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

Minutes - Board of Supervisor's Meeting
April 10, 2026, 9:00 a.m.

Attending and constituting a quorum:

Chair
Vice-Chair / Assistant Secretary Assistant Secretary

Rex Jensen Tony Chiofalo Tryn Stimart

Also attending were:

Jane Gaarlandt Gazmin Kerr Jennifer Glasgow Brent Wilder Kevin Plenzler Michael Dennis Lindsay Whelan Michelle Rigoni Anne Ross Heather Ross Cindy von Samen Misty Taylor
Sete Zare Tracy Caridi Rob Engel Keith Litzell Jordan Leep Cris Schooley Scott Schuhle Suzanne Henke

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

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

(by phone)

(by phone)

(by phone)
(by phone)

Call to Order and Roll Call

FIRST ORDER OF BUSINESS

Ms. Gaarlandt called the meeting outlined above.

to order and proceeded with the roll. The members

in attendance

are as

Public Comments

There were no public comments.

SECOND ORDER OF BUSINESS

Administrative Matters

Consideration

of

Resolution

2026-13,

Designating Date, Time, and Location for a Landowners' Election

Ms. Gaarlandt noted that Seat 4, currently held by Mr. Chiofalo, and Seat 5, currently held by Mr. Jensen, are up for election in November.

1

THIRD ORDER OF BUSINESS

Consideration

of

Resolution

2026-14,

Requesting  Manatee
Elections	Conduct

County  Supervisor  of

the	District's

General

Election.

Ms. Gaarlandt noted that Seat 3, currently held by Mr. Stimart, will transition to General Election in November.

FOURTH ORDER OF BUSINESS

Consent Agenda

Mr. Jensen presented the consent agenda:

Minutes

•

March

6,

2026

Board	of

Supervisors Meeting Arbitrage Rebate Report

ii.

•

Special Assessment Revenue
Bonds, Series 2016 (Villages of

Lakewood Ranch South) Financing Matters Relative to the Saddlestone Project, Series 2026 Special Assessment Revenue Bonds

iii.

•

Resolution 2026-15, Ratifying the Sale of the Special Assessment Revenue Bonds, Series 2016 (Saddlestone Project — Phase 1/2)
Disclosure of Public Financing saddlestone Project — Phase 1/2)

•

iv.

Financing Matters Relative to the

Reserve Project, Series 2026 Special Assessment Revenue Bonds

•

MBS Capital Markets, LLC IBA

Supplement

Capital

Markets,

LLC IBA Supplement
Sunny Grove landscape and Irrigation Maintenance LLC Proposal for Sod Replacement (Star farms)
Engineer's Report
Change Order No. 8
Frederick Derr & Company, Inc. Bourneside Ph 1 - SE
Plan revisions & Hauling Fill to north side of COE protected area

v.

vi.

•

Change Order No. 6 RyanGolf Corpo Bourneside Ph 2 - SE
Additional Driveway — Schwartz
& Cell tower & 60” RCP

2

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2026-14, Requesting Manatee County Supervisor of Elections Conduct the District's General Election.

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2026-13, Setting a Landowners' Election for November 3, 2026 at 9:00 a.m. at the current location.

•

Change Order No. 17
Frederick Derr & Company, Inc. 44” Avenue East Phase VI
1x Force main Connector as per
SMR Request
Change Order No. 157 Under Specific Authorization No. 140 Stantec
Rangeland Pkwy. Extension —
Construction Phase Services

•

FIFTH ORDER OF BUSINESS

Business Matters

Consideration the  Stillwater

of Financing Matters Relative to
Project, Series 2025 Special

Assessment Revenue Bonds

A.

Public Hearing on the Imposition of

Special Assessments
a	Public Comments
o	Board Comments
Master Engineer's Report
Master Assessment Methodology
Report
Resolution 2026-16, Levying Special
Assessments Supplemental Assessment Methodology Report
Resolution 2026-17, Delegation
Resolution
a. Form of Forty-Ninth
supplemental Indenture

B.
C.

D.

E.

F.

b.

Form of Bond Purchase Contract
Form of Preliminary Limited Offering Memorandum
Form of Continuing Disclosure
Agreement

c.

d.

G.

Other Matters (provided under separate
cover)

Ms. Whelan noted that a public hearing on

the proposed maximum assessments was noticed for today and

stated that the proposed assessment would solely impact property owners and residents within the Stillwater

Project. There has been no changes to the Master Engineer's Report in advance of today's meeting.

There were no public comments.

There were no Board Comments.

Mr. Engel noted he had reviewed that Master Engineer's Report prepared by Morris Engineering. The cost of 65,830,000 was found reasonable and will be financed by the Developer.

3

On MOTION by Mr. Stimart, seconded by Ms. Chiofalo, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District closed the public hearing.

On MOTION by Mr. Stimart, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District opened the public hearing.

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the items on the consent agenda.

Mr. Plenzler provided details of the Master Assessment Methodology Report noting that no changes had been made to the report previously presented to the Board. 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.

Ms. Whelan provided details of the Resolution 2026-16.

Mr Plenzler provided details of the Supplemental Assessment Methodology Report

Ms. Taylor provided details of the standard Award and Delegation Resolution authorizing the issuance of bonds in a par amount of not-to-exceed $4.000.000 for the Stillwater Project.

There were no additional matters for consideration.

SIXTH ORDER OF BUSINESS

Consideration of Financing Matters Relative to the Reserve (Infrastructure) Project, Series 2026 Special Assessment Revenue Bonds

A.
B.

Master Engineer's Report
Master Assessment Methodology Report
Resolution 2026-18, Declaring Special
Assessments
Resolution 2026-19, Setting Public Hearing on the Imposition of Special Assessments
Other Matters (provided under separate
cover)

C.

D.

E.

Ms. Whelan stated that today's actions will kick off the Master Assessment Process for the Reserve Infrastructure Project and confirmed that the proposed assessments will onIy affect residents and property owners within the Reserve.

Mr. Engel provided details of the Master Engineer's Report noting the cost of the District funded portion being estimated at $20,265,601.

Mr. Plenzler provided details of the Master Assessment Methodology Report noting the estimated maximum par amount of assessments based on the Engineer's report is estimated at just over $27, 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

Ms Whelan reviewed Resolution 2026-18, approving the two reports in substantial form and declaring the
District's intent to impose Master Special Assessment relative to the Reserve Project.

Ms Whelan presented Resolution 2026-19.

4

On MOTION by Mr. Stimart, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2026-18, Declaring Special Assessments.

On MOTION by Mr. Stimart, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2026-17, Delegation Resolution.

On MOTION by Mr. Stimart, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the Supplemental Assessment Report in substantial form.

On MOTION by Mr. Stimart, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2026-16, Levying Special Assessments.

SEVENTH ORDER OF BUSINESS

Consideration

of	Resolution	2026-20,

Approving the Form of a Transfer Agreement with Manatee County

Ms. Ross provided details.

Consideration of Contract Recommendation for Bourneside Phase II Project
Award Recommendation Letter
Resolution 2026-21, Award of Contract

EIGHTH ORDER OF BUSINESS

Mr. Engel provided details of the project, recommending award of the contract to E.T. MacKenzie for the total bid amount of $8,800,800.80.

NINTH ORDER OF BUSINESS

Consideration of Request of Qualifications (RFQ), Project Development And Environment (PD&E) Study of Fruitville Road Improvements, Final Recommendation to Award

Ms. Ross provided details of the procurement process.

Consideration of Reimbursement Agreement with Manatee County for University and Covenant Dr. Roundabout

TENTH ORDER OF BUSINESS

Ms Ross provided details noting Manatee County's 31% participation covering the cost.

Mr. Jensen noted a fair cost participation by the County would be a requirement for the project to move forward.
Mr. Stimart provided updates on the Project negotiations.

ELEVENTH ORDER OF BUSINESS

Financial Matters

Draw Requests

Mr. Chiofalo presented for the Board's consideration:

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved in Substantial Form the Reimbursement Agreement with Manatee County for University and Covenant Dr. Roundabout and authorized the Chair, Vice-Chair, or Executive Directof to execute the final agreement.

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the Evaluation Committee's Recommended Rankings and Awarded the PD&E Study to Kimley-Horn and Associates and Directed Staff to Issue a Notice of Intent to Award and Subsequently Initiate Contract Negotiations.

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2026-21, Award of Contract to E.T. MacKenzie in the amount of $8,800,800.80.

On MOTION by Mr. Chiofalo, seconded by Mr. Gleeson, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved in Substantial Form the Transfer Agreement with Manatee County and authorized the Chair, Vice-Chair, or Executive Director to sign the final documents.

On MOTION by Mr. Stimart, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2026-19, Setting a Public Hearing Date for the Imposition of Special Assessments for June 5, 2026 at 9:00 a.m. at the current location.

List for Draw No. 9 Lakewood Ranch Southeast Series 2025 Bond

Requisition List for Draw No. 18 SMR Taylor Ranch
Landowner Construction Funding
Agreement

Requisition List for Draw No. 54 Northeast Sector
Landowner Construction Funding
Agreement

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 54 — Northeast Sector — Landowner Construction Funding Agreement.

Requisition List for Draw No. 72
The Villages of Lakewood Ranch South Landowner/County Construction Funding Agreement

TWELFTH ORDER OF BUSINESS

Compilation Report

There were no comments to the financial statements.

THIRTEENTH ORDER OF BUSINESS

Staff Reports

Attorney's Report

No report.

Engineer's Report

Change Order No. 6 C&M Road Builders

Bourneside Roundabout

Blvd

&	Masters

Ave.

Additive change order for plan and scope

changes as requested by the Owner

Mr. Litzell provided details of the change order in the amount of $2, 036,837.78. Amount is within the total CIP.

Mr. Jensen requested the black rings left in the traffic lanes to be removed immediately.

6

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Change Order No. 6, C&M Road Builders.

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 72 — The Villages of Lakewood Ranch South — Landowner/County Construction Funding Agreement.

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 18 — SMR Taylor Ranch — Landowner Construction Funding Agreement.

On MOTION by Mr. Stimart, seconded by Mr. Jensen, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 9 — Lakewood Ranch Southeast — Series 2025 Bond.

Change Order No. 7 C&M Road Builders Bourneside Blvd Roundabout

&

Masters	Ave.

All street lighting for the contract area including poles, lights, handhole boxes and

conduit
Also includes administrative charge and surveying to layout facilities and create as-built drawings as required

Mr. Litzell provided details of the change order in the amount of $831,900.00. Amount is within budget.

Change Order No. 14 FINAL Frederick Derr & Company, Inc. Rangeland Parkway Extension

Reduction

of	original	contract	items:

Excavation of lakes; FDOT Headwall; Single grate control structure; Conduit material & install; RCP endwall

Mr. Litzell presented the Change Order in the amount of $446,131.10.

Change Order No. 18 FINAL Frederick Derr & Company, Inc. 44’^ Avenue East Phase VI
Deduction for contract items: Haul for berm; Trucking and hauling of Fill; Fence removal and disposal; Gate valve assembly

Mr. Litzell presented the Change Order in the amount of $503,310.30.

Manager's Report

Next Meeting May 1, 2026

Ms. Gaarlandt noted that the first of the Auditor Selection Committee meetings will be scheduled to coincide with the May meeting. The preliminary bud9et is scheduled to be presented to the Board at the June meeting.
Mr. Stimart will not be attending the May meeting, Mr. Chiofalo will not be attending the June meeting. Quorum
for the meetings will be confirmed with the remaining board members Ms. Ross will be out for the May meeting.

Executed Documents

Executive Director's Report

No additional report.

FOURTEENTH ORDER OF BUSINESS

Supervisor Requests

There were no Supervi5or requests.

FIFTEENTH ORDER OF BUSINESS

Audience Comments

There were no audience comments

7

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Change Order No. 18 FINAL, Frederick Derr & Company, Inc.

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Change Order No. 14 FINAL, Frederick Derr & Company, Inc.

On MOTION by Mr. Chiofalo, seconded by Mr. Stimart, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Change Order No. 7, E.T. C&M Road Builders.

SIXTEENTH ORDER OF BUSINESS

Adjournment

ecretâ /Assistant Secretary

Executive Director

On MOTION by Mr. Stimart, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District moved to adjourn the April 10, 2026 meeting.