: (1) financing a portion of the costs associated with the acquisition, construction, installation and equipping of a portion of the Improvements; (2) funding the 2019 Reserve Account; (3) funding capitalized interest through November 1, 2020; and (4) paying certain costs associated with the issuance of the Series 2019 Bonds.

On September 16, 2020, the District issued $6,655,000 Lakewood Ranch Stewardship District Special Assessments Revenue Bonds, Series 2020 (Azario Project) (the “Series 2020 Bonds”) for the purpose of: (1) financing a portion of the costs associated with the acquisition, construction, installation and equipping of a portion of the Improvements; (2) funding the 2020 Reserve Account; (3) funding capitalized interest through November 1, 2021; and (4) paying certain costs associated with the issuance of the Series 2020 Bonds.

District Infrastructure Improvements

As noted above, improvements for the Azario Project will consist of water and wastewater facilities, surface water management, and perimeter berm and landscaping improvements. Of these facilities, the District will own and operate/maintain the stormwater

management system, perimeter berm and landscaping.	The potable water system and the sanitary sewer system will be owned and operated/maintained by Manatee County.

Water and Wastewater Improvements

Water and wastewater facilities will be financed by the District and dedicated to Manatee County (“County”.) The water and wastewater service, operation and maintenance will be provided by the County. The water facilities include potable distribution mains along with necessary valving, fire hydrants and water services to individual units and common areas. Approximately 14.8 miles of 6, 8, 10 and 12-inch water mains will be constructed. Wastewater facilities include gravity collection lines with individual services, lift stations and force mains to connect to the facilities being constructed along 44th Avenue and Uihlein Road. An estimated
miles of 8-inch collection line and 3.6 miles of on-site 6, 8 and 10-inch force main, and 5 sewage lift stations are to be constructed. Facilities will be designed and constructed in accordance with County and Florida Department of Environmental Protection (“FDEP”) standards.

Surface Water Management

The surface water management improvements consist of earthwork and drainage facilities. The drainage facilities include the roadway drainage pipes and structures, piping interconnections, control and outfall structures. Earthwork is necessary to construct the stormwater detention facilities (ponds and lakes) and provide flood protection. There are approximately 146.8 acres of stormwater ponds. The surface water management system is designed and constructed in accordance with County and South West Florida Water Management District (“SWFWMD”) standards for flood protection, stormwater quality treatment and attenuation. There are approximately 39 acres of wetlands and conservation/preservation areas within the Azario Project.

Perimeter Berm & Landscaping

The perimeter berm and landscaping improvements include grading of the perimeter berm and landscaping around the perimeter of the project.

Assessments, Fees, and Charges

The costs of acquisition or construction of a portion of the above described Improvements have been financed by the District through the sale of the Series 2019 Bonds and Series 2020 Bonds. The outstanding bonds are secured by special assessments on property that benefits from the construction, acquisition, establishment, and operation of the Improvements. Subsequent to the issuance of the Series 2109 Bonds and Series 2020 Bonds, the District amended its Assessment Methodology to include the addition of approximately 18.1 acres to the Azario Project. A schedule of the annual debt service obligations of the District which must be defrayed by annual assessments will depend upon the location (assessment area) and type of

property purchased.	A copy of the District’s Amended Assessment Methodology, as supplemented, is on file with the District.

Provided below are the current maximum annual debt assessment levels for the Series 2019 Bonds:

Provided below are the current maximum annual debt assessment levels for the Series 2020 Bonds:

*Note: The maximum annual assessments level amounts have been grossed up to include collection costs from Manatee County and a maximum discount for early payment as authorized by law.

The amounts described above exclude any operations and maintenance assessments which may be determined and calculated annually by the District’s Board of Supervisors against all benefited lands in the District. These assessments will also be collected in the same manner as county ad valorem taxes.

Method of Collection

The District’s debt service and operations and maintenance assessments may be billed directly by the District or may appear on that portion of the annual real estate tax bill entitled “non-ad valorem assessments,” and are expected to be collected by the county tax collector in the same manner as county ad valorem taxes. Each property owner must pay both ad valorem and non-ad valorem assessments at the same time. Property owners will, however, be entitled to the same discounts as provided for ad valorem taxes. As with any tax bill, if all taxes and assessments due are not paid within the prescribed time limit, the tax collector is required to sell tax certificates which, if not timely redeemed, may result in the loss of title to the property. The decision to collect special assessments by any particular method – e.g., on the tax roll or by direct bill – does not mean that such method will be used to collect special assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices

This description of the Lakewood Ranch Stewardship District’s operation, services and financing structure is intended to provide assistance to landowners and prospective purchasers concerning the important role that the District plays in providing infrastructure improvements essential to the development of the community. If you have questions or would simply like additional information about the District, please write to PFM Group Consulting, LLC, 12051 Corporate Blvd., Orlando, Florida 32817, or call (407) 723-5900.

IN WITNESS WHEREOF, this Second Amended and Restated Disclosure of Public Financing and Maintenance of Improvements to Real Property Undertaken has been executed as
of the	day of __	, 2021,  and recorded in the Official Records of
Manatee County, Florida.

	LAKEWOOD RANCH STEWARDSHIP	
	DISTRICT	
	
By: 		
	Rex Jensen, Chairman	

		
Witness	Witness	

		
Print Name	Print Name	

STATE OF FLORIDA		
COUNTY OF  			

Affirmed and subscribed before me by means of  physical presence or  online
notarization, this	day of	, 2021 by Rex Jensen as Chairman of
Lakewood Ranch Stewardship District, who is personally known to me or who has produced
 	 as identification. [Notary Seal]
Print Name:  	 Notary Public, State of Florida
Commission No.:  	

Exhibit A: Legal Description

Exhibit A Legal Description

Together with:

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Matters Relative to the Azario GDP Modification

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Public Hearing

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Resolution 2021-35

RESOLUTION 2021-35 [AZARIO PROJECT]
A RESOLUTION AUTHORIZING DISTRICT PROJECTS FOR CONSTRUCTION AND/OR ACQUISITION OF INFRASTRUCTURE IMPROVEMENTS; EQUALIZING, APPROVING, CONFIRMING, AND LEVYING SPECIAL ASSESSMENTS ON PROPERTY SPECIALLY BENEFITTED BY SUCH PROJECTS TO PAY THE COST THEREOF; PROVIDING FOR THE PAYMENT AND THE COLLECTION OF SUCH SPECIAL ASSESSMENTS BY THE METHODS PROVIDED FOR BY CHAPTERS 170 AND 197, FLORIDA STATUTES, AND CHAPTER 2005-338, LAWS OF FLORIDA; CONFIRMING THE DISTRICT’S INTENTION TO ISSUE SPECIAL ASSESSMENT REVENUE BONDS, NOTES OR OTHER INDEBTEDNESS; PROVIDING FOR APPLICATION OF TRUE-UP PAYMENTS; MAKING PROVISIONS FOR OWNERSHIP OF REAL PROPERTY BY GOVERNMENTAL BODIES AND HOMEOWNERS ASSOCIATIONS; MAKING PROVISIONS FOR TRANSFERS OF REAL PROPERTY TO GOVERNMENTAL BODIES; PROVIDING FOR THE RECORDING OF AN ASSESSMENT NOTICE; PROVIDING FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE

WHEREAS, the Lakewood Ranch Stewardship District (the “District”) has previously indicated its intention to construct certain types of infrastructure improvements and to finance such infrastructure improvements through the issuance of its special assessment bonds or other financial instrument, which bonds or other financial instrument would be repaid by the imposition of special assessments on benefitted property within the District; and

WHEREAS, the Board of Supervisors (the “Board”) of the District, through the adoption of Resolutions 2020-03, 2020-04, and 2020-09 (hereinafter, the “Prior Resolutions”) previously levied special assessments within the portion of the District known as the “Azario Project;” and

WHEREAS, subsequent to its adoption of the Prior Resolutions, the Azario Project changed such that the acreage and unit counts within the project increased due to a modification of the Azario Project’s boundary; and

WHEREAS, the Board has commenced the assessment process relative to the modification of the Azario Project and the process of amending the master assessment report adopted by Resolution 2020-09 in order to reflect such updated acreage and unit counts; and

WHEREAS, the District Board of Supervisors (the “Board”) has noticed and conducted a public hearing pursuant to Chapters 170 and 197, Florida Statutes, and Chapter 2005-338, Laws of

Florida, relating to the imposition, levy, collection and enforcement of such assessments.

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

SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to Chapters 170 and 197, Florida Statutes, and Chapter 2005-338, Laws of Florida.

SECTION 2. FINDINGS. The Board of Supervisors of the Lakewood Ranch Stewardship District hereby finds and determines as follows:

The District is a local unit of special-purpose government organized and existing under and pursuant to Chapters 170 and 197, Florida Statutes, and Chapter 2005-338, Laws of Florida, as amended.

The District is authorized by Chapter 2005-338, Laws of Florida, to finance, fund, plan, establish, acquire, install, equip, operate, extend, construct, or reconstruct roadways, and other water management and control facilities, recreation, utilities, and other infrastructure projects, and services necessitated by the development of, and serving lands within, the District.

The District is authorized by Chapters 170 and 197, Florida Statutes, and Section 13 of Chapter 2005-338, Laws of Florida, to levy and impose special assessments to pay all, or any part of, the cost of such infrastructure projects and services (“Special Assessments”), and to issue special assessment bonds or other financial instrument payable from such special assessments as provided in Chapters 170 and 197, Florida Statutes, and Section 13 of Chapter 2005-338, Laws of Florida.

It is necessary to the public health, safety and welfare and in the best interests of the District that (i) the District provide the Azario Project (the “Project”) the nature and location of which was initially described in Resolution 2021-28 and is shown in the Engineer’s Report Azario Lakewood Ranch dated December 2019, as amended and restated July 2020, (the “Engineer’s Report”), and the plans and specifications on file in the offices of the District Manager at 12051 Corporate Blvd., Orlando 32817 and the District’s local records office, located at 14400 Covenant Way, Lakewood Ranch, Florida 34202; (ii) the cost of such Project be assessed against the lands specially benefitted by such Project that are located within the Project boundary; and (iii) the District issue bonds, notes or other indebtedness to provide funds for such purposes pending the receipt of such Special Assessments.

The provision of said Project, the levying of such Special Assessments and the sale and issuance of such bonds, notes or other indebtedness serves a proper, essential, and valid public purpose and is in the best interests of the District, its landowners and residents.

In order to provide funds with which to pay the costs of the Project which are to be assessed against certain of the benefitted properties, pending the collection of such Special Assessments, it is necessary for the District from time to time to sell and issue its special assessment bonds notes, or other indebtedness in one or more series (collectively, the “Bonds”).

By Resolution 2021-28, the Board determined to provide the Project and to defray the costs thereof by levying Special Assessments on certain benefitted property and expressed an intention to issue the Bonds to provide a portion of the funds needed for the Project prior to the collection of such Special Assessments. Resolution 2021-28 was adopted in compliance with the requirements of Section 170.03, Florida Statutes, and Section 13 of Chapter 2005-338, Laws of Florida, and prior to the time it was adopted, the requirements of Section 170.04, Florida Statutes and Section 13 of Chapter 2005-338, Laws of Florida, had been met.

As directed by Resolution 2021-28, said resolution was published as required by Section 170.05, Florida Statutes and Section 13 of Chapter 2005-338, Laws of Florida, and a copy of the publisher’s affidavit of publication is on file with the Secretary of the Board.

As directed by Resolution 2021-28, a preliminary assessment roll was adopted and filed with the Board as required by Section 170.06, Florida Statutes, and Section 13 of Chapter 2005-338, Laws of Florida.

As required by Section 170.07, Florida Statutes, and Section 13 of Chapter 2005-338, Laws of Florida, upon completion of the preliminary assessment roll, the Board adopted Resolution 2021-29 fixing the time and place of a public hearing at which owners of the property to be assessed and other persons interested therein may appear before the Board and be heard as to (1) the propriety and advisability of making the infrastructure improvements, (2) the cost thereof, (3) the manner of payment therefore, and (4) the amount thereof to be assessed against each specially benefitted property or parcel and provided for publication of notice of such public hearing and individual mailed notice in accordance with Chapters 170 and 197, Florida Statutes, and Section 13 of Chapter 2005-338, Laws of Florida.

Notice of such public hearing was given by publication and also by mail as required by Section 170.07, Florida Statutes, and Section 13 of Chapter 2005-338, Laws of Florida. Affidavits as to such publications and mailings are on file in the office of the Secretary of the Board.

On August 20, 2021, at the time and place specified in the published notice referred to in paragraph (k) above, the Board convened, heard any complaints and testimony as to the matters described in paragraph (j) above, and met as an Equalization Board. The Board has made such modifications in the preliminary assessment roll as it deems necessary, just and right in the making of the final assessment roll.

Having considered the estimated costs of the Project, estimates of financing costs and all complaints and evidence presented at such public hearing, the Board of Supervisors of the District further finds and determines that:

the estimated costs of the Project is as specified in the Engineer’s Report, attached as Exhibit A hereto and incorporated herein by this reference, which is hereby adopted and approved, and that the amount of such costs is reasonable and proper; and

it is reasonable, proper, just and right to assess the cost of such Project against the properties specially benefitted thereby using the method determined by the Board set forth in the Amended Master Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Azario Project Area, dated July 9, 2021, (the “Methodology Report”), attached hereto as Exhibit B and incorporated herein by this reference, which results in the Special Assessments set forth on the final assessment roll; and

it is hereby declared that the Project will constitute a special benefit to all parcels of real property listed on said final assessment roll and that the benefit, in the case of each such parcel, will be equal to or in excess of the Special Assessments thereon when allocated as set forth in Exhibit B; and

it is hereby declared that, if applicable, certain additional infrastructure contributed by the owner of the lands within the Project, more particularly described in the Methodology Report, shall also constitute a special benefit to all parcels of real property listed on said final assessment roll, and such contribution may be applied in accordance with the Methodology Report; and

it is in the best interests of the District that the Special Assessments be paid and collected as herein provided.

SECTION 3. AUTHORIZATION OF DISTRICT PROJECT. That certain Project for construction of infrastructure improvements initially described in Resolution 2021-28, and more specifically identified and described in Exhibit A attached hereto, is hereby authorized and approved and the proper officers, employees and/or agents of the District are hereby authorized and directed to take such further action as may be necessary or desirable to cause the same to be made following the issuance of the Bonds referred to herein.

SECTION 4. ESTIMATED COST OF IMPROVEMENTS. The total estimated costs of the Project and the costs to be paid by Special Assessments on all specially benefitted property are set forth in Exhibits A and B, respectively.

SECTION 5. EQUALIZATION, APPROVAL, CONFIRMATION AND LEVY OF
SPECIAL ASSESSMENTS. The Special Assessments on the parcels specially benefitted by the Project, all as specified in the final assessment roll set forth in Exhibit B, attached hereto, are hereby equalized, approved, confirmed and levied. Immediately following the adoption of this resolution these Special Assessments as reflected in Exhibit B, attached hereto, shall be recorded by the Secretary of the Board of the District in a special book, to be known as the “Improvement Lien Book.” The Special Assessment or assessments against each respective parcel shown on such final assessment roll and interest, costs and penalties thereon, as hereafter provided, shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims. Prior to the issuance of any bonds or other financial indebtedness, including refunding bonds, the District may, by subsequent resolution, adjust the acreage assigned to particular parcel identification numbers listed on the final assessment roll to

reflect accurate apportionment of acreage within the District amongst individual parcel identification numbers. The District may make any other such acreage and boundary adjustments to parcels listed on the final assessment roll as may be necessary in the best interests of the District as determined by the Board by subsequent resolution. Any such adjustment in the assessment roll shall be consistent with the requirements of law. In the event the issuance of bonds or other financial indebtedness, including refunding bonds, by the District would result in a decrease of the Special Assessments, then the District shall by subsequent resolution, adopted within sixty (60) days of the sale of such bonds at a publicly noticed meeting and without the need for further public hearing, evidence such a decrease and amend the final assessment roll as shown in the Improvement Lien Book to reflect such a decrease.

SECTION 6. FINALIZATION OF SPECIAL ASSESSMENTS. When the entire Project
has both been constructed or otherwise provided to the satisfaction of the Board, the Board shall adopt a resolution accepting the same and determining the actual costs (including financing costs) thereof, as required by Sections 170.08 and 170.09, Florida Statutes, and Section 13 of Chapter 2005-338, Laws of Florida. Pursuant to the provisions of Section 170.08, Florida Statutes, and Section 13 of Chapter 2005-338, Laws of Florida, regarding completion of a project funded by a particular series of bonds or other financial instrument, the District shall credit to each Special Assessment the difference, if any, between the Special Assessment as hereby made, approved and confirmed and the actual costs incurred in completing the Project. In making such credits, no credit shall be given for bond financing costs, capitalized interest, funded reserves or bond discounts. Such credits, if any, shall be entered in the Improvement Lien Book. Once the final amount of Special Assessments for the entire Project has been determined, the term “Special Assessment” shall, with respect to each parcel, mean the sum of the costs of the Project. In the event that a landowner prepays a Special Assessment prior to its finalization, no credit shall be given if the total cost of the Project are less than anticipated.

SECTION 7.	PAYMENT OF SPECIAL ASSESSMENTS AND METHOD OF COLLECTION.

The Special Assessments may be paid in not more than thirty (30) consecutive annual installments of principal and interest or such other schedule as may be set by the amortization schedule for the Bonds. The Special Assessments may be paid in full without interest at any time within thirty (30) days after the completion of the Project and the adoption by the Board of a resolution by the District accepting the Project; provided, however, that the Board shall at any time make such adjustments by resolution, at a noticed meeting of the Board, to that payment schedule as may be necessary and in the best interests of the District to account for changes in long and short term debt as actually issued by the District. At any time subsequent to thirty (30) days after the Project has been completed and a resolution accepting the Project has been adopted by the Board, the Special Assessments may be prepaid in full including interest amounts to the next succeeding interest payment date or to the second succeeding interest payment date if such a prepayment is made within forty-five (45) calendar days before an interest payment date. The owner of property subject to Special Assessments may prepay the entire remaining balance of the Special Assessments at any time, or a portion of the remaining balance of the Special Assessment one time if there is also paid, in addition to the prepaid principal balance of the Special Assessment, an amount equal to the interest that would otherwise be due on such prepaid amount on the next succeeding interest

payment date for the Bonds, or, if prepaid during the forty-five (45) day period preceding such interest payment date, to the interest payment date following such next succeeding interest payment date. Prepayment of Special Assessments does not entitle the property owner to any discounts for early payment.

The District may elect to use the method of collecting Special Assessments authorized by Sections 197.3632 and 197.3635, Florida Statutes and Section 13 of Chapter 2005-338, Laws of Florida (the “Uniform Method”). The District has heretofore taken, or will use its best efforts to take as timely required, all necessary actions to comply with the provisions of said Sections 197.3632 and 197.3635, Florida Statutes and Section 13 of Chapter 2005-338, Laws of Florida. Such Special Assessments may be subject to all of the collection provisions of Chapter 197, Florida Statutes. Notwithstanding the above, in the event the Uniform Method of collecting its special or non ad valorem assessments is not available to the District in any year, or if determined by the District to be in its best interest, the Special Assessments may be collected as is otherwise permitted by law. The District may, in its sole discretion, collect Special Assessments by directly assessing landowner(s) and enforcing said collection in any manner authorized by law. Notwithstanding the foregoing, the collection methods actually utilized by the Districts for each series of the Bonds shall be as set forth in a supplemental resolution relative to same.

For each year the District uses the Uniform Method, the District shall enter into an agreement with the Tax Collector of Manatee County who may notify each owner of a lot or parcel within the District of the amount of the Special Assessment, including interest thereon, in the manner provided in Section 197.3635, Florida Statutes, and Section 13 of Chapter 2005-338, Laws of Florida.

In the event that an assessment payment is not made in accordance with the schedule referenced above, such assessment and any future scheduled assessment payments shall be delinquent and shall accrue penalties and interest in the amount of one percent (1%) per month plus all costs of collection and enforcement, and shall either be enforced pursuant to a foreclosure action, or, at the District’s discretion, collected pursuant to the Uniform Method on a future tax bill, which amount may include penalties, interest, and costs of collection and enforcement. In the event an assessment subject to direct collection by the District shall be delinquent, the District Manager and District Counsel, without further authorization by the Board, may initiate foreclosure proceedings to collect and enforce the delinquent and remaining assessments.

SECTION 8. APPLICATION OF TRUE UP PAYMENTS.

Pursuant to the Methodology Report, attached hereto as Exhibit B, there may be required from time to time certain “True Up Payments.” As parcels of land or lots are developed, the special assessments securing the Bonds shall be allocated as set forth in the Methodology Report. In furtherance thereof, at such time as the lands within the Project boundary are platted, it shall be an express condition of the lien established by this Resolution that such plats shall be presented to the District Manager for review, approval and calculation of the percentage of acres and numbers of units which will be, after the approval of such plat by Manatee County, considered to be developed. No further action by the Board of Supervisors shall be required. The District’s review shall be limited solely to this function and the enforcement of the lien established by this Resolution. The

District Manager shall cause the Special Assessments to be reallocated to the units being platted and the remaining property in accordance with Exhibit B; cause such reallocation to be recorded in the District’s Improvement Lien Book; and, at such time as 25%, 50%, 75% and 90% of the gross acreage within the Project boundary is platted, shall perform the true-up calculations described in Exhibit B, which process is incorporated herein as if fully set forth. Any resulting True-Up Payment shall become due and payable that tax year by the landowner(s) of record of the remaining property, in addition to the regular assessment installment payable with respect to the remaining developable acres.

The District will take all necessary steps to ensure that True-Up Payments are made in a timely fashion to ensure its debt service obligations are met. The District shall record all True-Up Payments in its Improvement Lien Book.

The foregoing is based on the District's understanding that as many as 1,822 residential units will be developed on approximately 1,010.26 acres based on the unit numbers and types shown in Exhibit B, on the property subject to the Special Assessments. The Assessment Methodology Report is to provide a formula to ensure that the appropriate ratio of the Special Assessments to developable acres is maintained if less acres are developed. However, no action by the District prohibits or proscribes a maximum amount of development that may occur. In no event shall the District collect Special Assessments pursuant to this Resolution in excess of the total debt service related to the Project, including all costs of financing and interest. The District recognizes that such things as regulatory requirements and market conditions may affect the timing and scope of the development in the District. If the strict application of the True-Up Methodology to any assessment reallocation pursuant to this paragraph would result in Special Assessments collected in excess of the District’s total debt service obligation for the Project, the Board shall by resolution take appropriate action to equitably reallocate the Special Assessments. Further, upon the District’s review of the final plat for the developable acres, any unallocated Special Assessments shall become due and payable and must be paid prior to the District’s approval of that plat.

The application of the monies received from True-Up Payments or assessments to the actual debt service obligations of the District, whether long term or short term, shall be set forth in the supplemental assessment resolution adopted for each series of Bonds actually issued. A separate resolution shall be issued for each set of Bonds. Such subsequent resolution shall be adopted at a noticed meeting of the District, and shall set forth the actual amounts financed, costs of issuance, expected costs of collection, and the total amount of the assessments pledged to that issue, which amount shall be consistent with the lien imposed by this Resolution.

SECTION 9. GOVERNMENT PROPERTY; HOMEOWNERS ASSOCIATION PROPERTY; TRANSFERS OF PROPERTY TO UNITS OF LOCAL, STATE, AND
FEDERAL GOVERNMENT. Property owned by units of local, state, and federal government shall not be subject to the Special Assessments without specific consent thereto. In addition, property owned by a property owners association or a home owners association that is exempt from special assessments under Florida law shall not be subject to the Special Assessments. If at any time, any real property on which Special Assessments are imposed by this Resolution is sold or otherwise transferred to a unit of local, state, or federal government (without consent of such governmental unit to the imposition of Special Assessments thereon), all future unpaid Special

Assessments for such tax parcel shall become due and payable immediately prior to such transfer without any further action of the District.

SECTION 10. ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a general Notice of Assessments in the Official Records of Manatee County, Florida, which shall be updated from time to time in a manner consistent with changes in the boundaries of the District.

SECTION 11. SEVERABILITY. If any section or part of a section of this Resolution be declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

SECTION 12. CONFLICTS. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, superseded and repealed.

SECTION 13. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

PASSED AND ADOPTED this 20th day of August, 2021.

ATTEST:	BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT

Secretary/Assistant Secretary	Rex Jensen, Chairman

Exhibit A:	Engineer’s Report Azario Lakewood Ranch dated December 2019, as amended and restated July 2020
Exhibit B:	Amended Master Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Azario Project Area, dated July 9, 2021

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Engineer’s Report Azario Lakewood Ranch

Prepared for:

Lakewood Ranch Stewardship District 14400 Covenant Way
Lakewood Ranch, FL 34240

Prepared by:

28100 Bonita Grande Dr. Suite 305 Bonita Springs, FL 34135

December 2019 Amended and Restated July 2020

TABLE OF CONTENTS

Introduction

General Project Information

Land Uses

Permits

District Financed Improvements

Utility Facilities

District’s Surface Water Management

Perimeter Berm & Landscaping

Professional and Permit Fees

Summary & Conclusion

EXHIBITS

Exhibit 1	Master Site Plan

Exhibit 2	Planned Water Distribution System

Exhibit 3	Planned Sewer Collection and Transmission System Exhibit 4	Master Surface Water Management
Exhibit 5	Infrastructure Cost

Introduction

The Lakewood Ranch Stewardship District (the District) is proposing to continue to acquire infrastructure for a residential community within its boundaries in eastern Manatee County, Florida known as Azario Lakewood Ranch (the Development). Azario Lakewood Ranch is a residential community which upon completion will consist of single family detached and semi-detached units with four (4) amenity campuses, a golf course, and golf course maintenance facility. The development will be serviced by utilities and roadway infrastructure along Uihlein Road and 44th Avenue, which are being constructed by the Lakewood Ranch Stewardship District. Construction of the internal district- financed infrastructure is currently planned to be constructed in seven (7) phases. A preliminary phasing plan can be found on the Master Site Plan (Exhibit 2 of this report).

The first two (2) phases of development have been permitted and consist of 362 single family detached units, 102 single family semi-detached units, the golf course, a portion of the main amenity campus, and the golf course maintenance facility. Phase I of the development has been permitted, platted, and the construction has been accepted by Manatee County. The applicable infrastructure ($11,449,294.30) within Phase I has been acquired by the District. To date the developer has received
$10,923,371.77 in bond proceeds and the remaining balance of $525,922.53 is scheduled to be paid once additional bond proceeds are procured. Phase II of development has been permitted and platted through Manatee County and a portion of the construction has been completed and accepted by Manatee County. The acquisition of this infrastructure (approximately $5,000,000) within Phase II is expected by the end of 2020.

The remaining single-family units and amenity campuses will be built in Phases 3 through 7, with Phase III of construction planned to start in 2021.

The development lies within Sections 2, 3, 10, and 11, Township 35 South, Range 19 East. The development is located on the east side of Lorraine Road, approximately 0.25 miles south of State Road 64. The site is bounded to the north by development, to the east by Uihlein Road, to the west by Lorraine Road, and to the south by the future 44th Avenue Extension.

General Development Information

Access:
The development will be serviced by two major roadways. The development will have a main entrance off both 44th Avenue and Uihlein Road with a secondary access point located on Uihlein Road, approximately 0.25 miles north of the 44th Avenue and Uihlein Road intersection. Construction of 44th Ave has been completed and opened to the Development’s entrance, while construction of Uihlein Road is underway by the Lakewood Ranch Stewardship District.

Jurisdiction:
The development will be under the jurisdiction and review of Manatee County, South West Florida Water Management District (SWFWMD), United States Army Corps. Of Engineers (USACE), and the Florida Department of Environmental Protection (FDEP).

Soils:
According to the “Soil Survey of Manatee County, Florida”, published by the United States Department of Agriculture (USDA) – Soil Conservation Service (SCS), the soils within the development area consist

of six types: Cassia (Soil Group No. 11), Delray (Soil Group No. 16), Felda-Wabasso (Soil Group No. 24), Floridana-Immokalee-Okeelanta (Soil Group No. 26), Myakka-Myakka (Soil Group No. 30), and Ona (Soil Group No. 35). A geotechnical study was conducted to further investigate the soils and to determine the seasonal high water table. The seasonal high groundwater table was estimated at the test boring locations, based upon our review of the Soil Survey and our field explorations.

Topography:
The topography and boundary survey was completed by GeoPoint Surveying, Inc. The elevations provided are in NAVD 1988 datum. The pre-development site ranges in elevations from approximately
38.0 feet along Mill Creek and 60 feet along the northeast boundary line.

The pre-development site drains towards Mill Creek, which runs through the center of the parcel, through a series of interconnected wetlands and ditches.

Watershed:
The development is located within the Mill Creek Watershed. Schroeder-Manatee Ranch (SMR) commissioned Stantec Consulting Services Inc. to create an existing conditions model for the Northeast Sector of Lakewood Ranch, which was utilized for the development and modeling of the stormwater management system. The water management systems have been designed and permitted to meet all SWFWMD design criteria.

Floodplains:
According to FEMA Flood Insurance Rate Map (FIRM) Community Panel Numbers 12081C0332E, 12081C0334E, and 12081C0355E, effective 3/17/2014. The majority of the development is located within Zone X, with a portion of the development adjacent to Mill Creek lying within Zone A. Zone A are areas of 100-year flood; base flood elevations and flood hazard factors not determined. Flood elevations for the proposed development will be determined utilizing the Northeast Sector Model.

Land Uses

Zoning:
The site is currently zoned PDR (Planned Development Residential).

Land uses within the Development are planned to include the following approximate areas:
Native Habitat Preservation – 57.0 Acres
Open space areas – 136.9 Acres
Wet detention pond area – 150.2 Acres
Recreation (Clubhouse, Amenities, etc.) – 189.7 Acres
Lorraine Road Right of Way Reservation - 4.0 Acres
Residential (Single Family Detached/Semi-Detached) – 472.5 Acres Note: Acreages are approximate and will be determined at final platting.
The site is currently approved for 1,750 units and an amendment is currently under review to accommodate the additional 75 units for a total unit count of 1825 units. This amendment is currently on track to be approved in December of 2020.

Permits

The following is a detail of permit requirements for on-site and off-site improvements and the current status of the permit:

Manatee County:
Zoning
General Development Plan (GDP) – Approved – Ordinance PDR-17-34(Z)(G)
General Development Plan (GDP) Modification – Submitted – PLN2005-0043 – Anticipated approval December 2020
Esplanade at Azario Phase I
Final Site Plan – Approved – PDR-17-34(P)/18-S-36(P)/FSP-18-58 – PLN1807-0090
Construction Drawings – Approved – PDR-17-34(P)/18-S-36(P)/FSP-18-58 – PLN1808-0015
Final Site Plan Modification – Approved – PDR-17-34(P)(R)/18-S-36(P)(R)/FSP-18-58(R) – PLN1906- 0102
Construction Drawings Modification– Approved – PDR-14-34(P)(R)/18-S-36(P)(R)/FSP-18-58(R) – PLN1909-0037
Esplanade at Azario Phase II
Final Site Plan – Approved – PDR-17-34(P)/18-S-61(P)/FSP-18-92 – PLN1811-0032
Construction Drawings – Approved – PDR-17-18(P)/18-S-61(P)/FSP-18-92 – PLN1811-0022
Final Site Plan Modification – Approved – PDR-17-34(P)(R)/18-S-61(P)(R)/FSP-18-92 – PLN1908- 0061
Construction Drawings Modification – Approved – PDR-17-34(P)(R)/18-S-61(P)(R)/FSP-18-92(R) – PLN1910-0101
Park East at Azario Phase I
Final Site Plan, Phase I – Submitted – PDR-17-34(P)/19-S-48(P)/FSP-19-73 – PLN1909-0003
Construction Drawings – Approved – PDR-17-14(P)/18-S-36(P)/FSP-19-73 – PLN1908-0084

South West Florida Water Management District (SWFWMD):
Environmental Resource Permit – Approved – App No. 764531, Permit No. 43043286.002
Environmental Resource Permit Modification – Submitted – App No. 801264

U.S. Army Corps of Engineers (USACE):
Department of the Army Permit – Approved – SAJ-2017-03435

Florida Department of Environmental Protection (FDEP):
Esplanade at Azario Phase I
Construction of Water Main Extensions for PWS – Approved – 0133068-1334-DSGP/02
Construction of Domestic Wastewater Collection/Transmission System – Approved – CS41- 0182518-584-DWC/CM
Esplanade at Azario Phase II
Construction of Water Main Extensions for PWS – Approved – 0133068-1371-DSGP/02
Construction of Domestic Wastewater Collection/Transmission System – Approved – CS41- 0182518-605-DWC/CM

District Financed Improvements

The improvements necessary to service the Development which will be financed by the Lakewood Ranch Stewardship District include utility facilities, stormwater management improvements, and perimeter berm and landscaping as detailed below:

Utility Facilities

Water and wastewater facilities will be financed by the District and dedicated to Manatee County. The water and wastewater service, operation, and maintenance will be provided by the County. The County has sufficient capacity to serve the Development’s water and wastewater needs at build out. Facilities will be designed and constructed in accordance with County and Florida Department of Environmental Protection Standards.

The water facilities include potable distribution mains along with necessary valving, fire hydrants and water services to individual units and common areas. Approximately 14.8 miles of 6, 8, 10 and 12-inch water mains will be constructed. The planned water distribution system is shown in Exhibit 2.

Wastewater facilities include gravity collection lines with individual services, lift stations, and force mains to connect to the facilities being constructed along 44th Avenue and Uihlein Road. An estimated 13.3 miles of 8-inch collection line and 3.6 miles of on-site 6, 8, and 10-inch force main, and 5 sewage lift stations are to be constructed. The planned sewer collection and transmission system are shown in Exhibit 3.

District’s Surface Water Management
The surface water management improvements in the Development consist of two separate categories: Earthwork and Drainage Facilities. The Drainage Facilities include the roadway drainage pipes and structures, piping interconnections, control and outfall structures. The Earthwork category of the Surface Water Management is the effort necessary to construct the stormwater detention facilities (ponds and lakes) and provide flood protection. There are approximately 146.8 acres of stormwater ponds. The District will, through easement dedications by the Developer, acquire ownership of the ponds and lakes for stormwater purposes and will finance the acquisition of the same. The surface water management system is designed and constructed in accordance with Manatee County and South West Florida Water Management District (SWFWMD) Standards for flood protection, stormwater quality treatment and attenuation. There are approximately 39 acres of wetlands and conservation/preservation areas within the development boundary. The Master Surface Water Management is shown in Exhibit 4.

Perimeter Berm & Landscaping
Perimeter Berm and Landscaping will be financed by the District and dedicated to the District. These costs will include the grading of the perimeter berm and landscaping around the perimeter of the development.

Professional and Permit Fees

Professional and permit fees will be funded by the District as part of the Capital Improvement Program and consist of typical soft costs associated with development projects of this size. These generally consist of consultant fees for design, permitting, and management of the Capital Improvement Project, Permit Fees, Legal Fees, etc.

Summary & Conclusion

Azario at Lakewood Ranch is designed in accordance with current governmental regulations and requirements. The development will serve its intended function so long as the construction is in substantial compliance with the design. The cost estimates provided are reasonable to complete the required improvements and it is our professional opinion that the infrastructure improvements will benefit and add value to the District. The cost estimates are based on prices currently being experienced in Southwest Florida. Actual costs may vary depending on final engineering and approvals from regulatory agencies.

WALDROP

CIVIL ENGINEERING & LAND DEVELOPMENT CONSULTANTS

28100 BONITA GRANDE DRIVE - SUITE 305 BONITA SPRINGS, FL 34135
P: 239-405-7777 F: 239-405-7899 EMAIL: info@waldropengineering.com

65'x65' WELL EASEMENT

POND V1 SHW = 50.00

POND Y1
SHW = 46.00	POND X1

POND W1	POND J1

POND I1

POND Z1 SHW = 43.00

POND Y3 SHW = 46.00

SHW = 47.50

SHW = 48.50

SHW = 51.50	SHW = 53.00

POND D1 SHW = 55.00

POND BB1 SHW = 57.00

POND Y2
SHW = 46.00	POND H1

AA - AMENITY C	2

SHW = 54.00

POND BB2 SHW = 57.00

(±0.6 AC)	1
LS
POND X3

SHW = 47.50

POND X2	8
SHW = 47.50

POND K1 SHW = 51.00

MASTER ENGINEER'S REPORT CDD EXHIBITS
AZARIO
CLIENT: TAYLOR MORRISON OF FLORIDA, INC
EXHIBIT 1 - MASTER SITE PLAN

POND K2 SHW = 51.00
7

9	GOLF PRACTICE AREA

POND DD1 SHW = 54.50

POND BBB4 SHW = 56.5

3
LS
POND M1 SHW = 47.00

POND K3
18	SHW = 51.00

AA - AMENITY A
(±27.2 AC)

POND B2 SHW = 57.00

POND M2
SHW = 47.00	POND C1
SHW = 54.00

POND B1 SHW = 57.00

6
POND MM1 SHW = 45.50

POND NN1

12

POND N1 SHW1=744.00

POND L1 SHW = 48.00

POND E1 SHW = 52.00

10	POND A5
SHW = 56.00

POND A4 SHW = 56.00

SHW = 56.00

SHW = 42.00	11

FAM - AMENITY A	POND A3

4

5
POND NNN1
SHW = 37.50

(±5.3 AC)

POND A2 SHW = 56.00

LS

POND L2 SHW = 48.00
LS

POND U1
16	SHW = 45.00

POND G1 SHW = 49.00

POND F1
SHW = 52.50	POND A1
SHW = 56.00

POND U2 SHW = 45.00
13

POND UU1 SHW = 45.00

14

15

PLAN REVISIONS
07/24/2020   REVISED LOT COUNTY AND PHASING

POND S1 SHW = 48.00

POND T2 SHW = 47.00	(±2.1 AC)	
POND R1 SHW = 50.00	

POND T1	
POND PP1	
POND P1	
SHW = 47.00	SHW = 49.50	SHW = 50.50	
POND TT1	
SHW = 48.00	
		
POND O1	

AA - AMENITY B

SHW = 52.50	POND Q1

2

0	200	400	800

B:\Projects\597-016 Azario (FKA LWR1000) CDD\Drawings-Exhibits\597-016-01 Master CDD Exhibits\Current Plans\5970160101.dwg 7/24/2020 4:10:00 PM

SHW = 52.50

POND O2	SHW = 50.50	SCALE IN FEET

SET NUMBER:	597-016-01
SHEET :	1

WALDROP

CIVIL ENGINEERING & LAND DEVELOPMENT CONSULTANTS

28100 BONITA GRANDE DRIVE - SUITE 305 BONITA SPRINGS, FL 34135
P: 239-405-7777 F: 239-405-7899 EMAIL: info@waldropengineering.com

65'x65' WELL EASEMENT

POND V1
SHW = 50.00	W

POND Y1 SHW = 46.00

POND X1

POND W1

POND J1	POND I1

POND Z1 SHW = 43.00

POND Y3 SHW = 46.00

SHW = 47.50	SHW = 48.50	SHW = 51.50	SHW = 53.00

POND D1 SHW = 55.00

POND BB1 SHW = 57.00

POND Y2
SHW = 46.00	POND H1

POND X3 SHW = 47.50

POND X2 SHW = 47.50

2

POND K1
8	SHW = 51.00

1	LS

SHW = 54.00

POND BB2 SHW = 57.00

MASTER ENGINEER'S REPORT CDD EXHIBITS
AZARIO
CLIENT: TAYLOR MORRISON OF FLORIDA, INC
EXHIBIT 2 - PLANNED WATER DISTRIBUITON SYSTEM

POND K2 SHW = 51.00
7

POND DD1 SHW = 54.50

POND BBB4 SHW = 56.5

9

3
LS
POND M1 SHW = 47.00

POND K3
18	SHW = 51.00

POND B2 SHW = 57.00

POND M2
SHW = 47.00	POND C1
SHW = 54.00

POND B1 SHW = 57.00

6
POND MM1 SHW = 45.50

POND NN1

12

POND N1 SHW1=744.00

POND L1 SHW = 48.00

POND E1 SHW = 52.00

10	POND A5
SHW = 56.00

POND A4 SHW = 56.00

SHW = 42.00	11

POND A3 SHW = 56.00

4

5
POND NNN1
SHW = 37.50

POND A2 SHW = 56.00

LS

POND L2 SHW = 48.00
LS

POND U1
16	SHW = 45.00

POND G1 SHW = 49.00

POND F1
SHW = 52.50	POND A1
SHW = 56.00

POND U2 SHW = 45.00
13

POND UU1 SHW = 45.00

14	15
POND S1 SHW = 48.00

POND T2 SHW = 47.00

PLAN REVISIONS

POND R1 SHW = 50.00

B:\Projects\597-016 Azario (FKA LWR1000) CDD\Drawings-Exhibits\597-016-01 Master CDD Exhibits\Current Plans\5970160102.dwg 7/24/2020 4:10:20 PM

POND T1 SHW = 47.00

POND TT1 SHW = 48.00

POND PP1 SHW = 49.50

POND P1 SHW = 50.50

POND O1 SHW = 52.50
POND O2
SHW = 52.50

POND Q1 SHW = 50.50

LEGEND

6" PIPE

8" PIPE

10" PIPE

12" PIPE FLOW ARROW JUNCTION

0	200	400	800

SCALE IN FEET

SET NUMBER:	597-016-01
SHEET :	2

WALDROP

CIVIL ENGINEERING & LAND DEVELOPMENT CONSULTANTS

28100 BONITA GRANDE DRIVE - SUITE 305 BONITA SPRINGS, FL 34135
P: 239-405-7777 F: 239-405-7899 EMAIL: info@waldropengineering.com

65'x65' WELL EASEMENT

POND V1 SHW = 50.00

POND Z1 SHW = 43.00

POND Y3 SHW = 46.00

POND Y1 SHW = 46.00

POND X1 SHW = 47.50

POND W1 SHW = 48.50

POND J1	POND I1
SHW = 51.50	SHW = 53.00

POND D1 SHW = 55.00

POND BB1 SHW = 57.00

POND Y2
SHW = 46.00	POND H1

POND X3 SHW = 47.50

POND X2 SHW = 47.50

2

POND K1
8	SHW = 51.00

1	LS

SHW = 54.00

POND BB2 SHW = 57.00

MASTER ENGINEER'S REPORT CDD EXHIBITS
AZARIO
CLIENT: TAYLOR MORRISON OF FLORIDA, INC
EXHIBIT 3 - PLANNED SEWER COLLECTION AND TRANSMISSION SYSTEM

POND K2 SHW = 51.00
7

POND DD1 SHW = 54.50

POND BBB4 SHW = 56.5

9

3
LS
POND M1 SHW = 47.00

POND K3
18	SHW = 51.00

POND B2 SHW = 57.00

POND M2
SHW = 47.00	POND C1
SHW = 54.00

POND B1 SHW = 57.00

6
POND MM1 SHW = 45.50

POND NN1

12

POND N1 SHW1=744.00

POND L1 SHW = 48.00

POND E1 SHW = 52.00

10	POND A5
SHW = 56.00

POND A4 SHW = 56.00

SHW = 42.00	11

POND A3 SHW = 56.00

4

5
POND NNN1
SHW = 37.50

POND A2 SHW = 56.00

LS

POND L2 SHW = 48.00
LS

POND U1
16	SHW = 45.00

POND G1 SHW = 49.00

POND F1
SHW = 52.50	POND A1
SHW = 56.00

POND U2 SHW = 45.00
13

POND UU1 SHW = 45.00

14

15
POND S1 SHW = 48.00

PLAN REVISIONS

POND T2	POND R1
SHW = 47.00	SHW = 50.00

POND T1	POND PP1	POND P1
SHW = 47.00	SHW = 49.50	SHW = 50.50
POND TT1
SHW = 48.00	LEGEND

POND O1 SHW = 52.50

POND O2 SHW = 52.50

4" PIPE
POND Q1	6" PIPE
SHW = 50.50

0	200	400	800

8" PIPE

10" PIPE

12" PIPE

16" PIPE

24" PIPE RESERVOIR
FLOW ARROW JUNCTION

SCALE IN FEET

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SET NUMBER:	597-016-01
SHEET :	3

WALDROP

CIVIL ENGINEERING & LAND DEVELOPMENT CONSULTANTS

28100 BONITA GRANDE DRIVE - SUITE 305 BONITA SPRINGS, FL 34135
P: 239-405-7777 F: 239-405-7899 EMAIL: info@waldropengineering.com

65'x65' WELL EASEMENT

POND V1
SHW = 50.00	W

POND Z1 SHW = 43.00

POND Y3 SHW = 46.00

POND Y1 SHW = 46.00

POND X1 SHW = 47.50

POND W1 SHW = 48.50

POND J1	POND I1
SHW = 51.50	SHW = 53.00

POND D1 SHW = 55.00

POND BB1 SHW = 57.00

POND Y2
SHW = 46.00	POND H1

AA - AMENITY C	2

SHW = 54.00

POND BB2 SHW = 57.00

(±0.6 AC)	1	LEGEND

MASTER ENGINEER'S REPORT CDD EXHIBITS
AZARIO
CLIENT: TAYLOR MORRISON OF FLORIDA, INC
EXHIBIT 4 - MASTER SURFACE WATER MANAGEMENT

POND X3 SHW = 47.50		POND X2	8	
POND K1 SHW = 51.00					
12" HDPE	
		SHW = 47.50						15" HDPE	
						
POND K2		18" HDPE	
	7					SHW = 51.00		15" RCP
18" RCP	
							POND DD1 SHW = 54.50	POND BBB4	24" RCP
SHW = 56.5	

3		

LS	

18	

POND K3 SHW = 51.00	
9	GOLF PRACTICE AREA		30" RCP
36" RCP
42" RCP
48" RCP
POND B2	
		POND M1
SHW = 47.00				AA - AMENITY A
(±27.2 AC)		SHW = 57.00	54" RCP
60" RCP	

LS

POND M2
SHW = 47.00	POND C1
SHW = 54.00

POND B1 SHW = 57.00

6
POND MM1 SHW = 45.50

POND NN1

12

POND N1 SHW1=744.00

POND L1 SHW = 48.00

POND E1 SHW = 52.00

10	POND A5
SHW = 56.00

POND A4 SHW = 56.00

SHW = 56.00

SHW = 42.00	11

FAM - AMENITY A	POND A3

4

5
POND NNN1
SHW = 37.50

(±5.3 AC)

POND A2 SHW = 56.00

LS

POND L2 SHW = 48.00
LS

POND U1
16	SHW = 45.00

POND G1 SHW = 49.00

POND F1
SHW = 52.50	POND A1
SHW = 56.00

POND U2 SHW = 45.00
13

POND UU1 SHW = 45.00

14

15
POND S1 SHW = 48.00

POND T2 SHW = 47.00

AA - AMENITY B
(±2.1 AC)

PLAN REVISIONS

POND R1 SHW = 50.00

POND T1 SHW = 47.00

POND TT1 SHW = 48.00

POND PP1 SHW = 49.50

POND P1 SHW = 50.50

POND O1 SHW = 52.50

POND O2 SHW = 52.50

POND Q1 SHW = 50.50

0	200	400

SCALE IN FEET

800

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AZARIO (FKA LWR 1000)
 	EXHIBIT 5 - INFRASTRUCTURE COST	
Date:	11/12/2019

BUILDOUT UTILITY SUMMARY	
Category	Total CDD Debt	
Stormwater
Engineering & Survey Perimeter Berm & Landscaping Wastewater
Potable Water	$	17,006,463.30
$	1,112,455.00
$	507,064.00
$	8,360,454.37
$	6,201,880.38	
Sub-Total	$	33,188,317.05	
Contigency	$	2,575,003.94	
Site Total	$	35,763,320.99	

Notes:
This Opinion of Probable Cost (OPC) shall be used for budgeting purposes only.
This OPC is based on the engineer's understanding of the current rules, regulations, ordinances, and construction costs in effect on the date of this document. Interpretations of these construction costs may affect this OPC, and may require adjustments to delete, decrease, or increase portions of this OPC.
All costs provided in this OPC are based on recent contract prices, or the engineer's latest known unit costs. Unit prices are subject to change due to unpredictable and uncontrollable increases in the cost of concrete, petroleum, or the availability of materials and labor.

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

July 9, 2021 Prepared for
Board of Supervisors
Lakewood Ranch Stewardship District Prepared by
PFM Financial Advisors, LLC 12051 Corporate Boulevard
Orlando, Florida 32817
407-382-3256

`

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

1.0	Background

The Lakewood Ranch Stewardship District (“District”) was created on June 17, 2005. The District encompasses approximately 25,605 acres in Manatee and Sarasota Counties. The Azario Project Area (“Azario”) comprises +/- 1,010.26+/- acres located in the Northeast Sector (“Sector”) that contains +/- 3,853 gross acres. The District Engineer’s report of September, 2019 (“District Engineer’s Report”)1 provides a description of the area and a location map.

This Amended Master Assessment Methodology Report (“Amended Master”), is designed to amend and restate the Master Assessment Methodology Report, dated October 4, 2019 (“Master”). This Amended Master provides a methodology to allocate the debt over the approximately 1,010.26 acres in Azario that will receive a special benefit from the proposed capital improvement plan (“CIP”) to be installed in Azario (“Properties”). It is the District’s debt-funded capital infrastructure improvements that will allow the development of the Properties in Azario. By making development of the Properties within Azario 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 1,010.26 acres of land within the Azario 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.2 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 Azario

Azario is located in Manatee County, Florida lying within Sections 2,3,10, and 11, Township 35 South, Ranges 19 East. The main entries are off 44th Street and Uihlein Road. Table 1 summarizes the land use development plan. The acreages are approximate and will be determined at platting.

1 Waldrop Engineering (September 2019), “Engineer’s Report Azario Lakewood Ranch”
2 See for City of Winter Springs v. State, 776 So.2d 255 (Fla 2003) and City of Boca Raton, v. State, 595 So.2d 25 (Fla 1992)

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

Land Use	Acres	
Residential	484.3	
Golf Course, Amenities, etc.	200.5	
Wet Detention Ponds	146.8	
Open Space	91.7	
Habitat Preserve	57.0	
Right of Way	6.1	
Other nondevelopable	5.1	
Expansion Parcel	19.1	
	=======	
Total	1,010.26	
Source: District Engineer’s Report and Manatee County Property Appraiser

Azario is being developed by Taylor Morrison of Florida, Inc. (“Landowner” and/or “Developer”). Azario is planned for 1,822 single-family homes and twin-villas of varying sizes on lots with widths ranging from 42’ to 90’ based on current plans. This number is subject to change upon final platting. The homes will be built in seven phases based on market demand. Azario will have four amenity campuses, an 18-hole golf course, and clubhouse. Azario is planned for two communities, Azario Esplanade and Park East at Azario. Esplanade features the golf course and clubhouse. Park East is designed to appeal to families. Table 2 displays the current development program for Azario. The development plan may change over time in response to market conditions.

[The balance of this page left intentionally blank.]

Table 2. Development Plan for Azario

Product Type		Units*	
Azario - Active Adult			
Golf			
45'		324	
52'		199	
62'		193	
76'		97	
90'		36	
	Subtotal	849	
Non Golf			
Twin Villas – TV & Townhomes		278	
45'		2	
52'		250	
62'		137	
Subtotal	667
TOTAL Azario Esplanade	1,516

Park East - Adventure		
42'	86	
52'	90	
62'	89	
76'	41	
TOTAL Park East Adventure	306	
TOTAL	1,822	
Source: the Landowner *subject to change upon final platting

At the outset, the CIP for Azario CIP is based on the projected land uses the Developer plans for the lands comprising Azario (as shown in Tables 1 and 2). However, until either:
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 Azario based on the land use plan outlined in Tables 1 and 2 (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 Azario 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 Azario 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 90% of the gross acres.

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 CIP create both: (1) special benefits to Azario and (2) general benefits to properties outside Azario. However, as discussed below, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to Azario.

The CIP described in the District Engineer’s Report enables Azario to be developed. Without the CIP, there would be no infrastructure to support development of Azario.

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

As described in Table 5, the estimated cost of the CIP as funded totals $45,740,000. Since the District comprises 1,010.26 gross acres, the cost per gross acre in the District is $45,275 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 2, the developed Properties will have absorbed all of the debt that was initially allocated on a gross acre basis.

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 $45,275 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 3 demonstrates the expected special benefit to the Properties from the installation of the District’s portion of the CIP. The development plan shown in Table 2 projects 1,822 residential units developed along with a golf course, clubhouse, and four amenity campuses. Since the District comprises 1,010.26 gross acres, the plan is for a gross density of 1.80 units per acre.

Based on current market pricing, the estimated average market price of residential units to be developed in Azario will be $400,000. 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
$88,000. The CIP has a total cost as financed of $45,740,000 for 1,822 lots, thus the CIP cost per finished lot is $25,104. 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 $88,000 and the cost of the improvements per lot of $25,104 resulting in a residual value for the land, as improved, of $62,896. 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 1,010.26 acres of land that comprise the Azario was purchased for $39,299,300. The development program produces a density of 1.80 units per acre, so the land value per unit for the lots is $21,569.

Therefore, the District’s CIP will provide a special benefit to the Properties. The cost of the raw land at an expected density of 1.80 units per acre is $21,569 per lot. The net increase in the market value of the lots once improved by the District’s CIP is estimated at $62,896. Therefore, the net benefit in market value of the lots after deducting the cost of the land before the improvements is $41,326 (i.e. $62,896 - $21,569 = $41,326). This demonstrates the special benefits generated by the CIP to the Properties.

Table 3. Demonstration of Special Benefit for Properties in Azario

Category	Amount	
Acreage	1,010.26	
Bonds to Fund
District CIP	$45,740,000
=========	
Debt/Acre	$45,275	
Units	1,822	
District Acreage	1,010.26	

Units/Acre	========
1.80	
Average Price	$400,000	
Finished lot	$88,000	
CIP Cost per lot	$25,104	
	========	
Remainder	$62,896	
Land Cost	$39,299,300	
Acres	1,010.26	
Cost/Acre	$38,900	
Cost/DU/Lot	$21,569	
	========	
Net Benefit Per	$41,326
Unit

Source: PFM Financial Advisors, LLC

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 Azario 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 Azario portion of the District as outlined in Table 2.

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 Azario created by the Landowner summarized in Table 2, the District Engineer has developed the CIP for Azario. These cost estimates are summarized in Table 4 below. The Engineer estimates a total project cost of
$35,763,321. The CIP estimate excludes financing costs and interest expenses.

Table 4: District Engineer’s Estimated Costs for The District’s Capital Improvement Program for Azario

Category	Amount	
Stormwater	$16,711,125	
Wastewater	$8,210,184	
Potable Water	$6,177,231	
Contingency	$4,664,781	

Total	========
$35,763,321	
Source: District Engineer’s Report

Based on the District Engineer’s estimated cost for Azario, the District’s Financial Advisor has designed a financing program to provide the construction funds needed for the CIP. Table 5 provides a summary of the financing program needed to fund this project in Azario. Bonds totaling approximately $45,740,000 are needed to fund the District’s share of the CIP.

Table 5: Estimated Size of the Bonds for Azario

Category	Amount	
Construction Fund	$35,763,321	
Debt Service Reserve Fund	$3,322,961	
Capitalized Interest	$5,488,800	
Cost of Issuance	$250,000	
Underwriter's Discount	$914,800	
Original Issue Discount	$0	
Rounding	$118	

Total Par	========
$45,740,000	
Source: PFM Financial Advisors, LLC

The debt service reserve account is set initially at 100% of maximum annual debt service. The bond sizing includes two-years 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 CIP. 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 1,010.26 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 CIP to benefiting properties within Azario. The two principals are: (1) the properties being assessed must receive a special benefit from the CIP 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 Azario anticipates construction of 1,822 residential units, a golf course, clubhouse, and four amenity campuses. Since the development program includes both residential units and non-residential development, the most equitable method to allocate the cost of the CIP among the Properties is the equivalent residential unit method (“ERU”). The Florida Supreme Court concluded that the ERU method was a valid methodology in its decision in Winter Springs v. State.3 In addition, the District has used this methodology in other similar circumstances.

The ERU method typically identifies a single-family home in the community as its unit of measurement, 1-ERU. In this application the homes on 45’ wide lots are assigned 1-ERU. The other residential categories are scaled based on the 45’ wide lot category. The twin villas are allocated 0.5 ERU per unit given their relative size. The non-residential amenities and the clubhouse have not yet been designed. The typical relationship between a clubhouse and a standard single-family home is about 10-to-1 based on their relative sizes and use of the CIP infrastructure. The typical amenity center is allocated 5 ERU again based on the typical size of these centers in relationship to a standard single-family home which in this application is the 45’ wide category of single-family homes.

Table 6 provides the allocations to the Properties using the ERU methodology. Table 7 shows both the total amount of debt allocated to each category of land use as well as the annual assessment amount per unit.

[The balance of this page left intentionally blank.]

3 City of Winter Springs v. State, 776 So.2d 255 (Fla 2003

Table 6. Allocation of the Cost of the CIP as Financed to the Properties

Land Use	Units	ERU/Unit	ERUs	%ERU	Total Par Debt	Par Debt/Unit	
Azario Esplanade							
45'	326	1.00	326.00	16%	$7,167,257	$21,985	
52'	449	1.16	518.84	25%	$11,407,030	$25,405	
62'	330	1.38	454.67	22%	$9,996,052	$30,291	
76'	97	1.69	163.82	8%	$3,601,706	$37,131	
90'	36	2.00	72.00	3%	$1,582,953	$43,971	
Twin Villas – TV & Townhomes	278	0.50	139.00	7%	$3,055,978	$10,993	
Clubhouse & Golf Course	1	10.00	10.00	0%	$219,855	$219,855	
3 Amenity Campuses	3	5.00	15.00	1%	$329,782	$109,927	
	========		========		========		
Subtotal	1,516		1,699.33		$37,360,612		
Park East at Azario							
42'	86	0.93	80.27	4%	$1,764,699	$20,520	
52'	90	1.16	104.00	5%	$2,286,487	$25,405	
62'	89	1.38	122.62	6%	$2,695,905	$30,291	
76'	41	1.69	69.24	3%	$1,522,370	$37,131	
1 Amenity Campus	1	5.00	5.00	0%	$109,927	$109,927	
	========		========		========		
Subtotal	306		381.13		$8,379,389		
	========		========		========		
Total	1,822				$45,740,000		
Source: PFM Financial Advisors, LLC			2,080.47				

Table 7. Estimated Annual Debt Service Payments for the Properties

Land Use	Debt/Unit	Net Debt Service	Administrative Expenses	Total Debt Service	
Azario Esplanade					
45'	$21,985	$1,597	$120	$1,717	
52'	$25,405	$1,846	$139	$1,985	
62'	$30,291	$2,201	$166	$2,366	
76'	$37,131	$2,698	$203	$2,901	
90'	$43,971	$3,194	$240	$3,435	
Twin Villas – TV & Townhomes	$10,993	$799	$60	$859	
Clubhouse & Golf Course	$219,855	$15,972	$1,202	$17,174	
3 Amenity Campuses	$109,927	$7,986	$601	$8,587	

Park East at Azario	
$20,520	
$1,491	
$112	
$1,603	
42'	$20,520	$1,491	$112	$1,603	
52'	$25,405	$1,846	$139	$1,985	
62'	$30,291	$2,201	$166	$2,366	
76'	$37,131	$2,698	$203	$2,901	
1 Amenity Campus	$109,927	$7,986	$601	$8,587	
Source: PFM Financial Advisors, LLC

The Landowner may contemplate contributing a portion of the CIP by constructing and subsequently donating elements of the CIP to the District to offset the assessments on the amenity campuses.

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 Azario by (b) the number of unplatted acres of Properties in Azario.

By way of illustration, if the District issues $45,740,000 in Series 2019 Bonds as planned, then the Ceiling Amount would be set at $45,275 per gross acre ($45,740,000/1,010.26).

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.

TABLE 8. STAGE OF DEVELOPMENT FOR TRUE UP TEST

Category	25%	50%	75%	90%	
Cumulative Acres	252.57	505.13	757.70	909.24	
Unallocated Acres	757.70	505.13	252.57	101.03	
Source: PFM Financial Advisors, LLC

3.0	Tax Roll

Table 9 presents the tax roll for Azario. The benefitted parcels are identified by parcel numbers at this juncture with Exhibit A providing the legal description for the Expansion Parcel. 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 9. Tax Roll

Tax Identification Number	Acres	Par Debt	Annual Assessment	Administrative
Fees	Total Annual Assessment	
576000209
Exhibit A - Expansion Parcel	991.17
19.09
========	$44,875,784
$864,216
========	$3,260,177
$62,784
========	$245,390
$4,726
========	$3,505,567
$67,510
========	
Total	1,010.26	$45,740,000	$3,322,961	$250,115	$3,573,077	
Source: PFM Financial Advisors, LLC

Exhibit A – Expansion Parcel Legal

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Resolution 2021-36

RESOLUTION 2021-36

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT ADOPTING THE ADDENDUM TO THE SUPPLEMENTAL SPECIAL ASSESSMENT REPORT FOR THE AZARIO PROJECT SERIES 2019 BONDS; AUTHORIZING THE DISTRICT MANAGER TO UPDATE THE ASSESSMENT ROLL; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Lakewood Ranch Stewardship District (the “District”) is a local unit of special-purpose government organized and existing in accordance with Chapter 2005-338, Laws of Florida (the “Act”); and

WHEREAS, the District was created for the purpose of delivering certain community development services and facilities that have been further described in the District’s Improvement Plan, and to finance such improvements through the issuance of bonds and notes, which bonds and notes will be repaid by the imposition of special assessments on benefitted property within the District and any additional revenue sources permitted by Florida law; and

WHEREAS, the District’s Board of Supervisors (the “Board”) previously adopted Resolution 2020-10, A RESOLUTION SETTING FORTH THE SPECIFIC TERMS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT’S SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2019 (AZARIO PROJECT); CONFIRMING THE DISTRICT’S PROVISION OF INFRASTRUCTURE IMPROVEMENTS AND ADOPTING AN ENGINEER’S REPORT; CONFIRMING AND ADOPTING A SUPPLEMENTAL ASSESSMENT REPORT; CONFIRMING, ALLOCATING AND AUTHORIZING THE COLLECTION OF SPECIAL ASSESSMENTS SECURING SERIES 2019 BONDS; PROVIDING FOR THE APPLICATION OF TRUE-UP PAYMENTS; PROVIDING FOR THE SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR THE RECORDING OF A NOTICE OF SERIES 2019 SPECIAL ASSESSMENTS; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN EFFECTIVE DATE; and

WHEREAS, the District authorized the issuance and sale of its $12,670,000 Special Assessment Revenue Bonds, Series 2019 (Azario Project) (the “Series 2019 Bonds”) to pay all or a part of the costs of the design, permitting, acquisition, construction and installation of certain improvements and facilities all as permitted by the Act; and

WHEREAS, the District desires to adopt the District’s Addendum to the Supplemental Assessment Methodology Report Lakewood Ranch Stewardship Northeast Sector Azario Project dated August 20, 2021 (“Methodology Report”), which updates and refines the debt allocations in the Supplemental Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Azario Project, dated November 22, 2019 adopted pursuant to Resolution 2020-10; and

WHEREAS, the District further desires to authorize the District Manager to update the assessment roll for the Methodology Report upon the approval of the applicable plat, which is currently pending before Manatee County.

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

SECTION 1. The recitals as stated above are true and correct and by this reference are incorporated into and form a material part of this Resolution.

SECTION 2. The Board hereby adopts the District’s Addendum to the Supplemental Assessment Methodology Report Lakewood Ranch Stewardship Northeast Sector Azario Project dated August 20, 2021, attached hereto and incorporated by reference herein as Exhibit A.

SECTION 3.   The District Manager is hereby authorized to update the assessment roll for the Methodology Report upon the approval of the applicable plat.

SECTION 4. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

PASSED AND ADOPTED this 20th day of August, 2021.

ATTEST:	LAKEWOOD RANCH STEWARDSHIP DISTRICT

Secretary	Chairman, Board of Supervisors

Exhibit A: Addendum to the Supplemental Assessment Methodology Report Lakewood Ranch Stewardship Northeast Sector Azario Project dated August 20, 2021

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Addendum to Supplemental Methodology 2019

ADDENDUM TO THE SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT LAKEWOOD RANCH STEWARDSHIP DISTRICT NORTHEAST SECTOR
Azario Project

August 20, 2021 Prepared for
Board of Supervisors
Lakewood Ranch Stewardship District Prepared by
PMF Group Consulting, LLC 12051 Corporate Boulevard
Orlando, Florida 32817
407-723-5920

`

Addendum to the Supplemental Assessment Methodology Report Lakewood Ranch Stewardship District
Northeast Sector – Azario Project

1.0	Background

The Lakewood Ranch Stewardship District (“District”) was created on June 17, 2005. The District encompasses approximately 25,605 acres in Manatee and Sarasota Counties. Lakewood Ranch Azario (“Azario” and/or the “Development”) currently comprises +/- 992 acres located in the Northeast Sector (“Sector”) that contains +/- 3,853 gross acres. The District Engineer’s report of December 2019 (“District Engineer’s Report”)1 provides a description of the area and a location map.

The District adopted its Amended Master Assessment Methodology (“Amended Master Methodology”) for Azario at its July 9, 2021 meeting. Azario’s landowner and developer of Azario, Taylor Morrison of Florida, Inc. (“Landowner”), has concluded negotiations with SMR Northeast, LLC to purchase an additional 19.1+/- acres of land located within the District’s boundaries just outside of the northeast corner of the Development (the “Expansion Parcel”). The Landowner’s General Development Plan (“GDP”) has been approved by Manatee County Board of County Commissioners with the Landowner successfully closing on the Expansion Parcel. This successful expansion of the Development’s boundaries, results in Azario including 1,010.26 acres.

Table 1 displays the projected land use plan for Azario. Azario is planned for: 1,821 single family detached and semi-detached units, four (4) amenity campuses, a golf course, and golf course maintenance facility. The development totals are subject to change upon final platting.

[The balance of this page left intentionally blank.]

1 Waldrop Engineering (December 2019), “Engineer’s Report Azario Lakewood Ranch”

Table 1: Projected Land Use Plan – Azario

Category	Units	
Azario - Active Adult Golf Lot (Front Feet)
42’	

334	
52’	179	
62’	187	
76’	107	
90’	36	

Subtotal	======
843	
Non-Golf Lot (Front Feet) 38’	
266	
52’	245	
62’	112	

Subtotal	======
623	
Park East Lot (Front Feet) 42’	
86	
52’	91	
62’	89	
76’	41	

Subtotal	======
307	
Expansion Parcel Lot (Front Feet) Golf 42'	
27	
Non-Golf - 38'	12	
Non-Golf - 52'	5	
Non-Golf - 62'	4	

Subtotal	======
48	

Grand Total	======
1,821	
Source: The Landowner

Assessment Methodology

Overview

As per the Amended Master Methodology, the assessment methodology is a process by which the District will allocate the costs associated with its improvement program to properties in the Azario area of the District benefiting from the improvements. The allocation is based upon the benefits that such properties receive. At the outset, the District has based its CIP (detailed in Table 2) on the projected land uses the Landowner plans for the Azario portion of the District (inclusive of the Expansion Parcel) as outlined in Table 1.

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 Azario created by the Landowner summarized in Table 1, the District Engineer has developed the CIP for Azario. These cost estimates are summarized in Table 2 below. The Engineer estimates a total project cost of $35,763,321. The CIP estimate excludes financing costs and interest expenses. Note that a portion of the CIP will be funded by the District with the balance funded by the Landowner.

Table 2: District Engineer’s Estimated Costs for The District’s Capital Improvement Program for Azario

Category	District	Developer	Total	
Stormwater	$5,408,528	$11,597,935	$17,006,463	
Wastewater	$2,658,857	$5,701,598	$8,360,454	
Potable Water	$1,972,370	$4,229,510	$6,201,880	
Engineering & Survey	$353,792	$758,663	$1,112,455	
Perimeter Berm & Landscaping	$161,260	$345,804	$507,064	
Contingency	$818,923	$1,756,081	$2,575,004	
	==========	==========	==========	
Total	$11,373,730	$24,389,591	$35,763,321	
Source: Waldrop Engineering (December 2019), “Engineer’s Report Azario Lakewood Ranch” for the total and PFM for the District Component

Based on the District Engineer’s estimated cost for Azario, the District’s Underwriter has sold the Series 2019 Bonds for the Azario Project to provide the construction funds needed for the CIP. Table 3 provides a summary of the Series 2019 Bonds sold to fund the District’s component of this project in Azario. Bonds totaling $12,670,000 will fund the District’s share of the CIP.

Table 3: Estimated Size of the Bonds for the District Portion of The Azario CIP

Bond Sizing	Amount	
Construction Account	$11,373,730	
Debt Service Reserve Fund	$361,475	
Capitalized Interest	$435,446	
Costs of Issuance	$164,150	
Underwriter's Discount	$253,400	
Original Issue Discount	$81,799	
Rounding	$0
==========	
Total	$12,670,000	
Source: MBS Capital Markets, LLC

The debt service reserve account is set initially at 50% of maximum annual debt service. The bond sizing includes 11 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 Amended Master Methodology

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. The Development’s boundaries have successfully been expanded per the Amended Master Methodology. In addition, the Expansion Parcel, has received rezoning approval, and gone through the Chapter 170 process for all lands constituting the Azario Project including the Expansion Parcel’s. Therefore, at the outset, the debt is allocated on an acreage basis across all benefited acres in the Azario project area totaling 1,010.26 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.

The Amended Master Methodology allocated the costs of the CIP, as financed, using the equivalent residential unit method. Table 4 displays the allocations from the Amended Master Methodology based on the total cost of the CIP. As shown above in Table 2, the Landowner will contribute approximately 68% of the total cost of the CIP. The Landowner’s contribution to the CIP generates credits that will be used to reduce the total cost of the CIP to the final homeowners. The Landowner has provided the District with a schedule for the distribution of the credits. The end result is shown in Table 4. In all cases the credits reduce the total cost of the CIP substantially for all land use categories, thereby reducing the amount of debt allocated to them.

Table 4. Allocation of Capital Improvement Costs as Financed Per Unit

Category	Amended Master	District 2019
Bonds	Landowner	
Azario - Active Adult				
Golf Lot (Front Feet)				
42’	$21,985	$5,997	$15,988	
52’	$25,405	$7,008	$18,397	
62’	$30,291	$8,002	$22,289	
76’	$37,131	$9,013	$28,118	
90’	$43,971	$10,659	$33,312	
Non-Golf Lot (Front Feet) 38’	
$10,993	
$5,362	
$5,631	
52’	$25,405	$7,008	$18,397	
62’	$30,291	$8,002	$22,289	
Park East Lot (Front Feet) 42’	
$20,520	
$5,997	
$14,523	
52’	$25,405	$7,008	$18,397	
62’	$30,291	$8,002	$22,289	
76’	$37,131	$9,013	$28,118	
Expansion Parcel Lot (Front Feet)
Golf 42'	

$20,520	

$5,997	

$14,523	
Non Golf - 38'	$10,993	$5,362	$5,631	
Non Golf - 52'	$25,405	$7,008	$18,397	
Non Golf - 62'	$30,291	$8,002	$22,289	
Source: PFM Financial Advisors LLC

Table 5 shows that the allocation of the District’s portion of the CIP, as financed after consideration of the Landowner’s contributions, accounts for the full amount of the Series 2019 Bonds totaling $12,670,000.

Table 5. Allocation of Total Series 2019 Debt

Category	Units	Par/Unit	Total Par	
Azario - Active Adult				
Golf Lot (Front Feet)				
42	334	$5,997	$2,003,163	
52	179	$7,008	$1,254,422	
62	187	$8,002	$1,496,391	
76	107	$9,013	$964,342	
90
Non-Golf Lot (Front Feet)	36	$10,659	$383,709	
38	266	$5,362	$1,426,263	
52	245	$7,008	$1,716,946	
62
Park East Lot (Front Feet)	112	$8,002	$896,234	
42	86	$5,997	$515,785	
52	91	$7,008	$637,723	
62	89	$8,002	$712,186	
76
Expansion Parcel Lot (Front Feet)
Golf 42'	41

27	$9,013

$5,997	$369,514

$161,932	
Non-Golf - 38'	12	$5,362	$64,343	
Non-Golf - 52'	5	$7,008	$35,040	
Non-Golf - 62'	4	$8,002	$32,008	

Total	======
1,821		======
$12,670,000	
Source: PFM Financial Advisors LLC				
Table 6 presents the annual	debt service	allocations to	the benefitting	
properties based on their allocation of total par debt shown in Tables 5 and 6, using the average coupon interest rate of 3.95% on the Series 2019 Bonds. The administrative charges include an allowance for the early payment of property taxes of 4% (since the assessments will be collected along with all other property taxes using the Uniform Method of collection) and a 3% charge by the Property Tax Collector and the Property Tax Assessor for their collection services.

Table 6. Allocation of Annual Debt Service for the Series 2019 Bonds

Category	Debt Service/Unit	Administrative
Charges	Total Annual Debt Service	
Azario - Active Adult				
Golf Lot (Front Feet)				
42’	$342	$26	$368	
52’	$400	$30	$430	
62’	$457	$34	$491	
76’	$514	$39	$553	
90’	$608	$46	$654	
Non-Golf Lot (Front Feet)				
38’	$306	$23	$329	
52’	$400	$30	$430	
62’	$457	$34	$491	
Park East Lot (Front Feet)				
42’	$342	$26	$368	
52’	$400	$30	$430	
62’	$457	$34	$491	
76’	$514	$39	$553	
Expansion Parcel Lot (Front Feet)
Golf 42'	

$342	

$26	

$368	
Non-Golf - 38'	$306	$23	$329	
Non-Golf - 52'	$400	$30	$430	
Non-Golf - 62'	$457	$34	$491	
Source: PFM Financial Advisors LLC

Table 7 demonstrates that the allocation of Series 2019 Bonds, as described above, will provide the debt service payments required for the Series 2019 Bonds.

Table 7. Total Debt Service Allocations for the Series 2019 Bonds

Category	Units	Total Debt Service	Administrative
Charges	Total Annual Debt Service	
Azario - Active Adult					
Golf Lot (Front Feet)					
42’	334	$114,308	$8,604	$122,912	
52’	179	$71,582	$5,388	$76,970	
62’	187	$85,390	$6,427	$91,817	
76’	107	$55,029	$4,142	$59,171	
90’	36	$21,896	$1,648	$23,544	
Non-Golf Lot (Front Feet)					
38’	266	$81,388	$6,126	$87,514	
52’	245	$97,976	$7,375	$105,350	
62’	112	$51,143	$3,849	$54,992	
Park East Lot (Front Feet)					
42’	86	$29,433	$2,215	$31,648	
52’	91	$36,391	$2,739	$39,130	
62’	89	$40,640	$3,059	$43,699	
76’	41	$21,086	$1,587	$22,673	
Expansion Parcel Lot (Front Feet)					
Golf 42'	27	$9,240	$696	$9,936	
Non-Golf - 38'	12	$3,672	$276	$3,948	
Non-Golf - 52'	5	$2,000	$151	$2,150	
Non-Golf - 62'	4	$1,827	$137	$1,964	
	======	======	======	======	
Total	1,821	$722,999	$54,419	$777,418	
Source: PFM Financial Advisors LLC

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 Azario by (b) the number of unplatted acres of properties in Azario.

The District has sold $12,670,000 in Series 2019 Bonds. Based on the total expected acreage in the Azario project area of 1,011 after the completion of the contemplated purchase and addition of the 19.1 acres, Ceiling Amount would be set at $12,541 per gross acre calculated as $12,670,000
/ 1,010.26 acres.

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 8 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.

TABLE 8. STAGE OF DEVELOPMENT FOR TRUE UP TEST

Category	25%	50%	75%	90%	
Cumulative Acres	253	505	758	910	
Unallocated Acres	758	505	253	101	
Source: PFM Financial Advisors LLC

3.0	Tax Roll

Table 9 presents the tax roll for Azario. The benefitted parcels are identified by parcel number and legal description (Exhibit A) 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 interest rate of 3.95% 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 9. Tax Roll

Tax Identification Number	Acres	Par Debt	Annual	Administrative	Total Annual	
			Assessment	Fees	Assessment	
576000209	991.51	$12,430,691	$709,343	$53,391	$762,734	
Expansion Parcel	19.09	$239,309	$13,656	$1,028	$14,684	
Total	1,010.26	$12,670,000	$722,999	$54,419	$777,418	
Source: PFM Financial Advisors LLC

Exhibit A – Expansion Parcel Legal

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Resolution 2021-37

RESOLUTION 2021-37

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT ADOPTING THE ADDENDUM TO THE SUPPLEMENTAL SPECIAL ASSESSMENT REPORT FOR THE AZARIO PROJECT SERIES 2020 BONDS; AUTHORIZING THE DISTRICT MANAGER TO UPDATE THE ASSESSMENT ROLL; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Lakewood Ranch Stewardship District (the “District”) is a local unit of special-purpose government organized and existing in accordance with Chapter 2005-338, Laws of Florida (the “Act”); and

WHEREAS, the District was created for the purpose of delivering certain community development services and facilities that have been further described in the District’s Improvement Plan, and to finance such improvements through the issuance of bonds and notes, which bonds and notes will be repaid by the imposition of special assessments on benefitted property within the District and any additional revenue sources permitted by Florida law; and

WHEREAS, the District’s Board of Supervisors (the “Board”) previously adopted Resolution 2020-38, A RESOLUTION SETTING FORTH THE SPECIFIC TERMS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT’S SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2020 (AZARIO PROJECT); CONFIRMING THE DISTRICT’S PROVISION OF INFRASTRUCTURE IMPROVEMENTS AND ADOPTING AN ENGINEER’S REPORT; CONFIRMING AND ADOPTING A SUPPLEMENTAL ASSESSMENT REPORT; CONFIRMING, ALLOCATING AND AUTHORIZING THE COLLECTION OF SPECIAL ASSESSMENTS SECURING SERIES 2020 BONDS; PROVIDING FOR THE APPLICATION OF TRUE-UP PAYMENTS; PROVIDING FOR THE SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR THE RECORDING OF A NOTICE OF SERIES 2020 SPECIAL ASSESSMENTS; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN EFFECTIVE DATE; and

WHEREAS, the District authorized the issuance and sale of its $6,655,000 Special Assessment Revenue Bonds, Series 2020 (Azario Project) (the “Series 2020 Bonds”) to pay all or a part of the costs of the design, permitting, acquisition, construction and installation of certain improvements and facilities all as permitted by the Act; and

WHEREAS, the District desires to adopt the District’s Addendum to Supplemental Assessment Methodology Report Lakewood Ranch Stewardship Northeast Sector Azario Project Area Series 2020 Bonds, dated August 2021 (“Methodology Report”), which updates and refines the debt allocations in the Supplemental Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Azario Project Area Series 2020 Bonds, dated September 3, 2020, adopted pursuant to Resolution 2020-38; and

WHEREAS, the District further desires to authorize the District Manager to update the assessment roll for the Methodology Report upon the approval of the applicable plat, which is currently pending before Manatee County.

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

SECTION 1. The recitals as stated above are true and correct and by this reference are incorporated into and form a material part of this Resolution.

SECTION 2. The Board hereby adopts the District’s Addendum to Supplemental Assessment Methodology Report Lakewood Ranch Stewardship Northeast Sector Azario Project Area Series 2020 Bonds, dated August 2021, attached hereto and incorporated by reference herein as Exhibit A.

SECTION 3.   The District Manager is hereby authorized to update the assessment roll for the Methodology Report upon the approval of the applicable plat.

SECTION 4. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

PASSED AND ADOPTED this 20th day of August, 2021.

ATTEST:	LAKEWOOD RANCH STEWARDSHIP DISTRICT

Secretary	Chairman, Board of Supervisors

Exhibit A: Addendum to Supplemental Assessment Methodology Report Lakewood Ranch Stewardship Northeast Sector Azario Project Area Series 2020 Bonds, dated August 2021

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Addendum to Supplemental Methodology 2020

ADDENDUM TO SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT LAKEWOOD RANCH STEWARDSHIP DISTRICT NORTHEAST SECTOR AZARIO PROJECT AREA
SERIES 2020 BONDS

August 2021

Prepared for:

Board of Supervisors,
Lakewood Ranch Stewardship District

Prepared on August 20, 2021

PFM Financial Advisors LLC
12051 Corporate Boulevard
Orlando, FL 32817

ADDENDUM TO SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT LAKEWOOD RANCH STEWARDSHIP DISTRICT
NORTHEAST SECTOR AZARIO PROJECT AREA SERIES 2020 BONDS

August 20, 2021

Introduction

Background

The Lakewood Ranch Stewardship District (“District”) was created on June 17, 2005. The District encompasses approximately 25,605 acres in Manatee and Sarasota Counties. The District’s Azario Project Area (“Azario” and/or the “Development”) currently comprises +/- 992 acres located in the Northeast Sector (“Sector”) that contains +/- 3,853 gross acres. The District Engineer’s report of July 2020, as amended and restated, (“District Engineer’s Report”)1 provides a description of the area and a location map.

The District adopted its Amended Master Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Azario Project Area, dated July 9, 2021 (“Amended Master”), which amended the District’s Master Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Azario Project Area, dated October 4, 2019 (“Master Methodology”). Azario’s landowner and developer of Azario, Taylor Morrison of Florida, Inc. (“Landowner”), has concluded negotiations with SMR Northeast, LLC to purchase an additional 19.1+/- acres of land located within the District’s boundaries just outside of the northeast corner of the Development (the “Expansion Parcel”). The Landowner’s General Development Plan (“GDP”) has been approved by Manatee County Board of County Commissioners with the Landowner successfully closing on the Expansion Parcel, representing a successful expansion of the project’s boundaries. The successful expansion of the Development’s boundaries, results in Azario totaling 1,010.26 acres.

The District previously issued its Special Assessment Revenue Bonds, Series 2018 (Northeast Sector - Phase 1B Project) (the “2018 Northeast Sector Phase 1B Bonds”) to construct a portion of the Northeast Sector Improvements which are partially secured by special assessments levied on the same lands encumbered by the 2020 Bonds secured by the Series 2020 Assessments. Further, the District previously issued its Special Assessment Revenue Bonds, Series 2019 (Azario Project) (the “2019 Azario Bonds”) to construct a portion of the Azario CIP, defined herein, in the estimated amount of $11.4 million. The 2019 Azario Bonds are partially secured by special assessments levied on the same lands encumbered by the Special Assessment Revenue Bonds, Series 2020 (“Bonds” and/or “Series 2020 Bonds”) secured by the Series 2020 Assessments.

1 Waldrop Engineering (July 2020), “Engineer’s Report Azario Lakewood Ranch”

The Series 2020 Bonds will fund neighborhood infrastructure within the Development. The Series 2020 Assessments levied in connection with the 2020 Bonds are only intended to be levied on all 1,518 units planned within the Azario Esplanade Neighborhood (“Azario Esplanade”), as discussed further herein. Table 1 displays projected land use plan for the Development and its planned 1,825 residential units (subject to change upon final platting).

Table 1: Projected Land Use Plan – Azario

Category	Units

Azario - Active Adult Golf Lot (Front Feet)
42’	324
52’	198
62’	193
76’	97
90’	36
======
Subtotal	848
Non-Golf Lot (Front Feet)
38’/45’	296
52’	251
62’	123
======
Subtotal	670
======

Total Azario Esplanade

Park East	1,518	
42’	86	
52’	91	
62’	89	
76’	41	
Subtotal	307	
Total	1,825	
Source: The Landowner

Assessment Methodology

Overview

This Supplemental Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Azario Project Area Series 2020 Bonds (“Supplemental Methodology”) provides a methodology for allocating the assessments securing the repayment of the planned Series 2020 Bonds to be issued by the District. This Supplemental Report applies and operates pursuant to the methodology outlined in the Amended Master Methodology.

The District’s Capital Improvement Plan for the Development and the District Engineer’s Estimate of Cost

Based upon the projected land use plan for the Development created by the Landowner, the District Engineer has developed the Capital Improvement Plan (“Azario CIP”) for the Development. These cost estimates are summarized in Table 2 below. The Engineer estimates a total project cost of $35,763,321. The Azario CIP estimate excludes financing costs and interest expenses.

Table 2: District Engineer’s Estimated Costs for
The District’s Capital Improvement Program for the Development

Category	Total	
Stormwater	$17,006,463	
Wastewater	$8,360,454	
Potable Water	$6,201,880	
Engineering & Survey	$1,112,455	
Perimeter Berm & Landscaping	$507,064	
Contingency	$2,575,004	
	==========	
Total	$35,763,321	
Source: Waldrop Engineering (July 2020), “Engineer’s Report Azario Lakewood Ranch” for the total and PFM for the District Component

Table 3 provides a summary of the Series 2020 Bonds totaling $6,655,000 that will fund a portion of the District’s Azario CIP.

Table 3: Size of the Series 2020 Bonds for the District Portion of the Azario CIP

Sources and Uses

Sources:		
Bond Proceeds:
Par Amount	
$6,655,000	
Original Issuer Discount	-$37,752	
Total Sources of Funds	$6,617,248	
Uses:		
Project Fund Deposits:
General Subaccount	
$5,873,673	
Retainage Account	$236,940	
Other Fund Deposits:
Capitalized Interest (thru 11/1/20)	
$30,251	
Debt Service Reserve Fund @50% MADS	$186,709	

Delivery Date Expenses:		
Costs of Issuance		$156,575	
Underwriter's Discount	2%	$133,100	

Total Uses of Funds	$6,617,248

Source: MBS Capital Markets, LLC

The debt service reserve account is set at 50% of maximum annual debt service. The bond sizing includes two months of capitalized interest. The underwriter’s discount is 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

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. The Development’s boundaries have successfully been expanded per the Amended Master Methodology. In addition, the Expansion Parcel, has received rezoning approval, and gone through the Chapter 170 process for all lands constituting the Azario Project including the Expansion Parcel’s. Therefore, at the outset, the debt is allocated on an acreage basis across all benefited acres in the Azario project area totaling 1,010.26 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 discussed further herein under Section 2.4, while all lands within the Development benefit from the Azario CIP, the Developer will contribute infrastructure included in the Azario CIP that will completely satisfy the 2020 Assessments that would otherwise have been levied for the benefit derived from the Azario CIP on certain development tracts within the Development, specifically the Park East Neighborhood planned for 307 residential units. The 2020 Bonds were sized to correspond to the collection of Series 2020 Assessments from the 1,518 residential lots planned within Azario Esplanade of the Development. Table 4 summarizes the allocation of the Series 2020 Bonds totaling $6,655,000 within Azario Esplanade.

Table 4. Allocation of Total Series 2020 Debt

Category	Units	Par/Unit	Total Par	
Azario - Active Adult				
Golf Lot (Front Feet)				
42	324	$945	$306,142	
52	198	$4,535	$898,017	
62	193	$7,559	$1,458,899	
76	97	$11,339	$1,099,844	
90	36	$15,118	$544,253	
Non-Golf Lot (Front Feet)				
38/45	296	$945	$279,685	
52	251	$4,535	$1,138,395	
62	123
==========	$7,559	$929,765
==========	
Total	1,518		6,655,000	
Source: PFM Financial Advisors LLC

Table 5 presents the annual debt service allocations to the benefitting properties based on their allocation of total par debt shown in Tables 5 and 6, using the average coupon interest rate of 3.80% on the Series 2020 Bonds. The administrative charges include an allowance for the early payment of property taxes of 4% (since the assessments will be collected along with all other property taxes using the Uniform Method of collection) and a 3% charge by the Property Tax Collector and the Property Tax Assessor for their collection services.

Table 5. Allocation of Annual Debt Service for the Series 2020 Bonds

Category	Debt Service/Unit	Administrative
Charges	Total Annual Debt
Service	
Azario - Active Adult				
Golf Lot (Front Feet)				
42’	$53	$4	$57	
52’	$254	$19	$274	
62’	$424	$32	$456	
76’	$636	$48	$684	
90’	$848	$64	$912	
Non-Golf Lot (Front Feet)				
38’/45’	$53	$4	$57	
52’	$254	$19	$274	
62’	$424	$32	$456	
Source: PFM Financial Advisors LLC

Table 6 demonstrates that the allocation of Series 2020 Bonds, as described above, will provide the debt service payments required for the Series 2020 Bonds.

Table 6. Total Debt Service Allocations for the Series 2020 Bonds

Category	Units	Total Debt Service	Adm	inistrative Charges	Total	Annual Debt Service (1)	
Azario - Active Adult					
Golf Lot (Front Feet)					
42’	324	$17,178	$1,293	$18,471	
52’	198	$50,388	$3,793	$54,181	
62’	193	$81,860	$6,162	$88,022	
76’	97	$61,713	$4,645	$66,358	
90’	36	$30,538	$2,299	$32,837	
Non-Golf Lot (Front Feet)	
38’/45’	296	$15,693	$1,181	$16,875	
52’	251	$63,876	$4,808	$68,684	
62’	123	$52,170	$3,927	$56,097	
	==========	==========	==========	==========	
Total	1,518	$373,418	$28,107	$401,524	
Source: PFM Financial Advisors LLC
(1) Total Annual Debt Service includes a 7.0% gross-up to account for the fees of the County Property Appraiser and Tax Collector and the statutory early payment discount.

Contribution of District Infrastructure and/or Improvements

The costs of the District’s Azario CIP will be funded by two mechanisms. The first mechanism is the issuance of special assessment bonds. The second mechanism is the contribution of funds or Azario CIP components to the District (“Contribution”). Consistent with the Amended Master Methodology, the Landowner anticipates contributing a portion of the Azario CIP to the District in order to establish target levels of debt to be assigned by product type within the District in the form of contributing funds and or properties/products. Table 7 summarizes the Contribution associated with the Park East lots within the District.
Table 7. Contribution Summary – Park East Lots

Neighborhood Bonds Category	Lots	Amended Master Lien per
Unit
Single Family 42'	86	$20,520
Single Family 52'	91	$25,405
Single Family 62'	89	$30,291
Single Family 76'	41	$37,131
Total	307
Source: PFM Financial Advisors LLC	Neighborhood Bonds Series 2020 Azario Bonds
Par per Unit
$5,997
$7,008
$8,002
$9,013	
Contribution

$14,523
$18,397
$22,289
$28,118	

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 Azario by (b) the number of unplatted acres of properties in Azario.

The District’s Series 2020 Bonds total $6,655,000. Based on the total acreage in the Azario project area of 1,010.26 after the addition of the 19.1 acres of the Expansion Parcel, the Ceiling Amount is set at
$6,587 per gross acre calculated as $6,655,000 / 1,010.26 acres.

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 8 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.

TABLE 8. STAGE OF DEVELOPMENT FOR TRUE UP TEST

Category	25%	50%	75%	90%	
Cumulative Acres	253	505	758	909	
Unallocated Acres	758	505	253	101	
Source: PFM Financial Advisors LLC

[The balance of this page left intentionally blank.]

3.0	Tax Roll

Table 9 presents the tax roll for Azario. The benefitted parcels are identified by parcel number and legal description (Exhibit A) at this juncture. When the Manatee County Property Appraiser assigns tax identification numbers, the District will update the tax roll. The annual assessment amount is calculated based on an interest rate of 4.5% 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 9. Tax Roll

Tax Identification Number	
Acres	
Par Debt	Annual Assessment	Administrative
Fees	Total Annual Assessment	
576000209
Expansion Parcel	991.17
19.09
========	$6,529,259
$125,741
===========	$366,362
$7,055
===========	$27,576
$531
===========	$393,938
$7,586
===========	
Total	1,010.26	$6,655,000	$373,418	$28,107	$401,524	
Source: PFM Financial Advisors LLC

0

Exhibit A – Expansion Parcel Legal

ILAKIEWOOO  RAINCH ESPLANA DE 11110 0 -'GAP PA.R1CEL

OESD l:IP Tll:ON: A [par oel of land l ing in Se ction 2, TOWlliSll ip 35 So tith, Range 19 East, Manatee Cou111ty   , IFl'.orida, a1n d  l)e  i n g  more partiC1L1l al1ly d escrill edl as follmYs:

, c o MM	EJN CE at the Sou hwest cm111er of sai'd Sen ion :2, nm thence along the South bmmdaiy of said Section :2,  8-89"41'13"E.. a distano, e of 3786.7'5 feett o a point on a non-1ta1ng   en, t cwve 0111 the Westel1¥ right of way of line of UIHLEIN ROAD, as descliib-ed in Speoial Warranty Deed to Lake1/I/Ood Ranch Stewardlsll jp Dishi:ct  recorded in Offi:ciial Records Boo'k :27 53, Page 4:26 2, of the Pulllli:c Recordls of M anatee County; thence along said Westerly light of wary line of U IHLEIN ROAD, Northerly, 110  3£.86,  teet e.i l'.ong til e an: of a non-tang·e n t 01.1rv  e  to til e l'.efi lla:1ving a radius of 3'940.00 feet and a 001n t ral angle of 15"04'41R     (   chmd ll emrni g N_o,g,·36 '29'"!N.,, 103  3.87 feet} to 1!he POIIIH OF BEGINNIN:G; thence Northe111y,  316   .91 feet along the· arc of a noni-tangent ourve to U1e left having a radlius . o f 3940.00 feet and a 001n t ral angle of D4"36 '31R ( chordhealing N.19"27'05'"!N.,, 3 16.82 feet); 1!h ence Nmtherty, 1706.68 feet along1 the arc of 131 reverse curve to the right having a radillls of  2203.00 reeta nd a central! angle of 44"23.' 15'' ( ohord bearing N.00"26 '17"E., 1664.32 feet); t11e:noo Nortti,erly, 822.19 teet along the arc of a reverse ourve to the l'.e:tt having a radius of 2083.00 feet and a central! angle of 22"37'55" (ohord l)ealing N.11"18'57''E., 817.45 feet); thence
N.O,o  oo·oo· E.,, a d'istanoe of  1'94.38 reet to a point on the North l)oundlary of the So1.1tll1 U   2   of the
Northeast H4 of aforesai:d Section 2; thence along said North lm lllndary of the Sou1!hl 1 f 2 of th e Northeast 114 of said Section 2, S.8'9 23'20"E ., 131 d is tance of 500.02 feet) to a point @   hie aforesaid Westerly light of way of l'in e of IJIHLEIN ROAD; thence along sai:d Westel1iy rigllit of way ofli ne of UIHLEIN ROAD, the following tJNo ( 2} cours es: 1), Sou1hel1 . 11 94.52 feet along the arc of a non-tangent Clllll"\l'e lo 1!hle right llmri1n  g   a radius oli 2143.00 feet andl 131 centraI a1ng  l e of 31"56'13" (ohlord l)earing1 S.16' 09'35"W., 117'9.1 1 feet); 2), Solllitll ,erl  . 1894.61 feet along the arc of a reverse curve to the lefl, 11aving a rad'iu s o f 2203.00 feet and ,a oentral angle of 49"16'31R ( chord hearing
S.Or   29' 26''W., 1836.76 feet} to the POINIT OF BEGltHIING.

Containing 19.008 aores, more or less.

SURV EYOR 'S NO T ES :

1 ) B e s.rin g s show.n he:re ooi a:re b ase d! o n "ilhe S m rth bmmdBl)' o f lh e o• Se otion 2, ow.nsh ip 3,5 S oulh. Re:ng e 1 9 Eas t,,
M .an s.te e Oo u.niy .  Flonid.a.  h..avtng BJ G r id! b e a:ringI a   S..89"   4  1' 13 '1E.  T h e  G ri d  8€  a rin g s  a-s s ho w.n h e;reo n  re f e;r t, o  itu;,. S  te P la n,e Coord ina te Sys e:m. Morlh .Americ.a Ho  o n ta l D-aru m of 198,3 {IIIAD 8.3- 20   1 ADJ UST M E: Tl fo r the W es · Z •m, e ,of Fl ori d a.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Other Matters

(provided under separate cover)

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Resolution 2021-38

RESOLUTION NO. 2021-38

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT DIRECTING THE CHAIRMAN, BOARD MEMBERS AND DISTRICT STAFF TO SEEK LEGISLATION AMENDING THE DISTRICT BOUNDARIES, AND AUTHORIZING SUCH OTHER ACTIONS AS ARE NECESSARY IN FURTHERANCE OF THE BOUNDARY AMENDMENT PROCESS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Lakewood Ranch Stewardship District (the “District”) is a local unit of special-purpose government organized and existing in accordance with Chapter 2005-338, Laws of Florida, as amended, (the “Act”); and

WHEREAS, pursuant to the Act, the District is authorized to construct, acquire, and maintain infrastructure improvements and services; and

WHEREAS, the District presently consists of approximately 25,605 acres, more or less, within Manatee and Sarasota Counties as more fully described in the Act; and

WHEREAS, the District desires to affect legislation to amend its boundaries to add certain development lands in accordance with the procedures and processes prescribed by Florida law, and such other actions as are necessary in furtherance of the boundary amendment process; and

WHEREAS, in order to seek a boundary amendment, the District desires to authorize the Chairman, Board Members and District staff, including but not limited to legal, engineering, and managerial staff, to provide such services as are necessary throughout the pendency of the boundary amendment process, and to ratify any actions by such persons taken to date in furtherance of the proposed boundary amendment.

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

SECTION 1. The recitals as stated above are true and correct and by this reference are incorporated into and form a material part of this Resolution.

SECTION 2. The Board hereby directs the Chairman, Board Members and District staff to proceed in an expeditious manner with the preparation and filing of legislation and related materials to seek the amendment of the District’s boundaries and authorizes the prosecution of the procedural requirements detailed in Florida law for the amendment of the District’s boundaries. The Board hereby ratifies any actions by such persons taken to date in furtherance of the proposed boundary amendment.

SECTION 3. This Resolution shall become effective upon its passage.

PASSED AND ADOPTED this 20th day of August, 2021.

ATTEST:		LAKEWOOD RANCH STEWARDSHIP	
		DISTRICT	
			
Secretary/Assistant Secretary		Chairman/Vice Chairman	

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Draft Legislation for Boundary Amendment

A bill to be entitled

An act relating to the Lakewood Ranch Stewardship
District, Manatee and Sarasota Counties; amending
ch. 2005-338, Laws of Florida, as amended; revising
the boundaries of the Lakewood Ranch Stewardship
District; requiring a referendum; providing an
effective date.
8
9	Be It Enacted by the Legislature of the State of Florida:
10
Section 1. Section 4 of chapter 2005-338, Laws of
Florida, as amended by chapters 2009-263, 2018-178, and 2019-
180, Laws of Florida, is amended to read:
14
Section 4. Legal description of the Lakewood Ranch
Stewardship District.—
17
LEGAL DESCRIPTION. The metes and bounds legal description
of the District, within which there are no parcels of
property owned by those who do not wish their property to
be included within the District, is as follows:
22
23
Section 2. In the election provided for in section 3,
each assessable acre or fraction thereof present in person or
by proxy shall be counted as one vote pursuant to section
5(2)(b) of chapter 2005-338, Laws of Florida.

28	Section 3. This section and section 2 shall take effect	
29	upon this act becoming a law, and section 1 shall take effect	
30	upon approval by a majority vote of the owners of land within	
31	the area described in section 1, who are not exempt from ad	
32	valorem taxes or non-ad valorem assessments and who are	
33	present in person or by proxy at a landowners' meeting to be	
34	held within 90 days after the effective date of this act. Such	
35	landowners' meeting shall be noticed as provided in section	
36	5(2)(a) of chapter 2005-338, Laws of Florida.