NORTH RIVER
RANCH
Improvement Stewardship District
September 14, 2022
Regular Meeting Agenda

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP 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

September 7, 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 a Regular Meeting on September 14, 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)

Consideration of Clearview Land Design, P.L., Proposal to Perform Engineering Design and Permitting Services on Phase IV-F Project

Ratification of Stantec Consulting Services, Inc., Memo Regarding Phases 4C, 4D, 4E & 4F Mass Earthwork Project Placed on Permanent Hold

Consideration of Stantec Consulting Services, Inc., Work Authorization No. 3 [Morgan’s Glen Phase 1C & 2B – Utility and Drainage Record Drawing Services]

Consideration of Woodruff & Sons, Inc. Change Order No. 3 [Morgan’s Glen Phases IC &
IIB]

Ratify 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 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

Board of Supervisors
North River Ranch Improvement Stewardship District September 14, 2022, Regular Meeting Agenda
Page 2

Acceptance of Unaudited Financial Statements as of July 31, 2022

Approval of August 17, 2022 Public Hearings 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: October 12, 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

3

August 18, 2022

North River Ranch Improvement Stewardship District
c/o: Wrathell, Hunt and Associates, LLC
2300 Glades Road, Suite 410W Boca Raton, Florida 33431 Phone: (561) 571-0010
Attn: Chuck Adams

RE:	North River Ranch Phase IV-F – 235 Lots

Dear Mr. Panaseny:

Submitted herein is a proposal to perform engineering design and permitting services on the above referenced project. Our work shall be in accordance with applicable governmental regulations, including, but not limited to, the Manatee County Land Development Regulations, the Florida Department of Environmental Protection (DEP), and the Southwest Florida Water Management District (SWFWMD).

PROJECT DESCRIPTION:

This project will consist of design & permitting Phases IV-F (235+/- lots). The project is located west of Fort Hamer Road and south of the future North River Ranch Trail with access through the existing phases. The project is generally located on property owned by Haval Farms, LLC.

PROJECT ASSUMPTIONS:

The project will be designed and permitted in set of construction plans with two construction/plat phases.

The CDD will contract with additional consultants as required. Including but not limited to the following:
Survey
Environmental Services
Geotechnical Engineering Services.
Landscape, Hardscape & Irrigation Services
Traffic Engineering
SUE (if needed)

This proposal excludes any off-site roadway and/or Fort Hamer intersection improvements. Any required intersection improvements on Fort Hamer shall be under separate contract.

This proposal excludes any off-site utility extensions. This proposal assumes the utilities available in Fort Hamer or any other off-site utility extensions needed to serve these units will be sufficient or designed by others.

UPDATE MASTER UTILITY PLANS:

Coordinate with Manatee County Utilities to update the Master Utility Plans (MUP’s):

Potable Water:	Update the Master Water Plan and process through MCU. This contract excludes any detailed WaterCAD modeling.
Wastewater: Update the Master Wastewater Plan and process through MCU. This contract excludes any detailed wastewater and/or pump station analysis.
Reclaimed: Update the Master Reclaimed Water Plan and process through MCU. This contract excludes any hydraulic modeling.

Consult with the Client as needed in conjunction with Plans and Submittals.

Meet with Staff reviewers as needed for submittals and responses through to final approvals.

This contract assumes MCU will accept a simple graphic revision to the Master Utility Plans without any revised hydraulic modeling and/or detailed wastewater analysis.

FINAL SITE PLAN, DESIGN & PERMITTING SERVICES:

MANATEE PRELIMINARY SITE PLAN/FINAL SITE PLAN, CONSTRUCTION PLAN, SWFWMD
MANATEE SIMULTANEOUS SUBMITTAL (PSP/FSP & CP)

Prepare grading and drainage plans, including street sections and necessary details, and process for approval by the Manatee County Building and Development Services Department.

Prepare flexible pavement calculations as required by Manatee County Land Development regulations.

Prepare a SWFWMD Environmental Resource Permit application package and submit to SWFWMD for approval.

Prepare Manatee County Final Site Plans with details to be processed through Manatee County for approval as a simultaneous submittal.

Prepare on-site sewage collection system plans, including a pump station, and necessary details and process for approval by the Manatee County Building and Development Services Department and the State of Florida Department of Environmental Protection.

Prepare on-site water distribution system plans, including necessary details and process for approval by the Manatee County Building and Development Services Department and the Florida Department of Health and Rehabilitative Services.

Supply appropriate prints to Florida Power & Light (FPL), Frontier Communications and TECO-Peoples Gas Company, to aid in their distribution system design.

Coordinate and attend a pre-construction meeting with Client, contractor and other necessary consultants and utility representatives.

Consult, as required, with Client and governmental agencies in connection with the above listed services, including follow-up on submittals to governmental agencies to secure necessary approvals.

LANDSCAPE/HARDSCAPE COORDINATION:
IF LANDSCAPE CONSULTANT OTHER THAN CLEARVIEW IS SELECTED

Coordinate landscape/hardscape details with the project Landscape Architect and provide assistance with preparation of final landscape plans to be processed through Manatee County for approval.

REVISIONS/MISC. (IF REQUIRED):

The following revisions will be performed on an hourly basis at prevailing hourly rates, after verbal authorization by Client, so the project scheduling and permitting will not be interrupted as the result of Work Order preparation/execution. Generally, the cost of each individual revision may be quoted.

Revisions covered may include:
Revisions requested by the Client, including, but not limited to, revisions resulting from aesthetic considerations, parcel configuration changes or parcel related revisions, market driven revisions, fill requirements, revisions to the site plan, etc.

Revisions required by reviewing agencies and as approved by Client, resulting from evolving standards or standards not found in the application technical/regulation manuals at the time of design and not specified in pre-design meetings, or resulting from a reviewing agency not accepting a design element agreed to by Client during the design stage.
WORK SPECIFICALLY EXCLUDED FROM THIS CONTRACT:
Any work not specifically included in this contract shall be presumed extra to this contract.
Landscape/Hardscape/Irrigation Design & Permitting Services
Zoning Modifications
FEMA LOMR’s
Traffic studies
Structural Engineering
Environmental Engineering
Wetland setback encroachment variances or waivers.
Request for waivers from Manatee Land Development Code.
In the event the Client or contractor desires changes to the approved plans or specifications, all work connected therewith is extra to this contract.
Determination, report and/or permitting of invasive plant species.
Wetland survey or re-establishment of the SWFWMD/EPC line, if DEP does not accept the approved SWFWMD/EPC lines.
Offsite Improvements along Fort Hamer, Moccasin Wallow Roads and extensions to North River Ranch Trail.

FEE SUMMARY:

Description	Job No.	Billing Type	Amount	
Update Master Utility Plan	CDD-NR-053	Lump Sum	$15,000.00	
Design/Permitting	CDD-NR-054	Lump Sum	$223,250.00	
Landscape/Hardscape Coordination	CDD-NR-055	Hourly NTE	$15,000.00	
Revisions/Misc.	CDD-NR-056	Hourly NTE	$10,000.00	

All work herein is subject to the conditions described in Attachment “A” attached herewith and made a part of this “Authorization for Work”.

If the foregoing meets with your approval, please execute the acceptance below and return one copy for our files. We certainly look forward to working with you on this project and trust you will find our services
satisfactory.		
Sincerely,	ACCEPTANCE:	
Clearview Land Design, P.L.	North River Ranch Improvement	
	Stewardship District	

By:		 Title:	
Christopher Fisher, P.E.	Date:	 Project Manager
CMF

cc:	Mary Robin Thiele File
P:\North River Ranch\Master Plan\Contracts\Drafted\2022.08.18 CDD-NR-053-056 NRR IV-F 235 Lots Design & Permitting.doc

ATTACHMENT “A”

In addition to the fees in this Work Order, we charge all out-of-pocket expenses such as printing, photocopying, long distance telephone calls and postage. These expenses will be charged to you at our cost. Consultant Fees and permit fees, (if necessary), etc. will be charged at our cost plus 15%. Client shall pay the following items in advance: (a) all review/permit fees required by governmental agencies, and (b) any fees or other charges to be imposed upon Clearview Land Design, P.L., by its insurance carriers in excess of those necessary to obtain a standard certificate of insurance (including, without limitation, for earmarking of policy coverage to the project or for a waiver of subrogation). In the event such items are paid by Clearview Land Design, P.L. fees shall be reimbursed by Client in addition to the contract prices stated herein.

Any work requested which is not included in the stated fees shall be performed only after the execution of an “Authorization for Work” form. Fees for the additional work shall be at the rates prevailing at the time of the additional service.

Work will be billed at the end of each month under the terms of this Work Order, and we shall expect payment by the tenth of the following month. Client shall pay the invoice and statement in accordance with the terms of this Work Order and the terms of said statement and invoice. If Client fails to make any payment due Clearview Land Design, P.L. for services within 30 days of the invoice date, the amount(s) due shall include an interest charge at the rate of 1 ½ percent per month for the thirtieth day.

Additionally, notwithstanding any other terms or conditions herein to the contrary, it is expressly understood and agreed that Clearview Land Design, P.L., at its sole discretion, shall have the right to cease work on the project and withhold all information and documents concerning the project in the event until any amounts then due have been outstanding for more than 30 days from the date of the invoice. It is further agreed that Client shall hold Clearview Land Design, P.L. harmless for any and all damages resulting from ceasing work and/or withholding information or documents concerning the project.

All rates and fees are subject to renegotiation after a one month period from the date of this Work Order if it has not been accepted.

Unless otherwise agreed to in this contract, all sketches, tracings, drawings, computations, details, design calculations, permits, and other documents and plans prepared by Clearview Land Design, P.L., pursuant to this contract are instruments of service and are the property of Clearview Land Design,
P.L. Client may not use or modify such documents on other projects or extensions of this project without the prior written approval of Clearview Land Design, P.L. Notwithstanding any provision in this contract to the contrary, in the event of a default by Client (including, without limitation, any failure to pay amounts due within 30 days of invoice date), Clearview Land Design, P.L., shall be entitled to exclusive ownership and possession of any and all documents prepared pursuant to this contract.

In the event this contract is terminated prior to completion, Clearview Land Design, P.L. shall be entitled to payment for services performed as of the date of termination, plus out-of-pocket expenses.

Client shall indemnify, defend and hold harmless Clearview Land Design, P.L., from and against any claims, liability, damages, penalties and/or costs (including, without limitation, reasonable attorney’s fees and expenses) Clearview Land Design, P.L., may incur as a result of claims in any form by third parties (including, without limitation, governmental agencies and departments) relating to or arising out of this contract, except to the extent such claims arise from the gross negligence or intentional misconduct of Clearview Land Design, P.L.

Your acceptance of this proposal shall constitute a contract between the Client and Clearview Land Design, P.L.

The prevailing party in any litigation between the parties relating to or arising out of this contract (including, without limitation, trial, appellate and
bankruptcy proceedings) shall recover its reasonable attorney’s fees and costs from the non-prevailing party.

Opinions of probable construction costs provided by Clearview Land Design, P.L. represent our best judgment but do not constitute a guarantee since we have no control over contractor pricing.

The scope of services does not include site investigations or other engineering evaluations to determine the presence or extent of hazardous wastes or soil and groundwater contamination. Clearview Land Design, P.L. accepts no responsibility or liability in this regard.

Client acknowledges that the work described herein will constitute a lien against the property. The signature on this Work Order authorizes the work herein described and does so on behalf of the owner in question and warrants that he has the authority to sign this agreement on behalf of the Owner. In the event improvements are dedicated to public use or otherwise alienated by the Owner, then Clearview Land Design, P.L. shall be entitled to a lien on all property abutting said improvements.

Limitation of Liability
To the maximum extent permitted by law, CLEARVIEW LAND DESIGN, P.L.’s liability for CLIENT’s damages will not exceed the compensation received by CLEARVIEW LAND DESIGN, P.L. under this Agreement. CLEARVIEW LAND DESIGN, P.L. is not responsible for the duties and responsibilities that belong to the borrower(s), developer(s), construction contractor(s), designer(s), testing laboratories, full-time inspector(s), or other parties associated with the Project (currently, in the past or in the future) not in the employ of or a subcontractor to CLEARVIEW LAND DESIGN, P.L. The limitations of liability and indemnities will apply whether CLEARVIEW LAND DESIGN, P.L.’s liability arises under breach of contract or warranty; tort; including negligence (but not sole negligence); strict liability; statutory liability; or any other causes of action; and shall apply to CLEARVIEW LAND DESIGN, P.L.’s officers, employees, and subcontractors. Due to the inherent risk involved in the type of work in this agreement, at the Client’s discretion, and upon payment of an additional fee to be negotiated, CLEARVIEW LAND DESIGN, P.L. ‘s liability for the work can be increased.

The Client agrees to extend any and all liability limitation and indemnification provided by the Client to the Clearview Land Design , P.L. to those individuals and entities that Clearview Land Design , P.L retains for performance of the services

under this Agreement, including but limited to the Clearview Land Design , P.L’s current or former officers and employees and their heirs and assigns.

PURSUANT TO SECTION 558.0035 FLORIDA STATUTES, THE CONSULTANT’S CORPORATION IS THE RESPONSIBLE PARTY FOR THE PROFESSIONAL SERVICES IT AGREES TO PROVIDE UNDER THIS AGREEMENT. NO INDIVIDUAL PROFESSIONAL EMPLOYEE, AGENT, DIRECTOR, OFFICER OR PRINCIPAL MAY BE INDIVIDUALLY LIABLE FOR NEGLIGENCE ARISING OUT OF THIS CONTRACT.

Revised 09/29/15

2022 Fee Schedule Effective 4/15/22	

Description - Employee Type	2022
Hourly Rate	
Principal	$	250.00	
Senior Professional Engineer	$	210.00	
Professional Engineer	$	185.00	
Design Engineer	$	175.00	
Senior Field Engineer	$	150.00	
Field Engineer	$	125.00	
Senior Landscape Architect	$	205.00	
Landscape Architect	$	170.00	
Senior Environmental Scientist	$	205.00	
Environmental Scientist	$	125.00	
Entitlement Planner	$	195.00	
Senior Professional Surveyor & Mapper	$	175.00	
GIS Specialist	$	175.00	
Senior CADD Designer	$	155.00	
CADD Designer	$	140.00	
Senior Project Coordinator	$	155.00	
Project Coordinator	$	135.00	
Graphic Designer	$	130.00	
Project CPA	$	190.00	
Administrative Assistant	$	85.00	

P:\Company\Contract Attachments\Copy of 2022.04.15 Billing Rate Table (003).xlsx	Page 1

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

4

To:	John L. Flinn, Jr., VP	From:	Robert A. Engel, PE, Sr Principal	
	RIPA & Associates 1409 Tech Blvd., Ste 1
Tampa, FL 33619		Stantec Consulting Services Inc. 6920 Professional Parkway
Sarasota, FL 34240	
File:	215616746	Date:	September 6, 2022	

Reference: North River Ranch Phases 4c, 4D, 4E, & 4F Mass Earthwork

Memo

Please be advised that due to various circumstances and changing priorities, the subject project has been placed on permanent hold.

Stantec Consulting Services Inc.

Robert A. Engel, PE
Senior Principal

Phone: 941 907 6900
Rob.engel@stantec.com

c. Chuck Adams, Wrathall & Associates for North River Ranch Improvement Stewardship District Tom Panaseny, Neal Land & Neighborhoods
Andy Richardson, Neal Land & Neighborhoods

vj  v:\2156\active\215616746\admin\documents\final_document\misc\mem_j-flinn_ripa_nrr-4-c-d-e-f_mass-earthwork_project-hold_rae_20220906.docx

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

5

August 22, 2022

Stantec Consulting Services Inc.
6920 Professional Parkway
Sarasota FL 34240-8414
Tel: (941) 907-6900
Fax: (941) 907-6910

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:  Work Authorization No. 3
Professional Services Proposal for North River Ranch Improvement Stewardship District Morgan’s Glen Phase 1C & 2B – Utility and Drainage Record Drawing Services

Dear Mr. Adams:

Stantec has prepared a scope and fee proposal for the subject project. The project comprises providing Utility and Drainage Record Drawing Services for Morgan’s Glen Phase 1C and 2B in Manatee County, FL. These services will begin upon receipt of executed agreement and notice to proceed.

This SA is attached to and made a part of the General Provisions attached to Agreement made between North River Ranch Improvement Stewardship 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.
Task 210 – Record Drawing Sets for Utility and Drainage for Morgan’s Glen Phase 1C
Stantec will prepare complete Drainage Record Drawings and Utility Record Drawings for Phase 1C utilizing as-built data provided by the contractor’s surveyor. These record drawings will comply with Manatee County and SWFWMD record drawing standards. This task will include necessary coordination with the Morgan’s Glen contractor’s surveyor and Stantec. The contractor’s surveyor of record shall sign and seal our record sets to be issued to the County for approval. The complete approved record drawings will be used with the multiple certification submittals.
Task 220 – Record Drawing Sets for Utility and Drainage for Morgan’s Glen Phase 2B
Stantec will prepare complete Drainage Record Drawings and Utility Record Drawings for Phase 2B utilizing as-built data provided by the contractor’s surveyor. These record drawings will comply with Manatee County and SWFWMD record drawing standards. This task will include necessary coordination with the Morgan’s Glen contractor’s surveyor and Stantec. The contractor’s surveyor of record shall sign and seal our record sets to be issued to the county for approval. The complete approved record drawings will be used with the multiple certification submittals.

WA-3 to General Provisions Attached to Agreement for Services Between
Owner and Engineer dated May 12, 2021 Page 2 of 4

SERVICES NOT INCLUDED UNDER FIXED FEE TASKS
The following services may be provided on a T/M basis at the Client’s request:
Survey field locations and site visits
Task 950 - Project Expenses
Expenses and labor costs for copying and transmittal of electronic files, blueprinting, reproduction services, color graphics, local deliveries, and overnight express delivery services shall be payable under this task.

These services will be performed as outlined below 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	
210	Record Drawings Phase 1C	Fixed	$ 10,400	
220	Record Drawings Phase 2B	Fixed	$  6,200	
950	Project Expenses	T/M*	(est.) $	500	
Total	$ 17,100	
* 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).

WA-3 to General Provisions Attached to Agreement for Services Between
Owner and Engineer dated May 12, 2021 Page 3 of 4

If this proposal is acceptable to you, please sign in the space provided and return to our office. Should you have any questions regarding this matter, please contact our office.

Sincerely,

Stantec Consulting Services Inc.

David Guagliardo Project Manager, Survey

Robert A. Engel, P.E.
District Engineer/ Senior Principal

Tel: (941) 907-6900	Tel: (941) 907-6900
E-Mail: dave.guagliardo@stantec.com	E-Mail: rob.engel@stantec.com

Enclosure:	Schedule of Fees

WA-3 to General Provisions Attached to Agreement for Services Between
Owner and Engineer dated May 12, 2021 Page 4 of 4

ACCEPTANCE AND AUTHORIZATION TO PROCEED

If this Specific Authorization satisfactorily sets forth Client's entire understanding of the agreement, please sign in the space provided and return it to Stantec Consulting Services Inc. as authorization to proceed with the work.

I HEREBY AUTHORIZE the performance of the services as described herein and agree to pay the charges resulting thereby as identified above in accordance with the Master Services Agreement between North River Ranch Improvement Stewardship District and Stantec Consulting Services Inc. and agree hereto and that it be made a part of the Agreement made between North River Ranch Improvement Stewardship District and Stantec Consulting Services Inc. for Professional Engineering Services. I warrant and represent that I am authorized to enter into this Agreement on behalf of North River Ranch Improvement Stewardship District.

Authorized Signature	Title

Representing	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

6

Change Order
No. 	3	

Date of Issuance:  September 1, 2022	  Effective Date:  September 14, 2022	

Project: Morgan’s Glen Phases IC & IIB	Owner: North River Ranch Improvement Stewardship District	Owner's Contract No.:	
Contract: $2,449,975.87	Date of Contract: 9/23/2021	
Contractor: Woodruff & Sons, Inc.	Engineer's Project No.: 215616746/
215614811	

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

Description:

June and July fuel surcharges.

Attachments: (List documents supporting change):

Woodruff Change Order Requests dated 8/15/22 and 8/12/22.

	CHANGE IN CONTRACT PRICE:	 	CHANGE IN CONTRACT TIMES:	
Original Contract Price:	Original Contract Times:  Working days	 Calendar days Substantial completion (days or date):  IIB-150/ IC-180 Days	
$ 2,449,875.87		Ready for final payment (days or date):  IIB-180/ IC-210 Days	

[Increase] [Decrease] from previously approved Change [Increase] [Decrease] from previously approved Change Orders Orders No.	1	 to No.	2	:	No.	1	 to No.	2	:
Substantial completion (days or date):  IIB-4 Days/ IC-4 Days	
$	99,953.18		Ready for final payment (days): 	IIB-184/ IC-4 Days	

Contract Price prior to this Change Order:	Contract Times prior to this Change Order:
Substantial completion (days or date):  IIB-150/ IC-184 Days	
$ 2,549,829.05		Ready for final payment (days or date):  IIB-180/ IC-214 Days	

[Increase] [Decrease] of this Change Order:	[Increase] [Decrease] of this Change Order:
Substantial completion (days or date): 	
$	6,846.12		Ready for final payment (days or date): 	

Contract Price incorporating this Change Order:	Contract Times with all approved Change Orders:
Substantial completion (days or date):  IIB-154/ IC-184 Days	
$ 2,556,675.17		Ready for final payment (days or date):  IIB-184/ IC-214 Days	

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\215614811\civil\construction_phase_documents\change_orders\Phases  1C-2B\received\con_morgans-glen-1c-2b_co-3_6846-12_june-july-fuel_woodruff_20220901.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.

WOODRUFF & SONS, INC - Change Order Request
P.O. Box 10127, Bradenton, Florida 34282-0127 ~ T# 941.756.1871 ~ F# 941.755.1379 ~ www.woodruffandsons.com

NAME		OF	JOB:  Morgan's Glen Phases IC, 2B		JOB/WORK ORDER NO: JOB	LOCATION:  Parrish, FL		DATE:
NATURE OF JOB:  This is the June fuel surchage that was finished late in July due to our holiday break		REFERENCE NO:
		W&S INVOICE NO:

BILL TO:	A/R C#  Andy Richardson		ORDERED BY: COMPANY:  Fieldstone Community Development District		TAX LOCATION: ADDRESS:  12051 Corporate Blvd., Orlando, FL. 32817		TAX PERCENTAGE:	

	2758 
	Aug 15, 2022
June Surcharge	

		Manatee
	7.00%	
DATE	WORKSHEET	TICKET #	QTY	UNITS	DESCRIPTION OF WORK	UNIT $	EXTENSION $	
			1.00	LS	June Fuel Surcharge	$4,996.58	$4,996.58	
DOCUMENTATION FOR CHANGE ORDER	TOTAL	$4,996.58	

2758_Morgan's Glen 1C-2A_Fuel Surcharge_June worksheet - Pgs. 1 of 1

92.30

95.40

213.30

JOB # : 2756
NAME OF JOB : MORGAN'S GLEN PHASES IB AND IIIB
MONTH : Jun-22

$5.539

$5.703

$5.718

$5.810

$5.783

SOURCE : https://www.eia.gov/petroleum/gasdiesel/ 

$4.055

STARTING AVG. $

WEEK OF	WEEK AVG. $	
6/1/2022		
6/6/2022		
6/13/2022		
6/20/2022		
6/27/2022		

EQUIPMENT FUEL CONSUMPTION

DATE	GALLONS	SURCHARGE	TOTAL
SURCHARGE	
6/1/2022		$1.484	$136.97	
6/2/2022		$1.484	$141.57	
6/3/2022		$1.484	$316.54	
6/4/2022		$1.484	$0.00	
6/5/2022		$1.484	$0.00	
		$1.484	$0.00	
		$1.484	$0.00	
Week Total	401.00	$1.484	$595.08	
6/6/2022	79.80	$1.648	$131.51	
6/7/2022	93.00	$1.648	$153.26	
6/8/2022	125.90	$1.648	$207.48	
6/9/2022	195.20	$1.648	$321.69	
6/10/2022	91.70	$1.648	$151.12	
6/11/2022		$1.648	$0.00	
6/12/2022		$1.648	$0.00	
Week Total	585.60	$1.648	$965.07	
6/13/2022	136.50	$1.663	$227.00	
6/14/2022	154.00	$1.663	$256.10	
6/15/2022	84.00	$1.663	$139.69	
6/16/2022	175.40	$1.663	$291.69	
6/17/2022	151.40	$1.663	$251.78	
6/18/2022		$1.663	$0.00	
6/19/2022		$1.663	$0.00	
Week Total	701.30	$1.663	$1,166.26	
6/20/2022	196.40	$1.755	$344.68	
6/21/2022	131.80	$1.755	$231.31	
6/22/2022	166.30	$1.755	$291.86	
6/23/2022	81.30	$1.755	$142.68	
6/24/2022	143.00	$1.755	$250.97	
6/25/2022		$1.755	$0.00	
6/26/2022		$1.755	$0.00	
Week Total	718.80	$1.755	$1,261.49	
6/27/2022	70.90	$1.728	$122.52	
6/28/2022	87.00	$1.728	$150.34	
6/29/2022	41.50	$1.728	$71.71	
6/30/2022	124.90	$1.728	$215.83	
		$1.728	$0.00	
		$1.728	$0.00	
Week Total	324.30	$1.728	$560.39	

TOTAL	2,731.00		$4,548.30	

INDIVIDUAL DUMP TRUCK CONSUMPTION

DATE	
TOTAL FUEL USED	TOTAL HOURS WORKED	
HOURS ON JOB	FUEL CONSUMPTION
(GAL.)	
SURCHARGE	
TOTAL SURCHARGE	
6/1/2022							
TRUCK #1	60.00	3.50	2.50	42.86	$1.484	$63.60	
TRUCK #2					$1.484		
TRUCK #3					$1.484		
6/2/2022							
TRUCK #1					$1.484		
TRUCK #2					$1.484		
TRUCK #3					$1.484		
6/3/2022							
TRUCK #1					$1.484		
TRUCK #2					$1.484		
TRUCK #3					$1.484		
							
TRUCK #1					$1.484		
TRUCK #2					$1.484		
TRUCK #3					$1.484		
							
TRUCK #1					$1.484		
TRUCK #2					$1.484		
TRUCK #3					$1.484		
							
TRUCK #1					$1.484		
TRUCK #2					$1.484		
TRUCK #3					$1.484		
Week Total				42.86	$1.484	$63.60	
6/6/2022							
TRUCK #1					$1.648		
TRUCK #2					$1.648		
TRUCK #3					$1.648		
TRUCK #4					$1.648		
6/7/2022							
TRUCK #1					$1.648		
TRUCK #2					$1.648		
TRUCK #3					$1.648		
6/8/2022							
TRUCK #1					$1.648		
TRUCK #2					$1.648		
TRUCK #3					$1.648		
6/9/2022							
TRUCK #1	24.89	7.25	2.25	7.72	$1.648	$12.73	
TRUCK #2					$1.648		
TRUCK #3					$1.648		
6/10/2022							
TRUCK #1					$1.648		
TRUCK #2					$1.648		
TRUCK #3					$1.648		
Week Total		7.72	$1.648	$12.73	
6/13/2022							
TRUCK #1	47.00	9.25	0.50	2.54	$1.663	$4.22	
TRUCK #2	34.00	3.00	3.00	34.00	$1.663	$56.54	
TRUCK #3	46.00	10.00	4.00	18.40	$1.663	$30.60	
TRUCK #4	50.00	10.25	4.25	20.73	$1.663	$34.48	
6/14/2022							
TRUCK #1	26.00	10.00	1.50	3.90	$1.663	$6.49	
TRUCK #2	83.00	10.50	3.50	27.67	$1.663	$46.01	
TRUCK #3	38.44	8.50	3.25	14.70	$1.663	$24.44	
TRUCK #4	44.00	10.00	1.25	5.50	$1.663	$9.15	
TRUCK #5	52.00	9.50	6.25	34.21	$1.663	$56.89	
6/15/2022							
TRUCK #1					$1.663		
TRUCK #2					$1.663		
TRUCK #3					$1.663		
6/16/2022							
TRUCK #1	14.00	6.00	6.00	14.00	$1.663	$23.28	
TRUCK #2					$1.663		
TRUCK #3					$1.663		
6/17/2022							
TRUCK #1					$1.663		
TRUCK #2					$1.663		
TRUCK #3					$1.663		
Week Total		175.65	$1.663	$292.10	

6/20/2022							
TRUCK #1	37.00	9.00	3.00	12.33	$1.755	$21.65	
TRUCK #2					$1.755		
TRUCK #3					$1.755		
6/21/2022							
TRUCK #1					$1.755		
TRUCK #2					$1.755		
TRUCK #3					$1.755		
6/22/2022							
TRUCK #1	13.00	7.50	7.50	13.00	$1.755	$22.82	
TRUCK #2	27.56	8.25	2.50	8.35	$1.755	$14.66	
TRUCK #3					$1.755		
6/23/2022							
TRUCK #1					$1.755		
TRUCK #2					$1.755		
TRUCK #3					$1.755		
6/24/2022							
TRUCK #1					$1.755		
TRUCK #2					$1.755		
TRUCK #3					$1.755		
Week Total		33.68	$1.755	$59.12	
6/27/2022							
TRUCK #1					$1.728		
TRUCK #2					$1.728		
TRUCK #3					$1.728		
6/28/2022							
TRUCK #1					$1.728		
TRUCK #2					$1.728		
TRUCK #3					$1.728		
6/29/2022							
TRUCK #1					$1.728		
TRUCK #2					$1.728		
TRUCK #3					$1.728		
6/30/2022							
TRUCK #1	12.00	2.50	2.50	12.00	$1.728	$20.74	
TRUCK #2					$1.728		
TRUCK #3					$1.728		
							
TRUCK #1					$1.728		
TRUCK #2					$1.728		
TRUCK #3					$1.728		
							
TRUCK #1					$1.728		
TRUCK #2					$1.728		
TRUCK #3					$1.728		
Week Total		12.00	$1.728	$20.74	
					
TOTAL	608.89	125.00	53.75	271.91		$	448.28	
Gallon/Hour		4.871	5.059		
TOTAL FUEL USED (GAL)	TOTAL SURCHARGE
TOTALS FOR THE MONTH	3,002.91	$	4,996.58	

WOODRUFF & SONS, INC - Change Order Request
P.O. Box 10127, Bradenton, Florida 34282-0127 ~ T# 941.756.1871 ~ F# 941.755.1379 ~ www.woodruffandsons.com

NAME		OF	JOB:  Morgan's Glen Phases IC, 2B		JOB/WORK ORDER NO: JOB	LOCATION:  Parrish, FL		DATE:
NATURE OF JOB:  This Is A Master List Of ALL July Extras For Work Performed and Material Used		REFERENCE NO:
 Outside The Scope Of The Original Contract Or From Design Changes.		W&S INVOICE NO:

BILL TO:	A/R C#  Andy Richardson		ORDERED BY: COMPANY:  Fieldstone Community Development District		TAX LOCATION: ADDRESS:  12051 Corporate Blvd., Orlando, FL. 32817		TAX PERCENTAGE:	

	2758 
	Aug 12,2022
July Master	

		Manatee
	7.00%	
DATE	WORKSHEET	TICKET #	QTY	UNITS	DESCRIPTION OF WORK	UNIT $	EXTENSION $	
			1.00	LS	W&S July Fuel Surcharge	$1,849.54	$1,849.54	
DOCUMENTATION FOR CHANGE ORDER	TOTAL	$1,849.54	

2758_Morgan's Glen 1C-2B_PA 06_Master Change Order Request worksheet - Pgs. 1 of 1

0.00

JOB # : 2756
NAME OF JOB : MORGAN'S GLEN PHASES IB AND IIIB
MONTH : Jul-22

$5.783

$5.675

$5.568

$5.432

$5.268

SOURCE : https://www.eia.gov/petroleum/gasdiesel/ 

$4.055

STARTING AVG. $

WEEK OF	WEEK AVG. $	
7/1/2022		
7/4/2022		
7/11/2022		
7/18/2022		
7/25/2022		

EQUIPMENT FUEL CONSUMPTION

DATE	GALLONS	SURCHARGE	TOTAL
SURCHARGE	
7/1/2022		$1.728	$0.00	
		$1.728	$0.00	
		$1.728	$0.00	
		$1.728	$0.00	
		$1.728	$0.00	
		$1.728	$0.00	
		$1.728	$0.00	
Week Total	0.00	$1.728	$0.00	
7/4/2022		$1.620	$0.00	
7/5/2022		$1.620	$0.00	
7/6/2022		$1.620	$0.00	
7/7/2022		$1.620	$0.00	
7/8/2022		$1.620	$0.00	
		$1.620	$0.00	
		$1.620	$0.00	
Week Total	0.00	$1.620	$0.00	
7/11/2022	26.60	$1.513	$40.25	
7/12/2022	107.40	$1.513	$162.50	
7/13/2022	44.00	$1.513	$66.57	
7/14/2022	164.40	$1.513	$248.74	
7/15/2022	92.80	$1.513	$140.41	
		$1.513	$0.00	
		$1.513	$0.00	
Week Total	435.20	$1.513	$658.46	
7/18/2022	58.10	$1.377	$80.00	
7/19/2022	82.10	$1.377	$113.05	
7/20/2022	189.40	$1.377	$260.80	
7/21/2022	44.40	$1.377	$61.14	
7/22/2022	63.50	$1.377	$87.44	
		$1.377	$0.00	
		$1.377	$0.00	
Week Total	437.50	$1.377	$602.44	
7/25/2022	167.00	$1.213	$202.57	
7/26/2022	109.70	$1.213	$133.07	
7/27/2022	61.00	$1.213	$73.99	
7/28/2022	27.50	$1.213	$33.36	
7/29/2022	87.00	$1.213	$105.53	
		$1.213	$0.00	
Week Total	452.20	$1.213	$548.52	

TOTAL	1,324.90		$1,809.41	

INDIVIDUAL DUMP TRUCK CONSUMPTION

DATE	
TOTAL FUEL USED	TOTAL HOURS WORKED	
HOURS ON JOB	FUEL CONSUMPTION
(GAL.)	
SURCHARGE	
TOTAL SURCHARGE	
7/1/2022							
TRUCK #1					$1.728		
TRUCK #2					$1.728		
TRUCK #3					$1.728		
							
TRUCK #1					$1.728		
TRUCK #2					$1.728		
TRUCK #3					$1.728		
							
TRUCK #1					$1.728		
TRUCK #2					$1.728		
TRUCK #3					$1.728		
							
TRUCK #1					$1.728		
TRUCK #2					$1.728		
TRUCK #3					$1.728		
							
TRUCK #1					$1.728		
TRUCK #2					$1.728		
TRUCK #3					$1.728		
							
TRUCK #1					$1.728		
TRUCK #2					$1.728		
TRUCK #3					$1.728		
Week Total				0.00	$1.728	$0.00	
7/4/2022							
TRUCK #1					$1.620		
TRUCK #2					$1.620		
TRUCK #3					$1.620		
7/5/2022							
TRUCK #1					$1.620		
TRUCK #2					$1.620		
TRUCK #3					$1.620		
7/6/2022							
TRUCK #1					$1.620		
TRUCK #2					$1.620		
TRUCK #3					$1.620		
7/7/2022							
TRUCK #1					$1.620		
TRUCK #2					$1.620		
TRUCK #3					$1.620		
7/8/2022							
TRUCK #1					$1.620		
TRUCK #2					$1.620		
TRUCK #3					$1.620		
Week Total		0.00	$1.620	$0.00	
7/11/2022							
TRUCK #1					$1.513		
TRUCK #2					$1.513		
TRUCK #3					$1.513		
7/12/2022							
TRUCK #1					$1.513		
TRUCK #2					$1.513		
TRUCK #3					$1.513		
7/13/2022							
TRUCK #1					$1.513		
TRUCK #2					$1.513		
TRUCK #3					$1.513		
7/14/2022							
TRUCK #1					$1.513		
TRUCK #2					$1.513		
TRUCK #3					$1.513		
7/15/2022							
TRUCK #1					$1.513		
TRUCK #2					$1.513		
TRUCK #3					$1.513		
Week Total		0.00	$1.513	$0.00	

7/18/2022							
TRUCK #1					$1.377		
TRUCK #2					$1.377		
TRUCK #3					$1.377		
7/19/2022							
TRUCK #1					$1.377		
TRUCK #2					$1.377		
TRUCK #3					$1.377		
7/20/2022							
TRUCK #1					$1.377		
TRUCK #2					$1.377		
TRUCK #3					$1.377		
7/21/2022							
TRUCK #1					$1.377		
TRUCK #2					$1.377		
TRUCK #3					$1.377		
7/22/2022							
TRUCK #1					$1.377		
TRUCK #2					$1.377		
TRUCK #3					$1.377		
Week Total		0.00	$1.377	$0.00	
7/25/2022							
TRUCK #1					$1.213		
TRUCK #2					$1.213		
TRUCK #3					$1.213		
7/26/2022							
TRUCK #1					$1.213		
TRUCK #2					$1.213		
TRUCK #3					$1.213		
7/27/2022							
TRUCK #1	24.00	9.50	7.00	17.68	$1.213	$21.45	
TRUCK #2	10.22	5.25	2.50	4.87	$1.213	$5.90	
TRUCK #3					$1.213		
7/28/2022							
TRUCK #1	30.00	10.00	1.50	4.50	$1.213	$5.46	
TRUCK #2	26.80	10.00	2.25	6.03	$1.213	$7.31	
TRUCK #3					$1.213		
7/29/2022							
TRUCK #1					$1.213		
TRUCK #2					$1.213		
TRUCK #3					$1.213		
							
TRUCK #1					$1.213		
TRUCK #2					$1.213		
TRUCK #3					$1.213		
Week Total		33.08	$1.213	$40.13	
					
TOTAL	91.02	34.75	13.25	33.08		$	40.13	
Gallon/Hour		2.619	2.497		
TOTAL FUEL USED (GAL)	TOTAL SURCHARGE
TOTALS FOR THE MONTH	1,357.98	$	1,849.54	

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

7

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

Chair/Vice Chair, Board of Supervisors

Exhibit A: Exhibit B:

District Engineer Supplemental Report for Project Phases I, II, II and Phases IV-C through IV-F dated July 2022
Master Special Assessment Methodology Report for Phases I, II, Ill 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

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	

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

10

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
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	

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

UNAUDITED FINANCIAL STATEMENTS

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
FINANCIAL STATEMENTS	
UNAUDITED	
JULY 31, 2022	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
BALANCE SHEET	
GOVERNMENTAL FUNDS	
JULY 31, 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	$  75,681	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	75,681	
Valley checking - NRR CDD	7,709	-	-	-	-	-	-	-	-	7,709	
City checking - Fieldstone	292,126	-	-	-	-	-	-	-	-	292,126	
City debit card*	3,432	-	-	-	-	-	-	-	-	3,432	
Investments		
Revenue - Seires 2019	-	269,616		-	-	-	-	-	-	269,616	
Revenue - Seires 2019 Morgan's Glen	-		60,424	-	-	-	-	-	-	60,424	
Revenue - Seires 2021B	-	-	-	-	16,896	-	-	-	-	16,896	
Revenue - Series 2020A-1 & A-2	-	-	-	5	-	-	-	-	-	5	
Revenue - Series 2020A-3	-	-	-	2	-	-	-	-	-	2	
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	-	-	547,981	-	-	-	-	-	-	547,981	
Prepayment - Series 2021B	-	-	-	-	1,613,107	-	-	-	-	1,613,107	
Construction - Series 2019	-	-	-	-	-	173,381	-	-	-	173,381	
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	-	-	-	-	70,249	1,001,114	-	771,237	1,849,393	
Due from other funds		
General	-	5,750	735	-	-	704,030	-	-	-	710,515	
Prepaid expense		1,165 		- 		- 		- 		- 		- 		- 		- 		- 		1,165 	
Total assets	 $ 	392,515 	 $		444,640 	 $		700,611 	 $		429,373 	 $ 	1,630,003 	 $ 1,010,844 	 $ 1,006,639 	 $		22,072 	 $ 	771,237 	 $ 6,407,934 	

LIABILITIES		
Liabilities:		
Accounts payable	1,342	-	-	-	-	1,146,224	1,001,114	-	771,237	2,919,917	
Retainage payable	-	-	-	-	-	270,279	529,756	568,414	102,297	1,470,746	
Due to other funds		
Debt service	6,485	-	-	-	-	-	-	-	-	6,485	
Capital projects	70,249	-	-	-	-	-	-	-	-	70,249	
Due to Developer		1,769 		- 		- 		- 		- 		- 		 	- 		- 		1,769 	
Total liabilities		79,845 		- 		- 		- 		- 	  1,416,503 	  1,530,870  	568,414 		873,534 	  4,469,166 	

DEFERRED INFLOWS OF RESOURCES		
Deferred receipts		10,402 	
Total deferred inflows of resources		10,402 	

	3,216  	411  	-  	-  	704,030    1,001,114  	-  	771,237    2,490,410 

Total liabilities, deferred inflows of resources	
and fund balances	 $ 	392,515 	 $		444,640 	 $		700,611 	 $		429,373 	 $		1,630,003 	 $ 1,010,844 	 $ 1,006,639 	 $		22,072 	 $ 	771,237 	 $ 6,407,934 	
*Statement not received in time for financial statement preparation.	

	3,216  	411  	-  	-  	704,030    1,001,114  	-  	771,237    2,490,410 

FUND BALANCES		
Restricted:		
Debt service	-	
Capital projects	-	
Unassigned		302,268 	
Total fund balances		302,268 	

441,424	
-	
       - 	
    441,424 	

700,200	
-	
       - 	
   700,200 	

429,373	
-	
       - 	
    429,373 	

1,630,003	
-	
       - 	
   1,630,003 	

-	
(1,109,689)	
      - 	
  (1,109,689)	

-	
(1,525,345)	
      - 	
  (1,525,345)	

-	
(546,342)	
      - 	
   (546,342)	

-	
(873,534)	
      - 	
  (873,534)	

3,201,000	
(4,054,910)	
   302,268 	
   (551,642)	

1

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
GENERAL FUND	
FOR THE PERIOD ENDED JULY 31, 2022	

Current

-	
-	
-	
-	
-	
-	
-	
-	
-	
-	
1,541	
2	
-	
-	
-	
831	
-	
63	
-	
-	
1,680	
3,668	
-	
     199 	
    7,984 	

	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	
960	
1,109	
1,539	
1,026	
976	
330	
11,514	
7,262	
-	
5,010	
56,037	
159	
     199 	
   230,644 	

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%	
320%	
222%	
31%	
586%	
390%	
92%	
419%	
121%	
0%	
186%	
56%	
1%	
N/A	
66%	

	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	

 	
$	-	
-	
-	
	- 	
	- 	

 
$	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	
Amenity - firepits	
Amenity - miscellaneous	
Total Brightwood Pavilion - Amenity Expenses	

-	
-	
68	
2,472	
5,038	
2,162	
1,600	
-	
5,106	
3,463	
695	
1,192	
245	
    1,116 	
   23,157 	

11,537	
-	
383	
11,897	
40,304	
15,168	
8,800	
-	
28,120	
3,703	
6,950	
8,626	
245	
    1,116 	
   136,849 	

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	
132%	
67%	
152%	
81%	
0%	
586%	
25%	
83%	
72%	
N/A	
N/A	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
GENERAL FUND	
FOR THE PERIOD ENDED JULY 31, 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 

-	
-	
-	
-	
-	
5,825	
-	
-	
-	
20,101	
45,927	
-	
-	
-	
150	
-	
      - 	
   72,003 	

	26,102 

14,428	
268	
8,848	
27,251	
16,797	
14,130	
2,000	
15,480	
34,250	
211,900	
105,719	
23,799	
7,382	
2,921	
4,035	
461	
    36,773 	
   526,442 	

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 	
  103,144  		920,111 	

	50 
	50 
 1,059,220 

% of
 Budget 

119%	
0%	
178%	
0%	
86%	
0%	
218%	
55%	

103%	
1%	
177%	
109%	
168%	
1178%	
8%	
1548%	
69%	
85%	
423%	
N/A	
1476%	
292%	
11%	
46%	
74%	
100%	

148%	
148%	
87%	

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	

(103,144)	319,152	1	
	405,412 		(16,884)		90,245 	
 $ 302,268 	 $	302,268 	 $	- 	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
DEBT SERVICE FUND - SERIES 2019	
FOR THE PERIOD ENDED JULY 31, 2022	

Current Month

REVENUES	
Assessment levy: on-roll	
Assessment levy: off-roll	
Assesment prepayments	
Lot closing	
Interest and miscellaneous	
Total revenues	

 	
$	5,927	
-	
-	
7,711	
	5 	
	13,643 	

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	
10,671	
	16 	
	928,597 	

$  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	

13,465	(464,201)	1,127,017

Fund balances - beginning	
Fund balances - ending	

	293,676 	
 $  1,420,693 	

	427,959  	905,625 
 $ 441,424   $	441,424 

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 JULY 31, 2022	

Current Month

REVENUES	
Assessment levy: on-roll	
Assessment levy: off-roll	
Assesment prepayments	
Lot closing	
Interest and miscellaneous	
Total revenues	

 	
$	-	
-	
296,593	
-	
	1 	
	296,594 	

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	
1,482,529	
15,417	
	26 	
	1,986,972 	

$	-	
-	
-	
-	
	- 	
	- 	

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  	- 
	-  	2,342,518  	605,510 

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

296,594	(355,546)	(605,510)

Fund balances - beginning	
Fund balances - ending	

	- 	
 $	(605,510)	

	403,606  	1,055,746 
 $ 700,200   $	700,200 

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
DEBT SERVICE FUND - SERIES 2020	
FOR THE PERIOD ENDED JULY 31, 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

	2  	17  	- 
	2  	498,537  	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	

2	(358,520)	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	
2	(358,559	
	429,371  	787,932 	
 $ 429,373   $	429,373 	

	- 	
	- 	
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 JULY 31, 2022	

$	-	
6	
77,873	
	1,557 	
	79,436 	

$	397,028	
30	
2,855,058	
	30,659 	
	3,282,775 	

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	

79,436	1,281,526

Fund balances - beginning	
Fund balances - ending	

	1,550,567 		348,477 	
 $1,630,003 	 $  1,630,003 	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
CAPITAL PROJECTS FUND - SERIES 2019	
FOR THE PERIOD ENDED JULY 31, 2022	

$	10,849	
-	
	1 	
	10,850 	

$ 4,339,382	
293,660	
       5 	
   4,633,047 	

Current Month

Year to Date

REVENUES	
Developer contributions	
Other income -PRECO reimbursements	
Interest	
Total revenues	

 	 

EXPENDITURES	
Capital outlay	
Total expenditures	

	1,117,117  	4,226,210 
	1,117,117  	4,226,210 

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

(1,106,267)	406,837

Fund balances - beginning	
Fund balances - ending	

	(3,422)	
 $	(1,109,689)	

	(1,516,526)	
 $ (1,109,689)	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
CAPITAL PROJECTS FUND - SERIES 2020	
FOR THE PERIOD ENDED JULY 31, 2022	

REVENUES	
Developer contributions	
Interest	
Total revenues	

EXPENDITURES	
Capital outlay	
Total expenditures	

$	1,016,652	$ 1,491,230	
	- 		59 	
	1,016,652 		1,491,289 	

	948,181 	
	6,325,419 	
	948,181 		6,325,419 	

68,471	
(4,834,130)	

Current Month

Year to Date

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

OTHER FINANCING SOURCES/(USES)	
Transfers in	
Total other financing sources	
Net change in fund balances	
Fund balances - beginning	
Fund balances - ending	

 	
	- 	
	- 	
68,471	
	(1,593,816)	
 $	(1,525,345)	

 
	39 	
	39 	
(4,834,091)	
	3,308,746 	
 $ (1,525,345)	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
CAPITAL PROJECTS FUND - SERIES 2021B	
FOR THE PERIOD ENDED JULY 31, 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	

 $	96,110 		
 $	371,994 	
	96,110 			371,994 	

	818,202 		
	1,234,694 	
	818,202 			1,234,694 	

(722,092)		
(862,700)	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
CAPITAL PROJECTS FUND - NRR ISD	
FOR THE PERIOD ENDED JULY 31, 2022	

Fund balances - beginning	
Fund balances - ending	

	(151,442)	
 $	(873,534)	

	(10,834)	
 $	(873,534)	

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

MINUTES

DRAFT

1	MINUTES OF MEETING
2	NORTH RIVER RANCH
3	IMPROVEMENT STEWARDSHIP DISTRICT
4
The Board of Supervisors of the North River Ranch Improvement Stewardship District
held Multiple Public Hearings and a Regular Meeting on August 17, 2022, at 1:00 P.M., at 8141
Lakewood Main Street, Bradenton, Florida 34202. 8
9	Present were:
10

Pete Williams
Janice Snow
John Leinaweaver
Dale Weidemiller (via telephone)
John Blakley
16
17	Also present, were:
18
Chuck Adams
Jonathan Johnson (via telephone)
Rob Engel (via telephone)
Faith Santoro (via telephone) 23
24
25	FIRST ORDER OF BUSINESS
26
Mr. Adams called the meeting to order

Chair
Vice Chair Assistant Secretary Assistant Secretary Assistant Secretary

District Manager District Counsel District Engineer Lifestyle Director

Call to Order/Roll Call

at 1:45 p.m.	Supervisors Williams, Snow,

Leinaweaver and Blakley were present. Supervisor Weidemiller was attending via telephone.

29			
30	SECOND ORDER OF BUSINESS	Public Comments: Agenda Items (limited to	
31		3 minutes per individual)	
32			
33	There were no public comments.		
34			
35	THIRD ORDER OF BUSINESS	Public Hearing to Consider the Adoption of	
36		an Assessment Roll and the Imposition of	
37		Special	Assessments	Relating	to	the	
38		Financing and Securing of Certain Public	

NORTH RIVER RANCH ISD	DRAFT	August 17, 2022

39	Improvements [Phases I, II, III and IV-C
40	through IV-F]
41
	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.
This item was addressed below.
	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.
This item was not addressed.
A.	Affidavit/Proof of Publication
B.	Mailed Notice to Property Owner(s)
These items were included for informational purposes.
Mr. Adams noted that there is a 30 days’ notice requirement for the Mailed Notice but,
in this instance, property owners were only given 27 days’ notice of the Public Hearing. This was
discussed with District Counsel and with the affected property owner(s) and the property
owner(s) are agreeable to waiving the 30-day requirement.
Mr. Johnson stated that the form of waiver and consent was provided to the
Landowner(s) and the language therein will also be included in the Notice and Lien of Record
filed so that subsequent owners and purchasers of the property will take title subject to the
waiver and consent in place.
C.	Presentation of District Engineer Supplemental Report for Project Phases I, II, III and
Phases IV-C through IV-F (for informational purposes)
This item was included for informational purposes.
D.	Presentation of Master Special Assessment Methodology Report for Phases I, II, III and
IV-C through IV-F (for informational purposes)

On MOTION by Mr. Blakley and seconded by Mr. Williams, with all in favor, the Public Hearing was opened.

This item was included for informational purposes. 66
67
68

NORTH RIVER RANCH ISD	DRAFT	August 17, 2022

69
70		Hear testimony from the affected property owners as to the propriety and advisability	
71		of making the improvements and funding them with special assessments on the	
72		property.																	
73		No members of the public spoke.														
74																					
75		On MOTION by Mr. Williams and seconded by Mr.	Leinaweaver, with all in			
76		favor, the Public Hearing was closed.														
77																					
78																					
79	E.	Consideration of Resolution	2022-20, Authorizing District Projects for Construction	
80	and/or Acquisition of Infrastructure Improvements; Equalizing, Approving, Confirming,	
81		and Levying Special Assessments on Property Specially Benefited by Such Projects to	
82		Pay the Cost Thereof; Providing for the Payment and the Collection of Such Special	
83		Assessments by the Methods Provided for by Chapters 170 and 197, Florida Statutes,	
84		and Chapter 2020-191 Laws of Florida; Confirming the District's Intention	to Issue	
85	Special Assessment Bonds, Notes or Other Indebtedness; Providing for Application of	
86		True-Up	Payments;	Making	Provisions	for	Ownership	of	Real	Property	by	
87		Governmental Bodies and Homeowners Associations; Making Provisions for Transfers	
88		of	Real	Property	to	Governmental	Bodies;	Providing	for	the	Recording	of	an	
89		Assessment Notice; Providing for Severability, Conflicts and an Effective Date				
90	This item was not addressed.	
91																					
92	FOURTH ORDER OF BUSINESS			Consideration		of	Resolution	2022-21,	
93								Ratifying	the	Action		of	the	District	
94								Manager	in	Re-Setting	the	Date	of		the	
95	Public Hearing on the Proposed Budget for	
96								Fiscal	Year		2022/2023;	Amending	
97								Resolution 2022-04	to	Reset the Hearing	
98								Thereon; Providing	a	Severability Clause;	
99								and Providing an Effective Date				
100																					
101		Mr. Adams presented Resolution 2022-21.													
102															

NORTH RIVER RANCH ISD	DRAFT	August 17, 2022

On MOTION by Ms. Snow and seconded by Mr. Williams, with all in favor, 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, was adopted.

103
104
105
106
107
108
109
110	FIFTH ORDER OF BUSINESS	Public Hearing on Adoption of Fiscal year
111	2022/2023 Budget
112
113	A.	Proof/Affidavit of Publication
114	The affidavit of publication was included for informational purposes.
115	B.	Consideration of Resolution 2022-22, Relating to the Annual Appropriations and
116	Adopting the Budget(s) for the Fiscal Year Beginning October 1, 2022, and Ending
117	September 30, 2023; Authorizing Budget Amendments; and Providing an Effective
118	Date
119	Mr. Adams reviewed the proposed Fiscal Year 2023 budget, highlighting increases,

On MOTION by Mr. Williams and seconded by Mr. Blakley, with all in favor, the Public Hearing was opened.

120	decreases and new line items, compared to the Fiscal Year 2022 budget. 121
122
123
124
125

On MOTION by Mr. Williams and seconded by Ms. Snow, with all in favor, the Public Hearing was closed.

126	No members of the public spoke. 127
128
129
130
131
132	Mr. Adams presented Resolution 2022-22.
133

On MOTION by Mr. Williams and seconded by Mr. Leinaweaver, with all in favor, 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, was adopted.

134
135
136
137
138

	NORTH RIVER RANCH ISD	DRAFT	August 17, 2022	
139				
140	SIXTH ORDER OF BUSINESS		Public Hearing to Hear Comments and	
141			Objections	on	the	Imposition	of	
142			Maintenance and Operation Assessments	
143			to	Fund	the	Budget	for	Fiscal	Year	
144			2022/2023, Pursuant to Florida Law	
145				
A.	Proof/Affidavit of Publication
The affidavit of publication was included for informational purposes.
B.	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
153

154
155
156
157
158
159

On MOTION by Mr. Williams and seconded by Ms. Snow, with all in favor, the Public Hearing was opened.

No members of the public spoke.

160
161
162
163
164
165

On MOTION by Ms. Snow and seconded by Mr. Williams, with all in favor, the Public Hearing was closed.

Mr. Adams presented Resolution 2022-23.

On MOTION by Mr. Williams and seconded by Mr. Leinaweaver, with all in favor, 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, was adopted.

166
167
168
169
170
171
172
173
174

NORTH RIVER RANCH ISD	DRAFT	August 17, 2022

175	SEVENTH ORDER OF BUSINESS	Consideration	of	Stantec	Consulting	
176	Services, Inc., Change Order 5 to Work	
177	Authorization No. 1	
178		
179	Mr. Engel presented Change Order 5 to Work Authorization No. 1. This is a proposal to	
180	set the Engineering budget for Fiscal Year 2022-2023, on a time and materials basis.	
181		
182	On MOTION by Mr. Williams and seconded by Mr. Weidemiller, with all in	
183	favor, Stantec Consulting Services, Inc., Change Order 5 to Work Authorization	
184	No. 1, was approved.	
185
186		
187	EIGHTH ORDER OF BUSINESS	Consideration of Sign Pro Studios Proposal	
188	for North Entry Monument	
189		
190	Mr. Adams presented the Sign Pro Studios Proposal for the North Entry Monument.	
191		
192	On MOTION by Mr. Blakley and seconded by Mr. Williams, with all in favor, the	
193	Sign Pro Studios Proposal for the design and construction of the North Entry	
194	Monument, in a not-to-exceed amount of $41,950, was approved.	
195
196		
197	NINTH ORDER OF BUSINESS	Consideration of Sign Pro Studios Proposal	
198	for Wildleaf Entry Monument	
199		
200	Mr. Adams presented the Sign Pro Studios Proposal for the Wildleaf Entry Monument.	
201		
202	On MOTION by Mr. Williams and seconded by Ms. Snow, with all in favor, the	
203	Sign Pro Studios Proposal for the design and construction of the Wildleaf Entry	
204	Monument, in a not-to-exceed amount of $27,650, was approved.	
205
206		
207	TENTH ORDER OF BUSINESS	Consideration	of	Mike	Armstrong	
208	Landscaping, Inc., Change Order No. 3 for	
209	NRR  Phase  4A	&  4B  Landscape  and	
210	Irrigation	
211		

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212	Mr. Adams presented Mike Armstrong Landscaping, Inc., Change Order No. 3. Electrical	
213	service and an irrigation controller are being added to the project. This represents a $20,599.43	
214
215	increase to the contract.	
216	On MOTION by Mr. Williams and seconded by Mr. Leinaweaver, with all in	
217	favor, Mike Armstrong Landscaping, Inc., Change Order No. 3 for NRR Phase 4A	
218	& 4B Landscape and Irrigation, was approved.	
219		
221	ELEVENTH ORDER OF BUSINESS	Acceptance	of	Unaudited	Financial	
222	Statements as of June 30, 2022	
223		
224
225	Mr. Adams presented the Unaudited Financial Statements as of June 30, 2022.	
226	On MOTION by Mr. Williams and seconded by Ms. Snow, with all in favor, the	
227	Unaudited Financial Statements as of June 30, 2022, were accepted.	
228		
229		
230	TWELFTH ORDER OF BUSINESS	Approval of July 13, 2022 Public Hearing	
231	and Regular Meeting Minutes	
232		
233	Mr. Adams presented the July 13, 2022 Public Hearing and Regular Meeting Minutes.	
234		
235	On MOTION by Mr. Williams and seconded by Mr. Leinaweaver, with all in	
236	favor, the July 13, 2022 Public Hearing and Regular Meeting Minutes, as	
237	presented, were approved.	
238		
239		
240	THIRTEENTH ORDER OF BUSINESS	Staff Reports	
241		
242	A.	District Counsel: Kutak Rock LLP	
243	Mr. Johnson stated work is underway on a resolution of the issues with the Jon M. Hall	
244	Company (JMH). He hopes to reach a suitable resolution to this matter soon and avoid further	
245	litigation, etc.	
246		

220

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247
248
249
250
251
252
253

On MOTION by Mr. Williams and seconded by Mr. Leinaweaver, with all in favor, delegating authority to the Chair or Vice Chair to negotiate and settle the matter with Jon M. Hall Company, subject to District Counsel’s recommendations, was approved.

A question was raised as to whether the District’s standardized addendum that is to be

attached to all contracts is being included. Mr. Johnson replied affirmatively and noted that he
reviewed the standardized addendum and made a few comments; it will continue being used.
B.	District Engineer: Stantec
Mr. Engel stated that the Phase 1 C and D West Project is fully certified and operational;
a few cleanup items are pending.
C.	Lifestyle Director: Faith Santoro
The July Monthly Report was included for informational purposes.
Mr. Weidemiller noted that, for Fiscal Year 2023, funds were budgeted for Ms. Santoro
to hire an assistant and asked if that is underway.  Ms. Santoro asked if someone should be
hired now or if she should wait for Fiscal Year 2023 to commence. Mr. Weidemiller felt that the
search should commence, as it will likely take time and the person could start at the beginning

266	D.	District Manager: Wrathell, Hunt and Associates, LLC	
267		Mr. Adams reported the following:	
268		NEXT MEETING DATE: September 14, 2022 at 1:00 P.M.	
269		QUORUM CHECK	

265

270
271

of October.

The next meeting will be held on September 14, 2022.

272	FOURTEENTH ORDER OF BUSINESS	Board Members’ Comments/Requests
273
274	There were no Board Members’ comments or requests. 275
FIFTEENTH ORDER OF BUSINESS	Public	Comments:	Non-Agenda	Items
(limited to 3 minutes per individual)
278
279

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280	No members of the public spoke. 281
282	SIXTEENTH ORDER OF BUSINESS	Adjournment
283

On MOTION by Mr. Blakley and seconded by Mr. Leinaweaver, with all in favor, the meeting adjourned at 2:02 p.m.

284
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NORTH RIVER RANCH ISD	DRAFT	August 17, 2022

292		
293		
294		
295		
296	 		 		
297	Secretary/Assistant Secretary	Chair/Vice Chair	

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

STAFF REPORTS D

North River Ranch Improvement Stewardship District	
	
BOARD OF SUPERVISORS FISCAL YEAR 2022/2023 MEETING SCHEDULE	
	
LOCATION
8141 Lakewood Main Street, Bradenton, Florida 34202	
	
DATE	POTENTIAL DISCUSSION/FOCUS	TIME	
			
October 12, 2022	Regular Meeting	1:00 PM	
			
November 9, 2022	Regular Meeting	1:00 PM	
			
December 14, 2022	Regular Meeting	1:00 PM	
			
January 11, 2023	Regular Meeting	1:00 PM	
			
February 8, 2023	Regular Meeting	1:00 PM	
			
March 8, 2023	Regular Meeting	1:00 PM	
			
April 12, 2023	Regular Meeting	1:00 PM	
			
May 10, 2023	Regular Meeting	1:00 PM	
			
June 14, 2023	Regular Meeting	1:00 PM	
			
July 12, 2023	Regular Meeting	1:00 PM	
			
August 9, 2023	Regular Meeting	1:00 PM	
			
September 13, 2023	Regular Meeting	1:00 PM