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

Minutes - Board of Supervisor's Meeting
March 6, 2026, 9:00 a.m.

Attending and constituting a quorum:

Rex Jensen Tony Chiofalo Tryn Stimart John Gleeson Bob Hanbury

Also attending were:

Chair
Vice-Chair/ Assistant Secretary
Assistant Secretary	(by phone) Assistant Secretary
Assistant Secretary

Jane Gaarlandt Gazmin Kerr Jennifer Glasgow Brent Wilder Kevin Plenzler Jonathan Johnson Michelle Rigoni Anne Ross Heather Ross Cindy van Samen Scott Almand Misty Taylor
Sete Zare Brett Sealy Bob Simons Rob Engel Keith Litzell
Frank Domingo Scott Schuhle Suzanne Henke Israel Artega

PFM Group Consulting LLC PFM Group Consulting LLC PFM Group Consulting LLC PFM Financial Advisors PFM Financial Advisors Kutak Rock
Kutak Rock LWRSD LWRSD LWRSD LWR
BMO MBS MBS
LWR Development Stantec
Stantec Stantec US Bank Public Public

(by phone) (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

Ms. Henke had questions relative to certain agenda items. Board Members and District Staff responded. Information on the three parcels to be purchased from SMR will be provided to Ms. Henke.

SECOND ORDER OF BUSINESS	Administrative Matters Consent Agenda
Mr. Jensen presented the consent agenda:
Minutes
February	6,	2025	Board	of Supervisors Meeting
1

Financing Matters Relative to the Saddlestone Project, Series 2026 Special Assessment Revenue Bonds
MBS Capital Markets, LLC IBA Supplement
Financing Matters Relative to the
Saddlestone Project, Series 2026 Special Assessment Revenue Bonds
Financing Team Funding Agreement between the District and Lennar Homes, LLC
MBS Capital Markets, LLC IBA Supplement
Engineer's Report
Proposal OnSight
Bourneside & University Roundabouts
Change Order No. 5 RyanGolf Corporation Bourneside Ph 2 - SE
Concrete Apron roundabout and mini split AC units for Master Lift Station
Change Order No. 20 FINAL RIPA & Associates, LLC Bournesdie BLVD II Widening w/3 Roundabouts/ Reclaimed WM & Booster Pump Station
Change Order No. 3 FINAL Frederick Derr & Company, Inc. LWR Parcel J Lift Station Contract deduct for Seed & Mulch
Change Order No. 1 Irrigation Design Associates (IDA)
Bourneside Blvd - SR-70 to Soera
Deductions to Contract
Change Order No. 156 Under Specific Authorization No. 145 Stantec
General District Engineering Services
Specific Authorization No. 147 Stantec
ALTA Survey Srvices-Ravelstone, Summerfield & 44th-Uihlein Locations

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. THIRD ORDER OF BUSINESS		Business Matters
Consideration of Financing Matters Relative to
the Saddlestone (Taylor Ranch) Project, Series 2025 Special Assessment Revenue Bonds
Supplemental Assessment Methodology Report

Resolution 2026-09, Supplemental Assessment Resolution
Other Matters (provided under separate cover)

Mr. Johnson confirmed that only property owners within the Saddlestone (Taylor Ranch) Project would be affected by the assessments.
Mr. Sealy provided details noting that in spite of some volatility in the market on the day the bonds were priced, the Saddlestone bonds were still aggressively and successfully priced. Given the smaller size of the deal, the bonds were structured with a three-term structure. The blended yield on the bonds was 5.1% with two institutional purchasers. The amount issued was $6,685,000.

Mr. Plenzler noted that the Supplemental Assessment Methodology Report was updated with the final numbers consistent with the Methodology previously approved by the Board. The total unit count 620 units.

On MOTION by Mr. Hanbury, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the
 Lakewood Ranch Stewardshi  District a	roved Resolution 2026-09, Su	lemental Assessment Resolution.

Mr. Wilder commended the MBS Team, Mr. Jensen, and Mr. Chiofalo for achieving a successful deal for the impacted property owners on a day with challenging market conditions.

FOURTH ORDER OF BUSINESS

Consideration of Financing Matters Relative to the District's Purchase of Property from SMR
Resolution 2026-10, Authorizing the Issuance of Non-Ad Valorem Revenue Note, Series 2026
Other Matters (provided under separate cover)

Ms. Taylor provided an overview of the resolution authorizing the issuance of a promissory note in the amount of
$2,352,000, which is the remainder of the purchase price that will be financed on a ten-year term with the intent to refinance it in the future when the District is ready to issue additional debt to build the District Headquarters.
Mr. Jensen provided additional details.

On MOTION by Mr. Chiofalo, seconded by Mr. Hanbury, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2026-10, Authorizing the Issuance of Non-Ad Valorem Revenue Note, Series 2026.

FIFTH ORDER OF BUSINESS	Consideration of Financing Matters Relative to the Stillwater Project, Series 2025 Special Assessment Revenue Bonds
Master Engineer's Report
Master Assessment Methodology Report
Resolution 2026-11, Declaring Special Assessments
Resolution 2026-12, Setting Public Hearing on the Imposition of Special Assessments
Other Matters (provided under separate cover)
Mr. Johnson noted that this is a proposed series of bonds for Lennar's Stillwater Project and confirmed that the proposed assessments will only affect residents and property owners within the Stillwater Project.

A Financing Team Funding Agreement with Lennar was approved under the consent agenda. The Engineers report prepared by Morris Engineering was reviewed by District Staff.

Mr. Plenzler provided details noting the estimated maximum par amount of assessments based on the Engineer's report is estimated at just over $8,000,000. 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. Gleeson noted a typo in the project name in the Engineer's report.

Mr. Johnson reviewed Resolution 2026-11, noting that the documents attached are the two report that will be approved for purposed of starting the process and may be updated between now and final hearing.

On MOTION by Mr. Gleeson, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the
 Lakewood Ranch Stewardshi District a	roved Resolution 2026-1, Declarin S ecial Assessments. Mr. Johnson presented Resolution 2026-12.

On MOTION by Mr. Chiofalo, seconded by Mr. Gleeson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2026-12, Setting a Public Hearing Date for the lmoosition of Soecial Assessments for April 10th at 9:00 a.m. at the current location.

SIXTH ORDER OF BUSINESS	Acceptance and Approval of the September 30, 2025 Audited Financial Statements

Ms. Ross provided details of the Statements noting that the fiscal year 2025 audit was a clean audit with no comments or recommendations and all statements were found to be fair in all material aspects and the District to be in compliance with the rules of the Auditor General.

On MOTION by Mr. Hanbury, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the
 Lakewood Ranch Stewardshi  District a	roved the Se tember 30, 2025 Audited Financial Statements.

SEVENTH ORDER OF BUSINESS		Consideration of Request for Qualifications (RFQ), Project Development and Environment (PD&E) Study of Fruitville Road Improvements, Ranking and Shortlist Selection Approval

Mr. Johnson introduced his law partner, Michelle Rigoni, who has worked with Ms. Ross on this project.

Ms. Ross provided details of the project noting that the first step is to procure a qualified consultant to conduct that study, and three (3) consultants have provided qualifications. The Evaluation Committee reviewed and ranked the responses as follows: 1. Kimley-Horn and Associates, Inc.; 2. Kisinger Campo & Associates, Corp. (KCA); Stantec Consulting Services Inc. The Evaluation Committee asked for the Board's approval of the proposed ranking and invitation to all three proposers to attend the oral presentation.

Mr. Rigoni provided additional details of the process.

On MOTION by Mr. Gleeson, seconded by Mr. Hanbury, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the Proposed Ranking and Invitation to All Three Proposers to Attend the Oral Presentations.

EIGHTH ORDER OF BUSINESS

Mr. Almand presented for the Board's Consideration:

Financial Matters Draw Requests
Requisition List for Draw No. 53 Northeast Sector
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. 53 - Northeast Sector - Landowner Construction Funding Agreement.

Requisition List for Draw No. 17 SMR 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. 17 - SMR Taylor Ranch - Landowner Construction Funding Agreement.

List for Draw No. 8 Lakewood Ranch Southeast Series 2025 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. 8- Lakewood Ranch Southeast - Series 2025 Bond.

List for Draw No. 1 Saddlestone Project Series 2026 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 - Saddlestone Project- Series 2026 Bond.

NINTH ORDER OF BUSINESS	Compilation Report

There were no comments to the financial statements.

TENTH ORDER OF BUSINESS

Attorney's Report

Mr. Johnson provided legislative updates.
Ms. Taylor notes she had documents for signatures.

Manager's Report

Staff Reports

Next Meeting April 10, 2026

Ms. Gaarlandt confirmed quorum for the April meeting with Mr. Jensen, Mr. Chiofalo, and Mr. Stimart.
Ms. Gaarlandt noted that the 2025 Audit Report was the last year under the current engagement and the Auditor Selection Committee meetings will be scheduled for the May and July meetings.

Engineer's Report
Change Order No. 2
E.T. MacKenzie of Florida Inc. LWR Southeast Off-site Utilities
Updated Contract costs for Civil, Potable water, Sanitary Sewer, Reclaim Water and Fiber optic Conduit of the original contract to account for plan changes from the time the project was bid

Mr. Engel provided details of the change order in the amount of $1,667,611.02 accounted for the GIP.

On MOTION by Mr. Chiofalo, seconded by Mr. Gleeson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Change Order No. 2, E.T. MacKenzie.

Change Order No. 3
E.T. MacKenzie of Florida Inc. LWR Southeast Off-site Utilities

Contract fom GeoPoint Surveying for GPR Study
Mr. Engel noted presented the Change Order in the amount of $64,400.00.

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, E.T. MacKenzie.

Mr. Engel provided updates on the LWR Southeast Project noting that Garney was essentially complete on the 'Utilities Project on the Lorraine Road Corridor. Additional updates on offsite utilities were provided.

Executive Director's Report	Executed Documents

Ms. Ross noted that on Tuesday the Sarasota County Board of Commissioners approved the last reimbursement of oversizing the pipe coming from the wastewater treatment plant (Toll Connector Road).

ELEVENTH ORDER OF BUSINESS	Supervisor Requests

There were no Supervisor requests.

TWELFTH ORDER OF BUSINESS

Ms. Henke thanked Ms. Ross for installing new palm trees.

THIRTEENTH ORDER OF BUSINESS Adjournment

Audience Comments

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 March 6, 2026 meetin .

/Assistant Secretary