NORTH RIVER
RANCH
Improvement Stewardship District
August 17, 2022 PUBLIC HEARINGS AND REGULAR MEETING AGENDA

WINDWARD AT LAKEWOOD RANCH
COMMUNITY DEVELOPMENT DISTRICT

AGENDA LETTER

North River Ranch Improvement Stewardship District
OFFICE OF THE DISTRICT MANAGER
2300 Glades Road, Suite 410W●Boca Raton, Florida 33431

ATTENDEES:
Please identify yourself each time you speak to facilitate accurate transcription of meeting minutes.

Phone: (561) 571-0010●Toll-free: (877) 276-0889●Fax: (561) 571-0013

August 10, 2022

Board of Supervisors
North River Ranch Improvement Stewardship District Dear Board Members:
The Board of Supervisors of the North River Ranch Improvement Stewardship District will hold Multiple Public Hearings and a Regular Meeting on August 17, 2022, at 1:00 P.M., at 8141 Lakewood Main Street, Bradenton, Florida 34202. The agenda is as follows:

Call to Order/Roll Call

Public Comments: Agenda Items (limited to 3 minutes per individual)

Public Hearing to Consider the Adoption of an Assessment Roll and the Imposition of Special Assessments Relating to the Financing and Securing of Certain Public Improvements [Phases I, II, III and IV-C through IV-F]
Hear testimony from the affected property owners as to the propriety and advisability of making the improvements and funding them with special assessments on the property.
Thereafter, the governing authority shall meet as an equalizing board to hear any and all complaints as to the special assessments on a basis of justice and right.
Affidavit/Proof of Publication
Mailed Notice to Property Owner(s)
Presentation of District Engineer Supplemental Report for Project Phases I, II, III and Phases IV-C through IV-F (for informational purposes)
Presentation of Master Special Assessment Methodology Report for Phases I, II, III and IV-C through IV-F (for informational purposes)
Consideration of Resolution 2022-20, Authorizing District Projects for Construction and/or Acquisition of Infrastructure Improvements; Equalizing, Approving, Confirming, and Levying Special Assessments on Property Specially Benefited 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

Board of Supervisors
North River Ranch Improvement Stewardship District
August 17, 2022, Public Hearings and Regular Meeting Agenda Page 2

Chapters 170 and 197, Florida Statutes, and Chapter 2020-191 Laws of Florida; Confirming the District's Intention to Issue Special Assessment 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

Consideration of Resolution 2022-21, Ratifying the Action of the District Manager in Re- Setting the Date of the Public Hearing on the Proposed Budget for Fiscal Year 2022/2023; Amending Resolution 2022-04 to Reset the Hearing Thereon; Providing a Severability Clause; and Providing an Effective Date

Public Hearing on Adoption of Fiscal Year 2022/2023 Budget
Proof/Affidavit of Publication
Consideration of Resolution 2022-22, Relating to the Annual Appropriations and Adopting the Budget(s) for the Fiscal Year Beginning October 1, 2022, and Ending September 30, 2023; Authorizing Budget Amendments; and Providing an Effective Date

Public Hearing to Hear Comments and Objections on the Imposition of Maintenance and Operation Assessments to Fund the Budget for Fiscal Year 2022/2023, Pursuant to Florida Law
Proof/Affidavit of Publication
Consideration of Resolution 2022-23, Making a Determination of Benefit and Imposing Special Assessments for Fiscal Year 2022/2023; Providing for the Collection and Enforcement of Special Assessments, Including but Not Limited to Penalties and Interest Thereon; Certifying an Assessment Roll; Providing for Amendments to the Assessment Roll; Providing a Severability Clause; and Providing an Effective Date

Consideration of Stantec Consulting Services, Inc., Change Order 5 to Work Authorization No. 1

Consideration of Sign Pro Studios Proposal for North Entry Monument

Consideration of Sign Pro Studios Proposal for Wildleaf Entry Monument

Consideration of Mike Armstrong Landscaping, Inc., Change Order No. 3 for NRR Phase 4A & 4B Landscape and Irrigation

Board of Supervisors
North River Ranch Improvement Stewardship District
August 17, 2022, Public Hearings and Regular Meeting Agenda Page 3

Acceptance of Unaudited Financial Statements as of June 30, 2022

Approval of July 13, 2022 Public Hearing and Regular Meeting Minutes

Staff Reports
District Counsel: Kutak Rock LLP
District Engineer: Stantec
Lifestyle Director: Faith Santoro
District Manager: Wrathell, Hunt and Associates, LLC
NEXT MEETING DATE: September 14, 2022 at 1:00 P.M.
QUORUM CHECK

Dale Weidemiller	In Person	Phone	No	
Pete Williams	In Person	Phone	No	
John Blakley	In Person	Phone			No	
Janice Snow	In Person	Phone			No	
John Leinaweaver	In Person	Phone	No	

Board Members’ Comments/Requests

Public Comments: Non-Agenda Items (limited to 3 minutes per individual)

Adjournment

If you should have any questions or concerns, please do not hesitate to contact me directly at

FOR BOARD MEMBERS AND STAFF TO ATTEND BY TELEPHONE
CALL-IN NUMBER: 1-888-354-0094
PARTICIPANT PASSCODE: 229 774 8903	

(239) 464-7114.

Sincerely,

Chesley (Chuck) E. Adams, Jr. District Manager

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

3A

LOCALiQ

The Gainesville sun I The Ledger	PO Box 631244 Cincinnati, OH 45263-1244 Daily Commercial I Ocala StarBanner
News Chief 1 Herald-Tribune
PROOF OF PUBLICATION
Daphne Gillyard Daphne Gillyard
North River Ranch Improvement Stewardship District 2300 Glades RD # 41OW
Boca Raton FL 33431-8556

STATE OF FLORIDA, COUNTY OF Sarasota

The Herald-Tribune, a newspaper printed and published in the city of Sarasota, and of general circulation in the Counties of Sarasota, Manatee, and Charlotte, State of Florida and personal knowledge of the facts herein state and that the notice hereto annexed was Published in said newspapers in the issues dated or by publication on the newspaper's website, if authorized, on:

07/27/2022, 08/03/2022

and that the fees charged are legal.
Sworn to and subscribed before on 08/03/2022

aunty of Brown
'](L7}L<;

My commision expires

Publication Cost:	$3450.00	
Order No:	7566724	
Customer No:	773276	
PO#:		

THIS IS NOT AN INVOICE!
Please do not use this form for payment remittance.

#of Copies:
1

C

RAH BERTELSEN
Notary Public
_,,.,ta!!  ofWisco_n. i_n•

Page 1 of 1

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8/10/22, 7:42 PM	Public Notices | Florida Press Association

8/10/22, 7:42 PM	Public Notices | Florida Press Association

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

3B

STATE OF FLORIDA COUNTY OF PAL BEACH

AFFIDAVIT OF MAILING

BEFORE ME, the undersigned authority, this day personally appeared Michal Szymonowicz, who by me first being duly sworn and deposed says:

I am over eighteen (18) years of age and am competent to testify as to the matters contained herein. I have personal knowledge of the matters stated herein.

I, Michal Szymonowicz, am employed by Wrathell, Hunt and Associates, LLC, and, in the course of that employment, serve as Assessment Roll Coordinator for the North River Ranch Improvement Stewardship District.

Among other things, my duties include preparing and transmitting correspondence relating to the North River Ranch Improvement Stewardship District.

I do hereby certify that on July 21, 2022, and in the regular course of business, I caused letters, in the forms attached hereto as Exhibit A, to be sent notifying affected landowner(s) in the North River Ranch Improvement Stewardship District of their rights under Chapters 170 and 197, Florida Statutes, with respect to the District's anticipated imposition of Phases I, 11, Ill and IV-C through IV-F Assessments. I further certify that the letters were sent to the addressees identified in Exhibit A.

I have personal knowledge of having sent the letters to the addressees, and those records are kept in the course of the regular business activity for my office.

FURTHER AFFIANT SAYETH NOT.

SWORN AND SUBSCRIBED before me by means o hysical presence or D online notarization this 21st day of July 2022, by Michal Szymonowicz, for Wrathell Hunt and Associates, LLC, who	person ly known to me

or D has provided 	 oath.

as identification, and who D did oc.--B"did not take an

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Notary  ublic, State oflorid
Commission No.:	C'::,G,, 3  d-- '1  l.o 4-'/
My Commission Expires:	8 / ')	D  / '-o:i..3

EXHIBIT A

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CERTIFIED MAIL® RECEIPT

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FORTRESS INVESTORS MANAGEMENT LLC

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5800 LAKEWOOD RANCH BLVD SARASOTA FL 34240

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401 NW 38TH CT MIAMI FL 33126

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5800 LAKEWOOD RANCH BLVD
SARASOTA FL 34240

North River Ranch Improvement Stewardship District
2300 Glades Road, Suite 410W • Boca Raton, Florida 33431 Phone: (561) 571-0010 • Fax: (561) 571-0013 • Toll-free: (877) 276-0889

July 21, 2022

Via First Class U.S. Mail CITADEL ASSET GROUP LLC 5800 LAKEWOOD RANCH BLVD SARASOTA FL 34240

RE:	North River Ranch Improvement Stewardship District (“District”) Notice of Hearings on Debt Special Assessments
Parcel ID No. 394610359

Dear Property Owner:

You are receiving this notice because the Manatee County Property Appraiser’s records indicate that you are a property owner within the District. The property being subject to this notice is more particularly described by the parcel number listed above. In accordance with Chapter 2020-191, Laws of Florida, as amended, and Chapters 170, 189 and 197, Florida Statutes, the District’s Board of Supervisors (“Board”) hereby provides notice of the following public hearings:

DATE:
TIME: LOCATION:

August 17, 2022
1: 00 p.m.
8141 Lakewood Main Street Bradenton, Florida 34202

NOTICE OF PUBLIC HEARINGS

The purpose of the public hearings announced above is to consider the imposition of special assessments (“Debt Assessments”) and adoption of an assessment roll to secure proposed bonds on benefited lands within the District known as Phases I, II, II and IV-C through IV-F (“Lands”), and to provide for the levy, collection and enforcement of the Debt Assessments. The purpose of any such Debt Assessments is to secure the proposed bonds to be issued by the District to finance certain public infrastructure improvements (“Project”), generally consisting of earthwork, stormwater management facilities, potable water, reclaimed and irrigation water transmission systems, wastewater collection and transmission facilities, roadways, landscaping and hardscape, recreational facilities, power and street lights and other infrastructure, benefitting the Lands within the District. The Project is described in more detail in the District Engineer Supplemental Report for Project Phases I, II, III and Phases IV-C through IV-F dated July 2022 (“Engineer’s Report”). The Debt Assessments are proposed to be levied as an assessment lien and allocated to the benefitted lands as set forth in the Master Special Assessment

Methodology Report for Phases I, II, II and IV-C Through IV-F, dated July 6, 2022 (“Assessment Report”). At the conclusion of the public hearings, the Board will, by resolution, levy and impose assessments as finally approved by the Board. A meeting of the District will also be held where the Board may consider any other business that may properly come before it. Please refer to Exhibit A enclosed herein for additional information related to the public hearings and meeting.

The District is located entirely within unincorporated Manatee County, Florida. The Lands are located within the North River Ranch Improvement Stewardship District and a geographic description of the property to be assessed and the amount to be assessed to each piece or parcel of property may be ascertained at the “District’s Office” located at c/o Wrathell, Hunt and Associates, LLC, 2300 Glades Road, Suite 410W, Boca Raton, Florida 33410. Also, a copy of the agendas and other documents referenced herein may be obtained from the District’s Office.

The public hearings and meeting are open to the public and will be conducted in accordance with Florida law. The public hearings and meeting may be continued to a date, time, and place to be specified on the record. There may be occasions when staff or board members may participate by speaker telephone. Any person requiring special accommodations because of a disability or physical impairment should contact the District Office at least forty-eight (48) hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District Office.

Please note that all affected property owners have the right to appear and comment at the public hearings and meeting, and may also file written objections with the District Office within twenty (20) days of issuance of this notice. Each person who decides to appeal any decision made by the Board with respect to any matter considered at the public hearings or meeting is advised that person will need a record of 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 such appeal is to be based.

If you have any questions, please do not hesitate to contact the District Office.

Sincerely,

Chesley (Chuck) E. Adams, Jr. District Manager

EXHIBIT A
Summary of Proposed Debt Assessments

Proposed Debt Assessments and Total Revenue. The total revenues the District will collect by the Debt Assessments for Phases I, II, III and IV-C through IV-F is $622,293,478.90. The proposed Debt Assessments and Total Revenue for Phases I, II, III and IV-C through IV-F are as follows:

	Phases I, II, III, IV-		
Total Phases IV-		
	C Through		C Through IV-F		
	IV-F		Bond	Bond Assessments	Annual Debt	
	Number of	Total Project Cost	Assessments	Apportionment	Service Payment	
Unit Type	Units	Allocation	Apportionment	per Unit	per Unit*	
TH 24'	210	$6,232,144.24	$9,587,748.75	$45,655.95	$4,360.75	
Villa 33'	170	$6,948,868.83	$10,690,382.93	$62,884.61	$6,006.32	
Villa 36'	68	$3,046,079.49	$4,686,195.26	$68,914.64	$6,582.27	
SF 36'	47	$2,105,378.47	$3,238,987.90	$68,914.64	$6,582.27	
SF 40'	444	$22,126,631.80	$34,040,384.52	$76,667.53	$7,322.77	
SF 45'	163	$9,127,039.64	$14,041,357.11	$86,143.30	$8,227.84	
SF 50'	1,096	$68,120,192.29	$104,798,487.16	$95,619.06	$9,132.90	
SF 60'	157	$11,692,129.74	$17,987,581.46	$114,570.58	$10,943.02	
SF 64'	148	$11,767,721.78	$18,103,874.91	$122,323.48	$11,683.53	
Total	2,503	$141,166,186.29	$217,175,000.00			

Includes applicable costs of collection and early payment discounts

Unit of Measurement. As described in the Assessment Report, the Debt Assessments will be initially allocated on an equal assessment per acre basis, and will be levied on an equivalent residential unit (“ERU”) basis at the time that such property is platted or subject to a site plan or sold.

Schedule of Debt Assessments: For each bond issuance, the Debt Assessments principal is expected to be collected over a period of no more than 30 years subsequent to the issuance of debt to finance the improvements.

Collection. The Debt Assessments constitute a lien against benefitted property located within the District just as do each year’s property taxes. For the Debt Assessments, the District may elect to have the County Tax Collector collect the assessments, or alternatively may collect the assessments by sending out an annual bill. For delinquent assessments that were initially directly billed by the District, the District may initiate a foreclosure action or may place the delinquent assessments on the next year’s county tax bill. IT IS IMPORTANT TO PAY YOUR ASSESSMENT BECAUSE FAILURE TO PAY WILL CAUSE A TAX CERTIFICATE TO BE ISSUED AGAINST THE PROPERTY WHICH MAY RESULT IN LOSS OF TITLE, OR FOR DIRECT BILLED ASSESSMENTS, MAY RESULT IN A FORECLOSURE ACTION, WHICH ALSO MAY RESULT IN A LOSS OF TITLE. The District’s decision to
collect assessments on the tax roll or by direct billing does not preclude the District from later electing to collect those or other assessments in a different manner at a future time.

North River Ranch Improvement Stewardship District
2300 Glades Road, Suite 410W • Boca Raton, Florida 33431 Phone: (561) 571-0010 • Fax: (561) 571-0013 • Toll-free: (877) 276-0889

July 21, 2022

Via First Class U.S. Mail
FORTRESS INVESTORS MANAGEMENT LLC 5800 LAKEWOOD RANCH BLVD SARASOTA FL 34240

RE:	North River Ranch Improvement Stewardship District (“District”) Notice of Hearings on Debt Special Assessments
Parcel ID No. 394610409

Dear Property Owner:

You are receiving this notice because the Manatee County Property Appraiser’s records indicate that you are a property owner within the District. The property being subject to this notice is more particularly described by the parcel number listed above. In accordance with Chapter 2020-191, Laws of Florida, as amended, and Chapters 170, 189 and 197, Florida Statutes, the District’s Board of Supervisors (“Board”) hereby provides notice of the following public hearings:

DATE:
TIME: LOCATION:

August 17, 2022
1: 00 p.m.
8141 Lakewood Main Street Bradenton, Florida 34202

NOTICE OF PUBLIC HEARINGS

The purpose of the public hearings announced above is to consider the imposition of special assessments (“Debt Assessments”) and adoption of an assessment roll to secure proposed bonds on benefited lands within the District known as Phases I, II, II and IV-C through IV-F (“Lands”), and to provide for the levy, collection and enforcement of the Debt Assessments. The purpose of any such Debt Assessments is to secure the proposed bonds to be issued by the District to finance certain public infrastructure improvements (“Project”), generally consisting of earthwork, stormwater management facilities, potable water, reclaimed and irrigation water transmission systems, wastewater collection and transmission facilities, roadways, landscaping and hardscape, recreational facilities, power and street lights and other infrastructure, benefitting the Lands within the District. The Project is described in more detail in the District Engineer Supplemental Report for Project Phases I, II, III and Phases IV-C through IV-F dated July 2022 (“Engineer’s Report”). The Debt Assessments are proposed to be levied as an assessment lien and allocated to the benefitted lands as set forth in the Master Special Assessment

Methodology Report for Phases I, II, II and IV-C Through IV-F, dated July 6, 2022 (“Assessment Report”). At the conclusion of the public hearings, the Board will, by resolution, levy and impose assessments as finally approved by the Board. A meeting of the District will also be held where the Board may consider any other business that may properly come before it. Please refer to Exhibit A enclosed herein for additional information related to the public hearings and meeting.

The District is located entirely within unincorporated Manatee County, Florida. The Lands are located within the North River Ranch Improvement Stewardship District and a geographic description of the property to be assessed and the amount to be assessed to each piece or parcel of property may be ascertained at the “District’s Office” located at c/o Wrathell, Hunt and Associates, LLC, 2300 Glades Road, Suite 410W, Boca Raton, Florida 33410. Also, a copy of the agendas and other documents referenced herein may be obtained from the District’s Office.

The public hearings and meeting are open to the public and will be conducted in accordance with Florida law. The public hearings and meeting may be continued to a date, time, and place to be specified on the record. There may be occasions when staff or board members may participate by speaker telephone. Any person requiring special accommodations because of a disability or physical impairment should contact the District Office at least forty-eight (48) hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District Office.

Please note that all affected property owners have the right to appear and comment at the public hearings and meeting, and may also file written objections with the District Office within twenty (20) days of issuance of this notice. Each person who decides to appeal any decision made by the Board with respect to any matter considered at the public hearings or meeting is advised that person will need a record of 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 such appeal is to be based.

If you have any questions, please do not hesitate to contact the District Office.

Sincerely,

Chesley (Chuck) E. Adams, Jr. District Manager

EXHIBIT A
Summary of Proposed Debt Assessments

Proposed Debt Assessments and Total Revenue. The total revenues the District will collect by the Debt Assessments for Phases I, II, III and IV-C through IV-F is $622,293,478.90. The proposed Debt Assessments and Total Revenue for Phases I, II, III and IV-C through IV-F are as follows:

	Phases I, II, III, IV-		
Total Phases IV-		
	C Through		C Through IV-F		
	IV-F		Bond	Bond Assessments	Annual Debt	
	Number of	Total Project Cost	Assessments	Apportionment	Service Payment	
Unit Type	Units	Allocation	Apportionment	per Unit	per Unit*	
TH 24'	210	$6,232,144.24	$9,587,748.75	$45,655.95	$4,360.75	
Villa 33'	170	$6,948,868.83	$10,690,382.93	$62,884.61	$6,006.32	
Villa 36'	68	$3,046,079.49	$4,686,195.26	$68,914.64	$6,582.27	
SF 36'	47	$2,105,378.47	$3,238,987.90	$68,914.64	$6,582.27	
SF 40'	444	$22,126,631.80	$34,040,384.52	$76,667.53	$7,322.77	
SF 45'	163	$9,127,039.64	$14,041,357.11	$86,143.30	$8,227.84	
SF 50'	1,096	$68,120,192.29	$104,798,487.16	$95,619.06	$9,132.90	
SF 60'	157	$11,692,129.74	$17,987,581.46	$114,570.58	$10,943.02	
SF 64'	148	$11,767,721.78	$18,103,874.91	$122,323.48	$11,683.53	
Total	2,503	$141,166,186.29	$217,175,000.00			

Includes applicable costs of collection and early payment discounts

Unit of Measurement. As described in the Assessment Report, the Debt Assessments will be initially allocated on an equal assessment per acre basis, and will be levied on an equivalent residential unit (“ERU”) basis at the time that such property is platted or subject to a site plan or sold.

Schedule of Debt Assessments: For each bond issuance, the Debt Assessments principal is expected to be collected over a period of no more than 30 years subsequent to the issuance of debt to finance the improvements.

Collection. The Debt Assessments constitute a lien against benefitted property located within the District just as do each year’s property taxes. For the Debt Assessments, the District may elect to have the County Tax Collector collect the assessments, or alternatively may collect the assessments by sending out an annual bill. For delinquent assessments that were initially directly billed by the District, the District may initiate a foreclosure action or may place the delinquent assessments on the next year’s county tax bill. IT IS IMPORTANT TO PAY YOUR ASSESSMENT BECAUSE FAILURE TO PAY WILL CAUSE A TAX CERTIFICATE TO BE ISSUED AGAINST THE PROPERTY WHICH MAY RESULT IN LOSS OF TITLE, OR FOR DIRECT BILLED ASSESSMENTS, MAY RESULT IN A FORECLOSURE ACTION, WHICH ALSO MAY RESULT IN A LOSS OF TITLE. The District’s decision to
collect assessments on the tax roll or by direct billing does not preclude the District from later electing to collect those or other assessments in a different manner at a future time.

North River Ranch Improvement Stewardship District
2300 Glades Road, Suite 410W • Boca Raton, Florida 33431 Phone: (561) 571-0010 • Fax: (561) 571-0013 • Toll-free: (877) 276-0889

July 21, 2022

Via First Class U.S. Mail
HAVAL FARMS LLC 401 NW 38TH CT MIAMI FL 33126

RE:	North River Ranch Improvement Stewardship District (“District”) Notice of Hearings on Debt Special Assessments
Parcel ID No. 394610309

Dear Property Owner:

You are receiving this notice because the Manatee County Property Appraiser’s records indicate that you are a property owner within the District. The property being subject to this notice is more particularly described by the parcel number listed above. In accordance with Chapter 2020-191, Laws of Florida, as amended, and Chapters 170, 189 and 197, Florida Statutes, the District’s Board of Supervisors (“Board”) hereby provides notice of the following public hearings:

DATE:
TIME: LOCATION:

August 17, 2022
1: 00 p.m.
8141 Lakewood Main Street Bradenton, Florida 34202

NOTICE OF PUBLIC HEARINGS

The purpose of the public hearings announced above is to consider the imposition of special assessments (“Debt Assessments”) and adoption of an assessment roll to secure proposed bonds on benefited lands within the District known as Phases I, II, II and IV-C through IV-F (“Lands”), and to provide for the levy, collection and enforcement of the Debt Assessments. The purpose of any such Debt Assessments is to secure the proposed bonds to be issued by the District to finance certain public infrastructure improvements (“Project”), generally consisting of earthwork, stormwater management facilities, potable water, reclaimed and irrigation water transmission systems, wastewater collection and transmission facilities, roadways, landscaping and hardscape, recreational facilities, power and street lights and other infrastructure, benefitting the Lands within the District. The Project is described in more detail in the District Engineer Supplemental Report for Project Phases I, II, III and Phases IV-C through IV-F dated July 2022 (“Engineer’s Report”). The Debt Assessments are proposed to be levied as an assessment lien and allocated to the benefitted lands as set forth in the Master Special Assessment

Methodology Report for Phases I, II, II and IV-C Through IV-F, dated July 6, 2022 (“Assessment Report”). At the conclusion of the public hearings, the Board will, by resolution, levy and impose assessments as finally approved by the Board. A meeting of the District will also be held where the Board may consider any other business that may properly come before it. Please refer to Exhibit A enclosed herein for additional information related to the public hearings and meeting.

The District is located entirely within unincorporated Manatee County, Florida. The Lands are located within the North River Ranch Improvement Stewardship District and a geographic description of the property to be assessed and the amount to be assessed to each piece or parcel of property may be ascertained at the “District’s Office” located at c/o Wrathell, Hunt and Associates, LLC, 2300 Glades Road, Suite 410W, Boca Raton, Florida 33410. Also, a copy of the agendas and other documents referenced herein may be obtained from the District’s Office.

The public hearings and meeting are open to the public and will be conducted in accordance with Florida law. The public hearings and meeting may be continued to a date, time, and place to be specified on the record. There may be occasions when staff or board members may participate by speaker telephone. Any person requiring special accommodations because of a disability or physical impairment should contact the District Office at least forty-eight (48) hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District Office.

Please note that all affected property owners have the right to appear and comment at the public hearings and meeting, and may also file written objections with the District Office within twenty (20) days of issuance of this notice. Each person who decides to appeal any decision made by the Board with respect to any matter considered at the public hearings or meeting is advised that person will need a record of 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 such appeal is to be based.

If you have any questions, please do not hesitate to contact the District Office.

Sincerely,

Chesley (Chuck) E. Adams, Jr. District Manager

EXHIBIT A
Summary of Proposed Debt Assessments

Proposed Debt Assessments and Total Revenue. The total revenues the District will collect by the Debt Assessments for Phases I, II, III and IV-C through IV-F is $622,293,478.90. The proposed Debt Assessments and Total Revenue for Phases I, II, III and IV-C through IV-F are as follows:

	Phases I, II, III, IV-		
Total Phases IV-		
	C Through		C Through IV-F		
	IV-F		Bond	Bond Assessments	Annual Debt	
	Number of	Total Project Cost	Assessments	Apportionment	Service Payment	
Unit Type	Units	Allocation	Apportionment	per Unit	per Unit*	
TH 24'	210	$6,232,144.24	$9,587,748.75	$45,655.95	$4,360.75	
Villa 33'	170	$6,948,868.83	$10,690,382.93	$62,884.61	$6,006.32	
Villa 36'	68	$3,046,079.49	$4,686,195.26	$68,914.64	$6,582.27	
SF 36'	47	$2,105,378.47	$3,238,987.90	$68,914.64	$6,582.27	
SF 40'	444	$22,126,631.80	$34,040,384.52	$76,667.53	$7,322.77	
SF 45'	163	$9,127,039.64	$14,041,357.11	$86,143.30	$8,227.84	
SF 50'	1,096	$68,120,192.29	$104,798,487.16	$95,619.06	$9,132.90	
SF 60'	157	$11,692,129.74	$17,987,581.46	$114,570.58	$10,943.02	
SF 64'	148	$11,767,721.78	$18,103,874.91	$122,323.48	$11,683.53	
Total	2,503	$141,166,186.29	$217,175,000.00			

Includes applicable costs of collection and early payment discounts

Unit of Measurement. As described in the Assessment Report, the Debt Assessments will be initially allocated on an equal assessment per acre basis, and will be levied on an equivalent residential unit (“ERU”) basis at the time that such property is platted or subject to a site plan or sold.

Schedule of Debt Assessments: For each bond issuance, the Debt Assessments principal is expected to be collected over a period of no more than 30 years subsequent to the issuance of debt to finance the improvements.

Collection. The Debt Assessments constitute a lien against benefitted property located within the District just as do each year’s property taxes. For the Debt Assessments, the District may elect to have the County Tax Collector collect the assessments, or alternatively may collect the assessments by sending out an annual bill. For delinquent assessments that were initially directly billed by the District, the District may initiate a foreclosure action or may place the delinquent assessments on the next year’s county tax bill. IT IS IMPORTANT TO PAY YOUR ASSESSMENT BECAUSE FAILURE TO PAY WILL CAUSE A TAX CERTIFICATE TO BE ISSUED AGAINST THE PROPERTY WHICH MAY RESULT IN LOSS OF TITLE, OR FOR DIRECT BILLED ASSESSMENTS, MAY RESULT IN A FORECLOSURE ACTION, WHICH ALSO MAY RESULT IN A LOSS OF TITLE. The District’s decision to
collect assessments on the tax roll or by direct billing does not preclude the District from later electing to collect those or other assessments in a different manner at a future time.

North River Ranch Improvement Stewardship District
District Engineer SUPPLEMENTAL REPORT FOR PROJECT
PHASES I, II, III AND PHASES IV-C THROUGH IV-F

JULY 2022

Prepared for:
North River Ranch Improvement Stewardship District
Manatee County, Florida

Prepared by:

Christopher Fisher, P.E. Clearview Land Design, P.L. Tampa, Florida

June 2022

Board of Supervisors
North River Ranch Improvement Stewardship District

RE:	North River Ranch Improvement Stewardship District
District Engineer Supplemental Report for Phases I, II, III, & Subphases IV-C, IV-D, IV-E, IV-F

To Whom It May Concern:

Pursuant to the Board of Supervisor’s authorization, Clearview Land Design, P.L. is pleased to submit this Engineer’s Report for the proposed Capital Improvement Plan for the North River Ranch Improvement Stewardship District. This report has been prepared on behalf of the District in connection with the financing for these proposed improvements. A detailed description of the improvements and their corresponding estimates of costs are outlined in the following report.

Thank you for this opportunity to be of professional service. Sincerely,
CLEARVIEW LAND DESIGN, P.L.

Christopher Fisher, P.E.
P:\North River Ranch\North River Ranch CDD\DRAFTS\2021.11.XX_cmf.CDD Phase IV-C, IV-D, IV-E Supplemental Report of District Engineer.docx

3010 W Azeele Street Suite 150 Tampa, FL 33609 Phone (813) 223-3919 Fax (813) 223-3975

TABLE OF CONTENTS

Page No.
TRANSMITTAL LETTER	2
INTRODUCTION	4
PURPOSE AND SCOPE	4
LAND USE	6
GOVERNMENTAL ACTIONS	6
CAPITAL IMPROVEMENT PLAN	7
OWNERSHIP AND MAINTENANCE	12
SUMMARY AND CONCLUSION	12

Exhibits

Vicinity Map
North River Ranch Boundary Metes & Bounds Description and Map
Summary of Estimated Project Costs
Permit and Construction Approval Status
Clarification of Acquisition, Construction, Installation, Landowner Funding & Reimbursement Agreement
Phases I, II, III, & Subphases IV-C, IV-D, IV-E, & IV-F Development Plan
Phases I, II, III, & Subphases IV-C, IV-D, IV-E, & IV-F Private Costs

PURPOSE AND SCOPE

The Fieldstone Community Development District and the North River Ranch Community Development District, (CDDs) merged into the North River Ranch Improvement Stewardship District (“NRRISD”), a special purpose unit of local government established by the Florida Legislature pursuant to Chapter 2020-191, Laws of Florida (“Act”) enacted on June 9th, 2021, when the NRRISD filed the Resolutions the Merger Agreements with Manatee County.

The District is located within Sections 7, 8 9, 16, 17 & 18, Township 33 South, Range 19 East. Exhibit A is a Vicinity Map of the District. The District was formed to provide necessary, public infrastructure so that the lands within the District can be developed as a residential community. Access to the Development (as defined below) will be various entrances off Fort Hamer Road, Moccasin Wallow Road, and US 301. As a part of this Development, Manatee County will require the construction and dedication of an east/west roadway that will connect US 301 and be constructed as necessary to serve the District lands. This road was previously referred to as “Road FF” is now called North River Ranch Trail and will provide access to the District as well. The lands constituting the District are presently intended for development into a master planned community known as North River Ranch (the “Development”). Exhibit B provides a Boundary Metes & Bounds Description and Map of the District. The majority of all public infrastructure is wholly contained within the limits of the District. Offsite improvements are required at the Moccasin Wallow Road and Fort Hamer Road intersection that will include signalizing the intersection (complete), a second eastbound left turn lane (if required), and a southbound left-turn lane. Extensions and widening of Fort Hamer Road will be required in the future.

The District Engineer’s Report dated July 27, 2021 describes the capital improvement program for the District (the "CIP") which is estimated to cost approximately $219 million and includes stormwater management facilities, potable water, reclaimed and irrigation distribution, wastewater collections and transmission facilities, clearing earthwork, offsite roadway improvements, offsite utility improvements, and professional fees. The capital improvements described in the CIP will be constructed in multiple phases over time. The purpose of this Supplemental Report is to assist with the financing and construction of the next phases of the Development estimated to cost approximately $144.2 million which includes certain master infrastructure improvements related to offsite roadway and utilities and neighborhood infrastructure costs allocable to Master Stormwater Improvements for Phases I, II, II and Subphases IV-C through IV-F, the infrastructure for Phases I, II, III and Subphases IV-C through IV-F, and the extension of Fort Hamer Road and North River Ranch Trail. The remaining residential portion of the improvements are planned for 2,503 residential units. Refer to Exhibit C for a cost summary of the Project. Public infrastructure and land improvements needed to service the Development include construction of subdivision infrastructure improvements.

This Supplemental Engineer’s Report for the Project reflects the District’s present intentions. The implementation and completion of any improvement outlined in this report requires final approval by the District’s Board of Supervisors, including the award of contracts for the construction of the improvements and/or acquisition of finished improvements constructed by others. Cost estimates contained in this report have been prepared based on the District Engineer’s Preliminary Opinion of Probable Cost. These estimates may not reflect final engineering design or complete environmental permitting. Actual costs will vary based upon final plans, design, planning, approvals from regulatory authorities, inflation, etc. Nevertheless, all costs contained herein may be reasonably expected to adequately fund the improvements described, and contingency costs as included are reasonable.

THE PROJECT

The Project presently intends to provide master stormwater facilities for Phases I, II, III and Subphases IV-C, IV- D, IV-E, IV-F, the extension of Fort Hamer Road and North River Ranch Trail and infrastructure for Phases I, II, III and ubphases IV-C through IV-F, which is a residential component of the Project consisting of 2,503 residential lots. These infrastructure improvements consist of earthwork, stormwater management facilities, potable water, reclaimed and irrigation water transmission systems, wastewater collection and transmission facilities, roadways, landscaping, and hardscape. The professional service costs associated with the design, permitting, construction, and inspection of these improvements have been included.

The landowners currently include Haval Farms, LLC, Citadel Asset Group, LLC and Fortress Investors Management, LLC . Fortress Investors Management, LLC will serve as the primary developer of the Development (the “Developer”). The Developer or its assignees/successors may construct infrastructure improvements for the Development and these improvements will be acquired by the District with proceeds of bonds issued by the District. The Developer will construct the balance of the infrastructure improvements needed for the development that is not financed by the District.

The proposed infrastructure improvements, as outlined herein, are necessary for the functional development of the Development as required by the County.

This Engineer's Report reflects the District's present intentions based on the Developer’s development plan. The implementation and completion of the CIP of the District outlined in this report requires final approval by the District's Board of Supervisors, including the award of contracts for the construction and/or acquisition of the improvements comprising the CIP. Cost estimates contained in this report have been prepared based on the best available information, including bid documents and pay requests where available. These estimates may not reflect final engineering design. Actual costs will vary based upon final plans, design, planning, approvals from regulatory

authorities, inflation, etc. Nevertheless, all costs contained herein, may be reasonably expected to adequately fund the improvements described, and contingency costs as included are reasonable.

LAND USE

The District is located within unincorporated Manatee County, Florida. Parcels within the boundary of the District are partially developed, approximately 1,436.1 acres remains undeveloped (including 137 acres for an existing FPL transmission easement). The land contains 3 different PDMU zonings and is subject to two Land Development Agreements.
PDMU-18-23- (P); Morgan’s Glen; approved June 6th, 2019 & May 4th, 2021
PDMU-18-06 (G); Villages of Amazon South; approved April 4th, 2019
PDMU-17-26 (Z) (G); Haval Farm; approved September 13th, 2019

As stated, the lands within the District encompass approximately 1,436.1 acres. The District is planned to ultimately include a mixture of single-family, townhome, and villa residential units along with commercial parcels.

More specifically, Phases I, II, III and Subphases IV-C through IV-F of the Development consisting of 1,269± acres is planned for 2,503 residential units consisting of 68 attached villas, 210 townhome units and 2,225 single-family units as detailed in Exhibit F. Land uses within Phases I, II, III and subphases IV-C through IV-F of the Development are planned to include the following approximate areas: Such information is subject to change.

Proposed Land Use	Approximate Acreage	Units	
Rights of Way	119		
Fort Hamer Trail	30		
Lots	313	2503	
Wetlands	144		
Park Sites	17		
School Site	30		
Commercial Outparacels	43		
Lakes	267		
Open Space	306		
Total	1269	2503	

GOVERNMENTAL ACTIONS

The Development will be under the jurisdiction and review of Manatee County, Southwest Florida Water Management District (SWFMD), and the Florida Department of Environmental Protection (FDEP). The permit status for the public improvements is summarized in Exhibit D included with this report.

The following permits will be required for the development of Phases I, II, III and Subphases IV-C, IV-D, IV-E, IV-F and the Fort Hamer Road Second Extension:

Phase	

# Units	

Zoning	

FDEP	Manatee County
Construction Permits	

SWFWMD	Anticipated
Start of Construction	Anticipated
Completion of Construction	
Fort Hamer Road
2nd Extension	0	Yes	X	4/21/2022	11/19/2021	2nd Q2022	1st Q2023	
(IV-C)-(IV-F)
Mass Grade	882	Yes	No Permit
Required	
X	
X	2nd Q2022	
2nd Q2023	
IV-C1	256	Yes	X	X	X	2nd Q2022	2nd Q2023	

Development activities for Phase IV-C1 consisting of 256 residential units is expected to commence in the third quarter of 2022 with completion expected by the second quarter of 2023. Development activities for Fort Hamer Road 2nd Extension has begun in the second quarter of 2022 and it is anticipated to be complete by the first quarter of 2023.

The remaining residential subphases (IV-C2 through IV-F) will require Manatee County construction plan approval, SWFWMD and FDEP permits prior to infrastructure construction, but will have an underlaying mass grading permit to begin earthwork construction on them via the mass grading approval.

The remaining residential Phases I, II & III will require Manatee County construction plan approval, SWFWMD and FDEP permits prior to infrastructure construction.

As detailed by Phase further herein, development activities on subsequent phases of this project phase of the District are expected to commence in first quarter of 2023 with completion anticipated in 2024, subject to market conditions.

It is our opinion that there are no technical reasons existing at this time which would prohibit the implementation of the plans for the CIP as presented herein and that permits normally obtained by site development engineers, not heretofore issued and which are necessary to effect the improvements described herein, will be obtained during the

ordinary course of development. The permit status for the public improvements is summarized in Exhibit D included with this report.

CAPITAL IMPROVEMENT PLAN

The District’s CIP includes infrastructure improvements that will provide special benefit to all assessable land within the District. Said improvements include earthwork, offsite roadway improvements, stormwater management facilities including those associated with such roadway improvements, on-site water and wastewater facilities, recreational facilities/parks, landscaping, hardscape, and sidewalk improvements all within public rights-of-way or on District owned lands and associated professional fees. The estimated total cost of the Project is $144,240,873.46 which includes Master Stormwater improvements for Phases I, II, III and Subphases IV-C through IV-F, Fort Hamer Road 2nd Extension and infrastructure for Phases I, II, III and subphases IV-C through IV-F. Refer to Exhibit C for a summary of the costs by infrastructure category for the Project. The private lot grading, over excavating of the stormwater ponds and enhanced landscaping costs of the Development will be funded by the Developer (“Private Costs”).

The current plan of development of this phase of the CIP is to be constructed in Three (3) Phases and seven (7) phases/subphases (see table below), and ultimately it is expected that once completed it will support the construction of approximately 2,503 residential dwelling units.

Construction Phasing (*)	
Total No. of Units	
Estimated Completion Date	
Phase I	470	2027	
Phase II	469	2025	
Phase III	682	2026	
Phase IV-C1	256	2022	
Phase IV-C2	180	2022	
Phase IV-D1	66	2023	
Phase IV-D2	142	2024	
Phase IV-E1	60	2023	
Phase IV-E2	68	2024	
Phase IV-F	110	2024	
Total Number of Units	2503		
(*) Phasing, number of units, and timing of units is subject to change.

ROADWAYS

Primary vehicular access to the Project is to be provided with entrances off Fort Hamer Road and a secondary entrance off US 301 with the future construction of “North River Ranch Trail”. The main entrances to the District from Fort Hamer Road, will be 2-lane roads with sidewalks and landscaping. Fort Hamer Road will be extended to the north as necessary to serve the development. The other access entrance to the District off US 301 will be North River Ranch Trail, a 2-lane thoroughfare road running east/west through the project. North River Ranch Trail will have on street parking, bikes lanes, and sidewalks. Streetlights may be required and if so the District will fund and construct the street lights. Internal roads will be undivided 2-lane residential streets with sidewalks and street lighting. The offsite access improvements on Moccasin Wallow Road will comply with the roadway design criteria of The Florida Department of Transportation (FDOT). The internal roadway design will comply with Manatee County transportation design criteria. The District will fund and construct the offsite improvements and the access improvements within the District or in the alternative acquire much completed improvements from the Developer. Manatee County will own, operate, and maintain the improvements on Moccasin Wallow Road as well as Fort Hamer Road and North River Ranch Trail. The District will construct the internal roadways. When the District does construct or acquire the roadways, they may be conveyed to Manatee County.

All roadways within Phases I, II, III and Subphases IV-C through IV-F are planned to be conveyed to Manatee County for ownership and maintenance.

STORMWATER MANAGEMENT

The County and the Southwest Florida Water Management District (SWFWMD) regulate the design criterion for the stormwater management system within the District. The District is located within the Little Manatee River Watershed. The pre-development site runoff and water management conditions have been developed by the County and SWFWMD. The existing, onsite, naturally occurring wetlands have been delineated by SWFWMD.

The stormwater management plan for the District focuses on utilizing newly constructed ponds in the uplands for stormwater treatment in conjunction with the naturally occurring wetlands.

The primary objectives of the stormwater management system for the District are:
To provide a stormwater conveyance and storage system, which includes stormwater quality treatment.
To adequately protect development within the District from regulatory-defined rainfall events.
To maintain wetland hydroperiods.
To ensure that adverse stormwater impacts do not occur upstream or downstream as a result of the

Development.
To satisfactorily accommodate stormwater runoff from adjacent off-site areas that naturally drains through the District. Accommodating existing drainage conditions is a requirement of more than one regulatory agency and is an integral part of the infrastructure improvements constructed with development projects.

The stormwater collection and outfall systems will be a combination of site grading, earthwork, stabilization, curb inlets, pipe culverts, control structures and open waterways. Wetland hydroperiods (normal pool and season high water elevations) will be maintained through proper design and maintenance of the outfall control structures. The District will fund and construct the stormwater management system or in the alternative acquire the completed system from the Developer. Curb inlets and pipe culverts in the District rights-of-ways will be owned, operated and maintained by the District as they are necessary components of the stormwater management system. The District will not finance the cost of the earthwork and site grading except to the extent it is necessary to facilitate the stormwater management system.

Ponds that will serve the stormwater management system for the Project will be constructed as needed. There is not a need to construct any additional stormwater ponds or facilities outside the limits of these phases.

WASTEWATER COLLECTION

The District is within Manatee County’s Service Area which will provide wastewater treatment service. The District will fund the construction of the wastewater system or in the alternative acquire the completed system from the Developer. When completed, the County will own, operate and maintain the District’s internal wastewater systems.

The County’s onsite wastewater system will consist of gravity collection lines with appurtenant manholes, and a pump station discharging to a force main that will connect to the existing County force main in the Fort Hamer Road right-of-way. Offsite utility extensions will be required before all of the units are constructed.
WATER DISTRIBUTION SYSTEM

The District is within Manatee County’s Service Area which will provide potable water service. The District will fund the construction of the potable water system or in the alternative acquire the completed system from the Developer. When completed, the County will own, operate and maintain the District’s internal potable water systems.
The County’s onsite potable water system will consist of distribution lines of varying sizes with appurtenant valves and backflow prevention equipment connecting to the existing water transmission lines in the Fort Hamer Road right of way.

LANDSCAPING

Significant landscape features and associated irrigation systems are planned for the public rights of way and District owned lands relating to the CIP. These features may include District entry monumentation at the entrances of the District, installation of irrigation wells, irrigation systems, and the perimeter buffer areas. The District will fund, construct, operate and maintain entry monumentation, irrigation systems and landscaping in publicly accessible areas of the District. The District will fund, construct, and maintain perimeter berms. In the alternative, the Developer may construct these improvements and convey the same to the District.

There will be significant buffer plantings that will be installed along Fort Hamer Road with the construction of Fort Hamer Road 2nd Extension and North River Ranch Trail.

RECREATIONAL FACILITIES

Recreational facilities will be funded and maintained by the District, which may include a clubhouse, pool area, tot lot(s), dog park, trails and other recreational features. The recreational components will generally be within District open space, parks and other public areas. The District will fund, construct and/or acquire, own and maintain these recreational facilities.

The main amenity center for the district will be located within this phase of the project. The amenity center will feature a large community gathering building, game room, expansive event lawn, resort style pool and miles of nature trails that will connect to the extensive trail network throughout North River Ranch. All associated parking and utility infrastructure will be installed with the development of this facility.

PROFESSIONAL SERVICES

Professional fees include civil engineering costs for master planning, site design, permitting, preparation of construction plans, inspection and survey costs for construction staking, preparation of record drawings and preparation of preliminary and final plats.

Professional fees also may include geotechnical costs for pre-design soil borings, underdrain analysis, soil stabilization, and construction testing, architectural costs for landscaping, fees associated with transportation planning and design, environmental consultation, irrigation system design and fees for permitting, as well as costs for legal and engineering services associated with the administration of the District's CIP.

OWNERSHIP AND MAINTENANCE

The ownership and maintenance responsibilities of the proposed infrastructure improvements for the development are set forth below.

Proposed Infrastructure Improvements	
Ownership	
Maintenance	
			
Internal Roadway Improvements	Manatee County	Manatee County	
Access Roadway Improvements on Moccasin Wallow Rd	Manatee County	Manatee County	
“North River Ranch Trail”	Manatee County	Manatee County	
Stormwater Management System	NRRISD	NRRISD	
Wastewater Collection System including the on-site Transmission System for Single Family Residences	Manatee County	Manatee County	
Water Distribution System including the Transmission System	Manatee County	Manatee County	
Landscaping and Irrigation Systems within public rights-of- way and district owned lands	NRRISD	NRRISD	
Amenity Center	NRRISD	NRRISD	

PROJECT COSTS

The CIP’s identifiable total costs associated with the infrastructure improvements are estimated to be
$144,240,873.46. The infrastructure improvements include: roadways, sewer, water, storm water management systems, recreational facilities and landscaping and irrigation as well as hardscape elements. It is understood that the funds available to the District to construct or acquire the improvements comprising the CIP, will be limited. Any such District improvements not financed by the District will be constructed and conveyed to the District by the Developer pursuant to an Acquisition and Developer Funding Agreement.
Exhibit C outlines the anticipated costs associated with the construction of the Project.

SUMMARY AND CONCLUSION

The infrastructure, as outlined above, is necessary for the functional progression of the Development within the District as required by the County. The planning and design of the infrastructure will be in accordance with current governmental regulatory requirements. The infrastructure will provide its intended function so long as the construction is in substantial compliance with the design and permits. The platting, design and permitting for the public infrastructure are ongoing at this time and there is no reason to believe such permits will not be obtained.
Items of construction in this report are based on preliminary plan quantities for the infrastructure construction as shown on the master plans, conceptual plans, construction drawings and specifications. It is my professional

opinion that the estimated infrastructure costs provided herein for the District improvements comprising the CIP are reasonable to complete the construction of the infrastructure described herein and that these infrastructure improvements will provide a special benefit to the assembled land in the District, which special benefit will at least equal the costs of such improvements. All such infrastructure costs are public improvements or community facilities as set forth in Section 190.012(1) and (2) of the Florida Statues.
The infrastructure total construction cost developed in this report is only an estimate and not a guaranteed maximum price. The estimated cost is based on unit prices currently being experienced for ongoing and similar items of work in the Tampa Bay area and quantities as represented on the master plans. The labor market, future costs of equipment and materials, and the actual construction processes frequently vary and cannot be accurately forecasted. Due to this inherent opportunity for fluctuation in cost, the total final cost may be more or less than this estimate.
The professional services for establishing the opinion of estimated construction cost are consistent with the degree and care and skill exercised by members of the same profession under similar circumstances.

Christopher Fisher, P.E District Engineer
FL Registration No. 85555

EXHIBITS

Exhibit A	Vicinity Map of District	

Exhibit B	
Boundary Metes & Bounds Description of District	

Exhibit C	
Summary of Estimated Project	

Exhibit D	
Permit and Construction Approval Status	

Exhibit E	
Phases I, II, III and Subphases IV-C Through IV-F Development Plan	

Exhibit F	
Phases I, II, III and Subphases IV-C Through IV-F Private Costs	

EXHIBIT A

VICINITY MAP

6900 Professional Parkway East, Sarasota, FL 34240-8414
Phone 941-907-6900  Fax 941-907-6910
Certificate of Authorization #27013  www.stantec.com

The Contractor shall verify and be responsible for all dimensions. DO NOT scale the drawing - any errors or omissions shall be reported to Stantec without delay. The Copyrights to all designs and drawings are the property of Stantec.
Reproduction or use for any purpose other than that authorized by Stantec is forbidden.

EXHIBIT B

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

LEGAL DESCRIPTION

MORGAN’S GLEN PARCEL:

BEGIN AT THE COMMON CORNER OF SECTIONS 19, 20, 29 AND 30, TOWNSHIP 33 SOUTH, RANGE 19 EAST, MANATEE COUNTY, FLORIDA; THENCE, ALONG THE EAST LINE OF SAID SECTION 30, S.00°06'50"W., FOR 540.98 FEET TO A LINE BEING 50 FEET NORTH OF AND PARALLEL TO THE CENTERLINE OF A SCL RAILROAD RIGHT OF WAY, SAID LINE ALSO BEING THE SOUTH LINE OF LOT 1, BLOCK 1, MANATEE RIVER FARMS AS RECORDED IN PLAT BOOK 6, PAGE 45 OF THE PUBLIC RECORDS OF MANATEE COUNTY, FLORIDA; THENCE, ALONG SAID LINE, S.73°37'59"W., 670.12 FEET; THENCE N.00°06'17"E., FOR 412.91 FEET; THENCE N.01°49'12"W., FOR 315.39 FEET TO THE SOUTH LINE OF SAID SECTION 19; THENCE, LEAVING SAID SOUTH LINE, N.00°34'28"W., FOR 441.76 FEET; THENCE N.01°53'22"E., FOR
220.56 FEET; THENCE S.89°53'31"W., FOR 858.88 FEET; THENCE S.84°33'13"W., FOR 104.29 FEET; THENCE S.76°54'28"W., FOR
377.88 FEET; THENCE N.00°07'22"W., FOR 1,708.90 FEET TO THE SOUTH RIGHT OF WAY LINE OF MOCCASIN WALLOW ROAD; THENCE, ALONG SAID SOUTH RIGHT OF WAY LINE, S.89°15'16"E., FOR 1,980.23 FEET TO THE EAST LINE OF SAID SECTION 19, SAID LINE ALSO BEING THE WEST LINE OF SAID SECTION 20; THENCE, CONTINUE ALONG SAID SOUTH RIGHT OF WAY LINE, S.88°55'05"E., 666.19 FEET; THENCE,

LEAVING SAID SOUTH RIGHT OF WAY LINE, S00°06'09"E., FOR 397.02 FEET; THENCE S.89°16'25"E., FOR 135.94 FEET; THENCE S.88°59'12"E., FOR 121.89 FEET; THENCE S.81°46'46"E., FOR
200.24 FEET; THENCE S.89°10'18"E., FOR 210.00 FEET TO THE EAST LINE OF THE NORTHWEST 1/4 OF THE SOUTHWEST 1/4 OF SAID SECTION 20; THENCE, ALONG SAID EAST LINE, S.00°04'54"E., FOR
673.99 FEET TO THE SOUTH LINE OF SAID NORTHWEST 1/4 OF THE SOUTHWEST 1/4, SAID LINE ALSO BEING THE NORTH LINE OF THE SOUTHWEST 1/4 OF THE SOUTHWEST 1/4 OF SAID SECTION 20; THENCE, ALONG SAID LINE, N.89°31'56"W., FOR 665.68 FEET; THENCE, LEAVING SAID LINE, S.00°06'09"E., FOR 467.45 FEET; THENCE N.89°51'11"E., FOR 59.49 FEET; THENCE S.00°06'09"E., FOR
663.67 FEET TO THE SOUTH LINE OF SECTION 20, TOWNSHIP 33 SOUTH, RANGE 19 EAST, MANATEE COUNTY, FLORIDA; THENCE, ALONG SAID SOUTH LINE, S.89°51'11"W., FOR 724.73 FEET TO THE POINT OF BEGINNING.

LESS AND EXCEPT THAT CERTAIN RIGHT-OF-WAY BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

A PORTION OF THOSE LANDS DESCRIBED IN OFFICIAL RECORD BOOK 2066, PAGE 3027, PUBLIC RECORDS OF MANATEE COUNTY, FLORIDA, LYING IN SECTIONS 19 AND 30, TOWNSHIP 33 SOUTH, RANGE 19 EAST, MANATEE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION 19; THENCE SOUTH 86°58'46" WEST, ALONG THE SOUTH LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 19, A DISTANCE OF 537.04 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 00°13'25" WEST, A DISTANCE OF 2.00 FEET TO A POINT ON A CURVE TO THE RIGHT; THENCE SOUTHERLY
171.21 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF

860.00 FEET, A CENTRAL ANGLE OF 11°24'23", AND A CHORD BEARING AND DISTANCE OF SOUTH 05°55'36" WEST 170.93 FEET TO A POINT OF REVERSE CURVE TO THE LEFT; THENCE SOUTHERLY 148.63 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 740.00 FEET, A CENTRAL ANGLE OF 11°30'27", AND A CHORD BEARING AND DISTANCE OF SOUTH 05°52'34" WEST 148.38 FEET; THENCE SOUTH 00°07'20" WEST, A DISTANCE OF 359.62 FEET TO THE NORTH RIGHT OF WAY LINE OF FP & L RAILROAD; THENCE ALONG SAID NORTH RIGHT OF WAY LINE, SOUTH 73°37'35" WEST, A DISTANCE OF 77.06 FEET; THENCE NORTH

01°01'42" WEST, A DISTANCE OF 694.96 FEET; THENCE NORTH

00°13'25" EAST, A DISTANCE OF 724.64 FEET TO A POINT ON A CURVE TO THE LEFT; THENCE NORTHERLY 205.25 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 560.00 FEET, A CENTRAL ANGLE OF 21°00'00", AND A CHORD BEARING AND DISTANCE OF NORTH 10°16'36" WEST 204.10 FEET; THENCE NORTH 20°46'36" WEST, A DISTANCE OF 207.01 FEET TO A POINT ON A CURVE TO THE LEFT; THENCE NORTHWESTERLY 211.09 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 940.00 FEET, A CENTRAL ANGLE OF 12°52'00", AND A CHORD BEARING AND DISTANCE OF NORTH 27°12'36" WEST
210.65 FEET TO A POINT OF REVERSE CURVE TO THE RIGHT; THENCE NORTHERLY 622.42 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 1,060.00 FEET, A CENTRAL ANGLE OF 33°38'35", AND A CHORD BEARING AND DISTANCE OF NORTH 16°49'18" WEST 613.51 FEET; THENCE NORTH 00°00'00" WEST, A DISTANCE OF 296.18 FEET; THENCE NORTH 44°34'29" WEST, A DISTANCE OF 70.18 FEET; THENCE NORTH 00°48'08" EAST, A DISTANCE OF 46.61 FEET TO THE SOUTH MAINTAINED RIGHT OF WAY LINE OF MOCCASIN WALLOW ROAD; THENCE ALONG SAID SOUTH MAINTAINED RIGHT OF WAY LINE, SOUTH 89°11'52" EAST, A DISTANCE OF 230.02 FEET; THENCE, LEAVING SAID SOUTH MAINTAINED RIGHT OF WAY LINE, SOUTH 00°48'08" WEST, A DISTANCE

OF 46.66 FEET; THENCE SOUTH 45°25'31" WEST, A DISTANCE OF

71.23 FEET; THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 236.20 FEET; THENCE SOUTH 04°08'24" WEST, A DISTANCE OF 114.31 FEET TO A POINT ON A NON-TANGENT CURVE TO THE LEFT; THENCE SOUTHERLY 494.62 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 940.00 FEET, A CENTRAL ANGLE OF 30°08'55", AND A CHORD BEARING AND DISTANCE OF SOUTH 18°34'08" EAST 488.93 FEET TO A POINT OF REVERSE CURVE TO THE RIGHT; THENCE SOUTHEASTERLY
238.04 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF

1,060.00 FEET, A CENTRAL ANGLE OF 12°52'00", AND A CHORD BEARING AND DISTANCE OF SOUTH 27°12'36" EAST 237.54 FEET; THENCE SOUTH 20°46'36" EAST, A DISTANCE OF 207.01 FEET TO A POINT ON A CURVE TO THE RIGHT; THENCE SOUTHERLY 249.23 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 680.00 FEET, A CENTRAL ANGLE OF 21°00'00", AND A CHORD BEARING AND DISTANCE OF SOUTH 10°16'36" EAST 247.84 FEET; THENCE SOUTH 00°13'25" WEST, A DISTANCE OF 718.08 FEET TO THE POINT OF BEGINNING. CONTAINING 129.475 ACRES, MORE OR LESS.
TOGETHER WITH NORTH RIVER RANCH – HAVAL FARMS:

A TRACT OF LAND, BEING A PORTION OF MANATEE RIVER FARMS, UNIT 1, RECORDED IN PLAT BOOK 6, PAGE 45 OF THE PUBLIC RECORDS OF

MANATEE COUNTY, FLORIDA, LYING IN SECTIONS 7, 8, 9, 16, 17,

18, 19 AND 20, TOWNSHIP 33 SOUTH, RANGE 19 EAST, MANATEE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE SOUTHWEST CORNER OF THE ABOVE-MENTIONED SECTION 7; THENCE N.00°13'29”E., ALONG THE WEST LINE OF SECTION 7, A DISTANCE OF 1,809.08 FEET; THENCE N.90°00'00”E., A DISTANCE OF
272.18 FEET TO THE POINT OF CURVATURE OF A CURVE TO THE LEFT HAVING A RADIUS 1,000.00 FEET AND A CENTRAL ANGLE OF 48°54'32”; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 853.62 FEET TO THE POINT OF REVERSE CURVATURE OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1,962.46 FEET AND A CENTRAL ANGLE OF 97°43'17”; THENCE EASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 3,347.09 FEET TO THE POINT OF REVERSE CURVATURE OF A CURVE TO THE LEFT HAVING A RADIUS OF 1,500.00 FEET AND A CENTRAL ANGLE OF 48°48'45”; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 1,277.91 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE N.90°00'00”E., A DISTANCE OF 1,220.57 FEET TO THE POINT OF CURVATURE OF A CURVE TO THE LEFT HAVING A RADIUS OF 1,100.00 FEET AND A CENTRAL ANGLE OF 49°18'03”; THENCE NORTHEASTERLY

ALONG THE ARC OF SAID CURVE, A DISTANCE OF 946.51 FEET TO THE

POINT OF REVERSE CURVATURE OF	A CURVE	TO THE RIGHT HAVING A	
RADIUS OF 1,990.00 FEET AND A	CENTRAL	ANGLE OF 108°30'13”;	
THENCE EASTERLY ALONG THE ARC	OF SAID	CURVE, A DISTANCE OF	
3,768.56 FEET TO THE POINT OF	REVERSE	CURVATURE OF A CURVE TO	

THE LEFT HAVING A RADIUS OF 1,400.00 FEET AND A CENTRAL ANGLE OF 67°34'16”; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 1,651.07 FEET TO THE POINT OF REVERSE CURVATURE OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1,000.00 FEET AND A CENTRAL ANGLE OF 44°28'10”; THENCE EASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 776.14 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE S.53°53'56”E., A DISTANCE OF
509.73 FEET TO A POINT ON THE WESTERLY RIGHT-OF-WAY LINE OF

U.S. 301; THENCE S.36°06'04”W., A DISTANCE OF 1,512.28 FEET; THENCE N.89°59'54”W., A DISTANCE OF 4,022.59 FEET; THENCE
S.27°47'24”W.,	A	DISTANCE	OF	1,049.93 FEET; THENCE	
N.68°30'43”W.,	A	DISTANCE	OF	1,332.96 FEET; THENCE	
N.00°11'16”E.,	A	DISTANCE	OF	383.27 FEET; THENCE	
N.89°43'15”W.,	A	DISTANCE	OF	719.63 FEET; THENCE S.00°35'38"	

W., A DISTANCE OF 2,551.98 FEET TO THE POINT OF CURVATURE OF A CURVE TO THE RIGHT HAVING A RADIUS 795.00 FEET AND A CENTRAL

ANGLE OF 48°08'26"; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 667.97 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE S.48°44'04" W., A DISTANCE OF 213.94 FEET TO THE POINT OF CURVATURE OF A CURVE TO THE LEFT HAVING A RADIUS 1,355.00 FEET AND A CENTRAL ANGLE OF 33°22'52"; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF
789.44 FEET; THE FOLLOWING FIVE (5) CALLS ARE ALONG THE NORTHERLY LINE OF A SPECIFIC PURPOSE SURVEY FOR TRACT 300FL- MA-010.000, PREPARED BY WILLBROS ENGINEERS, INC., AND DATED OCTOBER 12, 2015: 1) S.89°39'18”E., A DISTANCE OF 85.64 FEET;
2) S.89°10'25”E., A DISTANCE OF 187.79 FEET; 3) S.89°53'48”E., A DISTANCE OF 1,364.36 FEET; 4) S.89°38'04”E., A DISTANCE OF 1,529.39 FEET; 5) THENCE N.89°48'54”E., A DISTANCE OF 969.28 FEET TO A POINT ON THE WEST LINE OF PARCEL DEEDED TO PEOPLES GAS SYSTEM; THENCE S.00°02'24”W., ALONG THE WESTERLY LINE OF SAID PARCEL, A DISTANCE OF 35.27 FEET TO THE SOUTH WEST CORNER OF SAID PARCEL; THENCE S.89°57'36”E., ALONG THE SOUTHERLY LINE OF SAID PARCEL, A DISTANCE OF 60.00 FEET TO A POINT ON A PARCEL AS DESCRIBED IN OFFICIAL RECORDS BOOK 2207, PAGE 6256, SAID PUBLIC RECORDS; THENCE ALONG SAID PARCEL FOR THE FOLLOWING TWO (2) CALLS; 1) S.00°02'21”W., A DISTANCE OF

24.79 FEET; 2) THENCE N.89°52'24”E., A DISTANCE OF 178.91 FEET TO THE NORTHWESTERLY RIGHT OF WAY LINE OF U.S. 301; THENCE SOUTHERLY ALONG SAID RIGHT OF WAY LINE THE FOLLOWING THREE (3) COURSES: 1) S.36°06’04”W., A DISTANCE OF 472.43 FEET; 2) S.36°04’53”W., A DISTANCE OF 916.03 FEET TO THE P.C. OF A CURVE TO THE LEFT WHOSE RADIUS POINT LIES SOUTH 53°53’38”EAST, A DISTANCE OF 1977.86 FEET; 3) SOUTHERLY ALONG THE ARC OF SAID CURVE ALSO BEING SAID RIGHT OF WAY LINE, A DISTANCE OF 971.94 FEET THROUGH A CENTRAL ANGLE OF 28°09’21”; THENCE N.89°26'34"W., A DISTANCE OF 1,282.99 FEET; THENCE S.00°06'08"E., A DISTANCE OF 1,300.10 FEET; TO THE NORTHERLY RIGHT OF WAY LINE OF MOCCASIN WALLOW RD; THENCE WESTERLY ALONG SAID NORTHERLY RIGHT OF WAY LINE THE FOLLOWING FIVE (5) COURSES: 1) N.88°54'18"W., A DISTANCE OF 1,334.91 FEET; 2) N.89°08'58"W., A DISTANCE OF 2,271.84 FEET; 3) N.89°07'49"W., A DISTANCE OF 328.34 FEET; 4) N.89°07'50"W., A DISTANCE OF 2,693.55 FEET; 5) N.88°01'42"W., A DISTANCE OF 16.92 FEET TO THE WEST LINE OF ABOVE-MENTIONED SECTION 19; THENCE N.00°08'36"E. ALONG SAID WEST LINE, A DISTANCE OF 2,578.91 FEET; THENCE N.00°08'15"E THE WEST LINE OF ABOVE-MENTIONED SECTION 18., A DISTANCE OF 1,944.35 FEET; THENCE N.00°07'17"E.

CONTINUE ALONG SAID WEST LINE, A DISTANCE OF 3,366.32 FEET TO THE POINT OF BEGINNING.
CONTAINING 1,883.092 ACRES, MORE OR LESS.

CONTAINING A TOTAL AREA OF 2,012.567 ACRES, MORE OR LESS.

Being subject to any rights-of-way, restrictions and easements of record.

EXHIBIT C
SUMMARY OF ESTIMATED PROJECT COST

Summary of Costs North River Ranch Project
Community Development District

	North River

DI

Fort Hamer Road 2nd Extension Improvements

(2880 Lots)	Ranch Improvem ESTIMATED PROJ

STRICT ELIGIBLE IM

Neighborhood Amenity Center

(2880 Lots)	ent Stewardship D ECT COSTS

PROVEMENTS

Master Stormwater Improvements

(2,503 Lots)	istrict

Neighborhood Infrastructure (Phases I, II, III & Subphases IV-C1 through IV-F)

(2,503 Lots)	

Project Costs	

STORMWATER, DRAINAGE & EARTHWORK (EXCLUDING LOTS)	

$3,293,887.32	

$0.00	

$11,263,500.00	

$22,527,000.00	

$37,084,387.32	
ROADWAYS & PAVING	$2,214,284.07	$1,250,000.00	$0.00	$21,275,500.00	$24,739,784.07	
WATER, WASTEWATER & RECLAIMED WATER	
$2,545,280.47	
$425,000.00	
$0.00	
$30,036,000.00	
$33,006,280.47	
LANDSCAPE, HARDSCAPE	
$875,000.00	
$250,000.00	
$0.00	
$8,760,500.00	
$9,885,500.00	
RECREATIONAL
FACILITIES	
$175,000.00	
$7,000,000.00	
$0.00	
$250,000.00	
$7,425,000.00	
POWER & STREET
LIGHTS	
$575,000.00	
$0.00	
$0.00	
$4,505,400.00	
$5,080,400.00	
SUBTOTAL PROFESSIONAL SERVICES (7%):
CONTINGENCY (15%):	$9,678,451.86
$677,491.63
$1,553,391.52	$8,925,000.00
$624,750.00
$1,432,462.50	$11,263,500.00
$788,445.00
$1,807,791.75	$87,354,400.00
$6,114,808.00
$14,020,381.20	$117,221,351.86
$8,205,494.63
$18,814,026.97	

TOTAL:	
$11,909,335.01	
$10,982,212.50	
$13,859,736.75	
$107,489,589.20	
$144,240,873.46	

EXHIBIT “D”

PERMIT AND CONSTRUCTION APPROVAL STATUS

EXHIBIT “D”
North River Ranch Community Development District

Project Name	Permit ID	Permit Number	Approval Date	Expiration Date	Remarks	
Haval Farms	PDMU/NCO	PDMU-17-26	03-14-19	-	Zoning Approval from Manatee County	
Haval Farms	ERP	780141/42044237.000	08-19-19	08-19-24	JD Wetland Survey	
North River Ranch Phases IV-A & IV-B	PSP/FSP	PLN2006-0049	03-22-2021	03-22-2025		
North River Ranch Phases IV-A & IV-B	ERP	43030935.024	11/03/2020	11/03/2025		
North River Ranch ACOE	N/A				No permit Required	
North River Ranch Phases IV-A Final Plat		PLN-2106-0094			Expect Recorded Plat Q3 of 2022	
North River Ranch Phase IV-A Certification					Expect final certification Q3 of 2022	
Amenity Center	PSP/FSP	PLN2202-0134			Permits to construct the amenity center will need to be obtained through SWFWMD and Manatee County. Roadway extensions from Fort Hamer will be required to serve the amenity center	
Fort Hamer Road 2nd Ext.	CP	PLN2106-0102	4/21/2022	4/21/2026	Roadway extension to serve future phases and future school
site.	
Fort Hamer Road 2nd Ext.	ERP	43030935.030	11/18/2021	11/18/2026		
North River Ranch South Mass Grade	CP	PLN2201-0051	6/6/2022	06/06/2026		
North River Ranch South Mass Grade	ERP	43030935.032	5/4/2022	5.4/2027		
North River Ranch Phase IV-C1	PSP/FSP	PLN2203-0057			Expect Approval in Q3 of 2022 for Infrastructure Installation	

Exhibit “E”
Phases I, II, III and Subphases IV-C Through IV-F Development Plan

MANATEE RIVER FARMS UNIT 1

JD W37
2.334 Ac.

JD W27
28.383 Ac.

JD W26 1.894 Ac.

FUTURE PH III

JD W25
6.527 Ac.

JD W24
3.191 Ac.

JD W33
2.547 Ac.

FUTURE PH II

JD W36 3.833 Ac.

JD W38 0.787 Ac.

JD W39 0.807 Ac.

JD W23
1.551 Ac.

JD W42
4.010 Ac.

JD W20 0.790 Ac.

3.000 Ac.

JD W32
3.209 Ac.

JD W19 5.654 Ac.

JD W35
JD W22	18.572 Ac.
2.499 Ac.

FUTURE PH I

JD W21
4.479 Ac.

JD W31
0.590 Ac.

JD W30
0.203 Ac.

JD W13

FUTURE

3.640 Ac.	JD W34
Wetland 16B	4.910 Ac.

FUTURE PH IV-C2

EX 16" WELL HP-F/8

PH IV-D

JD W8 2.730 Ac.

1.335 Ac.	Wetland 16A 0.973 Ac.
Wetland 16C 0.826 Ac.

FUTURE PH IV-E

Wetland 6
2.380 Ac.

Township 33 South, Range 18 East

Township 33 South, Range 19 East

EX CONTROL STRUCTURE 25

EX CONTROL STRUCTURE 15

EX CONTROL STRUCTURE 27

EX CONTROL STRUCTURE 29

IV-C1

Wetland 4A
1.736 Ac.	Wetland 5
Wetland 4B	2.960 Ac.
0.123 Ac.

Wetland 3A 1.949 Ac.

JD W13 1.079
Ac.

Wetland 48A	Wetland 48B
1.243 Ac.	0.569 Ac.
JD W14
3.440 Ac.

M M

MODEL PARKING LOT

M

M

M

M

PATRRACT "PK-2" P2

JD W7
JD W5	1.734 Ac.	JD W12
0.319 Ac.	2.973 Ac.
JD W6

TRACT "P-1"

PARK P1

7.216 Ac.
PH IV-B

PH IV-A

JD W8A
2.038 Ac.

JD W8B 0.648
Ac.

JD W9
0.370 Ac.

JD W11A
1.249 Ac.

13  18

24  19

18  17

19  20

Exhibit “F”
Phases I, II, III and Subphases IV-C Through IV-F Private Costs

EXHIBIT “F”

North River Ranch	
ESTIMATED PROJECT PRIVATE COSTS	
	Neighborhood Infrastructure	
Private Project	
		Costs	
	(2,503 Lots)		
FINAL LOT GRADING	$1,001,200.00	$1,001,200.00	
OVEREXCAVATION OF PONDS	$1,501,800.00	$1,501,800.00	
LANDSCAPE, HARDSCAPE & RECREATIONAL FACILITIES	
$2,503,000.00	
$2,503,000.00	
SUBTOTAL	$5,006,000.00	$5,006,000.00	
PROFESSIONAL SERVICES (7%):	$750,900.00	$750,900.00	
CONTINGENCY (15%):	$52,563.00	$52,563.00	
TOTAL:	$5,809,463.00	$5,809,463.00	

North River Ranch Improvement Stewardship District

Master Special Assessment Methodology Report for Phases I, II, III and IV-C Through IV-F

July 6, 2022

Provided by:

Wrathell, Hunt and Associates, LLC
2300 Glades Road, Suite 410W Boca Raton, FL 33431 Phone: 561-571-0010
Fax: 561-571-0013
Website: www.whhassociates.com

North River Ranch ISD Master Special Assessment Methodology Report for Phases I, II, III and IV-C Through IV-F_v1.1

Table of Contents
1.0	Introduction	1
Purpose	2
Scope of the Phases I, II, III, IV-C Through IV-F Report	2
Special Benefits and General Benefits	2
Requirements of a Valid Assessment Methodology	3
Special Benefits Exceed the Costs Allocated	3
Organization of the Phases I, II, III, IV-C Through IV-F Report	4
2.0	Development Program
Overview	4
The Development Program	4
Project
Overview	5
4.0	Financing Program
Overview	6
Types of Bonds Proposed	7
5.0	Assessment Methodology
Overview	8
Benefit Allocation	8
Assigning Phases I, II, III, IV-C Through IV-F Bond Assessments 11
Lienability Test: Special and Peculiar Benefit to the Property	12
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Assessments	13
True-Up Mechanism	13
Preliminary Assessment Roll	16
Additional Items Regarding Phases I, II, III, IV-C Through IV-F Bond Assessments Imposition and Allocation	17
Additional Stipulations
Overview	18
7.0	Appendix
Table 1	18
Table 2	19
Table 3	19
Table 4	20
Table 5	21
Table 6	21

Introduction

The North River Ranch Improvement Stewardship District (the “District”) is a +/- 2,001.094-acre special district located in unincorporated Manatee County, Florida. The District was established by Chapter 2020-191, Laws of Florida (the “Act”) on June 9, 2020, which was amended by Chapter 2022-244, Laws of Florida (Chapters 2020-191 and 2022-244 together the “Act”), and comprises the former Fieldstone Community Development District (the “Fieldstone CDD”) and the former North River Ranch Community Development District (the “North River Ranch CDD” and together with the Fieldstone CDD the “Districts”) which were dissolved by Manatee County on October 7, 2021.

The development of land within the Districts has already commenced, the Districts issued several series of bonds to finance a portion of the public infrastructure improvements necessary to support such development. Specifically, the former North River Ranch CDD issued its Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1 and Series 2020A-2 (the “Series 2020A-1 and A-2 Bonds”) to support the development of Phases IV-A and IV-B, as defined herein, which jointly constitute the first stage of land development within the former North River Ranch CDD portion of the District, while the Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3 (the “Series 2020A-3 Bonds” and together with the Series 2020A-1 and A-2 Bonds the “Series 2020 Bonds”) to support the development of the entirety of the former North River Ranch CDD portion of the District. At present time, the District has commenced planning for the remaining stages of land development within the former North River Ranch CDD portion of the District, which constitutes of Phases I, II and III (“Phases I, II and III”) and Phases IV-C, IV-D, IV-E, and IV-F (“Phases IV-C through IV-F” and together with Phases I, II and III “Phases I, II, III, IV-C through IV-F).

The public infrastructure improvements planned for Phases I, II, III, IV-C through IV-F, as well as certain public infrastructure improvements planned for the entirety of the former North River Ranch CDD portion of the District (the “Former NRR District”), are described in the District Engineer Supplemental Report for Project Phases I, II, III and Phases IV-C Through IV-F dated July 2022 (the “Supplemental Engineer’s Report”) prepared by Clearview Land Design, P.L. (the “District Engineer”). The Supplemental Engineer’s Report describes the public infrastructure improvements (the “Project”) needed to support the development of the properties planned to be developed within Phases I, II, III, IV-C through IV-F within the Former NRR District, as well as enhances the benefits which have already been provided to Phases IV-A and IV-B.

Purpose

This Master Special Assessment Methodology Report for Phases I, II, III, IV-C Through IV-F (the “Phases I, II, III, IV-C Through IV-F Report”) was developed to supplement the North River Ranch Community Development District Master Assessment Methodology report dated March 2020 (the "Master Report"), and to provide a supplement to the financing plan and special assessment methodology related to funding by the District of a portion of the public infrastructure improvements that comprise the Project.

This Phases I, II, III, IV-C Through IV-F Report allocates the debt associated with funding such portion of the Project based on the special benefits received from the public infrastructure improvements that comprise said Project. This Phases I, II, III, IV-C Through IV-F Report is designed to conform to the requirements of Chapter 170 and 190, Florida Statutes, with respect to special assessments and is consistent with our understanding of case law on this subject.

Scope of the Phases I, II, III, IV-C Through IV-F Report

This Phases I, II, III, IV-C Through IV-F Report presents the projections for financing a portion of the costs of the Project as described in the Supplemental Engineer’s Report and describes the method for the allocation of special benefits and the apportionment of special assessments resulting from the provision and funding of said portion of the Project.

Special Benefits and General Benefits

Public infrastructure improvements undertaken and funded in part by the District as part of the Project create special benefits and peculiar benefits, different in kind and degree than general benefits for properties within the Former NRR District, as well as general benefits to the areas outside of the Former NRR District, and to the public at large. However, as discussed within this Phases I, II, III, IV-C Through IV-F Report, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to peculiar properties within the Former NRR District, as the improvements comprising the Project enable properties within Phases I, II, III, IV-C through IV-F to be developed, or in case of Phases IV-A and IV-B, enhances the benefits which have already been provided.

There is no doubt that the general public and property owners outside of the Former NRR District will benefit from the provision of

the Project. However, these benefits are only incidental since the Project is designed to provide special benefits peculiar to the properties within the Former NRR District, including but not limited to allowing the development of property therein or enhancement of the benefits which have already been provided. Properties within the Former NRR District are directly served by the Project and depend upon the improvements comprising the Project to satisfy the requirements of their development entitlements/enhances the benefits which have already been provided. This fact alone clearly demonstrates the special benefits received by the properties within the Former NRR District.

The public infrastructure improvements that comprise the Project will provide the public infrastructure improvements necessary to make the lands within the Former NRR District developable and saleable/enhance the benefits which have already been provided. The installation of such improvements will cause the value of the lands within the Former NRR District to increase by more than the sum of the financed costs of the individual components of the Project. Even though the exact value of the special benefits provided by the Project is hard to estimate at this point, it is nevertheless greater than the costs associated with providing the same.

Requirements of a Valid Assessment Methodology

There are two requirements under Florida law for a valid special assessment:

First, the properties assessed must derive a special benefit from the improvement/service provided.

Second, the assessment must be fairly and reasonably apportioned among the properties that receive the special benefit.

Florida law provides for a wide application of special assessments that meet these two characteristics of special assessments.

Special Benefits Exceed the Costs Allocated

The special benefits received by the properties within the Former NRR District are greater than the costs associated with providing these benefits. As set forth in the Supplemental Engineer’s Report, the District Engineer estimates that public infrastructure improvements that comprise the Project and which are necessary to support the development of property within the Former NRR District
/enhances the benefits which have already been provided will have

a total cost of approximately $144,240,873.46. The author of this Phases I, II, III, IV-C Through IV-F Report reasonably believes that even though the exact value of the special benefits provided by the Project is hard to estimate at this point, it is nevertheless greater than the costs associated with providing the same, including financing cost, as without the public infrastructure improvements that comprise the Project, the properties within the Former NRR District would not be able to be fully developed and occupied by future residential property owners of the community.

Organization of the Phases I, II, III, IV-C Through IV-F Report

Section Two describes the development program for the Former NRR District as proposed by the Developer, as defined in Section 2 below.

Section Three provides a summary of the public infrastructure improvements that comprise the Project as set forth in the Supplemental Engineer’s Report.

Section Four sets forth the supplement to the financing program for the Former NRR District.

Section Five sets out the supplement to the special assessment methodology for the Former NRR District, as originally established in the Master Report and applied in this Phases I, II, III, IV-C Through IV-F Report to the Phases I, II, III, IV-C Through IV-F Bond Assessments, as defined herein.

2.0	Development Program

Overview

The District serves the North River Ranch development and is designed as a master-planned mixed-use development located in unincorporated Manatee County, Florida. The District is generally located north of Erie Road, south of Buckeye Road, and west of US 301.

The Development Program

Land development within the Former NRR District has already commenced and is expected to continue to be conducted by the Neal Land & Neighborhoods, LLC and/or its affiliates (the “Developer”). Based upon the most current information provided by the Developer,

the current development plan for the lands within the Former NRR District envisions a total of 2,880 residential dwelling units, with 377 residential dwelling units developed within the first stage of land development within the District referred to as Phases IV-A and IV-B (“Phases IV-A and IV-B”), 1,621 residential dwelling units developed within Phases I, II and III, and 882 residential dwelling units developed within Phases IV-C through IV-F, although phasing, unit types and unit numbers may change throughout the development period and a supplemental or amended methodology would be adopted to adjust and address such changes in phasing, unit types and numbers. Table 1 in the Appendix illustrates the current proposed development plan for the lands within the Former NRR District.

Project

Overview

The Project described in the Supplemental Engineer’s Report consists of a network of stormwater, drainage & earthwork, roadways & paving, water, wastewater & reclaimed water, landscape & hardscape, recreation facilities and power & street lights.

The Project is comprised of (1) extending the Fort Hammer Road, which will connect Phases I, II, III, IV-C through IV-F with Phases IV- A and IV-B, all within the Former NRR District, as well as other parts of the District with Erie Road to the south (the “Fort Hammer Road Second Extension Improvements”), (2) constructing a neighborhood amenity center which will serve and benefit all areas within the Former NRR District (the “Neighborhood Amenity Center Improvements”), (3) constructing master public infrastructure improvements which will serve and benefit all areas within Phases I, II, III, IV-C through IV-F (the “Master Improvements”), and (4) constructing neighborhood public infrastructure improvements for all neighborhoods within Phases I, II, III, IV-C through IV-F which will serve and benefit residential units within Phases I, II, III, IV-C through IV-F (the “Neighborhood Improvements”).

Within the Former NRR District, the Fort Hammer Road Second Extension Improvements and the Neighborhood Amenity Center Improvements will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within the Former NRR District, and the improvements will be interrelated such that they will reinforce one another. At the time of this writing, the total  costs  of  the  Fort  Hammer  Road  Second  Extension

Improvements portion of the Project, including the cost of professional  services  and  contingencies,  are  estimated  at
$11,909,335.01, while the total costs of the Neighborhood Amenity Center Improvements portion of the Project, including the cost of professional  services  and  contingencies,  are  estimated  at
$10,982,212.50.

Within Phases I, II, III, IV-C through IV-F, the Master Improvements portion of the Project will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within Phases I, II, III, IV-C through IV-F, and the improvements will be interrelated such that they will reinforce one another. At the time of this writing, the total costs of the Master Improvements portion of the Project, including the cost of professional services and contingencies, are estimated at $13,859,736.75. Lastly, within Phases I, II, III, IV-C through IV-F, the Neighborhood Improvements portion of the Project will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within Phases I, II, III, IV-C through IV-F, and the improvements will be interrelated such that they will reinforce one another. At the time of this writing, the total costs of the Neighborhood Improvements portion of the Project, including the cost of professional services and contingencies, are estimated at $107,489,589.20. Table 2 in the Appendix illustrates the specific components of the Project and their costs, which total $144,240,873.46.

4.0	Financing Program

Overview

As noted above, the District is embarking on a program of public infrastructure improvements which will facilitate the development of the properties planned to be developed within Phases I, II, III, IV-C through IV-F, as well as enhances the benefits which have already been provided to Phases IV-A and IV-B. Generally, construction of public improvements is either funded by the Developer or in limited circumstances its assigns and then acquired by the District or funded directly by the District. The choice of the exact mechanism for providing public infrastructure has not yet been made at the time of this writing, and the District may either acquire the public infrastructure from the Developer or construct it, or even partly acquire it and partly construct it.

Please note that as the development of land within Phases IV-A and IV-B has already commenced, the Developer will contribute to the

District at no cost that portion of the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements the cost of which is allocable to Phases IV-A and IV- B based on the special benefits received from the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements.

Even though the actual financing plan may change to include one or more long-term and/or short-term bonds and/or notes, this Phases I, II, III, IV-C Through IV-F Report provides a master financing plan under which the District would issue approximately $217,175,000 in par amount of special assessment bonds (the "Phases I, II, III, IV-C Through IV-F Bonds") to fund approximately $141,166,186.29 in the Project costs. The Phases I, II, III, IV-C Through IV-F Bonds would also include funding for capitalized interest, a debt service reserve account, and costs of issuance.

Please note that the purpose of this Phases I, II, III, IV-C Through IV-F Report is to allocate the benefit of the Project to the various product types within the Former NRR District and based on such benefit allocation to apportion the maximum amounts of Phases I, II, III, IV-C Through IV-F Bond Assessments, as defined later herein, necessary to fund a portion of the Project to the Phases I, II, III, IV-C Through IV-F Bond Assessments Area, as defined herein. The discussion of the structure and size of the indebtedness is preliminary, based on various estimates and is subject to change.

Types of Bonds Proposed

The proposed financing plan for the District envisions issuance of the Phases I, II, III, IV-C Through IV-F Bonds in the principal amount of
$217,175,000 to finance approximately $141,166,186.29 in Project costs. The Phases I, II, III, IV-C Through IV-F Bonds would be structured in various par amounts and amortized in up to 30 annual installments following capitalized interest periods of up to 36-months. Interest payments on the Phases I, II, III, IV-C Through IV-F Bonds would be made every May 1 and November 1, and principal payments on the Phases I, II, III, IV-C Through IV-F Bonds would be made on either every May 1 or November 1.

The difference between the principal amounts of Phases I, II, III, IV- C Through IV-F Bonds and that portion of the costs of the Project which is projected to be funded with proceeds of the Phases I, II, III, IV-C Through IV-F Bonds is comprised of debt service reserve, capitalized  interest,  and  costs  of  issuance,  including  the

Underwriter’s Discount. Preliminary sources and uses of funding for the Phases I, II, III, IV-C Through IV-F Bonds are presented in Table 3 in the Appendix.

Please note that the structure of the Phases I, II, III, IV-C Through IV-F Bonds as presented in this Phases I, II, III, IV-C Through IV- F Report is preliminary and may change due to changes in the development program, market conditions, timing of infrastructure installation as well as for other reasons. The District maintains complete flexibility as to the structure of the Phases I, II, III, IV-C Through IV-F Bonds and reserves the right to modify it as necessary.

5.0	Assessment Methodology

Overview

The issuance of the Phases I, II, III, IV-C Through IV-F Bonds provides the District with a portion of the funds necessary to carry out the implementation of the Project as described in more detail in the Supplemental Engineer's Report. The public infrastructure improvements that comprise the Project provide special and general benefits, with special benefits accruing to the assessable properties within the Former NRR District and general benefits accruing to the areas outside of the Former NRR District and to the public at large, which are only incidental in nature.

The Phases I, II, III, IV-C Through IV-F Bonds will be paid off by assessing properties that derive special benefits from the Project which is proposed to be funded in part with proceeds of the Phases I, II, III, IV-C Through IV-F Bonds. All assessable properties within the Phases I, II, III, IV-C through IV-F that receive special benefits from the Project will be assessed for their fair share as determined by this Phases I, II, III, IV-C Through IV-F Report.

Benefit Allocation

The current development plan for the lands within the Former NRR District envisions a total of 2,880 residential dwelling units, with 377 residential dwelling units developed within Phases IV-A and IV-B, 1,621 residential dwelling units developed within Phases I, II and III, and 882 residential dwelling units developed within Phases IV-C through IV-F, although phasing, unit types and unit numbers may change throughout the development period and a supplemental or

amended methodology would be adopted to adjust and address such changes in phasing, unit types and numbers.

As described in the Supplemental Engineer's Report, the Project is comprised of the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements, both of which will serve and benefit all of the lands in the Former NRR District, as well as the Master Improvements and Neighborhood Improvements, both of which will serve and benefit all of the lands in Phases I, II, III, IV-C through IV-F.

The Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within the Former NRR District, and the improvements will be interrelated such that they will reinforce one another and their combined benefits will be greater than the sum of their individual benefits. All of the land uses within the Former NRR District will benefit from each public infrastructure improvement category of the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements, as the public infrastructure improvements provide basic infrastructure to all lands within the Former NRR District as an integrated system of improvements.

The Master Improvements and Neighborhood Improvements will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within Phases I, II, III, IV-C through IV-F, and the improvements will be interrelated such that they will reinforce one another and their combined benefits will be greater than the sum of their individual benefits. All of the land uses within Phases I, II, III, IV-C through IV-F will benefit from each public infrastructure improvement category of the Master Improvements and Neighborhood Improvements, as the public infrastructure improvements provide basic infrastructure to all lands within Phases I, II, III, IV-C through IV-F as an integrated system of improvements.

As stated previously, the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements have a logical connection to the special and peculiar benefits received by the land within the Former NRR District and the development of the properties within the Former NRR District. Based upon the connection between the improvements and the special and peculiar benefits to the land within the Former NRR District, the District can assign or allocate a portion of the District's debt through the imposition of non-ad valorem assessments, to the land receiving

such special and peculiar benefits. Even though these special and peculiar benefits are real and ascertainable, the precise amount of the benefit cannot yet be calculated with mathematical certainty. However, such benefit is more valuable than the cost of, or the actual non-ad valorem assessment amount levied on that parcel.

Similarly, the Master Improvements and Neighborhood Improvements have a logical connection to the special and peculiar benefits received by the land within Phases I, II, III, IV-C through IV- F and the development of the properties within Phases I, II, III, IV-C through IV-F. Based upon the connection between the improvements and the special and peculiar benefits to the land within Phases I, II, III, IV-C through IV-F, the District can assign or allocate a portion of the District's debt through the imposition of non-ad valorem assessments, to the land receiving such special and peculiar benefits. Even though these special and peculiar benefits are real and ascertainable, the precise amount of the benefit cannot yet be calculated with mathematical certainty. However, such benefit is more valuable than the cost of, or the actual non-ad valorem assessment amount levied on that parcel.

Consistent with the methodology developed in the Master Report, the benefits associated with the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements (for Phases IV-A and IV-B) and the benefits associated with the Fort Hammer Road Second Extension Improvements, Neighborhood Amenity Center Improvements, Master Improvements and Neighborhood Improvements (for Phases I, II, III, IV-C through IV-F) are proposed to be allocated to the residential dwelling units projected to be developed within the Former NRR District in proportion to the density of development and intensity of use of infrastructure as measured by a standard unit called an Equivalent Residential Unit ("ERU"). Table 4 in the Appendix illustrates the ERU weights that are proposed to be assigned to the product types contemplated to be developed within the Former NRR District based on the densities of development and the intensities of use of infrastructure, and the total ERU counts for each product types category.

The rationale behind different ERU weights is supported by the fact that generally and on average smaller units will use and benefit from the District's public infrastructure improvements less than larger units, as for instance, generally and on average smaller units produce less storm water runoff, require less water/wastewater and reclaimed water capacity, and may produce fewer vehicular trips. Additionally, the value of the larger units is likely to appreciate by

more in terms of dollars than that of the smaller units as a result of the implementation of the improvements. As the exact amount of the benefit and appreciation is not possible to be calculated at this time, the use of ERU measures serves as a reasonable approximation of the relative amount of benefit received from the Project.

Table 5 in the Appendix presents the allocation of the costs of the Fort Hammer Road Second Extension Improvements, Neighborhood Amenity Center Improvements, Master Improvements and Neighborhood Improvements based on the ERU benefit allocation illustrated in Table 4 in the Appendix.

Please note that as the Developer will contribute to the District at no cost that portion of the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements the cost of which is allocable to Phases IV-A and IV-B, no portion of the
$3,074,687.17 in Project costs allocable to Phases IV-A and IV-B will be financed with proceeds of the Phases I, II, III, IV-C Through IV-F Bonds.

Table 6 in the Appendix presents the allocation of the Project costs which are allocable to Phases I, II, III, IV-C through IV-F and the apportionment of the assessments associated with the Phases I, II, III, IV-C Through IV-F Bonds (the “Phases I, II, III, IV-C Through IV- F Bond Assessments”) in accordance with the ERU benefit allocation method presented in Table 4 in the Appendix. Table 6 also presents the apportionment of annual debt service payments required to be collected by the District in order to fully fund payment of the annual principal and interest on the Phases I, II, III, IV-C Through IV-F Bonds.

Assigning Phases I, II, III, IV-C Through IV-F Bond Assessments

As the land within the Former NRR District is not yet platted for its intended final use and the precise location of the various unit types by lot or parcel is unknown, the Phases I, II, III, IV-C Through IV-F Bond Assessments will initially be levied on that portion of the District that is proposed to contain the residential units that will comprise Phases I, II, III, IV-C through IV-F (the “Phases I, II, III, IV-C Through IV-F Bond Assessments Area”) on an equal pro-rata gross acre basis. As the Phases I, II, III, IV-C Through IV-F Bond Assessments Area contains approximately 1,269 +/- gross acres, the Phases I, II, III, IV-C Through IV-F Bond Assessments in the amount of
$217,175,000 will be preliminarily levied on approximately 1,269 +/- gross acres at a rate of $171,138.69 per gross acre.

When the land within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area is platted, the Phases I, II, III, IV-C Through IV-F Bond Assessments will be allocated to each platted parcel on a first platted-first assigned basis based on the planned use for that platted parcel as reflected in Table 6 in the Appendix. Such allocation of the Phases I, II, III, IV-C Through IV-F Bond Assessments from unplatted gross acres to platted parcels will reduce the amount of the Phases I, II, III, IV-C Through IV-F Bond Assessments levied on unplatted gross acres within the Phases I, II, III, IV-C Through IV-F Assessments Area.

In the event unplatted land (the “Transferred Property”) is sold to a third party not affiliated with the Developer, the Phases I, II, III, IV-C Through IV-F Bond Assessments will be assigned to such Transferred Property at the time of the sale based on the maximum total number of ERUs assigned by the Developer to that Transferred Property, subject to review by the District’s methodology consultant, to ensure that any such assignment is reasonable, supported by current development rights and plans, and otherwise consistent with this Phases I, II, III, IV-C Through IV-F Report. The owner of the Transferred Property will be responsible for the total Phases I, II, III, IV-C Through IV-F Bond Assessments applicable to the Transferred Property, regardless of the total number of ERUs ultimately actually platted. These total Phases I, II, III, IV-C Through IV-F Bond Assessments are fixed to the Transferred Property at the time of the sale. If the Transferred Property is subsequently sub-divided into smaller parcels, the total Phases I, II, III, IV-C Through IV-F Bond Assessments initially allocated to the Transferred Property will be re- allocated to the smaller parcels pursuant to the methodology as described herein (i.e. equal assessment per acre until platting).

Lienability Test: Special and Peculiar Benefit to the Property

As first discussed in Section 1.3, Special Benefits and General Benefits, public infrastructure improvements undertaken by the District create special and peculiar benefits to certain properties within the Former NRR District. The District's improvements benefit assessable properties within the Former NRR District and accrue to all such assessable properties on an ERU basis.

Public infrastructure improvements undertaken by the District can be shown to be creating special and peculiar benefits to the property within the Former NRR District. The special and peculiar benefits resulting from each improvement are:

added use of the property;

added enjoyment of the property;
decreased insurance premiums; and
increased marketability and value of the property.

The public infrastructure improvements which are part of the Project make the land in the Former NRR District developable and saleable within Phases I, II, III, IV-C through IV-F, as well as enhances the benefits which have already been provided to Phases IV-A and IV- B, and when implemented jointly as parts of the Project, provide special and peculiar benefits which are greater than the benefits of any single category of improvements.

These special and peculiar benefits are real and ascertainable, but not yet capable of being calculated and assessed in terms of numerical value; however, such benefits are more valuable than either the cost of, or the actual assessment levied for, the improvement or debt allocated to the parcel of land.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay

A reasonable estimate of the proportion of special and peculiar benefits received by the various product types from the improvements is delineated in Table 4 in the Appendix (expressed as the ERU factors).

The apportionment of the Phases I, II, III, IV-C Through IV-F Bond Assessments is fair and reasonable because it was conducted on the basis of consistent application of the methodology described in Section 5.2 across all assessable property within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area. Accordingly, no acre or parcel of property within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area will be liened for the payment of Phases I, II, III, IV-C Through IV-F Bond Assessments more than the determined special benefit peculiar to that property.

True-Up Mechanism

The methodology described herein is based on conceptual information obtained from the Developer prior to construction. As development occurs it is possible that the number of ERUs may change. The mechanism for maintaining the methodology over the changes is referred to as true-up.

This mechanism is to be utilized to ensure that the Phases I, II, III, IV-C Through IV-F Bond Assessments on a per ERU basis never

exceed the initially allocated assessment as contemplated in the adopted assessment methodology. Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU preliminarily equal $86,143.30 ($217,175,000 in Phases I, II, III, IV-C Through IV-F Bond Assessments divided by 2,521.09 ERUs) within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area and may change based on the final bond sizing. If such changes occur, the methodology is applied to the land based on the number of and type of units of a particular product type within each and every parcel as signified by the number of ERUs.

As the land in the Phases I, II, III, IV-C Through IV-F Bond Assessments Area is platted, the Phases I, II, III, IV-C Through IV-F Bond Assessments are assigned to platted parcels based on the figures in Table 6 in the Appendix. If as a result of platting and apportionment of the Phases I, II, III, IV-C Through IV-F Bond Assessments to the platted parcels, the Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU for land that remains unplatted remain equal to $86,143.30, then no true-up adjustment will be necessary.

If as a result of platting and apportionment of the Phases I, II, III, IV- C Through IV-F Bond Assessments to the parcels platted within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area, the Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU for land that remains unplatted equal less than $86,143.30 (for instance as a result of a larger number of units) then the per ERU Phases I, II, III, IV-C Through IV-F Bond Assessments for all parcels within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area will be lowered if that state persists at the conclusion of platting of all land within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area.

If, in contrast, as a result of platting and apportionment of the Phases I, II, III, IV-C Through IV-F Bond Assessments to the parcels platted within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area, the Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU for land that remains unplatted equal more than $86,143.301 (for instance as a result of a smaller number of units), taking into

1 For example, if the first platting in the Phases I, II, III, IV-C Through IV-F Bond Assessments Area includes 50 SF 50’ lots, which equates to a total allocation of $4,780,952.88 in the Phases I, II, III, IV-C Through IV-F Bond Assessments, then the remaining unplatted land would be required to absorb $212,394,047.12 in the Phases I, II, III, IV-C Through IV-F Bond Assessments. If the remaining unplatted land would only be able to absorb 1,036 instead of 1,046 SF 50’ units, along with the unchanged numbers of the remaining unit types categories, or $211,437,856.54 in the Phases I, II, III, IV-C Through IV-F Bond Assessments, then a true-up, payable by the owner of the unplatted land, would be due in the amount of $956,190.58 in the Phases I, II, III, IV-C Through IV-F Bond Assessments plus applicable accrued interest to the extent described in this Section.

account any future development plans for the unplatted lands, in the District’s sole discretion and to the extent such future development plans are feasible, consistent with existing entitlements and governmental requirements, and reasonably expected to be implemented, then the difference in the Phases I, II, III, IV-C Through IV-F Bond Assessments plus applicable accrued interest (to the extent described below in this Section) will be collected from the owner(s) of the property which platting caused the increase of assessment per ERU to occur, in accordance with the assessment resolution and/or a true-up agreement to be entered into between the District and the Developer, which will be binding on assignees.

The owner(s) of the property will be required to immediately remit to the Trustee for redemption a true-up payment equal to the difference between the actual Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU and $86,143.30 multiplied by the actual number of ERUs plus accrued interest to the next succeeding interest payment date on the Phases I, II, III, IV-C Through IV-F Bonds, unless such interest payment date occurs within 45 days of such true-up payment, in which case the accrued interest shall be paid to the following interest payment date (or such other time as set forth in the supplemental indenture for the applicable series of bonds secured by the Phases I, II, III, IV-C Through IV-F Bond Assessments).

In considering whether to require a true-up payment, the District shall consider any requests for a deferral of true-up. In order to obtain such a deferral, a landowner seeking such deferral must provide to the District the following: a) proof of the amount of entitlements remaining on the undeveloped lands, b) a revised overall development plan showing the number and type of units reasonably planned for the remainder of the development, c) evidence of allowable zoning conditions that would enable those entitlements to be placed in accordance with the revised development plan, and d) documentation prepared by a licensed engineer that shows the feasibility of implementing the proposed development plan. The District’s decision whether to grant a deferral shall be in its reasonable discretion. Prior to any decision by the District not to impose a true-up payment, a supplemental methodology shall be produced demonstrating that there will be sufficient Phases I, II, III, IV-C Through IV-F Bond Assessments to pay debt service on the applicable bonds and the District will conduct new proceedings under Chapter 170, Florida Statutes upon the advice of District Counsel. Any true-up payment shall become due and payable that tax year by the landowner of the lands subject to the proposed plat, shall be in addition to the regular Phases I, II, III, IV-C Through IV-F Bond

Assessments installment payable for such lands, and shall constitute part of the Phases I, II, III, IV-C Through IV-F Bond Assessments liens imposed against the proposed plat property until paid.

All Phases I, II, III, IV-C Through IV-F Bond Assessments levied run with the land, and such Phases I, II, III, IV-C Through IV-F Bond Assessments liens include any true-up payment. The District will not release any liens on property for which true-up payments are due, until provision for such payment has been satisfactorily made. Further, upon the District’s review of the final plat for the developable acres, any unallocated Phases I, II, III, IV-C Through IV-F Bond Assessments shall become due and payable and must be paid prior to the District’s approval of that plat. This true-up process applies for both plats and/or re-plats.

In addition to platting of property within the District, any planned sale of an unplatted parcel to another builder or developer will cause the District to initiate a true-up test as described above to test whether the amount of the Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU for land that remains unplatted within the District remains equal to $86,143.30. The test will be based upon the development rights as signified by the number of ERUs associated with such parcel that are transferred from seller to buyer. The District shall provide an estoppel or similar document to the buyer evidencing the amounts of Phases I, II, III, IV-C Through IV-F Bond Assessments transferred at sale.

Preliminary Assessment Roll

Based on the per gross acre assessment proposed in Section 5.3, the Phases I, II, III, IV-C Through IV-F Bond Assessments of
$217,175,000.00 are proposed to be levied as shown below. Excluding any capitalized interest period, debt service assessments shall be paid in thirty (30) annual installments.

Bond
Parcel ID	Owner	Assessments
394610409 FORTRESS INVESTORS MANAGEMENT LLC, 5800 LAKEWOOD RANCH BLVD, SARASOTA FL 34240	$49,360,730.01	
394610359 CITADEL ASSET GROUP LLC, 5800 LAKEWOOD RANCH BLVD, SARASOTA FL 34240	$18,990,663.28	
394610309 HAVAL FARMS LLC, 401 NW 38TH CT, MIAMI FL 33126	 $148,823,606.72	
Total	$217,175,000.00	

Additional Items Regarding Phases I, II, III, IV-C Through IV-F Bond Assessments Imposition and Allocation

This Phases I, II, III, IV-C Through IV-F Report is intended to establish, without the need for a further public hearing, the necessary benefit and fair and reasonable allocation findings for a master assessment lien, which may give rise to one or more individual assessment liens relating to individual bond issuances necessary to fund a portion of the Project referenced herein. All such liens shall be within the benefit limits established herein and using the allocation methodology described herein, and shall be described in one or more supplemental reports.

As set forth in any supplemental reports, and for any particular bond issuance, the land developer may opt to “buy down” the Phases I, II, III, IV-C Through IV-F Bond Assessments on particular product types and/or lands using a contribution of cash, infrastructure or other consideration, and in order for actual effective bond assessments to reach certain target levels. Note that any “true-up,” as described herein, may require a payment to satisfy “true-up” obligations as well as additional contributions to maintain such target assessment levels. Any amounts contributed by the developer to pay down the Phases I, II, III, IV-C Through IV-F Bond Assessments will not be eligible for “deferred costs,” if any are provided for in connection with any particular bond issuance.

As noted herein, the Project functions as a system of improvements. Among other implications, this means that proceeds from any particular bond issuance can be used to fund improvements within any benefitted property within Phases I, II, III, IV-C through IV-F, regardless of where the Phases I, II, III, IV-C Through IV-F Bond Assessments are levied, provided that the Phases I, II, III, IV-C Through IV-F Bond Assessments are fairly and reasonably allocated across all benefitted properties.

In the event that the Project is not completed, required contributions are not made, additional benefitted lands are added to either of the assessment areas, or under certain other circumstances, the District may elect to reallocate the Phases I, II, III, IV-C Through IV-F Bond Assessments, and the District expressly reserves the right to do so, provided however that any such reallocation shall not be construed to relieve any party of contractual or other obligations to the District

Additional Stipulations

Overview

Wrathell, Hunt and Associates, LLC was retained by the District to prepare a methodology to fairly allocate the special assessments related to the District’s Project. Certain financing, development and engineering data was provided by members of District Staff and/or the Developer. The allocation methodology described herein was based on information provided by those professionals. Wrathell, Hunt and Associates, LLC makes no representations regarding said information beyond restatement of the factual information necessary for compilation of this Phases I, II, III, IV-C Through IV-F Report. For additional information on the structure of any bonds and related items, please refer to the offering statement associated with any bonding transaction.

Wrathell, Hunt and Associates, LLC does not represent the District as a Municipal Advisor or Securities Broker nor is Wrathell, Hunt and Associates, LLC registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, Wrathell, Hunt and Associates, LLC does not provide the District with financial advisory services or offer investment advice in any form.

Unit Type	Number of Units	
	Phases IV-A and  Phases I, II and	Phases IV-C
IV-B	III	Through IV-F	Total	

7.0	Appendix

Table 1

North River Ranch		
Improvement Stewardship District		
Development Plan		

TH 24'	0	150	60	210	
Villa 33'	0	170	0	170	
Villa 36'	118	0	68	186	
SF 36'	0	0	47	47	
SF 40'	0	243	201	444	
SF 45'	99	0	163	262	
SF 50'	34	910	186	1,130	
SF 57'	126	0	0	126	
SF 60'	0	0	157	157	
SF 64'	0	148	0	148	
Total	377	1,621	882	2,880	

Table 2

North River Ranch
Improvement Stewardship District

Project Costs

	Fort Hammer					
	Road Second	Neighborhood				
	Extension	Amenity Center	Master	Neighborhood		
Improvement	Improvements	Improvements	Improvements	Improvements	Total Costs	
Stormwater, Drainage & Earthwork	$3,293,887.32	$0.00	$11,263,500.00	$22,527,000.00	$37,084,387.32	
Roadways & Paving	$2,214,284.07	$1,250,000.00	$0.00	$21,275,500.00	$24,739,784.07	
Water, Wastewater & Reclaimed Water	$2,545,280.47	$425,000.00	$0.00	$30,036,000.00	$33,006,280.47	
Landscape & Hardscape	$875,000.00	$250,000.00	$0.00	$8,760,500.00	$9,885,500.00	
Recreation Facilities	$175,000.00	$7,000,000.00	$0.00	$250,000.00	$7,425,000.00	
Power & Street Lights	$575,000.00	$0.00	$0.00	$4,505,400.00	$5,080,400.00	
Professional Services	$677,491.63	$624,750.00	$788,445.00	$6,114,808.00	$8,205,494.63	
Contingency	$1,553,391.52	$1,432,462.50	$1,807,791.75	$14,020,381.20	$18,814,026.97	
Total	$11,909,335.01	$10,982,212.50	$13,859,736.75	$107,489,589.20	$144,240,873.46	

Percent of Total	8.2566%	7.6138%	9.6087%	74.5209%	100.0000%	

Table 3				
North River Ranch
Improvement Stewardship District

Preliminary Sources and Uses of Funds				
Sources
Bond Proceeds: Par Amount			

$217,175,000.00	
Total Sources			$217,175,000.00	

Uses				
Project Fund Deposits:				
Project Fund			$141,166,186.29	
Other Fund Deposits:					
Debt Service Reserve Fund				$19,291,097.85	
Capitalized Interest Fund				$52,122,000.00	
Delivery Date Expenses:					
Costs of Issuance				$4,593,500.00	
Rounding				$2,215.87	
Total Uses			$217,175,000.00	

Table 4

North River Ranch
Improvement Stewardship District

Benefit Allocation - Phases IV-A and IV-B Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements

	Phases IV-A and		
	IV-B Number of		Phases IV-A and	
Unit Type	Units	ERU Weight	IV-B Total ERU	
TH 24'	0	0.53	0.00	
Villa 33'	0	0.73	0.00	
Villa 36'	118	0.80	94.40	
SF 36'	0	0.80	0.00	
SF 40'	0	0.89	0.00	
SF 45'	99	1.00	99.00	
SF 50'	34	1.11	37.74	
SF 57'	126	1.27	160.02	
SF 60'	0	1.33	0.00	
SF 64'	0	1.42	0.00	
Total	377		391.16	

Benefit Allocation - Phases I, II, II, IV-C Through IV-F Fort Hammer Road Second Extension Improvements, Neighborhood Amenity Center Improvements, Master Improvements and Neighborhood Improvements

Phases I, II, III, IV-	
P	
hases I, II, III, IV-	
	C Through IV-F		C Through IV-F	
Unit Type	Number of Units	ERU Weight	Total ERU	
TH 24'	210	0.53	111.30	
Villa 33'	170	0.73	124.10	
Villa 36'	68	0.80	54.40	
SF 36'	47	0.80	37.60	
SF 40'	444	0.89	395.16	
SF 45'	163	1.00	163.00	
SF 50'	1,096	1.11	1216.56	
SF 57'	0	1.27	0.00	
SF 60'	157	1.33	208.81	
SF 64'	148	1.42	210.16	
Total	2,503		2,521.09	
				
Grand Total	2,880		2,912.25	

Table 5

North River Ranch
Improvement Stewardship District

Cost Allocation - Phases IV-A and IV-B Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements

			Fort Hammer					
			Road Second	Neighborhood				
	Phases IV-A and		Extension	Amenity Center	Master	Neighborhood		
	IV-B Number of	Phases IV-A and	Improvements	Improvements	Improvements	Improvements	Total Cost	
Unit Type	Units	IV-B Total ERU*	Cost Allocation	Cost Allocation	Cost Allocation	Cost Allocation	Allocation	
TH 24'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
Villa 33'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
Villa 36'	118	94.40	$386,038.71	$355,986.22	$0.00	$0.00	$742,024.92	
SF 36'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
SF 40'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
SF 45'	99	99.00	$404,849.92	$373,333.00	$0.00	$0.00	$778,182.92	
SF 50'	34	37.74	$154,333.70	$142,319.07	$0.00	$0.00	$296,652.76	
SF 57'	126	160.02	$654,384.68	$603,441.89	$0.00	$0.00	$1,257,826.57	
SF 60'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
SF 64'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
Total	377	391.16	$1,599,607.00	$1,475,080.18	$0.00	$0.00	$3,074,687.17	

Cost Allocation - Phases Phases I, II, II, IV-C Through IV-F Fort Hammer Road Second Extension Improvements, Neighborhood Amenity Center Improvements, Master Improvements and Neighborhood Improvements

			Fort Hammer					
			Road Second	Neighborhood				
	Phases I, II, III, IV-	Phases I, II, III,	Extension	Amenity Center	Master	Neighborhood		
	C Through IV-F	IV-C Through IV-	Improvements	Improvements	Improvements	Improvements	Total Cost	
Unit Type	Number of Units	F Total ERU*	Cost Allocation	Cost Allocation	Cost Allocation	Cost Allocation	Allocation	
TH 24'	210	111.30	$455,149.45	$419,716.80	$611,873.71	$4,745,404.28	$6,232,144.24	
Villa 33'	170	124.10	$507,493.68	$467,986.12	$682,241.94	$5,291,147.09	$6,948,868.83	
Villa 36'	68	54.40	$222,462.98	$205,144.60	$299,064.96	$2,319,406.94	$3,046,079.49	
SF 36'	47	37.60	$153,761.18	$141,791.12	$206,706.66	$1,603,119.51	$2,105,378.47	
SF 40'	444	395.16	$1,615,964.57	$1,490,164.34	$2,172,399.07	$16,848,103.82	$22,126,631.80	
SF 45'	163	163.00	$666,571.07	$614,679.59	$896,095.38	$6,949,693.60	$9,127,039.64	
SF 50'	1,096	1216.56	$4,974,992.05	$4,587,696.95	$6,688,060.06	$51,869,443.23	$68,120,192.29	
SF 57'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
SF 60'	157	208.81	$853,906.17	$787,430.95	$1,147,936.66	$8,902,855.96	$11,692,129.74	
SF 64'	148	210.16	$859,426.85	$792,521.86	$1,155,358.31	$8,960,414.77	$11,767,721.78	
Total	2,503	2,521.09	$10,309,728.01	$9,507,132.32	$13,859,736.75	$107,489,589.20	$141,166,186.29	

* Based on ERU benefit allocation illustrated in Table 4					

Table 6					
North River Ranch					
Improvement Stewardship District					
Phases I, II, III, IV-C Through IV-F Bond Assessments Apportionment					

	Total Phases IV-C			
	Through IV-F	Bond		
Phases I, II, III, IV-		Bond	Assessments	Annual Debt	
C Through IV-F	Total Project Cost	Assessments	Apportionment	Service Payment	
Unit Type	Number of Units	Allocation	Apportionment	per Unit	per Unit*	
TH 24'	210	$6,232,144.24	$9,587,748.75	$45,655.95	$4,360.75	
Villa 33'	170	$6,948,868.83	$10,690,382.93	$62,884.61	$6,006.32	
Villa 36'	68	$3,046,079.49	$4,686,195.26	$68,914.64	$6,582.27	
SF 36'	47	$2,105,378.47	$3,238,987.90	$68,914.64	$6,582.27	
SF 40'	444	$22,126,631.80	$34,040,384.52	$76,667.53	$7,322.77	
SF 45'	163	$9,127,039.64	$14,041,357.11	$86,143.30	$8,227.84	
SF 50'	1,096	$68,120,192.29	$104,798,487.16	$95,619.06	$9,132.90	
SF 57'	0	$0.00	$0.00	$0.00	$0.00	
SF 60'	157	$11,692,129.74	$17,987,581.46	$114,570.58	$10,943.02	
SF 64'	148	$11,767,721.78	$18,103,874.91	$122,323.48	$11,683.53	
Total	2,503	$141,166,186.29	$217,175,000.00			

* Includes applicable costs of collection and early payment discounts					

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

3C

North River Ranch Improvement Stewardship District
District Engineer SUPPLEMENTAL REPORT FOR PROJECT
PHASES I, II, III AND PHASES IV-C THROUGH IV-F

JULY 2022

Prepared for:
North River Ranch Improvement Stewardship District
Manatee County, Florida

Prepared by:

Christopher Fisher, P.E. Clearview Land Design, P.L. Tampa, Florida

June 2022

Board of Supervisors
North River Ranch Improvement Stewardship District

RE:	North River Ranch Improvement Stewardship District
District Engineer Supplemental Report for Phases I, II, III, & Subphases IV-C, IV-D, IV-E, IV-F

To Whom It May Concern:

Pursuant to the Board of Supervisor’s authorization, Clearview Land Design, P.L. is pleased to submit this Engineer’s Report for the proposed Capital Improvement Plan for the North River Ranch Improvement Stewardship District. This report has been prepared on behalf of the District in connection with the financing for these proposed improvements. A detailed description of the improvements and their corresponding estimates of costs are outlined in the following report.

Thank you for this opportunity to be of professional service. Sincerely,
CLEARVIEW LAND DESIGN, P.L.

Christopher Fisher, P.E.
P:\North River Ranch\North River Ranch CDD\DRAFTS\2021.11.XX_cmf.CDD Phase IV-C, IV-D, IV-E Supplemental Report of District Engineer.docx

3010 W Azeele Street Suite 150 Tampa, FL 33609 Phone (813) 223-3919 Fax (813) 223-3975

TABLE OF CONTENTS

Page No.
TRANSMITTAL LETTER	2
INTRODUCTION	4
PURPOSE AND SCOPE	4
LAND USE	6
GOVERNMENTAL ACTIONS	6
CAPITAL IMPROVEMENT PLAN	7
OWNERSHIP AND MAINTENANCE	12
SUMMARY AND CONCLUSION	12

Exhibits

Vicinity Map
North River Ranch Boundary Metes & Bounds Description and Map
Summary of Estimated Project Costs
Permit and Construction Approval Status
Clarification of Acquisition, Construction, Installation, Landowner Funding & Reimbursement Agreement
Phases I, II, III, & Subphases IV-C, IV-D, IV-E, & IV-F Development Plan
Phases I, II, III, & Subphases IV-C, IV-D, IV-E, & IV-F Private Costs

Purpose and scope

The Fieldstone Community Development District and the North River Ranch Community Development District, (CDDs) merged into the North River Ranch Improvement Stewardship District (“NRRISD”), a special purpose unit of local government established by the Florida Legislature pursuant to Chapter 2020-191, Laws of Florida (“Act”) enacted on June 9th, 2021, when the NRRISD filed the Resolutions the Merger Agreements with Manatee County.

The District is located within Sections 7, 8 9, 16, 17 & 18, Township 33 South, Range 19 East. Exhibit A is a Vicinity Map of the District. The District was formed to provide necessary, public infrastructure so that the lands within the District can be developed as a residential community. Access to the Development (as defined below) will be various entrances off Fort Hamer Road, Moccasin Wallow Road, and US 301. As a part of this Development, Manatee County will require the construction and dedication of an east/west roadway that will connect US 301 and be constructed as necessary to serve the District lands. This road was previously referred to as “Road FF” is now called North River Ranch Trail and will provide access to the District as well. The lands constituting the District are presently intended for development into a master planned community known as North River Ranch (the “Development”). Exhibit B provides a Boundary Metes & Bounds Description and Map of the District. The majority of all public infrastructure is wholly contained within the limits of the District. Offsite improvements are required at the Moccasin Wallow Road and Fort Hamer Road intersection that will include signalizing the intersection (complete), a second eastbound left turn lane (if required), and a southbound left-turn lane. Extensions and widening of Fort Hamer Road will be required in the future.

The District Engineer’s Report dated July 27, 2021 describes the capital improvement program for the District (the "CIP") which is estimated to cost approximately $219 million and includes stormwater management facilities, potable water, reclaimed and irrigation distribution, wastewater collections and transmission facilities, clearing earthwork, offsite roadway improvements, offsite utility improvements, and professional fees. The capital improvements described in the CIP will be constructed in multiple phases over time. The purpose of this Supplemental Report is to assist with the financing and construction of the next phases of the Development estimated to cost approximately $144.2 million which includes certain master infrastructure improvements related to offsite roadway and utilities and neighborhood infrastructure costs allocable to Master Stormwater Improvements for Phases I, II, II and Subphases IV-C through IV-F, the infrastructure for Phases I, II, III and Subphases IV-C through IV-F, and the extension of Fort Hamer Road and North River Ranch Trail. The remaining residential portion of the improvements are planned for 2,503 residential units. Refer to Exhibit C for a cost summary of the Project. Public infrastructure and land improvements needed to service the Development include construction of subdivision infrastructure improvements.

This Supplemental Engineer’s Report for the Project reflects the District’s present intentions. The implementation and completion of any improvement outlined in this report requires final approval by the District’s Board of Supervisors, including the award of contracts for the construction of the improvements and/or acquisition of finished improvements constructed by others. Cost estimates contained in this report have been prepared based on the District Engineer’s Preliminary Opinion of Probable Cost. These estimates may not reflect final engineering design or complete environmental permitting. Actual costs will vary based upon final plans, design, planning, approvals from regulatory authorities, inflation, etc. Nevertheless, all costs contained herein may be reasonably expected to adequately fund the improvements described, and contingency costs as included are reasonable.

THE PROJECT

The Project presently intends to provide master stormwater facilities for Phases I, II, III and Subphases IV-C, IV- D, IV-E, IV-F, the extension of Fort Hamer Road and North River Ranch Trail and infrastructure for Phases I, II, III and ubphases IV-C through IV-F, which is a residential component of the Project consisting of 2,503 residential lots. These infrastructure improvements consist of earthwork, stormwater management facilities, potable water, reclaimed and irrigation water transmission systems, wastewater collection and transmission facilities, roadways, landscaping, and hardscape. The professional service costs associated with the design, permitting, construction, and inspection of these improvements have been included.

The landowners currently include Haval Farms, LLC, Citadel Asset Group, LLC and Fortress Investors Management, LLC . Fortress Investors Management, LLC will serve as the primary developer of the Development (the “Developer”). The Developer or its assignees/successors may construct infrastructure improvements for the Development and these improvements will be acquired by the District with proceeds of bonds issued by the District. The Developer will construct the balance of the infrastructure improvements needed for the development that is not financed by the District.

The proposed infrastructure improvements, as outlined herein, are necessary for the functional development of the Development as required by the County.

This Engineer's Report reflects the District's present intentions based on the Developer’s development plan. The implementation and completion of the CIP of the District outlined in this report requires final approval by the District's Board of Supervisors, including the award of contracts for the construction and/or acquisition of the improvements comprising the CIP. Cost estimates contained in this report have been prepared based on the best available information, including bid documents and pay requests where available. These estimates may not reflect final engineering design. Actual costs will vary based upon final plans, design, planning, approvals from regulatory

authorities, inflation, etc. Nevertheless, all costs contained herein, may be reasonably expected to adequately fund the improvements described, and contingency costs as included are reasonable.

LAND USE

The District is located within unincorporated Manatee County, Florida. Parcels within the boundary of the District are partially developed, approximately 1,436.1 acres remains undeveloped (including 137 acres for an existing FPL transmission easement). The land contains 3 different PDMU zonings and is subject to two Land Development Agreements.
PDMU-18-23- (P); Morgan’s Glen; approved June 6th, 2019 & May 4th, 2021
PDMU-18-06 (G); Villages of Amazon South; approved April 4th, 2019
PDMU-17-26 (Z) (G); Haval Farm; approved September 13th, 2019

As stated, the lands within the District encompass approximately 1,436.1 acres. The District is planned to ultimately include a mixture of single-family, townhome, and villa residential units along with commercial parcels.

More specifically, Phases I, II, III and Subphases IV-C through IV-F of the Development consisting of 1,269± acres is planned for 2,503 residential units consisting of 68 attached villas, 210 townhome units and 2,225 single-family units as detailed in Exhibit F. Land uses within Phases I, II, III and subphases IV-C through IV-F of the Development are planned to include the following approximate areas: Such information is subject to change.

Proposed Land Use	Approximate Acreage	Units	
Rights of Way	119		
Fort Hamer Trail	30		
Lots	313	2503	
Wetlands	144		
Park Sites	17		
School Site	30		
Commercial Outparacels	43		
Lakes	267		
Open Space	306		
Total	1269	2503	

GOVERNMENTAL ACTIONS

The Development will be under the jurisdiction and review of Manatee County, Southwest Florida Water Management District (SWFMD), and the Florida Department of Environmental Protection (FDEP). The permit status for the public improvements is summarized in Exhibit D included with this report.

The following permits will be required for the development of Phases I, II, III and Subphases IV-C, IV-D, IV-E, IV-F and the Fort Hamer Road Second Extension:

Phase	

# Units	

Zoning	

FDEP	Manatee County
Construction Permits	

SWFWMD	Anticipated
Start of Construction	Anticipated
Completion of Construction	
Fort Hamer Road
2nd Extension	0	Yes	X	4/21/2022	11/19/2021	2nd Q2022	1st Q2023	
(IV-C)-(IV-F)
Mass Grade	882	Yes	No Permit
Required	
X	
X	2nd Q2022	
2nd Q2023	
IV-C1	256	Yes	X	X	X	2nd Q2022	2nd Q2023	

Development activities for Phase IV-C1 consisting of 256 residential units is expected to commence in the third quarter of 2022 with completion expected by the second quarter of 2023. Development activities for Fort Hamer Road 2nd Extension has begun in the second quarter of 2022 and it is anticipated to be complete by the first quarter of 2023.

The remaining residential subphases (IV-C2 through IV-F) will require Manatee County construction plan approval, SWFWMD and FDEP permits prior to infrastructure construction, but will have an underlaying mass grading permit to begin earthwork construction on them via the mass grading approval.

The remaining residential Phases I, II & III will require Manatee County construction plan approval, SWFWMD and FDEP permits prior to infrastructure construction.

As detailed by Phase further herein, development activities on subsequent phases of this project phase of the District are expected to commence in first quarter of 2023 with completion anticipated in 2024, subject to market conditions.

It is our opinion that there are no technical reasons existing at this time which would prohibit the implementation of the plans for the CIP as presented herein and that permits normally obtained by site development engineers, not heretofore issued and which are necessary to effect the improvements described herein, will be obtained during the

ordinary course of development. The permit status for the public improvements is summarized in Exhibit D included with this report.

CAPITAL IMPROVEMENT PLAN

The District’s CIP includes infrastructure improvements that will provide special benefit to all assessable land within the District. Said improvements include earthwork, offsite roadway improvements, stormwater management facilities including those associated with such roadway improvements, on-site water and wastewater facilities, recreational facilities/parks, landscaping, hardscape, and sidewalk improvements all within public rights-of-way or on District owned lands and associated professional fees. The estimated total cost of the Project is $144,240,873.46 which includes Master Stormwater improvements for Phases I, II, III and Subphases IV-C through IV-F, Fort Hamer Road 2nd Extension and infrastructure for Phases I, II, III and subphases IV-C through IV-F. Refer to Exhibit C for a summary of the costs by infrastructure category for the Project. The private lot grading, over excavating of the stormwater ponds and enhanced landscaping costs of the Development will be funded by the Developer (“Private Costs”).

The current plan of development of this phase of the CIP is to be constructed in Three (3) Phases and seven (7) phases/subphases (see table below), and ultimately it is expected that once completed it will support the construction of approximately 2,503 residential dwelling units.

Construction Phasing (*)	
Total No. of Units	
Estimated Completion Date	
Phase I	470	2027	
Phase II	469	2025	
Phase III	682	2026	
Phase IV-C1	256	2022	
Phase IV-C2	180	2022	
Phase IV-D1	66	2023	
Phase IV-D2	142	2024	
Phase IV-E1	60	2023	
Phase IV-E2	68	2024	
Phase IV-F	110	2024	
Total Number of Units	2503		
(*) Phasing, number of units, and timing of units is subject to change.

ROADWAYS

Primary vehicular access to the Project is to be provided with entrances off Fort Hamer Road and a secondary entrance off US 301 with the future construction of “North River Ranch Trail”. The main entrances to the District from Fort Hamer Road, will be 2-lane roads with sidewalks and landscaping. Fort Hamer Road will be extended to the north as necessary to serve the development. The other access entrance to the District off US 301 will be North River Ranch Trail, a 2-lane thoroughfare road running east/west through the project. North River Ranch Trail will have on street parking, bikes lanes, and sidewalks. Streetlights may be required and if so the District will fund and construct the street lights. Internal roads will be undivided 2-lane residential streets with sidewalks and street lighting. The offsite access improvements on Moccasin Wallow Road will comply with the roadway design criteria of The Florida Department of Transportation (FDOT). The internal roadway design will comply with Manatee County transportation design criteria. The District will fund and construct the offsite improvements and the access improvements within the District or in the alternative acquire much completed improvements from the Developer. Manatee County will own, operate, and maintain the improvements on Moccasin Wallow Road as well as Fort Hamer Road and North River Ranch Trail. The District will construct the internal roadways. When the District does construct or acquire the roadways, they may be conveyed to Manatee County.

All roadways within Phases I, II, III and Subphases IV-C through IV-F are planned to be conveyed to Manatee County for ownership and maintenance.

STORMWATER MANAGEMENT

The County and the Southwest Florida Water Management District (SWFWMD) regulate the design criterion for the stormwater management system within the District. The District is located within the Little Manatee River Watershed. The pre-development site runoff and water management conditions have been developed by the County and SWFWMD. The existing, onsite, naturally occurring wetlands have been delineated by SWFWMD.

The stormwater management plan for the District focuses on utilizing newly constructed ponds in the uplands for stormwater treatment in conjunction with the naturally occurring wetlands.

The primary objectives of the stormwater management system for the District are:
To provide a stormwater conveyance and storage system, which includes stormwater quality treatment.
To adequately protect development within the District from regulatory-defined rainfall events.
To maintain wetland hydroperiods.
To ensure that adverse stormwater impacts do not occur upstream or downstream as a result of the

Development.
To satisfactorily accommodate stormwater runoff from adjacent off-site areas that naturally drains through the District. Accommodating existing drainage conditions is a requirement of more than one regulatory agency and is an integral part of the infrastructure improvements constructed with development projects.

The stormwater collection and outfall systems will be a combination of site grading, earthwork, stabilization, curb inlets, pipe culverts, control structures and open waterways. Wetland hydroperiods (normal pool and season high water elevations) will be maintained through proper design and maintenance of the outfall control structures. The District will fund and construct the stormwater management system or in the alternative acquire the completed system from the Developer. Curb inlets and pipe culverts in the District rights-of-ways will be owned, operated and maintained by the District as they are necessary components of the stormwater management system. The District will not finance the cost of the earthwork and site grading except to the extent it is necessary to facilitate the stormwater management system.

Ponds that will serve the stormwater management system for the Project will be constructed as needed. There is not a need to construct any additional stormwater ponds or facilities outside the limits of these phases.

WASTEWATER COLLECTION

The District is within Manatee County’s Service Area which will provide wastewater treatment service. The District will fund the construction of the wastewater system or in the alternative acquire the completed system from the Developer. When completed, the County will own, operate and maintain the District’s internal wastewater systems.

The County’s onsite wastewater system will consist of gravity collection lines with appurtenant manholes, and a pump station discharging to a force main that will connect to the existing County force main in the Fort Hamer Road right-of-way. Offsite utility extensions will be required before all of the units are constructed.
WATER DISTRIBUTION SYSTEM

The District is within Manatee County’s Service Area which will provide potable water service. The District will fund the construction of the potable water system or in the alternative acquire the completed system from the Developer. When completed, the County will own, operate and maintain the District’s internal potable water systems.
The County’s onsite potable water system will consist of distribution lines of varying sizes with appurtenant valves and backflow prevention equipment connecting to the existing water transmission lines in the Fort Hamer Road right of way.

LANDSCAPING

Significant landscape features and associated irrigation systems are planned for the public rights of way and District owned lands relating to the CIP. These features may include District entry monumentation at the entrances of the District, installation of irrigation wells, irrigation systems, and the perimeter buffer areas. The District will fund, construct, operate and maintain entry monumentation, irrigation systems and landscaping in publicly accessible areas of the District. The District will fund, construct, and maintain perimeter berms. In the alternative, the Developer may construct these improvements and convey the same to the District.

There will be significant buffer plantings that will be installed along Fort Hamer Road with the construction of Fort Hamer Road 2nd Extension and North River Ranch Trail.

RECREATIONAL FACILITIES

Recreational facilities will be funded and maintained by the District, which may include a clubhouse, pool area, tot lot(s), dog park, trails and other recreational features. The recreational components will generally be within District open space, parks and other public areas. The District will fund, construct and/or acquire, own and maintain these recreational facilities.

The main amenity center for the district will be located within this phase of the project. The amenity center will feature a large community gathering building, game room, expansive event lawn, resort style pool and miles of nature trails that will connect to the extensive trail network throughout North River Ranch. All associated parking and utility infrastructure will be installed with the development of this facility.

PROFESSIONAL SERVICES

Professional fees include civil engineering costs for master planning, site design, permitting, preparation of construction plans, inspection and survey costs for construction staking, preparation of record drawings and preparation of preliminary and final plats.

Professional fees also may include geotechnical costs for pre-design soil borings, underdrain analysis, soil stabilization, and construction testing, architectural costs for landscaping, fees associated with transportation planning and design, environmental consultation, irrigation system design and fees for permitting, as well as costs for legal and engineering services associated with the administration of the District's CIP.

OWNERSHIP AND MAINTENANCE

The ownership and maintenance responsibilities of the proposed infrastructure improvements for the development are set forth below.

Proposed Infrastructure Improvements	
Ownership	
Maintenance	
			
Internal Roadway Improvements	Manatee County	Manatee County	
Access Roadway Improvements on Moccasin Wallow Rd	Manatee County	Manatee County	
“North River Ranch Trail”	Manatee County	Manatee County	
Stormwater Management System	NRRISD	NRRISD	
Wastewater Collection System including the on-site Transmission System for Single Family Residences	Manatee County	Manatee County	
Water Distribution System including the Transmission System	Manatee County	Manatee County	
Landscaping and Irrigation Systems within public rights-of- way and district owned lands	NRRISD	NRRISD	
Amenity Center	NRRISD	NRRISD	

PROJECT COSTS

The CIP’s identifiable total costs associated with the infrastructure improvements are estimated to be
$144,240,873.46. The infrastructure improvements include: roadways, sewer, water, storm water management systems, recreational facilities and landscaping and irrigation as well as hardscape elements. It is understood that the funds available to the District to construct or acquire the improvements comprising the CIP, will be limited. Any such District improvements not financed by the District will be constructed and conveyed to the District by the Developer pursuant to an Acquisition and Developer Funding Agreement.
Exhibit C outlines the anticipated costs associated with the construction of the Project.

SUMMARY AND CONCLUSION

The infrastructure, as outlined above, is necessary for the functional progression of the Development within the District as required by the County. The planning and design of the infrastructure will be in accordance with current governmental regulatory requirements. The infrastructure will provide its intended function so long as the construction is in substantial compliance with the design and permits. The platting, design and permitting for the public infrastructure are ongoing at this time and there is no reason to believe such permits will not be obtained.
Items of construction in this report are based on preliminary plan quantities for the infrastructure construction as shown on the master plans, conceptual plans, construction drawings and specifications. It is my professional

opinion that the estimated infrastructure costs provided herein for the District improvements comprising the CIP are reasonable to complete the construction of the infrastructure described herein and that these infrastructure improvements will provide a special benefit to the assembled land in the District, which special benefit will at least equal the costs of such improvements. All such infrastructure costs are public improvements or community facilities as set forth in Section 190.012(1) and (2) of the Florida Statues.
The infrastructure total construction cost developed in this report is only an estimate and not a guaranteed maximum price. The estimated cost is based on unit prices currently being experienced for ongoing and similar items of work in the Tampa Bay area and quantities as represented on the master plans. The labor market, future costs of equipment and materials, and the actual construction processes frequently vary and cannot be accurately forecasted. Due to this inherent opportunity for fluctuation in cost, the total final cost may be more or less than this estimate.
The professional services for establishing the opinion of estimated construction cost are consistent with the degree and care and skill exercised by members of the same profession under similar circumstances.

Christopher Fisher, P.E District Engineer
FL Registration No. 85555

EXHIBITS

Exhibit A	Vicinity Map of District

Exhibit B	Boundary Metes & Bounds Description of District Exhibit C	Summary of Estimated Project
Exhibit D	Permit and Construction Approval Status

Exhibit E	Phases I, II, III and Subphases IV-C Through IV-F Development Plan Exhibit F	Phases I, II, III and Subphases IV-C Through IV-F Private Costs

EXHIBIT A

VICINITY MAP

6900 Professional Parkway East, Sarasota, FL 34240-8414
Phone 941-907-6900  Fax 941-907-6910
Certificate of Authorization #27013  www.stantec.com

The Contractor shall verify and be responsible for all dimensions. DO NOT scale the drawing - any errors or omissions shall be reported to Stantec without delay. The Copyrights to all designs and drawings are the property of Stantec.
Reproduction or use for any purpose other than that authorized by Stantec is forbidden.

EXHIBIT B

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

LEGAL DESCRIPTION

MORGAN’S GLEN PARCEL:

BEGIN AT THE COMMON CORNER OF SECTIONS 19, 20, 29 AND 30, TOWNSHIP 33 SOUTH, RANGE 19 EAST, MANATEE COUNTY, FLORIDA; THENCE, ALONG THE EAST LINE OF SAID SECTION 30, S.00°06'50"W., FOR 540.98 FEET TO A LINE BEING 50 FEET NORTH OF AND PARALLEL TO THE CENTERLINE OF A SCL RAILROAD RIGHT OF WAY, SAID LINE ALSO BEING THE SOUTH LINE OF LOT 1, BLOCK 1, MANATEE RIVER FARMS AS RECORDED IN PLAT BOOK 6, PAGE 45 OF THE PUBLIC RECORDS OF MANATEE COUNTY, FLORIDA; THENCE, ALONG SAID LINE, S.73°37'59"W., 670.12 FEET; THENCE N.00°06'17"E., FOR 412.91 FEET; THENCE N.01°49'12"W., FOR 315.39 FEET TO THE SOUTH LINE OF SAID SECTION 19; THENCE, LEAVING SAID SOUTH LINE, N.00°34'28"W., FOR 441.76 FEET; THENCE N.01°53'22"E., FOR
220.56 FEET; THENCE S.89°53'31"W., FOR 858.88 FEET; THENCE S.84°33'13"W., FOR 104.29 FEET; THENCE S.76°54'28"W., FOR
377.88 FEET; THENCE N.00°07'22"W., FOR 1,708.90 FEET TO THE SOUTH RIGHT OF WAY LINE OF MOCCASIN WALLOW ROAD; THENCE, ALONG SAID SOUTH RIGHT OF WAY LINE, S.89°15'16"E., FOR 1,980.23 FEET TO THE EAST LINE OF SAID SECTION 19, SAID LINE ALSO BEING THE WEST LINE OF SAID SECTION 20; THENCE, CONTINUE ALONG SAID SOUTH RIGHT OF WAY LINE, S.88°55'05"E., 666.19 FEET; THENCE,

LEAVING SAID SOUTH RIGHT OF WAY LINE, S00°06'09"E., FOR 397.02 FEET; THENCE S.89°16'25"E., FOR 135.94 FEET; THENCE S.88°59'12"E., FOR 121.89 FEET; THENCE S.81°46'46"E., FOR
200.24 FEET; THENCE S.89°10'18"E., FOR 210.00 FEET TO THE EAST LINE OF THE NORTHWEST 1/4 OF THE SOUTHWEST 1/4 OF SAID SECTION 20; THENCE, ALONG SAID EAST LINE, S.00°04'54"E., FOR
673.99 FEET TO THE SOUTH LINE OF SAID NORTHWEST 1/4 OF THE SOUTHWEST 1/4, SAID LINE ALSO BEING THE NORTH LINE OF THE SOUTHWEST 1/4 OF THE SOUTHWEST 1/4 OF SAID SECTION 20; THENCE, ALONG SAID LINE, N.89°31'56"W., FOR 665.68 FEET; THENCE, LEAVING SAID LINE, S.00°06'09"E., FOR 467.45 FEET; THENCE N.89°51'11"E., FOR 59.49 FEET; THENCE S.00°06'09"E., FOR
663.67 FEET TO THE SOUTH LINE OF SECTION 20, TOWNSHIP 33 SOUTH, RANGE 19 EAST, MANATEE COUNTY, FLORIDA; THENCE, ALONG SAID SOUTH LINE, S.89°51'11"W., FOR 724.73 FEET TO THE POINT OF BEGINNING.

LESS AND EXCEPT THAT CERTAIN RIGHT-OF-WAY BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

A PORTION OF THOSE LANDS DESCRIBED IN OFFICIAL RECORD BOOK 2066, PAGE 3027, PUBLIC RECORDS OF MANATEE COUNTY, FLORIDA, LYING IN SECTIONS 19 AND 30, TOWNSHIP 33 SOUTH, RANGE 19 EAST, MANATEE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION 19; THENCE SOUTH 86°58'46" WEST, ALONG THE SOUTH LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 19, A DISTANCE OF 537.04 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 00°13'25" WEST, A DISTANCE OF 2.00 FEET TO A POINT ON A CURVE TO THE RIGHT; THENCE SOUTHERLY
171.21 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF

860.00 FEET, A CENTRAL ANGLE OF 11°24'23", AND A CHORD BEARING AND DISTANCE OF SOUTH 05°55'36" WEST 170.93 FEET TO A POINT OF REVERSE CURVE TO THE LEFT; THENCE SOUTHERLY 148.63 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 740.00 FEET, A CENTRAL ANGLE OF 11°30'27", AND A CHORD BEARING AND DISTANCE OF SOUTH 05°52'34" WEST 148.38 FEET; THENCE SOUTH 00°07'20" WEST, A DISTANCE OF 359.62 FEET TO THE NORTH RIGHT OF WAY LINE OF FP & L RAILROAD; THENCE ALONG SAID NORTH RIGHT OF WAY LINE, SOUTH 73°37'35" WEST, A DISTANCE OF 77.06 FEET; THENCE NORTH

01°01'42" WEST, A DISTANCE OF 694.96 FEET; THENCE NORTH

00°13'25" EAST, A DISTANCE OF 724.64 FEET TO A POINT ON A CURVE TO THE LEFT; THENCE NORTHERLY 205.25 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 560.00 FEET, A CENTRAL ANGLE OF 21°00'00", AND A CHORD BEARING AND DISTANCE OF NORTH 10°16'36" WEST 204.10 FEET; THENCE NORTH 20°46'36" WEST, A DISTANCE OF 207.01 FEET TO A POINT ON A CURVE TO THE LEFT; THENCE NORTHWESTERLY 211.09 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 940.00 FEET, A CENTRAL ANGLE OF 12°52'00", AND A CHORD BEARING AND DISTANCE OF NORTH 27°12'36" WEST
210.65 FEET TO A POINT OF REVERSE CURVE TO THE RIGHT; THENCE NORTHERLY 622.42 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 1,060.00 FEET, A CENTRAL ANGLE OF 33°38'35", AND A CHORD BEARING AND DISTANCE OF NORTH 16°49'18" WEST 613.51 FEET; THENCE NORTH 00°00'00" WEST, A DISTANCE OF 296.18 FEET; THENCE NORTH 44°34'29" WEST, A DISTANCE OF 70.18 FEET; THENCE NORTH 00°48'08" EAST, A DISTANCE OF 46.61 FEET TO THE SOUTH MAINTAINED RIGHT OF WAY LINE OF MOCCASIN WALLOW ROAD; THENCE ALONG SAID SOUTH MAINTAINED RIGHT OF WAY LINE, SOUTH 89°11'52" EAST, A DISTANCE OF 230.02 FEET; THENCE, LEAVING SAID SOUTH MAINTAINED RIGHT OF WAY LINE, SOUTH 00°48'08" WEST, A DISTANCE

OF 46.66 FEET; THENCE SOUTH 45°25'31" WEST, A DISTANCE OF

71.23 FEET; THENCE SOUTH 00°00'00" EAST, A DISTANCE OF 236.20 FEET; THENCE SOUTH 04°08'24" WEST, A DISTANCE OF 114.31 FEET TO A POINT ON A NON-TANGENT CURVE TO THE LEFT; THENCE SOUTHERLY 494.62 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 940.00 FEET, A CENTRAL ANGLE OF 30°08'55", AND A CHORD BEARING AND DISTANCE OF SOUTH 18°34'08" EAST 488.93 FEET TO A POINT OF REVERSE CURVE TO THE RIGHT; THENCE SOUTHEASTERLY
238.04 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF

1,060.00 FEET, A CENTRAL ANGLE OF 12°52'00", AND A CHORD BEARING AND DISTANCE OF SOUTH 27°12'36" EAST 237.54 FEET; THENCE SOUTH 20°46'36" EAST, A DISTANCE OF 207.01 FEET TO A POINT ON A CURVE TO THE RIGHT; THENCE SOUTHERLY 249.23 FEET ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 680.00 FEET, A CENTRAL ANGLE OF 21°00'00", AND A CHORD BEARING AND DISTANCE OF SOUTH 10°16'36" EAST 247.84 FEET; THENCE SOUTH 00°13'25" WEST, A DISTANCE OF 718.08 FEET TO THE POINT OF BEGINNING. CONTAINING 129.475 ACRES, MORE OR LESS.
TOGETHER WITH NORTH RIVER RANCH – HAVAL FARMS:

A TRACT OF LAND, BEING A PORTION OF MANATEE RIVER FARMS, UNIT 1, RECORDED IN PLAT BOOK 6, PAGE 45 OF THE PUBLIC RECORDS OF

MANATEE COUNTY, FLORIDA, LYING IN SECTIONS 7, 8, 9, 16, 17,

18, 19 AND 20, TOWNSHIP 33 SOUTH, RANGE 19 EAST, MANATEE COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE SOUTHWEST CORNER OF THE ABOVE-MENTIONED SECTION 7; THENCE N.00°13'29”E., ALONG THE WEST LINE OF SECTION 7, A DISTANCE OF 1,809.08 FEET; THENCE N.90°00'00”E., A DISTANCE OF
272.18 FEET TO THE POINT OF CURVATURE OF A CURVE TO THE LEFT HAVING A RADIUS 1,000.00 FEET AND A CENTRAL ANGLE OF 48°54'32”; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 853.62 FEET TO THE POINT OF REVERSE CURVATURE OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1,962.46 FEET AND A CENTRAL ANGLE OF 97°43'17”; THENCE EASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 3,347.09 FEET TO THE POINT OF REVERSE CURVATURE OF A CURVE TO THE LEFT HAVING A RADIUS OF 1,500.00 FEET AND A CENTRAL ANGLE OF 48°48'45”; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 1,277.91 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE N.90°00'00”E., A DISTANCE OF 1,220.57 FEET TO THE POINT OF CURVATURE OF A CURVE TO THE LEFT HAVING A RADIUS OF 1,100.00 FEET AND A CENTRAL ANGLE OF 49°18'03”; THENCE NORTHEASTERLY

ALONG THE ARC OF SAID CURVE, A DISTANCE OF 946.51 FEET TO THE

POINT OF REVERSE CURVATURE OF	A CURVE	TO THE RIGHT HAVING A	
RADIUS OF 1,990.00 FEET AND A	CENTRAL	ANGLE OF 108°30'13”;	
THENCE EASTERLY ALONG THE ARC	OF SAID	CURVE, A DISTANCE OF	
3,768.56 FEET TO THE POINT OF	REVERSE	CURVATURE OF A CURVE TO	

THE LEFT HAVING A RADIUS OF 1,400.00 FEET AND A CENTRAL ANGLE OF 67°34'16”; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 1,651.07 FEET TO THE POINT OF REVERSE CURVATURE OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1,000.00 FEET AND A CENTRAL ANGLE OF 44°28'10”; THENCE EASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 776.14 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE S.53°53'56”E., A DISTANCE OF
509.73 FEET TO A POINT ON THE WESTERLY RIGHT-OF-WAY LINE OF

U.S. 301; THENCE S.36°06'04”W., A DISTANCE OF 1,512.28 FEET; THENCE N.89°59'54”W., A DISTANCE OF 4,022.59 FEET; THENCE
S.27°47'24”W.,	A	DISTANCE	OF	1,049.93 FEET; THENCE	
N.68°30'43”W.,	A	DISTANCE	OF	1,332.96 FEET; THENCE	
N.00°11'16”E.,	A	DISTANCE	OF	383.27 FEET; THENCE	
N.89°43'15”W.,	A	DISTANCE	OF	719.63 FEET; THENCE S.00°35'38"	

W., A DISTANCE OF 2,551.98 FEET TO THE POINT OF CURVATURE OF A CURVE TO THE RIGHT HAVING A RADIUS 795.00 FEET AND A CENTRAL

ANGLE OF 48°08'26"; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 667.97 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE S.48°44'04" W., A DISTANCE OF 213.94 FEET TO THE POINT OF CURVATURE OF A CURVE TO THE LEFT HAVING A RADIUS 1,355.00 FEET AND A CENTRAL ANGLE OF 33°22'52"; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF
789.44 FEET; THE FOLLOWING FIVE (5) CALLS ARE ALONG THE NORTHERLY LINE OF A SPECIFIC PURPOSE SURVEY FOR TRACT 300FL- MA-010.000, PREPARED BY WILLBROS ENGINEERS, INC., AND DATED OCTOBER 12, 2015: 1) S.89°39'18”E., A DISTANCE OF 85.64 FEET;
2) S.89°10'25”E., A DISTANCE OF 187.79 FEET; 3) S.89°53'48”E., A DISTANCE OF 1,364.36 FEET; 4) S.89°38'04”E., A DISTANCE OF 1,529.39 FEET; 5) THENCE N.89°48'54”E., A DISTANCE OF 969.28 FEET TO A POINT ON THE WEST LINE OF PARCEL DEEDED TO PEOPLES GAS SYSTEM; THENCE S.00°02'24”W., ALONG THE WESTERLY LINE OF SAID PARCEL, A DISTANCE OF 35.27 FEET TO THE SOUTH WEST CORNER OF SAID PARCEL; THENCE S.89°57'36”E., ALONG THE SOUTHERLY LINE OF SAID PARCEL, A DISTANCE OF 60.00 FEET TO A POINT ON A PARCEL AS DESCRIBED IN OFFICIAL RECORDS BOOK 2207, PAGE 6256, SAID PUBLIC RECORDS; THENCE ALONG SAID PARCEL FOR THE FOLLOWING TWO (2) CALLS; 1) S.00°02'21”W., A DISTANCE OF

24.79 FEET; 2) THENCE N.89°52'24”E., A DISTANCE OF 178.91 FEET TO THE NORTHWESTERLY RIGHT OF WAY LINE OF U.S. 301; THENCE SOUTHERLY ALONG SAID RIGHT OF WAY LINE THE FOLLOWING THREE (3) COURSES: 1) S.36°06’04”W., A DISTANCE OF 472.43 FEET; 2) S.36°04’53”W., A DISTANCE OF 916.03 FEET TO THE P.C. OF A CURVE TO THE LEFT WHOSE RADIUS POINT LIES SOUTH 53°53’38”EAST, A DISTANCE OF 1977.86 FEET; 3) SOUTHERLY ALONG THE ARC OF SAID CURVE ALSO BEING SAID RIGHT OF WAY LINE, A DISTANCE OF 971.94 FEET THROUGH A CENTRAL ANGLE OF 28°09’21”; THENCE N.89°26'34"W., A DISTANCE OF 1,282.99 FEET; THENCE S.00°06'08"E., A DISTANCE OF 1,300.10 FEET; TO THE NORTHERLY RIGHT OF WAY LINE OF MOCCASIN WALLOW RD; THENCE WESTERLY ALONG SAID NORTHERLY RIGHT OF WAY LINE THE FOLLOWING FIVE (5) COURSES: 1) N.88°54'18"W., A DISTANCE OF 1,334.91 FEET; 2) N.89°08'58"W., A DISTANCE OF 2,271.84 FEET; 3) N.89°07'49"W., A DISTANCE OF 328.34 FEET; 4) N.89°07'50"W., A DISTANCE OF 2,693.55 FEET; 5) N.88°01'42"W., A DISTANCE OF 16.92 FEET TO THE WEST LINE OF ABOVE-MENTIONED SECTION 19; THENCE N.00°08'36"E. ALONG SAID WEST LINE, A DISTANCE OF 2,578.91 FEET; THENCE N.00°08'15"E THE WEST LINE OF ABOVE-MENTIONED SECTION 18., A DISTANCE OF 1,944.35 FEET; THENCE N.00°07'17"E.

CONTINUE ALONG SAID WEST LINE, A DISTANCE OF 3,366.32 FEET TO THE POINT OF BEGINNING.
CONTAINING 1,883.092 ACRES, MORE OR LESS.

CONTAINING A TOTAL AREA OF 2,012.567 ACRES, MORE OR LESS.

Being subject to any rights-of-way, restrictions and easements of record.

EXHIBIT C
SUMMARY OF ESTIMATED PROJECT COST

Summary of Costs North River Ranch Project
Community Development District

	North River Ranch Improvement Stewardship District ESTIMATED PROJECT COSTS

DISTRICT ELIGIBLE IMPROVEMENTS

Fort Hamer	Neighborhood
Road 2nd	Neighborhood	Master	Infrastructure
Extension	Amenity	Stormwater	(Phases I, II, III &
Improvements	Center	Improvements	Subphases IV-C1
through IV-F)
(2880 Lots)	(2880 Lots)	(2,503 Lots)	(2,503 Lots)	

Project Costs	

STORMWATER,	

$3,293,887.32

$2,214,284.07

$2,545,280.47

$875,000.00

$175,000.00

$575,000.00

$9,678,451.86
$677,491.63
$1,553,391.52	

$0.00

$1,250,000.00

$425,000.00

$250,000.00

$7,000,000.00

$0.00

$8,925,000.00
$624,750.00
$1,432,462.50	

$11,263,500.00

$0.00

$0.00

$0.00

$0.00

$0.00

$11,263,500.00
$788,445.00
$1,807,791.75	

$22,527,000.00

$21,275,500.00

$30,036,000.00

$8,760,500.00

$250,000.00

$4,505,400.00

$87,354,400.00
$6,114,808.00
$14,020,381.20	

$37,084,387.32

$24,739,784.07

$33,006,280.47

$9,885,500.00

$7,425,000.00

$5,080,400.00

$117,221,351.86
$8,205,494.63
$18,814,026.97	
DRAINAGE &						
EARTHWORK						
(EXCLUDING LOTS)						
ROADWAYS & PAVING						
WATER, WASTEWATER						
& RECLAIMED WATER						
LANDSCAPE,						
HARDSCAPE						
RECREATIONAL						
FACILITIES						
POWER & STREET						
LIGHTS						
SUBTOTAL						
PROFESSIONAL						
SERVICES (7%):						
CONTINGENCY (15%):						

TOTAL:	
$11,909,335.01	
$10,982,212.50	
$13,859,736.75	
$107,489,589.20	
$144,240,873.46	

EXHIBIT “D”

PERMIT AND CONSTRUCTION APPROVAL STATUS

EXHIBIT “D”
North River Ranch Community Development District

Project Name	Permit ID	Permit Number	Approval Date	Expiration Date	Remarks	
Haval Farms	PDMU/NCO	PDMU-17-26	03-14-19	-	Zoning Approval from Manatee County	
Haval Farms	ERP	780141/42044237.000	08-19-19	08-19-24	JD Wetland Survey	
North River Ranch Phases IV-A & IV-B	PSP/FSP	PLN2006-0049	03-22-2021	03-22-2025		
North River Ranch Phases IV-A & IV-B	ERP	43030935.024	11/03/2020	11/03/2025		
North River Ranch ACOE	N/A				No permit Required	
North River Ranch Phases IV-A Final Plat		PLN-2106-0094			Expect Recorded Plat Q3 of 2022	
North River Ranch Phase IV-A Certification					Expect final certification Q3 of 2022	
Amenity Center	PSP/FSP	PLN2202-0134			Permits to construct the amenity center will need to be obtained through SWFWMD and Manatee County. Roadway extensions from Fort Hamer will be required to serve the amenity center	
Fort Hamer Road 2nd Ext.	CP	PLN2106-0102	4/21/2022	4/21/2026	Roadway extension to serve future phases and future school
site.	
Fort Hamer Road 2nd Ext.	ERP	43030935.030	11/18/2021	11/18/2026		
North River Ranch South Mass Grade	CP	PLN2201-0051	6/6/2022	06/06/2026		
North River Ranch South Mass Grade	ERP	43030935.032	5/4/2022	5.4/2027		
North River Ranch Phase IV-C1	PSP/FSP	PLN2203-0057			Expect Approval in Q3 of 2022 for Infrastructure Installation	

Exhibit “E”
Phases I, II, III and Subphases IV-C Through IV-F Development Plan

MANATEE RIVER FARMS UNIT 1

JD W37
2.334 Ac.

800

400

0	400	800

JD W27
28.383 Ac.

JD W26 1.894 Ac.

SCALE: 1" = 400'

FUTURE PH III

JD W25
6.527 Ac.

JD W24
3.191 Ac.

JD W33
2.547 Ac.

FUTURE PH II

JD W36 3.833 Ac.

JD W38 0.787 Ac.

JD W39 0.807 Ac.

JD W40 2.654 Ac.

JD W20 0.790 Ac.

JD W23
1.551 Ac.

3.000 Ac.

JD W32
3.209 Ac.

JD W42
4.010 Ac.

JD W43 0.734 Ac.

JD W19 5.654 Ac.

JD W21
4.479 Ac.

JD W22
2.499 Ac.

JD W31
0.590 Ac.

JD W35
18.572 Ac.

FUTURE PH I

JD W45 4.973 Ac.

JD W44
1.078 Ac.

JD W30
0.203 Ac.

JD W13 3.640 Ac.

FUTURE PH IV-C2

FUTURE PH IV-D

JD W8 2.730 Ac.

Wetland 16B
1.335 Ac.

Wetland 16C 0.826 Ac.

Wetland 16A 0.973 Ac.

JD W34 4.910 Ac.

Township 33 South, Range 18 East

Township 33 South, Range 19 East

EX 16" WELL HP-F/8

FUTURE
PH IV-E

Wetland 6
2.380 Ac.

EX CONTROL STRUCTURE 25

EX CONTROL STRUCTURE 15

EX CONTROL STRUCTURE 27

EX CONTROL STRUCTURE 29

IV-C1

Wetland 4A 1.736 Ac.
Wetland 4B
0.123 Ac.

Wetland 5
2.960 Ac.

Wetland 3A 1.949 Ac.

JD W13 1.079
Ac.

Wetland 48A
1.243 Ac.
JD W14
3.440 Ac.

Wetland 48B
0.569 Ac.

M M

MODEL PARKING LOT

M

M

M

M

PATRRACT "PK-2" P2

JD W5
0.319 Ac.

JD W6
7.216 Ac.
PH IV-B

JD W7 1.734 Ac.

JD W8A
2.038 Ac.

JD W8B 0.648
Ac.

JD W12 2.973 Ac.
PH IV-A

JD W9
0.370 Ac.
JD W11A
1.249 Ac.

TRACT "P-1"

PARK P1

NORTH RIVER RANCH OVERALL SITE PLAN
PREPARED BY:
Clearview
LAND DESIGN, P.L.
Engineering Business C.A. No.: 28858
3010 W Azeele St., Suite 150, Tampa, Florida 33609
Office: 813-223-3919 Fax: 813-223-3975

13  18
18  17
24  19
19  20

Exhibit “F”
Phases I, II, III and Subphases IV-C Through IV-F Private Costs

North River Ranch ESTIMATED PROJECT PRIVATE COSTS

EXHIBIT “F”

	Neighborhood
Infrastructure	Private Project Costs	
	(2,503 Lots)		
FINAL LOT GRADING	$1,001,200.00	$1,001,200.00	
OVEREXCAVATION OF PONDS	$1,501,800.00	$1,501,800.00	

LANDSCAPE, HARDSCAPE & RECREATIONAL FACILITIES	

$2,503,000.00	

$2,503,000.00	
SUBTOTAL	$5,006,000.00	$5,006,000.00	
PROFESSIONAL SERVICES (7%):	$750,900.00	$750,900.00	
CONTINGENCY (15%):	$52,563.00	$52,563.00	
TOTAL:	$5,809,463.00	$5,809,463.00	

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

3D

North River Ranch Improvement Stewardship District

Master Special Assessment Methodology Report for Phases I, II, III and IV-C Through IV-F

July 6, 2022

Provided by:

Wrathell, Hunt and Associates, LLC
2300 Glades Road, Suite 410W Boca Raton, FL 33431 Phone: 561-571-0010
Fax: 561-571-0013
Website: www.whhassociates.com

North River Ranch ISD Master Special Assessment Methodology Report for Phases I, II, III and IV-C Through IV-F_v1.1

Table of Contents
Introduction	1
Purpose	2
Scope of the Phases I, II, III, IV-C Through IV-F Report	2
Special Benefits and General Benefits	2
Requirements of a Valid Assessment Methodology	3
Special Benefits Exceed the Costs Allocated	3
Organization of the Phases I, II, III, IV-C Through IV-F Report	4
2.0	Development Program
Overview	4
The Development Program	4
Project
Overview	5
Financing Program
Overview	6
Types of Bonds Proposed	7
5.0	Assessment Methodology
Overview	8
Benefit Allocation	8
Assigning Phases I, II, III, IV-C Through IV-F Bond Assessments 11
Lienability Test: Special and Peculiar Benefit to the Property	12
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Assessments	13
True-Up Mechanism	13
Preliminary Assessment Roll	16
Additional Items Regarding Phases I, II, III, IV-C Through IV-F Bond Assessments Imposition and Allocation	17
Additional Stipulations
Overview	18
7.0	Appendix
Table 1	18
Table 2	19
Table 3	19
Table 4	20
Table 5	21
Table 6	21

Introduction

The North River Ranch Improvement Stewardship District (the “District”) is a +/- 2,001.094-acre special district located in unincorporated Manatee County, Florida. The District was established by Chapter 2020-191, Laws of Florida (the “Act”) on June 9, 2020, which was amended by Chapter 2022-244, Laws of Florida (Chapters 2020-191 and 2022-244 together the “Act”), and comprises the former Fieldstone Community Development District (the “Fieldstone CDD”) and the former North River Ranch Community Development District (the “North River Ranch CDD” and together with the Fieldstone CDD the “Districts”) which were dissolved by Manatee County on October 7, 2021.

The development of land within the Districts has already commenced, the Districts issued several series of bonds to finance a portion of the public infrastructure improvements necessary to support such development. Specifically, the former North River Ranch CDD issued its Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1 and Series 2020A-2 (the “Series 2020A-1 and A-2 Bonds”) to support the development of Phases IV-A and IV-B, as defined herein, which jointly constitute the first stage of land development within the former North River Ranch CDD portion of the District, while the Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3 (the “Series 2020A-3 Bonds” and together with the Series 2020A-1 and A-2 Bonds the “Series 2020 Bonds”) to support the development of the entirety of the former North River Ranch CDD portion of the District. At present time, the District has commenced planning for the remaining stages of land development within the former North River Ranch CDD portion of the District, which constitutes of Phases I, II and III (“Phases I, II and III”) and Phases IV-C, IV-D, IV-E, and IV-F (“Phases IV-C through IV-F” and together with Phases I, II and III “Phases I, II, III, IV-C through IV-F).

The public infrastructure improvements planned for Phases I, II, III, IV-C through IV-F, as well as certain public infrastructure improvements planned for the entirety of the former North River Ranch CDD portion of the District (the “Former NRR District”), are described in the District Engineer Supplemental Report for Project Phases I, II, III and Phases IV-C Through IV-F dated July 2022 (the “Supplemental Engineer’s Report”) prepared by Clearview Land Design, P.L. (the “District Engineer”). The Supplemental Engineer’s Report describes the public infrastructure improvements (the “Project”) needed to support the development of the properties planned to be developed within Phases I, II, III, IV-C through IV-F within the Former NRR District, as well as enhances the benefits which have already been provided to Phases IV-A and IV-B.

Purpose

This Master Special Assessment Methodology Report for Phases I, II, III, IV-C Through IV-F (the “Phases I, II, III, IV-C Through IV-F Report”) was developed to supplement the North River Ranch Community Development District Master Assessment Methodology report dated March 2020 (the "Master Report"), and to provide a supplement to the financing plan and special assessment methodology related to funding by the District of a portion of the public infrastructure improvements that comprise the Project.

This Phases I, II, III, IV-C Through IV-F Report allocates the debt associated with funding such portion of the Project based on the special benefits received from the public infrastructure improvements that comprise said Project. This Phases I, II, III, IV-C Through IV-F Report is designed to conform to the requirements of Chapter 170 and 190, Florida Statutes, with respect to special assessments and is consistent with our understanding of case law on this subject.

Scope of the Phases I, II, III, IV-C Through IV-F Report

This Phases I, II, III, IV-C Through IV-F Report presents the projections for financing a portion of the costs of the Project as described in the Supplemental Engineer’s Report and describes the method for the allocation of special benefits and the apportionment of special assessments resulting from the provision and funding of said portion of the Project.

Special Benefits and General Benefits

Public infrastructure improvements undertaken and funded in part by the District as part of the Project create special benefits and peculiar benefits, different in kind and degree than general benefits for properties within the Former NRR District, as well as general benefits to the areas outside of the Former NRR District, and to the public at large. However, as discussed within this Phases I, II, III, IV-C Through IV-F Report, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to peculiar properties within the Former NRR District, as the improvements comprising the Project enable properties within Phases I, II, III, IV-C through IV-F to be developed, or in case of Phases IV-A and IV-B, enhances the benefits which have already been provided.

There is no doubt that the general public and property owners outside of the Former NRR District will benefit from the provision of

the Project. However, these benefits are only incidental since the Project is designed to provide special benefits peculiar to the properties within the Former NRR District, including but not limited to allowing the development of property therein or enhancement of the benefits which have already been provided. Properties within the Former NRR District are directly served by the Project and depend upon the improvements comprising the Project to satisfy the requirements of their development entitlements/enhances the benefits which have already been provided. This fact alone clearly demonstrates the special benefits received by the properties within the Former NRR District.

The public infrastructure improvements that comprise the Project will provide the public infrastructure improvements necessary to make the lands within the Former NRR District developable and saleable/enhance the benefits which have already been provided. The installation of such improvements will cause the value of the lands within the Former NRR District to increase by more than the sum of the financed costs of the individual components of the Project. Even though the exact value of the special benefits provided by the Project is hard to estimate at this point, it is nevertheless greater than the costs associated with providing the same.

Requirements of a Valid Assessment Methodology

There are two requirements under Florida law for a valid special assessment:

First, the properties assessed must derive a special benefit from the improvement/service provided.

Second, the assessment must be fairly and reasonably apportioned among the properties that receive the special benefit.

Florida law provides for a wide application of special assessments that meet these two characteristics of special assessments.

Special Benefits Exceed the Costs Allocated

The special benefits received by the properties within the Former NRR District are greater than the costs associated with providing these benefits. As set forth in the Supplemental Engineer’s Report, the District Engineer estimates that public infrastructure improvements that comprise the Project and which are necessary to support the development of property within the Former NRR District
/enhances the benefits which have already been provided will have

a total cost of approximately $144,240,873.46. The author of this Phases I, II, III, IV-C Through IV-F Report reasonably believes that even though the exact value of the special benefits provided by the Project is hard to estimate at this point, it is nevertheless greater than the costs associated with providing the same, including financing cost, as without the public infrastructure improvements that comprise the Project, the properties within the Former NRR District would not be able to be fully developed and occupied by future residential property owners of the community.

Organization of the Phases I, II, III, IV-C Through IV-F Report

Section Two describes the development program for the Former NRR District as proposed by the Developer, as defined in Section 2 below.

Section Three provides a summary of the public infrastructure improvements that comprise the Project as set forth in the Supplemental Engineer’s Report.

Section Four sets forth the supplement to the financing program for the Former NRR District.

Section Five sets out the supplement to the special assessment methodology for the Former NRR District, as originally established in the Master Report and applied in this Phases I, II, III, IV-C Through IV-F Report to the Phases I, II, III, IV-C Through IV-F Bond Assessments, as defined herein.

2.0	Development Program

Overview

The District serves the North River Ranch development and is designed as a master-planned mixed-use development located in unincorporated Manatee County, Florida. The District is generally located north of Erie Road, south of Buckeye Road, and west of US 301.

The Development Program

Land development within the Former NRR District has already commenced and is expected to continue to be conducted by the Neal Land & Neighborhoods, LLC and/or its affiliates (the “Developer”). Based upon the most current information provided by the Developer,

the current development plan for the lands within the Former NRR District envisions a total of 2,880 residential dwelling units, with 377 residential dwelling units developed within the first stage of land development within the District referred to as Phases IV-A and IV-B (“Phases IV-A and IV-B”), 1,621 residential dwelling units developed within Phases I, II and III, and 882 residential dwelling units developed within Phases IV-C through IV-F, although phasing, unit types and unit numbers may change throughout the development period and a supplemental or amended methodology would be adopted to adjust and address such changes in phasing, unit types and numbers. Table 1 in the Appendix illustrates the current proposed development plan for the lands within the Former NRR District.

Project

Overview

The Project described in the Supplemental Engineer’s Report consists of a network of stormwater, drainage & earthwork, roadways & paving, water, wastewater & reclaimed water, landscape & hardscape, recreation facilities and power & street lights.

The Project is comprised of (1) extending the Fort Hammer Road, which will connect Phases I, II, III, IV-C through IV-F with Phases IV- A and IV-B, all within the Former NRR District, as well as other parts of the District with Erie Road to the south (the “Fort Hammer Road Second Extension Improvements”), (2) constructing a neighborhood amenity center which will serve and benefit all areas within the Former NRR District (the “Neighborhood Amenity Center Improvements”), (3) constructing master public infrastructure improvements which will serve and benefit all areas within Phases I, II, III, IV-C through IV-F (the “Master Improvements”), and (4) constructing neighborhood public infrastructure improvements for all neighborhoods within Phases I, II, III, IV-C through IV-F which will serve and benefit residential units within Phases I, II, III, IV-C through IV-F (the “Neighborhood Improvements”).

Within the Former NRR District, the Fort Hammer Road Second Extension Improvements and the Neighborhood Amenity Center Improvements will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within the Former NRR District, and the improvements will be interrelated such that they will reinforce one another. At the time of this writing, the total  costs  of  the  Fort  Hammer  Road  Second  Extension

Improvements portion of the Project, including the cost of professional  services  and  contingencies,  are  estimated  at
$11,909,335.01, while the total costs of the Neighborhood Amenity Center Improvements portion of the Project, including the cost of professional  services  and  contingencies,  are  estimated  at
$10,982,212.50.

Within Phases I, II, III, IV-C through IV-F, the Master Improvements portion of the Project will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within Phases I, II, III, IV-C through IV-F, and the improvements will be interrelated such that they will reinforce one another. At the time of this writing, the total costs of the Master Improvements portion of the Project, including the cost of professional services and contingencies, are estimated at $13,859,736.75. Lastly, within Phases I, II, III, IV-C through IV-F, the Neighborhood Improvements portion of the Project will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within Phases I, II, III, IV-C through IV-F, and the improvements will be interrelated such that they will reinforce one another. At the time of this writing, the total costs of the Neighborhood Improvements portion of the Project, including the cost of professional services and contingencies, are estimated at $107,489,589.20. Table 2 in the Appendix illustrates the specific components of the Project and their costs, which total $144,240,873.46.

Financing Program

Overview

As noted above, the District is embarking on a program of public infrastructure improvements which will facilitate the development of the properties planned to be developed within Phases I, II, III, IV-C through IV-F, as well as enhances the benefits which have already been provided to Phases IV-A and IV-B. Generally, construction of public improvements is either funded by the Developer or in limited circumstances its assigns and then acquired by the District or funded directly by the District. The choice of the exact mechanism for providing public infrastructure has not yet been made at the time of this writing, and the District may either acquire the public infrastructure from the Developer or construct it, or even partly acquire it and partly construct it.

Please note that as the development of land within Phases IV-A and IV-B has already commenced, the Developer will contribute to the

District at no cost that portion of the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements the cost of which is allocable to Phases IV-A and IV- B based on the special benefits received from the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements.

Even though the actual financing plan may change to include one or more long-term and/or short-term bonds and/or notes, this Phases I, II, III, IV-C Through IV-F Report provides a master financing plan under which the District would issue approximately $217,175,000 in par amount of special assessment bonds (the "Phases I, II, III, IV-C Through IV-F Bonds") to fund approximately $141,166,186.29 in the Project costs. The Phases I, II, III, IV-C Through IV-F Bonds would also include funding for capitalized interest, a debt service reserve account, and costs of issuance.

Please note that the purpose of this Phases I, II, III, IV-C Through IV-F Report is to allocate the benefit of the Project to the various product types within the Former NRR District and based on such benefit allocation to apportion the maximum amounts of Phases I, II, III, IV-C Through IV-F Bond Assessments, as defined later herein, necessary to fund a portion of the Project to the Phases I, II, III, IV-C Through IV-F Bond Assessments Area, as defined herein. The discussion of the structure and size of the indebtedness is preliminary, based on various estimates and is subject to change.

Types of Bonds Proposed

The proposed financing plan for the District envisions issuance of the Phases I, II, III, IV-C Through IV-F Bonds in the principal amount of
$217,175,000 to finance approximately $141,166,186.29 in Project costs. The Phases I, II, III, IV-C Through IV-F Bonds would be structured in various par amounts and amortized in up to 30 annual installments following capitalized interest periods of up to 36-months. Interest payments on the Phases I, II, III, IV-C Through IV-F Bonds would be made every May 1 and November 1, and principal payments on the Phases I, II, III, IV-C Through IV-F Bonds would be made on either every May 1 or November 1.

The difference between the principal amounts of Phases I, II, III, IV- C Through IV-F Bonds and that portion of the costs of the Project which is projected to be funded with proceeds of the Phases I, II, III, IV-C Through IV-F Bonds is comprised of debt service reserve, capitalized  interest,  and  costs  of  issuance,  including  the

Underwriter’s Discount. Preliminary sources and uses of funding for the Phases I, II, III, IV-C Through IV-F Bonds are presented in Table 3 in the Appendix.

Please note that the structure of the Phases I, II, III, IV-C Through IV-F Bonds as presented in this Phases I, II, III, IV-C Through IV- F Report is preliminary and may change due to changes in the development program, market conditions, timing of infrastructure installation as well as for other reasons. The District maintains complete flexibility as to the structure of the Phases I, II, III, IV-C Through IV-F Bonds and reserves the right to modify it as necessary.

5.0	Assessment Methodology

Overview

The issuance of the Phases I, II, III, IV-C Through IV-F Bonds provides the District with a portion of the funds necessary to carry out the implementation of the Project as described in more detail in the Supplemental Engineer's Report. The public infrastructure improvements that comprise the Project provide special and general benefits, with special benefits accruing to the assessable properties within the Former NRR District and general benefits accruing to the areas outside of the Former NRR District and to the public at large, which are only incidental in nature.

The Phases I, II, III, IV-C Through IV-F Bonds will be paid off by assessing properties that derive special benefits from the Project which is proposed to be funded in part with proceeds of the Phases I, II, III, IV-C Through IV-F Bonds. All assessable properties within the Phases I, II, III, IV-C through IV-F that receive special benefits from the Project will be assessed for their fair share as determined by this Phases I, II, III, IV-C Through IV-F Report.

Benefit Allocation

The current development plan for the lands within the Former NRR District envisions a total of 2,880 residential dwelling units, with 377 residential dwelling units developed within Phases IV-A and IV-B, 1,621 residential dwelling units developed within Phases I, II and III, and 882 residential dwelling units developed within Phases IV-C through IV-F, although phasing, unit types and unit numbers may change throughout the development period and a supplemental or

amended methodology would be adopted to adjust and address such changes in phasing, unit types and numbers.

As described in the Supplemental Engineer's Report, the Project is comprised of the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements, both of which will serve and benefit all of the lands in the Former NRR District, as well as the Master Improvements and Neighborhood Improvements, both of which will serve and benefit all of the lands in Phases I, II, III, IV-C through IV-F.

The Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within the Former NRR District, and the improvements will be interrelated such that they will reinforce one another and their combined benefits will be greater than the sum of their individual benefits. All of the land uses within the Former NRR District will benefit from each public infrastructure improvement category of the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements, as the public infrastructure improvements provide basic infrastructure to all lands within the Former NRR District as an integrated system of improvements.

The Master Improvements and Neighborhood Improvements will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within Phases I, II, III, IV-C through IV-F, and the improvements will be interrelated such that they will reinforce one another and their combined benefits will be greater than the sum of their individual benefits. All of the land uses within Phases I, II, III, IV-C through IV-F will benefit from each public infrastructure improvement category of the Master Improvements and Neighborhood Improvements, as the public infrastructure improvements provide basic infrastructure to all lands within Phases I, II, III, IV-C through IV-F as an integrated system of improvements.

As stated previously, the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements have a logical connection to the special and peculiar benefits received by the land within the Former NRR District and the development of the properties within the Former NRR District. Based upon the connection between the improvements and the special and peculiar benefits to the land within the Former NRR District, the District can assign or allocate a portion of the District's debt through the imposition of non-ad valorem assessments, to the land receiving

such special and peculiar benefits. Even though these special and peculiar benefits are real and ascertainable, the precise amount of the benefit cannot yet be calculated with mathematical certainty. However, such benefit is more valuable than the cost of, or the actual non-ad valorem assessment amount levied on that parcel.

Similarly, the Master Improvements and Neighborhood Improvements have a logical connection to the special and peculiar benefits received by the land within Phases I, II, III, IV-C through IV- F and the development of the properties within Phases I, II, III, IV-C through IV-F. Based upon the connection between the improvements and the special and peculiar benefits to the land within Phases I, II, III, IV-C through IV-F, the District can assign or allocate a portion of the District's debt through the imposition of non-ad valorem assessments, to the land receiving such special and peculiar benefits. Even though these special and peculiar benefits are real and ascertainable, the precise amount of the benefit cannot yet be calculated with mathematical certainty. However, such benefit is more valuable than the cost of, or the actual non-ad valorem assessment amount levied on that parcel.

Consistent with the methodology developed in the Master Report, the benefits associated with the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements (for Phases IV-A and IV-B) and the benefits associated with the Fort Hammer Road Second Extension Improvements, Neighborhood Amenity Center Improvements, Master Improvements and Neighborhood Improvements (for Phases I, II, III, IV-C through IV-F) are proposed to be allocated to the residential dwelling units projected to be developed within the Former NRR District in proportion to the density of development and intensity of use of infrastructure as measured by a standard unit called an Equivalent Residential Unit ("ERU"). Table 4 in the Appendix illustrates the ERU weights that are proposed to be assigned to the product types contemplated to be developed within the Former NRR District based on the densities of development and the intensities of use of infrastructure, and the total ERU counts for each product types category.

The rationale behind different ERU weights is supported by the fact that generally and on average smaller units will use and benefit from the District's public infrastructure improvements less than larger units, as for instance, generally and on average smaller units produce less storm water runoff, require less water/wastewater and reclaimed water capacity, and may produce fewer vehicular trips. Additionally, the value of the larger units is likely to appreciate by

more in terms of dollars than that of the smaller units as a result of the implementation of the improvements. As the exact amount of the benefit and appreciation is not possible to be calculated at this time, the use of ERU measures serves as a reasonable approximation of the relative amount of benefit received from the Project.

Table 5 in the Appendix presents the allocation of the costs of the Fort Hammer Road Second Extension Improvements, Neighborhood Amenity Center Improvements, Master Improvements and Neighborhood Improvements based on the ERU benefit allocation illustrated in Table 4 in the Appendix.

Please note that as the Developer will contribute to the District at no cost that portion of the Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements the cost of which is allocable to Phases IV-A and IV-B, no portion of the
$3,074,687.17 in Project costs allocable to Phases IV-A and IV-B will be financed with proceeds of the Phases I, II, III, IV-C Through IV-F Bonds.

Table 6 in the Appendix presents the allocation of the Project costs which are allocable to Phases I, II, III, IV-C through IV-F and the apportionment of the assessments associated with the Phases I, II, III, IV-C Through IV-F Bonds (the “Phases I, II, III, IV-C Through IV- F Bond Assessments”) in accordance with the ERU benefit allocation method presented in Table 4 in the Appendix. Table 6 also presents the apportionment of annual debt service payments required to be collected by the District in order to fully fund payment of the annual principal and interest on the Phases I, II, III, IV-C Through IV-F Bonds.

Assigning Phases I, II, III, IV-C Through IV-F Bond Assessments

As the land within the Former NRR District is not yet platted for its intended final use and the precise location of the various unit types by lot or parcel is unknown, the Phases I, II, III, IV-C Through IV-F Bond Assessments will initially be levied on that portion of the District that is proposed to contain the residential units that will comprise Phases I, II, III, IV-C through IV-F (the “Phases I, II, III, IV-C Through IV-F Bond Assessments Area”) on an equal pro-rata gross acre basis. As the Phases I, II, III, IV-C Through IV-F Bond Assessments Area contains approximately 1,269 +/- gross acres, the Phases I, II, III, IV-C Through IV-F Bond Assessments in the amount of
$217,175,000 will be preliminarily levied on approximately 1,269 +/- gross acres at a rate of $171,138.69 per gross acre.

When the land within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area is platted, the Phases I, II, III, IV-C Through IV-F Bond Assessments will be allocated to each platted parcel on a first platted-first assigned basis based on the planned use for that platted parcel as reflected in Table 6 in the Appendix. Such allocation of the Phases I, II, III, IV-C Through IV-F Bond Assessments from unplatted gross acres to platted parcels will reduce the amount of the Phases I, II, III, IV-C Through IV-F Bond Assessments levied on unplatted gross acres within the Phases I, II, III, IV-C Through IV-F Assessments Area.

In the event unplatted land (the “Transferred Property”) is sold to a third party not affiliated with the Developer, the Phases I, II, III, IV-C Through IV-F Bond Assessments will be assigned to such Transferred Property at the time of the sale based on the maximum total number of ERUs assigned by the Developer to that Transferred Property, subject to review by the District’s methodology consultant, to ensure that any such assignment is reasonable, supported by current development rights and plans, and otherwise consistent with this Phases I, II, III, IV-C Through IV-F Report. The owner of the Transferred Property will be responsible for the total Phases I, II, III, IV-C Through IV-F Bond Assessments applicable to the Transferred Property, regardless of the total number of ERUs ultimately actually platted. These total Phases I, II, III, IV-C Through IV-F Bond Assessments are fixed to the Transferred Property at the time of the sale. If the Transferred Property is subsequently sub-divided into smaller parcels, the total Phases I, II, III, IV-C Through IV-F Bond Assessments initially allocated to the Transferred Property will be re- allocated to the smaller parcels pursuant to the methodology as described herein (i.e. equal assessment per acre until platting).

Lienability Test: Special and Peculiar Benefit to the Property

As first discussed in Section 1.3, Special Benefits and General Benefits, public infrastructure improvements undertaken by the District create special and peculiar benefits to certain properties within the Former NRR District. The District's improvements benefit assessable properties within the Former NRR District and accrue to all such assessable properties on an ERU basis.

Public infrastructure improvements undertaken by the District can be shown to be creating special and peculiar benefits to the property within the Former NRR District. The special and peculiar benefits resulting from each improvement are:

added use of the property;

added enjoyment of the property;
decreased insurance premiums; and
increased marketability and value of the property.

The public infrastructure improvements which are part of the Project make the land in the Former NRR District developable and saleable within Phases I, II, III, IV-C through IV-F, as well as enhances the benefits which have already been provided to Phases IV-A and IV- B, and when implemented jointly as parts of the Project, provide special and peculiar benefits which are greater than the benefits of any single category of improvements.

These special and peculiar benefits are real and ascertainable, but not yet capable of being calculated and assessed in terms of numerical value; however, such benefits are more valuable than either the cost of, or the actual assessment levied for, the improvement or debt allocated to the parcel of land.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay

A reasonable estimate of the proportion of special and peculiar benefits received by the various product types from the improvements is delineated in Table 4 in the Appendix (expressed as the ERU factors).

The apportionment of the Phases I, II, III, IV-C Through IV-F Bond Assessments is fair and reasonable because it was conducted on the basis of consistent application of the methodology described in Section 5.2 across all assessable property within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area. Accordingly, no acre or parcel of property within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area will be liened for the payment of Phases I, II, III, IV-C Through IV-F Bond Assessments more than the determined special benefit peculiar to that property.

True-Up Mechanism

The methodology described herein is based on conceptual information obtained from the Developer prior to construction. As development occurs it is possible that the number of ERUs may change. The mechanism for maintaining the methodology over the changes is referred to as true-up.

This mechanism is to be utilized to ensure that the Phases I, II, III, IV-C Through IV-F Bond Assessments on a per ERU basis never

exceed the initially allocated assessment as contemplated in the adopted assessment methodology. Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU preliminarily equal $86,143.30 ($217,175,000 in Phases I, II, III, IV-C Through IV-F Bond Assessments divided by 2,521.09 ERUs) within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area and may change based on the final bond sizing. If such changes occur, the methodology is applied to the land based on the number of and type of units of a particular product type within each and every parcel as signified by the number of ERUs.

As the land in the Phases I, II, III, IV-C Through IV-F Bond Assessments Area is platted, the Phases I, II, III, IV-C Through IV-F Bond Assessments are assigned to platted parcels based on the figures in Table 6 in the Appendix. If as a result of platting and apportionment of the Phases I, II, III, IV-C Through IV-F Bond Assessments to the platted parcels, the Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU for land that remains unplatted remain equal to $86,143.30, then no true-up adjustment will be necessary.

If as a result of platting and apportionment of the Phases I, II, III, IV- C Through IV-F Bond Assessments to the parcels platted within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area, the Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU for land that remains unplatted equal less than $86,143.30 (for instance as a result of a larger number of units) then the per ERU Phases I, II, III, IV-C Through IV-F Bond Assessments for all parcels within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area will be lowered if that state persists at the conclusion of platting of all land within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area.

If, in contrast, as a result of platting and apportionment of the Phases I, II, III, IV-C Through IV-F Bond Assessments to the parcels platted within the Phases I, II, III, IV-C Through IV-F Bond Assessments Area, the Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU for land that remains unplatted equal more than $86,143.301 (for instance as a result of a smaller number of units), taking into

1 For example, if the first platting in the Phases I, II, III, IV-C Through IV-F Bond Assessments Area includes 50 SF 50’ lots, which equates to a total allocation of $4,780,952.88 in the Phases I, II, III, IV-C Through IV-F Bond Assessments, then the remaining unplatted land would be required to absorb $212,394,047.12 in the Phases I, II, III, IV-C Through IV-F Bond Assessments. If the remaining unplatted land would only be able to absorb 1,036 instead of 1,046 SF 50’ units, along with the unchanged numbers of the remaining unit types categories, or $211,437,856.54 in the Phases I, II, III, IV-C Through IV-F Bond Assessments, then a true-up, payable by the owner of the unplatted land, would be due in the amount of $956,190.58 in the Phases I, II, III, IV-C Through IV-F Bond Assessments plus applicable accrued interest to the extent described in this Section.

account any future development plans for the unplatted lands, in the District’s sole discretion and to the extent such future development plans are feasible, consistent with existing entitlements and governmental requirements, and reasonably expected to be implemented, then the difference in the Phases I, II, III, IV-C Through IV-F Bond Assessments plus applicable accrued interest (to the extent described below in this Section) will be collected from the owner(s) of the property which platting caused the increase of assessment per ERU to occur, in accordance with the assessment resolution and/or a true-up agreement to be entered into between the District and the Developer, which will be binding on assignees.

The owner(s) of the property will be required to immediately remit to the Trustee for redemption a true-up payment equal to the difference between the actual Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU and $86,143.30 multiplied by the actual number of ERUs plus accrued interest to the next succeeding interest payment date on the Phases I, II, III, IV-C Through IV-F Bonds, unless such interest payment date occurs within 45 days of such true-up payment, in which case the accrued interest shall be paid to the following interest payment date (or such other time as set forth in the supplemental indenture for the applicable series of bonds secured by the Phases I, II, III, IV-C Through IV-F Bond Assessments).

In considering whether to require a true-up payment, the District shall consider any requests for a deferral of true-up. In order to obtain such a deferral, a landowner seeking such deferral must provide to the District the following: a) proof of the amount of entitlements remaining on the undeveloped lands, b) a revised overall development plan showing the number and type of units reasonably planned for the remainder of the development, c) evidence of allowable zoning conditions that would enable those entitlements to be placed in accordance with the revised development plan, and d) documentation prepared by a licensed engineer that shows the feasibility of implementing the proposed development plan. The District’s decision whether to grant a deferral shall be in its reasonable discretion. Prior to any decision by the District not to impose a true-up payment, a supplemental methodology shall be produced demonstrating that there will be sufficient Phases I, II, III, IV-C Through IV-F Bond Assessments to pay debt service on the applicable bonds and the District will conduct new proceedings under Chapter 170, Florida Statutes upon the advice of District Counsel. Any true-up payment shall become due and payable that tax year by the landowner of the lands subject to the proposed plat, shall be in addition to the regular Phases I, II, III, IV-C Through IV-F Bond

Assessments installment payable for such lands, and shall constitute part of the Phases I, II, III, IV-C Through IV-F Bond Assessments liens imposed against the proposed plat property until paid.

All Phases I, II, III, IV-C Through IV-F Bond Assessments levied run with the land, and such Phases I, II, III, IV-C Through IV-F Bond Assessments liens include any true-up payment. The District will not release any liens on property for which true-up payments are due, until provision for such payment has been satisfactorily made. Further, upon the District’s review of the final plat for the developable acres, any unallocated Phases I, II, III, IV-C Through IV-F Bond Assessments shall become due and payable and must be paid prior to the District’s approval of that plat. This true-up process applies for both plats and/or re-plats.

In addition to platting of property within the District, any planned sale of an unplatted parcel to another builder or developer will cause the District to initiate a true-up test as described above to test whether the amount of the Phases I, II, III, IV-C Through IV-F Bond Assessments per ERU for land that remains unplatted within the District remains equal to $86,143.30. The test will be based upon the development rights as signified by the number of ERUs associated with such parcel that are transferred from seller to buyer. The District shall provide an estoppel or similar document to the buyer evidencing the amounts of Phases I, II, III, IV-C Through IV-F Bond Assessments transferred at sale.

Preliminary Assessment Roll

Based on the per gross acre assessment proposed in Section 5.3, the Phases I, II, III, IV-C Through IV-F Bond Assessments of
$217,175,000.00 are proposed to be levied as shown below. Excluding any capitalized interest period, debt service assessments shall be paid in thirty (30) annual installments.

Bond
Parcel ID	Owner	Assessments
394610409 FORTRESS INVESTORS MANAGEMENT LLC, 5800 LAKEWOOD RANCH BLVD, SARASOTA FL 34240	$49,360,730.01	
394610359 CITADEL ASSET GROUP LLC, 5800 LAKEWOOD RANCH BLVD, SARASOTA FL 34240	$18,990,663.28	
394610309 HAVAL FARMS LLC, 401 NW 38TH CT, MIAMI FL 33126	 $148,823,606.72	
Total	$217,175,000.00	

Additional Items Regarding Phases I, II, III, IV-C Through IV-F Bond Assessments Imposition and Allocation

This Phases I, II, III, IV-C Through IV-F Report is intended to establish, without the need for a further public hearing, the necessary benefit and fair and reasonable allocation findings for a master assessment lien, which may give rise to one or more individual assessment liens relating to individual bond issuances necessary to fund a portion of the Project referenced herein. All such liens shall be within the benefit limits established herein and using the allocation methodology described herein, and shall be described in one or more supplemental reports.

As set forth in any supplemental reports, and for any particular bond issuance, the land developer may opt to “buy down” the Phases I, II, III, IV-C Through IV-F Bond Assessments on particular product types and/or lands using a contribution of cash, infrastructure or other consideration, and in order for actual effective bond assessments to reach certain target levels. Note that any “true-up,” as described herein, may require a payment to satisfy “true-up” obligations as well as additional contributions to maintain such target assessment levels. Any amounts contributed by the developer to pay down the Phases I, II, III, IV-C Through IV-F Bond Assessments will not be eligible for “deferred costs,” if any are provided for in connection with any particular bond issuance.

As noted herein, the Project functions as a system of improvements. Among other implications, this means that proceeds from any particular bond issuance can be used to fund improvements within any benefitted property within Phases I, II, III, IV-C through IV-F, regardless of where the Phases I, II, III, IV-C Through IV-F Bond Assessments are levied, provided that the Phases I, II, III, IV-C Through IV-F Bond Assessments are fairly and reasonably allocated across all benefitted properties.

In the event that the Project is not completed, required contributions are not made, additional benefitted lands are added to either of the assessment areas, or under certain other circumstances, the District may elect to reallocate the Phases I, II, III, IV-C Through IV-F Bond Assessments, and the District expressly reserves the right to do so, provided however that any such reallocation shall not be construed to relieve any party of contractual or other obligations to the District

Additional Stipulations

Overview

Wrathell, Hunt and Associates, LLC was retained by the District to prepare a methodology to fairly allocate the special assessments related to the District’s Project. Certain financing, development and engineering data was provided by members of District Staff and/or the Developer. The allocation methodology described herein was based on information provided by those professionals. Wrathell, Hunt and Associates, LLC makes no representations regarding said information beyond restatement of the factual information necessary for compilation of this Phases I, II, III, IV-C Through IV-F Report. For additional information on the structure of any bonds and related items, please refer to the offering statement associated with any bonding transaction.

Wrathell, Hunt and Associates, LLC does not represent the District as a Municipal Advisor or Securities Broker nor is Wrathell, Hunt and Associates, LLC registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, Wrathell, Hunt and Associates, LLC does not provide the District with financial advisory services or offer investment advice in any form.

Unit Type	Number of Units	
	Phases IV-A and  Phases I, II and	Phases IV-C
IV-B	III	Through IV-F	Total	

Appendix

Table 1

North River Ranch		
Improvement Stewardship District		
Development Plan		

TH 24'	0	150	60	210	
Villa 33'	0	170	0	170	
Villa 36'	118	0	68	186	
SF 36'	0	0	47	47	
SF 40'	0	243	201	444	
SF 45'	99	0	163	262	
SF 50'	34	910	186	1,130	
SF 57'	126	0	0	126	
SF 60'	0	0	157	157	
SF 64'	0	148	0	148	
Total	377	1,621	882	2,880	

Table 2

North River Ranch
Improvement Stewardship District

Project Costs

	Fort Hammer					
	Road Second	Neighborhood				
	Extension	Amenity Center	Master	Neighborhood		
Improvement	Improvements	Improvements	Improvements	Improvements	Total Costs	
Stormwater, Drainage & Earthwork	$3,293,887.32	$0.00	$11,263,500.00	$22,527,000.00	$37,084,387.32	
Roadways & Paving	$2,214,284.07	$1,250,000.00	$0.00	$21,275,500.00	$24,739,784.07	
Water, Wastewater & Reclaimed Water	$2,545,280.47	$425,000.00	$0.00	$30,036,000.00	$33,006,280.47	
Landscape & Hardscape	$875,000.00	$250,000.00	$0.00	$8,760,500.00	$9,885,500.00	
Recreation Facilities	$175,000.00	$7,000,000.00	$0.00	$250,000.00	$7,425,000.00	
Power & Street Lights	$575,000.00	$0.00	$0.00	$4,505,400.00	$5,080,400.00	
Professional Services	$677,491.63	$624,750.00	$788,445.00	$6,114,808.00	$8,205,494.63	
Contingency	$1,553,391.52	$1,432,462.50	$1,807,791.75	$14,020,381.20	$18,814,026.97	
Total	$11,909,335.01	$10,982,212.50	$13,859,736.75	$107,489,589.20	$144,240,873.46	

Percent of Total	8.2566%	7.6138%	9.6087%	74.5209%	100.0000%	

Table 3				
North River Ranch
Improvement Stewardship District

Preliminary Sources and Uses of Funds				
Sources
Bond Proceeds: Par Amount			

$217,175,000.00	
Total Sources			$217,175,000.00	

Uses				
Project Fund Deposits:				
Project Fund			$141,166,186.29	
Other Fund Deposits:					
Debt Service Reserve Fund				$19,291,097.85	
Capitalized Interest Fund				$52,122,000.00	
Delivery Date Expenses:					
Costs of Issuance				$4,593,500.00	
Rounding				$2,215.87	
Total Uses			$217,175,000.00	

Table 4

North River Ranch
Improvement Stewardship District

Benefit Allocation - Phases IV-A and IV-B Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements

	Phases IV-A and		
	IV-B Number of		Phases IV-A and	
Unit Type	Units	ERU Weight	IV-B Total ERU	
TH 24'	0	0.53	0.00	
Villa 33'	0	0.73	0.00	
Villa 36'	118	0.80	94.40	
SF 36'	0	0.80	0.00	
SF 40'	0	0.89	0.00	
SF 45'	99	1.00	99.00	
SF 50'	34	1.11	37.74	
SF 57'	126	1.27	160.02	
SF 60'	0	1.33	0.00	
SF 64'	0	1.42	0.00	
Total	377		391.16	

Benefit Allocation - Phases I, II, II, IV-C Through IV-F Fort Hammer Road Second Extension Improvements, Neighborhood Amenity Center Improvements, Master Improvements and Neighborhood Improvements

Phases I, II, III, IV-	
P	
hases I, II, III, IV-	
	C Through IV-F		C Through IV-F	
Unit Type	Number of Units	ERU Weight	Total ERU	
TH 24'	210	0.53	111.30	
Villa 33'	170	0.73	124.10	
Villa 36'	68	0.80	54.40	
SF 36'	47	0.80	37.60	
SF 40'	444	0.89	395.16	
SF 45'	163	1.00	163.00	
SF 50'	1,096	1.11	1216.56	
SF 57'	0	1.27	0.00	
SF 60'	157	1.33	208.81	
SF 64'	148	1.42	210.16	
Total	2,503		2,521.09	
				
Grand Total	2,880		2,912.25	

Table 5

North River Ranch
Improvement Stewardship District

Cost Allocation - Phases IV-A and IV-B Fort Hammer Road Second Extension Improvements and Neighborhood Amenity Center Improvements

			Fort Hammer					
			Road Second	Neighborhood				
	Phases IV-A and		Extension	Amenity Center	Master	Neighborhood		
	IV-B Number of	Phases IV-A and	Improvements	Improvements	Improvements	Improvements	Total Cost	
Unit Type	Units	IV-B Total ERU*	Cost Allocation	Cost Allocation	Cost Allocation	Cost Allocation	Allocation	
TH 24'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
Villa 33'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
Villa 36'	118	94.40	$386,038.71	$355,986.22	$0.00	$0.00	$742,024.92	
SF 36'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
SF 40'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
SF 45'	99	99.00	$404,849.92	$373,333.00	$0.00	$0.00	$778,182.92	
SF 50'	34	37.74	$154,333.70	$142,319.07	$0.00	$0.00	$296,652.76	
SF 57'	126	160.02	$654,384.68	$603,441.89	$0.00	$0.00	$1,257,826.57	
SF 60'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
SF 64'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
Total	377	391.16	$1,599,607.00	$1,475,080.18	$0.00	$0.00	$3,074,687.17	

Cost Allocation - Phases Phases I, II, II, IV-C Through IV-F Fort Hammer Road Second Extension Improvements, Neighborhood Amenity Center Improvements, Master Improvements and Neighborhood Improvements

			Fort Hammer					
			Road Second	Neighborhood				
	Phases I, II, III, IV-	Phases I, II, III,	Extension	Amenity Center	Master	Neighborhood		
	C Through IV-F	IV-C Through IV-	Improvements	Improvements	Improvements	Improvements	Total Cost	
Unit Type	Number of Units	F Total ERU*	Cost Allocation	Cost Allocation	Cost Allocation	Cost Allocation	Allocation	
TH 24'	210	111.30	$455,149.45	$419,716.80	$611,873.71	$4,745,404.28	$6,232,144.24	
Villa 33'	170	124.10	$507,493.68	$467,986.12	$682,241.94	$5,291,147.09	$6,948,868.83	
Villa 36'	68	54.40	$222,462.98	$205,144.60	$299,064.96	$2,319,406.94	$3,046,079.49	
SF 36'	47	37.60	$153,761.18	$141,791.12	$206,706.66	$1,603,119.51	$2,105,378.47	
SF 40'	444	395.16	$1,615,964.57	$1,490,164.34	$2,172,399.07	$16,848,103.82	$22,126,631.80	
SF 45'	163	163.00	$666,571.07	$614,679.59	$896,095.38	$6,949,693.60	$9,127,039.64	
SF 50'	1,096	1216.56	$4,974,992.05	$4,587,696.95	$6,688,060.06	$51,869,443.23	$68,120,192.29	
SF 57'	0	0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
SF 60'	157	208.81	$853,906.17	$787,430.95	$1,147,936.66	$8,902,855.96	$11,692,129.74	
SF 64'	148	210.16	$859,426.85	$792,521.86	$1,155,358.31	$8,960,414.77	$11,767,721.78	
Total	2,503	2,521.09	$10,309,728.01	$9,507,132.32	$13,859,736.75	$107,489,589.20	$141,166,186.29	

* Based on ERU benefit allocation illustrated in Table 4					

Table 6					
North River Ranch					
Improvement Stewardship District					
Phases I, II, III, IV-C Through IV-F Bond Assessments Apportionment					

	Total Phases IV-C			
	Through IV-F	Bond		
Phases I, II, III, IV-		Bond	Assessments	Annual Debt	
C Through IV-F	Total Project Cost	Assessments	Apportionment	Service Payment	
Unit Type	Number of Units	Allocation	Apportionment	per Unit	per Unit*	
TH 24'	210	$6,232,144.24	$9,587,748.75	$45,655.95	$4,360.75	
Villa 33'	170	$6,948,868.83	$10,690,382.93	$62,884.61	$6,006.32	
Villa 36'	68	$3,046,079.49	$4,686,195.26	$68,914.64	$6,582.27	
SF 36'	47	$2,105,378.47	$3,238,987.90	$68,914.64	$6,582.27	
SF 40'	444	$22,126,631.80	$34,040,384.52	$76,667.53	$7,322.77	
SF 45'	163	$9,127,039.64	$14,041,357.11	$86,143.30	$8,227.84	
SF 50'	1,096	$68,120,192.29	$104,798,487.16	$95,619.06	$9,132.90	
SF 57'	0	$0.00	$0.00	$0.00	$0.00	
SF 60'	157	$11,692,129.74	$17,987,581.46	$114,570.58	$10,943.02	
SF 64'	148	$11,767,721.78	$18,103,874.91	$122,323.48	$11,683.53	
Total	2,503	$141,166,186.29	$217,175,000.00			

* Includes applicable costs of collection and early payment discounts					

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

3E

RESOLUTION 2022-20 [PHASES I, II, III AND IV-C – IV-F]
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT 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 2020-191, 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 North River Ranch Improvement 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 District Board of Supervisors (the “Board”) has noticed and conducted a public hearing pursuant to Chapters 170 and 197, Florida Statutes, and Chapter 2020-191, 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 NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT AS FOLLOWS:

SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to Chapters 170 and 197, Florida Statutes, and Chapter 2020-191, Laws of Florida.

SECTION 2. FINDINGS. The Board of Supervisors of the North River Ranch Improvement 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 2020-191, Laws of Florida, as amended.

The District is authorized by Chapter 2020-191, Laws of Florida, to finance, fund, plan, establish, acquire, install, equip, operate, extend, construct, or reconstruct earthwork, stormwater management facilities, potable water, reclaimed and irrigation water transmission systems, wastewater collection and transmission facilities, roadways, landscaping and hardscape, recreation facilities, power and street lights, and other infrastructure, 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 Chapter 2020- 191, 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 Chapter 2020-191, 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 Phases I, II, II and IV-C through IV-F Project (the “Project”) the nature and location of which was initially described in Resolution 2022-13 and is shown in the District Engineer Supplemental Report for Project Phases I, II, II and Phases IV-C through IV-F dated July 2022 (the “Engineer’s Report”), and the plans and specifications on file in the offices of the District Manager at 2300 Glades Road, Suite 410W, Boca Raton, Florida 33410; (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 2022-13, 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 2022-13 was adopted in compliance with the requirements of Section 170.03, Florida Statutes, and Chapter 2020-191, Laws of Florida, and prior to the time it was adopted, the requirements of Section 170.04, Florida Statutes and Chapter 2020-191, Laws of Florida, had been met.

As directed by Resolution 2022-13, said resolution was published as required by Section 170.05, Florida Statutes and Chapter 2020-191, 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 2022-13, a preliminary assessment roll was adopted and filed with the Board as required by Section 170.06, Florida Statutes, and Chapter 2020-191, Laws of Florida.

As required by Section 170.07, Florida Statutes, and Section 13 of Chapter 2020-191, Laws of Florida, upon completion of the preliminary assessment roll, the Board adopted Resolution 2022-14 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 Chapter 2020-191, 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 Chapter 2020-191, Laws of Florida. Affidavits as to such publications and mailings are on file in the office of the Secretary of the Board.

On August 17, 2022, 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 Master Special Assessment Methodology Report for Phases I, II, III and IV-C Through IV-F, dated July 6, 2022 (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 2022-13, 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 Chapter 2020-191, Laws of Florida. Pursuant to the provisions of Section 170.08, Florida Statutes, and Chapter 2020-191, 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 Chapter 2020-191, 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 Chapter 2020-191, 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.

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 Chapter 2020-191, 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 plat, 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 and applicable supplemental assessment methodology reports; cause such reallocation to be recorded in the District’s Improvement Lien Book; and,

shall perform the true-up calculations described in such supplemental assessment methodology report, 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 the landowner intends to develop 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 17th day of August, 2022.

ATTEST:	NORTH RIVER RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

Secretary/Assistant Secretary	Chair/Vice Chair, Board of Supervisors

Exhibit A:	District Engineer Supplemental Report for Project Phases I, II, II and Phases IV-C through IV-F dated July 2022
Exhibit B:	Master Special Assessment Methodology Report for Phases I, II, III and IV-C Through IV-F, dated July 6, 2022

Exhibit A:	District Engineer Supplemental Report for Project Phases I, II, II and Phases IV-C through IV-F dated July 2022

Exhibit B:	Master Special Assessment Methodology Report for Phases I, II, III and IV-C Through IV-F, dated July 6, 2022

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

4

RESOLUTION 2022-21

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT RATIFYING THE ACTION OF THE DISTRICT MANAGER IN RE- SETTING THE DATE OF THE PUBLIC HEARING ON THE PROPOSED BUDGET FOR FISCAL YEAR 2022/2023; AMENDING RESOLUTION 2022-04 TO RESET THE HEARING THEREON; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the North River Ranch Improvement Stewardship District (“District”) is a local unit of special-purpose government created and existing pursuant to Chapter 191, Laws of Florida, being situated entirely within Manatee County; and

WHEREAS, on May 11, 2022, at a duly noticed public meeting, the District’s Board of Supervisors (“Board”) adopted Resolution 2022-04, approving the proposed budget for Fiscal Year 2022/2023 and setting a public hearing on the proposed budget for August 10, 2022 at 1:30 p.m. at 8141 Lakewood Main Street, Bradenton, Florida 34202; and

WHEREAS, on July 13, 2022, at a duly noticed public meeting, the Board decided to reschedule the date of the public hearing to August 17, 2022 at the same time location as set forth in Resolution 2022-04, and the District Manager has caused the notice of the public hearing, with the new date to be published in a newspaper of general circulation in Manatee County, Florida, consistent with the requirements of Chapter 2021-191, Laws of Florida and Chapter 189, Florida Statutes; and

WHEREAS, the Board desires to ratify the its action in resetting the public hearing date and the District Manager’s action in publishing the required notice.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT:

SECTION 1.	RATIFICATION OF PUBLIC HEARING DATE RESET.	The actions of the
Board in resetting the public hearing and the District Manager in publishing the notice of public hearing are hereby ratified. Resolution 2022-04 is hereby amended to reflect that the public hearing as declared in Resolution 2022-04 is re-set to August 17, 2022 at 6:00 p.m. at the 1:30
p.m. at 8141 Lakewood Main Street, Bradenton, Florida 34202.

SECTION 2.	RESOLUTION  2022-04  OTHERWISE  REMAINS  IN  FULL  FORCE  AND
EFFECT. Except as otherwise provided herein, all of the provisions of Resolution 2022-04 continue in full force and effect.

SECTION 3. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

SECTION 4. EFFECTIVE DATE. This Resolution shall take effect upon its passage and adoption by the Board.

PASSED AND ADOPTED this 17th day of August, 2022.

ATTEST:	NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

Secretary/Assistant Secretary	Chair/Vice Chair, Board of Supervisors

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

5A

LOCALiQ

The Gainesville Sun I The	Ledger	PO Box 631244 Cincinnati, OH 45263-1244
Daily Commercial I Ocala StarBahner News Chief I Herald-Tribune

PROOF OF PUBLICATION
Daphne Gillyard Daphne Gillyard
North River Ranch Improvement Stewardship District 2300 Glades RD # 41OW
Boca Raton FL 33431-8556

STATE OF FLORIDA, COUNTY OF Sarasota

The Herald-Tribune, a newspaper printed and published in the city of Sarasota, and of general circulation in the Counties of Sarasota, Manatee, and Charlotte, State of Florida and personal knowledge of the facts herein state and that the notice hereto annexed was Published in said newspapers in the issues dated or by publication on the newspaper's website, if authorized, on:

07/28/2022

and that the fees charged are legal.
Sworn to and subscribed before on 07/28/2022

ounty of Brown
	7 / -z,;, /L.;g

Publication Cost:	$948.75	
Order No:	7573373	
Customer No:	773276	
PO#:		

My commision expires

#of Copies:
0

THIS IS NOT AN INVOICE!
Please do not use this form for payment remittance.

SARAH BERTELS
Notary  Public.	t

:. ........-S- tta:.t..e..

of Wisconsin	D
_....	._r"..,_

Page 1 of 1

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
NOTICE OF PUBLIC HEARING TO CONSIDER THE ADOPTION OF THE FISCAL YEAR 2022/2023 BUDGET; NOTICE OF PUBLIC HEARING TO CONSIDER THE IMPOSITION OF OPERATIONS AND MAINTENANCE SPECIAL ASSESSMENTS, ADOPTION OF AN ASSESSMENT ROLL, AND THE LEVY, COLLECTION, AND ENFORCEMENT OF THE SAME; AND NOTICE OF REGULAR BOARD OF SUPERVISORS' MEETING.
U,ocomlnoPublic Hearings, and RegularMeo1fng
The Board of Supervisors ("Boord") for the North River Ranch lmprovcmont Stewardship District Community Development District ("Dlstriot'1 will hold the following two public hearings and a regular meeting:
DATE:	August 17, 2022
TIME:	1:00 p.m.
LOCATION:	8141 Lakewood Main Street
Bradenton, Florida 34202
Tho finit public bearln9 Is b<>ing held P"'" •nt to Chapter 2020-191, Lawn o1 Florli:la ("Act"), lo ro<:oivo public comment and objections on u,e Districts p,oposad bud ol ("Proposed Budget"') for the fisasl ynar beginning October 1, 2022 end ondfng
§eplomber30. 2023 ("Fiscal Vear 2022/20231. Toe second public l1narlng Is being l10ld pursuant to tM Act nnd Chapter 197,
Florida Stnt.rtes. to consider lhe lmposllio" of operations end maintonanco •Speclal 11ssassmants ("O&M Assessmentsi upon the land lom,wd within the District, ta fund tho Proposed Budget for Fiscal Year 2022/2023: lo consider Ilia adoption of an assessment' roU; and, to provide for1ha levy. collactlon, and enforcement of assessments. At tho COflOIL1Sion of tho hearings/ lhe Board wlll, by resoMlon, odopl • budgo1 and levy O&M 'A!;ocssm 11ts as nnally approved by the Board. A Board rneetlng o the District will a!Go be held where lhe Board may coosider any olhor District business.	·
 llllPD of Assessments
The District &nposes O&M Assessments on benefiltod property wllhln lhe Dlslrjcl for the purpose ol lundin9 the District's gerteral admlnlstmtlvo, operations, and melntenaoco bl.ldgot. A geographic depiction o( the property po1onllally subject to tho propo5od O&M Assossmonl!: ls Jdehtlfied In the map attached hereto. 'The table below show• tho scliodulo or Iha proposed O&M AsS<>ssments, Which IIIO subjoct lo chengu at Iha hearing:

Land Use	Totai # of Units/ Acres	EAUFootor	Proposed Annual O&M Assessment ncludlng eolloction costs / early
navment disoountsl	
SF40'	295	0.80	$1 455.29	
SF50'	445	1.00	$1 819.11	
SF60'	110	1.20	$2182.94	
Townhomo	150	0.70	$1 273.38	
Undevotoned Land	1 545.61	1.00	$1.819.11	

The pn,posed O&M Asses111noo1s as slalad lncludo colloctlon costs and/or early payment discounts, wliich Mopalco Co,mty
{"County") may Impose on ru.-sl'ISSments that are colleated 011 the County lox bill. Moreover, i:,ur&uont to SeC11on 197.3632( ). Florldn Stafules. the lien omount slJoll sarvo "" the "maximum rate" a111.t,oriiad by law for O&.r.., A5sessmenl5, such that no alaSessmef\l heasinfl stroll be held or notjc,, provided In future years ui ess Iha assessments a.re propo!iod 1o be lnc,enSll<l or another criterion Within Section 197.3632(4), Florido Statute , is met. Nole that the O&M As,;essments do not lnc!Lldo MY debt sEJMce assessments p.-evfously levied by the Dl,rlrict and due lo be coqected for Fls<:al Yaar 202V2023.
or Fls!!al Yaar 202212023. th<> District lnlru,ds to have lhe Coonty tax collactor collect lho assossmen\s lm1,osed on certain developed proparty, and will directly collocl tho assessments Imposed on u,a remaining ben_efitle<I properly by sending out a bill prior to, or during, November 2022. It IG Important to pay yqur noses!lment because faYure to pay w,11cnuso o tax co.-titlcate to be Issued against the property which naay result in loss of title, or ror direct billed assessments, rnay result In a lorociosure action,
which also may result In a loss of \Ille. The District's decision lo collaot asscsomcnts on the trueroll or by dlrecl billing does not prceludo·lhe District from later electfng to colle,:t u,ose or other nssessments In a different manner at a future Ume.
Add!UonaJ provisions
The public honrln • and meellng am open lo the public and will be conduCl,rd lri aci;ordnnce with the provlslor'ls al Florida law. A copy or tho Propoooo Budget, proposad a;,sessment roil, and the agenda f<1r the hearings and meeting may bo obtained et the offices or Ille District Mwiager, tocnted ot 23-00 Glade;; Road, Suite 410W, Boca Raton, Florlda 33431. Ph: (561) 571-0010
("Dlstrlcl Manager's Orrlce"), duru,g normal buolnoss hours or or, tho District's we!:,s1\e alllps,J/nonhnvarmnchlsd.corn. The
public hearings and mealing niay be contlm1ed to a dnte, tlrne, a11d placo 10 bo spoalfla_d on the record at the hearings or mooting. Thalo mily be occasions whon stafl or bonrd mambors n, y parliclpato by speaker tel pl1ono.
(\ny parson requiring spaolal aocornmooationt 1hls meaUng becm;se of a d;sablllty or physical Impairment should contacl the Dislrlol Manager's Office at least fm1y-<ilgh1 (481 hour3 prior .to the mooUng. If you are heating or sp!!ech Impaired, please conlnct 11,e Florkfa Relay Servl e by dialing 7-1-1, or 1·800-955•8771 (TTY)/ 1-800-955-8770 (Volce), ror aid lr1contacting the
District Manager's Office.
Please noto that all affected proporty owners have the dght tonppearal the public tiearlngs and meatIng, and m"v oJso file wrl11en objections with the District Mnnager's Oifico wilhin twenty dnys of publlcallon ol this nollce. ch person who decides t6 appenl any dectGlon made by the.Board with respect to any matter considered at the public hearlllQS o, mooting Is advisod
!hal person will need a 1ecord ol proceedings and that acc:;ordlngly, the pe,san mny rieed to ensure lhal • verbatim l'eco«J of lho proceedings Is made, Including 11ie testimony ,md evidence upon whici, such appoal Is to be based.
Craig Wrathell District Manager

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

5B

RESOLUTION 2022-22

THE ANNUAL APPROPRIATION RESOLUTION OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT (“DISTRICT”) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2022, AND ENDING SEPTEMBER 30, 2023; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has submitted to the Board of Supervisors (“Board”) of the North River Ranch Improvement Stewardship District (“District”) proposed budget (“Proposed Budget”) for the fiscal year beginning October 1, 2022 and ending September 30, 2023 (“Fiscal Year 2022/2023”) along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Chapter 2021-191, Laws of Florida, and Chapter 189, Florida Statutes; and

WHEREAS, at least sixty (60) days prior to the adoption of the Proposed Budget, the District filed a copy of the Proposed Budget with the local governing authorities having jurisdiction over the area included in the District pursuant to the provisions of Chapter 2021- 191(6)(4)(c), Laws of Florida and Chapter 189, Florida Statutes; and

WHEREAS, the Board set a public hearing thereon and caused notice of such public hearing to be given by publication pursuant to Chapter 2021-191, Laws of Florida and Chapter 189, Florida Statutes; and

WHEREAS, the District Manager posted the Proposed Budget on the District’s website at
least two days before the public hearing; and

WHEREAS, the Board, by passage of the Annual Appropriation Resolution, is required to adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year; and

WHEREAS, the District Manager has prepared a Proposed Budget, whereby the budget shall project the cash receipts and disbursements anticipated during a given time period, including reserves for contingencies for emergency or other unanticipated expenditures during the fiscal year.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT:

SECTION 1.   BUDGET

The Board has reviewed the Proposed Budget, a copy of which is on file with the office of the District Manager and at the District’s Local Records Office, and hereby approves certain amendments thereto, as shown in Section 2 below.

The Proposed Budget, attached hereto as Exhibit “A,” as amended by the Board, is hereby adopted in accordance with the provisions of Chapter 2021-191(6)(4)(b), Laws of Florida and Section 189.016, Florida Statutes (“Adopted Budget”), and incorporated herein by reference; provided, however, that the comparative figures contained in the Adopted Budget may be subsequently revised as deemed necessary by the District Manager to reflect actual revenues and expenditures.

The Adopted Budget, as amended, shall be maintained in the office of the District Manager and at the District’s Local Records Office and identified as “The Budget for the North River Ranch Improvement Stewardship District for the Fiscal Year Ending September 30, 2023.”

The Adopted Budget shall be posted by the District Manager on the District’s official website within thirty (30) days after adoption, and shall remain on the website for at least 2 years.

SECTION 2.	APPROPRIATIONS

There is hereby appropriated out of the revenues of the District, for Fiscal Year 2022/2023, the sum of $	 to be raised by the levy of assessments and/or otherwise, which sum is deemed by the Board to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated in the following fashion:

TOTAL GENERAL FUND	$		

DEBT SERVICE FUND – SERIES 2019A-1	
$		

DEBT SERVICE FUND – SERIES 2019A-2	
$		

DEBT SERVICE FUND – SERIES 2019A-1 MORGANS GLEN	
$		

DEBT SERVICE FUND – SERIES 2019A-2 MORGANS GLEN	
$		

DEBT SERVICE FUND – SERIES 2021B	
$		

DEBT SERVICE FUND – SERIES 2020A-1	
$		

DEBT SERVICE FUND – SERIES 2020A-2	
$		

DEBT SERVICE FUND – SERIES 2020A-3	
$		

TOTAL ALL FUNDS	
$		

SECTION 3.	BUDGET AMENDMENTS			

Pursuant to Section 189.016, Florida Statutes, the District at any time within Fiscal Year 2022/2023 or within 60 days following the end of the Fiscal Year 2022/2023 may amend its Adopted Budget for that fiscal year as follows:

The Board may authorize an increase or decrease in line item appropriations within a fund by motion recorded in the minutes if the total appropriations of the fund do not increase.

The District Manager or Treasurer may authorize an increase or decrease in line item appropriations within a fund if the total appropriations of the fund do not increase and if the aggregate change in the original appropriation item does not exceed $10,000 or 10% of the original appropriation.

By resolution, the Board may increase any appropriation item and/or fund to reflect receipt of any additional unbudgeted monies and make the corresponding change to appropriations or the unappropriated balance.

Any other budget amendments shall be adopted by resolution and consistent with Florida law.

The District Manager or Treasurer must establish administrative procedures to ensure that any budget amendments are in compliance with this Section 3 and Section 189.016, Florida Statutes, among other applicable laws. Among other procedures, the District Manager or Treasurer must ensure that any amendments to budget under subparagraphs c. and d. above are posted on the District’s website within 5 days after adoption and remain on the website for at least 2 years.

SECTION 4. EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED THIS 17th DAY OF AUGUST, 2022.

ATTEST:	NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

Secretary/Assistant Secretary	Chair/Vice Chair, Board of Supervisors

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
PROPOSED BUDGET	
FISCAL YEAR 2023	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
TABLE OF CONTENTS	

Description

Page Number(s)

General Fund Budget	1 - 3
Definitions of General Fund Expenditures	4 - 7
Debt Service Fund Budget - Series 2019A-1 & A-2 Fieldstone Project	8
Amortization Schedule - Series 2019A-1 Fieldstone Project	9 - 10
Amortization Schedule - Series 2019A-2 Fieldstone Project	11

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
GENERAL FUND BUDGET	
FISCAL YEAR 2023	

REVENUES	
Assessment levy: on-roll - gross	
Allowable discounts (4%)	
Assessment levy: on-roll - net	
Assessment levy: off-roll	
Landowner contribution	
Miscellaneous & Interest	
Total revenues	

Fiscal Year 2022	
Adopted
Budget FY 2022		Actual
through 3/31/2022		Projected
through 9/30/2022		Total
Actual & Projected	Proposed
Budget FY 2023	

$	-						
$ 1,128,013	
	- 							(45,121)	
-		$	419,292		$	33,519		$	452,811	1,082,892	
1,059,220		560,310		32,327		592,637	604,805	
-		114,066		53,197		167,263	-	
	- 			158 			- 			158 		- 	
  1,059,220 			1,093,826 			119,043 			1,212,869 		1,687,697 	

EXPENDITURES		
Professional & administrative		
Supervisors	12,000	
Management/accounting/recording	70,000	
Legal	30,000	
Engineering	35,000	
Audit	12,000	
Arbitrage rebate calculation	2,000	
Travel and per diem	500	
Dissemination agent	20,000	
Debt service fund accounting	20,000	
Reamortization schedules	1,000	
Trustee	15,000	
Telephone	200	
Postage	300	
Copies	500	
Office supplies	250	
Legal advertising	5,000	
Annual special district fee	175	
Insurance	6,020	
Miscellaneous/bank charges	3,110	
Website hosting & maintenance	2,700	
Website ADA compliance	-	
Lifestyle staff	100,000	
Resident services	-	
Maintenance staff and expenses	15,000	
Field management and accounting	-	
Property taxes	50	
Property appraiser and tax collector		- 	
Total professional & administrative		350,805 	

5,800	
35,000	
8,921	
7,898	
-	
-	
93	
7,500	
12,500	
-	
17,798	
-	
200	
892	
145	
1,112	
775	
-	
10,088	
2,710	
-	
25,454	
-	
134	
-	
75	
       -		
   137,095		

6,200	12,000	
35,000	70,000	
15,000	23,921	
15,000	22,898	
12,000	12,000	
2,000	2,000	
407	500	
12,500	20,000	
7,500	20,000	
1,000	1,000	
-	17,798	
100	100	
250	450	
-	892	
-	145	
3,888	5,000	
-	775	
6,020	6,020	
5,000	15,088	
-	2,710	
-	-	
74,546	100,000	
-	-	
14,866	15,000	
-	-	
-	75	
-		- 	
211,277		348,372 	

12,000	
70,000	
20,000	
35,000	
17,000	
3,000	
-	
20,000	
11,000	
-	
22,500	
200	
500	
-	
-	
5,000	
775	
14,448	
20,000	
705	
210	
138,517	
22,000	
58,500	
25,000	
100	
    33,840 	
   530,295 	

Field operations		
Electric	14,000	
Equipment rental	30,000	
Property/casualty insurance	30,000	
Reclaimed water	10,000	
Irrigation maintenance contract	1,000	

26,361	
269	
43,361	
10,252	
8,416	

27,000	
300	
-	
10,000	
8,500	

53,361	
569	
43,361	
20,252	
16,916	

50,000	
8,340	
37,414	
21,000	
18,000	

Brightwood Pavilion		
Electric	12,000	
Water	360	
Phone		
Cable Internet wifi	9,000	
Landscape maintenance	60,000	
Irrigation repairs and maintenance	10,000	
Pool maintenance	10,800	
Pool equipment	-	
Exterior cleaning	9,000	
Interior cleaning	4,800	
Pest control	15,000	
Fitness equipment-lease	8,340	
Security monitoring	12,000	
Firepits	-	
Capital outlay	-	
Miscellaneous		- 	
Total Brightwood Pavilion		151,300 	

5,384	
-	
123	
6,045	
25,190	
9,084	
5,400	

5,384	10,768	12,000	
180	180	2,500	
123	246	250	
6,045	12,090	13,000	
25,190	50,380	50,000	
9,084	18,168	20,000	
5,400	10,800	10,800	
-	-	1,500	
4,500	4,516	15,000	
6,469	12,938	17,110	
16,752	33,504	32,000	
4,170	8,340	8,340	
6,000	11,749	5,400	
-	-	6,000	
-	-	2,250	
        -  		-  		1,025 	
    89,297  		173,679  		197,175 	

16	
6,469	
16,752	
4,170	
5,749	
-	
-	
       - 	
    84,382 	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
GENERAL FUND BUDGET	
FISCAL YEAR 2023	

Fiscal Year 2022	
	Adopted
Budget FY 2022		Actual
through 3/31/2022		Projected
through 9/30/2022		Total	Proposed
Actual &	Budget
Projected	FY 2023	
Field operations - continued							 	
Wetland maintenance	-		4,775		4,775		9,550	10,000	
Wetland monitoring and reporting	1,200		-		1,200		1,200	1,200	
Lake maintenance contract	50,000		13,700		13,700		27,400	50,000	
Drainage repair and maintenance	25,000				10,000		10,000	25,000	
Landscape maintenance	250,000		134,503		135,000		269,503	270,000	
Landscape improvements	25,000		59,792		15,000		74,792	120,000	
Lighting	1,000		251		300		551	1,000	
Streetlighting lease	50,000		-		25,000		25,000	50,000	
Equipment repair and maintenance	1,000		2,215		2,300		4,515	8,400	
Pest control	-		-		-		-	35,000	
Streetsweeping	37,000		12,692		12,692		25,384	26,000	
Shared bike maintenance	-		-		-		-	15,000	
Capital outlay	-		-		-		-	30,000	
Contingency		500 			3,549 			1,000 			4,549  	10,000 	
Total field operations		525,700 			320,136 			266,767 			586,903  	786,354 	

Riverfield		
Electric	3,750	
Water	270	
Cable internet wifi	3,000	
Landscape maintenance	4,500	
Pool maintenance	6,480	
Pool equipment	-	
Exterior cleaning	4,500	
Interior cleaning	3,555	
Security monitoring	5,360	

3,067	
-	
4,101	
-	
4,200	
-	
-	
2,240	
2,263	

3,066	
135	
4,101	
2,250	
4,200	
-	
2,250	
2,240	
2,680	

6,133	
135	
8,202	
2,250	
8,400	
-	
2,250	
4,480	
4,943	

6,500	
270	
9,000	
4,500	
8,400	
1,500	
8,244	
9,848	
5,400	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
GENERAL FUND BUDGET	
FISCAL YEAR 2023	

Fiscal Year 2022

Adopted Budget FY 2022

Actual through 3/31/2022

Projected through 9/30/2022

Total Actual & Projected

Proposed Budget FY 2023

Riverfield - continued		
Gate monitoring	-		-		-		-		32,998	
Capital outlay	-		-		-		-		2,100	
Miscellaneous		-  	-  	-  	-  	1,000 	
Total riverfield		31,415  	15,871  	20,922  	36,793  	89,760 	
Total expenditures	  1,059,220  	557,484  	588,263  	1,145,747  	1,603,584 	

Excess/(deficiency) of revenues		
over/(under) expenditures	-	

536,342	(469,220)	67,122	84,113

Fund balance - beginning (unaudited)		90,245 		(16,884)		519,458 		(16,884)		50,238 	
Fund balance - ending	 $	90,245 	 $	519,458 	 $	50,238 	 $	50,238 	 $	134,351 	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
DEFINITIONS OF GENERAL FUND EXPENDITURES	

EXPENDITURES	
Professional & administrative	
Supervisors	
Statutorily set at $200 for each meeting of the Board of Supervisors not to exceed
$4,800 for each fiscal year. Amount also includes FICA.	
Management/accounting/recording	
Wrathell, Hunt and Associates, LLC (WHA), specializes in managing community development districts by combining the knowledge, skills and experience of a team of professionals to ensure compliance with all of the District's governmental requirements. WHA develops financing programs, administers the issuance of tax exempt bond
financings, operates and maintains the assets of the community.	
Legal	
General counsel and legal representation, which includes issues relating to public
finance, public bidding, rulemaking, open meetings, public records, real property dedications, conveyances and contracts.	
Engineering	
The District's Engineer will provide construction and consulting services, to assist the District in crafting sustainable solutions to address the long term interests of the community while  recognizing  the  needs  of  government,  the  environment  and
maintenance of the District's facilities.	
Audit	
Statutorily required for the District to undertake an independent examination of its books,
records and accounting procedures.	
Arbitrage rebate calculation	
To ensure the District's compliance with all tax regulations, annual computations are
necessary to calculate the arbitrage rebate liability.	
Dissemination agent	
The District must annually disseminate financial information in order to comply with the requirements of Rule 15c2-12 under the Securities Exchange Act of 1934. Wrathell,
Hunt & Associates serves as dissemination agent.	
Trustee	
Annual fee for the service provided by trustee, paying agent and registrar.	
Debt service fund accounting	
Telephone	
Telephone and fax machine.	
Postage	
Mailing of agenda packages, overnight deliveries, correspondence, etc.	
Legal advertising	
The District advertises for monthly meetings, special meetings, public hearings, public
bids, etc.	
Annual special district fee	
Annual fee paid to the Florida Department of Economic Opportunity.	
Insurance	
The District will obtain public officials and general liability insurance.	
Miscellaneous/bank charges	
Bank charges and other miscellaneous expenses incurred during the year and
automated AP routing etc.	
Website hosting & maintenance	
Website ADA compliance	

$	12,000

70,000

20,000

35,000

17,000

3,000

20,000

22,500

11,000	
200	

500

5,000

775

14,448

20,000

705	
210	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
DEFINITIONS OF GENERAL FUND EXPENDITURES	

Professional & administrative - continued	
Lifestyle staff	
The costs associated with Arch Amenity Managements services in managing the
amenities, programming and access fob programs.	
Resident services	
Covers the costs associated with hiring outside vendors and associated supplies in
providing residents programs.	
Maintenance staff and expenses	
Covers the costs associated with an onsite Porter to address minor maintenance items.	
Field management and accounting	
Covers the costs of WHA providing field management and field accounting services.	
Property taxes	
Property appraiser and tax collector	
Total professional and administrative	

138,517

22,000

58,500

25,000

100
	33,840 
	530,295 

Field Operations	
Electric	
Covers the costs of providing electric to common facilities and lighting.	
Equipment rental	
Covers the costs of renting certain equipment to assist and support the general field
operations of the District.	
Property/casualty insurance	
Reclaimed water	
Covers the cost of purchasing a portion of the Districts irrigation water needs from
Sarasota County.	
Irrigation maintenance contract	
Covers the cost of operating, and maintaining the irrigation supply transmission lines.	
Wetland maintenance	
Covers the cost of maintaining the wetlands free of category 1 and 2 exotic and
invasive plant materials. Anticipates the addition of Phase 2 during 2023.	
Wetland monitoring and reporting	
Covers the costs associated with periodic monitoring and reporting to the
environmental agencies regarding mitigation success in the wetlands.	
Lake maintenance contract	
Covers the cost of maintaining the stormwater ponds free of non beneficial plant materials such as algae and submersed aquatic plant materials and shoreline grasses
and vines.	
Drainage repair and maintenance	
Covers the costs associated with periodic drainage pipes and lake bank repairs.	
Landscape maintenance	
Covers the cost of hiring a high quality landscape maintenance provider to maintain
the District common areas, right of ways and parks etc.	
Landscape improvements	
Covers the costs of periodic replacement of landscape materials.	
Lighting	
Covers the costs of landscape and monument lighting repairs and maintenance.	
Streetlighting lease	
Covers the costs of lease, power and maintenance agreement for street lighting.	
Equipment repair and maintenance	
Covers the costs of general equipment repairs and maintenance.	
Pest control	
Covers the costs of pest control within the common areas and facilities of the District.	
Streetsweeping	
Covers the costs of periodic streetsweeping of the District's common roadways.	

50,000

8,340

37,414	
21,000	

18,000	

10,000	

1,200	

50,000	

25,000	
270,000	

120,000	

1,000	
50,000	

8,400

35,000

26,000

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
DEFINITIONS OF GENERAL FUND EXPENDITURES	

Field Operations - continued	
Shared bike maintenance	
Covers the costs of operating and maintaining the District's shared bike program.	
Capital outlay	
Covers the costs of minor capital equipment needs.	
Contingency	
Covers the costs of unforeseens.	
Total Field Operations	
Brightwood Pavillion	
Electric	
Covers the costs of electricty for the facility, pool and landscape lighting.	
Water	
Covers the costs of water for the facility and pool.	
Phone	
Covers the proportionate share of costs of phone for field superintendent.	
Cable Internet wifi	
Covers the costs of providing cable, internet and wi-fi to the facility.	
Landscape maintenance	
Covers the costs of providing high quality landscape maintenance to the facilities	
Irrigation repairs and maintenance	
Covers the costs of maintaining, repairing, upgrading and suppling irrigation water to
the facilities grounds and pool area.	
Pool maintenance	
Covers the costs of testing/adjusting water chemistry and cleaning on a routine basis
to meet resident expectations and Health Department requirements.	
Pool equipment	
Covers the costs of repair and replacement of minor pool equipment.	
Exterior cleaning	
Covers the costs of periodic cleaning of the exterior of the facility and associated
features.	
Interior cleaning	
Covers the routine cleaning of the interior of the facility.	
Pest control	
Covers the periodic inspection and treatment for pest.	
Fitness equipment-lease	
Covers the costs of leasing the fitness equipment in the gym.	
Security monitoring	
Covers the costs of a third party contractor monitoring the facility cameras and alarms.	
Firepits	
Covers the costs associated with operating and maintaining the gas fire pits.	
Capital outlay	
Covers the costs associated with periodic yet minor Capital Outlay requirements.	
Miscellaneous	
Covers the costs of unforeseens.	
Total Brightwood Pavillion	
Riverfield	
Electric	
Covers the costs of electricty for the facility, pool and landscape lighting.	
Water	
Covers the costs of water for the facility and pool.	
Cable internet wifi	
Covers the costs of providing cable, internet and wi-fi to the facility.	
Landscape maintenance	
Covers the costs of providing high quality landscape maintenance to the facilities
grounds and pool area.	

15,000

30,000

10,000

	786,354 

12,000

2,500

250

13,000

50,000

20,000

10,800

1,500

15,000

17,110

32,000

8,340

5,400

6,000

2,250

1,025

	197,175 

6,500

270

9,000

4,500

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
DEFINITIONS OF GENERAL FUND EXPENDITURES	

Riverfield Pavillion - continued	
Pool maintenance	
Covers the costs of repair and replacement of minor pool equipment.	
Pool equipment	
Covers the costs of repair and replacement of minor pool equipment.	
Exterior cleaning	
Covers the costs of periodic cleaning of the exterior of the facility and associated
features.	
Interior cleaning	
Covers the routine cleaning of the interior of the facility.	
Security monitoring	
Covers the costs of a third party contractor monitoring the facility cameras and alarms.	
Gate monitoring	
Covers the costs associated with monitoring the gate through a third party contractor.	
Capital outlay	
Covers the costs associated with periodic yet minor Capital Outlay requirements.	
Miscellaneous	
Covers the costs of unforeseens.	
Total Riverfield Pavillion	
Total expenditures	

8,400

1,500

8,244

9,848

5,400

32,998

2,100

1,000

89,760	
 $1,603,584 	

$	-				$  720,763	
	- 					(28,831)	
950,263	$  403,521	$  211,646	$  615,167	691,932	
-	306,189	-	306,189	-	
-	202,273	-	202,273	-	
-	2,960	-	2,960	-	
-	11	-	11	-	
950,263	914,954	211,646	1,126,600	691,932	

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
DEBT SERVICE FUND BUDGET - SERIES 2019 A-1 & A-2 FIELDSTONE PROJECT

Fiscal Year 2022	
Adopted
Budget FY 2022	Actual
through 5/31/2022	Projected
through 9/30/2022	Total	Proposed
Actual &	Budget
Projected	FY 2023	

REVENUES	
Special assessment - on-roll	
Allowable discounts (4%)	
Assessment levy: net	
Special assessment: off-roll	
Assessment prepayments	
Lot closing	
Interest	
Total revenues	

FISCAL YEAR 2023

EXPENDITURES	
Debt service	
Principal - Series 2019A-1	
Principal prepayment - Series 2019A-2	
Interest - Series 2019A-1	
Interest - Series 2019A-2	
Total debt service	

155,000	155,000	-	155,000	175,000	
-	715,000	-	715,000	-	
500,752	500,752	-	500,752	493,390	
28,689	21,868	-	21,868	-	
684,441	1,392,620	-	1,392,620	668,390	

Other fees & charges		
Property appraiser and Tax collector	-	-	-	-	21,623	
Total other fees & charges	-	-	-	-	21,623	
Total expenditures	684,441	1,392,620	-	1,392,620	690,013	

Excess/(deficiency) of revenues	
over/(under) expenditures	

265,822	(477,666)	211,646	(266,020)	1,919

Fund balance:	
Net increase/(decrease) in fund balance	
Beginning fund balance (unaudited)	
Ending fund balance (projected)	

265,822	(477,666)	211,646	(266,020)	1,919	
293,676	905,625	427,959	905,625	639,605	
$  559,498	$  427,959	$  639,605	$  639,605	641,524	

Use of fund balance:	
Debt service reserve account balance (required)	
Principal and Interest expense - November 1, 2023	
Projected fund balance surplus/(deficit) as of September 30, 2023	

(166,058)	
(242,539)	
 $  232,927 	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
FIELDSTONE CDD SERIES 2019A-1 AMORTIZATION SCHEDULE	

Principal	
Coupon Rate	
Interest	
Debt Service	Bond
Balance	
		160,149.11	160,149.11	9,910,000.00	
05/01/20	145,000.00	4.750%	257,382.50	402,382.50	9,765,000.00	
11/01/20		253,938.75	253,938.75	9,765,000.00	
05/01/21	150,000.00	4.750%	253,938.75	403,938.75	9,615,000.00	
11/01/21		250,376.25	250,376.25	9,615,000.00	
05/01/22	155,000.00	4.750%	250,376.25	405,376.25	9,460,000.00	
11/01/22		246,695.00	246,695.00	9,460,000.00	
05/01/23	175,000.00	4.750%	246,695.00	421,695.00	9,285,000.00	
11/01/23		242,538.75	242,538.75	9,285,000.00	
05/01/24	175,000.00	4.750%	242,538.75	417,538.75	9,110,000.00	
11/01/24		238,382.50	238,382.50	9,110,000.00	
05/01/25	185,000.00	4.750%	238,382.50	423,382.50	8,925,000.00	
11/01/25		233,988.75	233,988.75	8,925,000.00	
05/01/26	190,000.00	4.750%	233,988.75	423,988.75	8,735,000.00	
11/01/26		229,476.25	229,476.25	8,735,000.00	
05/01/27	200,000.00	4.750%	229,476.25	429,476.25	8,535,000.00	
11/01/27		224,726.25	224,726.25	8,535,000.00	
05/01/28	220,000.00	4.750%	224,726.25	444,726.25	8,315,000.00	
11/01/28		219,501.25	219,501.25	8,315,000.00	
05/01/29	225,000.00	4.750%	219,501.25	444,501.25	8,090,000.00	
11/01/29		214,157.50	214,157.50	8,090,000.00	
05/01/30	230,000.00	5.200%	214,157.50	444,157.50	7,860,000.00	
11/01/30		208,177.50	208,177.50	7,860,000.00	
05/01/31	250,000.00	5.200%	208,177.50	458,177.50	7,610,000.00	
11/01/31		201,677.50	201,677.50	7,610,000.00	
05/01/32	265,000.00	5.200%	201,677.50	466,677.50	7,345,000.00	
11/01/32		194,787.50	194,787.50	7,345,000.00	
05/01/33	270,000.00	5.200%	194,787.50	464,787.50	7,075,000.00	
11/01/33		187,767.50	187,767.50	7,075,000.00	
05/01/34	285,000.00	5.200%	187,767.50	472,767.50	6,790,000.00	
11/01/34		180,357.50	180,357.50	6,790,000.00	
05/01/35	305,000.00	5.200%	180,357.50	485,357.50	6,485,000.00	
11/01/35		172,427.50	172,427.50	6,485,000.00	
05/01/36	320,000.00	5.200%	172,427.50	492,427.50	6,165,000.00	
11/01/36		164,107.50	164,107.50	6,165,000.00	
05/01/37	340,000.00	5.200%	164,107.50	504,107.50	5,825,000.00	
11/01/37		155,267.50	155,267.50	5,825,000.00	
05/01/38	360,000.00	5.200%	155,267.50	515,267.50	5,465,000.00	
11/01/38		145,907.50	145,907.50	5,465,000.00	
05/01/39	375,000.00	5.200%	145,907.50	520,907.50	5,090,000.00	
11/01/39		136,157.50	136,157.50	5,090,000.00	
05/01/40	395,000.00	5.350%	136,157.50	531,157.50	4,695,000.00	
11/01/40		125,591.25	125,591.25	4,695,000.00	
05/01/41	415,000.00	5.350%	125,591.25	540,591.25	4,280,000.00	
11/01/41		114,490.00	114,490.00	4,280,000.00	
05/01/42	440,000.00	5.350%	114,490.00	554,490.00	3,840,000.00	
11/01/42		102,720.00	102,720.00	3,840,000.00	
05/01/43	460,000.00	5.350%	102,720.00	562,720.00	3,380,000.00	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
FIELDSTONE CDD SERIES 2019A-1 AMORTIZATION SCHEDULE	

Principal	
Coupon Rate	
Interest	
Debt Service	Bond
Balance	
11/01/43		90,415.00	90,415.00	3,380,000.00	
05/01/44	490,000.00	5.350%	90,415.00	580,415.00	2,890,000.00	
11/01/44		77,307.50	77,307.50	2,890,000.00	
05/01/45	520,000.00	5.350%	77,307.50	597,307.50	2,370,000.00	
11/01/45		63,397.50	63,397.50	2,370,000.00	
05/01/46	550,000.00	5.350%	63,397.50	613,397.50	1,820,000.00	
11/01/46		48,685.00	48,685.00	1,820,000.00	
05/01/47	570,000.00	5.350%	48,685.00	618,685.00	1,250,000.00	
11/01/47		33,437.50	33,437.50	1,250,000.00	
05/01/48	605,000.00	5.350%	33,437.50	638,437.50	645,000.00	
11/01/48		17,253.75	17,253.75	645,000.00	
05/01/49	645,000.00	5.350%	17,253.75	662,253.75	-	
Total	9,460,000.00		8,538,797.50	17,998,797.50		

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
FIELDSTONE CDD SERIES 2019A-2 AMORTIZATION SCHEDULE	

Principal	
Coupon Rate	
Interest	
Debt Service	Bond
Balance	
		55,842.11	55,842.11	3,355,000.00	
05/01/20	5.350%	89,746.25	89,746.25	3,355,000.00	
11/01/20	195,000.00		89,746.25	284,746.25	3,160,000.00	
02/01/21	520,000.00		6,955.00	526,955.00	2,640,000.00	
05/01/21	1,165,000.00	5.350%	70,620.00	1,235,620.00	1,475,000.00	
08/01/21	760,000.00		10,165.00	770,165.00	715,000.00	
11/01/21	510,000.00		19,126.25	529,126.25	205,000.00	
02/01/22	205,000.00		2,741.88	207,741.88	-	
05/01/22	5.350%	-	-	-	
11/01/22		-	-	-	
05/01/23	5.350%	-	-	-	
11/01/23		-	-	-	
05/01/24	5.350%	-	-	-	
11/01/24		-	-	-	
05/01/25	5.350%	-	-	-	
11/01/25		-	-	-	
05/01/26	5.350%	-	-	-	
11/01/26		-	-	-	
05/01/27	5.350%	-	-	-	
11/01/27		-	-	-	
05/01/28	5.350%	-	-	-	
11/01/28		-	-	-	
05/01/29	5.350%	-	-	-	
Total	-		-	-		

$	-				$	392,635	
	- 					(15,705)	
861,195	$	51,599	$	280,381	$	331,980	376,930	
-	436,643	-	436,643	-	
-	1,185,936	296,593	1,482,529	-	
-	15,417	-	15,417	-	
-	23	-	23	-	
861,195	1,689,618	576,974	2,266,592	376,930	

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
DEBT SERVICE FUND BUDGET - SERIES 2019 A-1 & A-2 "MORGANS GLEN PROJECT"

Fiscal Year 2022	
Adopted
Budget FY 2022	Actual
through 5/31/2022	Projected
through 9/30/2022	Total	Proposed
Actual &	Budget
Projected	FY 2023	

REVENUES	
Special assessment - on-roll	
Allowable discounts (4%)	
Assessment levy: net	
Special assessment: off-roll	
Assessment prepayments	
Lot closing	
Interest & misc.	
Total revenues	

FISCAL YEAR 2023

EXPENDITURES	
Debt service	
Principal - A-1	
Principal prepayment - A-2	
Interest - A-1	
Interest - A-2	
Total debt service	

90,000	90,000	-	90,000	95,000	
-	1,765,000	250,000	2,015,000	295,000	
271,110	271,110	-	271,110	131,950	
244,400	216,385	3,250	219,635	266,970	
605,510	2,342,495	253,250	2,595,745	788,920	

Other fees & charges		
Property appraiser and Tax collector	-	-	-	-	7,853	
Total other fees & charges	-	-	-	-	7,853	
Total expenditures	605,510	2,342,495	253,250	2,595,745	796,773	

Excess/(deficiency) of revenues	
over/(under) expenditures	

255,685	(652,877)	323,724	(329,153)	(419,843)

Fund balance:	
Net increase/(decrease) in fund balance	
Beginning fund balance (unaudited)	
Ending fund balance (projected)	

255,685	(652,877)	323,724	(329,153)	(419,843)	
293,676	1,055,746	402,869	1,055,746	726,593	
$	549,361	$	402,869	$  726,593	$	726,593	306,750	

Use of fund balance:	
Debt service reserve account balance (required)	
Principal and Interest expense - November 1, 2023	
Projected fund balance surplus/(deficit) as of September 30, 2023	

(91,059)	
(193,440)	
 $	22,251 	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
FIELDSTONE CDD SERIES 2019A-1 AMORTIZATION SCHEDULE	
(MORGANS GLEN PROJECT)	

Principal	
Coupon Rate	
Interest	
Debt Service	Bond
Balance	
			-	5,530,000.00	
05/01/20	95,000.00	4.600%	124,173.34	219,173.34	5,435,000.00	
11/01/20		137,510.00	137,510.00	5,435,000.00	
05/01/21	85,000.00	4.600%	137,510.00	222,510.00	5,350,000.00	
11/01/21		135,555.00	135,555.00	5,350,000.00	
05/01/22	90,000.00	4.600%	135,555.00	225,555.00	5,260,000.00	
11/01/22		133,485.00	133,485.00	5,260,000.00	
05/01/23	95,000.00	4.600%	133,485.00	228,485.00	5,165,000.00	
11/01/23		131,300.00	131,300.00	5,165,000.00	
05/01/24	100,000.00	4.600%	131,300.00	231,300.00	5,065,000.00	
11/01/24		129,000.00	129,000.00	5,065,000.00	
05/01/25	105,000.00	4.600%	129,000.00	234,000.00	4,960,000.00	
11/01/25		126,585.00	126,585.00	4,960,000.00	
05/01/26	110,000.00	4.600%	126,585.00	236,585.00	4,850,000.00	
11/01/26		124,055.00	124,055.00	4,850,000.00	
05/01/27	115,000.00	5.000%	124,055.00	239,055.00	4,735,000.00	
11/01/27		121,180.00	121,180.00	4,735,000.00	
05/01/28	125,000.00	5.000%	121,180.00	246,180.00	4,610,000.00	
11/01/28		118,055.00	118,055.00	4,610,000.00	
05/01/29	125,000.00	5.000%	118,055.00	243,055.00	4,485,000.00	
11/01/29		114,930.00	114,930.00	4,485,000.00	
05/01/30	130,000.00	5.000%	114,930.00	244,930.00	4,355,000.00	
11/01/30		111,680.00	111,680.00	4,355,000.00	
05/01/31	140,000.00	5.000%	111,680.00	251,680.00	4,215,000.00	
11/01/31		108,180.00	108,180.00	4,215,000.00	
05/01/32	145,000.00	5.000%	108,180.00	253,180.00	4,070,000.00	
11/01/32		104,555.00	104,555.00	4,070,000.00	
05/01/33	155,000.00	5.000%	104,555.00	259,555.00	3,915,000.00	
11/01/33		100,680.00	100,680.00	3,915,000.00	
05/01/34	165,000.00	5.000%	100,680.00	265,680.00	3,750,000.00	
11/01/34		96,555.00	96,555.00	3,750,000.00	
05/01/35	170,000.00	5.000%	96,555.00	266,555.00	3,580,000.00	
11/01/35		92,305.00	92,305.00	3,580,000.00	
05/01/36	180,000.00	5.000%	92,305.00	272,305.00	3,400,000.00	
11/01/36		87,805.00	87,805.00	3,400,000.00	
05/01/37	185,000.00	5.000%	87,805.00	272,805.00	3,215,000.00	
11/01/37		83,180.00	83,180.00	3,215,000.00	
05/01/38	200,000.00	5.000%	83,180.00	283,180.00	3,015,000.00	
11/01/38		78,180.00	78,180.00	3,015,000.00	
05/01/39	210,000.00	5.000%	78,180.00	288,180.00	2,805,000.00	
11/01/39		72,930.00	72,930.00	2,805,000.00	
05/01/40	220,000.00	5.200%	72,930.00	292,930.00	2,585,000.00	
11/01/40		67,210.00	67,210.00	2,585,000.00	
05/01/41	230,000.00	5.200%	67,210.00	297,210.00	2,355,000.00	
11/01/41		61,230.00	61,230.00	2,355,000.00	
05/01/42	245,000.00	5.200%	61,230.00	306,230.00	2,110,000.00	
11/01/42		54,860.00	54,860.00	2,110,000.00	
05/01/43	255,000.00	5.200%	54,860.00	309,860.00	1,855,000.00	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
FIELDSTONE CDD SERIES 2019A-1 AMORTIZATION SCHEDULE	
(MORGANS GLEN PROJECT)	

Principal	
Coupon Rate	
Interest	
Debt Service	Bond
Balance	
11/01/43		48,230.00	48,230.00	1,855,000.00	
05/01/44	270,000.00	5.200%	48,230.00	318,230.00	1,585,000.00	
11/01/44		41,210.00	41,210.00	1,585,000.00	
05/01/45	285,000.00	5.200%	41,210.00	326,210.00	1,300,000.00	
11/01/45		33,800.00	33,800.00	1,300,000.00	
05/01/46	300,000.00	5.200%	33,800.00	333,800.00	1,000,000.00	
11/01/46		26,000.00	26,000.00	1,000,000.00	
05/01/47	315,000.00	5.200%	26,000.00	341,000.00	685,000.00	
11/01/47		17,810.00	17,810.00	685,000.00	
05/01/48	335,000.00	5.200%	17,810.00	352,810.00	350,000.00	
11/01/48		9,100.00	9,100.00	350,000.00	
05/01/49	350,000.00	5.200%	9,100.00	359,100.00	-	
Total	5,260,000.00		4,588,180.00	9,848,180.00		

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
FIELDSTONE CDD SERIES 2019A-2 AMORTIZATION SCHEDULE	

Principal	
Coupon Rate	
Interest	
Debt Service	Bond
Balance	
				5,045,000.00	
05/01/20	5.200%	-	-	5,045,000.00	
11/01/20		-	-	5,045,000.00	
02/01/21	345,000.00	5.200%	-	345,000.00	4,700,000.00	
05/01/21	5.200%	-	-	4,700,000.00	
11/01/21	830,000.00	5.200%	122,200.00	952,200.00	3,870,000.00	
02/01/22	495,000.00	5.200%	6,435.00	501,435.00	3,375,000.00	
05/01/22	440,000.00	5.200%	87,750.00	527,750.00	2,935,000.00	
08/01/22	250,000.00	5.200%	3,250.00	253,250.00	2,685,000.00	
11/01/22	295,000.00		69,810.00	364,810.00	2,390,000.00	
05/01/23	5.200%	62,140.00	62,140.00	2,390,000.00	
11/01/23		62,140.00	62,140.00	2,390,000.00	
05/01/24	5.200%	62,140.00	62,140.00	2,390,000.00	
11/01/24		62,140.00	62,140.00	2,390,000.00	
05/01/25	5.200%	62,140.00	62,140.00	2,390,000.00	
11/01/25		62,140.00	62,140.00	2,390,000.00	
05/01/26	5.200%	62,140.00	62,140.00	2,390,000.00	
11/01/26		62,140.00	62,140.00	2,390,000.00	
05/01/27	5.200%	62,140.00	62,140.00	2,390,000.00	
11/01/27		62,140.00	62,140.00	2,390,000.00	
05/01/28	5.200%	62,140.00	62,140.00	2,390,000.00	
11/01/28		62,140.00	62,140.00	2,390,000.00	
05/01/29	2,390,000.00	5.200%	62,140.00	2,452,140.00	-	
Total	2,685,000.00		877,630.00	3,562,630.00		

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

Fiscal Year 2022	
Adopted
Budget FY 2022	Actual
through 5/31/2022	Projected
through 9/30/2022	Total	Proposed
Actual &	Budget
Projected	FY 2023	

REVENUES	
Special assessment - on-roll	
Allowable discounts (4%)	
Assessment levy: net	
Special assessment: off-roll	
Interest	
Total revenues	

$	-	
	- 				 $		- 	
-	$	-	$	-	$	-		-	
1,213,486	498,520	714,966	1,213,486		858,733	
-	14	-	14		-	
1,213,486	498,534	714,966	1,213,500		858,733	

DEBT SERVICE FUND BUDGET - NORTH RIVER RANCH CDD SERIES 2020A-1 FISCAL YEAR 2023

EXPENDITURES		
Debt service		
Principal - Series 2020A-1	140,000	140,000	-	140,000	145,000	
Interest - Series 2020A-1	305,375	306,425	-	306,425	302,225	
Interest - Series 2020A-2	210,420	210,420		210,420	210,420	
Interest - Series 2020A-3	200,212	200,212	-	200,212	200,213	
Total expenditures	856,007	857,057	-	857,057	857,858	

Excess/(deficiency) of revenues	
over/(under) expenditures	

357,479	(358,523)	714,966	356,443	875

OTHER FINANCING SOURCES/(USES)	
Transfer out	
Total other financing sources/(uses)	

-	(39)	-	-	-	
-	(39)	-	-	-	

Fund balance:	
Net increase/(decrease) in fund balance	
Beginning fund balance (unaudited)	
Ending fund balance (projected)	

357,479	(358,562)	714,966	356,443	875	
-	787,932	429,370	787,932	1,144,375	
$	357,479	$	429,370	$1,144,336	$  1,144,375	1,145,250	

Use of fund balance:	
Debt service reserve account balance (required)	
Principal and Interest expense - November 1, 2023	
Projected fund balance surplus/(deficit) as of September 30, 2023	

(429,366)	
(354,254)	
 $	361,630 	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
NORTH RIVER RANCH CDD SERIES 2020A-1 AMORTIZATION SCHEDULE	

Principal	
Coupon Rate	
Interest	
Debt Service	Bond
Balance	
			-	7,670,000.00	
05/01/21		119,165.28	119,165.28	7,670,000.00	
11/01/21		153,212.50	153,212.50	7,670,000.00	
05/01/22	140,000.00	3.000%	153,212.50	293,212.50	7,530,000.00	
11/01/22		151,112.50	151,112.50	7,530,000.00	
05/01/23	145,000.00	3.000%	151,112.50	296,112.50	7,385,000.00	
11/01/23		148,937.50	148,937.50	7,385,000.00	
05/01/24	150,000.00	3.000%	148,937.50	298,937.50	7,235,000.00	
11/01/24		146,687.50	146,687.50	7,235,000.00	
05/01/25	155,000.00	3.000%	146,687.50	301,687.50	7,080,000.00	
11/01/25		144,362.50	144,362.50	7,080,000.00	
05/01/26	160,000.00	3.500%	144,362.50	304,362.50	6,920,000.00	
11/01/26		141,562.50	141,562.50	6,920,000.00	
05/01/27	165,000.00	3.500%	141,562.50	306,562.50	6,755,000.00	
11/01/27		138,675.00	138,675.00	6,755,000.00	
05/01/28	170,000.00	3.500%	138,675.00	308,675.00	6,585,000.00	
11/01/28		135,700.00	135,700.00	6,585,000.00	
05/01/29	175,000.00	3.500%	135,700.00	310,700.00	6,410,000.00	
11/01/29		132,637.50	132,637.50	6,410,000.00	
05/01/30	185,000.00	3.500%	132,637.50	317,637.50	6,225,000.00	
11/01/30		129,400.00	129,400.00	6,225,000.00	
05/01/31	190,000.00	4.000%	129,400.00	319,400.00	6,035,000.00	
11/01/31		125,600.00	125,600.00	6,035,000.00	
05/01/32	200,000.00	4.000%	125,600.00	325,600.00	5,835,000.00	
11/01/32		121,600.00	121,600.00	5,835,000.00	
05/01/33	205,000.00	4.000%	121,600.00	326,600.00	5,630,000.00	
11/01/33		117,500.00	117,500.00	5,630,000.00	
05/01/34	215,000.00	4.000%	117,500.00	332,500.00	5,415,000.00	
11/01/34		113,200.00	113,200.00	5,415,000.00	
05/01/35	225,000.00	4.000%	113,200.00	338,200.00	5,190,000.00	
11/01/35		108,700.00	108,700.00	5,190,000.00	
05/01/36	235,000.00	4.000%	108,700.00	343,700.00	4,955,000.00	
11/01/36		104,000.00	104,000.00	4,955,000.00	
05/01/37	245,000.00	4.000%	104,000.00	349,000.00	4,710,000.00	
11/01/37		99,100.00	99,100.00	4,710,000.00	
05/01/38	250,000.00	4.000%	99,100.00	349,100.00	4,460,000.00	
11/01/38		94,100.00	94,100.00	4,460,000.00	
05/01/39	265,000.00	4.000%	94,100.00	359,100.00	4,195,000.00	
11/01/39		88,800.00	88,800.00	4,195,000.00	
05/01/40	275,000.00	4.000%	88,800.00	363,800.00	3,920,000.00	
11/01/40		83,300.00	83,300.00	3,920,000.00	
05/01/41	285,000.00	4.250%	83,300.00	368,300.00	3,635,000.00	
11/01/41		77,243.75	77,243.75	3,635,000.00	
05/01/42	295,000.00	4.250%	77,243.75	372,243.75	3,340,000.00	
11/01/42		70,975.00	70,975.00	3,340,000.00	
05/01/43	310,000.00	4.250%	70,975.00	380,975.00	3,030,000.00	
11/01/43		64,387.50	64,387.50	3,030,000.00	
05/01/44	325,000.00	4.250%	64,387.50	389,387.50	2,705,000.00	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
NORTH RIVER RANCH CDD SERIES 2020A-1 AMORTIZATION SCHEDULE	

Principal	
Coupon Rate	
Interest	
Debt Service	Bond
Balance	
11/01/44		57,481.25	57,481.25	2,705,000.00	
05/01/45	340,000.00	4.250%	57,481.25	397,481.25	2,365,000.00	
11/01/45		50,256.25	50,256.25	2,365,000.00	
05/01/46	355,000.00	4.250%	50,256.25	405,256.25	2,010,000.00	
11/01/46		42,712.50	42,712.50	2,010,000.00	
05/01/47	370,000.00	4.250%	42,712.50	412,712.50	1,640,000.00	
11/01/47		34,850.00	34,850.00	1,640,000.00	
05/01/48	385,000.00	4.250%	34,850.00	419,850.00	1,255,000.00	
11/01/48		26,668.75	26,668.75	1,255,000.00	
05/01/49	400,000.00	4.250%	26,668.75	426,668.75	855,000.00	
11/01/49		18,168.75	18,168.75	855,000.00	
05/01/50	420,000.00	4.250%	18,168.75	438,168.75	435,000.00	
11/01/50		9,243.75	9,243.75	435,000.00	
05/01/51	435,000.00	4.250%	9,243.75	444,243.75	-	
Total	7,095,000.00		5,535,437.50	12,630,437.50		

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
NORTH RIVER RANCH CDD SERIES 2020A-2 AMORTIZATION SCHEDULE	

Principal	
Coupon Rate	
Interest	
Debt Service	Bond
Balance	
				5,010,000.00	
11/01/21		105,210.00	105,210.00	5,010,000.00	
05/01/22	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/22		105,210.00	105,210.00	5,010,000.00	
05/01/23	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/23		105,210.00	105,210.00	5,010,000.00	
05/01/24	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/24		105,210.00	105,210.00	5,010,000.00	
05/01/25	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/25		105,210.00	105,210.00	5,010,000.00	
05/01/26	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/26		105,210.00	105,210.00	5,010,000.00	
05/01/27	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/27		105,210.00	105,210.00	5,010,000.00	
05/01/28	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/28		105,210.00	105,210.00	5,010,000.00	
05/01/29	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/29		105,210.00	105,210.00	5,010,000.00	
05/01/30	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/30		105,210.00	105,210.00	5,010,000.00	
05/01/31	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/31		105,210.00	105,210.00	5,010,000.00	
05/01/32	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/32		105,210.00	105,210.00	5,010,000.00	
05/01/33	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/33		105,210.00	105,210.00	5,010,000.00	
05/01/34	4.200%	105,210.00	105,210.00	5,010,000.00	
11/01/34		105,210.00	105,210.00	5,010,000.00	
05/01/35	5,010,000.00	4.200%	105,210.00	5,115,210.00	-	
Total	5,010,000.00		2,945,880.00	7,955,880.00		

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
NORTH RIVER RANCH CDD SERIES 2020A-3 AMORTIZATION SCHEDULE	

Principal	
Coupon Rate	
Interest	
Debt Service	Bond
Balance	
				4,215,000.00	
11/01/21		100,106.25	100,106.25	4,215,000.00	
05/01/22	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/22		100,106.25	100,106.25	4,215,000.00	
05/01/23	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/23		100,106.25	100,106.25	4,215,000.00	
05/01/24	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/24		100,106.25	100,106.25	4,215,000.00	
05/01/25	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/25		100,106.25	100,106.25	4,215,000.00	
05/01/26	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/26		100,106.25	100,106.25	4,215,000.00	
05/01/27	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/27		100,106.25	100,106.25	4,215,000.00	
05/01/28	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/28		100,106.25	100,106.25	4,215,000.00	
05/01/29	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/29		100,106.25	100,106.25	4,215,000.00	
05/01/30	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/30		100,106.25	100,106.25	4,215,000.00	
05/01/31	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/31		100,106.25	100,106.25	4,215,000.00	
05/01/32	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/32		100,106.25	100,106.25	4,215,000.00	
05/01/33	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/33		100,106.25	100,106.25	4,215,000.00	
05/01/34	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/34		100,106.25	100,106.25	4,215,000.00	
05/01/35	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/35		100,106.25	100,106.25	4,215,000.00	
05/01/36	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/36		100,106.25	100,106.25	4,215,000.00	
05/01/37	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/37		100,106.25	100,106.25	4,215,000.00	
05/01/38	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/38		100,106.25	100,106.25	4,215,000.00	
05/01/39	4.750%	100,106.25	100,106.25	4,215,000.00	
11/01/39		100,106.25	100,106.25	4,215,000.00	
05/01/40	4,215,000.00	4.750%	100,106.25	4,315,106.25	-	
Total	-		1,801,912.50	1,801,912.50		

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

Fiscal Year 2022	
Actual
through 5/31/2022	Projected
through 9/30/2022	Total	Proposed
Actual &	Budget
Projected	FY 2023	

REVENUES	
Special assessment: off-roll	
Assessment prepayments	
Lot closing	
Interest	
Total revenues	

$	397,028	$	16,387	$	413,415	$	26,600	
2,309,862	545,197	2,855,059	-	
24,428	-	24,428	-	
20	-	20	-	
2,731,338	561,584	3,292,922	26,600	

DEBT SERVICE FUND BUDGET - FIELDSTONE CDD SERIES 2021B FISCAL YEAR 2023

EXPENDITURES	
Debt service	
Principal prepayment	
Interest	
Total debt service	
Total expenditures	

1,855,000	1,535,000	3,390,000	75,000	
146,249	15,350	161,599	28,100	
2,001,249	1,550,350	3,551,599	103,100	
2,001,249	1,550,350	3,551,599	103,100	

Excess/(deficiency) of revenues	
over/(under) expenditures	

730,089	(988,766)	(258,677)	(76,500)

Fund balance:	
Net increase/(decrease) in fund balance	
Beginning fund balance (unaudited)	
Ending fund balance (projected)	

730,089	(988,766)	(258,677)	(76,500)	
348,477	1,078,566	348,477	89,800	
$ 1,078,566	$	89,800	$	89,800	13,300	

Use of fund balance:	
Debt service reserve account balance (required)	
Principal and Interest expense - November 1, 2023	
Projected fund balance surplus/(deficit) as of September 30, 2023	

-	
(13,300)	
 $	- 	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
FIELDSTONE CDD SERIES 2021B AMORTIZATION SCHEDULE	

Principal	
Coupon Rate	
Interest	
Debt Service	Bond
Balance	
				4,130,000.00	
11/01/21	270,000.00		74,798.89	344,798.89	3,860,000.00	
02/01/22	575,000.00		5,750.00	580,750.00	3,285,000.00	
05/01/22	1,010,000.00	4.000%	65,700.00	1,075,700.00	2,275,000.00	
08/01/22	1,535,000.00		15,350.00	1,550,350.00	740,000.00	
11/01/22	75,000.00		14,800.00	89,800.00	665,000.00	
05/01/23	4.000%	13,300.00	13,300.00	665,000.00	
11/01/23		13,300.00	13,300.00	665,000.00	
05/01/24	4.000%	13,300.00	13,300.00	665,000.00	
11/01/24		13,300.00	13,300.00	665,000.00	
05/01/25	4.000%	13,300.00	13,300.00	665,000.00	
11/01/25		13,300.00	13,300.00	665,000.00	
05/01/26	4.000%	13,300.00	13,300.00	665,000.00	
11/01/26		13,300.00	13,300.00	665,000.00	
05/01/27	4.000%	13,300.00	13,300.00	665,000.00	
11/01/27		13,300.00	13,300.00	665,000.00	
05/01/28	4.000%	13,300.00	13,300.00	665,000.00	
11/01/28		13,300.00	13,300.00	665,000.00	
05/01/29	4.000%	13,300.00	13,300.00	665,000.00	
11/01/29		13,300.00	13,300.00	665,000.00	
05/01/30	4.000%	13,300.00	13,300.00	665,000.00	
11/01/30		13,300.00	13,300.00	665,000.00	
05/01/31	665,000.00	4.000%	13,300.00	678,300.00	-	
Total	740,000.00		240,900.00	980,900.00		

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
ASSESSMENT COMPARISON	
PROJECTED FISCAL YEAR 2023 ASSESSMENTS	

On-Roll - Fieldstone CDD Phase 1 (Series 2019A-1)* - Brightwood

	Product		
SF 40'	
SF 50'	
SF 40'	
SF 50'	
SF 40'	
SF 50'	
SF 60'	
SF 60'	
Total	

  Phase		
1A	
1A	
1B	
1B	
1C	
1C	
1D (West)	
1D (East)	

  Units		
119	
81	
77	
59	
99	
75	
56	
     54 	
620	

FY 2023 O&M
Assessment
	per Unit		
$	983.02	
1,228.77	
983.02	
1,228.77	
983.02	
1,228.77	
1,474.53	
1,474.53	

FY 2023 DS
Assessment
	per Unit		
$	1,064.52	
1,236.56	
1,021.51	
1,152.69	
1,021.51	
1,152.69	
1,451.61	
1,451.61	

FY 2023 Total Assessment
	per Unit		
$	2,047.54	
2,465.33	
2,004.53	
2,381.46	
2,004.53	
2,381.46	
2,926.14	
2,926.14	

FY 2022
Total Assessment
	per Unit		
$ 2,047.54	
2,465.33	
2,004.53	
2,381.07	
2,004.53	
2,381.07	
2,926.14	
2,926.14	

On-Roll - Fieldstone CDD Morgan's Glen (Series 2019A-1 Morgan's Glen)** - Morgan's Glen

	Product		
SF 50'	
SF 40'/45'/50'	
Townhome	
Total	

  Phase		
1	
2	
3	

  Units		
169	
61	
    150 	
380	

FY 2023 O&M
Assessment
	per Unit		
$	1,228.77	
1,228.77	
860.14	

FY 2023 DS
Assessment
	per Unit		
$	1,129.03	
1,021.51	
930.11	

FY 2023 Total Assessment
	per Unit		
$	2,357.80	
2,250.28	
1,790.25	

FY 2022
Total Assessment
	per Unit		
$ 2,357.81	
2,250.28	
1,790.25	

Off-Roll - Fieldstone CDD Phase 2 - Future Development

FY 2023 O&M
Assessment

FY 2023 DS
Assessment

FY 2023 Total Assessment

FY 2022
Total Assessment

Product	
Unplatted Acres	

 	
Units		per Unit		per Unit		per Unit		per Unit	
	231 		$	209.78		$	-		$	209.78		n/a	
231									

* Please note that the Fieldstone CDD Phase 1 Units are also subject to the Series 2020A-2 Bonds (1B and 1D
East) and Series 2021B (1C and 1S West)	
** Please note that the Fieldstone CDD Phase 2 Units are also subject to the Series 2019A-2 Morgan's Glen
Bonds	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
ASSESSMENT COMPARISON	
PROJECTED FISCAL YEAR 2023 ASSESSMENTS	

Off-Roll - North River Ranch CDD, Phases IVA - IVB (Series 2020A-1)*** - Wildleaf

	Product		
Attached Villa 35'	
SF 45'	
SF 50'	
SF 57'	
Total	

  Phase		
4A - 4B	
4A - 4B	
4A - 4B	
4A - 4B	

  Units		
118	
99	
33	
    127 	
377	

FY 2023 O&M
Assessment
	per Unit		
$	581.13	
747.17	
830.19	
946.42	

FY 2023 DS
Assessment
	per Unit		
$	934.96	
1,088.96	
1,253.96	
1,484.94	

FY 2023 Total Assessment
	per Unit		
$	1,516.09	
1,836.13	
2,084.15	
2,431.36	

FY 2022
Total Assessment
	per Unit		
n/a	
n/a	
n/a	
n/a	

Off-Roll - North River Ranch CDD, Phases I, II, III, IVC - IVF - Future Development

FY 2023 O&M
Assessment

FY 2023 DS

FY 2023 Total Assessment
	per Unit		
$	209.78	

FY 2022
Total Assessment
	per Unit		
n/a	

Assessment

	Product		
Unplatted Acres	
Total	

	Units	 	per Unit	 	per Unit	

	1,269   $
1,269

209.78	$	-

*** Please note that the North River Ranch CDD Phases IVA - IVB Units are also subject to the Series 2020A-2 Bonds

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

6A

LOCALiQ

The Gainesville Sun I The	Ledger	PO Box 631244 Cincinnati, OH 45263-1244
Daily Commercial I Ocala StarBahner News Chief I Herald-Tribune

PROOF OF PUBLICATION
Daphne Gillyard Daphne Gillyard
North River Ranch Improvement Stewardship District 2300 Glades RD # 41OW
Boca Raton FL 33431-8556

STATE OF FLORIDA, COUNTY OF Sarasota

The Herald-Tribune, a newspaper printed and published in the city of Sarasota, and of general circulation in the Counties of Sarasota, Manatee, and Charlotte, State of Florida and personal knowledge of the facts herein state and that the notice hereto annexed was Published in said newspapers in the issues dated or by publication on the newspaper's website, if authorized, on:

07/28/2022

and that the fees charged are legal.
Sworn to and subscribed before on 07/28/2022

ounty of Brown
	7 / -z,;, /L.;g

Publication Cost:	$948.75	
Order No:	7573373	
Customer No:	773276	
PO#:		

My commision expires

#of Copies:
0

THIS IS NOT AN INVOICE!
Please do not use this form for payment remittance.

SARAH BERTELS
Notary  Public.	t

:. ........-S- tta:.t..e..

of Wisconsin	D
_....	._r"..,_

Page 1 of 1

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
NOTICE OF PUBLIC HEARING TO CONSIDER THE ADOPTION OF THE FISCAL YEAR 2022/2023 BUDGET; NOTICE OF PUBLIC HEARING TO CONSIDER THE IMPOSITION OF OPERATIONS AND MAINTENANCE SPECIAL ASSESSMENTS, ADOPTION OF AN ASSESSMENT ROLL, AND THE LEVY, COLLECTION, AND ENFORCEMENT OF THE SAME; AND NOTICE OF REGULAR BOARD OF SUPERVISORS' MEETING.
U,ocomlnoPublic Hearings, and RegularMeo1fng
The Board of Supervisors ("Boord") for the North River Ranch lmprovcmont Stewardship District Community Development District ("Dlstriot'1 will hold the following two public hearings and a regular meeting:
DATE:	August 17, 2022
TIME:	1:00 p.m.
LOCATION:	8141 Lakewood Main Street
Bradenton, Florida 34202
Tho finit public bearln9 Is b<>ing held P"'" •nt to Chapter 2020-191, Lawn o1 Florli:la ("Act"), lo ro<:oivo public comment and objections on u,e Districts p,oposad bud ol ("Proposed Budget"') for the fisasl ynar beginning October 1, 2022 end ondfng
§eplomber30. 2023 ("Fiscal Vear 2022/20231. Toe second public l1narlng Is being l10ld pursuant to tM Act nnd Chapter 197,
Florida Stnt.rtes. to consider lhe lmposllio" of operations end maintonanco •Speclal 11ssassmants ("O&M Assessmentsi upon the land lom,wd within the District, ta fund tho Proposed Budget for Fiscal Year 2022/2023: lo consider Ilia adoption of an assessment' roU; and, to provide for1ha levy. collactlon, and enforcement of assessments. At tho COflOIL1Sion of tho hearings/ lhe Board wlll, by resoMlon, odopl • budgo1 and levy O&M 'A!;ocssm 11ts as nnally approved by the Board. A Board rneetlng o the District will a!Go be held where lhe Board may coosider any olhor District business.	·
 llllPD of Assessments
The District &nposes O&M Assessments on benefiltod property wllhln lhe Dlslrjcl for the purpose ol lundin9 the District's gerteral admlnlstmtlvo, operations, and melntenaoco bl.ldgot. A geographic depiction o( the property po1onllally subject to tho propo5od O&M Assossmonl!: ls Jdehtlfied In the map attached hereto. 'The table below show• tho scliodulo or Iha proposed O&M AsS<>ssments, Which IIIO subjoct lo chengu at Iha hearing:

Land Use	Totai # of Units/ Acres	EAUFootor	Proposed Annual O&M Assessment ncludlng eolloction costs / early
navment disoountsl	
SF40'	295	0.80	$1 455.29	
SF50'	445	1.00	$1 819.11	
SF60'	110	1.20	$2182.94	
Townhomo	150	0.70	$1 273.38	
Undevotoned Land	1 545.61	1.00	$1.819.11	

The pn,posed O&M Asses111noo1s as slalad lncludo colloctlon costs and/or early payment discounts, wliich Mopalco Co,mty
{"County") may Impose on ru.-sl'ISSments that are colleated 011 the County lox bill. Moreover, i:,ur&uont to SeC11on 197.3632( ). Florldn Stafules. the lien omount slJoll sarvo "" the "maximum rate" a111.t,oriiad by law for O&.r.., A5sessmenl5, such that no alaSessmef\l heasinfl stroll be held or notjc,, provided In future years ui ess Iha assessments a.re propo!iod 1o be lnc,enSll<l or another criterion Within Section 197.3632(4), Florido Statute , is met. Nole that the O&M As,;essments do not lnc!Lldo MY debt sEJMce assessments p.-evfously levied by the Dl,rlrict and due lo be coqected for Fls<:al Yaar 202V2023.
or Fls!!al Yaar 202212023. th<> District lnlru,ds to have lhe Coonty tax collactor collect lho assossmen\s lm1,osed on certain developed proparty, and will directly collocl tho assessments Imposed on u,a remaining ben_efitle<I properly by sending out a bill prior to, or during, November 2022. It IG Important to pay yqur noses!lment because faYure to pay w,11cnuso o tax co.-titlcate to be Issued against the property which naay result in loss of title, or ror direct billed assessments, rnay result In a lorociosure action,
which also may result In a loss of \Ille. The District's decision lo collaot asscsomcnts on the trueroll or by dlrecl billing does not prceludo·lhe District from later electfng to colle,:t u,ose or other nssessments In a different manner at a future Ume.
Add!UonaJ provisions
The public honrln • and meellng am open lo the public and will be conduCl,rd lri aci;ordnnce with the provlslor'ls al Florida law. A copy or tho Propoooo Budget, proposad a;,sessment roil, and the agenda f<1r the hearings and meeting may bo obtained et the offices or Ille District Mwiager, tocnted ot 23-00 Glade;; Road, Suite 410W, Boca Raton, Florlda 33431. Ph: (561) 571-0010
("Dlstrlcl Manager's Orrlce"), duru,g normal buolnoss hours or or, tho District's we!:,s1\e alllps,J/nonhnvarmnchlsd.corn. The
public hearings and mealing niay be contlm1ed to a dnte, tlrne, a11d placo 10 bo spoalfla_d on the record at the hearings or mooting. Thalo mily be occasions whon stafl or bonrd mambors n, y parliclpato by speaker tel pl1ono.
(\ny parson requiring spaolal aocornmooationt 1hls meaUng becm;se of a d;sablllty or physical Impairment should contacl the Dislrlol Manager's Office at least fm1y-<ilgh1 (481 hour3 prior .to the mooUng. If you are heating or sp!!ech Impaired, please conlnct 11,e Florkfa Relay Servl e by dialing 7-1-1, or 1·800-955•8771 (TTY)/ 1-800-955-8770 (Volce), ror aid lr1contacting the
District Manager's Office.
Please noto that all affected proporty owners have the dght tonppearal the public tiearlngs and meatIng, and m"v oJso file wrl11en objections with the District Mnnager's Oifico wilhin twenty dnys of publlcallon ol this nollce. ch person who decides t6 appenl any dectGlon made by the.Board with respect to any matter considered at the public hearlllQS o, mooting Is advisod
!hal person will need a 1ecord ol proceedings and that acc:;ordlngly, the pe,san mny rieed to ensure lhal • verbatim l'eco«J of lho proceedings Is made, Including 11ie testimony ,md evidence upon whici, such appoal Is to be based.
Craig Wrathell District Manager

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

6B

RESOLUTION 2022-23

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT MAKING A DETERMINATION OF BENEFIT AND IMPOSING SPECIAL ASSESSMENTS FOR FISCAL YEAR 2022/2023; PROVIDING FOR THE COLLECTION AND ENFORCEMENT OF SPECIAL ASSESSMENTS, INCLUDING BUT NOT LIMITED TO PENALTIES AND INTEREST THEREON; CERTIFYING AN ASSESSMENT ROLL; PROVIDING FOR AMENDMENTS TO THE ASSESSMENT ROLL; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the North River Ranch Improvement Stewardship District (“District”) is a local unit of special-purpose government established pursuant to Chapter 2020-191, Laws of Florida (“Act”), for the purpose of providing, operating and maintaining infrastructure improvements, facilities and services to the lands within the District; and

WHEREAS, the District is located in Manatee County, Florida (“County”); and

WHEREAS, the District has constructed or acquired various infrastructure improvements and provides certain services in accordance with the District’s adopted capital improvement plan and the Act; and

WHEREAS, the Board of Supervisors (“Board”) of the District hereby determines to undertake various operations and maintenance and other activities described in the District’s budget (“Adopted Budget”) for the fiscal year beginning October 1, 2022 and ending September 30, 2023 (“Fiscal Year 2022/2023”), attached hereto as Exhibit “A;” and

WHEREAS, the District must obtain sufficient funds to provide for the operation and maintenance of the services and facilities provided by the District as described in the Adopted Budget; and

WHEREAS, the provision of such services, facilities, and operations is a benefit to lands within the District; and

WHEREAS, the Act provides that the District may impose special assessments on benefitted lands within the District; and

WHEREAS, it is in the best interests of the District to proceed with the imposition of the special assessments for operations and maintenance in the amount set forth in the Adopted Budget; and

WHEREAS, the District has previously levied an assessment for debt service, which the District desires to collect for Fiscal Year 2022/2023; and

WHEREAS, Chapter 197, Florida Statutes, provides a mechanism pursuant to which such special assessments may be placed on the tax roll and collected by the local tax collector (“Uniform Method”), and the District has previously authorized the use of the Uniform Method by, among other things, entering into agreements with the Property Appraiser and Tax Collector of the County for that purpose; and

WHEREAS, it is in the best interests of the District to adopt the assessment roll (“Assessment Roll”) attached to this Resolution as Exhibit “B,” and to certify the portion of the Assessment Roll related to certain developed property (“Tax Roll Property”) to the County Tax Collector pursuant to the Uniform Method and to directly collect the portion of the Assessment Roll relating to the remaining property (“Direct Collect Property”), all as set forth in Exhibit “B;” and

WHEREAS, it is in the best interests of the District to permit the District Manager to amend the Assessment Roll adopted herein, including that portion certified to the County Tax Collector by this Resolution, as the Property Appraiser updates the property roll for the County, for such time as authorized by Florida law.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT:

SECTION 1.  BENEFIT & ALLOCATION FINDINGS. The provision of the services, facilities, and operations as described in Exhibit “A” confers a special and peculiar benefit to the lands within the District, which benefit exceeds or equals the cost of the assessments. The allocation of the assessments to the specially benefitted lands is shown in Exhibits “A” and “B,” and is hereby found to be fair and reasonable.

SECTION 2.  ASSESSMENT IMPOSITION. Pursuant to Chapter 2020-191, Laws of Florida, and Chapter 197, Florida Statutes, and using the procedures authorized by Florida law for the levy and collection of special assessments, a special assessment for operation and maintenance is hereby imposed and levied on benefitted lands within the District and in accordance with Exhibits “A” and “B.” The lien of the special assessments for operations and maintenance imposed and levied by this Resolution shall be effective upon passage of this Resolution. Moreover, pursuant to Section 197.3632(4), Florida Statutes, the lien amount shall serve as the “maximum rate” authorized by law for operation and maintenance assessments.

SECTION 3.	Collection and Enforcement; Penalties; Interest.

Tax Roll Assessments. The operations and maintenance special assessments and previously levied debt service special assessments imposed on the Tax Roll Property shall be collected at the same time and in the same manner as County taxes in accordance with the Uniform Method, as set forth in Exhibits “A” and “B.”

Direct Bill Assessments. The operations and maintenance special assessments and previously levied debt service special assessments imposed on the Direct Collect Property shall be collected directly by the District in accordance with Florida law, as set forth in Exhibits “A” and “B.” Assessments directly collected by the District are due in full on December 1, 2022; provided, however, that, to the extent permitted by law, the assessments due may be paid in several partial, deferred payments and according to the following schedule: 50% due no later than December 1, 2022, 25% due no later than February 1, 2023 and 25% due no later than May 1, 2023. In the event that an assessment payment is not made in accordance with the schedule stated above, the whole assessment – including any remaining partial, deferred payments for Fiscal Year 2022/2023, shall immediately become due and payable; shall accrue interest, penalties in the amount of one percent (1%) per month, and all costs of collection and enforcement; and shall either be enforced pursuant to a foreclosure action, or, at the District’s sole discretion, collected pursuant to the Uniform Method on a future tax bill, which amount may include penalties, interest, and costs of collection and enforcement. Any prejudgment interest on delinquent assessments shall accrue at the rate of any bonds secured by the assessments, or at the statutory prejudgment interest rate, as applicable. 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 pursuant to Chapter 170, Florida Statutes, or other applicable law to collect and enforce the whole assessment, as set forth herein.

Future Collection Methods. 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.

SECTION 4. ASSESSMENT ROLL. The Assessment Roll, attached to this Resolution as Exhibit “B,” is hereby certified for collection. That portion of the Assessment Roll which includes the Tax Roll Property is hereby certified to the County Tax Collector and shall be collected by the County Tax Collector in the same manner and time as County taxes. The proceeds therefrom shall be paid to the District.

SECTION 5.  Assessment Roll Amendment. The District Manager shall keep apprised of all updates made to the County property roll by the Property Appraiser after the date of this Resolution and shall amend the Assessment Roll in accordance with any such updates, for such time as authorized by Florida law, to the County property roll. After any amendment of the Assessment Roll, the District Manager shall file the updates in the District records.

SECTION 6. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

SECTION 7.	EFFECTIVE DATE. This Resolution shall take effect upon the passage and adoption of this Resolution by the Board.

PASSED AND ADOPTED this 17th day of August, 2022.

ATTEST:	NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

Secretary / Assistant Secretary	Chair / Vice Chair, Board of Supervisors

Exhibit A:	Budget
Exhibit B:	Assessment Roll (Uniform Method) Assessment Roll (Direct Collect)

Exhibit A
Budget

Exhibit B
Assessment Roll (Uniform Method) Assessment Roll (Direct Collect)

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

7

July 22, 2022

215616746

Stantec Consulting Services Inc.
6920 Professional Parkway
Sarasota FL 34240-8414
Tel: (941) 907-6900

Via: E-Mail (adamsc@whhassociates.com)

North River Ranch Improvement Stewardship District c/o Wrathell, Hunt and Associates, LLC
2300 Glades Road, Suite 410W Boca Raton, FL 33431

Attn:	Mr. Chesley (Chuck) E. Adams, Jr.
District Manager

Reference:  Change Order 5 to Work Authorization No. 1
Professional Services Proposal for North River Ranch Improvement Stewardship District General District Engineer Services for Fiscal Year 2022-2023

Dear Mr. Adams:

Stantec is providing Change Order No. 5 for general engineering services for FY 2022-2023 such as preparation for and attending Board meetings, review project budgets, assisting in preparation of District procedures, and other services deemed necessary by the Board.

This CO is attached to and made a part of the General Provisions attached to Agreement made between North River Ranch Improvement Stewardship Development District and Stantec Consulting Services Inc. (Engineer) for Professional Engineering Services, providing for professional services. The Basic Services of Engineer as described in said General Provisions are amended or supplemented as indicated below.

New Task 211 – General Engineering Services FY 2022-2023

Engineer shall:
Prepare for and attend Board meetings.
Assist in preparation of District procedures as directed by the Board.
Perform additional services as requested by the Board.

These services will be performed on a T/M basis at our standard rates under our Agreement made between North River Ranch Improvement Stewardship District and Stantec Consulting Services Inc. for Professional Engineering Services. Enclosed is a copy of our current Schedule of Fees, effective January 1, 2022.

Task	Services	Fee Type	Fee Amount	
211	General Engineering Services FY 2022-2023	T/M*	(est.) $ 50,000	

WO-1 CO-5 FY 2022-2023
General Engineering Services Page 2 of 2

* Time and Material (T/M) estimates are based upon past experience, but the actual fee may be more or less due to factors outside of Stantec’s control.
Unless otherwise specified, charges for SERVICES are based on Stantec’s hourly billing rate table (“Rate Table”), attached hereto. The Rate Table is subject to escalation from time to time. At a minimum, effective each January 1 during the term of this Agreement, Stantec’s charges for SERVICES shall escalate by either (a) the most current Consumer Price Index year over year percentage increase, not seasonally adjusted, for the preceding July, all items, as published by Statistics Canada (for Projects in Canada) plus 1.0%, or (b) the most current Consumer Price Index for All Urban Consumers (CPI-U) year over year percentage increase, not seasonally adjusted, for the preceding July, as published by the U.S. Bureau of Labor Statistics plus 1.0% (for all other projects).

S.A. Contract to Date	$ 98,000 Increase this Change Order $ 50,000 New Contract Sum	$ 148,000

 Stantec Consulting Services Inc.		 North River Ranch Improvement Stewardship
 District c/o PFM Wrathell, Hunt & Associates, LLC

 6920 Professional Parkway		 2300 Glades Road, Suite 410W	

 Sarasota, FL 34240		 Boca Raton, FL 33431	

By	By

July 22, 2022
Date	Date

By

July 22, 2022
Date

SCHEDULE OF FEES
Effective January 1, 2022

Staff Level	Rate	
Level 3	$ 105.00	
Level 4	$ 116.00	
Level 5	$ 132.00	
Level 6	$ 136.00	
Level 7	$ 144.00	
Level 8	$ 154.00	
Level 9	$ 159.00	
Level 10	$ 164.00	
Level 11	$ 179.00	
Level 12	$ 188.00	
Level 13	$ 198.00	
Level 14	$ 208.00	
Level 15	$ 220.00	
Level 16	$ 243.00	
Level 17	$ 251.00	
Level 18	$ 256.00	
Level 19	$ 266.00	
Level 20	$ 276.00	
Level 21	$ 293.00	
1 Person Field Crew	$ 100.00	
2 Person Field Crew	$ 145.00	
3 Person Field Crew	$ 165.00	
4 Person Field Crew	$ 185.00	

Unit billings, such as printing and survey materials, will be billed at standard rates. All other out-of- pocket expenses will be billed at cost +10%.

Z:\billing_level_rates\2022\Schedule of Fees-2022_table-2_20211029.docx

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

8

8/15/22

To:	North River Ranch Improvement Stewardship District 5824 Lakewood Ranch Blvd.
Sarasota, FL 34240

Att: Tom Panaseny
Re: Monument signs North River Ranch

Desc:	A	NORTH ENTRY MONUMENT
(1) Double Sided Custom shape double curve Monument requiring the following… Size of Aluminum Cabinet is 28’ x 8’ x 12” deep.
(2) “NORTH RIVER RANCH” letters are 18” channel
(2) Float mounted logos ¼” aluminum panel 24” x 40” with float mounted ¼” wave graphics. Cabinet has Faux Corten Steel Finish
Flat welded mount plate attaches to flat top of base wall provided by others. Unit attaches with 8” x ½” expansion bolts every 24 “

PRICE:	$38,650.00	
INSTALLATION:	$ 2,800.00	
PERMIT ACQUISITION: By Others		
DESIGN/CREATIVE Including all alterations and final Engineer Ready Drawing	$	500.00	
SUB-TOTAL:	$41,950.00	
SALES TAX:  CDD PROJECT	$ EXEMPT	
TOTAL:	$41,950.00	

**All Measurements are to be verified with wall contractor to make sure they are building as we have Specified. Any changes or additions to the above description will affect the price.

TERMS: 50% Down Payment Required to start Job due upon receipt of invoice.
Balance is Due upon completion and receipt of invoice net 10 days.

Accepted By:	 Date:	

Submitted By:

	 Date: 8/15/22 Tom Bowers Pres. / Creative Director

SignPro Studios guarantees these prices for a period of 60 days after which we reserve the right to re-evaluate and resubmit new pricing if needed. We also retain the rights to all items produced until the contract is paid in full and have the right to recover any signage and associated costs related to removal and or binding arbitration. Any artwork used without consent or compensation may result in a charge not to exceed $1,000.00

28’

40” x 24”
1/4” PAINTED BACKER WITH STUD MOUNT AND 1/4” COLORED WAVES FLOAT MOUNTED OFF WHITE.

LETTERING IS 3” DEEP CHANNEL - NON ILLUMINATED.
3”

6’

8’

18”

2’-8”

29’

 ENTRY SIGN ELEVATION	

1

SCALE :

1/4" = 1'-0"

2002001-ELEV

18”

DESIGNED BY

 COMMUNITY ENTRY ELEVATION	
SCALE :  1/4" = 1'-0"

3

SIGN IS DOUBLE SIDED

AR91636
671 Front St., Suite 220
Celebration, FL 34747
407.566.2575

JOB NAME:
NORTH RIVER RANCH
CLIENT:
NEAL LAND

APPROVED BY:		 DATE:	

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

9

8/15/22

To:	North River Ranch Improvement Stewardship District 5824 Lakewood Ranch Blvd.
Sarasota, FL 34240	
Att: Tom Panaseny
Re: Monument signs for North River Ranch	
Desc:	A	WILDLEAF ENTRY MONUMENT
(1) Double Sided Monument requiring the following… Size of Aluminum Cabinet is 16’ x 52” x 12” deep.
(2) “WILDLEAF” letters are 17” channel
(2) “NORTH RIVER RANCH” 5” tall ½” alum.
Cabinet has Faux Corten Steel Finish
Flat welded mount plate attaches to flat top of base wall provided by others. Unit attaches with 8” x ½” expansion bolts every 24 “	
PRICE: $24,750.00 each	$24,750.00	
INSTALLATION:
PERMIT ACQUISITION: By Others
DESIGN/CREATIVE Including all alterations and final Engineer Ready Drawing SUB-TOTAL:
SALES TAX:  CDD PROJECT
TOTAL:	$ 2,400.00

$	500.00
$27,650.00
$ EXEMPT
$27,650.00	

**All Measurements are to be verified with wall contractor to make sure they are building as we have Specified. Any changes or additions to the above description will affect the price.

TERMS: 50% Down Payment Required to start Job due upon receipt of invoice.
Balance is Due upon completion and receipt of invoice net 10 days.

Accepted By:	 Date:	

Submitted By:

	 Date: 8/15/22 Tom Bowers Pres. / Creative Director

SignPro Studios guarantees these prices for a period of 60 days after which we reserve the right to re-evaluate and resubmit new pricing if needed. We also retain the rights to all items produced until the contract is paid in full and have the right to recover any signage and associated costs related to removal and or binding arbitration. Any artwork used without consent or compensation may result in a charge not to exceed $1,000.00

6'-4"

NRR LOGO SIGN

4'-0"

  2	
A202

TO TOP OF CMU

16’

APPROX. LOCATION OF SIGN, COORD. W/ SIGN MANUF.

STONE VENEER

2

5'-2 1"

1'-8"

3'-8"

LETTERING IS 2” DEEP CHANNEL - NON ILLUMINATED. 2”

LETTERING IS 1/2” ALUMINUM - FLOAT MOUNTED

18”

TOP OF CMU ABOVE GRADE

5”

6’-4”’

4’-4”’

17”

3’

5”

24”

24” X 14“
1/4” PAINTED BACKER WITH STUD MOUNT AND 1/4” COLORED WAVES FLOAT MOUNTED OFF WHITE.

DESIGNED BY

STONE VENEER, SLOPED

4'-2"

SIGN IS DOUBLE SIDED

AR91636
671 Front St., Suite 220
Celebration, FL 34747
407.566.2575

JOB NAME:
NORTH RIVER RANCH
CLIENT:
NEAL LAND

APPROVED BY:		 DATE:	

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

10

Change Order
No. 	3	

Date of Issuance:  August 16, 2022	  Effective Date:  August 17 2022	

Project: NRR Phase 4A & 4B Landscape and Irrigation	Owner: North River Ranch Improvement Stewardship District	Owner's Contract No.:	
Contract: $1,021,435.50	Date of Contract: March 14, 2022	
Contractor: Mike Armstrong Landscaping Inc.	Engineer's Project No.: 215616746	

The Contract Documents are modified as follows upon execution of this Change Order:

Description:

Electrical services for irrigation controller at Cross River Trail and Rapid Creek Trail.

Attachments: (List documents supporting change):

Mike Armstrong Landscaping Inc. CO-3 dated 8/10/22.

	CHANGE IN CONTRACT PRICE:	 	CHANGE IN CONTRACT TIMES:	

Original Contract Price:

Original Contract Times:

 Working days	 Calendar days

$ 1,021,435.50	

Substantial completion (days or date): 	80 Days	
Ready for final payment (days or date):   110 Days	

[Increase] [Decrease] from previously approved Change Orders No.	1	 to No.	2	:

$  245,464.42	

[Increase] [Decrease] from previously approved Change Orders No.	1	 to No.	2	:
Substantial completion (days): 	 Ready for final payment (days): 	

Contract Price prior to this Change Order:

$ 1,226,899.92	

Contract Times prior to this Change Order:
Substantial completion (days or date): 	80 Days	
Substantial completion (days or date): 	110 Days	

[Increase] [Decrease] of this Change Order:

$	20,599.43	

[Increase] [Decrease] of this Change Order:
Substantial completion (days or date): 	 Ready for final payment (days or date): 	

Contract Price incorporating this Change Order:

$ 1,287,499.35	

Contract Times with all approved Change Orders:
Substantial completion (days or date): 	80 Days (6/2/2022)	
Substantial completion (days or date): 	110 Days (7/2/2022)	

RECOMMENDED:	ACCEPTED:	ACCEPTED:	
By: 		By: 	
re)		By: 	
ture)		
Engineer (Authorized Signatu		Owner (Authorized Signa		Contractor (Authorized Signature)	
Date: 		Date: 			Date:	 		

Approved by Funding Agency (if applicable): 		Date:
V:\2156\active\215616746\civil\construction_phase_documents\change_orders\nrr_4a-4b_la-irr\received\con_nrr-4a-4b_lndscp-irr_co-3_20599-43_electric_irr-controllers_2_mike-armstrong-landscaping_20220816.docx

EJCDC No. C-941 (2002 Edition)	Page 1 of 1
Prepared by the Engineers' Joint Contract Documents Committee and endorsed by the Associated General Contractors of America and the Construction Specifications Institute.

Mike Armstrong Landscaping Inc.
8475 69th St. E.
Palmetto, FL. 34221
941-776-1076

To: North River Ranch Stewardship District Lakewood Ranch, FL.

The contractor agrees to perform and the owner agrees to pay for the following changes to this contract.
Ordered By:	Customer Order:

Change Order
Order#: 3
Order Date: 08/10/2022

Project: 13656
NORTH RIVER RANCH PH. 4A & 4B

Plans Attached D
Specifications Attached D

Description of Work	Amount

REQUEST FOR CHANGE ORDER #3 ADD
1 • ELECTRICAL SERVICE· IRRIGATION CONTROLLER AT CROSS RIVER TRAIL
Notes:
BORE 171' OF 1 1/4" CONDUIT FROM TRANSFORMER ON GREAT BROOK LANE TO IRRIGATION CONTROLLERS ON CROSS RIVER TRAIL.
FURNISH, WIRE AND INSTALL (1) 60amp/120v/240v SERVICE FOR IRRIGATION CONTROLLERS.

1 • ELECTRICAL SERVICE· IRRIGATION CONTROLLER AT RAPID CREEK TRAIL
Notes:
BORE 225' OF 1 1/4" CONDUIT FROM TRANSFORMER AT HAMMOCK BROOK DRIVE TO IRRIGATION CONTROLLERS ON RAPID CREEK TRAIL.
FURNISH, WIRE AND INSTALL (1) 60amp/120v/240v SERVICE FOR IRRIGATION CONTROLLERS.
SERVICE BID AT 225' MAX, ADDITIONAL FOOTAGE WILL RESULT IN EXTRA CHARGES ADDITION TOTAL: $20,599.43

20,599.43

Notes

SERVICE BID AT 171' & 225' MAX RESPECTIVELY, ADDITIONAL FOOTAGE WILL RESULT IN EXTRA CHARGES

Negative changes will lower the overall contract
price requiring no additional payment by owner.

Requested Amount of Change

20,599.43

	The original Contract Sum was ......................................................................................................................................................................................	1.021.435.50	
	Net change by previous Change Orders .........................................................................................................................................................	245,464.42	
	The Contract Sum prior to this Change Order  ..................................................................................................................................	1,266,899.92	
	The Contract Sum will be changed by this Change Order ..................................................................................................	20,599.43	
	The new Contract Sum including this Change Order will be .......................................................................................... The Contract Time will be changed by .............................................................................................................................................................	1,287,499.35
o Days	

Owner:	'

Date:	

Contrac_to.r,: ._1/1Ji-i,i,'- -..::::.----------

Date: 08-12-22

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

11

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
FINANCIAL STATEMENTS	
UNAUDITED	
JUNE 30, 2022	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
BALANCE SHEET	
GOVERNMENTAL FUNDS	
JUNE 30, 2022	

Debt

Debt

Debt

Debt

Capital

Capital

Capital

Capital

Total

	General
	Fund		Service
  Series 2019 	Service
 Series 2019M 	Service
  Series 2020 	Service
 Series 2021B 	Projects
 Series 2019 	Projects
 Series 2020 	Projects
 Series 2021B 	Projects
  NRR ISD 	Governmental
	Funds		
ASSETS		
Cash		
Valley checking - NRR ISD	$ 994,039	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  994,039	
Valley checking - NRR CDD	7,923	-	-	-	-	-	-	-	-	7,923	
City checking - Fieldstone	429,222	-	-	-	-	-	-	-	-	429,222	
City debit card*	3,432	-	-	-	-	-	-	-	-	3,432	
Investments		
Revenue - Seires 2019	-	261,903		-	-	-	-	-	-	261,903	
Revenue - Seires 2019 Morgan's Glen	-		60,424	-	-	-	-	-	-	60,424	
Revenue - Seires 2021B	-	-	-	-	15,338	-	-	-	-	15,338	
Revenue - Series 2020A-1 & A-2	-	-	-	4	-	-	-	-	-	4	
Revenue - Series 2020A-3	-	-	-	1	-	-	-	-	-	1	
Reserve - Series 2019	-	166,058	-	-	-	-	-	-	-	166,058	
Reserve - Series 2019 Morgan's Glen	-	-	91,060	-	-	-	-	-	-	91,060	
Reserve - Series 2020A-1	-	-	-	224,050	-	-	-	-	-	224,050	
Reserve - Series 2020A-2	-	-	-	105,210	-	-	-	-	-	105,210	
Reserve - Series 2020A-3	-	-	-	100,106	-	-	-	-	-	100,106	
Prepayment - Series 2019A-2 Morgan's Glen	-	-	251,387	-	-	-	-	-	-	251,387	
Prepayment - Series 2021B	-	-	-	-	1,535,229	-	-	-	-	1,535,229	
Construction - Series 2019	-	-	-	-	-	173,382	-	-	-	173,382	
Construction - Series 2019 Morgan's Glen	-	-	-	-	-	63,181	-	-	-	63,181	
Construction - Morgan's Glen Restricted	-	-	-	-	-	3	-	-	-	3	
Construction - Series 2021A-1	-	-	-	-	-	-	5,515	-	-	5,515	
Construction - Series 2021A-3	-	-	-	-	-	-	10	-	-	10	
Construction - Series 2021B	-	-	-	-	-	-	-	22,072	-	22,072	
Assessments receivable: off-roll	3,609	3,216	411	-	-	-	-	-	-	7,236	
Deposits	2,000	-	-	-	-	-	-	-	-	2,000	
Due from Developer	6,793	-	-	-	-	13,306	1,110,684	-	151,442	1,282,225	
Due from other funds		
General	-	5,750	735	-	-	519,246	434,001	-	15,041	974,773	
Prepaid expense	322	-	-	-	-	-	-	-	-	322	
Undeposited funds		70 		- 		- 		- 		- 		- 		- 		- 		- 		70 	
Total assets	 $1,447,410 	 $		436,927 	 $		404,017 	 $		429,371 	 $ 	1,550,567 	 $ 	769,118 	 $ 1,550,210 	 $		22,072 	 $ 	166,483 	 $ 6,776,175 	

LIABILITIES		
Liabilities:		
Accounts payable	52,268	-	-	-	-	525,879	1,544,685	-	166,483	2,289,315	
Retainage payable	-	-	-	-	-	233,355	488,657	568,414	-	1,290,426	
Due to other funds		
Debt service	6,485	-	-	-	-	-	-	-	-	6,485	
Capital projects	968,288	-	-	-	-	-	-	-	-	968,288	
Due to Developer		1,769 		- 		- 		- 		- 		- 		 	- 		- 		1,769 	
Total liabilities	  1,028,810 		- 		- 		- 		- 		759,234 	  2,033,342  	568,414 		166,483 	  4,556,283 	

DEFERRED INFLOWS OF RESOURCES		
Deferred receipts		10,402 	
Total deferred inflows of resources		10,402 	

	3,216  	411  	-  	-  	13,306    1,110,684  	-  	151,442    1,289,461 
	3,216  	411  	-  	-  	13,306    1,110,684  	-  	151,442    1,289,461 

FUND BALANCES		
Restricted:		
Debt service	-	
Capital projects	-	
Unassigned		408,198 	
Total fund balances		408,198 	

433,711	
-	
       - 	
    433,711 	

403,606	
-	
       - 	
   403,606 	

429,371	
-	
       - 	
    429,371 	

1,550,567	
-	
       - 	
   1,550,567 	

-	
(3,422)	
      - 	
    (3,422)	

-	
(1,593,816)	
      - 	
  (1,593,816)	

-	
(546,342)	
      - 	
   (546,342)	

-	
(151,442)	
      - 	
  (151,442)	

2,817,255	
(2,295,022)	
   408,198 	
   930,431 	

Total liabilities, deferred inflows of resources	
and fund balances	 $ 1,447,410 	 $		436,927 	 $		404,017 	 $		429,371 	 $		1,550,567 	 $ 	769,118 	 $ 1,550,210 	 $		22,072 	 $ 	166,483 	 $ 6,776,175 	
*Statement not received in time for financial statement preparation.	

1

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
GENERAL FUND	
FOR THE PERIOD ENDED JUNE 30, 2022	

Current

1,000	
-	
1,817	
-	
-	
-	
-	
156	
-	
-	
1,541	
20	
-	
274	
-	
-	
-	
-	
-	
-	
-	
3,749	
-	
    199 	
   8,756 	

  Month	

Year to

% of
 Budget 	
N/A	
56%	
N/A	
N/A	
117%	

9,600	
46,667	
16,373	
31,263	
-	
12,500	
-	
1,282	
-	
7,500	
19,338	
958	
1,109	
1,539	
1,026	
145	
330	
11,451	
7,262	
-	
3,330	
52,369	
159	
     199 	
   224,400 	

12,000	
70,000	
30,000	
35,000	
12,000	
20,000	
2,000	
500	
200	
20,000	
15,000	
300	
500	
5,000	
175	
250	
360	
2,750	
6,020	
1,000	
2,700	
100,000	
15,000	
      - 	
  350,755 	

80%	
67%	
55%	
89%	
0%	
63%	
0%	
256%	
0%	
38%	
129%	
319%	
222%	
31%	
586%	
58%	
92%	
416%	
121%	
0%	
123%	
52%	
1%	
N/A	
64%	

	Date	  Budget	

REVENUES	
Assessment levy: on-roll	
Assessment levy: off-roll	
Developer contribution	
Interest and miscellaneous	
Total revenues	
EXPENDITURES	
General & administrative	
Supervisors	
Management	
Legal	
Engineering	
Audit	
Assessment roll preparation	
Arbitrage rebate calculation	
Travel and per diem	
Telephone	
Dissemination agent	
Trustee	
Postage	
Printing and binding	
Legal advertising	
Dues, licenses and fees	
Office supplies	
Bank fees	
Miscellaneous	
Public officials' liability insurance	
Remortization schedules	
Website: hosting and maintenance	
Activities director of fun	
Maintenance staff	
Tax collector	
Total general & administrative	

 	
$	6,651	
-	
19,504	
	76 	
	26,231 	

 
$	459,462	
592,637	
186,767	
	397 	
	1,239,263 	

 
$	-	
1,059,220	
-	
	- 	
 1,059,220 	

Brightwood pavilion - Amenity	
Clubhouse electric	
Clubhouse water	
Amenity - telephone	
Amenity - cable tv / internet / wifi	
Amenity - landscape maintenance	
Amenity - irrigation repairs	
Amenity - pool maintenance	
Amenity - exterior cleaning	
Amenity - interior cleaning	
Amenity - pest control	
Amenity - fitness equipment leasing	
Amenity - Envera security	
Total Brightwood Pavilion - Amenity Expenses	

3,763	
-	
64	
-	
-	
-	
-	
-	
5,105	
-	
695	
      - 	
   9,627 	

11,537	
-	
315	
9,424	
35,266	
13,006	
7,200	
-	
23,014	
240	
6,255	
    7,434 	
   113,691 	

12,000	
360	
-	
9,000	
60,000	
10,000	
10,800	
9,000	
4,800	
15,000	
8,340	
   12,000 	
  151,300 	

96%	
0%	
N/A	
105%	
59%	
130%	
67%	
0%	
479%	
2%	
75%	
62%	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
GENERAL FUND	
FOR THE PERIOD ENDED JUNE 30, 2022	

Current

Riverfield Verandah - Amenity	
Clubhouse electric	
Clubhouse water	
Amenity - cable tv / internet / wifi	
Amenity - landscape maintenance	
Amenity - pool maintenance	
Amenity - exterior cleaning	
Amenity - interior cleaning	
Amenity - Envera security	
Total Riverfield Verandah - Amenity Expenses	
Field expenses	
Electric	
Equipment rental	
General insurance	
Property & casualty insurance	
Water reclaimed	
Mitigation	
Stormwater - repair and maintenance	
Irrigation - repair and maintenance	
Lake maintenance	
Landscaping maintenance & material	
Landscape improvements	
Pest control	
Contingency	
Equipment repair & maintenance	
Street sweeping	
Lighting	
Streetlights - leasing	
Total field expenses	

-	
-	
-	
-	
-	
-	
-	
      - 	
      - 	

  Month	

Year to
	Date	  Budget	

3,750	
270	
3,000	
4,500	
6,480	
4,500	
3,555	
    5,360 	
   31,415 	

4,449
- 5,341
- 5,600
- 7,749
	2,963 

12,092	
-	
-	
-	
1,431	
2,005	
-	
72	
5,275	
3,500	
-	
-	
-	
-	
150	
105	
      - 	
   24,630 	

	26,102 

14,428	
268	
8,848	
27,251	
16,797	
8,305	
2,000	
15,480	
29,725	
185,324	
66,267	
23,799	
7,382	
2,921	
3,885	
461	
    36,773 	
   449,914 	

14,000	
30,000	
5,000	
25,000	
10,000	
1,200	
25,000	
1,000	
50,000	
250,000	
25,000	
-	
500	
1,000	
37,000	
1,000	
   50,000 	
  525,700 	

     -  		74 	
     -  		74 	
  43,013  		814,181 	

	50 
	50 
 1,059,220 

% of
 Budget 

119%	
0%	
178%	
0%	
86%	
0%	
218%	
55%	

103%	
1%	
177%	
109%	
168%	
692%	
8%	
1548%	
59%	
74%	
265%	
N/A	
1476%	
292%	
11%	
46%	
74%	
86%	

148%	
148%	
77%	

Other fees and charges	
Property taxes	
Total other fees and charges	
Total expenditures	
Excess/(deficiency) of revenues	
over/(under) expenditures	
Fund balances - beginning	
Fund balances - ending	

(16,782)	425,082	1	
  424,980 		(16,884)		90,245 	
 $408,198 	 $	408,198 	 $	- 	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
DEBT SERVICE FUND - SERIES 2019	
FOR THE PERIOD ENDED JUNE 30, 2022	

Current Month

REVENUES	
Assessment levy: on-roll	
Assessment levy: off-roll	
Assesment prepayments	
Lot closing	
Interest and miscellaneous	
Total revenues	

 	
$	5,927	
-	
-	
-	
	3 	
	5,930 	

EXPENDITURES	
Debt service	
Principal - Series 2019A-1	
Principal prepayment - Series 2019A-2	
Interest - Series 2019A-1	
Interest - Series 2019A-2	
Total debt service	

-	
-	
-	
       - 	
       - 	

Year to
Date	Budget

$	409,448	
306,189	
202,273	
2,960	
	14 	
	920,884 	

$  1,811,458	
-	
-	
-	
	- 	
	1,811,458 	

155,000	
-	
500,752	
     28,689 	
    684,441 	

155,000
715,000
500,752
	21,868 
	1,392,620 

% of Budget

23%	
N/A	
N/A	
N/A	
N/A	
51%	

100%	
N/A	
100%	
76%	
203%	

Other fees and charges	
Tax collector	
Total other fees and charges	
Total expenditures	

N/A	
N/A	
203%	

	178  	178  	- 
	178  	178  	- 
	178  	1,392,798  	684,441 

Excess/(deficiency) of revenues	
over/(under) expenditures	

5,752	(471,914)	1,127,017

Fund balances - beginning	
Fund balances - ending	

	293,676 	
 $  1,420,693 	

	427,959  	905,625 
 $ 433,711   $	433,711 

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
DEBT SERVICE FUND - SERIES 2019 MORGAN'S GLEN	
FOR THE PERIOD ENDED JUNE 30, 2022	

Current Month

REVENUES	
Assessment levy: on-roll	
Assessment levy: off-roll	
Assesment prepayments	
Lot closing	
Interest and miscellaneous	
Total revenues	

 	
$	758	
-	
-	
-	
	2 	
	760 	

EXPENDITURES	
Debt service	
Principal - Series 2019A-1 Morgan's Glen	
Principal prepayment - Series 2019A-2 Morgan's Glen	
Interest - Series 2019A-1 Morgan's Glen	
Interest - Series 2019A-2 Morgan's Glen	
Total debt service	

-	
-	
-	
       - 	
       - 	

Year to
Date	Budget

$	52,357	
436,643	
1,185,936	
15,417	
	25 	
	1,690,378 	

$	-	
-	
-	
-	
	- 	
	- 	

90,000	
-	
271,110	
    244,400 	
    605,510 	

90,000
1,765,000
271,110
	216,385 
	2,342,495 

% of Budget

N/A	
N/A	
N/A	
N/A	
N/A	
N/A	

100%	
N/A	
100%	
89%	
387%	

Other fees and charges	
Tax collector	
Total other fees and charges	
Total expenditures	

N/A	
N/A	
387%	

	23  	23  	- 
	23  	23  	- 
	23  	2,342,518  	605,510 

Excess/(deficiency) of revenues	
over/(under) expenditures	

737	(652,140)	(605,510)

Fund balances - beginning	
Fund balances - ending	

	- 	
 $	(605,510)	

	402,869  	1,055,746 
 $ 403,606   $	403,606 

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
DEBT SERVICE FUND - SERIES 2020	
FOR THE PERIOD ENDED JUNE 30, 2022	

41%	
N/A	
41%	

Current Month

Year to
Date	Budget

% of Budget

REVENUES	
Assessment levy: off-roll	
Interest	
Total revenues	

$	-	$

498,520

$ 1,213,486

	1  	15  	- 
	1  	498,535  	1,213,486 

EXPENDITURES	
Debt service	
Principal - Series 2020A-1	
Interest - Series 2020A-1	
Interest - Series 2020A-2	
Interest - Series 2020A-3	
Total debt service	

-	140,000	
-	306,425	
-	210,420	
       -  		200,212 	
       -  		857,057 	

140,000	
305,375	
210,420	
   200,212 	
   856,007 	

100%	
100%	
100%	
100%	
100%	

Excess/(deficiency) of revenues	
over/(under) expenditures	

1	(358,522)	357,479

OTHER FINANCING SOURCES/(USES)	
Transfers (out)	
Total other financing sources	
Net change in fund balances	
Fund balances - beginning	
Fund balances - ending	

	-  	(39	
	-  	(39	
1	(358,561	
	429,370  	787,932 	
 $ 429,371   $	429,371 	

	- 	
	- 	
357,479	
	- 	
 $  357,479 	

N/A	
N/A	

)
)
)

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
DEBT SERVICE FUND - SERIES 2021B	
FOR THE PERIOD ENDED JUNE 30, 2022	

$	-	
4	
467,324	
	4,673 	
	472,001 	

$	397,028	
24	
2,777,185	
	29,102 	
	3,203,339 	

Current Month

Year to Date

REVENUES	
Assessment levy: off-roll	
Interest	
Assessment prepayment	
Lot closing	
Total revenues	

 	 

EXPENDITURES	
Debt service	
Principal prepayments	
Interest - Series 2021B	
Total debt service	

-	1,855,000	
       -  		146,249 	
       -  		2,001,249 	

Excess/(deficiency) of revenues	
over/(under) expenditures	

472,001	1,202,090

Fund balances - beginning	
Fund balances - ending	

	1,078,566 		348,477 	
 $1,550,567 	 $  1,550,567 	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
CAPITAL PROJECTS FUND - SERIES 2019	
FOR THE PERIOD ENDED JUNE 30, 2022	

$	459,139	
60,106	
	1 	
	519,246 	

$ 4,328,533	
293,660	
       4 	
   4,622,197 	

Current Month

Year to Date

REVENUES	
Developer contributions	
Other income -PRECO reimbursements	
Interest	
Total revenues	

 	 

EXPENDITURES	
Capital outlay	
Total expenditures	

	-  	3,109,093 
	-  	3,109,093 

Excess/(deficiency) of revenues	
over/(under) expenditures	

519,246	1,513,104

Fund balances - beginning	
Fund balances - ending	

	(522,668)	
 $	(3,422)	

	(1,516,526)	
 $	(3,422)	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
CAPITAL PROJECTS FUND - SERIES 2020	
FOR THE PERIOD ENDED JUNE 30, 2022	

Current Month

Year to Date

REVENUES	
Developer contributions	
Interest	
Total revenues	

$	434,001	$	474,578
	-  	59 
	434,001  	474,637 

EXPENDITURES	
Capital outlay	
Total expenditures	

	-  	5,377,238 
	-  	5,377,238 

Excess/(deficiency) of revenues	
over/(under) expenditures	

434,001	(4,902,601)

OTHER FINANCING SOURCES/(USES)	
Transfers in	
Total other financing sources	
Net change in fund balances	
Fund balances - beginning	
Fund balances - ending	

	- 	
	- 	
434,001	
	(2,027,817)	
 $	(1,593,816)	

	39 	
	39 	
(4,902,562)	
	3,308,746 	
 $ (1,593,816)	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
CAPITAL PROJECTS FUND - SERIES 2021B	
FOR THE PERIOD ENDED JUNE 30, 2022	

REVENUES	
Interest	
Total revenues	

Current Month

 $	- 

Year to Date

 $	1 

	-  	1 

EXPENDITURES	
Capital outlay	
Total expenditures	

	-  	139,219 
	-  	139,219 

Excess/(deficiency) of revenues	
over/(under) expenditures	

-	(139,218)

Fund balances - beginning	
Fund balances - ending	

	(546,342)	
 $	(546,342)	

	(407,124)	
 $	(546,342)	

REVENUES	
Developer contributions	
Total revenues	

EXPENDITURES	
Capital outlay	
Total expenditures	

Excess/(deficiency) of revenues	
over/(under) expenditures	

Current
Month		Year to
Date	

 $	15,041 		
 $	275,884 	
	15,041 			275,884 	

	- 		
	416,492 	
	- 			416,492 	

15,041		
(140,608)	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
CAPITAL PROJECTS FUND - NRR ISD	
FOR THE PERIOD ENDED JUNE 30, 2022	

Fund balances - beginning	
Fund balances - ending	

	(166,483)	
 $	(151,442)	

	(10,834)	
 $	(151,442)	

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

12

DRAFT

1	MINUTES OF MEETING
2	NORTH RIVER RANCH IMPROVEMENT
3	STEWARDSHIP DISTRICT
4
The Board of Supervisors of the North River Ranch Improvement Stewardship District
held a Public Hearing and a Regular Meeting on July 13, 2022, at 1:00 P.M., at 8141 Lakewood
Main Street, Bradenton, Florida 34202.
8
9	Present were:
10
Pete Williams	Chair
Janice Snow	Vice Chair
John Leinaweaver	Assistant Secretary
Dale Weidemiller	Assistant Secretary
John Blakley	Assistant Secretary 16
17	Also present, were:
18
Chuck Adams	District Manager
Michal Szymonowicz	Wrathell, Hunt and Associates, LLC (WHA)
Jonathan Johnson (via telephone)	District Counsel
Rob Engel (via telephone)	District Engineer
Chris Fisher (via telephone)	Clearview Land Design
Sete Zare (via telephone)	MBS Capital Markets, LLC
Andy Richardson (via telephone)	Neal Communities
Faith Santoro (via telephone)	Lifestyle Director
John Herman	Berger, Toombs, Elam, Gaines & Frank 28
29
30	FIRST ORDER OF BUSINESS	Call to Order/Roll Call
31
32	Mr. Adams called the meeting to order at 1:35 p.m. All Supervisors were present. 33
34	SECOND ORDER OF BUSINESS	Public Comments: Agenda Items (limited to
35	3 minutes per individual)
36
37	There were no public comments. 38

NORTH RIVER RANCH ISD	DRAFT	July 13, 2022

THIRD ORDER OF BUSINESS	Presentation	of	District	Engineer
Supplemental Report for Project Phases I,
II, III and Phases IV-C through IV-F
42
Mr. Fisher presented the District Engineer’s Supplemental Report for Project Phases I, II,
III and Phases IV-C through IV-F dated July 2022 and noted the following:
	The Supplemental Report is to assist with the financing and construction of the next
phases of the Development Plan, estimated to cost approximately $144.2 million.
	It includes certain master infrastructure improvements related to the offset roadway
and  utilities,  neighborhood  infrastructure  costs  allocable  to  the  Master  Stormwater
Improvements for Phases I, II and III and Subphases IV-C through IV-F and the extension of Fort
Hamer Road and North River Ranch Trail.
	The remaining residential improvements are planned for 2,503 residential units.
	The infrastructure improvements consist of earthwork, stormwater management
facilities, potable water, reclaimed and irrigation water transmission systems, wastewater
collection and transmission facilities, roadways, landscaping and hardscape. Professional
service costs associated with design, permitting, construction and inspection of improvements
were included.
	The District consists of approximately 1,436.1 acres and the ISD is planned to ultimately

On MOTION by Mr. Weidemiller and seconded by Mr. Blakley, with all in favor, the District Engineer Supplemental Report for Project Phases I, II, III and Phases IV-C through IV-F, was approved.	

include a mixture of single-family, townhome and villa residential units and commercial parcels. 59
60
61
62
63
64
FOURTH ORDER OF BUSINESS	Presentation of Master Special Assessment
Methodology Report for Phases I, II, III and
IV-C through IV-F
68
Mr. Szymonowicz presented the pertinent data in each section of the Master Special
Assessment Methodology Report for Phases I, II, III and Phases IV-C through IV-F dated July 6,
2022. He discussed the Capital Improvement Plan (CIP), financing plan, capitalized interest

NORTH RIVER RANCH ISD	DRAFT	July 13, 2022

period, lienability tests, True-up mechanism, assessment roll and Appendix tables and noted
the following:
	Infrastructure costs projected to be funded by the ISD include extending Fort Hammer
Road that will benefit all the properties in the ISD, the “Neighborhood Amenity Center” that will
benefit  all  properties  in  the  ISD  and  the  Master  Improvements  and  Neighborhood
Improvements for all the ISD, with the exception of Phases IV-A and IV-B, which already
received their master infrastructure improvements.
	The purpose of this Report is to allocate the benefit of the four different infrastructure
types and to assign the appropriate responsibility to pay for special assessments that would be
required to fund the four categories of improvements.
	Table 1, on Page 18, outlines the Development Plan and the quantities of each unit type
within each Phase of the ISD.
	Table, 2 on Page 19, outlines the costs as reflected in the Engineer’s Report. 85
FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-13,
Rescinding Resolutions 2022-07 and 2022-
08  in  Their  Entirety;  Declaring  Special
Assessments;	Indicating	the	Location,
Nature	and	Estimated	Cost	of	Those
Infrastructure Improvements Whose Cost
is	to	be	Defrayed	by	the	Special
Assessments; Providing the Portion of the
Estimated Cost of the Improvements to be
Defrayed  by  the  Special  Assessments;
Providing  the  Manner  in  Which  Such
Special	Assessments	Shall	Be	Made;
Providing When Such Special Assessments
Shall Be Paid; Designating Lands Upon
Which the Special Assessments Shall Be
Levied; Providing for an Assessment Plat;
Adopting a Preliminary Assessment Roll;
Providing for Publication of this Resolution
[Phases I, II, III and IV-C through IV-F]
105
106	Mr. Johnson presented Resolution 2022-13.
107

On MOTION by Mr. Weidemiller and seconded by Mr. Williams, with all in favor, Resolution 2022-13, Rescinding Resolutions 2022-07 and 2022-08 in Their Entirety; Declaring Special Assessments; Indicating the Location, Nature and Estimated Cost of Those Infrastructure Improvements Whose Cost is to be Defrayed by the Special Assessments; Providing the Portion of the Estimated Cost of the Improvements to be Defrayed by the Special Assessments; Providing the Manner in Which Such Special Assessments Shall Be Made; Providing When Such Special Assessments Shall Be Paid; Designating Lands Upon Which the Special Assessments Shall Be Levied; Providing for an Assessment Plat; Adopting a Preliminary Assessment Roll; Providing for
Publication of this Resolution [Phases I, II, III and IV-C through IV-F], was adopted.	

NORTH RIVER RANCH ISD	DRAFT	July 13, 2022

108		
109		
110		
111		
112		
113		
114		
115		
116		
117		
118		
119		
120		
121		
122	SIXTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-14,	
123		Setting a Public Hearing 2022, for the	
124		Purpose of Hearing Public Comment on	
125		Imposing Special Assessments on Certain	
126		Property  Within  the  District  Generally	
127		Described	as	the	North	River	Ranch	
128		Improvement	Stewardship	District	in	
129		Accordance with Chapter 2020-191, Laws	
130		of Florida [Phases I, II, III and IV-C through	
131		IV-F]	
132			
133	Mr. Adams presented	Resolution 2022-14. He suggested rescheduling the August	

On MOTION by Mr. Blakley and seconded by Mr. Weidemiller, with all in favor, Resolution 2022-14, Setting a Public Hearing for August 17, 2022 at 1:00 p.m., at 8141 Lakewood Main Street, Bradenton, Florida 34202, for the Purpose of Hearing Public Comment on Imposing Special Assessments on Certain Property Within the District Generally Described as the North River Ranch Improvement Stewardship District in Accordance with Chapter 2020-191, Laws of Florida
[Phases I, II III and IV-C through IV-F], was adopted.	

134	meeting from August 10, 2022 to August 17, 2022 to allow time to advertise the Public Hearing.

135		
136		
137		
138		
139		
140		
141		
142		
143		
144		
145	SEVENTH ORDER OF BUSINESS	Consideration of MBS Capital Markets, LLC	
146		Supplement	to	Investment	Banking	
147		Agreement	
148			

On MOTION by Mr. Williams and seconded by Mr. Weidemiller, with all in favor, the MBS Capital Markets, LLC Supplement to Investment Banking Agreement, was approved.	

NORTH RIVER RANCH ISD	DRAFT	July 13, 2022

149	Ms. Zare presented the MBS Capital	Markets, LLC Supplement to Investment Banking	
150	Agreement.		
151			
152			
153			
154			
155			
156			
157	EIGHTH ORDER OF BUSINESS	Public Hearing to Consider the Adoption of	
158		an Assessment Roll and the Imposition of	
159		Special	Assessments	Relating	to	the	
160		Financing and Securing of Certain Public	
161		Improvements [Fieldstone Phase 2]	
162			
163		Hear testimony from the affected property owners as to the propriety and advisability	
164		of making the improvements and funding them with special assessments on the	
165		property.	
166		Thereafter, the governing authority shall meet as an equalizing board to hear any and	
167		all complaints as to the special assessments on a basis of justice and right.	
168		These items occurred below.	
169	A.	Affidavit/Proof of Publication	
170		The affidavit of publication was included for informational purposes.	
171	B.	Mailed Notice to Property Owner(s)	
172		The Mailed Notice to property owners was included for informational purposes.	
173	C.	Presentation	of	Supplemental	Engineer’s	Report	for	Phase	2	Infrastructure	
174		Improvements (for informational purposes)	
175		The Supplemental Engineer’s Report for Phase 2 Infrastructure Improvements was	

176	included for informational purposes.
177	D.	Consideration of Master Special Assessment Methodology Report for Phase 2 (for
178	informational purposes)
179	The Master Special Assessment Methodology Report for Phase 2 was included for
180	informational purposes.
181

NORTH RIVER RANCH ISD	DRAFT	July 13, 2022

182
183
184
185
186	
187
188
189
190
191
192
193
194
195	
196
197
198	E.
199
200
201
202

On MOTION by Mr. Williams and seconded by Ms. Snow, with all in favor, the
Public Hearing was opened.	

Hear testimony from the affected property owners as to the propriety and advisability of making the improvements and funding them with special assessments on the property.
No members of the public spoke.

On MOTION by Mr. Williams and seconded by Ms. Snow, with all in favor, the
Public Hearing was closed.	

Thereafter, the governing authority shall meet as an equalizing board to hear any and all complaints as to the special assessments on a basis of justice and right.
The Board, sitting as the Equalizing Board, did not make any changes.
Consideration of Resolution 2022-15, Authorizing District Projects for Construction and/or Acquisition of Infrastructure Improvements; Equalizing, Approving, Confirming, and Levying Special Assessments on Property Specially Benefited 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 2020-191 Laws of Florida; Confirming the District's Intention to Issue
Special Assessment 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
Mr. Adams presented Resolution 2022-15.
210
211
212

	NORTH RIVER RANCH ISD	DRAFT	July 13, 2022	
213				
214				
215				
216				
217				
218				
219				
220				
221				
222				
223				
224				
225				
226				
227				
228	NINTH ORDER OF BUSINESS		Presentation of Audited Annual Financial	
229			Report for Fiscal Year Ended September 30,	
230			2021, Prepared by Berger, Toombs, Elam,	
231			Gaines & Frank [Fieldstone CDD]	
232				
233	Mr. Herman presented the Audited Annual Financial Report for the Fiscal Year Ended	
234	September 30, 2021. It was an unmodified opinion, otherwise known as a clean audit. The	
235	Management Letter, on Page 33, reflected a finding in that the actual expenditures in the	
236	General Fund exceeded the budget; the ISD’s response was that spending will be reviewed to	
237	ensure that expenditures do not exceed appropriations in the future.	
238		
239	TENTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-16,	
240	Accepting the Audited Annual Financial	

241
242
243
244
245

Mr. Adams presented Resolution 2022-16.

Report	for	the	Fiscal	Year	Ended September 30, 2021 [Fieldstone CDD]

On MOTION by Mr. Williams and seconded by Mr. Weidemiller, with all in favor, Resolution 2022-15, Authorizing District Projects for Construction and/or Acquisition of Infrastructure Improvements; Equalizing, Approving, Confirming, and Levying Special Assessments on Property Specially Benefited 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 2020-191 Laws of Florida; Confirming the District's Intention to Issue Special Assessment 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, was adopted.	

On MOTION by Mr. Williams and seconded by Ms. Snow, with all in favor, Resolution 2022-16, Accepting the Audited Annual Financial Report for the Fiscal Year Ended September 30, 2021 for the Fieldstone CDD, was adopted.	

246
247
248
249
250

	NORTH RIVER RANCH ISD	DRAFT	July 13, 2022	
251	ELEVENTH ORDER OF BUSINESS		Presentation of Audited Annual Financial	
252			Report for Fiscal Year Ended September 30,	
253			2021, Prepared by Berger, Toombs, Elam,	
254			Gaines & Frank [North River Ranch CDD]	
255				

Mr. Herman presented the Audited Annual Financial Report for the Fiscal Year Ended
September 30, 2021. There were no findings, irregularities or instances of noncompliance; it
was an unmodified opinion, otherwise known as a clean audit. 259
TWELFTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-17,
Accepting the Audited Annual Financial
Report	for	the	Fiscal	Year	Ended
September 30, 2021 [North River Ranch
CDD]
265
266	Mr. Adams presented Resolution 2022-17.
267

On MOTION by Mr. Williams and seconded by Mr. Weidemiller, with all in favor, Resolution 2022-17, Accepting the Audited Annual Financial Report for the Fiscal Year Ended September 30, 2021 for the North River Ranch CDD, was
adopted.	

268
269
270
271
272
273
With regard to former Fieldstone CDD, Mr. Herman noted that a separate letter was
sent from the Auditors to advise the Board that the Capital Projects Fund and the General Fund
had deficit fund balances. The consensus was the deficit was related to the timing of the

On MOTION by Mr. Williams and seconded by Ms. Snow, with all in favor, Resolution 2022-16, Accepting the Audited Annual Financial Report for the Fiscal Year Ended September 30, 2021 for the Fieldstone CDD, as amended to include the notations discussed, was adopted.	

Developer payment.

278		Mr. Williams stated he would amend his previous motion to accept with those notations	
279	made.		
280			
281			
282			
283			
284			
285			
286			

	NORTH RIVER RANCH ISD	DRAFT	July 13, 2022	
287	THIRTEENTH ORDER OF BUSINESS		Presentation of Audited Annual Financial	
288			Report for Fiscal Year Ended September 30,	
289			2021, Prepared by Berger, Toombs, Elam,	
290			Gaines & Frank [North River Ranch ISD]	
291				
Mr. Herman presented the Audited Annual Financial Report for the Fiscal Year Ended
September 30, 2021. There were no findings, irregularities or instances of noncompliance; it
was an unmodified opinion, otherwise known as a clean audit. He noted that a separate letter
was sent from the Auditors to advise the Board that the General Fund had a deficit fund
balance related to the timing of the Developer payment. 297
FOURTEENTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-18,
Accepting the Audited Annual Financial
Report	for	the	Fiscal	Year	Ended
September 30, 2021 [North River Ranch
ISD]
303
304	Mr. Adams presented Resolution 2022-18.
305

On MOTION by Mr. Williams and seconded by Ms. Snow, with all in favor, Resolution 2022-18, Accepting the Audited Annual Financial Report for the Fiscal Year Ended September 30, 2021 [North River Ranch ISD], was adopted.	

306
307
308
309
310
FIFTEENTH ORDER OF BUSINESS	Consideration	of	Stantec	Consulting
Services, Inc. Items
313
A.	Change Order No. 4 Under Specific Authorization No. 23 for Morgan’s Glen Phase 3 –
Design and Permitting Project
Mr. Engel presented Change Order No. 4.

On MOTION by Mr. Weidemiller and seconded by Mr. Williams, with all in favor, Change Order No. 4 Under Specific Authorization No. 23 for Morgan’s Glen Phase 3 – Design and Permitting Project, in the amount of $9,500, was approved.	

Mr. Richardson stated that Neal Communities is in agreement. 318
319
320
321
322
323

NORTH RIVER RANCH ISD	DRAFT	July 13, 2022

B.	Change Order 12 for SA-5 Grande Reserve Phase 1 – Civil Planning and Permitting
Mr. Engel presented Change Order No. 12 relating to cost overruns for the project. 326

327
328
329
330
331
332	C.
333
334
On MOTION by Mr. Weidemiller and seconded by Mr. Williams, with all in favor, Change Order 12 for SA-5 Grande Reserve Phase 1 – Civil Planning and Permitting, in the amount of $20,000, was approved.	

Letter of Recommendation of Award for Phases 4C, 4D, 4E & 4F – Mass Earthwork Project
Mr. Engel presented the Letter of Recommendation of Award for the mass earthwork

335

On MOTION by Mr. Williams and seconded by Mr. Leinaweaver, with all in favor, awarding the contract for the Phases 4C, 4D, 4E and 4F Mass Earthwork Project to RIPA & Associates, LLC, in the total bid amount of $8,000,000.80,
was approved.	

336

project related to Phases 4C, 4D, 4E and 4F.

On MOTION by Mr. Williams and seconded by Ms. Snow, with all in favor, RIPA & Associates, Inc., Change Order No. 1 for 1C Little River Way Sewer Repair, in the amount of $92,232.66, was approved.	

337		
338		
339		
340		
341		
342		
343	SIXTEENTH ORDER OF BUSINESS	Consideration of RIPA & Associates, Inc.,	
344		Change Order No. 1 for 1C Little River Way	
345		Sewer Repair	
346			
347	Mr. Engel presented RIPA & Associates, Inc.	(RIPA) Change Order No. 1 for 1C Little River	
348	Way Sewer Repair.		
349			
350			
351			
352			
353			
354			
355	SEVENTEENTH ORDER OF BUSINESS	Consideration of Woodruff & Sons, Inc.,	
356		Change Order No. 2 for Morgan Glen’s	
357		Phases IC & IIB	
358			
359	Mr. Engel presented Woodruff & Sons, Inc.,	Change Order No. 2.	
360			

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361					
362					
363					
364					
365					
366	EIGHTEENTH ORDER OF BUSINESS		Ratification of	Change Order No. 2 [Mike	
367	Armstrong Landscaping Inc.]	
368		
369	Mr. Engel presented Mike Armstrong Landscaping Inc., Change Order No. 2, which was	
370	reviewed and approved by the Landscape Architect.	
371						
372						
373						
374						
375						
376						
377	NINETEENTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-19,	

On MOTION by Mr. Williams and seconded by Mr. Weidemiller, with all in favor, Mike Armstrong Landscaping Inc., Change Order No. 2, in the amount of
$240,964.42, was approved.	

378
379
380
381
382
383
384
385

Mr. Adams presented Resolution 2022-19.

Designating Dates, Times and Locations for Regular Meetings of the Board of Supervisors of the District for Fiscal Year 2022/2023 and Providing for an Effective Date

On MOTION by Mr. Williams and seconded by Ms. Snow, with all in favor, Woodruff & Sons, Inc., Change Order No. 2 for Morgan Glen’s Phases IC and IIB, in the amount of $243.59, was approved.	

On MOTION by Mr. Weidemiller and seconded by Mr. Leinaweaver, with all in favor, Resolution 2022-19, Designating Dates, Times and Locations for Regular Meetings of the Board of Supervisors of the District for Fiscal Year 2022/2023 and Providing for an Effective Date, was adopted.	

386
387
388
389
390
391
392	TWENTIETH ORDER OF BUSINESS	Acceptance	of	Unaudited	Financial
393	Statements as of May 31, 2022
394

On MOTION by Mr. Williams and seconded by Mr. Weidemiller, with all in favor, the Unaudited Financial Statements as of May 31, 2022, were accepted.	

395	Mr. Adams presented the Unaudited Financial Statements as of May 31, 2022. 396
397
398
399

	NORTH RIVER RANCH ISD	DRAFT	July 13, 2022	
400	TWENTY-FIRST ORDER OF BUSINESS		Approval of June 8, 2022 Regular Meeting	
401			Minutes	
402				

On MOTION by Mr. Williams and seconded by Mr. Weidemiller, with all in favor, the June 8, 2022 Regular Meeting Minutes, as presented, were approved.	

403	Mr. Adams presented the June 8, 2022 Regular Meeting Minutes. 404
405
406
407
408
409
410	TWENTY-SECOND ORDER OF BUSINESS	Staff Reports
411
A.	District Counsel: Kutak Rock LLP
Mr. Johnson stated he would provide ongoing updates regarding financing. He expected
to have information about some of the construction settlements soon.
B.	District Engineer: Stantec
Mr. Engel stated the Stormwater Management Needs Analysis Report was submitted to
the County on June 30, 2020 and acknowledgment of receipt was received.
C.	Lifestyle Director: Faith Santoro

On MOTION by Mr. Weidemiller and seconded by Mr. Blakley, with all in favor,
the June 2022 Monthly Amenities Summary Report, was approved.	

Ms. Santoro presented the June 2022 Monthly Amenities Summary Report. 420
421
422
423
424
425	D.	District Manager: Wrathell, Hunt and Associates, LLC
426		NEXT MEETING DATE: August 10, 2022 at 1:00 P.M.
427	o	QUORUM CHECK
428	The next meeting will be held on August 17, 2022, rather than August 10, 2022.
429
430	TWENTY-THIRD ORDER OF BUSINESS	Board Members’ Comments/Requests
431
432	There were no Board Members’ comments or requests. 433

NORTH RIVER RANCH ISD	DRAFT	July 13, 2022

434	TWENTY-FOURTH ORDER OF BUSINESS	Public	Comments:	Non-Agenda	Items
435	(limited to 3 minutes per individual)
436
437	No members of the public spoke. 438
439	TWENTY-FIFTH ORDER OF BUSINESS	Adjournment
440

On MOTION by Mr. Williams and seconded by Mr. Blakley, with all in favor, the meeting adjourned at 2:05 p.m.	

441
442
443
444
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447
448	[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

NORTH RIVER RANCH ISD	DRAFT	July 13, 2022

449		
450		
451		
452	 		 		
453	Secretary/Assistant Secretary	Chair/Vice Chair	

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

13C

Q

ARCH AMENITIES GROUP
From the experts at
WTS International,LifeStart and Meet Hospitality

Monthly Summary Report
July 2022
Submitted by:
Faith Santoro, Director of Fun Alex Murphy, Regional Director

PROGRAMMING

PROGRAM	DATE	ATTENDANCE	
Fourth of July Pool Party	7/4/22	
125	
Story & Snack Time	7/5 – 7/26/22	2	
Happy Camper Lacrosse Program	7/5 - 7/19/22	9	
Resident Orientation	7/7/22	0	
Adult Kickball	7/7 – 7/28/22	Attendance due to weather issues
0	
Open Office	7/14 - 7/30/22	2	
Food Truck Friday	7/15/22	10	
Indoor Movie Night	7/16/22	0	
Adult Mix & Mingle	7/22/22	0	
Tie Dye Fun	7/23/22	7	
Ladies Night Out - BUNCO	7/27/22	6	

FACILITY OPERATIONS & MAINTENANCE

ITEM	STATUS	CONCLUSION	
Amenity Ceiling Fans	COMPLETED	All fans working properly	
Bike Share Program	COMPLETED	All bikes working and parts replaced	
Amenity Fire Extinguishers	COMPLETED	Have been serviced and are up to date	
Chemical Controller for NRR Amenity Pools	COMPLETED	Has been installed in both Amenity Pools	
Brightwood Pavilion Outdoor Table	COMPLETED	The table top has been replaced	
Playground Equipment	IN PROGRESS	Currently looking to establish a vendor for service &
maintenance	
Amenity Restroom Garbage Cans	IN PROGRESS	Pricing out options	
Surveillance Cameras	IN PROGRESS	Need to order cameras for more coverage	
Amenity Game Room Repairs	IN PROGRESS	Television and Ping Pong Table to be repaired	
Brightwood Fire Pits	IN PROGRESS	One firepit is working, one firepit still needs serviced	
Sanitizer Stations & Riverfield Soap Dispensers	IN PROGRESS	Researching SS options	

FINANCIAL
North River Ranch Director of Fun expenses for July activities are listed below, as well as operational items.

ACTIVITY DESCRIPTION	ACTUAL COST	
Fourth of July Pool Party	Vendor Pop Craft Pops	$411	
Indoor Movie Night	$0	
Adult Mix & Mingle	$23	
Tie Dye Fun	$87	
Ladies Night Out – BUNCO	$17	

OPERATIONAL ITEMS	ACTUAL COST	
Vumber Account – phone service	$9.95	
Amazon purchases for Lifestyle Activities	$83.73	
Misc. Vendors	$0	

FORECAST

DESCRIPTION OF UPCOMING PROGRAM OR EVENT	
DATE(S)	
STATUS	
Story & Snack Time	8/2 – 8/30/22	On Schedule	
Open Office	8/2 – 8/27/22	On Schedule	
Adult Kickball	8/4 – 8/25/22	On Schedule	
NRR Summer Learning Fun	8/5/22	On Schedule	
Resident Orientation	8/20/22	On Schedule	
HOA Town Hall – Zoom Conference	8/23/22	On Schedule	
Food Truck Friday	8/26/22	On Schedule	
Gift Card Family Bingo	8/27/22	On Schedule	
Ladies Night Out	8/31/22	On Schedule	

CURRENT ACTION ITEMS	
WHO WILL DO THIS?	
STATUS	
Promote Resident Orientation	Faith	Ongoing	
Establish an NRR App	Janice/Alex/Faith	Moved to 2023 Budget	
Implement Mindbody POS System	Alex/Faith	Approved and In
Process	
Actively Recruit for swim instructor, yoga instructor	Alex/Faith	Ongoing	
Purchase an Outdoor Movie System	Alex/Faith	Moved to 2023 Budget	

SUMMARY OF FUTURE CONSIDERATIONS

FUTURE CONSIDERATIONS		
Amenity Coverage	Coverage for employee weekends, vacations, etc., ideally one person at each
Amenity Building	
Emergency Protocols	Develop a process to follow when staff are not on-site during emergency situations	
Resident Vendors	Setting up their business on property for profit	
Brightwood Pavilion Playground	Mulch replenishment will be needed at least once a year/equipment serviced
quarterly for safety	
Security Cameras	Need to establish enough cameras to cover all appropriate areas around and inside
the Amenity Facilities	

THANK YOU.

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

13D

North River Ranch Improvement Stewardship District	
	
BOARD OF SUPERVISORS FISCAL YEAR 2021/2022 MEETING SCHEDULE	
	
LOCATION
8141 Lakewood Main Street, Bradenton, Florida 34202	
	
DATE	POTENTIAL DISCUSSION/FOCUS	TIME	
			
October 13, 2021	Regular Meeting	1:30 PM	
			
November 10, 2021	Regular Meeting	2:00 PM	
			
December 8, 2021	Regular Meeting	1:30 PM	
			
January 12, 2022	Regular Meeting	1:30 PM	
			
February 9, 2022	Regular Meeting	1:30 PM	
			
March 9, 2022	Regular Meeting	1:30 PM	
			
April 13, 2022	Regular Meeting	1:30 PM	
			
May 11, 2022	Regular Meeting	1:30 PM	
			
May 24, 2022	Continued Meeting	12:30 PM	
			
June 8, 2022	Regular Meeting	1:30 PM	
			
July 13, 2022	Regular Meeting	1:00 PM	
			
August 10, 2022
rescheduled to August 17, 2022	Regular Meeting	1:00 PM	
			
August 17, 2022	Public Hearing & Regular Meeting	1:00 PM	
			
September 14, 2022	Regular Meeting	1:00 PM