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

Minutes - Board of Supervisor's Meeting
August 8, 2025, 9:00 a.m.

Attending and constituting a quorum:

Tony Chiofalo John Gleeson Glenda Robertson Bob Hanbury

Also attending were:

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

Jane Gaarlandt Kevin Plenzler Brent Wilder Jonathan Johnson Anne Ross Heather Ross Cindy van Suman Scott Almand Misty Taylor
Brett Sealy Sete Zare Bob Simons Tracy Caridi Laura Cole Rob Engel Keith Litzell Scott Schuhle Derin Parks James Dexter

PFM Group Consulting LLC PFM Financial Advisors LLC PFM Financial Advisors LLC Kutak Rock
LWRSD LWRSD LWRSD LWRSD MBO MBS MBS
LWR Development
LWR Development LWR Marketing Stantec
Stantec US Bank
Grimes Galvano Public

(by phone)

(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. The members in attendance are as outlined above.
Public Comments

There were no public comments.

SECOND ORDER OF BUSINESS	Administrative Matters

Consideration of Resolution 2025-31, Designating Date, Time, and Location for Regular Meetings for Fiscal Year 2025-2026

On MOTION by Mr. Gleeson, seconded by Ms. Robertson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2025-31, Designating Date, Time and Location for Regular Meetings for Fiscal Year 2025-2026.

THIRD ORDER OF BUSINESS	Consent Agenda

Mr. Chiofalo presented the consent agenda:
Minutes
July	11,	2025	Board	of Supervisors Meeting
Engineer's Report
Landscape Installation Proposal Cepra landscape
44th Avenue/ Bourneside Round­ about
Change Order No.1
Frederick Derr & Company, Inc. LWR Parcel J Lift Station Hauling - Road base shell from PRECO	 staging	 area. Maintenance of Traffic Mowing PRECO	staging	area. Construction Entrance & Broom Tractor
Change Order No.11
Frederick Derr & Company, Inc. Rangeland Parkway Extension Excavation of 16" main and removal of temp 8" main and 16" reclaim main connection
Change Order No.12
Frederick Derr & Company, Inc. Rangeland Parkway Extension Remove Silt & TV 24" Run 5-1 to 5-2

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

 Lakewood Ranch Stewardshi  District a	roved the items on the consent a enda.

FOURTH ORDER OF BUSINESS	Business Matters

Consideration of Financing Matters Relative to the Calusa Project, Series 2025 Special Assessment Revenue Bonds
Final	Supplemental	Assessment Report
Resolution 2025-32, Supplemental Assessment Resolution
Other	Matters	(provided	under separate cover)
Mr. Sealy noted this was another successful pricing specific to the first series of bonds issued for neighborhood infrastructure for the Calusa, Project developed by Lennar. The principal amount of bonds being issued is
$13,515,000. Similar to other LWR transactions the bonds were structured with four term bonds, resulting in a blended yield of 5.78%.

Mr. Plenzler provided details of the updated Supplemental Assessment Methodology Report consistent with the Master Assessment Methodology. The assessments are found to be reasonable and equitably allocated and the benefit received by the property owners is found to be in excess of the related assessments.

Mr. Johnson confirmed that only properties within the Calusa project are affected by the assessments. Ms. Ross provided details of the project location noting it is in the south part of the Taylor Sector.

On MOTION by Mr. Hanbury, seconded by Ms. Robertson, with all in favor, the Board of Supervisors of the
 Lakewood Ranch Stewards hi District a	roved Resolution 2025-32, Su	lemental Assessments Resolution.

FIFTH ORDER OF BUSINESS		Consideration of Financing Matters Relative to the Saddlestone (Taylor Ranch) Project, Series 2025 Special Assessment Revenue Bonds
Other Matters (provided under separate cover)

Tabled - Mr. Sealy noted that Staff is still working with the Forestar team.

SIXTH ORDER OF BUSINESS	Consideration of Financing Matters Relative to the LWR Southeast Project, Series 2025 Special Assessment Revenue Bonds
Supplemental	Assessment Methodology Report
Resolution 2025-33, Delegation Resolution
Form of Forty-Seventh Supplemental Indenture
Form of Bond Purchase Contract
Form of Preliminary Limited Offering Memorandum
Form Continuing Disclosure agreement
Other Matters (provided under separate cover)

Mr. Sealy noted that bond documents are anticipated to be finalized next week and closing potentially scheduled for September.

Mr. Johnson noted that the Board's approval is requested for the Supplemental Assessment Report to be included in the offering packet.

Mr. Plenzler provided details of the Supplemental Assessment Methodology Report incorporating information provided in the updated Engineer's report approved by the Board back in May and consistent with the Master Assessment Methodology. Total bond principal is estimated at just over $150,000,000. Mr. Sealy provided details of the reason behind the size of the issuance.

On MOTION by Ms. Robertson, seconded by Mr. Hanbury, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District authorized Staff to include a form of the Supplemental Assessments Resolution in the offerinQ documents.

Ms. Taylor provided details of the standard Award and Delegation Resolution authorizing the issuance of bonds not-to-exceed $165 million for the LWR Southeast Project.

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

 Lakewood Ranch Stewardshi  District a	roved Resolution 2025-33, Dele ation Resolution.

Mr. Chiofalo noted that both Toll Brothers and SMR have advanced significant amounts of money towards the master improvements to be reimbursed by the bond proceeds and inquired about the funding timeline. Mr. Johnson noted that agreements in place provides for funding at closing of the bonds.

SEVENTH ORDER OF BUSINESS	Consideration of Contract Recommen­ dation for Bourneside Phase 2 & LWRSE Regional Lift Station Project
Award Recommendation Letter

Resolution	2025-34,	Award	of Contract

Mr. Engel provided details recommending awarding the contract to RyanGolf Corporation for the total bid amount of $22,257,391.57.
Ms. Ross provided additional information on the project.

On MOTION by Mr. Gleeson, seconded by Ms. Robertson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2025-34, Award of Contract to RyanGolf Corporation in the amount of $22,257,391.57.

EIGHTH ORDER OF BUSINESS	Financial Matters

Draw Requests
Mr. Almand presented for the Board's Consideration:

Requisition List for Draw No. 8 LRSD Taylor Ranch
Landowner 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. 8 - LRSD Taylor Ranch, Landowner Construction Funding Agreement.

Requisition List for Draw No. 9 Lakewood Ranch Southeast
Pre-Funding - Landowner 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. 9 - Lakewood Ranch Southeast - Landowner Funding.

Requisition List for Draw No. 66 Villages of Lakewood Ranch South
Landowner/County Construction Funding Agreement

On MOTION by Mr. Chiofalo, seconded by Ms. Robertson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 66 -Villages of Lakewood Ranch South, Landowner/County Construction Funding Agreement.

Requisition List for Draw No. 47 Northeast Sector
Pre-Funding

On MOTION by Mr. Chiofalo, seconded by Ms. Robertson, with all in favor, the Board of Supervisors of the
 Lakewood Ranch Stewardship District approved Draw No. 47 - Northeast Sector - Pre-Funding.	

Requisition List for Draw No. 8 Bourneside Blvd & Masters Ave Roundabout
Landowner 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. 8 - Bourneside Blvd & Masters Ave Roundabout - Landowner Funding.

Requisition List for Draw No. 88

Lakewood Centre and NW Sector
Landowner 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. 88 - Lakewood Centre and NW Sector - Landowner Funding.

NINTH ORDER OF BUSINESS

There were no comments to the financial statements.

TENTH ORDER OF BUSINESS

Compilation Report

Staff Reports

Attorney's Report - Mr. Johnson noted that the District had passed its 20th anniversary for its first meeting

Manager's Report - Ms. Gaarlandt noted that the September 5th meeting is the scheduled budget adoption meeting and public hearing and requested confirmation of quorum.
Engineer's Report	Work Authorization No. 2 CDM Smith
SR 64 & Uihlein Roundabout CEI & GIS

Mr. Litzell presented the work authorization. Ms. Ross provided additional information on the remaining work for the amount of $249,550.00.

On MOTION by Mr. Chiofalo, seconded by Mr. Gleeson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Work Authorization No. 2, COM Smith.

Change Order No. 3
Frederick Derr & Company, Inc. Bourneside Boulevard Phase 1
Deductive	Change Order for materials purchased by Oldcastle Infrastructure Inc.

Mr. Litzell presented the deductive change order in the amount of $750,946,58 of which $42,553.58 is tax savings.

On MOTION by Mr. Chiofalo, seconded by Mr. Hanbury, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Change Order No. 3, Frederick Derr & Company, Inc.

Direct Purchase
Oldcastle Infrastructure Inc. Bourneside Boulevard Ph 1

Mr. Chiofalo presented the Direct Purchase of material in the amount $708,393.00.

On MOTION by Mr. Chiofalo, seconded by Ms. Robertson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Direct Purchase, Oldcastle Infrastructure Inc.

Executive Director's Report	Executed Documents

Ms. Ross noted that Ms. Robertson had regretfully submitted her resignation with the September 5th meeting being her last, and Mr. Ross expressed her appreciation for Ms. Robertson's time and effort over the years. Search will begin for a new candidate.

ELEVENTH ORDER OF BUSINESS

There were no Supervisor requests.

TWELFTH ORDER OF BUSINESS

Supervisor Requests

Audience Comments

There were no supervisor requests.
THIRTEENTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Gleeson, seconded by Mr. Hanbury, with all in favor, the Board of Supervisors of the
 Lakewood Ranch Stewardshi District moved to ad'ourn the Au List 8, 2025 meetin .