NORTH RIVER
RANCH
Improvement Stewardship District
July 13, 2022
Public Hearing and Regular Meeting Agenda

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

July 6, 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 Public Hearing and a Regular Meeting on July 13, 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)

Presentation of District Engineer Supplemental Report for Project Phase I, II, III and Phases IV-C through IV-F

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

Consideration of Resolution 2022-13, Rescinding Resolutions 2022-07 and 2022-08 in Their Entirety; Declaring Special Assessments; Indicating the Location, Nature and Estimated Cost of Those Infrastructure Improvements Whose Cost is to be Defrayed by the Special Assessments; Providing the Portion of the Estimated Cost of the Improvements to be Defrayed by the Special Assessments; Providing the Manner in Which Such Special Assessments Shall Be Made; Providing When Such Special Assessments Shall Be Paid; Designating Lands Upon Which the Special Assessments Shall Be Levied; Providing for an Assessment Plat; Adopting a Preliminary Assessment Roll; Providing for Publication of this Resolution [Phases I, II, III and IV-C through IV-F]

Consideration of Resolution 2022-14, Setting a Public Hearing 2022, for the Purpose of Hearing Public Comment on Imposing Special Assessments on Certain Property Within the District Generally Described as the North River Ranch Improvement Stewardship District in Accordance with Chapter 2020-191, Laws of Florida [Phases I, II III and IV-C through IV-F]

Consideration of MBS Capital Markets, LLC Supplement to Investment Banking Agreement

Board of Supervisors
North River Ranch Improvement Stewardship District
July 13, 2022, Public Hearing and Regular Meeting Agenda Page 2

Public Hearing to Consider the Adoption of an Assessment Roll and the Imposition of Special Assessments Relating to the Financing and Securing of Certain Public Improvements [Fieldstone Phase 2]
Hear testimony from the affected property owners as to the propriety and advisability of making the improvements and funding them with special assessments on the property.
Thereafter, the governing authority shall meet as an equalizing board to hear any and all complaints as to the special assessments on a basis of justice and right.
Affidavit/Proof of Publication
Mailed Notice to Property Owner(s)
Presentation of Supplemental Engineer’s Report for Phase 2 Infrastructure Improvements (for informational purposes)
Presentation of Master Special Assessment Methodology Report for Phase 2 (for informational purposes)
Consideration of Resolution 2022-15, Authorizing District Projects for Construction and/or Acquisition of Infrastructure Improvements; Equalizing, Approving, Confirming, and Levying Special Assessments on Property Specially Benefited by Such Projects to Pay the Cost Thereof; Providing for the Payment and the Collection of Such Special Assessments by the Methods Provided for by Chapters 170 and 197, Florida Statutes, and Chapter 2020-191 Laws of Florida; Confirming the District's Intention to Issue Special Assessment Bonds, Notes or Other Indebtedness; Providing for Application of True-Up Payments; Making Provisions for Ownership of Real Property by Governmental Bodies and Homeowners Associations; Making Provisions for Transfers of Real Property to Governmental Bodies; Providing for the Recording of an Assessment Notice; Providing for Severability, Conflicts and an Effective Date

Presentation of Audited Annual Financial Report for Fiscal Year Ended September 30, 2021, Prepared by Berger, Toombs, Elam, Gaines & Frank [Fieldstone CDD]

Consideration of Resolution 2022-16, Accepting the Audited Annual Financial Report for the Fiscal Year Ended September 30, 2021 [Fieldstone CDD]

Presentation of Audited Annual Financial Report for Fiscal Year Ended September 30, 2021, Prepared by Berger, Toombs, Elam, Gaines & Frank [North River Ranch CDD]

Board of Supervisors
North River Ranch Improvement Stewardship District
July 13, 2022, Public Hearing and Regular Meeting Agenda Page 3

Consideration of Resolution 2022-17, Accepting the Audited Annual Financial Report for the Fiscal Year Ended September 30, 2021 [North River Ranch CDD]
Presentation of Audited Annual Financial Report for Fiscal Year Ended September 30, 2021, Prepared by Berger, Toombs, Elam, Gaines & Frank [North River Ranch ISD]

Consideration of Resolution 2022-18, Accepting the Audited Annual Financial Report for the Fiscal Year Ended September 30, 2021 [North River Ranch ISD]

Consideration of Stantec Consulting Services, Inc. Items
Change Order No. 4 Under Specific Authorization No. 23 for Morgan’s Glen Phase 3 – Design and Permitting Project
Change Order 12 for SA-5 Grande Reserve Phase 1 – Civil Planning and Permitting
Letter of Recommendation of Award for Phases 4C, 4D, 4E & 4F – Mass Earthwork Project

Consideration of RIPA & Associates, Inc., Change Order No. 1 for 1C Little River Way Sewer Repair

Consideration of Woodruff & Sons, Inc., Change Order No. 2 for Morgan Glen’s Phases IC & IIB

Ratification of Change Order No. 2 [Mike Armstrong Landscaping Inc.]

Consideration of Resolution 2022-19, Designating Dates, Times and Locations for Regular Meetings of the Board of Supervisors of the District for Fiscal Year 2022/2023 and Providing for an Effective Date

Acceptance of Unaudited Financial Statements as of May 31, 2022

Approval of June 8, 2022 Regular Meeting Minutes

Staff Reports
District Counsel: Kutak Rock LLP
District Engineer: Stantec
Lifestyle Director: Faith Santoro

Board of Supervisors
North River Ranch Improvement Stewardship District
July 13, 2022, Public Hearing and Regular Meeting Agenda Page 4

District Manager: Wrathell, Hunt and Associates, LLC
NEXT MEETING DATE: August 10, 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

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

JULY 2022

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

Prepared by:

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

June 2022

Board of Supervisors
North River Ranch Improvement Stewardship District

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

To Whom It May Concern:

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

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

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

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

TABLE OF CONTENTS

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

Exhibits

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

PURPOSE AND SCOPE

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

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

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

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

THE PROJECT

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

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

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

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

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

LAND USE

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

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

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

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

GOVERNMENTAL ACTIONS

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

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

Phase	

# Units	

Zoning	

FDEP	Manatee County
Construction Permits	

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

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

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

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

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

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

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

CAPITAL IMPROVEMENT PLAN

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

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

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

ROADWAYS

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

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

STORMWATER MANAGEMENT

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

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

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

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

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

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

WASTEWATER COLLECTION

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

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

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

LANDSCAPING

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

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

RECREATIONAL FACILITIES

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

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

PROFESSIONAL SERVICES

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

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

OWNERSHIP AND MAINTENANCE

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

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

PROJECT COSTS

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

SUMMARY AND CONCLUSION

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

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

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

EXHIBITS

Exhibit A	Vicinity Map of District	

Exhibit B	
Boundary Metes & Bounds Description of District	

Exhibit C	
Summary of Estimated Project	

Exhibit D	
Permit and Construction Approval Status	

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

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

EXHIBIT A

VICINITY MAP

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

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

EXHIBIT B

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

LEGAL DESCRIPTION

MORGAN’S GLEN PARCEL:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

EXHIBIT C
SUMMARY OF ESTIMATED PROJECT COST

Summary of Costs North River Ranch Project
Community Development District

	North River

DI

Fort Hamer Road 2nd Extension Improvements

(2880 Lots)	Ranch Improvem ESTIMATED PROJ

STRICT ELIGIBLE IM

Neighborhood Amenity Center

(2880 Lots)	ent Stewardship D ECT COSTS

PROVEMENTS

Master Stormwater Improvements

(2,503 Lots)	istrict

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

(2,503 Lots)	

Project Costs	

STORMWATER, DRAINAGE & EARTHWORK (EXCLUDING LOTS)	

$3,293,887.32	

$0.00	

$11,263,500.00	

$22,527,000.00	

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

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

EXHIBIT “D”

PERMIT AND CONSTRUCTION APPROVAL STATUS

EXHIBIT “D”
North River Ranch Community Development District

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

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

MANATEE RIVER FARMS UNIT 1

JD W37
2.334 Ac.

JD W27
28.383 Ac.

JD W26 1.894 Ac.

FUTURE PH III

JD W25
6.527 Ac.

JD W24
3.191 Ac.

JD W33
2.547 Ac.

FUTURE PH II

JD W36 3.833 Ac.

JD W38 0.787 Ac.

JD W39 0.807 Ac.

JD W23
1.551 Ac.

JD W42
4.010 Ac.

JD W20 0.790 Ac.

3.000 Ac.

JD W32
3.209 Ac.

JD W19 5.654 Ac.

JD W35
JD W22	18.572 Ac.
2.499 Ac.

FUTURE PH I

JD W21
4.479 Ac.

JD W31
0.590 Ac.

JD W30
0.203 Ac.

JD W13

FUTURE

3.640 Ac.	JD W34
Wetland 16B	4.910 Ac.

FUTURE PH IV-C2

EX 16" WELL HP-F/8

PH IV-D

JD W8 2.730 Ac.

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

FUTURE PH IV-E

Wetland 6
2.380 Ac.

Township 33 South, Range 18 East

Township 33 South, Range 19 East

EX CONTROL STRUCTURE 25

EX CONTROL STRUCTURE 15

EX CONTROL STRUCTURE 27

EX CONTROL STRUCTURE 29

IV-C1

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

Wetland 3A 1.949 Ac.

JD W13 1.079
Ac.

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

M M

MODEL PARKING LOT

M

M

M

M

PATRRACT "PK-2" P2

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

TRACT "P-1"

PARK P1

7.216 Ac.
PH IV-B

PH IV-A

JD W8A
2.038 Ac.

JD W8B 0.648
Ac.

JD W9
0.370 Ac.

JD W11A
1.249 Ac.

13  18

24  19

18  17

19  20

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

EXHIBIT “F”

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

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

4

North River Ranch Improvement Stewardship District

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

July 6, 2022

Provided by:

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

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

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

Introduction

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

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

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

Purpose

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

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

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

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

Special Benefits and General Benefits

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

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

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

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

Requirements of a Valid Assessment Methodology

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

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

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

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

Special Benefits Exceed the Costs Allocated

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

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

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

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

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

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

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

2.0	Development Program

Overview

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

The Development Program

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

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

Project

Overview

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

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

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

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

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

Financing Program

Overview

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

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

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

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

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

Types of Bonds Proposed

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

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

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

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

5.0	Assessment Methodology

Overview

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

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

Benefit Allocation

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Lienability Test: Special and Peculiar Benefit to the Property

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

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

added use of the property;

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

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

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

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

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

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

True-Up Mechanism

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

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

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

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

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

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

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

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

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

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

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

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

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

Preliminary Assessment Roll

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

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

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

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

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

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

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

Additional Stipulations

Overview

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

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

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

Appendix

Table 1

North River Ranch		
Improvement Stewardship District		
Development Plan		

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

Table 2

North River Ranch
Improvement Stewardship District

Project Costs

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

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

Table 3				
North River Ranch
Improvement Stewardship District

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

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

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

Table 4

North River Ranch
Improvement Stewardship District

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

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

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

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

Table 5

North River Ranch
Improvement Stewardship District

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

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

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

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

* Based on ERU benefit allocation illustrated in Table 4					

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

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

* Includes applicable costs of collection and early payment discounts					

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

5

RESOLUTION 2022-13 [PHASES I, II, III AND IV-C – IV-F]
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT RESCINDING RESOLUTIONS 2022-07 AND 2022-08 IN THEIR ENTIRETY; DECLARING SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE INFRASTRUCTURE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH SPECIAL ASSESSMENTS SHALL BE PAID; DESIGNATING LANDS UPON WHICH THE SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR PUBLICATION OF THIS RESOLUTION.

WHEREAS, the Board of Supervisors (the “Board”) of the North River Ranch Improvement Stewardship District (the “District”) hereby determines to undertake, install, plan, establish, construct or reconstruct, enlarge or extend, equip, acquire, operate, and/or maintain the infrastructure improvements (the “Improvements”) for the property known as the Phases I, II, II and IV-C through IV-F Project and described in the District Engineer Supplemental Report for Project Phases I, II, II and Phases IV-C through IV-F dated July 2022, attached hereto as Exhibit A and incorporated herein by reference; and

WHEREAS, the District has previously adopted Resolutions 2022-07 and 2022-08 regarding the imposition of special assessment and setting a public hearing thereon, which the District desires to rescind in their entirety; and

WHEREAS, it is in the best interest of the District to pay the cost of the Improvements by special assessments pursuant to Chapter 2020-191, Laws of Florida (the “Assessments”); and

WHEREAS, the District is empowered by Chapter 2020-191, Laws of Florida, to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate, and maintain the Improvements and to impose, levy and collect the Assessments; and

WHEREAS, the District hereby determines that benefits will accrue to the property improved, the amount of those benefits, and that special assessments will be made in proportion

to the benefits received as set forth in the Master Special Assessment Methodology Report for Phases I, II, III and IV-C Through IV-F, dated July 6, 2022, attached hereto as Exhibit B and incorporated herein by reference and on file at Wrathell, Hunt and Associates, LLC, 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431 (the “District Records Office”); and

WHEREAS, the District hereby determines that the Assessments to be levied will not exceed the benefit to the property improved.

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

Resolutions 2022-07 and 2022-08 are hereby rescinded in their entirety.

Assessments shall be levied to defray the cost of the Improvements.

The nature and general location of, and plans and specifications for, the Improvements are described in Exhibit A, which is on file at the District Records Office and District Local Records Office. Exhibit B is also on file and available for public inspection at the same locations.

The total estimated cost of the Improvements is $144,240,873.46 (the “Estimated
Cost”).

The Assessments will defray approximately $217,175,000, which includes a portion of the Estimated Cost, plus financing-related costs, capitalized interest, debt service reserve and contingency.

The manner in which the Assessments shall be apportioned and paid is set forth in Exhibit B, including provisions for supplemental assessment resolutions.

The Assessments shall be levied, within the District, on all lots and lands adjoining and contiguous or bounding and abutting upon such improvements or specially benefitted thereby and further designated by the assessment plat hereinafter provided for.

There is on file, at the District Records Office, an assessment plat showing the area to be assessed, with certain plans and specifications describing the Improvements and the Estimated Cost of the Improvements, all of which shall be open to inspection by the public.

Commencing with the year in which the Assessments are confirmed, the Assessments shall be paid in not more than (30) thirty annual installments. The Assessments may be payable at the same time and in the same manner as are ad-valorem taxes and collected

pursuant to Chapter 197, Florida Statutes and Chapter 2020-191, Laws of Florida; provided, however, that in the event the uniform non ad-valorem assessment method of collecting the Assessments is not available to the District in any year, or if determined by the District to be in its best interest, the Assessments may be collected as is otherwise permitted by law.

The District Manager has caused to be made a preliminary assessment roll, in accordance with the method of assessment described in Exhibit B hereto, which shows the lots and lands assessed, the amount of benefit to and the assessment against each lot or parcel of land and the number of annual installments into which the assessment may be divided, which assessment roll is hereby adopted and approved as the District's preliminary assessment roll.

The Board shall adopt a subsequent resolution to fix a time and place at which the owners of property to be assessed or any other persons interested therein may appear before the Board and be heard as to the propriety and advisability of the assessments or the making of the Improvements, the cost thereof, the manner of payment therefore, or the amount thereof to be assessed against each property as improved.

The District Manager is hereby directed to cause this Resolution to be published twice (once a week for two (2) weeks) in a newspaper of general circulation within Manatee County and to provide such other notice as may be required by law or desired in the best interests of the District.

This Resolution shall become effective upon its passage.

PASSED AND ADOPTED this 13th day of July, 2022.

ATTEST:	NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

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

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

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

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

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

6

RESOLUTION 2022-14 [PHASES I, II, III AND IV-C – IV-F]
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT SETTING A PUBLIC HEARING TO BE HELD ON 	, 2022,
AT			 .M.	AT
	 FOR THE PURPOSE OF HEARING PUBLIC COMMENT ON IMPOSING SPECIAL ASSESSMENTS ON CERTAIN PROPERTY WITHIN THE DISTRICT GENERALLY DESCRIBED AS THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT IN ACCORDANCE WITH CHAPTER 2020-191, LAWS OF FLORIDA.

WHEREAS, the Board of Supervisors of the Babcock Ranch Community Independent Special District, ("Board") has previously adopted Resolution 2022-13, entitled

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT RESCINDING RESOLUTIONS 2022-07 AND 2022-08 IN THEIR ENTIRETY; DECLARING SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE INFRASTRUCTURE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH SPECIAL ASSESSMENTS SHALL BE PAID; DESIGNATING LANDS UPON WHICH THE SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR PUBLICATION OF THIS RESOLUTION.

WHEREAS, in accordance with Resolution 2022-13, a Preliminary Assessment Roll has been prepared and all other conditions precedent set forth in Chapter 2007-306, Laws of Florida, to the holding of the aforementioned public hearing have been satisfied, and the roll and related documents are available for public inspection at Wrathell, Hunt and Associates, LLC, 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431 (the “District Records Office”).

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

There is hereby declared a public hearing to be held at 	  .m. on
	, 2022, at 	, for the purpose of hearing comment and objections to the proposed special assessment program for District improvements as identified in the Preliminary Assessment Roll, a copy of which is on file. Affected parties may appear at that hearing or submit their comments in writing prior to the hearing to the office of the District Manager, at Wrathell, Hunt and Associates, LLC, 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431.

Notice of said hearing shall be advertised in accordance with Chapter 197, Florida Statutes and Chapter 2020-191, Laws of Florida, and the District Manager is hereby authorized and directed to place said notice in newspapers of general circulation within Manatee County (by two publications one week apart with the first publication at least twenty
(20) days prior to the date of the hearing established herein). The District Manager shall file a publisher's affidavit with the District Secretary verifying such publication of notice. The District Manager is further authorized and directed to give thirty (30) days written notice by mail of the time and place of this hearing to the owners of all property to be assessed and include in such notice the amount of the assessment for each such property owner, a description of the areas to be improved and notice that information concerning all assessments may be ascertained at the District Records Offices. The District Manager shall file proof of such mailing by affidavit with the District Secretary.

This Resolution shall become effective upon its passage.

PASSED AND ADOPTED this 13th day of July, 2022.

ATTEST:	NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

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

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

7

SUPPLEMENT TO INVESTMENT BANKING AGREEMENT DATED FEBRUARY 10, 2021, REGARDING BOND ISSUANCES BY
NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

July 13, 2022

Board of Supervisors
North River Ranch Improvement Stewardship District Dear Supervisors:
MBS Capital Markets, LLC (“Underwriter”) and the Board of Supervisors of the North River Ranch Improvement Stewardship District (“District”) entered into an Investment Banking Agreement effective February 10, 2021 (“Agreement”) wherein the District engaged the Underwriter to provide investment banking services for the District. The purpose of this letter is to supplement the Agreement by specifying the particular planned transaction currently being contemplated by the District for which such investment banking services are to be provided by the Underwriter.

The District is considering the issuance of its Series 2022 Bonds for the purpose of acquiring/constructing certain public infrastructure improvements within certain tracts of land within the Development including NRR Phase 4 and Fieldstone Phase 2 parcels. It is the District’s intent to engage the Underwriter to provide investment banking services for this transaction.

The scope of services to be provided in a non-fiduciary capacity by the Underwriter for this transaction will include those listed below.

Advice regarding the structure, timing, terms, and other similar matters concerning the particular municipal securities described above.
Preparation of rating strategies and presentations related to the issue being underwritten.
Preparations for and assistance with investor “road shows,” if any, and investor discussions related to the issue being underwritten.
Advice regarding retail order periods and institutional marketing if the District decides to engage in a negotiated sale.
Assistance in the preparation of the Preliminary Official Statement, if any, and the final Official Statement.
Assistance with the closing of the issue, including negotiation and discussion with respect to all documents, certificates, and opinions needed for the closing.

Member: FINRA/SIPC

3414 W. BAY TO BAY BLVD., UNIT #3	152 Lincoln Avenue	1005 Bradford Way	3107 Bedford Avenue, Suite 140	
Tampa, Florida 33629	Winter Park, Florida 32789	Kingston, Tennessee 37763	NASHVILLE, TN 37215	
PHONE: 813.281.2700	PHONE: 407.622.0130	PHONE: 865.717.0303	PHONE: 615.499.2191	

P a g e | 2

Coordination with respect to obtaining CUSIP numbers and the registration with the Depository Trust Company.
Preparation of post-sale reports for the issue, if any.
Structuring of refunding escrow cash flow requirements, but not the recommendation of and brokerage of particular municipal escrow investments.

All other terms of the Agreement shall remain in effect, including specifically the Disclosures Concerning the Underwriter’s Role Required by MSRB Rule G-17 which is again being provided in Exhibit A hereto. By execution of this supplement to the Agreement you are acknowledging receipt of the same.

This supplement to the Agreement shall be effective upon your acceptance and shall remain in effect until such time as the financing described herein has been completed or the Agreement is terminated as provided in Section 3 of the Agreement.

Sincerely,

MBS Capital Markets, LLC

Edwin Bulleit Managing Partner

Approved and Accepted By:		

Title:		

Date:		

P a g e | 3

EXHIBIT A

Disclosures Concerning the Underwriter’s Role

MSRB Rule G-17 requires an underwriter to deal fairly at all times with both municipal issuers and investors.

The underwriter’s primary role is to purchase the Bonds with a view to distribution in an arm’s-length commercial transaction with the Issuer. The underwriters has financial and other interests that differ from those of the District.

	Unlike a municipal advisor, the underwriter does not have a fiduciary duty to the District under the federal securities laws and are, therefore, is required by federal law to act in the best interests of the District without regard to their own financial or other interests.

The underwriter has a duty to purchase the Bonds from the Issuer at a fair and reasonable price but must balance that duty with their duty to sell the Bonds to investors at prices that are fair and reasonable.

The underwriter will review the official statement for the Bonds in accordance with, and as part of, its respective responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of this transaction.

Disclosure Concerning the Underwriter’s Compensation

The underwriter will be compensated by a fee and/or an underwriting discount that will be set forth in the bond purchase agreement to be negotiated and entered into in connection with the issuance of the Bonds. Payment or receipt of the underwriting fee or discount will be contingent on the closing of the transaction and the amount of the fee or discount may be based, in whole or in part, on a percentage of the principal amount of the Bonds. While this form of compensation is customary in the municipal securities market, it presents a conflict of interest since the underwriter may have an incentive to recommend to the District a transaction that is unnecessary or to recommend that the size of the transaction be larger than is necessary.

Conflicts of Interest

The Underwriter has not identified any additional potential or actual material conflicts that require disclosure including those listed below.

Payments to or from Third Parties. There are no undisclosed payments, values, or credits to be received by the Underwriter in connection with its underwriting of this new issue from parties other than the District, and there are no undisclosed payments to be made by the Underwriter in connection with this new issue to parties other than the District (in either case including payments, values, or credits that relate directly or indirectly to collateral transactions integrally related to the issue being underwritten). In addition, there are no third-party arrangements for the marketing of the District’s securities.

P a g e | 4

Profit-Sharing with Investors. There are no arrangements between the Underwriter and an investor purchasing new issue securities from the Underwriter (including purchases that are contingent upon the delivery by the District to the Underwriter of the securities) according to which profits realized from the resale by such investor of the securities are directly or indirectly split or otherwise shared with the Underwriter.

Credit Default Swaps. There will be no issuance or purchase by the Underwriter of credit default swaps for which the reference is the District for which the Underwriter is serving as underwriter, or an obligation of that District.

Retail Order Periods. For new issues in which there is a retail order period, the Underwriter will honor such agreement to provide the retail order period. No allocation of securities in a manner that is inconsistent with a District’s requirements will be made without the District’s consent. In addition, when the Underwriter has agreed to underwrite a transaction with a retail order period, it will take reasonable measures to ensure that retail clients are bona fide.

Dealer Payments to District Personnel. Reimbursements, if any, made to personnel of the District will be made in compliance with MSRB Rule G-20, on gifts, gratuities, and non-cash compensation, and Rule G-17, in connection with certain payments made to, and expenses reimbursed for, District personnel during the municipal bond issuance process.

Disclosures Concerning Complex Municipal Securities Financing

Since the Underwriter has not recommended a “complex municipal securities financing” to the Issuer, additional disclosures regarding the financing structure for the Bonds are not required under MSRB Rule G-17.

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

8A

LOCALiQ

The Gainesville Sun I The Ledger	PO Box 631244 Cincinnati, OH 45263-1244
Daily Commercial I Ocala StarBanner News Chief I Herald-Tribune
PROOF OF PUBLICATION
Daphne Gillyard Daphne Gillyard
North River Ranch Improvement Stewardship District 2300 Glades RD# 410W
Boca Raton FL 33431-8556

STATE OF FLORIDA, COUNTY OF Sarasota

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

06/1712022, 06/24/2022

and that the fees charged are legal.
Sworn to and subscribed before on 06/24/2022

My commision expires		v	
Publication Cost:	$3450.00		
Order No:	7412456		
Customer No:	773276		
PO#:			

# of Copies:
1

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

VICKY FELTY
Notary Public State of Wisconsin

Page 1 of 1

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NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

8B

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

June 10, 2022

Via First Class U.S. Mail

NPL UNIT 2 LLC
5800 LAKEWOOD RANCH BLVD SARASOTA FL 34240

RE:	North River Ranch Improvement Stewardship District (“District”) Notice of Hearings on Debt Special Assessments
Parcel ID No. 401910359

Dear Property Owner:

You are receiving this notice because the Manatee County Property Appraiser’s records indicate that you are a property owner within the District. The property being subject to this notice is identified by Parcel ID No. 401910359. In accordance with Chapter 2020-191, Laws of Florida, as amended, and Chapters 170, 189 and 197, Florida Statutes, the District’s Board of Supervisors (“Board”) hereby provides notice of the following public hearings:

DATE:
TIME: LOCATION:

July 13, 2022
1:30 p.m.
8141 Lakewood Main Street Bradenton, FL 34202

NOTICE OF PUBLIC HEARINGS

The purpose of the public hearings announced above is to consider the imposition of special assessments (“Debt Assessments”) and adoption of an assessment roll to secure proposed bonds on benefited lands within the District known as Fieldstone Phase 2 Assessment Area (“Fieldstone Phase 2”), and to provide for the levy, collection and enforcement of the Debt Assessments. The purpose of any such Debt Assessments is to secure the proposed bonds to be issued by the District to finance certain public infrastructure improvements (“Project”), generally consisting of roadways, stormwater management, water and sewer facilities, master irrigation facilities, landscaping, lighting, signage, gates and furnishings, entry features, parks/trails, amenity center improvements and other infrastructure, benefitting the Fieldstone Phase 2 lands within the District. The Project is described in more detail in the Supplemental Engineer’s Report for Phase 2 Infrastructure Improvements dated May 10, 2022 (“Engineer’s Report”). The Debt Assessments are proposed to be levied as an assessment lien and allocated to the benefitted lands as set forth in the Master Special Assessment Methodology Report for Phase 2, dated May

24, 2022 (“Assessment Report”). At the conclusion of the public hearings, the Board will, by resolution, levy and impose assessments as finally approved by the Board. A meeting of the District will also be held where the Board may consider any other business that may properly come before it. Please refer to Exhibit A enclosed herein for additional information related to the public hearings and meeting.

The District is located entirely within unincorporated Manatee County, Florida. The Fieldstone Phase 2 lands are located within the North River Ranch Improvement Stewardship District and a geographic description of the property to be assessed and the amount to be assessed to each piece or parcel of property may be ascertained at the “District’s Office” located at c/o Wrathell, Hunt and Associates, LLC, 2300 Glades Road, Suite 410W, Boca Raton, Florida 33410. Also, a copy of the agendas and other documents referenced herein may be obtained from the District’s Office.

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

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

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

Sincerely,

Craig Wrathell District Manager

EXHIBIT A
Summary of Proposed Debt Assessments

Proposed Debt Assessments and Total Revenue. The total revenues the District will collect by the Debt Assessments for Fieldstone Phase 2, inclusive of all interest, early payment discount allowance and costs of collection, are $67,281,588.29. The proposed Debt Assessments and Total Revenue for Fieldstone Phase 2 are as follows:

			Phase 2 Bond		
	Total Capital	Total Phase 2	Assessments	Annual Debt	
	Number of	Improvement	Bond	Apportionment per	Service Payment	
	Units/Square	Plan Cost	Assessments	Unit/1,000 Square	per Unit/1,000	
Land Use	Feet	Allocation*	Apportionment	Feet	Square Feet**	
Residential
MF	
707	
$5,846,825.79	
$7,792,400.00	
$11,021.78	
$955.06	
TH	107	$1,415,808.45	$1,886,929.11	$17,634.85	$1,528.10	
Assisted Living		86	$568,969.75	$758,298.61	$8,817.43	$764.05	
Total Residential	900	$7,831,604.00	$10,437,627.72			
Non-Residential Retail/Restaurant/Services	
162,000	
$5,358,901.15	
$7,142,114.85	
$44,087.13	
$3,820.24	
Medical Office		315,000	$5,210,042.79	$6,943,722.77	$22,043.56	$1,910.12	
Total Non-Residential	477,000	$10,568,943.94	$14,085,837.62			
Hospital	150	$2,480,972.76	$3,306,534.65	$22,043.56	$1,910.12	
Total		$20,881,520.69	$27,830,000.00			

* Please note that cost allocations to units herein are based on the ERU benefit allocation illustrated in Table 4
** Includes applicable costs of collection and early payment discounts

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

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

Collection. The Debt Assessments constitute a lien against benefitted property located within the District just as do each year’s property taxes. For the Debt Assessments, the District may elect to have the County Tax Collector collect the assessments, or alternatively may collect the assessments by sending out an annual bill. For delinquent assessments that were initially directly billed by the District, the District may initiate a foreclosure action or may place the delinquent assessments on the next year’s county tax bill. IT IS IMPORTANT TO PAY YOUR ASSESSMENT BECAUSE FAILURE TO PAY WILL CAUSE A TAX CERTIFICATE TO BE ISSUED AGAINST THE PROPERTY WHICH MAY RESULT IN LOSS OF TITLE, OR FOR DIRECT BILLED ASSESSMENTS, MAY RESULT IN A FORECLOSURE ACTION, WHICH ALSO MAY RESULT IN A LOSS OF TITLE. The District’s decision to

collect assessments on the tax roll or by direct billing does not preclude the District from later electing to collect those or other assessments in a different manner at a future time.

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U.S. Postal Service™ CERTIFIED MAIL®RECEIPT
Domestic Mail Only

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NPL UNIT 2 LLC
5800 LAKEWOOD RANCH BLVD SARASOTA FL 34240

S Form 3800, April 2015 PSN7530-02-000-9047	See Reverse for Instructions

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

SUPPLEMENTAL ENGINEER’S REPORT FOR
PHASE 2 INFRASTRUCTURE IMPROVEMENTS

Prepared for:
North River Ranch Improvement Stewardship District
c/o District Manager
PMF Group Consulting LLC
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817

Prepared by:
Stantec Consulting Services Inc. 6920 Professional Parkway
Sarasota, FL 34240

May 10, 2022

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

Table of Contents
SECTION A.	INTRODUCTIONS	1
General	1
Purpose and Scope	1
Lands in North River Ranch Improvement Stewardship District	1
SECTION B.	EXISTING CONDITIONS	2
Topography	2
Soils and Vegetation	2
Land Use and Zoning	2
SECTION C.	INFRASTRUCTURE PLANS	3
Proposed Infrastructure Improvements	3
Permitting	3
Summary of Proposed Master Improvement Cost	4
SECTION D.	MAINTENANCE RESPONSIBILITIES	6
SECTION E.	SUMMARY AND CONCLUSION	7
EXHIBIT A	AERIAL LOCATION MAP	8
EXHIBIT B	LEGAL DESCRIPTION	10

vj v:\2156\active\215613720\civil\report\final_document_report\2022-05-10 phase 2 infrastructure supplemental engineers report\rpt_nrrisd_fieldstone_cdd_splmentl-eng_rprt_phase-2_rae_20220510.docx

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

SECTION A.	INTRODUCTIONS

General

The North River Ranch Improvement Stewardship District (“NRRISD”) is a special purpose unit of local government established by the Florida Legislature pursuant to Chapter 2020-191, Laws of Florida (“Act”). On September 24, 2019, the Manatee County Board of County Commissioners considered the proposed Act and advised that they had no objections to the legislation. The District was created to construct and maintain public works and utilities including water, sewer, drainage, irrigation, water management, parks, recreational facilities, and roadway or related activities.

Purpose and Scope

The purpose of this Supplemental Engineer’s Report for Phase 2 is to provide a description of the Phase 2 Project and the proposed capital improvements to serve it. These improvements will thereafter be owned, operated and/or maintained by either The District or another legally empowered governmental entity.

Lands in North River Ranch Improvement Stewardship District

An Aerial Location Map showing the location of the District is included as Exhibit A. The Legal Description(s) and Sketch(s) are included as Exhibit B and reflect the lands of The District and depicting Phase 2 within The District. These lands total approximately 2,012.5670 acres which includes the 167.09 acres Phase 2 area.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

SECTION B.	EXISTING CONDITIONS

Topography

The area within the District is relatively flat with site elevations ranging from approximately 28 feet elevation to 40 feet elevation based on 2007 Southwest Florida Water Management District contour maps, and the project survey based on NGVD Vertical Datum. The lower elevations occur in the wetlands and along the perimeters of the site while the higher elevations are located near the south central section of the site. The land within the District is primarily undeveloped row crops, citrus and rangelands, and wetlands.

Soil and Vegetation

Based on the Soil Survey of Manatee County, Florida, prepared by the United States Department of Agriculture (USDA) Soil Conservation Service (SCS), the predominant surficial soil types within the District are identified as SCS Soil No. 20, EauGallie Fine Sands and SCS Soils No. 26, Floridana – Immokalee - Okeelanta association. SCS Soil No. 20 is a nearly level, poorly drained soil in broad areas of flatwoods. Slopes are smooth and range from 0 to 2 percent. SCS unit No. 26 consists of nearly level, very poorly drained Floridana soils, poorly drained Immokalee soils, and very poorly drained Okeelanta soils. Generally, these soils are in and near wetland areas. Other soil types present are No. 7, Canova; No. 6, Delray; No. 22, Felda; No. 25, Floridana; No. 38, Palmetto; and No. 48, Wabasso.

The property within the District currently consists of various vegetative communities comprised of both upland and wetland habitats. Several of the vegetation communities have been modified as a result of onsite agricultural activities including ditching and fire suppression.

Land Use and Zoning – Phase 2

Phase 2 West is located within unincorporated Manatee County, Florida and is currently undeveloped and zoned PDMU.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

SECTION C.	INFRASTRUCTURE PLANS

Proposed Infrastructure Improvements

The District is intended to be formed in order to finance infrastructure design and construction required to provide public infrastructure for the project and its’ ultimate property owners.

The improvements for the project will be consistent with the Manatee County Land Development Code and Implementing Ordinances, studies, plans, and may include:
Public Roadways, including thoroughfares, arterial, collector, or local streets
Stormwater Improvements
Water and Sewer facilities
Master Irrigation facilities
Public Roadway Landscape, Lighting, Signage, Gates, and Furnishings
Entry features
Engineering and Contingencies
Drainage
Lakes
Parks/ Trails
Amenity Center
All other improvements, infrastructure and facilities authorized by Chapter 190, Florida Statutes
Access to the project will be provided via Existing roads Ft Hamer; US 301 and Moccasin Wallow Road. Potable water, reclaimed water and sanitary sewer services will be provided by Manatee County Utilities.

Permitting

Required permits already received or ones that will be applied for are summarized in Table 1. It is our opinion that there are no technical reasons existing at this time which would prohibit the permitting and construction of the planned infrastructure, subject to continued compliance with agency criteria and conditions of the already approved plans and permits.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

Permits necessary to complete the Phase 2 project have either been obtained as described above, or, in our opinion, are obtainable from the permitting agencies, subject to reasonable, normal and customary permit conditions.

Table 1 Permitting Status

Permit	Permit Number	Date Approved	
			
Zoning w/ Preliminary Site Plan (The Villages of Amazon South)	PDMU-13-37(Z)(P)	9/4/2014	
Manatee County Construction Plan	Pending		
State – ERP1	Pending		
State – DEP2 Potable Water	Pending		
State – DEP2 Wastewater	Pending		
State – FDOT access permits	Pending		
Federal 404 permit for water of the US	Pending		
1 Environmental Resource Permit (ERP)
2 Department of Environmental Protection (DEP)

Summary of Proposed Master Improvement Costs for Phase 2

Table 2 lists the components of the planned improvements proposed to be constructed by the District for Phase 2, together with their proposed costs of design and construction. The Table also includes an estimate of administrative, engineering, and other fees and contingencies associated with the improvements.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

Table 2
Summary of Proposed Master Improvement Costs

Please note that estimated individual element totals may vary and are only to establish a Total Estimated Costs of Improvement

Description	
Phase 2 Infrastructure	

		

ROADWAYS	$	3,532,836.76	
STREET/ ENTRY LIGHTING	$	225,000.00	
DRAINAGE	$	2,339,123.60	
WATER & WASTEWATER	$	2,597,981.10	
Potable Water	993,851.10	
Reclaimed Water	228,030.00	
Sanitary Sewer	1,376,100.00	
CLEARING & EARTHWORK	$	4,522,364.30	
LANDSCAPING/ LAKES/ IRRIGATION	$	2,000,000.00	
AMENITY CENTER/ TRAILS	$	900,000.00	
PROFESSIONAL FEES, DESIGN & PERMITTING	$	1,934,076.69	
ENTRANCE FEATURES & SIGNS	$	750,000.00	
CONSULTANTS/ CONTINGENCIES/ OTHER	$	2,080,138.24	
General	150,000.00	
Consultants	50,000.00	
Other		
Contingencies 10%	1,880,138.24	
		
TOTAL EXPENDITURES	20,881,520.69	

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

SECTION D.	MAINTENANCE RESPONSIBILITIES

Maintenance and operational responsibilities of the Project will include the following:

Maintenance and operation of the Entry features and Landscaping and Irrigation associated with the roadway system are expected to be the responsibility of the District.

Maintenance and operation of the potable water and sanitary sewer systems will be the responsibility of Manatee County and/or the District.

Maintenance and operation of the stormwater management system will be the responsibility of the District.

Maintenance and operation of the off-site roadway improvements will be the responsibility of Manatee County.

Maintenance and operation of the street lighting not owned by Manatee County will be the responsibility of the District.

Maintenance of all other improvements, infrastructure and facilities authorized by Chapter 190, Florida Statutes will be the responsibility of the District.

Maintenance and operation of roadways and gates will be the responsibility of the District.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

SECTION E.	SUMMARY AND CONCLUSION

The Improvements as outlined are necessary for the functional development of the Phase
2. The Project is being designed in accordance with current governmental regulatory requirements. The Project will serve its intended function so long as the construction is in substantial compliance with the design. Items of construction for the Project are based upon current development plans. It should be noted that although these Improvements are required for the District, a portion may also serve other adjacent lands.

It is our professional opinion that the infrastructure costs provided herein for the District Improvements for the Project are reasonable to complete the construction of the infrastructure described herein and that these Infrastructure Improvements will benefit and add value to the District. These estimated costs are based upon prices currently being experienced for similar items of work in Southwest Florida and expected inflation in the future. Actual costs may vary based on final engineering, planning and approvals from regulatory agencies.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

EXHIBIT A - AERIAL LOCATION 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.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

EXHIBIT B – LEGEL DESCRIPTION

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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.

North River Ranch Improvement Stewardship District

Master Special Assessment Methodology Report for Phase 2

May 24, 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
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North River Ranch ISD Master Special Assessment Methodology Report for Phase 2_v1.2

Table of Contents
1.0	Introduction	1
Purpose	1
Scope of the Phase 2 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 Phase 2 Report	3
2.0	Development Program
Overview	4
The Development Program	4
3.0	Project
3.1	Overview	4
4.0	Financing Program
Overview	5
Types of Bonds Proposed	6
Assessment Methodology
Overview	6
Benefit Allocation	7
Assigning Assessments	8
Lienability Test: Special and Peculiar Benefit to the Property	9
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Assessments	10
True-Up Mechanism	10
Assessment Roll	13
Additional Items Regarding Phase 2 Bond Assessments Imposition and Allocation	13
Additional Stipulations
Overview	14
7.0	Appendix
Table 1	15
Table 2	15
Table 3	16
Table 4	16
Table 5	17

1.0	Introduction

The North River Ranch Improvement Stewardship District (the “District”) is a +/- 2,012-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 and currently 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. Please note that as of the time of writing of this Phase 2 Report, as defined herein, the District is awaiting Florida Governor’s signature on the special bill which would reduce the District’s boundaries to a +/- 2,001.94 acres.

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 Fieldstone CDD issued its Capital Improvement Revenue Bonds, Series 2019A-1 and Series 2019A-2 (the “Series 2019 Bonds”), Capital Improvement Revenue Bonds, Series 2019A-1 (Morgan’s Glen Project) and Series 2019A-2 (Morgan’s Glen Project) the “Series 2019 Morgan’s Glen Bonds”), and Capital Improvement Revenue Bonds, Series 2021B (Phase 1C/1D (West) Project) (the “Series 2021 Bonds”) to support the development of Phases 1A, 1B, 1C, 1D and Morgan’s Glen, which jointly constituted the three stages of land development within the former Fieldstone CDD portion of the District. At present time, the District has commenced planning for the fourth stage of land development within the former Fieldstone CDD portion of the District, which constitutes Phase 2 (the “Phase 2”).

The public infrastructure improvements planned for Phase 2 are described in the Supplemental Engineer’s Report for Phase 2 Infrastructure Improvements dated May 10, 2022 (the “Supplemental Engineer’s Report”) prepared by Stantec Consulting Services, Inc. (the “Consulting Engineer”). The Supplemental Engineer’s Report describes the public infrastructure improvements needed to support the development of the properties planned to be developed within Phase 2 (the “Project”).

Purpose

This Master Special Assessment Methodology Report for Phase 2 (the “Phase 2 Report”) was developed to supplement the Fieldstone Community Development District Master Assessment Methodology report dated January 1, 2017 (the "Master Report"), and to provide a supplement  to  the  financing  plan  and  special  assessment

methodology related to funding by the District of the public infrastructure improvements that comprise the Project.

This Phase 2 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 Phase 2 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 Phase 2 Report

This Phase 2 Report presents the projections for financing 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 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 Phase 2, as well as general benefits to the areas outside of Phase 2, and to the public at large. However, as discussed within this Phase 2 Report, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to peculiar properties within Phase 2, as the improvements comprising the Project enable properties within Phase 2 to be developed.

There is no doubt that the general public and property owners outside of Phase 2 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 Phase 2, including but not limited to allowing the development of property therein. Properties within Phase 2 are directly served by the Project and depend upon the improvements comprising the Project to satisfy the requirements of their development entitlements. This fact alone clearly demonstrates the special benefits received by the properties within Phase 2.

The public infrastructure improvements that comprise the Project will provide the public infrastructure improvements necessary to make the lands within Phase 2 developable and saleable. The installation

of such improvements will cause the value of the developable and saleable lands within Phase 2 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 Phase 2 are greater than the costs associated with providing these benefits. As set forth in the Supplemental Engineer’s Report, the Consulting Engineer estimates that public infrastructure improvements that comprise the Project and which are necessary to support full development of property within Phase 2 will have a total cost of approximately $20,881,520.69. The author of this Phase 2 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 Phase 2 would not be able to be fully developed and occupied by future residential and non-residential property owners of the community.

Organization of the Phase 2 Report

Section Two describes the development program for Phase 2 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 District.

Section Five sets out the supplement to the special assessment methodology for the District, as originally established in the Master Report and applied in this Phase 2 Report to the Phase 2 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 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 Phase 2 envisions a total of 900 residential dwelling units, 162,000 square feet of retail/restaurant/service uses, 315,000 square feet of medical office uses and a 150-bed hospital, although land use 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 unit types and numbers. Table 1 in the Appendix illustrates the current proposed development plan for the lands within Phase 2.

3.0	Project

3.1	Overview

The Project described in the Supplemental Engineer’s Report consists of a network of roadways, street/entry lighting, drainage, water & wastewater, clearing & earthwork, landscaping, lakes & irrigation, amenity center & trails and entrance features & signs.

The Project is comprised of master public infrastructure improvements which will serve and benefit all areas within Phase 2 and comprise an interrelated system of improvements, which means all of the improvements will serve all lands within Phase 2, and the improvements will be interrelated such that they will reinforce one another. At the time of this writing, the total costs of the Project, including the cost of professional services and contingencies, are estimated at $20,881,520.69. Table 2 in the Appendix illustrates the specific components of the Project and their costs.

Financing Program

Overview

As noted above, the District is embarking on a program of public infrastructure improvements which will facilitate the development of lands within Phase 2. 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.

Even though the actual financing plan may change to include one or more long-term and/or short-term bonds and/or notes, this Phase 2 Report provides a master financing plan under which the District would issue approximately $27,830,000 in par amount of special assessment bonds (the "Phase 2 Bonds") to fund approximately
$20,881,520.69 in the Project costs. The Phase 2 Bonds would also include funding for capitalized interest, a debt service reserve account, and costs of issuance.

Please note that the purpose of this Phase 2 Report is to allocate the benefit of the Project to the various land uses within Phase 2 and based on such benefit allocation to apportion the maximum amounts of Phase 2 Bond Assessments, as defined herein, necessary to fund the Project to the Phase 2 Assessment 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 Phase 2 Bonds in the principal amount of $27,830,000 to finance approximately $20,881,520.69 in Project costs. The Phase 2 Bonds would be structured in various par amounts and amortized in up to 30 annual installments following capitalized interest periods of up to 24-months. Interest payments on the Phase 2 Bonds would be made every May 1 and November 1, and principal payments on the Phase 2 Bonds would be made on either every May 1 or November 1.

The difference between the principal amounts of Phase 2 Bonds and the costs of the Project 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 2022 Bonds are presented in Table 3 in the Appendix.

Please note that the structure of the Phase 2 Bonds as presented in this Phase 2 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 Phase 2 Bonds and reserves the right to modify it as necessary.

Assessment Methodology

Overview

The issuance of the Phase 2 Bonds provides the District with 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 Phase 2 and general benefits accruing to the areas outside of Phase 2, which are only incidental in nature.

The Phase 2 Bonds will be paid off by assessing properties that derive special benefits from the Project which is proposed to be funded with proceeds of the Phase 2 Bonds. All assessable properties that receive special benefits from the Project will be assessed for their fair share as determined by this Phase 2 Report.

Benefit Allocation

The current development plan for the lands within Phase 2 envisions a total of 900 residential dwelling units, 162,000 square feet of retail/restaurant/service uses, 315,000 square feet of medical office uses and a 150-bed hospital, although land use 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 unit types and numbers.

As described in the Supplemental Engineer's Report, the Project is comprised of master public infrastructure improvements which will serve and benefit all areas within Phase 2. The public infrastructure improvements will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within Phase 2, 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 Phase 2 will benefit from each public infrastructure improvement category of the Project, as the public infrastructure improvements provide basic infrastructure to all lands within Phase 2 as an integrated system of improvements.

As stated previously, the Project has a logical connection to the special and peculiar benefits received by the land within Phase 2 and the development of the properties within Phase 2. Based upon the connection between the improvements and the special and peculiar benefits to the land within Phase 2, 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 Project are proposed to be allocated to the residential dwelling units as well as non-residential space and hospital beds projected to be developed within Phase 2 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 land uses contemplated to be developed within Phase 2 based on the densities of development

and the intensities of use of infrastructure, and the total ERU counts for each land use category.

The rationale behind different ERU weights is supported by the fact that generally and on average, smaller and less intensely economically utilized land uses will, on a per unit/square foot basis, use and benefit from the public infrastructure improvements comprising the Project less than larger units and more intensely economically utilized land uses. For instance, generally and on average smaller units and less intensely economically utilized land uses will, on a per unit/square foot basis, produce fewer vehicular trips, less storm water runoff, and need less water/sewer capacity than larger units and more intensely economically utilized land uses. Additionally, the value of larger units and more intensely economically utilized land uses is likely to appreciate more in terms of dollars than that of the smaller units and less intensely economically utilized land uses as a result of the implementation of the Project. 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 presents the allocation of the Project costs and the apportionment of the assessment associated with the Phase 2 Bonds (the “Phase 2 Bond Assessments”) in accordance with the ERU benefit allocation method presented in Table 4 in the Appendix. Table 5 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 Phase 2 Bonds.

Assigning Phase 2 Bond Assessments

As the land within that portion of the District that is proposed to contain the residential and non-residential uses that will comprise Phase 2 and will be subject to the Phase 2 Bond Assessments (the “Phase 2 Assessment Area”) is not yet platted/has not received development approval for its intended final use and the precise location of the various product types by lot or parcel is unknown, the Phase 2 Bond Assessments will initially be levied on all of the land in the Phase 2 Assessment Area on an equal pro-rata gross acre basis and thus the total bonded debt in the amount of $27,830,000 will be preliminarily levied on approximately 230.996 +/- gross acres at a rate of $120,478.28 per gross acre.

When the land is platted/receives development approval, the Phase 2 Bond Assessments will be allocated to each platted parcel/parcel

which received development approval on a first platted/first received development approval-first assigned basis based on the planned use for that platted parcel/parcel which received development approval as reflected in Table 5 in the Appendix. Such allocation of the Phase 2 Bond Assessments from unplatted gross acres/gross acres which have not received development approval to platted parcels/parcels which received development approval will reduce the amount of the Phase 2 Bond Assessments levied on unplatted gross acres/gross acres which did not receive development approval within the Phase 2 Assessment Area.

In the event unplatted land/land which did not receive development approval (the “Transferred Property”) is sold to a third party not affiliated with the Developer, the Phase 2 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 Phase 2 Report. The owner of the Transferred Property will be responsible for the total Phase 2 Bond Assessments applicable to the Transferred Property, regardless of the total number of ERUs ultimately actually platted/received development approval. These total Phase 2 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/received a modification of its development approval, the total Phase 2 Bond Assessments initially allocated to the Transferred Property will be re-allocated to the smaller parcels/parcel which received a modification of its development approval 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 Phase 2. The District's improvements benefit assessable properties within Phase 2 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 Phase 2. 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 Phase 2 developable and saleable 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 (expressed as the ERU factors).

The apportionment of the Phase 2 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 Phase 2. Accordingly, no acre or parcel of property within Phase 2 will be liened for the payment of Phase 2 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 Phase 2 Bond Assessments on a per ERU basis never exceed the initially allocated assessment as contemplated in the adopted assessment methodology. Phase 2 Bond Assessments per ERU preliminarily equal $22,043.56 ($27,830,000 in Phase 2 Bond Assessments divided by 1,262.50 ERUs) 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 land use within each and every parcel as signified by the number of ERUs.

As the land in Phase 2 is platted/receives development approval, the Phase 2 Bond Assessments are assigned to platted parcels/parcels which received development approval based on the figures in Table 5 in the Appendix. If as a result of platting/receipt of development approval and apportionment of the Phase 2 Bond Assessments to the platted parcels/parcels which received development approval, the Phase 2 Bond Assessments per ERU for land that remains unplatted/did not receive development approval remain equal to
$22,043.56, then no true-up adjustment will be necessary.

If as a result of platting/receipt of development approval and apportionment of the Phase 2 Bond Assessments to the platted parcels/parcels which received development approval the Phase 2 Bond Assessments per ERU for land that remains unplatted/did not receive development approval equal less than $22,043.56 (for instance as a result of a larger number of units) then the per ERU Phase 2 Bond Assessments for all parcels within Phase 2 will be lowered if that state persists at the conclusion of platting/receipt of development approvals of all land within Phase 2.

If, in contrast, as a result of platting/receipt of development approval and apportionment of the Phase 2 Bond Assessments to the platted parcels/parcels which obtained development approvals, the Phase 2 Bond Assessments per ERU for land that remains unplatted/did not obtain development approval equal more than $22,043.561 (for instance as a result of a smaller number of units), taking into account any future development plans for the unplatted lands/lands which did not obtain development approval, 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 Phase 2 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/development approval caused the increase of assessment per ERU to occur, in accordance with the assessment resolution and/or a true-up agreement to be

1 For example, if the first platting includes 50 TH lots, which equates to a total allocation of $881,742.57 in the Phase 2 Bond Assessments, then the remaining unplatted land/land which did not receive development approval would be required to absorb $26,948,257.43 in the Phase 2 Bond Assessments. If the remaining unplatted land would only be able to absorb 55 instead of 57 TH lots units along with the unchanged numbers of the remaining categories, or $26,912,987.72 in the Phase 2 Bond Assessments, then a true-up, payable by the owner of the unplatted land, would be due in the amount of $35,269.70 in the Phase 2 Bond Assessments plus applicable accrued interest to the extent described in this Section.

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 Phase 2 Bond Assessments per ERU and
$22,043.56, multiplied by the actual number of ERUs plus accrued interest to the next succeeding interest payment date on the Phase 2 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 Phase 2 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 Phase 2 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/development approval, shall be in addition to the regular Phase 2 Bond Assessments installment payable for such lands, and shall constitute part of the Phase 2 Bond Assessments liens imposed against the proposed plat property until paid.

All Phase 2 Bond Assessments levied run with the land, and such Phase 2 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/final development approval for the developable acres, any unallocated Phase 2 Bond Assessments shall become due and

payable and must be paid prior to the District’s approval of that plat/development approval. This true-up process applies for both plats/development approvals and/or re-plats/changes in development approvals.

In addition to platting of property/receipt of development approval within the District, any planned sale of an unplatted/parcel which did not receive development approval 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 Phase 2 Bond Assessments per ERU for land that remains unplatted/did not obtain development approval within the District remains equal to $22,043.56. 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 Phase 2 Bond Assessments transferred at sale.

Preliminary Assessment Roll

Based on the per gross acre assessment proposed in Section 5.2, the Phase 2 Bond Assessments of $27,830,000 are proposed to be levied uniformly over the area described below, which defines the Phase 2 Assessment Area. Excluding any capitalized interest period, debt service assessments shall be paid in thirty (30) annual installments.

Parcel ID	Owner	Acres
401910359 NPL UNIT 2 LLC, 5800 LAKEWOOD RANCH BLVD, SARASOTA FL 34240	230.996
Additional	Items	Regarding	Phase	2	Bond	Assessments Imposition and Allocation
This Phase 2 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 all or 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 report, and for any particular bond issuance, the land developer may opt to “buy down” the Phase 2 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 Phase 2 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 Phase 2, regardless of where the Phase 2 Bond Assessments are levied, provided that the Phase 2 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 the the Phase
2 Assessment Area, or under certain other circumstances, the District may elect to reallocate the special 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 Phase 2 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.

7.0	Appendix

Table 1

North River Ranch
Improvement Stewardship District
Phase 2 Development Plan

	Unit of	Number of	
Land Use	Measurement	Units/Square Feet	
Residential			
MF	Dwelling Unit	707	
TH	Dwelling Unit	107	
Assisted Living	Dwelling Unit		86	
Total Residential		900	
Non-Residential			
Retail/Restaurant/Services	Square Feet	162,000	
Medical Office	Square Feet		315,000	
Total Non-Residential		477,000	
Hospital	Bed	150	

Table 2			
North River Ranch			
Improvement Stewardship District			
Phase 2 Project Costs			
Improvement		Total Costs	
Roadways		$3,532,836.76	
Street/Entry Lighting		$225,000.00	
Drainage		$2,339,123.60	
Water & Wastewater		$2,597,981.10	
Clearing & Earthwork		$4,522,364.30	
Landscaping, Lakes & Irrigation		$2,000,000.00	
Amenity Center & Trails		$900,000.00	
Entrance Features & Signs		$750,000.00	
Professional Services		$1,934,076.69	
Contingency		$2,080,138.24	
Total		$20,881,520.69	

Table 3

North River Ranch
Improvement Stewardship District

Phase 2 Bonds - Preliminary Sources and Uses of Funds

Sources		
Bond Proceeds:		
Par Amount	$27,830,000.00	
Total Sources	$27,830,000.00	

Uses		
Project Fund Deposits:		
Project Fund	$20,881,520.69	
Other Fund Deposits:		
Debt Service Reserve Fund	$2,242,719.61	
Capitalized Interest Fund	$3,896,200.00	
Delivery Date Expenses:		
Costs of Issuance	$806,600.00	
Rounding	$2,959.70	
Total Uses	$27,830,000.00	

Table 4

North River Ranch
Improvement Stewardship District
Phase 2 Benefit Allocation

	Number of	ERU Weight per		
	Units/Square	Unit/1,000 Square	
Land Use	Feet	Feet	Total ERU	
Residential
MF	707	0.50	353.50	
TH	107	0.80	85.60	
Assisted Living		86	0.40		34.40	
Total Residential	900		473.50	
Non-Residential Retail/Restaurant/Services	

162,000	

2.00	

324.00	
Medical Office		315,000	1.00		315.00	
Total Non-Residential	477,000		639.00	
Hospital	150	1.00	150.00	
Total			1,262.50	

Table 5

North River Ranch
Improvement Stewardship District

Phase 2 Bond Assessments Apportionment

				Phase 2 Bond		
		Total Capital	Total Phase 2	Assessments	Annual Debt	
	Number of	Improvement	Bond	Apportionment per Service Payment	
	Units/Square	Plan Cost	Assessments	Unit/1,000 Square	per Unit/1,000	
Land Use	Feet	Allocation*	Apportionment	Feet	Square Feet**	
Residential
MF	707	$5,846,825.79	$7,792,400.00	$11,021.78	$955.06	
TH	107	$1,415,808.45	$1,886,929.11	$17,634.85	$1,528.10	
Assisted Living		86	$568,969.75	$758,298.61	$8,817.43	$764.05	
Total Residential	900	$7,831,604.00	$10,437,627.72			
Non-Residential Retail/Restaurant/Services	

162,000	

$5,358,901.15	

$7,142,114.85	

$44,087.13	

$3,820.24	
Medical Office		315,000	$5,210,042.79	$6,943,722.77	$22,043.56	$1,910.12	

Total Non-Residential	477,000	$10,568,943.94	$14,085,837.62			
Hospital	150	$2,480,972.76	$3,306,534.65	$22,043.56	$1,910.12	
Total		$20,881,520.69	$27,830,000.00			

* Please note that cost allocations to units herein are based on the ERU benefit allocation illustrated in Table 4
** Includes applicable costs of collection and early payment discounts

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

8C

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

SUPPLEMENTAL ENGINEER’S REPORT FOR
PHASE 2 INFRASTRUCTURE IMPROVEMENTS

Prepared for:
North River Ranch Improvement Stewardship District
c/o District Manager
PMF Group Consulting LLC
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817

Prepared by:
Stantec Consulting Services Inc. 6920 Professional Parkway
Sarasota, FL 34240

May 10, 2022

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

Table of Contents
SECTION A.	INTRODUCTIONS	1
General	1
Purpose and Scope	1
Lands in North River Ranch Improvement Stewardship District	1
SECTION B.	EXISTING CONDITIONS	2
Topography	2
Soils and Vegetation	2
Land Use and Zoning	2
SECTION C.	INFRASTRUCTURE PLANS	3
Proposed Infrastructure Improvements	3
Permitting	3
Summary of Proposed Master Improvement Cost	4
SECTION D.	MAINTENANCE RESPONSIBILITIES	6
SECTION E.	SUMMARY AND CONCLUSION	7
EXHIBIT A	AERIAL LOCATION MAP	8
EXHIBIT B	LEGAL DESCRIPTION	10

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NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

SECTION A.	INTRODUCTIONS

General

The North River Ranch Improvement Stewardship District (“NRRISD”) is a special purpose unit of local government established by the Florida Legislature pursuant to Chapter 2020-191, Laws of Florida (“Act”). On September 24, 2019, the Manatee County Board of County Commissioners considered the proposed Act and advised that they had no objections to the legislation. The District was created to construct and maintain public works and utilities including water, sewer, drainage, irrigation, water management, parks, recreational facilities, and roadway or related activities.

Purpose and Scope

The purpose of this Supplemental Engineer’s Report for Phase 2 is to provide a description of the Phase 2 Project and the proposed capital improvements to serve it. These improvements will thereafter be owned, operated and/or maintained by either The District or another legally empowered governmental entity.

Lands in North River Ranch Improvement Stewardship District

An Aerial Location Map showing the location of the District is included as Exhibit A. The Legal Description(s) and Sketch(s) are included as Exhibit B and reflect the lands of The District and depicting Phase 2 within The District. These lands total approximately 2,012.5670 acres which includes the 167.09 acres Phase 2 area.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

SECTION B.	EXISTING CONDITIONS

Topography

The area within the District is relatively flat with site elevations ranging from approximately 28 feet elevation to 40 feet elevation based on 2007 Southwest Florida Water Management District contour maps, and the project survey based on NGVD Vertical Datum. The lower elevations occur in the wetlands and along the perimeters of the site while the higher elevations are located near the south central section of the site. The land within the District is primarily undeveloped row crops, citrus and rangelands, and wetlands.

Soil and Vegetation

Based on the Soil Survey of Manatee County, Florida, prepared by the United States Department of Agriculture (USDA) Soil Conservation Service (SCS), the predominant surficial soil types within the District are identified as SCS Soil No. 20, EauGallie Fine Sands and SCS Soils No. 26, Floridana – Immokalee - Okeelanta association. SCS Soil No. 20 is a nearly level, poorly drained soil in broad areas of flatwoods. Slopes are smooth and range from 0 to 2 percent. SCS unit No. 26 consists of nearly level, very poorly drained Floridana soils, poorly drained Immokalee soils, and very poorly drained Okeelanta soils. Generally, these soils are in and near wetland areas. Other soil types present are No. 7, Canova; No. 6, Delray; No. 22, Felda; No. 25, Floridana; No. 38, Palmetto; and No. 48, Wabasso.

The property within the District currently consists of various vegetative communities comprised of both upland and wetland habitats. Several of the vegetation communities have been modified as a result of onsite agricultural activities including ditching and fire suppression.

Land Use and Zoning – Phase 2

Phase 2 West is located within unincorporated Manatee County, Florida and is currently undeveloped and zoned PDMU.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

SECTION C.	INFRASTRUCTURE PLANS

Proposed Infrastructure Improvements

The District is intended to be formed in order to finance infrastructure design and construction required to provide public infrastructure for the project and its’ ultimate property owners.

The improvements for the project will be consistent with the Manatee County Land Development Code and Implementing Ordinances, studies, plans, and may include:
Public Roadways, including thoroughfares, arterial, collector, or local streets
Stormwater Improvements
Water and Sewer facilities
Master Irrigation facilities
Public Roadway Landscape, Lighting, Signage, Gates, and Furnishings
Entry features
Engineering and Contingencies
Drainage
Lakes
Parks/ Trails
Amenity Center
All other improvements, infrastructure and facilities authorized by Chapter 190, Florida Statutes
Access to the project will be provided via Existing roads Ft Hamer; US 301 and Moccasin Wallow Road. Potable water, reclaimed water and sanitary sewer services will be provided by Manatee County Utilities.

Permitting

Required permits already received or ones that will be applied for are summarized in Table 1. It is our opinion that there are no technical reasons existing at this time which would prohibit the permitting and construction of the planned infrastructure, subject to continued compliance with agency criteria and conditions of the already approved plans and permits.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

Permits necessary to complete the Phase 2 project have either been obtained as described above, or, in our opinion, are obtainable from the permitting agencies, subject to reasonable, normal and customary permit conditions.

Table 1 Permitting Status

Permit	Permit Number	Date Approved	
			
Zoning w/ Preliminary Site Plan (The Villages of Amazon South)	PDMU-13-37(Z)(P)	9/4/2014	
Manatee County Construction Plan	Pending		
State – ERP1	Pending		
State – DEP2 Potable Water	Pending		
State – DEP2 Wastewater	Pending		
State – FDOT access permits	Pending		
Federal 404 permit for water of the US	Pending		
1 Environmental Resource Permit (ERP)
2 Department of Environmental Protection (DEP)

Summary of Proposed Master Improvement Costs for Phase 2

Table 2 lists the components of the planned improvements proposed to be constructed by the District for Phase 2, together with their proposed costs of design and construction. The Table also includes an estimate of administrative, engineering, and other fees and contingencies associated with the improvements.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

Table 2
Summary of Proposed Master Improvement Costs

Please note that estimated individual element totals may vary and are only to establish a Total Estimated Costs of Improvement

Description	
Phase 2 Infrastructure	

		

ROADWAYS	$	3,532,836.76	
STREET/ ENTRY LIGHTING	$	225,000.00	
DRAINAGE	$	2,339,123.60	
WATER & WASTEWATER	$	2,597,981.10	
Potable Water	993,851.10	
Reclaimed Water	228,030.00	
Sanitary Sewer	1,376,100.00	
CLEARING & EARTHWORK	$	4,522,364.30	
LANDSCAPING/ LAKES/ IRRIGATION	$	2,000,000.00	
AMENITY CENTER/ TRAILS	$	900,000.00	
PROFESSIONAL FEES, DESIGN & PERMITTING	$	1,934,076.69	
ENTRANCE FEATURES & SIGNS	$	750,000.00	
CONSULTANTS/ CONTINGENCIES/ OTHER	$	2,080,138.24	
General	150,000.00	
Consultants	50,000.00	
Other		
Contingencies 10%	1,880,138.24	
		
TOTAL EXPENDITURES	20,881,520.69	

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

SECTION D.	MAINTENANCE RESPONSIBILITIES

Maintenance and operational responsibilities of the Project will include the following:

Maintenance and operation of the Entry features and Landscaping and Irrigation associated with the roadway system are expected to be the responsibility of the District.

Maintenance and operation of the potable water and sanitary sewer systems will be the responsibility of Manatee County and/or the District.

Maintenance and operation of the stormwater management system will be the responsibility of the District.

Maintenance and operation of the off-site roadway improvements will be the responsibility of Manatee County.

Maintenance and operation of the street lighting not owned by Manatee County will be the responsibility of the District.

Maintenance of all other improvements, infrastructure and facilities authorized by Chapter 190, Florida Statutes will be the responsibility of the District.

Maintenance and operation of roadways and gates will be the responsibility of the District.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

SECTION E.	SUMMARY AND CONCLUSION

The Improvements as outlined are necessary for the functional development of the Phase
2. The Project is being designed in accordance with current governmental regulatory requirements. The Project will serve its intended function so long as the construction is in substantial compliance with the design. Items of construction for the Project are based upon current development plans. It should be noted that although these Improvements are required for the District, a portion may also serve other adjacent lands.

It is our professional opinion that the infrastructure costs provided herein for the District Improvements for the Project are reasonable to complete the construction of the infrastructure described herein and that these Infrastructure Improvements will benefit and add value to the District. These estimated costs are based upon prices currently being experienced for similar items of work in Southwest Florida and expected inflation in the future. Actual costs may vary based on final engineering, planning and approvals from regulatory agencies.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

EXHIBIT A - AERIAL LOCATION 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.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT
SUPPLEMENTAL ENGINEER’S REPORT FOR PHASE 2 INFRASTRUCTURE IMPROVEMENTS

May 10, 2022

EXHIBIT B – LEGEL DESCRIPTION

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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.

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

8D

North River Ranch Improvement Stewardship District

Master Special Assessment Methodology Report for Phase 2

May 24, 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 Phase 2_v1.2

Table of Contents
Introduction	1
Purpose	1
Scope of the Phase 2 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 Phase 2 Report	3
2.0	Development Program
Overview	4
The Development Program	4
3.0	Project
3.1	Overview	4
Financing Program
Overview	5
Types of Bonds Proposed	6
Assessment Methodology
Overview	6
Benefit Allocation	7
Assigning Assessments	8
Lienability Test: Special and Peculiar Benefit to the Property	9
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Assessments	10
True-Up Mechanism	10
Assessment Roll	13
Additional Items Regarding Phase 2 Bond Assessments Imposition and Allocation	13
Additional Stipulations
Overview	14
7.0	Appendix
Table 1	15
Table 2	15
Table 3	16
Table 4	16
Table 5	17

Introduction

The North River Ranch Improvement Stewardship District (the “District”) is a +/- 2,012-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 and currently 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. Please note that as of the time of writing of this Phase 2 Report, as defined herein, the District is awaiting Florida Governor’s signature on the special bill which would reduce the District’s boundaries to a +/- 2,001.94 acres.

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 Fieldstone CDD issued its Capital Improvement Revenue Bonds, Series 2019A-1 and Series 2019A-2 (the “Series 2019 Bonds”), Capital Improvement Revenue Bonds, Series 2019A-1 (Morgan’s Glen Project) and Series 2019A-2 (Morgan’s Glen Project) the “Series 2019 Morgan’s Glen Bonds”), and Capital Improvement Revenue Bonds, Series 2021B (Phase 1C/1D (West) Project) (the “Series 2021 Bonds”) to support the development of Phases 1A, 1B, 1C, 1D and Morgan’s Glen, which jointly constituted the three stages of land development within the former Fieldstone CDD portion of the District. At present time, the District has commenced planning for the fourth stage of land development within the former Fieldstone CDD portion of the District, which constitutes Phase 2 (the “Phase 2”).

The public infrastructure improvements planned for Phase 2 are described in the Supplemental Engineer’s Report for Phase 2 Infrastructure Improvements dated May 10, 2022 (the “Supplemental Engineer’s Report”) prepared by Stantec Consulting Services, Inc. (the “Consulting Engineer”). The Supplemental Engineer’s Report describes the public infrastructure improvements needed to support the development of the properties planned to be developed within Phase 2 (the “Project”).

Purpose

This Master Special Assessment Methodology Report for Phase 2 (the “Phase 2 Report”) was developed to supplement the Fieldstone Community Development District Master Assessment Methodology report dated January 1, 2017 (the "Master Report"), and to provide a supplement  to  the  financing  plan  and  special  assessment

methodology related to funding by the District of the public infrastructure improvements that comprise the Project.

This Phase 2 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 Phase 2 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 Phase 2 Report

This Phase 2 Report presents the projections for financing 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 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 Phase 2, as well as general benefits to the areas outside of Phase 2, and to the public at large. However, as discussed within this Phase 2 Report, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to peculiar properties within Phase 2, as the improvements comprising the Project enable properties within Phase 2 to be developed.

There is no doubt that the general public and property owners outside of Phase 2 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 Phase 2, including but not limited to allowing the development of property therein. Properties within Phase 2 are directly served by the Project and depend upon the improvements comprising the Project to satisfy the requirements of their development entitlements. This fact alone clearly demonstrates the special benefits received by the properties within Phase 2.

The public infrastructure improvements that comprise the Project will provide the public infrastructure improvements necessary to make the lands within Phase 2 developable and saleable. The installation

of such improvements will cause the value of the developable and saleable lands within Phase 2 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 Phase 2 are greater than the costs associated with providing these benefits. As set forth in the Supplemental Engineer’s Report, the Consulting Engineer estimates that public infrastructure improvements that comprise the Project and which are necessary to support full development of property within Phase 2 will have a total cost of approximately $20,881,520.69. The author of this Phase 2 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 Phase 2 would not be able to be fully developed and occupied by future residential and non-residential property owners of the community.

Organization of the Phase 2 Report

Section Two describes the development program for Phase 2 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 District.

Section Five sets out the supplement to the special assessment methodology for the District, as originally established in the Master Report and applied in this Phase 2 Report to the Phase 2 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 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 Phase 2 envisions a total of 900 residential dwelling units, 162,000 square feet of retail/restaurant/service uses, 315,000 square feet of medical office uses and a 150-bed hospital, although land use 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 unit types and numbers. Table 1 in the Appendix illustrates the current proposed development plan for the lands within Phase 2.

3.0	Project

3.1	Overview

The Project described in the Supplemental Engineer’s Report consists of a network of roadways, street/entry lighting, drainage, water & wastewater, clearing & earthwork, landscaping, lakes & irrigation, amenity center & trails and entrance features & signs.

The Project is comprised of master public infrastructure improvements which will serve and benefit all areas within Phase 2 and comprise an interrelated system of improvements, which means all of the improvements will serve all lands within Phase 2, and the improvements will be interrelated such that they will reinforce one another. At the time of this writing, the total costs of the Project, including the cost of professional services and contingencies, are estimated at $20,881,520.69. Table 2 in the Appendix illustrates the specific components of the Project and their costs.

Financing Program

Overview

As noted above, the District is embarking on a program of public infrastructure improvements which will facilitate the development of lands within Phase 2. 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.

Even though the actual financing plan may change to include one or more long-term and/or short-term bonds and/or notes, this Phase 2 Report provides a master financing plan under which the District would issue approximately $27,830,000 in par amount of special assessment bonds (the "Phase 2 Bonds") to fund approximately
$20,881,520.69 in the Project costs. The Phase 2 Bonds would also include funding for capitalized interest, a debt service reserve account, and costs of issuance.

Please note that the purpose of this Phase 2 Report is to allocate the benefit of the Project to the various land uses within Phase 2 and based on such benefit allocation to apportion the maximum amounts of Phase 2 Bond Assessments, as defined herein, necessary to fund the Project to the Phase 2 Assessment 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 Phase 2 Bonds in the principal amount of $27,830,000 to finance approximately $20,881,520.69 in Project costs. The Phase 2 Bonds would be structured in various par amounts and amortized in up to 30 annual installments following capitalized interest periods of up to 24-months. Interest payments on the Phase 2 Bonds would be made every May 1 and November 1, and principal payments on the Phase 2 Bonds would be made on either every May 1 or November 1.

The difference between the principal amounts of Phase 2 Bonds and the costs of the Project 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 2022 Bonds are presented in Table 3 in the Appendix.

Please note that the structure of the Phase 2 Bonds as presented in this Phase 2 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 Phase 2 Bonds and reserves the right to modify it as necessary.

Assessment Methodology

Overview

The issuance of the Phase 2 Bonds provides the District with 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 Phase 2 and general benefits accruing to the areas outside of Phase 2, which are only incidental in nature.

The Phase 2 Bonds will be paid off by assessing properties that derive special benefits from the Project which is proposed to be funded with proceeds of the Phase 2 Bonds. All assessable properties that receive special benefits from the Project will be assessed for their fair share as determined by this Phase 2 Report.

Benefit Allocation

The current development plan for the lands within Phase 2 envisions a total of 900 residential dwelling units, 162,000 square feet of retail/restaurant/service uses, 315,000 square feet of medical office uses and a 150-bed hospital, although land use 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 unit types and numbers.

As described in the Supplemental Engineer's Report, the Project is comprised of master public infrastructure improvements which will serve and benefit all areas within Phase 2. The public infrastructure improvements will comprise an interrelated system of improvements, which means all of the improvements will serve all lands within Phase 2, 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 Phase 2 will benefit from each public infrastructure improvement category of the Project, as the public infrastructure improvements provide basic infrastructure to all lands within Phase 2 as an integrated system of improvements.

As stated previously, the Project has a logical connection to the special and peculiar benefits received by the land within Phase 2 and the development of the properties within Phase 2. Based upon the connection between the improvements and the special and peculiar benefits to the land within Phase 2, 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 Project are proposed to be allocated to the residential dwelling units as well as non-residential space and hospital beds projected to be developed within Phase 2 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 land uses contemplated to be developed within Phase 2 based on the densities of development

and the intensities of use of infrastructure, and the total ERU counts for each land use category.

The rationale behind different ERU weights is supported by the fact that generally and on average, smaller and less intensely economically utilized land uses will, on a per unit/square foot basis, use and benefit from the public infrastructure improvements comprising the Project less than larger units and more intensely economically utilized land uses. For instance, generally and on average smaller units and less intensely economically utilized land uses will, on a per unit/square foot basis, produce fewer vehicular trips, less storm water runoff, and need less water/sewer capacity than larger units and more intensely economically utilized land uses. Additionally, the value of larger units and more intensely economically utilized land uses is likely to appreciate more in terms of dollars than that of the smaller units and less intensely economically utilized land uses as a result of the implementation of the Project. 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 presents the allocation of the Project costs and the apportionment of the assessment associated with the Phase 2 Bonds (the “Phase 2 Bond Assessments”) in accordance with the ERU benefit allocation method presented in Table 4 in the Appendix. Table 5 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 Phase 2 Bonds.

Assigning Phase 2 Bond Assessments

As the land within that portion of the District that is proposed to contain the residential and non-residential uses that will comprise Phase 2 and will be subject to the Phase 2 Bond Assessments (the “Phase 2 Assessment Area”) is not yet platted/has not received development approval for its intended final use and the precise location of the various product types by lot or parcel is unknown, the Phase 2 Bond Assessments will initially be levied on all of the land in the Phase 2 Assessment Area on an equal pro-rata gross acre basis and thus the total bonded debt in the amount of $27,830,000 will be preliminarily levied on approximately 230.996 +/- gross acres at a rate of $120,478.28 per gross acre.

When the land is platted/receives development approval, the Phase 2 Bond Assessments will be allocated to each platted parcel/parcel

which received development approval on a first platted/first received development approval-first assigned basis based on the planned use for that platted parcel/parcel which received development approval as reflected in Table 5 in the Appendix. Such allocation of the Phase 2 Bond Assessments from unplatted gross acres/gross acres which have not received development approval to platted parcels/parcels which received development approval will reduce the amount of the Phase 2 Bond Assessments levied on unplatted gross acres/gross acres which did not receive development approval within the Phase 2 Assessment Area.

In the event unplatted land/land which did not receive development approval (the “Transferred Property”) is sold to a third party not affiliated with the Developer, the Phase 2 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 Phase 2 Report. The owner of the Transferred Property will be responsible for the total Phase 2 Bond Assessments applicable to the Transferred Property, regardless of the total number of ERUs ultimately actually platted/received development approval. These total Phase 2 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/received a modification of its development approval, the total Phase 2 Bond Assessments initially allocated to the Transferred Property will be re-allocated to the smaller parcels/parcel which received a modification of its development approval 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 Phase 2. The District's improvements benefit assessable properties within Phase 2 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 Phase 2. 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 Phase 2 developable and saleable 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 (expressed as the ERU factors).

The apportionment of the Phase 2 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 Phase 2. Accordingly, no acre or parcel of property within Phase 2 will be liened for the payment of Phase 2 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 Phase 2 Bond Assessments on a per ERU basis never exceed the initially allocated assessment as contemplated in the adopted assessment methodology. Phase 2 Bond Assessments per ERU preliminarily equal $22,043.56 ($27,830,000 in Phase 2 Bond Assessments divided by 1,262.50 ERUs) 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 land use within each and every parcel as signified by the number of ERUs.

As the land in Phase 2 is platted/receives development approval, the Phase 2 Bond Assessments are assigned to platted parcels/parcels which received development approval based on the figures in Table 5 in the Appendix. If as a result of platting/receipt of development approval and apportionment of the Phase 2 Bond Assessments to the platted parcels/parcels which received development approval, the Phase 2 Bond Assessments per ERU for land that remains unplatted/did not receive development approval remain equal to
$22,043.56, then no true-up adjustment will be necessary.

If as a result of platting/receipt of development approval and apportionment of the Phase 2 Bond Assessments to the platted parcels/parcels which received development approval the Phase 2 Bond Assessments per ERU for land that remains unplatted/did not receive development approval equal less than $22,043.56 (for instance as a result of a larger number of units) then the per ERU Phase 2 Bond Assessments for all parcels within Phase 2 will be lowered if that state persists at the conclusion of platting/receipt of development approvals of all land within Phase 2.

If, in contrast, as a result of platting/receipt of development approval and apportionment of the Phase 2 Bond Assessments to the platted parcels/parcels which obtained development approvals, the Phase 2 Bond Assessments per ERU for land that remains unplatted/did not obtain development approval equal more than $22,043.561 (for instance as a result of a smaller number of units), taking into account any future development plans for the unplatted lands/lands which did not obtain development approval, 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 Phase 2 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/development approval caused the increase of assessment per ERU to occur, in accordance with the assessment resolution and/or a true-up agreement to be

1 For example, if the first platting includes 50 TH lots, which equates to a total allocation of $881,742.57 in the Phase 2 Bond Assessments, then the remaining unplatted land/land which did not receive development approval would be required to absorb $26,948,257.43 in the Phase 2 Bond Assessments. If the remaining unplatted land would only be able to absorb 55 instead of 57 TH lots units along with the unchanged numbers of the remaining categories, or $26,912,987.72 in the Phase 2 Bond Assessments, then a true-up, payable by the owner of the unplatted land, would be due in the amount of $35,269.70 in the Phase 2 Bond Assessments plus applicable accrued interest to the extent described in this Section.

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 Phase 2 Bond Assessments per ERU and
$22,043.56, multiplied by the actual number of ERUs plus accrued interest to the next succeeding interest payment date on the Phase 2 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 Phase 2 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 Phase 2 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/development approval, shall be in addition to the regular Phase 2 Bond Assessments installment payable for such lands, and shall constitute part of the Phase 2 Bond Assessments liens imposed against the proposed plat property until paid.

All Phase 2 Bond Assessments levied run with the land, and such Phase 2 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/final development approval for the developable acres, any unallocated Phase 2 Bond Assessments shall become due and

payable and must be paid prior to the District’s approval of that plat/development approval. This true-up process applies for both plats/development approvals and/or re-plats/changes in development approvals.

In addition to platting of property/receipt of development approval within the District, any planned sale of an unplatted/parcel which did not receive development approval 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 Phase 2 Bond Assessments per ERU for land that remains unplatted/did not obtain development approval within the District remains equal to $22,043.56. 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 Phase 2 Bond Assessments transferred at sale.

Preliminary Assessment Roll

Based on the per gross acre assessment proposed in Section 5.2, the Phase 2 Bond Assessments of $27,830,000 are proposed to be levied uniformly over the area described below, which defines the Phase 2 Assessment Area. Excluding any capitalized interest period, debt service assessments shall be paid in thirty (30) annual installments.

Parcel ID	Owner	Acres
401910359 NPL UNIT 2 LLC, 5800 LAKEWOOD RANCH BLVD, SARASOTA FL 34240	230.996
Additional	Items	Regarding	Phase	2	Bond	Assessments Imposition and Allocation
This Phase 2 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 all or 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 report, and for any particular bond issuance, the land developer may opt to “buy down” the Phase 2 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 Phase 2 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 Phase 2, regardless of where the Phase 2 Bond Assessments are levied, provided that the Phase 2 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 the the Phase
2 Assessment Area, or under certain other circumstances, the District may elect to reallocate the special 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 Phase 2 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.

Appendix

Table 1

North River Ranch
Improvement Stewardship District
Phase 2 Development Plan

	Unit of	Number of	
Land Use	Measurement	Units/Square Feet	
Residential			
MF	Dwelling Unit	707	
TH	Dwelling Unit	107	
Assisted Living	Dwelling Unit		86	
Total Residential		900	
Non-Residential			
Retail/Restaurant/Services	Square Feet	162,000	
Medical Office	Square Feet		315,000	
Total Non-Residential		477,000	
Hospital	Bed	150	

Table 2			
North River Ranch			
Improvement Stewardship District			
Phase 2 Project Costs			
Improvement		Total Costs	
Roadways		$3,532,836.76	
Street/Entry Lighting		$225,000.00	
Drainage		$2,339,123.60	
Water & Wastewater		$2,597,981.10	
Clearing & Earthwork		$4,522,364.30	
Landscaping, Lakes & Irrigation		$2,000,000.00	
Amenity Center & Trails		$900,000.00	
Entrance Features & Signs		$750,000.00	
Professional Services		$1,934,076.69	
Contingency		$2,080,138.24	
Total		$20,881,520.69	

Table 3

North River Ranch
Improvement Stewardship District

Phase 2 Bonds - Preliminary Sources and Uses of Funds

Sources		
Bond Proceeds:		
Par Amount	$27,830,000.00	
Total Sources	$27,830,000.00	

Uses		
Project Fund Deposits:		
Project Fund	$20,881,520.69	
Other Fund Deposits:		
Debt Service Reserve Fund	$2,242,719.61	
Capitalized Interest Fund	$3,896,200.00	
Delivery Date Expenses:		
Costs of Issuance	$806,600.00	
Rounding	$2,959.70	
Total Uses	$27,830,000.00	

Table 4

North River Ranch
Improvement Stewardship District
Phase 2 Benefit Allocation

	Number of	ERU Weight per		
	Units/Square	Unit/1,000 Square	
Land Use	Feet	Feet	Total ERU	
Residential
MF	707	0.50	353.50	
TH	107	0.80	85.60	
Assisted Living		86	0.40		34.40	
Total Residential	900		473.50	
Non-Residential Retail/Restaurant/Services	

162,000	

2.00	

324.00	
Medical Office		315,000	1.00		315.00	
Total Non-Residential	477,000		639.00	
Hospital	150	1.00	150.00	
Total			1,262.50	

Table 5

North River Ranch
Improvement Stewardship District

Phase 2 Bond Assessments Apportionment

				Phase 2 Bond		
		Total Capital	Total Phase 2	Assessments	Annual Debt	
	Number of	Improvement	Bond	Apportionment per Service Payment	
	Units/Square	Plan Cost	Assessments	Unit/1,000 Square	per Unit/1,000	
Land Use	Feet	Allocation*	Apportionment	Feet	Square Feet**	
Residential
MF	707	$5,846,825.79	$7,792,400.00	$11,021.78	$955.06	
TH	107	$1,415,808.45	$1,886,929.11	$17,634.85	$1,528.10	
Assisted Living		86	$568,969.75	$758,298.61	$8,817.43	$764.05	
Total Residential	900	$7,831,604.00	$10,437,627.72			
Non-Residential Retail/Restaurant/Services	

162,000	

$5,358,901.15	

$7,142,114.85	

$44,087.13	

$3,820.24	
Medical Office		315,000	$5,210,042.79	$6,943,722.77	$22,043.56	$1,910.12	

Total Non-Residential	477,000	$10,568,943.94	$14,085,837.62			
Hospital	150	$2,480,972.76	$3,306,534.65	$22,043.56	$1,910.12	
Total		$20,881,520.69	$27,830,000.00			

* Please note that cost allocations to units herein are based on the ERU benefit allocation illustrated in Table 4
** Includes applicable costs of collection and early payment discounts

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

8E

RESOLUTION 2022-15 [FIELDSTONE PHASE 2 ASSESSMENT AREA]
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 roadways, stormwater management, water and sewer facilities, master irrigation facilities, landscaping, lighting, signage, gates and furnishings, entry features, parks/trails, amenity center improvements 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 Fieldstone Phase 2 Project (the “Project”) the nature and location of which was initially described in Resolution 2022-05 and is shown in the Supplemental Engineer’s Report for Phase 2 Infrastructure Improvements, dated May 10, 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 2022-05, 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 2022-05 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 2022-05, 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 2022-05, 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 2022-06 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 July 13, 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 for Report for Phase 2, dated May 24, 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 2022-05, 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 13th day of July, 2022.

ATTEST:	NORTH RIVER RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

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

Exhibit A:	Supplemental Engineer’s Report for Phase 2 Infrastructure Improvements, dated May 10, 2022
Exhibit B:	Master Special Assessment Methodology for Report for Phase 2, dated May 24, 2022

Exhibit A:	Supplemental Engineer’s Report for Phase 2 Infrastructure Improvements, dated May 10, 2022

Exhibit B:	Master Special Assessment Methodology for Report for Phase 2, dated May 24, 2022

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

9

Fieldstone Community Development District ANNUAL FINANCIAL REPORT
September 30, 2021

Fieldstone Community Development District	
ANNUAL FINANCIAL REPORT	
September 30, 2021	
TABLE OF CONTENTS	
Page Number	
REPORT OF INDEPENDENT AUDITORS	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-8	
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements: Statement of Net Position Statement of Activities
Fund Financial Statements:
Balance Sheet – Governmental Funds Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund	

9
10

11

12

13

14

15	
Notes to Financial Statements	16-28	
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

29-30	
MANAGEMENT LETTER	31-33	
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES	
34	

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
Fieldstone Community Development District Manatee County, Florida

Report on the Financial Statements

We have audited the accompanying financial statements of Fieldstone Community Development District as of and for the fiscal year ended September 30, 2021, and related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Accounting Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
- 1 -

To the Board of Supervisors
Fieldstone Community Development District

Opinion

In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities, and each major fund of Fieldstone Community Development District as of September 30, 2021, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Other Matters

Management’s Discussion and Analysis

Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economical or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted principally of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with the sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated June 17, 2022 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Fieldstone Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2022

- 2 -

Fieldstone Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021

Management’s discussion and analysis of Fieldstone Community Development District’s (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.

OVERVIEW OF THE FINANCIAL STATEMENTS

The District’s basic financial statements comprise three components; 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.

The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position is reported in three categories; 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government, public safety, physical environment, culture and recreation, and debt service.

Fund financial statements present financial information for governmental funds. These statements provide financial information for the major funds of the District. Governmental fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial resources (revenues and expenditures), and current available resources.

Fieldstone Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021 OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Fund  financial  statements  include  a  balance  sheet  and  a  statement  of  revenues,
expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual is provided for the District’s General Fund. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses or to comply with legal requirements.

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including capital assets are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. The statement of activities includes depreciation on all long lived assets of the District, but transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliations are provided from the fund financial statements to the government- wide financial statements.

Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the fiscal year ended September 30, 2021.

The District’s total assets exceeded total liabilities by $14,749,824 (net position). Net investment in capital assets was $14,609,175, restricted net position was $1,476,217, and unrestricted net position was $(1,335,568).

Governmental activities revenues totaled $14,319,642, while governmental activities expenses totaled $2,883,563.

Fieldstone Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021 OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes.

Net Position	
Governmental Activities 2021	2020	

Current assets Restricted assets Capital Assets
Total Assets	
$	
2,040,234	$	1,218,344
2,454,372	6,299,847
   38,787,258 		22,087,986 
   43,281,864 		29,606,177 	
Current liabilities
Non-Current Liabilities Total Liabilities	4,267,040
	24,265,000 
	28,532,040 		2,927,432
	23,365,000 
	26,292,432 	
Net Position
Net investment in capital assets Restrricted net position Unrestricted	
14,609,175
1,476,217
	(1,335,568)		
(1,512,014)
4,776,556
	49,203 	
Total Net Position	 $		14,749,824 	 $	3,313,745 	

The increase in current assets is related to the increase in receivables in the current year. The decrease in restricted assets is related to the capital project activity in the current year.
The increase in capital assets is related to the increase in construction in progress in the current year.

The increase in non-current liabilities is related to the issuance of new debt being more than principal payments in the current year.

The increase in net position is related to revenues exceeding expenses in the current year.

Fieldstone Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Financial Analysis of the District (Continued)
The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes.

Change In Net Position	
Governmental Activities	
	2021		2020	
Program Revenues				
Charges for services	$	6,574,691		$	545,082	
Grants and contributions	7,606,765		2,885,527	
General Revenues				
Miscellaneous revenues	137,932		2,473	
Investment income		254 			8 	
Total Revenues		14,319,642 			3,433,090 	

Expenses			
General government	205,977	145,770	
Public safety	989	-	
Physical environment	981,944	8,931,656	
Culture/recreation	216,637	73,753	
Interest and other charges		1,478,016 		1,534,724 	
Total Expenses		2,883,563 		10,685,903 	
Change in Net Position	11,436,079	(7,252,813)	
Net Position - Beginning of Year		3,313,745 		10,566,558 	
Net Position - End of Year	 $	14,749,824 	 $	3,313,745 	

The increase in charges for services is related to the debt service special assessments in the current year.

The increase in grants and contributions is related to a capital contribution by the Developer in the current year.

The decrease in physical environment is related to a conveyance of capital assets in the prior year.

Fieldstone Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2021 and 2020.

Governmental Activities
Description	2021	2020

Construction in progress	$ 23,832,468	$  6,387,784	
Infrastructure	16,072,908	16,072,908	
Accumulated depreciation		(1,118,118)		(372,706)	
Capital Assets, net	 $ 38,787,258 	 $ 22,087,986 	

Capital asset activity consisted of $17,444,684 of additions to construction in progress and depreciation of $745,412 in the current year.
General Fund Budgetary Highlights
Actual expenditures were more than the final budget because engineering fees and maintenance expenditures were higher than anticipated.
There were no amendments to the September 30, 2021 budget.

Debt Management

Governmental Activities debt includes the following:
In June 2019, the District issued $9,910,000 Series 2019A-1 and $3,355,000 Series 2019A-2 Capital Improvement Bonds. These bonds were issued to finance a portion of the cost of acquisition, construction, installation and equipping of a portion of the Series 2019A Project. As of September 30, 2021, the balance outstanding was $10,330,000.

In November 2019, the District issued $5,530,000 Series 2019A-1 (Morgan’s Glen) and
$5,045,000 Series 2019A-2 (Morgan’s Glen) Capital Improvement Bonds. These bonds were issued to finance a portion of the cost of acquisition, construction, installation and equipping of a portion of the Series 2019A Project. As of September 30, 2021, the balance outstanding was $10,050,000.

In May 2021, the District issued $4,130,000 Series 2021B Capital Improvement Bonds. These bonds were issued to finance a portion of the Cost of the Phase 1C/1D (West) Project. As of September 30, 2021, the balance outstanding was $4,130,000.

Fieldstone Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Economic Factors and Next Year’s Budget
Fieldstone Community Development District merged with North River Ranch Improvement Stewardship District (the surviving entity), in fiscal year 2022 effective upon the dissolution date of Fieldstone Community Development District.

Request for Information
The financial report is designed to provide a general overview of Fieldstone Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Fieldstone Community Development District’s Finance Department at 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431.

Fieldstone Community Development District STATEMENT OF NET POSITION
September 30, 2021

Governmental
		Activities	
ASSETS			
Current Assets			
Cash	$	18,148	
Accounts receivable		27,279	
Assessments receivable		5,580	
Interest receivable		9	
Due from developer		1,980,015	
Prepaid expenses		7,203	
Deposits		2,000 	
Total Current Assets		2,040,234 	
Non-Current Assets		
Restricted investments, fair value		2,454,372	
Capital Assets, not being depreciated			
Construction in progress		23,832,468	
Capital Assets, being depreciated			
Infrastructure		16,072,908	
Accumulated depreciation		(1,118,118)	
Total Non-Current Assets		41,241,630 	
Total Assets		43,281,864 	
LIABILITIES			
Current Liabilities			
Accounts payable and accrued expenses		2,150,795	
Contracts/retainage payable		1,369,532	
Bonds payable		245,000	
Accrued interest		501,713 	
Total Current Liabilities		4,267,040 	
Non-Current Liabilities		
Bonds payable		24,265,000 	
Total Liabilities		28,532,040 	
NET POSITION			
Net investment in capital assets		14,609,175	
Restricted for debt service		1,476,217	
Unrestricted		(1,335,568)	
Total Net Position	 $		14,749,824 	

See accompanying notes to financial statements.

- 9 -

Fieldstone Community Development District STATEMENT OF ACTIVITIES
For the Fiscal Year Ended September 30, 2021	

Program Revenues Operating	

Capital	
Net (Expenses) Revenues and Changes in Net Position	

 

Functions/Programs	Expenses	Charges for Services	Grants and Contributions	Grants and Contributions	Governmental Activities	
Governmental Activities											
General government		$	(205,977)		$	181,193		$	3,168		$	-		$	(21,616)	
Public safety		(989)		870		15		-		(104)	
Physical environment		(981,944)		274,239		4,794		7,596,613		6,893,702	
Culture/recreation		(216,637)		124,403		2,175		-		(90,059)	
Interest and other charges			(1,478,016)			5,993,986 			- 			- 			4,515,970 	
		 $	(2,883,563)		 $ 6,574,691 		 $	10,152 		 $	7,596,613 		11,297,893	

General Revenues
Miscellaneous revenues		137,932 Investment income			254 
Total General Revenues			138,186  Change in Net Position		11,436,079
Net Position - October 1, 2020		3,313,745 
Net Position - September 30, 2021	 $ 14,749,824 

See accompanying notes to financial statements.

- 10 -

Fieldstone Community Development District BALANCE SHEET –
GOVERNMENTAL FUNDS
September 30, 2021

ASSETS

Debt
	General			Service	

Total
Capital	Governmental
	Projects	 	Funds	

Cash	$	18,148	$	-	$	-	$	18,148	
Accounts receivable	13	-	27,266	27,279	
Assessments receivable	5,580	-	-	5,580	
Interest receivable	-	9	-	9	
Due from developer	-	-	1,980,015	1,980,015	
Prepaid expenses	7,203	-	-	7,203	
Deposits	2,000	-	-	2,000	
Restricted investments, fair value		- 	  2,309,838 		144,534 		2,454,372 	
Total Assets	 $	32,944 	 $2,309,847 	 $2,151,815 	 $ 4,494,606 	

LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES
LIABILITIES
Accounts payable and accrued expenses	$	50,279	$	-	$2,100,516	$ 2,150,795	
Contracts/retainage payable		- 		- 	  1,369,532 		1,369,532 	
Total Liabilities		50,279 		- 	  3,470,048 		3,520,327 	

DEFERRED INFLOWS OF RESOURCES

Nonspendable - prepaid expenses/deposits	9,203	-	-	9,203	
Restricted for debt service	-	2,309,847	-	2,309,847	
Unassigned		(26,538)		- 	 (1,923,651)		(1,950,189)	
Total Fund Balances		(17,335)	  2,309,847 	 (1,923,651)		368,861 	
Total Liabilities, Deferred Inflows of
Resources and Fund Balances	 $	32,944 	
 $2,309,847 	
 $2,151,815 	
 $ 4,494,606 	

Unavailable revenues		- 		-  FUND BALANCES

	605,418  	605,418 

   

See accompanying notes to financial statements.

Fieldstone Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES
TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2021

Total Governmental Fund Balances	$	368,861	
Amounts reported for governmental activities in the Statement of Net Position are different because:			
Capital assets, construction in progress, $23,832,468, and infrastucture,
$16,072,908, net of accumulated depreciation, $(1,118,118), used in governmental activities are not current financial resources and therefore, are not reported at the fund level.	

38,787,258	
Long-term liabilities do not use current resources, and therefore, are not recognized at thefund level, however, all liabilities are recognized
at the government-wide level.	

(24,510,000)	
Interest on long-term debt is recognized when paid at the fund level, however, at the government-wide level interest is recognized as incurred.		
(501,713)	
Unavailable revenues are recognized as deferred inflows of resources at the fund level. Revenues are recognized when earned at the government-wide level.		
605,418	
Net Position of Governmental Activities	 $ 14,749,824 	

See accompanying notes to financial statements.

Fieldstone Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Fiscal Year Ended September 30, 2021

Revenues

	General	

Debt

Capital
	Projects		Total Governmental
	Funds		
$	-	$	6,574,691	
6,991,195		7,001,347	
112		254	
	137,708 		     137,932 	
	7,129,015 		   13,714,224 	

-		
205,977	
-		989	
-		311,750	
-		141,419	
17,444,684		17,444,684	
-	3,220,000	
-	1,218,239	
	268,368 		268,368 	
  17,713,052 		22,811,426 	
 (10,584,037)		(9,097,202)	

4,055,201	
4,130,000	
-	5,340	
	(5,340)		(5,340)	
	4,049,861 		4,130,000 	
(6,534,176)		(4,967,202)	
	4,610,525 		5,336,063 	
 $(1,923,651)	 $		368,861 	

	Service	

Special assessments	$  580,705	$5,993,986	
Developer contributions	10,152	-	
Investment income	52	90	
Miscellaneous revenues		224 		- 	
Total Revenues		591,133 	  5,994,076 	

Expenditures Current
General government	205,977	-	
Public safety	989	-	
Physical environment	311,750	-	
Culture/recreation	141,419	-	
Capital outlay	-	-	
Debt Service
Principal	
-	
3,220,000	
Interest	-	1,218,239	
Other		- 		- 	
Total Expenditures		660,135 	  4,438,239 	
Excess of revenues over/(under) expenditures		(69,002)	  1,555,837 	
Other Financing Sources/(Uses) Issuance of long-term debt	
-	
74,799	
Transfers in	2,464	2,876	
Transfers out		- 		- 	
Total Other Financing Sources/(Uses)		2,464 		77,675 	
Net change in fund balances	(66,538)	1,633,512	
Fund Balances - October 1, 2020		49,203 		676,335 	
Fund Balances - September 30, 2021	 $  (17,335)	 $2,309,847 	

See accompanying notes to financial statements.

Fieldstone Community Development District RECONCILIATION OF THE STATEMENT
OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For the Fiscal Year Ended September 30, 2021

Net Change in Fund Balances - Total Governmental Funds	$	(4,967,202)

Amounts reported for governmental activities in the Statement of Activities are different because:

Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation. This is the amount that capital outlay,
$17,444,684, exceeded depreciation, $(745,412) in the current year.	16,699,272

The issuance of new debt is recognized as an other financing source at the fund level, however, the issuance increases liabilities at the
government-wide level.	(4,130,000)

Repayments of bond principal are expenditures in the governmental funds, but
the repayments reduce long-term liabilities in the Statement of Net Position.	3,220,000

In the Statement of Activities, interest is accrued on outstanding bonds; whereas in governmental funds, interest expenditures are reported when due. This is
the net amount between the prior year and current year accruals.	8,591

Unavailable revenues are reflected as deferred inflows of resources at the fund level, however they are recogized when earned at the government-wide
level. This is the current year change.		605,418  Change in Net Position of Governmental Activities	 $ 11,436,079 

See accompanying notes to financial statements.

Fieldstone Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Fiscal Year Ended September 30, 2021

	Original
Budget		Final
Budget	
Revenues				
Special assessments	$ 571,415		$ 571,415	
Developer contributions	-		-	
Investment income	-		-	
Miscellaneous revenues		- 			- 	
Total Revenues		571,415 			571,415 	

Actual	Variance with Final Budget Positive
(Negative)	

$ 580,705
10,152
52
	224 
	591,133 		
$	
9,290
10,152
52
      224 
     19,718 	

205,977
989
311,750
	141,419 
	660,135 	
(52,515)
19,011
(8,480)
	(46,736)
	(88,720)	

	(69,002)	
	(69,002)	

	2,464 	
	2,464 	
(66,538)			(66,538)	
	49,203 		49,203 	
 $ (17,335)		 $		(17,335)	

Expenditures Current
General government	153,462	153,462	
Public safety	20,000	20,000	
Physical environment	303,270	303,270	
Culture/recreation		94,683 		94,683 	
Total Expenditures		571,415 		571,415 	
Excess of revenues over/(under)			
expenditures		- 		- 	

Other Financing Sources/(Uses)			
Transfers in		- 		- 	
Net change in fund balances	-	-	
Fund Balances - October 1, 2020		- 		- 	
Fund Balances - September 30, 2021	 $	- 	 $	- 	

See accompanying notes to financial statements.

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.

Reporting Entity

The District was established on April 2, 2015, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), and by Ordinance No 15-16 of the Board of County Commissioners of Manatee County, Florida, as a Community Development District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the Fieldstone Community Development District. The District is governed by a five member Board of Supervisors. All the Supervisors are employed by the Developer. The District operates within the criteria established by Chapter 190, Florida Statutes.

As required by GAAP, these financial statements present the Fieldstone Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.

Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards Board, The Financial Reporting Entity, the District has identified no component units.

Measurement Focus and Basis of Accounting

The basic financial statements of the District are composed of the following:

Government-wide financial statements

Fund financial statements

Notes to financial statements

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements

Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

Governmental activities are supported by special assessments, developer contributions and interest. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.

Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.

Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds
The District classifies fund balance according to Governmental Accounting Standards Board Statement 54 – Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.

The District has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.

Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”.

Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.

Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long- term debt are recorded as an other financing source rather than as a fund liability.

Debt service expenditures are recorded only when payment is due.

Basis of Presentation

Governmental Major Funds

General Fund – The General Fund is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Debt Service Fund – The Debt Service Fund accounts for debt service requirements to retire the outstanding Capital Improvement Revenue Bonds.

Capital Projects Fund – The Capital Projects Fund accounts for the construction of infrastructure improvements within the District.

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as land and improvements, and non-current governmental liabilities, such as general obligation bonds and due to developer be reported in the governmental activities column in the government-wide Statement of Net Position.

Assets, Liabilities, and Net Position or Equity

Cash and Investments

Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.

The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:

Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;

Interest-bearing time deposits or savings accounts in authorized qualified public depositories;

Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Assets, Liabilities, and Net Position or Equity (Continued)
Cash and Investments (Continued)
Cash equivalents include time deposits and all highly liquid debt instruments with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.
Capital Assets
Capital assets, which include construction in progress and infrastructure assets, are reported in the applicable governmental activities column.
The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of two years. The valuation basis for all assets is historical cost.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
Depreciation of capital assets is computed and recorded by utilizing the straight-line method. Estimated useful lives of the various classes of depreciable capital assets are as follows:
Infrastructure	20-30
Deferred Inflows of Resources
Deferred inflows of resources represent an acquisition of net position that applies to a future reporting period(s) and so will not be recognized as an inflow of resources (revenue) until then. The District only has one time that qualifies for reporting in the category. Unavailable revenues are reported only in the governmental funds balance sheet. This amount is deferred and recognized as an inflow of resources in the period that amounts become available.
Budgets
Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. A formal budget is adopted for the general fund. As a result, deficits in the budget columns of the accompanying financial statements may occur.

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS

Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position

“Total fund balances” of the District’s governmental funds, $368,861, differs from “net position” of governmental activities, $14,749,824, reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the statement of net position versus the current financial resources focus of the governmental fund balance sheet. The effect of the differences is illustrated below.

Capital related items

When capital assets (that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Construction in progress	$	23,832,468	
Infrastructure	16,072,908	
Accumulated Depreciation		1,118,118	
Total	$	38,787,258	

Long-term debt transactions

Long-term liabilities applicable to the District’s governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2021 were:

Bonds payable	$	(24,510,000)

Accrued interest

Accrued liabilities in the Statement of Net Position differ from the amount reported in governmental funds due to the accrued interest on bonds.

Accrued interest	$	(501,713)
Deferred Inflows of Resources

Unavailable revenues are recognized as deferred inflows of resources at the fund level, however, revenues are recognized when earned at the government-wide level.

Unavailable revenues	$	605,418

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)

Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $(4,967,202), differs from the “change in net position” for governmental activities, $11,436,079, reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below:
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas net position decrease by the amount of depreciation charged for the year.

Capital outlay	$	17,444,684	
Depreciation		(745,412)	
Net Change	$	16,699,272	

Long-term debt transactions

Long-term debt transactions are as other financing sources and expenditures at the fund level but affect liabilities at the government-wide level.

Issuance of long-term debt	$	(4,130,000)

Principal payments	$	3,220,000

Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures in governmental funds.

Net change in accrued interest payable	$	8,591

Deferred inflows of resources

Unavailable revenues are recognized as deferred inflows of resources at the fund level. Revenues are recognized when earned at the government-wide level.

Net change in unavailable revenues	$	605,418

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021 NOTE C – CASH AND INVESTMENTS
All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.

Custodial Credit Risk – Deposits

Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2021, the District's bank balance was $35,711 and the carrying value was $18,148. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.

As of September 30, 2021, the District had the following investments.

Investment		Maturities		Fair Value	
U.S. Bank Money Market		N/A		$ 2,454,372	

The District categorizes its fair value measurements within the fair value hierarchy recently established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.

Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that uses the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.

Based on the criteria in the preceding paragraph, the investments listed above are level 1 assets.

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE C – CASH AND INVESTMENTS (CONTINUED)
Interest Rate Risk
The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.
Credit Risk
The District's investments are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices. As of September 30, 2021, the District’s investment in U.S. Bank Money Market was unrated.
Concentration of Credit Risk
The District places no limit on the amount it may invest in any one fund. The investments in U.S. Bank Money Market are 100% of the District’s total investments.
The types of deposits and investments and their level of risk exposure as of September 30, 2021 were typical. The District considers any decline in fair value for certain investments to be temporary.
NOTE D – CAPITAL ASSETS
Capital asset activity for the fiscal year ended September 30, 2021 was as follows:

	Balance				Balance	
	October 1,				September 30,	
		2020			Additions			Deletions				2021		
Governmental Activities:					
Capital assets, not being depreciated:						
Construction in progress	 $ 6,387,784 	 $ 17,444,684 	 $		- 	 $ 23,832,468 	
Capital assets, being depreciated					
Infrastructure	16,072,908	-		-	16,072,908	
Less accumulated depreciation						
Infrastructure		(372,706)		(745,412)		- 		(1,118,118)	
Capital assests, depreciated, net	  15,700,202 		(745,412)		- 	  14,954,790 	
Capital Assets, net	 $ 22,087,986 	 $ 16,699,272 	 $		- 	 $ 38,787,258 	

Depreciation was charged to physical environment, $670,194, and culture/recreation, $75,218.

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE E – LONG-TERM DEBT

The following is a summary of debt activity for the District for the year ended September 30,
2021:										
		Balance							Balance	
	October 1,							September	
		2020			Additions		Reductions		30, 2021	
Governmental Activites:										
Series 2019A-1	$	9,765,000		$	-		$	(150,000)		$ 9,615,000	
Series 2019A-2		3,355,000			-		(2,640,000)		715,000	
Series 2019A-1 (Morgan's Glen)		5,435,000			-		(85,000)		5,350,000	
Series 2019A-2 (Morgan's Glen)		5,045,000			-		(345,000)		4,700,000	
Series 2021B		-			4,130,000		-		4,130,000	

Bonds Payable, Net	
$ 23,600,000		
$	
4,130,000		
$ (3,220,000)		
$ 24,510,000	

District debt is comprised of the following at September 30, 2021:		
Capital Improvement Revenue Bonds		
$9,910,000 Series 2019A-1 Capital Improvement Revenue Bonds maturing through 2049, at various interest rates between 4.75% and 5.35%, payable May 1 and November 1.	

$	9,615,000	
$3,355,000 Series 2019A-2 Capital Improvement Revenue Bonds maturing May 1, 2029, at an interest rate of 5.35%, payable May 1 and November 1.	

715,000	
$5,530,000 Series 2019A-1 (Morgan’s Glen Project) Capital Improvement Revenue Bonds maturing through 2049, at various interest rates between 4.60% and 5.20%, payable May 1 and November 1.	

5,350,000	
$5,045,000 Series 2019A-2 (Morgan’s Glen Project) Capital Improvement Revenue Bonds maturing May 1, 2029, at an interest rate of 5.20%, payable May 1 and November 1	

4,700,000	
$4,130,000 Series 2021B Capital Improvement Revenue Bonds maturing May 1, 2031, at an interest rate of 4.00%, payable May 1 and November 1	

	4,130,000	
Bonds payable	$  24,510,000	

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021 NOTE E – LONG-TERM DEBT (CONTINUED)
The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2021 are as follows:

Year Ending

2023	270,000		1,208,213		1,478,213	
2024	275,000		1,195,530		1,470,530	
2025	290,000		1,182,618		1,472,618	
2026	300,000		1,169,000		1,469,000	
2027-2031	11,305,000		5,045,835		16,350,835	
2032-2036	2,260,000		2,878,585		5,138,585	
2037-2041	2,930,000		2,232,673		5,162,673	
2042-2046	3,815,000		1,375,320		5,190,320	
2047-2049	2,820,000		304,573		3,124,573	
Totals	$ 24,510,000		$ 17,804,261		$ 42,314,261	

September 30,		Principal		Interest			Total 2022	$		245,000	$		1,211,914	$	1,456,914

Summary of Significant Bonds Resolution Terms and Covenants

Capital Improvement Bonds

Significant Bond Provisions

The Series 2019A-1 and Series 2019A-1 (Morgan’s Glen) Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time after May 1, 2029, at a price equal to the par amount of the respective Bonds thereof, together with accrued interest to the date of redemption. The Series 2019A-2, Series 2019A-2 (Morgan’s Glen) and Series 2021B Bonds are not subject to redemption prior to maturity at the option of the District. The Series 2019A-1, Series 2019A-2, Series 2019A-1 (Morgan’s Glen), Series 2019A-2 (Morgan’s Glen) and Series 2021B Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.

The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.

Fieldstone Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021 NOTE E – LONG-TERM DEBT (CONTINUED)
Depository Funds

The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:

Reserve Funds – The Series 2019A-1 and Series 2019A-1 (Morgan’s Glen) Reserve Accounts are funded from the proceeds of the Bonds in an amount equal to twenty-five percent of the maximum annual debt service required for the respective bond. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

The following is a schedule of required reserve balances as of September 30, 2021:

	Reserve
Balance		Reserve
Requirement	
Series 2019A-1 Capital Improvement Revenue Bond	$	166,058		$	166,058	
Series 2019A-1 (Morgan's Glen) Capital Improvement Revenue Bond	
$	91,059		
$	91,059	

NOTE F – RELATED PARTY TRANSACTIONS AND ECONOMIC DEPENDENCY

A significant portion of the District's activity is dependent upon continued involvement of the Developer, the loss which could have a material adverse effect on the District's operations. All voting members of the Board of Supervisors are employed by the Developer or a related entity. The District received $10,152 in operating contributions and $7,596,613 in capital contributions from the Developer for the year ended September 30, 2021. Additionally, the District made payments to the Developer totaling $1,821,269 for the year ended September 30, 2021.

NOTE G – RISK MANAGEMENT

The government is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. These risks are covered by commercial insurance from independent third parties. There were no claims or settled claims from these risks for each of the past three years.

NOTE H – SUBSEQUENT EVENTS

Subsequent to year end, Fieldstone Community Development District and North River Ranch Community Development District merged with North River Ranch Improvement Stewardship District, the surviving entity. The merger became effective in October 2021 upon the passing of a dissolution ordinance by the Districts.

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
Fieldstone Community Development District Manatee County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of Fieldstone Community Development District, as of and for the fiscal year ended September 30, 2021, and the related notes to the financial statements, and have issued our report thereon dated June 17, 2022.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered Fieldstone Community Development District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Fieldstone Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Fieldstone Community Development District's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

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Board of Supervisors
Fieldstone Community Development District

Compliance and Other Matters

As part of obtaining reasonable assurance about whether Fieldstone Community Development District's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2022

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MANAGEMENT LETTER
To the Board of Supervisors
Fieldstone Community Development District Manatee County, Florida
Report on the Financial Statements

We have audited the financial statements of the Fieldstone Community Development District as of and for the fiscal year ended September 30, 2021, and have issued our report thereon dated June 17, 2022.
Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315 regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in that report, which is dated June 17, 2022, should be considered in conjunction with this management letter.
Prior Audit Findings

Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been made to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations in the preceding financial audit report. Revenue Bond
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires us to apply appropriate procedures and communicate the results of our determination as to whether or not Fieldstone Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that the Fieldstone Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures as of September 30, 2021 for the Fieldstone Community Development District. It is management’s responsibility to monitor the Fieldstone Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.
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To the Board of Supervisors
Fieldstone Community Development District

Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.

Specific Information

The information provided below was provided by management and has not been audited; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Fieldstone Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year:11
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: N/A
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $246,327
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2020, together with the total expenditures for such project:

Contractor	
Beginning Date	

Amount	
Dewberry- Phase 1C and Phase 1D	11/30/2020	$	86,900.00	
Woodruff & Sons- Morgan’s Glen Phase 1C and Phase 2B	03/26/2020	$ 7,407,885.73	
Premier Outdoor Lighting, Inc.- Moccasin Wallow Rd at Ft. Hamer Rd	11/11/2020	$	27,350.00	
Charlene Neal PureStyle, Inc.- Riverfield Amenity	09/23/2020	$	64,600.00	
Waterscapes Pools & Spas- Morgan’s Glen Riverfield Verandah	11/11/2020	$	246,322.00	
Windward Building Group- Riverfield Verandah Hardscape	09/28/2022	$	137,121.00	
Windward Building Group- Riverfield Southside Entry Hardscape	12/11/2020	$	103,810.00	
Windward Building Group- Riverfield Westside Entry Hardscape	09/28/2020	$	106,951.00	
Windward Building Group- Cabana Shell & General Conditions	09/28/2020	$	180,750.00	
Windward Building Group- Morgan’s Glen Fitness Stations	10/20/2020	$	68,852.00	

A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was not amended.

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To the Board of Supervisors
Fieldstone Community Development District

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the Fieldstone Community Development District reported:

The rate or rates of non-ad valorem special assessments imposed by the District.
$1,756.09 - $5,300.05
The amount of special assessments collected by or on behalf of the District: 6,574,691
The total amount of outstanding bonds issued by the District and the terms of such bonds. Series 2019, $10,330,000 matures May 2049, Series 2019 Morgan’s Glen
$10,050,000 matures May 2049 and Series 2021B $4,130,000 matures May 2031.

Additional Matters

Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we noted the following finding.

2021-01	
Finding:	The actual expenditures in the General Fund exceeded the budget which is a violation of Section 189.016, Florida Statutes.	
Recommendation:	Management should review spending to ensure that expenditures do not exceed appropriations in the future.	
Response:	Management will review spending to ensure that expenditures do not exceed appropriations in the future.	

Purpose of this Letter

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2022

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INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415 FLORIDA STATUTES

To the Board of Supervisors
Fieldstone Community Development District Manatee County, Florida

We have examined Fieldstone Community Development District's compliance with Section 218.415, Florida Statutes during the fiscal year ended September 30, 2021. Management is responsible for Fieldstone Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on Fieldstone Community Development District’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Fieldstone Community Development District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Fieldstone Community Development District’s compliance with the specified requirements.

In our opinion, Fieldstone Community Development District’s complied, in all material respects, with the aforementioned requirements during the fiscal year ended September 30, 2021.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2022

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NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

10

RESOLUTION 2022-16

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT HEREBY ACCEPTING THE AUDITED ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021 [FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT]

WHEREAS, the District’s Auditor, Berger, Toombs, Elam, Gaines & Frank, has heretofore prepared and submitted to the Board, for accepting, the District’s Audited Annual Financial Report for Fiscal Year 2021 [Fieldstone Community Development District];

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

The Audited Annual Financial Report for Fiscal Year 2021, heretofore submitted to the Board, is hereby accepted for Fiscal Year 2021, [Fieldstone Community Development District]; for the period ending September 30, 2021; and

A verified copy of said Audited Annual Financial Report for Fiscal Year 2021 [Fieldstone Community Development District]; shall be attached hereto as an exhibit to this Resolution, in the District’s “Official Record of Proceedings”.

PASSED AND ADOPTED this 13th day of July, 2022.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

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

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

11

North River Ranch Community Development District ANNUAL FINANCIAL REPORT
September 30, 2021

North River Ranch Community Development District	
ANNUAL FINANCIAL REPORT	
September 30, 2021	
TABLE OF CONTENTS	
Page Number	
REPORT OF INDEPENDENT AUDITORS	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-8	
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements: Statement of Net Position Statement of Activities
Fund Financial Statements:
Balance Sheet – Governmental Funds Reconciliation of Total Governmental Fund Balances
to Net Position of Governmental Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund	

9
10

11

12

13

14

15	
Notes to Financial Statements	16-28	
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

29-30	
MANAGEMENT LETTER	31-33	
INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES	
34	

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
North River Ranch Community Development District Manatee County, Florida

Report on the Financial Statements

We have audited the accompanying financial statements of North River Ranch Community Development District as of and for the fiscal year ended September 30, 2021, and related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Accounting Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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To the Board of Supervisors
North River Ranch Community Development District

Opinion

In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities, and each major fund of North River Ranch Community Development District as of September 30, 2021, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Other Matters

Management’s Discussion and Analysis

Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economical or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted principally of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with the sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated June 17, 2022 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering North River Ranch Community Development District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida

June 17, 2022
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North River Ranch Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021

Management’s discussion and analysis of North River Ranch Community Development District’s (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.

OVERVIEW OF THE FINANCIAL STATEMENTS

The District’s basic financial statements comprise three components; 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.

The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position is reported in three categories; 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government and debt service.

Fund financial statements present financial information for governmental funds. These statements provide financial information for the major funds of the District. Governmental fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial resources (revenues and expenditures), and current available resources.

North River Ranch Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021 OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Fund  financial  statements  include  a  balance  sheet  and  a  statement  of  revenues,
expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual is provided for the District’s General Fund. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses or to comply with legal requirements.

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including capital assets are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. The statement of activities includes depreciation on all long lived assets of the District, but transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliations are provided from the fund financial statements to the government- wide financial statements.

Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the fiscal year ended September 30, 2021.

The District’s liabilities exceeded assets by $(1,432,378) (net position).

Governmental activities revenues totaled $88,604, while governmental activities expenses totaled $1,331,608.

North River Ranch Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021 OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes.

Net Position	
Governmental Activities 2021	2020	

Current assets	
$	
20,813	$	14,802	
Restricted assets		6,460,242	-	
Capital Assets		   11,657,010 		511,216 	
Total Assets		   18,138,065 		526,018 	
Current liabilities	2,815,443	102,751	
Non-current liabilities		16,755,000 		612,641 	
Total Liabilities		19,570,443 		715,392 	
Net Position
Net investment in capital assets Unrestricted
Total Net Position		
-			
(101,425)	
		   (1,432,378)			     (87,949)	
	 $		(1,432,378)		 $		(189,374)	

The increase in capital assets, restricted assets, current liabilities and non-current liabilities are related to the issuance of long-term debt and starting the associated capital project in the current year.

North River Ranch Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Financial Analysis of the District (Continued)
The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes.
Change In Net Position

Governmental Activities
	2021		2020	
Program Revenues
Operating contributions	
$	88,115		
$	84,584	

General Revenues Invesment income Miscellaneous revenues
Total Revenues Expenses
General government Interest and other charges
Total Expenses	
389	
-		
		100 		- 		
		88,604 		84,584 		
	80,506	114,573		
		1,251,102 		- 		
		1,331,608 		114,573 		
Change in Net Position		(1,243,004)		(29,989)		
Net Position - Beginning of Year		(189,374)		(159,385)		
Net Position - End of Year	 $		(1,432,378)	 $		(189,374)		

The decrease in general government is related to certain expenses that issuance costs in the current year.	
were	
treated	
as	

The increase in interest and other charges is related to the issuance of long-term debt in the current year.

North River Ranch Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Capital Assets Activity

The following schedule provides a summary of the District’s capital assets as of September 30, 2021 and 2020.

Governmental Activities
Description	2021	2020

Construction in progress	 $	11,657,010 	 $	511,216 

Capital asset activity consisted of $11,145,794 of additions to construction in progress in the current year.

General Fund Budgetary Highlights
Actual expenditures were less than the final budget because trustee fees and assessment administration fees were paid from the capital projects fund in the current year.
There were no amendments to the September 30, 2021 budget.
Debt Management

Governmental Activities debt includes the following:

In December 2020, the District issued $7,670,000 Series 2020A-1 Capital Improvement Revenue Bonds. These bonds were issued to finance a portion of the cost of the Phase 1 Project. As of September 30, 2021, the balance outstanding was $7,670,000.

In December 2020, the District issued $5,010,000 Series 2020A-2 Capital Improvement Revenue Bonds. These bonds were issued to finance a portion of the cost of the Phase 1 Project. As of September 30, 2021, the balance outstanding was $5,010,000.

In December 2020, the District issued $4,215,000 Series 2020A-3 Capital Improvement Revenue Bonds. These bonds were issued to finance a portion of the cost of the Phase 1 Project. As of September 30, 2021, the balance outstanding was $4,215,000.

North River Ranch Community Development District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021 OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Economic Factors and Next Year’s Budget
North River Ranch Community Development District merged with North River Ranch Improvement Stewardship District in October 2021 (the surviving entity), effective upon the dissolution date of North River Ranch Community Development District.
Request for Information
The financial report is designed to provide a general overview of North River Ranch Community Development District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the North River Ranch Community Development District’s Finance Department at 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431.

North River Ranch Community Development District STATEMENT OF NET POSITION
September 30, 2021

ASSETS
Current Assets Cash
Interest receivable Due from developer
Total Current Assets Non-Current Assets
Restricted investments, fair value Capital Assets, not being depreciated
Construction in progress Total Assets

LIABILITIES
Current Liabilities
Accounts payable and accrued expenses Contracts/retainage payable
Bonds payable Accrued interest
Total Current Liabilities Non-Current Liabilities
Bonds payable
Total Liabilities

NET POSITION
Unrestricted

Governmental Activities

$	5,109
28
	15,676 
	20,813 

6,460,242

	11,657,010 
	18,138,065 

2,182,015
194,654
140,000
	298,774 
	2,815,443 

	16,755,000 
	19,570,443 

 $	(1,432,378)

See accompanying notes to financial statements.

North River Ranch Community Development District STATEMENT OF ACTIVITIES
For the Fiscal Year Ended September 30, 2021

Net (Expenses) Revenues and
Program	Changes in
		Revenues	  Net Position  Operating
Grants and	Governmental
Functions/Programs	Expenses	Contributions	Activities

Governmental Activities		
General government	$	(80,506)		$	88,115		$	7,609	
Interest and other charges		(1,251,102)			- 			(1,251,102)	
Total Governmental Activities	 $	(1,331,608)		 $	88,115 		(1,243,493)	

General Revenues
Miscellaneous revenues	100	
Investment income		389 	
Total General Revenues		489 	
Change in Net Position	(1,243,004)	
Net Position - October 1, 2020		(189,374)	
Net Position - September 30, 2021	 $  (1,432,378)	

See accompanying notes to financial statements.

North River Ranch Community Development District BALANCE SHEET –
GOVERNMENTAL FUNDS
September 30, 2021

ASSETS

Total
Debt	Capital	Governmental
	General	 	Service	 	Projects	 	Funds	

Cash	$	5,109	$	-	$	-	$	5,109	
Due from developer	15,676	-	-	15,676	
Interest receivable	-	3	25	28	
Restricted investments		- 		787,928 		5,672,314 		6,460,242 	
Total Assets	 $	20,785 	 $	787,931 	 $	5,672,339 	 $ 6,481,055 	

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
LIABILITIES
Accounts payable and accrued expenses	$	13,076		$	-	$	2,168,939		$ 2,182,015	
Contracts/retainage payable	-		-	194,654		194,654	
Total Liabilities	13,076		 
-	2,363,593		2,376,669	

DEFERRED INFLOWS OF RESOURCES					
Unavailable revenues	1,000	-	-	1,000	

FUND BALANCES							
Restricted for debt service		-			787,931			-			787,931	
Restricted for capital projects		-			-			3,308,746			3,308,746	
Unassigned		6,709			-			-			6,709	
Total Fund Balances		6,709			787,931			3,308,746			4,103,386	

Total Liabilities, Deferred Inflows of Resources and Fund Balances	

$	

20,785		

$	

787,931		

$	

5,672,339		

$	

6,481,055	

See accompanying notes to financial statements.

North River Ranch Community Development District RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES
September 30, 2021

Total Governmental Fund Balances	$	4,103,386	
Amounts reported for governmental activities in the Statement of Net Position are different because:			
Capital assets, construction in progress, used in governmental activities are not current financial resources and therefore, are not reported
at the fund level.		

11,657,010	
The issuance of new debt does not use current resources and is not recognized at the fund level, however, it increases liabilities at the government-wide level.	
(16,895,000)	
Interest on long-term debt is recognized when paid at the fund level, however, at the government-wide level interest is recognized as incurred.		
(298,774)	
Unavailable revenues are recognized as deferred inflows of resources at the fund level. Revenues are recognized when earned at the government-wide
level.		

1,000	

Net Position of Governmental Activities	
 $ 	
(1,432,378)	

See accompanying notes to financial statements.

North River Ranch Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Fiscal Year Ended September 30, 2021

Debt

Capital

Total Governmental

		General			Service 		Projects			Funds		
Revenues		
Developer contributions	$	87,115	$	-	$	-	$	87,115	
Investment income	-	35	354	389	
Miscellaneous revenues		100 		- 		- 		100 	
Total Revenues		87,215 		35 		354 		87,604 	
Expenditures		
Current		
General government	80,506	-	-	80,506	
Capital outlay	-	-	11,145,794	11,145,794	
Debt service		
Principal	-	-	612,641	612,641	
Interest	-	278,855	-	278,855	
Other debt service		- 		337,900 		335,573 		673,473 	
Total Expenditures		80,506 		616,755 	  12,094,008 		12,791,269 	
Excess of revenues over/under expenditures		6,709 	  (616,720)	 (12,093,654)		(12,703,665)	
Other Financing Sources/(Uses)		
Issuance of long-term debt		- 	 1,404,651 	  15,490,349 		16,895,000 	
Net change in fund balances	6,709	787,931	3,396,695	4,191,335	
Fund Balances - October 1, 2020		- 		- 		(87,949)		(87,949)	
Fund Balances - September 30, 2021	 $	6,709 	 $ 787,931 	 $ 3,308,746 	 $	4,103,386 	

See accompanying notes to financial statements.

North River Ranch Community Development District RECONCILIATION OF THE STATEMENT
OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For the Fiscal Year Ended September 30, 2021

Net Change in Fund Balances - Total Governmental Funds	$	4,191,335	
Amounts reported for governmental activities in the Statement of Activities are different because:			
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives as depreciation. This is the amount of capital outlay in the current year.		

11,145,794	
The issuance of new debt is recognized as an other financing source at the fund level, however, the issuance increases liabilities at the
government-wide level.	

(16,895,000)	

Repayments of bond principal are expenditures in the governmental funds, but
the repayments reduce long-term liabilities in the Statement of Net Position.	612,641

In the Statement of Activities, interest is accrued on outstanding bonds; whereas in governmental funds, interest expenditures are reported when due. This is
the net amount between the prior year and current year accruals.	(298,774)

Unavailable revenues are reflected as deferred inflows of resources at the fund level, however, they are recogized when earned at the government-wide
level. This is the current year change.			1,000  Change in Net Position of Governmental Activities	 $	(1,243,004)

See accompanying notes to financial statements.

North River Ranch Community Development District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Fiscal Year Ended September 30, 2021

Revenues
Developer contributions Miscellaneous revenues Total Revenues

Expenditures Current
General government

Net Change in Fund Balances Fund Balances - October 1, 2020
Fund Balances - September 30, 2021

Original Budget

$ 102,175

  102,175 		102,175 	

  102,175 	
	102,175 	
-	-	
       - 		- 	

	- 

 $	- 

Final Budget

Actual	Variance with Final Budget Positive
(Negative)	

$  87,115
	100 
	87,215 		
$	
(15,060)
      100 
    (14,960)	

	80,506 	
	21,669 	
6,709			6,709	
	- 		- 	
 $	6,709 		 $		6,709 	

$ 102,175
	- 

 $	- 

See accompanying notes to financial statements.

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.

Reporting Entity

The District was established on April 5, 2018, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act"), and by Manatee County Board of County Commissioners Ordinance No 18-08, Florida, as a Community Development District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for community development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the North River Ranch Community Development District. The District is governed by a five member Board of Supervisors. The District operates within the criteria established by Chapter 190, Florida Statutes.

As required by GAAP, these financial statements present the North River Ranch Community Development District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.

Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards Board, The Financial Reporting Entity, the District has identified no component units.

Measurement Focus and Basis of Accounting

The basic financial statements of the District are composed of the following:

Government-wide financial statements

Fund financial statements

Notes to financial statements

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements

Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

Governmental activities are supported by developer contributions and interest. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.

Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.

Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds
The District classifies fund balance according to Governmental Accounting Standards Board Statement 54 – Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.

The District has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.

Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”.

Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.

Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long- term debt are recorded as an other financing source rather than as a fund liability.

Debt service expenditures are recorded only when payment is due.

Basis of Presentation

Governmental Major Funds

General Fund – The General Fund is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Debt Service Fund – Accounts for debt service requirements to retire the outstanding Capital Improvement Bonds.

Capital Projects Fund – The Capital Projects Fund accounts for the construction of infrastructure improvements within the District.

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as land and improvements, and non-current governmental liabilities, such as general obligation bonds and due to developer be reported in the governmental activities column in the government-wide Statement of Net Position.

Assets, Liabilities, and Net Position or Equity

Cash and Investments

Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.

The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:

Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;

Interest-bearing time deposits or savings accounts in authorized qualified public depositories;

Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Assets, Liabilities, and Net Position or Equity (Continued)

Cash and Investments (Continued)

Cash equivalents include time deposits and all highly liquid debt instruments with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.

Capital Assets

Capital assets, which include construction in progress, are reported in the applicable governmental activities column.

The District defines capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of one year. The valuation basis for all assets is historical cost.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend its useful life are not capitalized.

Budgets

Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. A formal budget is adopted for the general fund. As a result, deficits in the budget columns of the accompanying financial statements may occur.

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS

Explanation of Differences Between the Governmental Fund Balance Sheet and the Government-wide Statement of Net Position

“Total fund balances” of the District’s governmental funds, $4,103,386, differs from “net position” of governmental activities, $(1,432,378), reported in the Statement of Net Position. This difference primarily results from the long-term economic focus of the statement of net position versus the current financial resources focus of the governmental fund balance sheet. The effect of the differences is illustrated below.

Capital related items

When capital assets (construction in progress, that are to be used in governmental activities) are purchased or constructed, the cost of those assets is reported as expenditures in governmental funds. However, the Statement of Net Position included those capital assets among the assets of the District as a whole.

Construction in progress	$	11,657,010

Long-term debt transactions
Long-term liabilities applicable to the District’s governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities. All liabilities (both current and long-term) are reported in the Statement of Net Position. Balances at September 30, 2021 were:

Bonds payable	$	(16,895,000)

Accrued interest
Accrued liabilities in the Statement of Net Position differ from the amount reported in governmental funds due to the accrued interest on bonds.

Accrued interest	$	(298,774)

Deferred Inflows of Resources

Unavailable revenues are recognized as deferred inflows of resources at the fund level, however, revenues are recognized when earned at the government-wide level.

Unavailable revenues	$	1,000

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE	B	–		RECONCILIATION	OF	GOVERNMENT-WIDE	AND	FUND	FINANCIAL STATEMENTS (CONTINUED)
Explanation of Differences Between the Governmental Fund Operating Statements and the Statement of Activities
The “net change in fund balances” for government funds, $4,191,335, differs from the “change in net position” for governmental activities, $(1,243,004), reported in the Statement of Activities. The differences arise primarily from the long-term economic focus of the Statement of Activities versus the current financial resources focus of the governmental funds. The effect of the differences is illustrated below:
Capital related items
When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation. As a result, fund balances decrease by the amount of financial resources expended, whereas net position decrease by the amount of depreciation charged for the year.
Capital outlay	$	11,145,794 

Long-term debt transactions

Long-term debt transactions are as other financing sources and expenditures at the fund level but affect liabilities at the government-wide level.

Issuance of long-term debt	$	(16,895,000)

Principal payments	$	612,641

Some expenses reported in the Statement of Activities do not require the use of current financial resources, therefore, are not reported as expenditures in governmental funds.

Net change in accrued interest payable	$	(298,774)

Deferred inflows of resources

Unavailable revenues are recognized as deferred inflows of resources at the fund level. Revenues are recognized when earned at the government-wide level.

Net change in unavailable revenues	$	1,000

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE C – CASH AND INVESTMENTS
All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.

Custodial Credit Risk – Deposits
Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2021, the District's bank balance and the carrying value were $5,109. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.
As of September 30, 2021, the District had the following investments.

Investment		Maturities		Fair Value	
U.S. Bank Money Market		N/A		$ 6,460,242	

The District categorizes its fair value measurements within the fair value hierarchy recently established by generally accepted accounting principles. The fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The District uses a market approach in measuring fair value that uses prices and other relevant information generated by market transactions involving identical or similar assets, liabilities, or groups of assets and liabilities.
Assets or liabilities are classified into one of three levels. Level 1 is the most reliable and is based on quoted price for identical assets, or liabilities, in an active market. Level 2 uses significant other observable inputs when obtaining quoted prices for identical or similar assets, or liabilities, in markets that are not active. Level 3 is the least reliable and uses significant unobservable inputs that uses the best information available under the circumstances, which includes the District’s own data in measuring unobservable inputs.
Based on the criteria in the preceding paragraph, the investments listed above are level 1 assets.
Interest Rate Risk
The District does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates.
Credit Risk
The District's investments are limited by state statutory requirements and bond compliance. The District has no investment policy that would further limit its investment choices As of September 30, 2021, the District’s investment in U.S. Bank Money Market was unrated.

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021 NOTE C – CASH AND INVESTMENTS (CONTINUED)
Concentration of Credit Risk

The District places no limit on the amount it may invest in any one fund. The investments in U.S. Bank Money Market are 100% of the District’s total investments.

The types of deposits and investments and their level of risk exposure as of September 30, 2021 were typical. The District considers any decline in fair value for certain investments to be temporary.

NOTE D – CAPITAL ASSETS

Capital asset activity for the fiscal year ended September 30, 2021 was as follows:

Balance	Balance
October 1,	September 30,
	2020	 	Additions	  Deletions	 	2021	
Governmental Activities:
Capital assets, not being depreciated:
Construction in progress	 $	511,216   $ 11,145,794   $	-   $ 11,657,010 

NOTE E – LONG-TERM DEBT

The following is a summary of debt activity for the District for the year ended September 30,
2021:									
	Balance					Balance	
	October 1,					September 30,	
		2020			Additions			  Reductions 		2021		
Governmental Activites:					
Direct borrowings:									
Developer advances	$	612,641	$	-	$	(612,641)	$	-	
Bonds payable:									
Series 2020		- 		16,895,000 		- 		16,895,000 	
Bonds Payable, Net	 $		612,641 	 $ 16,895,000 	 $	(612,641)  $	16,895,000 	

During the current year, the District paid off the Developer advanced funds.

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE E – LONG-TERM DEBT (CONTINUED)		
District debt is comprised of the following at September 30, 2021:		
Capital Improvement Revenue Bonds		
$7,670,000 Series 2020A-1 Capital Improvement Revenue Bonds maturing through 2051, at various interest rates between 3.000% and 4.25%, payable May 1 and November
1.	

$	7,670,000	
$5,010,000 Series 2020A-2 Capital Improvement Revenue Bonds maturing through 2035, at an interest rate of 4.20%, payable May 1 and November 1.	

5,010,000	
$4,215,000 Series 2020A-3 Capital Improvement Revenue Bonds maturing through 2040, at an interest rate of 4.75%, payable May 1 and November 1.	

	4,215,000	
Bonds Payable	$	16,895,000	

The annual requirements to amortize the principal and interest of bonded debt outstanding as of September 30, 2021 are as follows:

Year Ending

2023	145,000		712,858		857,858	
2024	150,000		708,508		858,508	
2025	155,000		704,008		859,008	
2026	160,000		699,358		859,358	
2027-2031	885,000		3,409,113		4,294,113	
2032-2036	6,090,000		3,015,943		9,105,943	
2037-2041	5,535,000		1,739,450		7,274,450	
2042-2046	1,625,000		640,688		2,265,688	
2047-2051	2,010,000		263,288		2,273,288	
Totals	$ 16,895,000		$ 12,610,272		$ 29,505,272	

September 30,		Principal		Interest		Total 2022	$		140,000	$		717,058	$		857,058

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE E – LONG-TERM DEBT (CONTINUED)

Summary of Significant Bonds Resolution Terms and Covenants Capital Improvement Revenue Bonds, Series 2020 Significant Bond Provisions
The Series 2020A-1 and Series 2020A-2 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, at any time after May 1, 2030 at a price equal to the par amount of the Series 2020A-1 or A-2 Bonds thereof, together with accrued interest to the date of redemption. The Series 2020A-3 Bonds are subject to redemption at the option of the District prior to their maturity, in whole or in part, on any date at a price equal to the par amount of the Series 2020A-3 Bonds thereof, together with accrued interest to the date of redemption. The Series 2020A-1, 2020A-2, and 2020A-3 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Trust Indenture.

The Trust Indenture established certain amounts be maintained in a reserve account. In addition, the Trust Indenture has certain restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements.

Depository Funds

The bond resolution establishes certain funds and determines the order in which revenues are to be deposited into these funds. A description of the significant funds, including their purposes, is as follows:

Reserve Funds – The Series 2020A-1, 2020A-2, and 2020-A3 Capital Improvement Revenue Bonds Reserve Accounts are funded from the proceeds of the Bonds in an amount equal to fifty percent of the maximum annual debt service required for the respective bond. Monies held in the reserve accounts will be used only for the purposes established in the Trust Indenture.

The following is a schedule of required reserve balances as of September 30, 2021:

Reserve	Reserve	

Capital Improvement Revenue Bonds, Series 2021A-1 Capital Improvement Revenue Bonds, Series 2021A-2 Capital Improvement Revenue Bonds, Series 2021A-3	Balance	Requirement
 
$	224,050	$	224,050
$	105,210	$	105,210
$	100,106	$	100,106	

North River Ranch Community Development District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE F – ECONOMIC DEPENDENCY

A significant portion of the District's activity is dependent upon continued involvement of the Developer, the loss which could have a material adverse effect on the District's operations. All voting members of the Board of Supervisors are employed by the Developer or a related entity. The District received $87,115 in operating contributions from the Developer for the year ended September 30, 2021.

NOTE G – RISK MANAGEMENT
The government is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. The District has not filed any claims under this commercial coverage.

NOTE H – SUBSEQUENT EVENT

Subsequent to year end, North River Ranch Community Development District and Fieldstone Community Development District merged with North River Ranch Improvement Stewardship District, the surviving entity. The merger became effective in October 2021 upon the passing of a dissolution ordinance by the Districts and approval by Manatee County, Florida.

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
North River Ranch Community Development District Manatee County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of North River Ranch Community Development District, as of and for the fiscal year ended September 30, 2021, and the related notes to the financial statements, and have issued our report thereon dated June 17, 2022.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered North River Ranch Community Development District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of North River Ranch Community Development District’s internal control. Accordingly, we do not express an opinion on the effectiveness of North River Ranch Community Development District's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

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Board of Supervisors
North River Ranch Community Development District

Compliance and Other Matters

As part of obtaining reasonable assurance about whether North River Ranch Community Development District's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2022

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MANAGEMENT LETTER
To the Board of Supervisors
North River Ranch Community Development District Manatee County, Florida
Report on the Financial Statements
We have audited the financial statements of the North River Ranch Community Development District as of and for the fiscal year ended September 30, 2021, and have issued our report thereon dated June 17, 2022.
Auditor’s Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315 regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in that report, which is dated June 17, 2022, should be considered in conjunction with this management letter.
Prior Audit Findings

Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been made to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations in the preceding financial audit report.
Financial Condition and Management
Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires us to apply appropriate procedures and communicate the results of our determination as to whether or not North River Ranch Community Development District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that the North River Ranch Community Development District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

- 31 -

To the Board of Supervisors
North River Ranch Community Development District
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures as of September 30, 2021 for the North River Ranch Community Development District. It is management’s responsibility to monitor the North River Ranch Community Development District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.

Specific Information
The information provided below was provided by management and has not been audited; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the North River Ranch Community Development District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 4
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: N/A
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $52,993
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2020, together with the total expenditures for such project: Series 2020 Projects, $11,145,794.
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was not amended.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the North River Ranch Community Development District reported:

The rate or rates of non-ad valorem special assessments imposed by the District. There were no assessments in the current year.
The amount of special assessments collected by or on behalf of the District: N/A
The total amount of outstanding bonds issued by the District and the terms of such bonds. Series 2020 Bonds, $16,895,000 matures May 2051.

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To the Board of Supervisors
North River Ranch Community Development District
Additional Matters

Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we noted no such findings.

Purpose of this Letter

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2022

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INDEPENDENT ACCOUNTANTS’ REPORT/COMPLIANCE WITH SECTION 218.415 FLORIDA STATUTES

To the Board of Supervisors
North River Ranch Community Development District Manatee County, Florida

We have examined North River Ranch Community Development District's compliance with Section 218.415, Florida Statutes during the fiscal year ended September 30, 2021. Management is responsible for North River Ranch Community Development District’s compliance with those requirements. Our responsibility is to express an opinion on North River Ranch Community Development District’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about North River Ranch Community Development District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on North River Ranch Community Development District’s compliance with the specified requirements.

In our opinion, North River Ranch Community Development District’s complied, in all material respects, with the aforementioned requirements during the fiscal year ended September 30, 2021.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2022

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NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

12

RESOLUTION 2022-17

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT HEREBY ACCEPTING THE AUDITED ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021 [NORTH RIVER RANCH COMMUNITY DEVELOPMENT DISTRICT]

WHEREAS, the District’s Auditor, Berger, Toombs, Elam, Gaines & Frank, has heretofore prepared and submitted to the Board, for accepting, the District’s Audited Annual Financial Report for Fiscal Year 2021 [North River Ranch Community Development District];

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

The Audited Annual Financial Report for Fiscal Year 2021, heretofore submitted to the Board, is hereby accepted for Fiscal Year 2021, [North River Ranch Community Development District]; for the period ending September 30, 2021; and

A verified copy of said Audited Annual Financial Report for Fiscal Year 2021 [North River Ranch Community Development District]; shall be attached hereto as an exhibit to this Resolution, in the District’s “Official Record of Proceedings”.

PASSED AND ADOPTED this 13th day of July, 2022.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

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

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

13

North River Ranch Improvement Stewardship District ANNUAL FINANCIAL REPORT
September 30, 2021

North River Ranch Improvement Stewardship District	
ANNUAL FINANCIAL REPORT	
September 30, 2021	
TABLE OF CONTENTS	
Page Number	
REPORT OF INDEPENDENT AUDITORS	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-7	
BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements: Statement of Net Position Statement of Activities
Fund Financial Statements:
Balance Sheet – Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund	

8
9

10

11

12	
Notes to Financial Statements	13-19	
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

20-21	
MANAGEMENT LETTER	22-24	

REPORT OF INDEPENDENT AUDITORS

To the Board of Supervisors
North River Ranch Improvement Stewardship District Manatee County, Florida
Report on the Financial Statements
We have audited the accompanying financial statements of North River Ranch Improvement Stewardship District as of and for the fiscal year ended September 30, 2021, and related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Accounting Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
- 1 -

To the Board of Supervisors
North River Ranch Improvement Stewardship District

Opinion

In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities, and each major fund of North River Ranch Improvement Stewardship District as of September 30, 2021, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Other Matters

Management’s Discussion and Analysis

Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economical or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted principally of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with the sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated June 17, 2022 on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations and contracts.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering North River Ranch Improvement Stewardship District’s internal control over financial reporting and compliance.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida

June 17, 2022
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North River Ranch Improvement Stewardship District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021

Management’s discussion and analysis of North River Ranch Improvement Stewardship District’s (the “District”) financial performance provides an objective and easily readable analysis of the District’s financial activities. The analysis provides summary financial information for the District and should be read in conjunction with the District’s financial statements.

OVERVIEW OF THE FINANCIAL STATEMENTS

The District’s basic financial statements comprise three components; 1) Government-wide financial statements, 2) Fund financial statements, and 3) Notes to financial statements. The Government-wide financial statements present an overall picture of the District’s financial position and results of operations. The Fund financial statements present financial information for the District’s major funds. The Notes to financial statements provide additional information concerning the District’s finances.

The Government-wide financial statements are the statement of net position and the statement of activities. These statements use accounting methods similar to those used by private-sector companies. Emphasis is placed on the net position of governmental activities and the change in net position. Governmental activities are primarily supported by special assessments.

The statement of net position presents information on all assets and liabilities of the District, with the difference between assets and liabilities reported as net position. Net position is reported in three categories; 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Assets, liabilities, and net position are reported for all Governmental activities.

The statement of activities presents information on all revenues and expenses of the District and the change in net position. Expenses are reported by major function and program revenues relating to those functions are reported, providing the net cost of all functions provided by the District. To assist in understanding the District’s operations, expenses have been reported as governmental activities. Governmental activities financed by the District include general government and debt service.

Fund financial statements present financial information for governmental funds. These statements provide financial information for the major funds of the District. Governmental fund financial statements provide information on the current assets and liabilities of the funds, changes in current financial resources (revenues and expenditures), and current available resources.

North River Ranch Improvement Stewardship District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021 OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Fund  financial  statements  include  a  balance  sheet  and  a  statement  of  revenues,
expenditures and changes in fund balances for all governmental funds. A statement of revenues, expenditures, and changes in fund balances – budget and actual is provided for the District’s General Fund. Fund financial statements provide more detailed information about the District’s activities. Individual funds are established by the District to track revenues that are restricted to certain uses or to comply with legal requirements.

The government-wide financial statements and the fund financial statements provide different pictures of the District. The government-wide financial statements provide an overall picture of the District’s financial standing. These statements are comparable to private-sector companies and give a good understanding of the District’s overall financial health and how the District paid for the various activities, or functions, provided by the District. All assets of the District, including capital assets are reported in the statement of net position. All liabilities, including principal outstanding on bonds are included. The statement of activities includes depreciation on all long lived assets of the District, but transactions between the different functions of the District have been eliminated in order to avoid “doubling up” the revenues and expenses. The fund financial statements provide a picture of the major funds of the District. In the case of governmental activities, outlays for long lived assets are reported as expenditures and long-term liabilities, such as general obligation bonds, are not included in the fund financial statements. To provide a link from the fund financial statements to the government-wide financial statements, reconciliations are provided from the fund financial statements to the government- wide financial statements.

Notes to financial statements provide additional detail concerning the financial activities and financial balances of the District. Additional information about the accounting practices of the District, investments of the District, capital assets and long-term debt are some of the items included in the notes to financial statements.

Financial Highlights

The following are the highlights of financial activity for the fiscal year ended September 30, 2021.

The District’s assets exceeded liabilities by $5,001 (net position).

Governmental activities revenues totaled $90,865, while governmental activities expenses totaled $85,864.

North River Ranch Improvement Stewardship District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021 OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Financial Analysis of the District

The following schedule provides a summary of the assets, liabilities and net position of the District and is presented by category for comparison purposes.

Net Position

Governmental Activities 2021

Current assets	 $		50,532 	
Current liabilities		      45,531 	
Net Position Unrestricted	
 $		
5,001 	
This is the first year of operations for the District.		

North River Ranch Improvement Stewardship District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Financial Analysis of the District (Continued)
The following schedule provides a summary of the changes in net position of the District and is presented by category for comparison purposes.
Change In Net Position

Program Revenues Operating contributions
General Revenues Miscellaneous revenues Total Revenues		2021	
	$	90,864	
		         1 	
		      90,865 	
Expenses
General government Interest and other charges
Total Expenses	
76,645	
		9,219 	
		85,864 	
Change in Net Position		5,001	
Net Position - Beginning of Year		- 	
Net Position - End of Year	 $		5,001 	
This is the first year of operations for the District.			
General Fund Budgetary Highlights			
Actual expenditures were less than the final budget because engineering fees and trustee fees were lower than anticipated.
There were no amendments to the September 30, 2021 budget.
Economic Factors and Next Year’s Budget
North River Ranch Improvement Stewardship District merged with two Districts located within its boundaries in fiscal year 2022. The District cannot determine the affect this will have on the financial position or results of operations of the District in fiscal year 2022.

North River Ranch Improvement Stewardship District MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended September 30, 2021

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)
Request for Information
The financial report is designed to provide a general overview of North River Ranch Improvement Stewardship District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the North River Ranch Improvement Stewardship District, 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431.

North River Ranch Improvemnet Stewardship District STATEMENT OF NET POSITION
September 30, 2021

Governmental
Activities	
ASSETS
Current Assets Cash
Due from developer Total Current Assets	

$	

3,001
       47,531 
       50,532 	
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses	

	45,531 	
NET POSITION
Unrestricted	
 $		
5,001 	

See accompanying notes to financial statements.

North River Ranch Improvement Stewardship District STATEMENT OF ACTIVITIES
For the Fiscal Year Ended September 30, 2021

Net (Expenses) Revenues and
Program	Changes in
		Revenues	  Net Position  Operating
Grants and	Governmental
Functions/Programs	Expenses	Contributions	Activities
Governmental Activities		
General government		$	(76,645)		$	81,645		$	5,000	
Interest and other charges			(9,219)			9,219 			- 	
Total Governmental Activities		 $	(85,864)		 $	90,864 		$	5,000	

General Revenues
Miscellaneous revenues		1 

Change in Net Position	5,001

Net Position - October 1, 2020			-  Net Position - September 30, 2021  $	5,001 

See accompanying notes to financial statements.

North River Ranch Improvement Stewardship District BALANCE SHEET –
GOVERNMENTAL FUNDS
September 30, 2021

	General	
ASSETS
Cash	$	3,001
Due from Developer		36,697  Total Assets	 $	39,698 

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
LIABILITIES
Accounts payable and accrued expenses	 $	34,697 

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues		11,258 

FUND BALANCES
Unassigned		(6,257)
Total Liabilities, Deferred Inflows of
Resources and Fund Balances	 $	39,698 

Reconciling items between Total Fund Balance and Total Net Position:

Total Governmental Funds Fund Balances

Unavailable revenues are recognized as deferred inflows of resources at the fund level, however, revenue is recognized when when earned at the government-wide level.

Net Position of Governmental Activities	
Capital
	Projects	

$	-
	10,834 
 $	10,834 

 $	10,834 

	10,834 

	(10,834)

 $	10,834 	Total Governmental
	Funds	

$	3,001
	47,531 
 $	50,532 

 $	45,531 

	22,092 

	(17,091)

 $	50,532 

$	(17,091)

	22,092 

 $	5,001 	

North River Ranch Improvement Stewardship District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
For the Fiscal Year Ended September 30, 2021

Revenues

	General 

Total
Capital	Governmental
	Projects	 	Funds	

Developer contributions	$	68,772
Miscellaneous revenues		1 
	68,773 

Expenditures Current
General government	75,030 Debt Service
Other debt service			-  Total Expenditures		75,030 

Net change in fund balances	(6,257)
Fund Balances - October 1, 2020			-  Fund Balances - September 30, 2021	 $	(6,257)

Reconciling between Change in Fund Balances and Change in Net Position:

Change in Fund Balances

Unavailable revenues are not recognized as revenues at the fund level, however, revenues are recognized when earned at the
government-wide level. This is the change in unavailable revenues in the current year.

Change in Net Position

$	-	$	68,772
	-  	1 
	-  	68,773 

1,615	76,645	
    9,219  	
   10,834  		9,219 
85,864 	
(10,834)	(17,091)	
       -  		- 	

 $  (10,834)  $	(17,091)

 $	(17,091)

	22,092 

 $	5,001 

North River Ranch Improvement Stewardship District STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – BUDGET AND ACTUAL – GENERAL FUND
For the Fiscal Year Ended September 30, 2021

Revenues
Developer contributions Miscellaneous revenues
Total Revenues

Expenditures Current
General government

Net Change in Fund Balances Fund Balances - October 1, 2020
Fund Balances - September 30, 2021

Original Budget

$ 148,375

  148,375 		148,375 	

  148,375 	
	148,375 	
-	-	
       - 		- 	

	- 

 $	- 

Final Budget

Actual	Variance with Final Budget Positive
(Negative)	

$  68,772
	1 
	68,773 		
$	
(79,603)
        1 
    (79,602)	

	75,030 	
	73,345 	
	(6,257)			(6,257)	
	- 		- 	
 $		(6,257)		 $		(6,257)	

$ 148,375
	- 

 $	- 

See accompanying notes to financial statements.

North River Ranch Improvement Stewardship District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the District have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The District's more significant accounting policies are described below.

Reporting Entity

The District was established on June 9, 2020, pursuant to Chapter 2020-191, Laws of Florida as an Improvement Stewardship District. The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of the infrastructure necessary for development within its jurisdiction. The District is authorized to issue bonds for the purpose, among others, of financing, funding, planning, establishing, acquiring, constructing district roads, landscaping, and other basic infrastructure projects within or outside the boundaries of the North River Ranch Improvement Stewardship District. The District is governed by a five member Board of Supervisors. All the Supervisors are employed by the Developer.

As required by GAAP, these financial statements present the North River Ranch Improvement Stewardship District (the primary government) as a stand-alone government. The reporting entity for the District includes all functions of government in which the District’s Board exercises oversight responsibility including, but not limited to, financial interdependency, selection of governing authority, designation of management, significant ability to influence operations and accountability for fiscal matters.

Based upon the application of the above-mentioned criteria as set forth in Governmental Accounting Standards Board, The Financial Reporting Entity, the District has identified no component units.

Measurement Focus and Basis of Accounting

The basic financial statements of the District are composed of the following:

Government-wide financial statements

Fund financial statements

Notes to financial statements

North River Ranch Improvement Stewardship District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

Government-wide Financial Statements

Government-wide financial statements report all non-fiduciary information about the reporting government as a whole. These statements include all the governmental activities of the primary government. The effect of interfund activity has been removed from these statements.

Governmental activities are supported by developer contributions and interest. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program

Amounts paid to acquire capital assets are capitalized as assets, rather than reported as an expenditure. Proceeds of long-term debt are recorded as liabilities in the government-wide financial statements, rather than as an other financing source.

Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.

Fund Financial Statements

The underlying accounting system of the District is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements for the primary government’s governmental funds are presented after the government-wide financial statements. These statements display information about major funds individually.

North River Ranch Improvement Stewardship District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2. Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds
The District classifies fund balance according to Governmental Accounting Standards Board Statement 54 – Fund Balance Reporting and Governmental Fund Type Definitions. The Statement requires the fund balance for governmental funds to be reported in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.

The District has various policies governing the fund balance classifications.

Nonspendable Fund Balance – This classification consists of amounts that cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained intact.

Restricted Fund Balance – This classification includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.

Assigned Fund Balance – This classification consists of the Board of Supervisors’ intent to be used for specific purposes, but are neither restricted nor committed. The assigned fund balances can also be assigned by the District’s management company.

Unassigned Fund Balance – This classification is the residual classification for the government’s general fund and includes all spendable amounts not contained in the other classifications. Unassigned fund balance is considered to be utilized first when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Fund Balance Spending Hierarchy – For all governmental funds except special revenue funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances.

North River Ranch Improvement Stewardship District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Measurement Focus and Basis of Accounting (Continued)

b. Fund Financial Statements (Continued) Governmental Funds (Continued)
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are considered to be available when they are collected within the current period or soon thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting. Interest associated with the current fiscal period is considered to be an accrual item and so has been recognized as revenue of the current fiscal period.

Under the current financial resources measurement focus, only current assets and current liabilities are generally included on the balance sheet. The reported fund balance is considered to be a measure of “available spendable resources”.

Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.

Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources are expended, rather than as fund assets. The proceeds of long- term debt are recorded as an other financing source rather than as a fund liability.

Debt service expenditures are recorded only when payment is due.

Basis of Presentation

Governmental Major Funds

General Fund – The General Fund is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.

North River Ranch Improvement Stewardship District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation (Continued)

Governmental Major Funds (Continued)

Capital Projects Fund – The Capital Projects Fund accounts for the construction of infrastructure improvements within the District.

Non-current Governmental Assets/Liabilities

GASB Statement 34 requires that non-current governmental assets, such as land and improvements, and non-current governmental liabilities, such as general obligation bonds and due to developer be reported in the governmental activities column in the government-wide Statement of Net Position.

Assets, Liabilities, and Net Position or Equity

Cash and Investments

Florida Statutes require state and local governmental units to deposit monies with financial institutions classified as "Qualified Public Depositories," a multiple financial institution pool whereby groups of securities pledged by the various financial institutions provide common collateral from their deposits of public funds. This pool is provided as additional insurance to the federal depository insurance and allows for additional assessments against the member institutions, providing full insurance for public deposits.

The District is authorized to invest in those financial instruments as established by Section 218.415, Florida Statutes. The authorized investments consist of:

Direct obligations of the United States Treasury;

The Local Government Surplus Funds Trust or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperative Act of 1969;

Interest-bearing time deposits or savings accounts in authorized qualified public depositories;

Securities and Exchange Commission, registered money market funds with the highest credit quality rating from a nationally recognized rating agency

North River Ranch Improvement Stewardship District NOTES TO FINANCIAL STATEMENTS
September 30, 2021

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Assets, Liabilities, and Net Position or Equity (Continued)

Cash and Investments (Continued)

Cash equivalents include time deposits and all highly liquid debt instruments with original maturities of three months or less and held in a qualified public depository as defined by Section 280.02, Florida Statutes.

Deferred Inflows of Resources

Deferred inflows of resources represent an acquisition of net position that applies to a future reporting period(s) and so will not be recognized as an inflow of resources (revenue) until then. The District only has one time that qualifies for reporting in the category. Unavailable revenues are reported only in the governmental funds balance sheet. This amount is deferred and recognized as an inflow of resources in the period that amounts become available.

Budgets

Budgets are prepared and adopted after public hearings for the governmental funds, pursuant to Chapter 190, Florida Statutes. The District utilizes the same basis of accounting for budgets as it does for revenues and expenditures in its various funds. The legal level of budgetary control is at the fund level. All budgeted appropriations lapse at year end. A formal budget is adopted for the general fund. As a result, deficits in the budget columns of the accompanying financial statements may occur.

NOTE B – CASH AND INVESTMENTS

All deposits are held in qualified public depositories and are included on the accompanying balance sheet as cash and investments.

Custodial Credit Risk – Deposits

Custodial credit risk is the risk that in the event of a bank failure, the District's deposits may not be returned to it. The District does not have a formal deposit policy for custodial credit risk, however, they follow the provisions of Chapter 280, Florida Statutes regarding deposits and investments. As of September 30, 2021, the District's bank balance and the carrying value were $3,001. Exposure to custodial credit risk was as follows. The District maintains all deposits in a qualified public depository in accordance with the provisions of Chapter 280, Florida Statutes, which means that all deposits are fully insured by Federal Depositors Insurance or collateralized under Chapter 280, Florida Statutes.

The District had no investments at September 30, 2021.

North River Ranch Improvement Stewardship District NOTES TO FINANCIAL STATEMENTS
September 30, 2021 NOTE C – ECONOMIC DEPENDENCY
A significant portion of the District's activity is dependent upon continued involvement of the Developer, the loss which could have a material adverse effect on the District's operations. All voting members of the Board of Supervisors are employed by the Developer or a related entity. The District received $80,030 in operating contributions and $10,834 in operating contributions to the capital projects fund from the Developer for the year ended September 30, 2021.

NOTE D – RISK MANAGEMENT
The government is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. The District has not filed any claims under this commercial coverage.

NOTE E – SUBSEQUENT EVENT

Subsequent to year end, two Districts (Fieldstone Community Development District and North River Ranch Community Development District) located within the boundaries of North River Ranch Improvement Stewardship District merged with North River Ranch Improvement Stewardship District, the surviving entity. The merger became effective in October 2021 upon each respective District’s dissolution through an ordinance.

INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
North River Ranch Improvement Stewardship District Manatee County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of North River Ranch Improvement Stewardship District, as of and for the fiscal year ended September 30, 2021, and the related notes to the financial statements, and have issued our report thereon dated June 17, 2022.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered North River Ranch Improvement Stewardship District's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of North River Ranch Improvement Stewardship District’s internal control. Accordingly, we do not express an opinion on the effectiveness of North River Ranch Improvement Stewardship District's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

- 20 -

Board of Supervisors
North River Ranch Improvement Stewardship District

Compliance and Other Matters

As part of obtaining reasonable assurance about whether North River Ranch Improvement Stewardship District's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2022

- 21 -

MANAGEMENT LETTER

To the Board of Supervisors
North River Ranch Improvement Stewardship District Manatee County, Florida
Report on the Financial Statements

We have audited the financial statements of the North River Ranch Improvement Stewardship District as of and for the fiscal year ended September 30, 2021, and have issued our report thereon dated June 17, 2022.
Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditor’s Report on an examination conducted in accordance with AICPA Professionals Standards, AT-C Section 315 regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in that report, which is dated June 17, 2022, should be considered in conjunction with this management letter.
Prior Audit Findings

Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been made to address findings and recommendations made in the preceding financial audit report. This is the initial period of operations for the District.
Financial Condition and Management

Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, requires us to apply appropriate procedures and communicate the results of our determination as to whether or not North River Ranch Improvement Stewardship District has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific conditions met. In connection with our audit, we determined that the North River Ranch Improvement Stewardship District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial conditions assessment procedures as of September 30, 2021 for the North River Ranch Improvement Stewardship District. It is management’s responsibility to monitor the North River Ranch Improvement Stewardship District’s financial condition; our financial condition assessment was based in part on the representations made by management and the review of the financial information provided by the same.
- 22 -

To the Board of Supervisors
North River Ranch Improvement Stewardship District

Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.

Specific Information

The information provided below was provided by management and has not been audited; therefore, we do not express an opinion or provide any assurance on the information.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the North River Ranch Improvement Stewardship District reported:
The total number of district employees compensated in the last pay period of the District’s fiscal year: 0
The total number of independent contractors to whom nonemployee compensation was paid in the last month of the District’s fiscal year: 5
All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency: N/A
All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency: $34,726
Each construction project with a total cost of at least $65,000 approved by the District that is scheduled to begin on or after October 1, 2020, together with the total expenditures for such project: N/A.
A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the District amends a final adopted budget under Section 189.016(6), Florida Statutes: The budget was not amended.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)8, Rules of the Auditor General, the North River Ranch Improvement Stewardship District reported:

The rate or rates of non-ad valorem special assessments imposed by the District. There were no assessments in the current year.
The amount of special assessments collected by or on behalf of the District: N/A
The total amount of outstanding bonds issued by the District and the terms of such bonds. N/A

- 23 -

To the Board of Supervisors
North River Ranch Improvement Stewardship District

Additional Matters

Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we noted no such findings.

Purpose of this Letter

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

Berger, Toombs, Elam, Gaines & Frank Certified Public Accountants PL
Fort Pierce, Florida June 17, 2022

- 24 -

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

14

RESOLUTION 2022-18

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT HEREBY ACCEPTING THE AUDITED ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021

WHEREAS, the District’s Auditor, Berger, Toombs, Elam, Gaines & Frank, has heretofore prepared and submitted to the Board, for accepting, the District’s Audited Annual Financial Report for Fiscal Year 2021

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

The Audited Annual Financial Report for Fiscal Year 2021, heretofore submitted to the Board, is hereby accepted for Fiscal Year 2021; for the period ending September 30, 2021; and

A verified copy of said Audited Annual Financial Report for Fiscal Year 2021 shall be attached hereto as an exhibit to this Resolution, in the District’s “Official Record of Proceedings”.

PASSED AND ADOPTED this 13th day of July, 2022.

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

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

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

15A

July 1, 2022

215615408

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

Via: E-Mail (adamsc@whhassociates.com) (denofriog@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. Chuck Adams, District Manager

Reference:	Change Order No. 4 Under Specific Authorization No. 23 Morgan’s Glen Phase 3 – Design and Permitting Project

Dear Ms. Carvalho:
Due to ongoing project needs and changes proposed by the Client. Stantec is requesting approval to proceed with the following additional professional services as follows:
Existing Task 332 – 3B Testing/ Certification
The original budget has been exceeded due to ongoing construction phase and various revisions due to Publix and the Park. We are requesting a budget increase of $7,500 bringing this T/M* task to a new budget of $14,250.
Existing Task 551 – 3A Letter of Map Revision
The current budget has been exceeded due to ongoing changes requested by FEMA. We are requesting a budget increase of $1,000 bringing this fixed fee task to a new budget of $9,500.
Existing Task 552 – 3B Letter of Map Revision
The current budget has been exceeded due to ongoing changes requested by FEMA. We are requesting a budget increase of $1,000 bringing this fixed fee task to a new budget of $9,500.

S.A. Contract to Date	$ 234,600	
Increase this Change Order	$	9,500
New Contract Sum	$ 244,100	
 Stantec Consulting Services Inc.		 North River Ranch Improvement Stewardship District
 c/o Wrathell, Hunt and Associates, LLC		

 6920 Professional Parkway		 2300 Glades Road, Suite 410W	

 Sarasota, FL 34240	

By

 July 1, 2022	
Date

By

 July 1, 2022	

 Boca Raton, FL 33431	

By

Date

Date

07/01/2022 – JVEGA
V:\2156\active\215615408\admin\documents\proposal\pro_c-adams_wh-assoc_fieldstone-scc_sa-23_morgans-glen-3_co-4_tsks-332-551-552_incrs-bdgt_rae_20220701.docx

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

15B

AUTHORIZATION FOR ADDITIONAL SERVICES

		Date	30 June 2022	
“STANTEC”	STANTEC CONSULTING SERVICES INC.	Stantec Project #	215613809	
		Pipeline #	578748	
6900 Professional Parkway East, Sarasota, FL 34240 Ph: (941) 907-6900 Fx: (941) 907-6910
Robert A. Engel, PE, Senior Principal	email: rob.engel@stantec.com

CLIENT	NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT	Change Order: 12 C/O WRATHELL, HUNT & ASSOCIATES, LLC
2300 Glades Road, Suite 421W, Boca Raton, FL 33431 Ph: (877) 276-0889 Fx: (561) 571-0013
Chuck Adams, District Manager	email: adamsc@whhassociates.com
Project Name	SA-5 Grande Reserve Phase 1 - Civil Planning and Permitting and Location:	Parrish, Manatee County, Florida
This is authorization for Stantec to perform additional services on the project as noted above.

A.	Stantec would like to adjust the budgets on the following tasks:
Existing Task 239 – Damaged Sewer Repair Support Services
Due to ongoing construction punch list resolution and certifications, we are requesting additional budget to complete the project.
CLIENT agrees to compensate Stantec for such additional services in accordance with the terms of the initial agreement for additional amount(s) stated below:

Task	Services	Fee Type	Current Fee	Increase	New Fee	
239	Damage Sewer Repair Support	T/M*	(est.) $ 12,000	(est.) $ 20,000	(est.) $ 32,000	
* 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).
C.  All other terms and conditions of the original agreement shall remain in full force and effect. 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.

AUTHORIZATION FOR ADDITIONAL SERVICES	Page 2

By signing below, the parties agree and affirm that each has reviewed and understands the provisions set out above and that each party shall be bound by each and all of said provisions. A copy of this agreement shall serve and may be relied upon as an original.

PURSUANT TO FLORIDA STATUTES CHAPTER 558.0035 AN INDIVIDUAL EMPLOYEE OR AGENT MAY NOT BE HELD INDIVIDUALLY LIABLE FOR DAMAGES RESULTING FROM NEGLIGENCE.

STANTEC CONSULTING SERVICES INC.	NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT C/O WRATHELL, HUNT & ASSOCIATES, LLC	
Robert A. Engel, PE
 District Enhineer/ Senior Principal  Print Name and Title	Pete Williams
 Chairperson	 Print Name and Title	
Signature			Signature			
Date Signed:	 June 30, 2022		Date Signed:			

Kristopher A. Wilhoit, PE

 Vice President	 Print Name and Title

Signature		

Date Signed:

 June 30, 2022	

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

15C

July 7, 2022

File:	215616746 210

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

Via: E-Mail (adamsc@whhassociates.com) (denofriog@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. Pete Williams, Chairman

Reference: North River Ranch Phases 4C, 4D, 4E & 4F – Mass Earthwork Project Letter of Recommendation of Award

Dear Mr. Williams:

On July 1, 2022, we received and opened two bids from pre-qualified firms for the North River Ranch Phases 4C, 4D, 4E & 4F Mass Earthwork project. We received bids from Woodruff & Sons, Inc. and RIPA & Associates, LLC. Attached is a tabulation of the bids received.

RIPA & Associates, LLC submitted the lowest Base Bid for $8,000,000.80. We have reviewed the bid package provided and determined that it is responsive, and we find the Contractor acceptable to perform the work on this project based on the information received.

Therefore, we recommend that North River Ranch Improvement Stewardship District award the contract to RIPA & Associates, LLC for the total bid of $8,000,000.80.

If you have any questions or comments, please contact our office. Sincerely,

Stantec Consulting Services Inc.

Robert A. Engel, P.E. District Engineer

Approved by NRRISD Board
Tel: (941) 907-6900
E-Mail: rob.engel@stantec.com

C:	Chuck Adams, Wrathell Hunt & Associates, LLC Gianna Denofrio, Wrathell Hunt & Associates, LLC

Date

07/06/2022 - JVEGA
V:\2156\active\215616746\admin\documents\final_document\letter\let_p-williams_nrrisd_nrr-4c-d-e-f_mass-earthwork_award-rcmndtn_ripa_rae_20220706.docx

NORTH RIVER RANCH Mass Grading Phases IV-C Through IV-F	
									
Bid Tabulation	
						Ripa & Associates		Woodruff & Sons, Inc.	

STREETS AND DRAINAGE: ……………………………………………………………………		
$7,805,825.80		
$12,361,938.54	
MISCELLANEOUS: ………………………………..………………………………………..		$194,175.00		$263,103.64	

TOTAL: ……………………………………………………………………………………..		
$8,000,000.80		
$12,625,042.18	

TOTAL DAYS TO COMPLETION: ………………………………………………………		
270		240- Substantial	270
Final	
			
The principle items of work and quantities shown herein are approximate only and are furnished solely for the purpose			
of showing the approximate scope of work to be performed. The Contractor shall examine the site of the work and shall			
inform himself fully in regard to all conditions pertaining to the place where the work is to be done. It is the Contractor's			
responsibility to perform his own quantity take-off and shall submit his bid showing the items of all work, unit prices			
and lump sum price for all work called for in the plans, specifications and contract documents based on his assessment			
of the work to be performed. No claim shall be made against Clearview Land Design P.L., nor the Owner for any errors or			
omissions in the Contractor's items of work and quantities, and the unit prices shall only be used as a basis			
of payment to items specifically added or deleted upon change order approved by Owner and Clearview Land Design P.L.			
and as a basis for computing partial pay estimates when called for in the contract.			
									
NOTE:  Unit prices for all underground construction shall include all costs necessary to comply with the "TRENCH			
SAFETY ACT" and conform with all Occupational Safety and Health Administration (OSHA) regulations.			

Page 1 of 6
V:\2156\active\215616746\civil\specification\nrr-4c-4d-4e-4f_mass-grading\bid_tab\NRR Mass Grading_Bid-Tab.xls

											
STREETS AND DRAINAGE	
				Ripa & Associates		Woodruff & Sons, Inc.	
Item			Estimated	Unit	Total		Unit	Total	
No.	Description	Unit	Quantity	Price	Amount		Price	Amount	
											
1.	Mobilization	LS	1	$150,000.00		$150,000.00		$325,887.93		$325,887.93	
											
2.	Compliance with requirements of FDEP Generic NPDES
Permit	LS	
1	$40,000.00		$40,000.00		$7,149.13		$7,149.13	
											
3.	Clearing and Grubbing	Ac.	279	$3,975.00		$1,109,025.00		$1,020.91		$284,833.89	
											
4.	Solid Sod (Side slopes steeper than 5:1)	SY	46666	$2.95		$137,664.70		$2.31		$107,798.46	
											
5.	Grass and Mulch (Side slopes flatter than 5:1)	SY	1137400	$0.28		$318,472.00		$0.49		$557,326.00	
											
5a.	Silt Fence	LF	35627	$1.50		$53,440.50		$9.04		$322,068.08	
											
6.	Final Grading	LS	1	$75,000.00		$75,000.00		$254,025.43		$254,025.43	

STREETS AND DRAINAGE	
				Ripa & Associates		Woodruff & Sons, Inc.	
Item			Estimated	Unit	Total		Unit	Total	
No.	Description	Unit	Quantity	Price	Amount		Price	Amount	
											
7.	Pond X Construction										
	Cut	CY	144,900	$3.00		$434,700.00		$2.46		$356,454.00	
	Place & Compact	CY	115,920	$1.00		$115,920.00		$6.38		$739,569.60	
											
8.	Sump 3D Construction										
	Cut	CY	103,404	$3.00		$310,212.00		$2.46		$254,373.84	
	Place & Compact	CY	82,723	$1.00		$82,723.00		$6.40		$529,427.20	
											
9.	Sump 3C Construction										
	Cut	CY	169,823	$3.00		$509,469.00		$2.52		$427,953.96	
	Place & Compact	CY	135,858	$1.00		$135,858.00		$6.38		$866,774.04	
											
10.	Sump 3A Construction										
	Cut	CY	27,385	$3.00		$82,155.00		$2.46		$67,367.10	
	Place & Compact	CY	21,908	$1.00		$21,908.00		$6.40		$140,211.20	
											
11.	Pond W7 Construction										
	Cut	CY	67,830	$3.00		$203,490.00		$2.46		$166,861.80	
	Place & Compact	CY	54,264	$1.00		$54,264.00		$6.40		$347,289.60	
											
12.	Pond 15 Construction										
	Cut	CY	230,787	$3.00		$692,361.00		$2.46		$567,736.02	
	Place & Compact	CY	184,630	$1.00		$184,630.00		$6.40		$1,181,632.00	
											
13.	Sump 8 Construction										
	Cut	CY	115,116	$3.00		$345,348.00		$2.46		$283,185.36	
	Place & Compact	CY	92,093	$1.00		$92,093.00		$6.40		$589,395.20	
											
14.	Sump 15 Construction										
	Cut	CY	64,952	$3.00		$194,856.00		$2.46		$159,781.92	
	Place & Compact	CY	51,962	$1.00		$51,962.00		$6.40		$332,556.80	
											
15.	Pond 8A Construction										
	Cut	CY	147,337	$3.00		$442,011.00		$2.46		$362,449.02	
	Place & Compact	CY	117,870	$1.00		$117,870.00		$6.40		$754,368.00	
											
15A.	Place and Compact from Stockpile	CY	75,000	$3.25		$243,750.00		$7.75		$581,250.00	

STREETS AND DRAINAGE	
				Ripa & Associates		Woodruff & Sons, Inc.	
Item			Estimated	Unit	Total		Unit	Total	
No.	Description	Unit	Quantity	Price	Amount		Price	Amount	
											
16.	18" RCP	LF	962	$71.25		$68,542.50		$76.30		$73,400.60	
											
17.	24" RCP	LF	1168	$96.25		$112,420.00		$108.97		$127,276.96	
											
18.	30" RCP	LF	91	$172.25		$15,674.75		$345.15		$31,408.65	
											
19.	42" RCP	LF	515	$245.25		$126,303.75		$237.99		$122,564.85	
											
19A	48" RCP	LF	166	$385.25		$63,951.50		$294.68		$48,916.88	
											
20.	60" RCP	LF	1177	$470.25		$553,484.25		$444.54		$523,223.58	
											
21.	Type 1 Curb Inlet w/J Bottom (Temp Tops)	EA	4	$14,500.00		$58,000.00		$18,882.48		$75,529.92	
											
22.	Type J Manhole	EA	7	$16,500.00		$115,500.00		$18,757.10		$131,299.70	
											
23.	Control Structure 1 "Type C" (complete)	LS	1	$4,750.00		$4,750.00		$13,169.83		$13,169.83	
											
24.	Control Structure 3 "Type H" (complete)	LS	1	$13,500.00		$13,500.00		$25,177.13		$25,177.13	
											
25.	Control Structure 5 "Type C" (complete)	LS	1	$4,750.00		$4,750.00		$17,233.43		$17,233.43	
											
26.	Control Structure 7 "Type C" (complete)	LS	1	$4,750.00		$4,750.00		$13,197.61		$13,197.61	
											
27.	Control Structure 9 "Type C" (complete)	LS	1	$4,750.00		$4,750.00		$17,233.43		$17,233.43	
											
28.	Control Structure 11 "Type H" (complete)	LS	1	$13,500.00		$13,500.00		$25,210.23		$25,210.23	
											
29.	Control Structure 13 "Type C" (complete)	LS	1	$4,750.00		$4,750.00		$13,597.12		$13,597.12	
											
30.	Control Structure 15 "Type Double H" (complete)	LS	1	$16,000.00		$16,000.00		$45,488.37		$45,488.37	
											
30A.	Control Structure 23 "Type C" (complete)	LS	1	$4,750.00		$4,750.00		$13,597.12		$13,597.12	
											
31.	Control Structure 25 "Type Double H" (complete)	LS	1	$16,000.00		$16,000.00		$45,488.37		$45,488.37	
											
32.	Control Structure 27 "Weir Wall" (complete)	LS	1	$65,000.00		$65,000.00		$66,276.14		$66,276.14	
											
33.	Control Structure 29 "Type C" (complete)	LS	1	$4,750.00		$4,750.00		$17,233.43		$17,233.43	
											
34.	Control Structure 31 "Type C" (complete)	LS	1	$4,750.00		$4,750.00		$13,597.12		$13,597.12	

STREETS AND DRAINAGE	
				Ripa & Associates		Woodruff & Sons, Inc.	
Item			Estimated	Unit	Total		Unit	Total	
No.	Description	Unit	Quantity	Price	Amount		Price	Amount	
											
35.	Mitered End Section 18" RCP	EA	5	$2,900.00		$14,500.00		$5,563.93		$27,819.65	
											
36.	Mitered End Section 24" RCP	EA	3	$3,200.00		$9,600.00		$5,287.82		$15,863.46	
											
37.	Mitered End Section 30" RCP	EA	1	$5,350.00		$5,350.00		$8,108.05		$8,108.05	
											
38.	Mitered End Section 42" RCP	EA	1	$8,100.00		$8,100.00		$10,855.89		$10,855.89	
											
39.	Mitered End Section 48" RCP	EA	2	$9,200.00		$18,400.00		$11,303.88		$22,607.76	
											
40.	Mitered End Section 60" RCP	EA	2	$17,000.00		$34,000.00		$18,902.53		$37,805.06	
											
41.	Connect to Existing Pond W7 & Restoration	LS	1	$25,000.00		$25,000.00		$47,244.34		$47,244.34	
											
42.	Structure 153 Mitered End Section 36" RCP	EA	1	$6,550.00		$6,550.00		$9,609.65		$9,609.65	
											
43.	Structures 154 & 155 Manatee County Inlets (Temp Top)	EA	2	$15,500.00		$31,000.00		$10,924.84		$21,849.68	
											
44.	Structure 155 Mitered End Section 36" RCP	EA	1	$6,550.00		$6,550.00		$9,609.65		$9,609.65	
											
45.	36" RCP Between Pond W7	LF	375	$190.25		$71,343.75		$197.16		$73,935.00	
											
46	Removal of Structures 101 & 102	LS	1	$3,200.00		$3,200.00		$18,906.98		$18,906.98	
											
47.	Storm Testing and Dewatering	LS	1	$97,173.10		$97,173.10		$29,877.32		$29,877.32	
											
				TOTAL		$7,805,825.80		TOTAL		$12,361,938.54	
By:							
Checked: 						
Engineer: 						

											
											
MISCELLANEOUS ITEMS	
				Ripa & Associates		Woodruff & Sons, Inc.	
Item			Estimated	Unit	Total		Unit	Total	
No.	Description	Unit	Quantity	Price	Amount		Price	Amount	

2.	Bid Bond	LS	1	$0.00		$0.00		$1,374.83		$1,374.83	
											
2.	Performance Bond	LS	1	$81,115.00		$81,115.00		$75,582.06		$75,582.06	
											
3.	Record Drawing	LS	1	$29,750.00		$29,750.00		$65,427.78		$65,427.78	
											
4.	Survey Stakeout	LS	1	$64,425.00		$64,425.00		$65,428.88		$65,428.88	
											
5.	Soils, Materials Testing- (By Others)	LS	1	$0.00		$0.00		$0.00		$0.00	
											
6.	2 Year additional Warranty Bond	LS	1	$18,885.00		$18,885.00		$55,290.09		$55,290.09	
											
				TOTAL		$194,175.00		TOTAL		$263,103.64	
By:					
											
Checked:					
											
Engineer:					

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

16

Change Order
No. 	1	

Date of Issuance:  June 28, 2022	  Effective Date:  July 13, 2022	

Project: NRR 1C Little River Way Sewer Repair	Owner: North River Ranch Improvement Stewardship District	Owner's Contract No.:	
Contract: $ 332,490.00	Date of Contract: February 21, 2022	
Contractor: RIPA & Associates, Inc.	Engineer's Project No.: 215616746	

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

Description:

Installation of 8’ & 5' Sidewalks; Sod for Laydown area; Chlorination Pressure and Bac-Tee Testing.
Attachments: (List documents supporting change):

RIPA CO# 003 Dated 6/8/2022.

	CHANGE IN CONTRACT PRICE:	 	CHANGE IN CONTRACT TIMES:	
Original Contract Price:	Original Contract Times:  Working days	 Calendar days Substantial completion (days or date): 		
$ 332,490.00		Ready for final payment (days or date): 	

[Increase] [Decrease] from previously approved Change [Increase] [Decrease] from previously approved Change Orders Orders No.	0	 to No.	0	:	No.	 to No.	:
Substantial completion (days): 	
$		Ready for final payment (days): 	

Contract Price prior to this Change Order:	Contract Times prior to this Change Order:
Substantial completion (days or date): 	
$ 332,490.00		Ready for final payment (days or date): 	

[Increase] [Decrease] of this Change Order:	[Increase] [Decrease] of this Change Order:
Substantial completion (days or date): 	
$  92,232.66		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): 	
$ 424,722.66		Ready for final payment (days or date): 	

RECOMMENDED:	ACCEPTED:	ACCEPTED:	
By: 		By: 		By: 		
Engineer (Authorized Signature)	Owner (Authorized Signature)	Contractor (Authorized Signature)	
Date:   July 6, 2022		Date: 		Date: 		

Approved by Funding Agency (if applicable):	
 		
Date:	

V:\2156\active\215616746\civil\construction_phase_documents\change_orders\nrr_1c_sewer-repair_little-river-way\received\con_nrr-1c_little-river-sewer-repair_co-1_92232-66_sidewalks-sod-chlorine-bac-t_ripa_ejcdc_c941_rae_20220628.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.

To: Address:	Neal Communities
5800 Lakewood Ranch Boulevard Lakewood Ranch, FL 34240	Contact:
Phone: Fax:	Tom Panaseny 941-328-1075
(941) 713-3780	
Project Name:
Project Location:	John Hall Sanitary Repair CO# 003 Additional Work
North River Ranch Phase 1B, Lakewood Ranch, FL	Bid Number:
Bid Date:	
6/8/2022	

Line #  Item Description	Estimated Quantity	Unit	Unit Price	Total Price	
SANITARY REPAIRS
001	DEWATERING WELL POINTS	
200.00	
LF	
$32.50	
$6,500.00	
002	ADDITIONAL ROADWAY RESTORATION	5.00	DY	$2,936.26	$14,681.30	
Total Price for above SANITARY REPAIRS Items:	$21,181.30

ROADWAY RESTORATION
003	SOD 2' BOC / EOP - BAHIA	560.00	SY	$3.08	$1,724.80	
004	SOD SLOPES - BAHIA	2,747.00	SY	$3.08	$8,460.76	
005	DEMO EXISTING CURB	280.00	LF	$10.23	$2,864.40	
006	MIAMI CURB	140.00	LF	$34.50	$4,830.00	
007	TYPE "F" CURB	140.00	LF	$36.00	$5,040.00	
008	4" CONCRETE SIDEWALK (8' WIDE)	424.00	LF	$48.69	$20,644.56	
009	4" CONCRETE SIDEWALK (5' WIDE)	143.00	LF	$54.05	$7,729.15	
Total Price for above ROADWAY RESTORATION Items:	$51,293.67
WATER & FIRE DISTRIBUTION
010	CHLORINATION PRESSURE & BAC TEE TESTING	1.00 LS	$19,757.69	$19,757.69
Total Price for above WATER & FIRE DISTRIBUTION Items:	$19,757.69

Total Bid Price:	$92,232.66

Notes:
Additional Scope of Work for John Hall Sanitary Repair & Water Distribution Testing for Phase 1C/1D

ACCEPTED:
The above prices, specifications and conditions are satisfactory and are hereby accepted.

Buyer: Signature:
Date of Acceptance:	CONFIRMED:
Ripa & Associates

Authorized Signature:

Estimator:  Tim Badyk
727-389-7344 tbadyk@ripaconstruction.com	

Page 1 of 1

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THE FIRE HYDRANT ASSEMBLY SYMBOLS ARE NOT TO SCALE. THEY ARE DISPLAYED

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LARGER SIMPLY FOR VISUAL CLARITY ON THE PLANS. IN ALL CASES WHERE THE HYDRANT SYMBOL APPEARS OUTSIDE OF THE RIGHT OF WAY, THE DESIGN INTENT IS

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FOR THE HYDRANT TO BE PLACED BETWEEN THE BACK OF SIDEWALK AND THE RIGHT

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OF WAY LINE, WITHIN THE RIGHT OF WAY; AS PER THE DETAIL.
POTABLE WATER SERVICE YARD PIPING (FROM DOWNSTREAM OF METER/BACKFLOW TO

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THE HOME) TO BE INSTALLED AS FOLLOWS:

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IF WITHIN TEN (10') Fl. OF AIN OAK TREE TRUNK, POTABLE WATER SERVICE LINE SHALL HAVE 48 INCHES OF COVER FROM THE METER TO THE HOME CONNECTION

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OR, AS AN ALTERNATIVE, POLYETHYLENE SERVICE TUBING CONFORMING WrTH AWWA C-901 MAY BE SUBSTITUTED AND INSTALLED AT A COVER DEPTH OF 18 INCHES.

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RECLAIMED WATER SERVICE (FOR MAINS LOCATED IN R-0-W) (FROM DOWNSTREAM OF THE METER) TO BE INSTALLIED AS FOLLOWS:

=·	=·

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WHERE WITHIN TEN (1O') Fl. OF AN OAK TREE TRUNK, RECLAIMED WATER SERVICE

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D	REVISED STREET \l.41v1ES ADDED PHASE LINES, TDAF'CiRARv BLOW-OFFS .AND TURNAROUNDS	10/. ,0/19
B	ADDED EXISTlh!G UTILITY CALLOUTS	8/15/19

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ACTIVITY
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The Ccntractor shdl verify a1d be
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CLIENT:
PROJECT:

FIELDSTONE COMMUNl1Y
DEVELOPMENT DISTRICT
NORTH RIVER RANCH

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4L2D19
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'IERTIC,:,L SC.:OLE

TITLE:

MASTER UTILl1Y PLAN	ROBERT A. ENGEL, P.E.
I\OEX NUMBER:
215613809-02C-151UP

t,	REVISED STREET \l.41v1ES	C7/24/19

BLB/11707.3

CO JTRA.C- A01v1IN BY:

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CP.AW\J BY/ HtP NO. ICHECKEOBY / EMP. NC.

W / APPROVED BY:

Certificate of Authorization #27013 • www.stantec.com

by Staniec is fortid::len.

PHASE 18, IC, ID

17  33S 19E

215613809

25 'JI	78

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Remove Temp Jumper & Connect

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THE FIRE HYDRANT ASSEMBLY SYMBOLS ARE NOT TO SCALE. THEY ARE DISPLAYED LARGER SIMPLY FOR VISUAL CLARITY ON THE PLANS. IN ALL CASES WHERE THE HYDRANT SYMBOL APPEARS OUTSIDE OF THE RIGHT OF WAY, THE DESIGN INTENT IS

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FOR THE HYDRANT TO BE PLACED BETWEEN THE BACK OF SIDEWALK AND THE RIGHT OF WAY LINE, WITHIN THE RIGHT OF WAY; AS PER THE DETAIL.

257

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253

252

251

2.5[1

2,19

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POTABLE WATER SERVICE YARD PIPING (FROM DOWNSTREAM OF METER/BACKFLOW TO

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THE HOME) TO BE INSTALLED AS FOLLOWS:
IF WITHIN TEN (10') FT. OF AIN OAK TREE TRUNK, POTABLE WATER SERVICE LINE SHALL HAVE 48 INCHES OF COVER FROM THE METER TO THE HOME CONNECTION

MH 1//44

MH #f

·-,	.	,.,	_y	I LITTLE , ,v, WA	'"	,.	1.	..	"	·  \ ,	,,, \ \	-- ';';,-·c
•'•	"=	'" ,,,	'\ \	'' '' ' ' -	'

OR, AS AN ALTERNATIVE, POLYETHYLENE SERVICE TUBING CONFORMING WrTH AWWA C-901 MAY BE SUBSTITUTED AND INSTALLED AT A COVER DEPTH OF 18 INCHES.
RECLAIMED WATER SERVICE (FOR MAINS LOCATED IN R-0-W) (FROM DOWNSTREAM OF

•

79

GALLATI

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MH #74 6'

240

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45	,	\I	· '111 \  \' \ ,	'j  ,.-'

THE METER) TO BE INSTALLIED AS FOLLOWS:

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LINES SHALL HAVE 48 INCHES OF COVER FROM THE METER TO THE FIRST VALVE ,

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WHERE WITHIN TEN (1 O') FT. OF AN OAK TREE TRUNK, RECLAIMED WATER SERVICE

OR, AS AN ALTERNATIVE, POLYETHYLENE SERVICE TUBING CONFORMING WrTH AWWA

C-901 MAY BE SUBSTITUTED AND INSTALILED AT A COVER DEPTH OF 18 INCHES.

58  157

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1SS  1 4  1S3

1121 1151

150

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149

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RECLAIMED WATER VALVE SHALL BE LOCATED AS FAR AS POSSIBLE FROM THE

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REGULATED STREET TREE LOCATION TO MINIMIZE IMPACTS TO THIS INFRASTRUCTURE.

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4. THERE SHALL BE 3' MIN. CLEARANCE FROM LANDSCAPE PLANTS TO THE EDGE OF
THE METERS LIESS THAN 3" AND 1O' FROM METERS 3" AND LARGER.

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5. THERE SHALL BE 7.5' MIN. CLEARANCE FROM THE FRONT AND BOTH SIDES AND 4'

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FROM THE BACK FOR ALL FIRE HYDRANTS.

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6. NO TREES SHALL BE PLANTED WITHIN 1 O' OF ANY COUNTY MAINTAINED WATER OR

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SEWER MAIN.

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LOCATIONS WHERE THE PROPOSED UNDERGROUND UTILITIES CROSS EACH OTHER (I.E.

7. PER MANATEE COUNTY PUBLIC WORKS STANDARDS, UTILITY STANDARDS MANUAL (USM), UG-2, UG-17, AND SECTION 1.9.7.H. THROUGH 1.9.7.J. PLEASE MAKE SURE THE

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POTABLE WATER, SEWER, FM, RECLAIMED, STORM) THAT THE ACCEPTAIBLE HORIZONTAL

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AND VERTICAL CLEARANCES ARE MET.

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8. MAINATlEE COUNTY PUBLIC WORKS UTILITY STANDARDS ARE THE MINIMUM ALLOWABLE

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WATER AND/OR WASTEWATER CONSTRUCTION STANDARDS. WHERE ANY NOTE OR DETAIL

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ON THESE PLANS CONFLICT WITH THE MANATEE COUNTY PUBLIC WORKS UTILITY

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STANDARDS THE MORE STRINGENT INTERPRETATION, AS DETlERMINED BY THE COUNTY

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INFRAS-RUCTURE INSPECTOR, SHAUL BE APPLIED.

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ATER MAIN	\ \	\ \	\	--\ \	//- 		-- ..c,c:,< "-.--1	/	/  ,/	~	-.	/	/	,-  /	. ,	'.	/	/	I  '·	·	· V / / ,	',	·	',  1//	//II	I	/

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EXISTING RECLAIMED WATER MAIN

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NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

17

Change Order
No. 	2	

Date of Issuance:  June 27, 2022	  Effective Date:  July 13, 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:

April and May Extras: Fuel Surcharges and 4 day extension for rainfall.

Attachments: (List documents supporting change):

Woodruff Recorded Rainfall and Fuel Escalation Worksheets for April & May

	CHANGE IN CONTRACT PRICE:	 	CHANGE IN CONTRACT TIMES:	

Original Contract Price:

Original Contract Times:

 Working days	 Calendar days

$ 2,449,875.87	

Substantial completion (days or date):  IIB-150/ IC-180 Days	
Ready for final payment (days or date):  IIB-180/ IC-210 Days	

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

$	99,709.59	

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

Contract Price prior to this Change Order:

$ 2,549,585.46	

Contract Times prior to this Change Order:
Substantial completion (days or date):  IIB-150/ IC-180 Days	
Ready for final payment (days or date):  IIB-180/ IC-210 Days	

[Increase] [Decrease] of this Change Order:

$	243.59	

[Increase] [Decrease] of this Change Order:
Substantial completion (days or date):  IIB-4 Days/ IC-4 Days	
Ready for final payment (days or date):  IIB-4 Days/ IC-4 Days	

Contract Price incorporating this Change Order:

$ 2,549,829.05	

Contract Times with all approved Change Orders:
Substantial completion (days or date):  IIB-154/ IC-184 Days	
Ready for final payment (days or date):  IIB-184/ IC-214 Days	

RECOMMENDED:	ACCEPTED:	ACCEPTED:	
By: 		By: 		By: 		
Engineer (Authorized Signature)	Owner (Authorized Signature)	Contractor (Authorized Signature)	
Date:  July 6, 2022		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-2_243-59_4-days_april-may-extras_fuel-rain_woodruff_20220627.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 - WORKSHEET for FUEL ESCALATION
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 AND IIB	JOB/WORK ORDER NO:	2758
 	
JOB LOCATION:	 PARRISH, FL	 DATE:		April, 2022
SOURCE:		https://www.eia.gov/petroleum/gasdiesel/ 		W&S INVOICE NO:			 BILL TO:	 Tom Panaseny	 PROJECT MANAGER:		SCOTT RUSSELL
COMPANY:	 FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT	
ADDRESS:		
STARTING AVG. $	$4.055	
	03/28/22	0.00	$1.130	$0.00	
	04/04/22	0.00	$1.089	$0.00	
	04/11/22	0.00	$1.018	$0.00	
	04/18/22	5.24	$1.046	$5.48	
	04/25/22	27.50	$1.105	$30.39	
			TOTAL:	$35.86	

			

WEEK OF	WEEK AVG. $		
3/28/2022	$5.185		
4/4/2022	$5.144		
4/11/2022	$5.073		
4/18/2022	$5.101		
4/25/2022	$5.160		

WEEK OF	TOTAL FUEL USED (GAL.)	SURCHARGE $	EXTENSION $	

WOODRUFF & SONS, INC - WORKSHEET for FUEL ESCALATION
P.O. Box 10127, Bradenton, Florida 34282-0127 ~ T# 941.756.1871 ~ F# 941.755.1379 ~ www.woodruffandsons.com	

NAME OF JOB: JOB LOCATION:	
MORGAN'S GLEN PHASES IC AND IIB
 PARRISH, FL		
JOB/WORK ORDER NO: DATE:	
2758
	May, 2022	
	SOURCE:	https://www.eia.gov/petroleum/gasdiesel/ 	W&S INVOICE NO:	 		
	
BILL TO: COMPANY: ADDRESS:	
 Tom Panaseny	 PROJECT MANAGER:		SCOTT RUSSELL
 FIELDSTONE COMMUNITY DEVELOPMENT DISTRICT	
 		
	STARTING AVG. $	$4.055			
				
	WEEK OF	WEEK AVG. $			
	5/2/2022	$5.509			
	5/9/2022	$5.623			
	5/16/2022	$5.613			
	5/23/2022	$5.571			
	5/30/2022	$5.539			
			
	WEEK OF	TOTAL FUEL USED (GAL.)	SURCHARGE $	EXTENSION $		
			
	05/02/22	40.16	$1.454	$58.39		
	05/09/22	22.02	$1.568	$34.53		
	05/16/22	32.35	$1.558	$50.41		
	05/23/22	42.49	$1.516	$64.41		
	05/30/22	0.00	$1.484	$0.00		

						

						
		TOTAL:	$207.73	

Morgan's Glen 1C 2B

2758

April - Recorded Rain Fall

Count Date:	Amount:	Unit:

1	Friday, April 29, 2022	1.5	inches	
2	Saturday, April 30, 2022	1.5	inches	
3			inches	
4			inches	
5			inches	
6			inches	
7			inches	
8			inches	
9			inches	
10			inches	
11			inches	
12			inches	
13			inches	
14			inches	
15			Inches	

Total Rainfall:	3	inches	
Total No. of Days	2	Days	
Days over 1 inch:	2	Days	
Recovery Days	2	Days	
Rain day Mon - Fri	1	Days	
Total Rain Days	3	Days	

Recovery days are the day following an over one inch of rain fall event
Total rain days for the month is the number of rain days that occurred Monday -Friday plus the number of recovery days

Morgan's Glen 1C 2B

2758

May - Recorded Rain Fall

Count Date:	Amount:	Unit:

1	Saturday, May 7, 2022	1.75	inches	
2			inches	
3			inches	
4			inches	
5			inches	
6			inches	
7			inches	
8			inches	
9			inches	
10			inches	
11			inches	
12			inches	
13			inches	
14			inches	
15			Inches	

Total Rainfall:	1.75	inches	
Total No. of Days	1	Days	
Days over 1 inch:	1	Days	
Recovery Days	1	Days	
Rain day Mon - Fri	0	Days	
Total Rain Days	1	Days	

Recovery days are the day following an over one inch of rain fall event
Total rain days for the month is the number of rain days that occurred Monday -Friday plus the number of recovery days

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

18

Change Order
No. 	2	

Date of Issuance:  May 23, 2022	  Effective Date:  June 8, 2022	

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

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

Description:

Additions and Deductions based on Plan set changes dated 3/31/22 of various plants, etc., in multiple areas.

Attachments: (List documents supporting change):

Mike Armstrong Landscaping Inc. CO dated 5/16/22.

	CHANGE IN CONTRACT PRICE:			CHANGE IN CONTRACT TIMES:		
Original Contract Price:

$ 1,021,435.50		Original Contract Times:  Working days		 Calendar days Substantial completion (days or date): 	80 Days	
Ready for final payment (days or date):   110 Days		
[Increase] [Decrease] from previously approved Change Orders No.	1	 to No.	1	:

$	4,500.00		[Increase] [Decrease] from previously approved Change Orders No.	1	 to No.	1	:
Substantial completion (days): 	 Ready for final payment (days): 		

Contract Price prior to this Change Order:

$ 1,025,935.50		
Contract Times prior to this Change Order: Substantial completion (days or date): 	
Substantial completion (days or date): 		

80 Days	
110 Days		

[Increase] [Decrease] of this Change Order:

$  240,964.42		
[Increase] [Decrease] of this Change Order:
Substantial completion (days or date): 	 Ready for final payment (days or date): 		

Contract Price incorporating this Change Order:

$ 1,266,899.92		
Contract Times with all approved Change Orders:
Substantial completion (days or date): 	80 Days (6/2/2022)	
Substantial completion (days or date): 	110 Days (7/2/2022)		

RECOMMENDED:	ACCEPTED:	ACCEPTED:	
By: 		By: 		By: 		
Engineer (Authorized Signature)	Owner (Authorized Signature)	Contractor (Authorized Signature)	
Date:  5/23/22		
Date: 		
Date: 		

Approved by Funding Agency (if applicable):	
 		
Date:	

V:\2156\active\215616746\civil\construction_phase_documents\change_orders\nrr_4a-4b_la-irr\received\con_nrr-4a-4b_lndscp-irr_co-2_240964-42_mike-armstrong-landscaping_20220523.docx

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

MIKE ARMSTRONG LANDSCAPING INC.	NNR 4A & 4B	-CHANGE ORDER 5-16-22		
	
CO based on revised plan dated 3-31-22	pages L1.04-L1.21 & L3.01	
DEDUCTS		
CODE	LANDSCAPE MATERIAL	QTY	TOTALS	
PO	PLANTUS OCCIDENTALIS	18' HT., x 6' SPD., FULL 6" CAL STEWARTS	2	$	450.00	$	900.00	
UPB	BOSQUE ELM	14' HT. x 5' SPD., 3" CAL	4	$	525.00	$	2,100.00	
SP	SABAL PALM	SEE NOTE FOR PLANTING HT'S	15	$	250.00	$	3,750.00	
VM	CHRISTMAS PALM	10' C.T.	1	$	500.00	$	500.00	
CLE	SHOOTING STAR	12' HT. X 5' SPD., 2.5" CAL.	3	$	450.00	$	1,350.00	
COS	SILVER BUTTONWOOD	12' HT. X 4' SPD., 2.5" CAL.	2	$	325.00	$	650.00	
LIM	CRAPE MYRTLE "LAVENDER"	12'-14' HT. X 5'-6' SPD.	15	$	450.00	$	6,750.00	
LJT	TREE FORM LIGUSTRUM	8' HT. X 8' SPD., MULTI-TRUNK	2	$	425.00	$	850.00	
IX	NORA GRANT IXORA	3 GAL., 20" HT., x 12" SPD., FULL	320	$	10.00	$	3,200.00	
POP	DWF. PODOCARPUS	3 GAL., 16" HT. x 12" SPD., DENSE	71	$	11.00	$	781.00	
VOSB	MRS. SCHILLER'S DELIGHT VIBURNUM	3 GAL., 16" HT. x 14" SPD., DENSE	50	$	10.00	$	500.00	
MUHW	WHITE MUHLY GRASS	3 GAL., 18-24" HT. x 12-14" SPD.	30	$	10.00	$	300.00	
PQ	EVERGREEN PASPALUM GRASS	3 GAL. 20-24" HT. FULL	20	$	10.00	$	200.00	
TJV	VAR. CONFEDERATE JASMINE	1 GAL., 10-12" SPD.	70	$	4.00	$	280.00	

SUB TOTAL DEDUCTS $	
22,111.00	
CO based on revised plan dated 3-31-22	Pages  L1.04-L1.21 & L3.01	
ADDITIONS		
CODE	LANDSCAPE MATERIAL	QTY	TOTALS	
BB	HONG KONG ORCHID	12' HT. X 5' SPD 3" CAL.	8	$	450.00	$	3,600.00	
PE	SLASH PINE	12' HT. X 5' SPD., 3" CAL.	122	$	250.00	$	30,500.00	
QV	LIVE OAK	12’ HT., 3” CAL	11	$	750.00	$	8,250.00	
QV6	STEWARTS LIVE OAK	18' HT. x 8' SPD., 6" CAL. STEWARTS	3	$	450.00	$	1,350.00	
SB	WEEPING WILLOW	12'-14' HT. x 4-5' SPD., 3.5" CAL.	2	$	500.00	$	1,000.00	
TD	BALD CYPRESS	12' HT. x 5' SPD., 3" CAL	22	$	275.00	$	6,050.00	
SP	SABAL PALM REGENERATED	14’ HT. C.T.	Regenerated Heads	56	$	475.00	$	26,600.00	
IAE-12	EAGLESTON HOLLY (SEE NOTE 1)	12' HT., 3" CAL. STEWARTS	3	$	225.00	$	675.00	
RIS	RAPHIOLEPIS 'MAJESTIC BEAUTY 3349'	15 GAL., 5-6' HT. x 3' SPD - TREE FORM	2	$	650.00	$	1,300.00	
TH	PINK TRUMPET FLOWER	12'-14' HT. X 6' SPD., 2" CAL	1	$	300.00	$	300.00	
CME	CARISSA MACROCARPA EMERALD BLKT	3 GAL., 12” HT	130	$	14.00	$	1,820.00	
GG	THRYALLIS	3 GAL., 24" HT., x 12" SPD	77	$	12.00	$	924.00	
HPD	DWF. FIREBUSH	3 GAL., 16-18" HT. x 14" SPD.	95	$	10.00	$	950.00	
ICC	ILEX CORNUTA 'CARISSA'	3 GAL., 16” HT. x 14" SPD.	105	$	14.00	$	1,470.00	
IVS	DWF. YAUPON HOLLY	3 GAL., 16” HT	85	$	10.00	$	850.00	
IXN	IXORA 'NORA GRANT'	3 GAL., 20" HT., x 12" SPD., FULL	155	$	10.00	$	1,550.00	
JM	DOWNY JASMINE	3 GAL., 16" HT. x 12-14" SPD.	68	$	10.00	$	680.00	
LCS	PURPLE DIAMOND LOROPETULUM	3 GAL., 16" HT. x 14" SPD., DENSE	71	$	10.00	$	710.00	
MC	WAX MYRTLE (SHRUB FORM)	6' HT. x 3' SPD., SHRUB FORM	46	$	128.00	$	5,888.00	
PLC	IMPERIAL BLUE PLUMBAGO	3 GAL., 22" HT. X 16" SPD.	70	$	10.00	$	700.00	
RI	DWARF INDIAN HAWTHORN	3 GAL., 16" HT. x 14" SPD., DENSE	152	$	10.00	$	1,520.00	
SAR	DWARF SCHEFFELERA	3 GAL., 24" HT. x 16" SPD., FULL	90	$	10.00	$	900.00	
EGB	BLUE DAZE 'BLUE MY MIND'	1 GAL. 8" HT. FULL	130	$	5.00	$	650.00	

JP	PARSONS JUNIPER	1 GAL., 8" HT. X 12" SPD.	250	$	5.00	$	1,250.00	
LLB	LOMANDRA LONGIFOLIA BREEZE	( Basket Grass ) 3 GAL., FULL	115	$	22.50	$	2,587.50	
LMS	LIRIOPE MUSCARI "SUPER BLUE"	1 GAL., 12" HT. X 12" SPD.	35	$	7.00	$	245.00	
MIS	VAR. MISCANTHUS GRASS	3 GAL., 12" HT. x 12" SPD.	220	$	12.00	$	2,640.00	
MUH	MUHLY GRASS	3 GAL., 18-24" HT. x 12-14" SPD.	136	$	10.00	$	1,360.00	
SPB	SAND CORDGRASS	3 GAL., 24” HT	30	$	10.00	$	300.00	
	MULCH	CY	524	$	55.00	$	28,820.00	
	PINE STRAW	CY	44	$	60.00	$	2,640.00	
	ST. AUGUSTINE CITRA BLUE	SF	137297	$	0.50	$	68,648.50	
	BAHIA GRASS	SF	32646	$	0.27	$	8,814.42	
	Allowance for spraying, weed eatng,	bed prep	1	$20,000.00	$	20,000.00	

IRRIGATION –ADDITIONS PARK AREA	
	HUNTER ICD-100 SINGLE STATION DECODER	6	$190.00	$	1,140.00	
	HUNTER ICZ-151-XL 1 1/2" DRIP CONTROL ZONE WITH 1 1/2" BALL VALVE	1	$575.00	$	575.00	
	HUNTER ICV-151G-FS-R 1 1/2" VALVE W/SCH 80 BALL VALVE	6	$300.00	$	1,800.00	
	HUNTER PRO-6-PRS-30-R 6" SPRAY	399	$38.50	$	15,361.50	
	HUNTER PCB BUBBLER	173	$16.50	$	2,854.50	
	HUNTER HDL-.9-12-R DRIP TUBING	5030	$0.90	$	4,527.00	
	Cl 200 PVC DRIP & BUBBLER LATERAL	750	$1.70	$	1,275.00	
	
	SUB TOTAL ADDITIONS $	263,075.42	

TOTAL CO #2	$240,964.42	

Acceptance of Proposal:
Neal Communites
Representatve.	Title	Date		

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

19

RESOLUTION 2022-19

A RESOLUTION OF THE NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT DESIGNATING DATES, TIMES AND LOCATIONS FOR REGULAR MEETINGS OF THE BOARD OF SUPERVISORS OF THE DISTRICT FOR FISCAL YEAR 2022/2023 AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, the North River Ranch Improvement Stewardship District(“District”) is a local unit of special-purpose government created and existing pursuant to Chapter 2017-206, Laws of Florida (“Act”) and Chapter 189, Florida Statutes, being situated entirely within Manatee County, Florida; and

WHEREAS, the Board of Supervisors of the District (“Board”) is statutorily authorized to
exercise the powers granted to the District; and

WHEREAS, all meetings of the Board shall be open to the public and governed by the provisions of Chapter 286, Florida Statutes; and

WHEREAS, the Board is statutorily required to file annually, with the local governing authority and the Florida Department of Economic Opportunity, a schedule of its regular meetings.

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

SECTION 1. ADOPTING REGULAR MEETING SCHEDULE. Regular meetings of the District’s Board shall be held during Fiscal Year 2022/2023 as provided on the schedule attached hereto as Exhibit A.

SECTION 2. FILING REQUIREMENT. In accordance with Section 189.015(1), Florida Statutes, the District’s Secretary is hereby directed to file a schedule of the District’s regular meetings annually with Manatee County.

SECTION 3. EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED this 13th day of July, 2022.

Attest:	NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

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

Exhibit A

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	

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

20

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

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
BALANCE SHEET	
GOVERNMENTAL FUNDS	
MAY 31, 2022	

Debt

Debt

Debt

Capital

Capital

Capital

Capital

Total

	General
  Fund		Service
  Series 2019 	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*	$  6,410	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	6,410	
Valley checking - NRR CDD*	7,923	-	-	-	-	-	-	-	7,923	
City checking - Fieldstone*	434,313	-	-	-	-	-	-	-	434,313	
City debit card*	1,500	-	-	-	-	-	-	-	1,500	
Investments		
Revenue - Seires 2019	-	232,031	-	-	-	-	-	-	232,031	
Revenue - Seires 2019 Morgan's Glen	-	56,604	-	-	-	-	-	-	56,604	
Revenue - Seires 2021B	-	-	-	10,665	-	-	-	-	10,665	
Revenue - Series 2020A-1 & A-2	-	-	3	-	-	-	-	-	3	
Revenue - Series 2020A-3	-	-	1	-	-	-	-	-	1	
Reserve - Series 2019	-	166,058	-	-	-	-	-	-	166,058	
Reserve - Series 2019 Morgan's Glen	-	91,060	-	-	-	-	-	-	91,060	
Reserve - Series 2020A-1	-	-	224,050	-	-	-	-	-	224,050	
Reserve - Series 2020A-2	-	-	105,210	-	-	-	-	-	105,210	
Reserve - Series 2020A-3	-	-	100,106	-	-	-	-	-	100,106	
Prepayment - Series 2019A-2 Morgan's Glen	-	251,386	-	-	-	-	-	-	251,386	
Prepayment - Series 2021B	-	-	-	1,067,901	-	-	-	-	1,067,901	
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	3,627	-	-	-	-	-	-	7,236	
Deposits	2,000	-	-	-	-	-	-	-	2,000	
Due from Developer	26,298	-	-	-	472,446	1,544,685	-	166,483	2,209,912	
Due from other grovernments	1,100	-	-	-	-	-	-	-	1,100	
Prepaid expense	1,864	-	-	-	-	-	-	-	1,864	
Undeposited funds		- 		33,689 		- 		- 		- 		- 		- 		- 		33,689 	
Total assets	 $485,017 	 $		834,455 	 $		429,370 	 $ 	1,078,566 	 $ 	709,011 	 $ 1,550,210 	 $		22,072 	 $ 	166,483 	 $ 5,275,184 	

LIABILITIES		
Liabilities:		
Accounts payable	30,136	
Retainage payable		- 	
Total liabilities		30,136 	

-	
       - 	
       - 	

-	
       - 	
       - 	

-	
       - 	
       - 	

525,879	
   233,355 	
   759,234 	

1,651,321	
   488,657 	
  2,139,978 	

-	
   568,414 	
   568,414 	

166,483	
      - 	
   166,483 	

2,373,819	
  1,290,426 	
  3,664,245 	

DEFERRED INFLOWS OF RESOURCES		
Deferred receipts		29,907 	
Total deferred inflows of resources		29,907 	

	3,627  	-  	-  	472,446    1,544,685  	-  	166,483    2,217,148 

Total liabilities, deferred inflows of resources	
and fund balances	 $ 485,017 		 $		834,455 	 $		429,370 	 $		1,078,566 	 $ 	709,011 	 $ 1,550,210 	 $		22,072 	 $ 	166,483 	 $ 5,275,184 	
*Statement not received in time for financial statement preparation.	

	3,627  	-  	-  	472,446    1,544,685  	-  	166,483    2,217,148 

FUND BALANCES		
Restricted:		
Debt service	-	
Capital projects	-	
Unassigned	  424,974 	
Total fund balances	  424,974 	

830,828	
-	
       - 	
    830,828 	

429,370	
-	
       - 	
    429,370 	

1,078,566	
-	
       - 	
   1,078,566 	

-	
$  (522,669)	
	- 	
	(522,669)	

-	
(2,134,453)	
      - 	
  (2,134,453)	

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

-	
(166,483)	
      - 	
  (166,483)	

2,338,764	
(3,369,947)	
   424,974 	
   (606,209)	

1

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

$	2,831	
32,327	
28,499	
	157 	
	63,814 	

$	452,811	
592,637	
167,263	
	315 	
	1,213,026 	

$	-	
1,059,220	
-	
	- 	
 1,059,220 	

Current Month

Year to

% of
Budget	

N/A	
56%	
N/A	
N/A	
115%	

Date	Budget

1,800	
5,834	
952	
107	
-	
-	
-	
153	
-	
-	
-	
216	
184	
153	
251	
-	
45	
1,086	
-	
-	
620	
12,054	
     25 	
   23,480 	

8,600	
46,667	
14,556	
31,263	
-	
12,500	
-	
1,126	
-	
7,500	
17,798	
938	
1,109	
1,265	
1,026	
145	
330	
11,451	
7,262	
-	
3,330	
48,620	
      159 	
   215,645 	

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 	

72%	
67%	
49%	
89%	
0%	
63%	
0%	
225%	
0%	
38%	
119%	
313%	
222%	
25%	
586%	
58%	
92%	
416%	
121%	
0%	
123%	
49%	
1%	
61%	

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	
Total general & administrative	

 	  

Brightwood pavilion - Amenity	
Clubhouse electric	
Clubhouse water	
Amenity - telephone	
Amenity - cable tv / internet / wifi	
Amenity - landscape maintenance	
Amenity - irrigation repairs	
Amenity - pool maintenance	
Amenity - exterior cleaning	
Amenity - interior cleaning	
Amenity - pest control	
Amenity - fitness equipment leasing	
Amenity - Envera security	
Total Brightwood Pavilion - Amenity Expenses	

-	
-	
64	
2,835	
-	
-	
900	
-	
1,520	
80	
695	
    842 	
   6,936 	

7,774	
-	
251	
9,424	
35,266	
13,006	
7,200	
-	
17,909	
240	
5,560	
     7,434 	
   104,064 	

12,000	
360	
-	
9,000	
60,000	
10,000	
10,800	
9,000	
4,800	
15,000	
8,340	
   12,000 	
  151,300 	

65%	
0%	
N/A	
105%	
59%	
130%	
67%	
0%	
373%	
2%	
67%	
62%	

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

Current Month

Year to
Date	Budget

% of Budget

Riverfield Verandah - Amenity	
Clubhouse electric	-	4,449	3,750	119%	
Clubhouse water	-	-	270	0%	
Amenity - cable tv / internet / wifi	26	5,341	3,000	178%	
Amenity - landscape maintenance	-	-	4,500	0%	
Amenity - pool maintenance	700	5,600	6,480	86%	
Amenity - exterior cleaning	-	-	4,500	0%	
Amenity - interior cleaning	350	7,749	3,555	218%	
Amenity - Envera security		350 		2,963 		5,360 	55%	
Total Riverfield Verandah - Amenity Expenses 	1,426  	26,102  	31,415 	
Field expenses	
Electric	-	2,335	14,000	17%	
Equipment rental	-	268	30,000	1%	
General insurance	-	8,848	5,000	177%	
Property & casualty insurance	-	27,251	25,000	109%	
Water reclaimed	1,678	15,366	10,000	154%	
Mitigation	1,525	6,300	1,200	525%	
Stormwater - repair and maintenance	-	2,000	25,000	8%	
Irrigation - repair and maintenance	-	15,408	1,000	1541%	
Lake maintenance	4,900	24,450	50,000	49%	
Landscaping maintenance & material	-	181,824	250,000	73%	
Landscape improvements	6,475	66,267	25,000	265%	
Pest control	-	23,799	-	N/A	
Contingency	109	7,382	500	1476%	
Equipment repair & maintenance	171	2,921	1,000	292%	
Street sweeping	-	3,735	37,000	10%	
Lighting	-	356	1,000	36%	
Streetlights - leasing		- 		36,773 		50,000 	74%	
Total field expenses		14,858 		425,283 		525,700 	81%	

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	

      -  		74 	
      -  		74 	
  46,700  		771,168 	

148%	
148%	
73%	

	50 
	50 
 1,059,220 

17,114	441,858	1	
  407,860 		(16,884)		90,245 	
 $424,974 	 $	424,974 	 $	- 	

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

Current Month

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

 	
$	-	
-	
-	
-	
	8 	
	8 	

EXPENDITURES	
Debt service	
Principal - Series 2019A-1	
Principal - Series 2019A-1 Morgan's Glen	
Principal prepayment - Series 2019A-2	
Principal prepayment - Series 2019A-2 Morgan's Glen	
Interest - Series 2019A-1	
Interest - Series 2019A-2	
Interest - Series 2019A-1 Morgan's Glen	
Interest - Series 2019A-2 Morgan's Glen	
Total debt service	

155,000	
90,000	
-	
440,000	
250,376	
-	
135,555	
    87,750 	
  1,158,681 	

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

Year to
Date	Budget

$	455,120	
742,832	
1,388,209	
18,377	
	34 	
	2,604,572 	

$  1,811,458	
-	
-	
-	
	- 	
	1,811,458 	

155,000	
90,000	
715,000	
1,765,000	
500,752	
21,868	
271,110	
    216,385 	
   3,735,115 	

155,000	
90,000	
-	
-	
500,752	
28,689	
271,110	
    244,400 	
   1,289,951 	

(1,158,673)	(1,130,543)	
	1,989,501 		1,961,371 	
 $  830,828 	 $	830,828 	

521,507

% of Budget

25%	
N/A	
N/A	
N/A	
N/A	
144%	

100%	
100%	
N/A	
N/A	
100%	
76%	
100%	
89%	
290%	

Fund balances - beginning	
Fund balances - ending	

 	 	
	293,676 	
 $	815,183 	

NORTH RIVER RANCH	
IMPROVEMENT STEWARDSHIP DISTRICT	
STATEMENT OF REVENUES, EXPENDITURES,	
AND CHANGES IN FUND BALANCES	
DEBT SERVICE FUND - SERIES 2020	
FOR THE PERIOD ENDED MAY 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  	14  	- 
	2  	498,534  	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	140,000	
153,212	306,425	
105,210	210,420	
   100,106  		200,212 	
   498,528  		857,057 	

140,000	
305,375	
210,420	
   200,212 	
   856,007 	

100%	
100%	
100%	
100%	
100%	

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

(498,526)	(358,523)	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	
(498,526)	(358,562	
	927,896  	787,932 	
 $ 429,370   $	429,370 	

	- 	
	- 	
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 MAY 31, 2022	

$	341,407	
5	
-	
	3,414 	
	344,826 	

$	397,028	
20	
2,309,862	
	24,428 	
	2,731,338 	

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	

1,010,000	1,855,000	
   65,700  		146,249 	
  1,075,700  		2,001,249 	

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

(730,874)	730,089

Fund balances - beginning	
Fund balances - ending	

	1,809,440 		348,477 	
 $1,078,566 	 $  1,078,566 	

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

$	57,670	
23,765	
	- 	
	81,435 	

$ 3,869,392	
233,555	
       3 	
   4,102,950 	

Current Month

Year to Date

REVENUES	
Developer contributions	
Other income -PRECO reimbursements	
Interest	
Total revenues	

 	 

EXPENDITURES	
Capital outlay	
Total expenditures	

	199,536  	3,109,093 
	199,536  	3,109,093 

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

(118,101)	993,857

Fund balances - beginning	
Fund balances - ending	

	(404,568)	
 $	(522,669)	

	(1,516,526)	
 $	(522,669)	

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

Current Month

Year to Date

REVENUES	
Developer contributions	
Interest	
Total revenues	

$	9,200	$	40,577
	1  	59 
	9,201  	40,636 

EXPENDITURES	
Capital outlay	
Total expenditures	

	692,450  	5,483,874 
	692,450  	5,483,874 

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

(683,249)	(5,443,238)

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

	- 	
	- 	
(683,249)	
	(1,451,204)	
 $	(2,134,453)	

	39 	
	39 	
(5,443,199)	
	3,308,746 	
 $ (2,134,453)	

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

 $	209,231 		
 $	260,843 	
	209,231 			260,843 	

	21,484 		
	416,492 	
	21,484 			416,492 	

187,747		
(155,649)	

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

Fund balances - beginning	
Fund balances - ending	

	(354,230)	
 $	(166,483)	

	(10,834)	
 $	(166,483)	

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

21

DRAFT

1	MINUTES OF MEETING
2	NORTH RIVER RANCH IMPROVEMENT
3	STEWARDSHIP DISTRICT
4
The Board of Supervisors of the North River Ranch Improvement Stewardship District
held a Regular Meeting on June 8, 2022, at 1:30 P.M., at 8141 Lakewood Main Street,
Bradenton, Florida 34202.
8
9	Present were:
10
Pete Williams	Chair
Janice Snow	Vice Chair
John Leinaweaver (via telephone)	Assistant Secretary
Dale Weidemiller	Assistant Secretary
John Blakley	Assistant Secretary 16
17	Also present, were:
18
Chuck Adams	District Manager
Jonathan Johnson (via telephone)	District Counsel
Rob Engel (via telephone)	District Engineer
Chris Fisher (via telephone)	Clearview Land Design
Tom Panaseny (via telephone)	Neal Communities
Andy Richardson (via telephone)	Neal Communities
Faith Santoro (via telephone)	Lifestyle Director 26
27
28	FIRST ORDER OF BUSINESS	Call to Order/Roll Call
29
Mr. Adams called the meeting to order at 1:33 p.m.	Supervisors Williams, Snow,
Weidemiller and Blakley were present. Supervisor Leinaweaver was attending via telephone. 32
SECOND ORDER OF BUSINESS	Public Comments: Agenda Items (limited to
3 minutes per individual)
35
36	There were no public comments. 37
THIRD ORDER OF BUSINESS	Ratification	of	Resolution	2022-09,
Appointing and Removing Officers of the
District and Providing for an Effective Date
41
42	Mr. Adams presented Resolution 2022-09.

NORTH RIVER RANCH ISD	DRAFT	June 8, 2022

43

On MOTION by Mr. Weidemiller and seconded by Mr. Williams, with all in favor, Resolution 2022-09, Appointing and Removing Officers of the District and Providing for an Effective Date, was ratified.

44
45
46
47
48
FOURTH ORDER OF BUSINESS	Ratification	of	Resolution	2022-10,
Directing the District Manager to Appoint
Signors on the Local Bank Account; and
Providing an Effective Date
53
54	Mr. Adams presented Resolution 2022-10.
55

On MOTION by Mr. Williams and seconded by Mr. Blakley, with all in favor, 2022-10, Directing the District Manager to Appoint Signors on the Local Bank Account; and Providing an Effective Date, was ratified.

56
57
58
59
60
FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-11,
Authorizing	and	Approving	Change	of
Registered Agent and Registered Office of
the District, and Providing for an Effective
Date
66
67	Mr. Adams presented Resolution 2022-11.
68

On MOTION by Ms. Snow and seconded by Mr. Williams, with all in favor, Resolution 2022-11, Authorizing and Approving Change of Registered Agent and Registered Office of the District, Designating Craig Wrathell as the Registered Agent and 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431 as the Registered Office of the District, and Providing for an Effective Date, was adopted.

69
70
71
72
73
74
75
76
SIXTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-12,
Redesignating the Primary Administrative
Office and Principal Headquarters of the
District and Providing an Effective Date
81
82	Mr. Adams presented Resolution 2022-12.
83

NORTH RIVER RANCH ISD	DRAFT	June 8, 2022

On MOTION by Mr. Weidemiller and seconded by Mr. Williams, with all in favor, Resolution 2022-12, Redesignating the Primary Administrative Office of the District to 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431 and the offices of 8141 Lakewood Main Street, Bradenton, Florida 34202 as the Principal Headquarters of the District, and Providing an Effective Date, was adopted.

84
85
86
87
88
89
90
91
SEVENTH ORDER OF BUSINESS	Consideration	of	Stormwater	Needs
Analysis Reports
94
Mr. Engel stated the Stormwater Management Needs Analysis Report was being
prepared.
97

On MOTION by Mr. Williams and seconded by Mr. Blakley, with all in favor, the Stormwater Management Needs Analysis Report and authorizing the Chair to approve the final version, was approved.

98
99
100
101
102
103	EIGHTH ORDER OF BUSINESS	Approval of Minutes
104
Mr. Adams presented the following:
A.	May 11, 2022 Regular Meeting
The following change was made:
Line 22 and throughout: Change “Engle” to “Engel”
109

110
111
112
113
114
115	B.
116

On MOTION by Mr. Weidemiller and seconded by Mr. Williams, with all in favor, the May 11, 2022 Regular Meeting Minutes, as amended, were approved.

May 24, 2022 Continued Meeting

On MOTION by Mr. Williams and seconded by Mr. Blakley, with all in favor, the May 24, 2022 Continued Meeting Minutes, as presented, were approved.

117
118
119
120
121	NINTH ORDER OF BUSINESS	Staff Reports	
122			
123	A.	District Counsel: Kutak Rock LLP		

NORTH RIVER RANCH ISD	DRAFT	June 8, 2022

There was no report.
B.	District Engineer: Stantec
	Mike Armstrong Landscaping, Inc. Change Order
This item was an addition to the agenda.
Mr. Engel stated this Change Order to an existing contract with Mike Armstrong
Landscaping, Inc., was not included in the agenda due to the changeover of District
Management. He deferred to Mr. Panaseny as to whether the substantive Change Order in the
amount of $240,964.42. related to landscaping and irrigation on 4A and 4B. could wait a month.
Mr. Panaseny stated, as the contractor currently has construction underway in this
phase of the project, he thought that it is important to consider the Change Order today.
Mr. Engel stated the contract was reviewed and approved by the Landscape Architect.
The original contract amount was $1,021,435.50. This Change Order represents an increase to
the contract of nearly 25% and includes additions and deductions based on plan set changes
instituted since the contract was let. 138

On MOTION by Mr. Williams and seconded by Mr. Weidemiller, with all in favor, the Mike Armstrong Landscaping, Inc. Change Order, in the amount of
$240,964.42, subject to hard copies being provided to the Board and ratification at the next meeting, was approved.

139
140
141
142
143
144
Mr. Engel discussed an ongoing contract issue with North River Ranch Phase 1, 1C and D
West involving a contract with John M. Hall (Hall) that resulted in damage to an existing pipe,
which the contractor opted not to correct.  Ripa and Associates (Ripa) was engaged and the
repairs are mostly complete; final testing was pending. Hall is still working to complete its
punch list. The consensus was that the Hall contract retainage is adequate to cover the Ripa
contract.
C.	Lifestyle Director: Faith Santoro
Ms. Santoro presented the May 2022 Monthly Summary Report. She asked the Board
for direction regarding resident vendors asking to conduct events in the community.
The consensus was that, while the ISD is not ready to agree to recurring arrangements,
events might be approved on a case-by-case basis.

NORTH RIVER RANCH ISD	DRAFT	June 8, 2022

Discussion	ensued	regarding  the  requirements  for	such	events,  presence  of
unauthorized vendors and food trucks, implementing rules and policies, enlisting the Sheriff’s
assistance with trespassers and preparation of a handout with rules and regulations.
This item would be included on the next meeting agenda.
Staff will consult with the Sheriff regarding trespassing and traffic enforcement.
Ms. Santoro stated lacrosse would begin at the end of the month.
Discussion ensued regarding staffing. Ms. Santoro’s assistant will start in October. Mr.
Adams stated the newly hired Field Services Manager will be on site within the next ten days.

164	D.	District Manager: Wrathell, Hunt and Associates, LLC	
165		NEXT MEETING DATE: July 13, 2022 at 1:30 P.M.	
166		QUORUM CHECK	
167		The next meeting will be held on July 13, 2022. Mr. Adams stated an updated version of	

168	the proposed Fiscal Year 2023 budget would be presented at the next meeting. 169
170	TENTH ORDER OF BUSINESS	Board Members’ Comments/Requests
171
Mr. Williams suggested moving the start time for all future meetings to 1:00 p.m.
The following change was made to the Fiscal Year 2022 Meeting Schedule:
TIME: Change “1:30 PM” to “1:00 PM”
175

On MOTION by Mr. Williams and seconded by Mr. Blakley, with all in favor, amending the Fiscal Year 2022 Meeting Schedule, to change the meeting time to 1:00 PM, was approved.

176
177
178
179
180
181	ELEVENTH ORDER OF BUSINESS	Public	Comments:	Non-Agenda	Items

182		(limited to 3 minutes per individual)	
184	No members of the public spoke.		
185			
186	TWELFTH ORDER OF BUSINESS	Adjournment	
187			
188			

183

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

189
190

NORTH RIVER RANCH ISD	DRAFT	June 8, 2022

191			
192			
193			
194	 		 		
195	Secretary/Assistant Secretary	Chair/Vice Chair	

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

22C

Q

ARCH AMENITIES GROUP
From the experts at
WTS International,LifeStart and Meet Hospitality

Monthly Summary Report
June 2022
Submitted by:
Faith Santoro, Director of Fun Alex Murphy, Regional Director

1

PROGRAMMING

PROGRAM	DATE	ATTENDANCE	
Adult Kickball	6/2 – 6/30/22	
32	
Open Office	6/4 – 6/25/22	4	
Story & Snack Time	6/7 - 6/28/22	6	
Food Truck Friday	6/10/22	75 RSVP’s	
NRR Kids Fun Club	6/11/22	1	
Resident Orientation	6/16 & 6/18/22	0	
Summer Solstice Party	6/17/22	45 RSVP’s	
Trivia Night w/DJ Anthony	6/18/22	13	
Happy Camper Lacrosse	6/21 – 6/28/22	9	
NRR FunDay – Meals on Wheels Food Drive	6/24/22	83 RSVP’s	
Mid-day Smore’s	6/25/22	6	
Ladies Night Out – Painting with a Twist	6/29/22	24	

FACILITY OPERATIONS & MAINTENANCE

ITEM	STATUS	CONCLUSION	
Golf Cart not working	COMPLETED	Fuel Pump Replaced	
Amenity Bathroom Air Conditioning Leak	COMPLETED	Equipment serviced and repaired	
Brightwood Pavilion Pool Pavers	COMPLETED	Pavers even around the pool deck	
Chemical Controller for NRR Amenity Pools	IN PROGRESS	To prevent unhealthy bacteria in pools	
Recessed Lighting	IN PROGRESS	Aqua to service 7/6	
Playground Equipment	IN PROGRESS	Currently looking to establish a vendor for service &
maintenance	
Bike Share Program	IN PROGRESS	Replacement parts received, working on updating bikes	
Surveillance Cameras	IN PROGRESS	Need to order cameras for more coverage	
Amenity Ceiling Fans	IN PROGRESS	Aqua to service 7/6	
Brightwood Fire Pits	IN PROGRESS	One control box needs to be replaced, waterproof covers
need to be replaced	
Sanitizer Stations & Riverfield Soap Dispensers	IN PROGRESS	Researching SS options	

FINANCIAL
North River Ranch Director of Fun expenses for June activities are listed below, as well as operational items.

ACTIVITY DESCRIPTION	ACTUAL COST	
NRR Fun Club	$0	
Summer Solstice Party	Musician Paul Macleish	$385	
Trivia Night	Vendor DJ Anthony	$275	
NRR FunDay – Meals on Wheels Food Drive	$480.53	
Mid-day Smore’s	One Time Purchase of Equipment $84, Food cost $25	$109	
Ladies Night Out – Painting with a Twist	Food and Beverage costs	$53	

OPERATIONAL ITEMS	ACTUAL COST	
Vumber Account – phone service	$9.95	
Amazon purchases for Lifestyle Activities	$272.28	
Misc. Vendors	$0	

FORECAST

DESCRIPTION OF UPCOMING PROGRAM OR EVENT	
DATE(S)	
STATUS	
4th of July Pool Party	7/4/22	On Schedule	
Story & Snack Time	7/5 – 7/26/22	On Schedule	
Happy Camper Lacrosse	7/5 – 7/19/22	On Schedule	
Resident Orientation	7/6/22	On Schedule	
Adult Kickball	7/7 – 7/28/22	On Schedule	
Open Office	7/14 – 7/30/22	On Schedule	
Food Truck Friday	7/15/22	On Schedule	
Indoor Movie Night	7/16/22	On Schedule	
Adult Mix & Mingle – Summer Luau	7/22/22	On Schedule	
Tie-Dye Fun	7/23/22	On Schedule	
Ladies Night Out – BUNCO	7/27/22	On Schedule	
Gift Card Family Bingo	7/30/22	On Schedule	

CURRENT ACTION ITEMS	
WHO WILL DO THIS?	
STATUS	
Promote Resident Orientation	Faith	Ongoing	
Establish an NRR App	Janice/Alex/Faith	Moved to 2023 Budget	
Implement Mindbody POS System	Alex/Faith	Approved and In
Process	
Actively Recruit for swim instructor, yoga instructor	Alex/Faith	Ongoing	
Purchase an Outdoor Movie System	Alex/Faith	Moved to 2023 Budget	

SUMMARY OF FUTURE CONSIDERATIONS

FUTURE CONSIDERATIONS		
Amenity Coverage	Coverage for employee weekends, vacations, etc., ideally one person at each
Amenity Building	
Emergency Protocols	Develop a process to follow when staff are not on-site during emergency situations	
Resident Vendors	Setting up their business on property for profit	
Brightwood Pavilion Playground	Mulch replenishment will be needed at least once a year/equipment serviced
quarterly for safety	
Security Cameras	Need to establish enough cameras to cover all appropriate areas around and inside
the Amenity Facilities	

THANK YOU.

[YOUR LOGO HERE]

NORTH RIVER
RANCH
IMPROVEMENT STEWARDSHIP DISTRICT

22D

North River Ranch Improvement Stewardship District	
	
BOARD OF SUPERVISORS FISCAL YEAR 2021/2022 MEETING SCHEDULE	
	
LOCATION
8141 Lakewood Main Street, Bradenton, Florida 34202	
	
DATE	POTENTIAL DISCUSSION/FOCUS	TIME	
			
October 13, 2021	Regular Meeting	1:30 PM	
			
November 10, 2021	Regular Meeting	2:00 PM	
			
December 8, 2021	Regular Meeting	1:30 PM	
			
January 12, 2022	Regular Meeting	1:30 PM	
			
February 9, 2022	Regular Meeting	1:30 PM	
			
March 9, 2022	Regular Meeting	1:30 PM	
			
April 13, 2022	Regular Meeting	1:30 PM	
			
May 11, 2022	Regular Meeting	1:30 PM	
			
May 24, 2022	Continued Meeting	12:30 PM	
			
June 8, 2022	Regular Meeting	1:30 PM	
			
July 13, 2022	Regular Meeting	1:00 PM	
			
August 10, 2022	Regular Meeting	1:00 PM	
			
September 14, 2022	Regular Meeting	1:00 PM