LAKEWOOD RANCH STEWARDSHIP DISTRICT
Schroeder-Manatee Ranch, Inc.
14400 Covenant Way, Lakewood Ranch, Florida 34202

Minutes - Board of Supervisor's Meeting
March 1, 2024, 9:00 a.m.

Attending and constituting a quorum:

Rex Jensen Tony Chiofalo John Gleeson Ed Hunzeker Jim Schier

Also attending were:

Chair Person
Vice-Chair Person / Assistant Secretary Assistant Secretary
Assistant Secretary Assistant Secretary

Jane Gaarlandt Jorge Orsini Jennifer Glasgow Kevin Plenzler Brent Wilder Jonathan Johnson Anne Ross Heather Ross Denise Gray
Brett Sealy Misty Taylor Scott Almand Bob Simons Rob Engel Mike Kennedy Scott Schuhle
Suzanne Henke

PFM Group Consulting LLC PFM Group Consulting LLC PFM Group Consulting LLC PFM Financial Advisors LLC PFM Financial Advisors LLC Kutak Rock
LWRSD LWRSD LWR MBS BMO SMR
LWR Development Stantec
Stantec
U.S. Bank Public

(by phone) (by phone) (by phone)

FIRST ORDER OF BUSINESS	Call to Order and Roll Call

Ms. Gaarlandt called the meeting to order and proceeded with the roll call. The members in attendance are as outlined above.

Public Comments

There were no public comments.

SECOND ORDER OF BUSINESS	Administrative Matters Consent Agenda

Mr. Jensen presented the consent agenda:

Minutes
February 9, 2024 Board of Supervisors Meeting
Financing Matters Relative to Star
Farms Phases 3/4 Project
MBS Capital Markets, LLC

Supplement to Investment Banking Agreement

On MOTION by Mr. Chiofalo, seconded by Mr. Gleeson, with all in favor, the Board of Supervisors of the
roved the items on the consent a enda.
THIRD ORDER OF BUSINESS	Business Matters

Consideration of Financing Matters Relative to the Lakewood Ranch Southeast Project, Series 2024 Special Assessment Revenue Bonds
8. Other Matters (provided under separate cover)
Mr. Sealy noted that Staff continues to work with Mr. Chiofalo on potential financing alternatives and anticipate bringing updates back to the Board at the April or May meetings.
FOURTH ORDER OF BUSINESS	Consideration of Financing Matters Relative to the Aurora Project, Series 2024 Special Assessment Revenue Bonds
A. Supplemental	Assessment Methodology Report
8. Resolution	2024-20,	Supplemental Assessment Resolution
C. Other Matters (provided under separate cover)

Mr. Sealy provided details on the pricing, noting it was another successful pricing with bonds being priced with three (3) term bonds with blended average yield of 5.37%. The bonds were primarily sold to family offices given the small size of the principal amount of bonds.

Mr. Plenzler provided details of the Supplemental Assessment Methodology Report noting the document was in similar form to what was presented to the Board at the previous meeting, only updates were made to tables 4, 5, and 8 to incorporate the final pricing terms of the bonds.

Mr. Johnson provided details of Resolution 2024-20, noting for the record that this action only affects the property being developed within this area.

On MOTION by Mr. Chiofalo, seconded by Mr. Gleeson, with all in favor, the Board of Supervisors of the
roved Resolution 2024-20, Su	lement Assessment Resolution. There were no other matters for consideration or discussion.
FIFTH ORDER OF BUSINESS,	Consideration of Contract and Terms and Conditions with Garney Construction for preliminary work on Lorraine Road utilities from Fruitville Road to the Bee Ridge WWTP
Mr. Kennedy noted there were two parts to this item and provided background for Garney Construction's engagement. First, Mr. Kennedy requested that updated terms and conditions dated 2018 and reviewed by Counsel be used for the Garney Contract as well as for all other contracts going forward. Second, Mr. Kennedy requested engaging Carney for pre-construction work, estimated cost would be $50,000-$100,000. This engagement would not entail continued obligations.

On MOTION by Mr. Chiofalo, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved a not-to-exceed amount of $100,000 for Garney Construction to provide pre-construction work.

SIXTH ORDER OF BUSINESS	Financial Matters

Mr. Almand presented for the Board's Consideration:

Draw Requests

Requisition List for Draw No. 1 LRSD Taylor Ranch
Series 2023 Bond

On MOTION by Mr. Chiofalo, seconded by Mr. Gleeson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 1 - LRSD Taylor Ranch, Series 2023 Bond.

Requisition List for Draw No. 53
The Villages of Lakewood Ranch South Pre-Funding - Landowner/County Construction Funding Agreement

On MOTION by Mr. Chiofalo, seconded by Mr. Gleeson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 53 - The Villages of Lakewood Ranch South - Pre­ Funding.

Requisition List for Draw No. 74 Lakewood Centre & NW Sector Pre-Funding

On MOTION by Mr. Chiofalo, seconded by Mr. Gleeson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 74 - Lakewood Centre & NW Sector - Pre-Funding.

Requisition List for Draw No. 30 Northeast Sector
Pre-Funding

On MOTION by Mr. Chiofalo, seconded by Mr. Gleeson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 30 - Northeast Sector - Pre-Funding.

SEVENTH ORDER OF BUSINESS	Compilation Report

There were no comments to the financial statements.

EIGHTH ORDER OF BUSINESS	Staff Reports

Attorney's Report - Mr. Johnson noted that a number of the bills that would impact special Districts seem to be relatively stuck and with one week left of the session, nothing of major concern is standing out.

Manager's Report - No report.

Engineer's Report - No report.

Executive Director's Report	Executed Documents
Ms. Ross noted that the fiscal year 2023 draft audit report has been drafted and is currently under review; it will be brought to the Board at the April meeting.
Lake Haddington, the large lake also used by BRU, has over time had some natural wave action that has caused erosion and additional damage was caused by hurricane Ian. Stantec has surveyed the damage and will provide a cost estimate for the repair work. The amount is expected to exceed what can be covered under O&M and will go out for bids. This will be the first major stormwater erosion project to be addressed.

NINTH ORDER OF BUSINESS

There were no Supervisor requests.

TENTH ORDER OF BUSINESS

Supervisor Requests

Audience Comments

Mr. Sealy noted that Forestar had reached out regarding their second phase bond issuance in Star Farms and Staff anticipate having more on that at the next meeting. Additionally, Staff anticipate discussions to continue on Saddlestone, a project within Taylor Ranch, over the next coming months.

ELEVENTH ORDER OF BUSINESS	Adjournment

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

On MOTION by Mr. Gleeson, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the

 Lakewood Ranch Stewardshi  District moved to ad·ourn the March 1, 2024 meetin .	

Executive Director