HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT No. 1 PUBLIC HEARINGS & REGULAR MEETING AGENDA

Transcription

1 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT No. 1 PUBLIC HEARINGS & REGULAR MEETING AGENDA January 10, 2019

2 Hunter s Ridge Community Development District No. 1 OFFICE OF THE DISTRICT MANAGER 2300 Glades Road, Suite 410W Boca Raton, Florida Phone: (561) Toll-free: (877) Fax: (561) January 3, 2019 Board of Supervisors Hunter s Ridge Community Development District No. 1 ATTENDEES: Please identify yourself each time you speak to facilitate accurate transcription of meeting minutes. Dear Board Members: Multiple Public Hearings and a Regular Meeting of the Board of Supervisors of the Hunter s Ridge Community Development District No. 1 will be held on January 10, 2019 at 2:00 p.m., at 21 Heron Wing Drive, Ormond Beach, Florida The agenda is as follows: 1. Call to Order/Roll Call 2. Public Comments 3. Consider Appointment to Vacant Seat 4; Term Expires November 2020 Administration of Oath of Office to Newly Appointed Supervisor Designation of Newly Appointed Supervisor as Assistant Secretary 4. Public Hearing to Consider the Adoption of an Roll and the Imposition of Special s Relating to the Financing and Securing of Certain Public Improvements A. Affidavit/Proof of Publication B. Mailed Notice to Property Owner(s) C. Consideration of Revised Engineer s Report D. Consideration of Revised First Addendum to Master Special Methodology Report E. Consideration of Supplemental Special Methodology Report F. Public Comment and Testimony 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 G. Equalization of s 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

3 Board of Supervisors Hunter s Ridge Community Development District No. 1 January 10, 2019, Public Hearings and Regular Meeting Agenda Page 2 H. Consideration of Resolution , Authorizing District Projects For Construction and/or Acquisition of Infrastructure Improvements; Equalizing, Approving, Confirming, and Levying Special s on Property Specially Benefited by Such Projects to Pay the Cost Thereof; Providing for the Payment and the Collection of Such Special s by the Methods Provided for by Chapters 170, 190 and 197, Florida Statutes; Confirming the District's Intention to Issue Special Bonds; Making Provisions for Transfers of Real Property to Homeowners Associations, Property Owners Associations and/or Governmental Entities; Providing for the Recording of an Notice; Providing for Severability, Conflicts and an Effective Date 5. Public Hearing Confirming the Intent of the District to Use the Uniform Method of Levy, Collection and Enforcement of Non-Ad Valorem s as Authorized and Permitted by Section , Florida Statutes; Expressing the Need for the Levy of Non-Ad Valorem s and Setting Forth the Legal Description of the Real Property Within the District s Jurisdictional Boundaries that May or Shall Be Subject to the Levy of District Non- Ad Valorem s; Providing for Severability; Providing for Conflict and Providing for an Effective Date A. Affidavit/Proof of Publication B. Consideration of Resolution , Expressing its Intent to Utilize the Uniform Method of Levying, Collecting, and Enforcing Non Ad Valorem s Which May Be Levied By the Hunter s Ridge Community Development District No. 1 in Accordance with Section , Florida Statutes; Providing a Severability Clause; and Providing an Effective Date 6. Approval of Unaudited Financial Statements as of November 30, Approval of December 5, 2018 Regular Meeting Minutes 8. Other Business 9. Staff Reports A. District Counsel: Cobb Cole B. District Engineer: Zev Cohen and Associates, Inc. C. District Manager: Wrathell, Hunt and Associates, LLC NEXT MEETING DATE: June 6, 2019 at 3:30 P.M. 10. Board Members Comments/Requests

4 Board of Supervisors Hunter s Ridge Community Development District No. 1 January 10, 2019, Public Hearings and Regular Meeting Agenda Page Adjournment Sincerely, Howard McGaffney District Manager FOR BOARD MEMBERS AND STAFF TO ATTEND BY TELEPHONE Call-in number: Conference ID:

5 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 4A

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8 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 4B

9 STATE OF FLORIDA ) COUNTY OF PALM BEACH ) AFFIDAVIT OF MAILING BEFORE ME, the undersigned authority, this day personally appeared Michal Szymonowicz, who by me first being duly sworn and deposed says: 1. I am over eighteen (18) years of age and am competent to testify as to the matters contained herein. I have personal knowledge of the matters stated herein. 2. I, Michal Szymonowicz, am employed by Wrathell, Hunt and Associates, LLC, and, in the course of that employment, serve as Consultant for the Hunter's Ridge Community Development District No Among other things, my duties include preparing and transmitting correspondence relating to the Hunter's Ridge Community Development District No I do hereby certify that on December 11, 2018, and in the regular course of business, I caused the letter, in the form attached hereto as Exhibit A, to be sent notifying affected landowners in the Hunter's Ridge Community Development District No. 1 of their rights under Chapters 170, 190 and 197, Florida Statutes, with respect to the District's anticipated imposition of assessments. 5. I have personal knowledge of having sent the letters to the addressees, and those records are kept in the course of the regular business activity for my office. FURTHER AFFIANT SAYETH NOT. SWORN AND SUBSCRIBED before me this 11th day of December, 2018, by Michal Szymonowicz, for Wrathell, Hunt and Associates, LLC, who is [ ~rsonally--known to me or [ ] has provided as identification, and who did_/ did not _V_taakkee an oath. Daphne GIiiyard NOTARY PUBLIC STATE OF FLORIDA "'::\.14');.,.t/JI..J'1'4.J1.m~'lli,..,, Comm# FF Expires 8/20/2019 EXHIBIT A: Mailed Notice

10 "I n 11 r n r ::J $ -,i Extra Services & Fees (check box, 8dd fee as D{)propr;'ate) CJ Cl Cl Cl 0 Return Receipt (hardcopy) $ 0 Return Receipt {electronic) $ ----=- 0 Certlfied Mall Restricted Delivery $ -----,---,-- 0 Adult Signoture Requiro<l $ ----~-:-; D Adult SignatuN~ Restricted Delivery $ Postage ::ru.11 " r /certifterj~~~~fee~: ::~ ;J i{''~ --~-'fg '1,~;; _~>:.; _:c:: / If- o /\ I \j :::\ 11-;J,ra Services_ et f!'~es {check box. 1:1dd r.1e M approp~ t; ~: j ~ Aeb.lm Re,::e1pt (h:!rdcopyj $ _4-- }-4 l r! :..:..!! O_ Return Reoaipt (e!ecironlc) s.j,,i ;;. f',~.., / [J Gerti/fed Moil Restic!od Delivery Postmtirt< $ _. j ~ I '., O - /.. l I Adult Signature R quired s ::* ':-,.., r. Hera "",., / D A.dult Slcgn:atu!-e Ae~trict~a Delivery s '. 1 '"-',._:,.? l jposiage ,_;-j " I _.,,,., /~ i----:,:-r-... I 10Ui1 Postage,. ~, "'.. " /$. } lsent7b -- t/ 1straetandApi. ROYAL LIONS GATE (LC 12 TWELVE OAKS TRAIL (city, State, zb, ORMOND BEACH, FL 32174

11 EXHIBIT A

12 Hunter s Ridge Community Development District No. 1 OFFICE OF THE DISTRICT MANAGER 2300 Glades Road, Suite 410W Boca Raton, Florida Phone: (561) Toll-free: (877) Fax: (561) VIA U.S. MAIL CERTIFIED/RETURN RECEIPT December 11, 2018 BADC HUNTINGTON COMMUNITIES LLC 6 HUNTINGTON PLACE ORMOND BEACH, FL RE: Hunter s Ridge Community Development District No. 1 ( District ) Notice of Hearings on Debt s Parcel ID# , , and Dear Property Owner: In accordance with Chapters 170, 190 and 197, Florida Statutes, the District s Governing Board ( Board ) hereby provides notice of the following public hearings, and public meeting: PUBLIC HEARINGS AND MEETING DATE: January 10, 2019 TIME: 2:00 P.M. LOCATION: 21 Heron Wing Drive Ormond Beach, Florida The purpose of the public hearings announced above is to consider the imposition of special assessments ( Debt s ) and adoption of an assessment roll to secure proposed bonds on benefited lands within the District, and to provide for the levy, collection and enforcement of the Debt s. The proposed bonds secured by the Debt s are intended to finance certain public infrastructure improvements, including, but not limited to, site preparation, sewage collection system, drainage system, water distribution system, reclaimed water system, roads and offsite improvements, all for the project known as the Capital Improvement Program. The Capital Improvement Program is described in more detail in the Engineer s Report, dated December 7, The Debt s are proposed to be levied as an assessment lien and allocated as set forth in the First Addendum to Master Special Methodology Report, dated December 8, 2018 ( Report ). At the conclusion of the public hearings, the Board will, by resolution, levy and impose assessments as finally approved by the Board. The District is located within unincorporated Flagler County in Florida. A 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 33431, (561) Also, a copy of the agendas and other documents referenced herein may be obtained from the District 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

13 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 (TTY) / (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. Sincerely, If you have any questions, please do not hesitate to contact the District Office. Craig Wrathell District Manager Exhibits: Exhibit A - Summary of Proposed Debt s Engineer s Report, dated December 7, 2018 First Addendum to Master Special Methodology Report, dated December 8, 2018 Page 2 of 4

14 EXHIBIT A Summary of Proposed Debt s 1. Proposed Debt for Your Property. The proposed Debt for your property is $5,451, (total par, excluding interest). 2. Total Revenue. For all Debt s levied, the District expects to collect no more than $5,451, in total revenue (not including interest and collection costs) to fund the District s Capital Improvement Program. 3. Unit of Measurement. As described in the Report, and generally speaking, the Debt s are allocated to undeveloped property on a per acre basis, and on an Equivalent Residential Unit ( ERU ), as modified by contributions of capital made by the developer for the property in the District, basis for developed property. 4. Schedule of Debt s: Unit Type Parcel Total Units Total Series 2019A Area Two Total Series 2019B Area Two Total Series 2019A and 2019B Area Two Villa 35' Parcel D 101 $1,424, $505, $1,929, SF 60' Parcel E 68 $1,376, $816, $2,193, SF 75' Parcel E 34 $885, $442, $1,327, Total 203 $3,686, $1,765, $5,451, Unit Type Parcel Series 2019A Area Two per Unit Series 2019B Area Two per Unit Series 2019A and 2019B Area Two per Unit Annual Debt Service Series 2019A Area Two Payment per Unit* Villa 35' Parcel D $14, $5, $19, $1, SF 60' Parcel E $20, $12, $32, $1, SF 75' Parcel E $26, $13, $39, $1, * Includes allocation for costs of collection and early payment discount The Series 2019A Area Two s are expected to be collected over a period of 30 years subsequent to the issuance of debt to finance the improvements. The Series 2019B Area Two s are expected to be paid in one (1) installment of principal at maturity with interest on the Series 2019B Area Two Bonds paid annually until all Series 2019B Area Two Bonds are fully paid. Further, the Debt s do not include any other assessments that may have been levied previously or that may be levied in the future. 5. Collection. The Debt s constitute a lien against benefitted property located within the District just as do each year s property taxes. For the Debt s, the District may elect to have the Flagler 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 Page 3 of 4

15 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. Page 4 of 4

16 Engineer s Report for Hunter s Ridge Community Development District No. 1 Flagler County, Florida ZC Revised December 7, 2018 Prepared By: Zev Cohen & Associates, Inc. Attn: Mr. Randy Hudak, P.E. 300 Interchange Blvd., Suite C Ormond Beach, FL Prepared For: Hunter s Ridge Community Development District No. 1 <?'~<;:9t1~~ Civil Engineering Landscape Architecture Planning Environmental Services

17 Hunter s Ridge CDD No. 1 ZC Revised December 7, 2018 Table of Contents Section Page I. INTRODUCTION... 2 DESCRIPTION OF HUNTER'S RIDGE COMMUNITY DEVELOPMENT DISTRICT 2 PURPOSE AND SCOPE... 2 THE HUNTER'S RIDGE COMMUNITY DEVELOPMENT DISTRICT... 2 REPORT ASSUMPTIONS... 3 II. PROJECT BOUNDARY... 3 PROPERTY BOUNDARY... 3 DESCRIPTION OF PROJECT SERVED... 3 III. PROPOSED PROJECT... 4 PROPOSED DISTRICT INFRASTRUCTURE... 4 STORMWATER MANAGEMENT SYSTEM... 5 ROADWAYS... 5 UTILITIES... 5 SIDEWALKS... 6 IV. OPINION OF PROBABLE CONSTRUCTION COSTS... 6 SUMMARY OF COSTS... 6 DISTRIBUTION OF COSTS... 7 PERMITS... 8 CONCLUSION... 8 APPENDICES DISTRICT INFRASTRUCTURE EXHIBIT: ASSESSMENT AREAS - 1 -

18 Hunter s Ridge CDD No. 1 ZC Revised December 7, 2018 I. INTRODUCTION DESCRIPTION OF HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 This project consists of a mixed-density residential development within Flagler County, Florida consisting of acres of the Huntington Village development and acres of the Deerfield Trace development. The community will include 340 residential dwelling units divided into two (2) Areas. Area One contains 123 lots. This Area is developed and portions are constructed. Area Two contains 217 planned lots and is undeveloped. An exhibit indicating the location of the Areas has been provided in the Appendix. Area One # of Lots Parcel A-Northeast Parcel: Villas 16 Parcel B-Southeast Parcel: Villas 37 Parcel C-Northwest Parcel: Woods (60s) 70 Total 123 Area Two # of Lots Parcel D: Villas 101 Parcel E: Green (60s) 68 Parcel E: Green (70s) 34 Parcel F: Deerfield Trace (75s) 14 Total 217 PURPOSE AND SCOPE The purpose of this Engineer s Report is to provide cost, permit and entitlement information with respect to the public infrastructure improvements to be constructed or acquired by the Hunter s Ridge Community Development District No. 1 (the District ). All of the major infrastructure components will be described in the following sections. Cost estimates for the completion of this work will also be presented. THE HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO 1 The District is designed to provide public infrastructure, services, and facilities along with operations and maintenance of same to a master planned residential development containing a total of 340 residential dwelling units, all within the boundaries of the District. A Community Development District ( CDD ) is an independent unit of special purpose local government authorized by Chapter 190, F.S., to plan, finance, - 2 -

19 Hunter s Ridge CDD No. 1 ZC Revised December 7, 2018 construct, operate and maintain community-wide infrastructure in large, planned community developments. CDDs provide a solution to the state s planning, management and financing needs for delivery of capital infrastructure to service projected growth without overburdening other governments and their taxpayers. Section (1)(a), F.S. A CDD is not a substitute for the local, general purpose government unit, i.e., the City or County in which the CDD lies. A CDD does not have the permitting, zoning or policing powers possessed by general purpose governments. A CDD is an alternative means of financing, constructing, operating and maintaining community infrastructure for developments, such as Huntington Village. REPORT ASSUMPTIONS In preparation of this report, Zev Cohen and Associates, Inc. ( ZCA ) relied on information provided by the developer in regards to details regarding the development of the District and acquisition of the infrastructure improvements. As the engineer of record, ZCA has a comprehensive knowledge of the design and construction of the proposed infrastructure improvements. Certain assumptions were also made with regard to all cost estimates, pricing, financing, etc. based on previous experience within the industry, local/recent construction costs and actual bid documents supplied by prospective Site Development Contractors. Presently there are several parcels of land in the boundaries of the District that comprise road rights-of-way, storm water, and other common grounds and buffers that are owned by the homeowners association. It is assumed these parcels will be deeded over/conveyed to the District prior to District s funding of these and any additional improvements. It is assumed the District will own the land before any funds are spent by the District from bond proceeds on acquiring existing improvements and/or building additional improvements. II. PROJECT BOUNDARY PROPERTY BOUNDARY The proposed development is located west of Interstate 95 and north of State Road 40. The project falls within Section 22, Township 14 South, Range 31 East within unincorporated Flagler County, Florida. DESCRIPTION OF PROJECT SERVED The District is wholly located within an unincorporated portion of Flagler County relatively close in proximity to the City of Ormond Beach in Volusia County, Florida. The new development will be a fully contiguous community

20 Hunter s Ridge CDD No. 1 ZC Revised December 7, 2018 III. PROPOSED PROJECT PROPOSED DISTRICT INFRASTRUCTURE The District is expected to fund the construction and acquisition of certain public infrastructure improvements (the Capital Improvement Program ) within the proposed development, including, but not limited to, the following: Stormwater Drainage System (Items necessary for conveyance of stormwater run-off such as pipes and drainage structures.) Utilities (Irrigation System, Sanitary Sewer Conveyance System & Potable Water Distribution System) Roadways (such as Base, Sub-Grade, Pavement and Curbing) Offsite Improvements o Light poles and fixtures within the rights-of-way o Force Main installation o Lift Station Upgrades o Electrical main line installation (exclusive of conduit and wire) o Entry Features Sidewalks within common areas and rights-of-way Earthwork (Site Preparation) Soft Costs (Engineering, Surveying, Permitting, other Professional services) The capital improvements described in this report represent intentions of the Developer, as initial landowners, the Developer and the Hunter s Ridge Community Development District No. 1, subject to all applicable local general purpose government land use planning, zoning, and all other entitlements. The implementation of the improvements discussed in this report require final approval and acceptance by all applicable regulatory and permitting agencies on a local, state, and federal level. The actual improvements constructed at the completion of this proposed development may vary from the capital improvements described in this report. All cost estimates included in the following sections have been prepared based on ZCA s experience within this industry and local/recent construction costs. Furthermore, the final cost of all engineering design, permitting and approvals, construction, and all other costs associated with the completion of this Capital Improvement Program may vary from the cost estimates presented in this report. The following sections will describe the elements that will comprise the Hunter s Ridge Community Development District No. 1 Capital Improvement Project

21 Hunter s Ridge CDD No. 1 ZC Revised December 7, 2018 STORMWATER DRAINAGE SYSTEM The stormwater drainage system for the development consists of excavated lakes, culverts, swales, inlets, interconnecting solid pipes, and water control structures. The St. Johns River Water Management District (SJRWMD) has permitted the entire development s Surface Water Management system. The stormwater drainage facilities consist of stormwater ponds interconnected by a pipe system. All stormwater runoff from the subject property will be routed to these stormwater management lakes for the purposes of water quality treatment and attenuation of large storm events. The treated stormwater will be subsequently conveyed through the system and towards the receiving waters. The proposed stormwater drainage system was designed to adhere to SJRWMD s minimum criteria for water quality treatment and flood protection. As part of the required National Pollutant Discharge Elimination System (NPDES) permit requirements, Erosion and Sediment Control Plans were prepared and/or was/shall be implemented by the contractor throughout all construction. These plans include various stormwater pollution preventative measures such as: synthetic jute bales, staked silt fences, floating turbidity barriers, and truck wash-down areas. In addition to the items mentioned above in regards to the stormwater drainage system, the roadway components necessary for the installation of the proposed drainage, such as the base, stabilized subgrade, gutters, or curb and gutter, drainage inlets and pipes, etc., will be accounted for within the responsibility of the District. Accordingly, they shall be considered within this report as part of the stormwater drainage system for District funding. The drainage system and road system will be owned and maintained by the District. ROADWAYS All roadways were designed and/or installed or will be constructed in accordance with all local, state, and federal codes. These roadway components include base, sub-base and paving material, curbing, curb and gutters, lighting poles and fixtures and sidewalks. UTILITIES The District-funded utilities within the development consist of water, sanitary sewer, and irrigation lines. The water, sanitary sewer and irrigation systems have been designed by ZCA in accordance with Flagler County, City of Ormond Beach, Florida Department of Environmental Protection (DEP), and Florida Department of Health (DOH) standards. The sewage collection system and water distribution system will be owned and maintained by the City of Ormond Beach

22 Hunter s Ridge CDD No. 1 ZC Revised December 7, 2018 The water distribution facilities include or will include all necessary valves, fire hydrants, and water services to individual lots and development parcels. The water system will utilize water provided by the City of Ormond Beach. This system will be operated and maintained by the City of Ormond Beach. The proposed/constructed sanitary sewer facilities include or will include a gravity sewer system in conjunction with sanitary lift stations. The City of Ormond Beach will accept flow from the system as well as own and maintain it. The proposed/constructed irrigation system includes or will include all necessary pumps, values, fittings, and services to individual lots and development parcels. The District will own and maintain the proposed/constructed system. SIDEWALKS The development is a pedestrian friendly community that includes or will include extensive sidewalks along all of the roadways. The sidewalks will be concrete throughout the entire community. All sidewalks are or will be ADA friendly, with curb ramps and detectable warnings at every street crossing where there is sidewalk on both sides. The District will own and maintain all of the sidewalks throughout the development. IV. OPINION OF PROBABLE CONSTRUCTION COSTS SUMMARY OF COSTS The table below represents the opinion of probable cost for the District public infrastructure Project. This opinion of probable costs includes the estimated infrastructure costs for the aforementioned infrastructure improvements within this report, including, but not limited to, materials, labor, construction, technical services, and contingencies. For new construction all estimates within this report are based on the monetary value of the dollar in 2018 and do not account for any inflation factors. All cost estimates for infrastructure previously installed are based upon actual costs at the time of such installation. In order to arrive at the estimates presented in this Section of the report, the Developer supplied a majority of the information concerning the infrastructure that will be funded by the District, as opposed to the infrastructure funded by the Developer. The following costs do not include, or account for the legal, administrative, financing, operation or maintenance services necessary to finance, construct, and operate the District-funded infrastructure

23 Hunter s Ridge CDD No. 1 ZC Revised December 7, 2018 DISTRIBUTION OF COSTS Section III of this report discussed in detail the proposed infrastructure for this development, for which a portion will be funded by the District. The estimates presented in this section have been separated by individual items from the list of various infrastructure improvements that will be constructed. ASSESSMENT AREA 1 ASSESSMENT AREA 2 ITEM A, B & C D E F SITE PREPERATION $1,688,808 $294,126 $543,735 $74,275 SEWAGE COLLECTION SYSTEM $501,313 $255,773 $281,401 $124,897 DRAINAGE SYSTEM $216,546 $247,083 $324,864 $66,939 WATER DISTRIBUTION SYSTEM $231,661 $110,485 $266,965 $31,400 IRRIGATION WATER SYSTEM $117,218 $256,149 $246,341 $22,733 ROAD CONSTRUCTION $881,688 $464,796 $792,000 $113,938 OFFSITE IMPROVEMENTS $65,750 $357,126 SOFT COSTS $145,222 $174,921 $65,000 TOTAL $3,637,234 $1,839,384 $2,987,353 $499,182 To summarize the ownership and operation/maintenance entity for each of the infrastructure improvements, please refer to the table below: Proposed Infrastructure Improvements Funding Entity Ownership Entity Operation and Maintenance Entity Irrigation Water System CDD CDD CDD Road Improvements CDD CDD CDD Sanitary Sewer System CDD City City Potable Water Distribution System Stormwater Management System CDD City City CDD CDD CDD - 7 -

24 Hunter s Ridge CDD No. 1 ZC Revised December 7, 2018 PERMITS Local, state, and federal permits and approvals are required prior to the construction of the aforementioned infrastructure improvements to the proposed development. Permits and permit modifications are considered to be part of the design and permitting process and are applied for as required by various time constraints. As the engineer of record, ZCA certifies that all permits known to be necessary to complete the construction of the infrastructure for the proposed development have been indicated below. All permits associated with Huntington Green, Woods and Villas have been received to install the infrastructure described herein. Various permits associated with Deerfield Trace are pending and have been indicated as such below. The full list of the permits received thus far may be provided upon request. Permitting Agency Type of Permit CDD Community Florida Department of Environmental Protection (DEP) Wastewater Permit Huntington Green, Woods, Villas, Deerfield Trace (Pending) Florida Department of Health (DOH) St. Johns River Water Management District (SJRWMD) Flagler County Domestic Wastewater Permit Environmental Resource Permit Land Development Permit Huntington Green, Woods, Villas, Deerfield Trace (Pending) Huntington Green, Woods, Deerfield Trace, Villas Huntington Green, Woods, Villas, Deerfield Trace (Pending) Army Corp of Engineers ACOE Permit Huntington Green, Woods, (ACOE) Deerfield Trace, Villas Flagler County Zoning Approval Huntington Green, Woods, Villas, Deerfield Trace (Pending) Flagler County Flagler County Preliminary Plat Approval Huntington Green, Woods, Villas, Deerfield Trace (Pending) Final Plat Approval Huntington Green, Woods, Villas, Deerfield Trace (Pending) CONCLUSION This report summarizes all of the infrastructure improvements necessary to develop the District as required by the applicable governing agencies and good engineering practice. ZCA certifies that the design of the infrastructure for this - 8 -

25 Hunter s Ridge CDD No. 1 ZC Revised December 7, 2018 development is in full compliance with all current requirements presented by the various applicable governing agencies involved, as of the date of permit issuance. The infrastructure presented in this report will serve its intended function to the Hunter s Ridge Community Development District No. 1 assuming substantial compliance with the design and permits issued for Capital Improvement Program from all contractors involved. It is ZCA s professional opinion that the costs associated with the Hunter s Ridge Community Development District No. 1 proposed infrastructure improvements are reasonable. It should be noted that this opinion of probable infrastructure cost is only an opinion determined by ZCA in combination with the Developer, and is not a guaranteed maximum price. These costs were derived from various sources such as, estimates from the Developer, historical unit pricing, site contractor bids and our own past experience within the infrastructure industry. Therefore, ZCA is of the opinion that the construction of the Capital Improvement Program described in this report for the District can be completed at the costs stated in Section IV of this report. However, several unforeseen factors may alter the final cost, which are outside of the control of the District, such as future costs of labor, equipment and materials, increased future regulatory actions/measures, and unforeseen changes throughout the actual construction process. Due to these potential circumstances, the actual total final cost may vary from this opinion of probable infrastructure cost

26 Hunter s Ridge CDD No. 1 ZC Revised December 7, 2018 APPENDICES DISTRICT INFRASTRUCTURE EXHIBIT: ASSESSMENT AREAS

27 ASSESSMENT AREA #2 HUNTINGTON GREEN (E) BLVD. RIDGE HUNTER' S AIRPORT ROAD LEGEND ASSESSMENT AREA #1 ASSESSMENT AREA #2 PARCEL A - HUNTINGTON VILLAS - 37 LOTS PARCEL D - HUNTINGTON VILLAS LOTS PARCEL B - HUNTINGTON VILLAS - 16 LOTS PARCEL C - HUNTINGTON WOODS (60's) - 70 LOTS PARCEL E - HUNTINGTON GREEN (60's) - 68 LOTS, (75's) 34 LOTS PARCEL F - DEERFIELD ESTATES (75's) - 14 LOTS ASSESSMENT AREA #1 HUNTINGTON WOODS (C) HUNTINGTON VILLAS (B) HUNTINGTON VILLAS (A) HUNTINGTON GREEN (E) HUNTINGTON VILLAS (D) ASSESSMENT AREA #2 ASSESSMENT AREA #2 ASSESSMENT AREA #1 ASSESSMENT AREA #2 DEERFIELD ESTATES (F) HUNTER'S RIDGE CDD INFRASTRUCTURE EXHIBIT ASSESSMENT AREAS ZEV COHEN & ASSOCIATES, INC. CIVIL ENGINEERS LANDSCAPE ARCHITECTS (EB 4516) (LC 62) PLANNERS TRANSPORTATION ENVIRONMENTAL ORMOND BEACH 300 INTERCHANGE BLVD.,STE. #C, ORMOND BEACH, FL (386) FAX (386)

28 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 First Addendum to Master Special Methodology Report December 8, 2018 Provided by: Wrathell, Hunt and Associates, LLC 2300 Glades Road, Suite 410W Boca Raton, FL Phone: Fax: Website: HRCDDNo1 First Addendum to Master Methodology Report v1.5

29 Table of Contents 1.0 Introduction 1.1 Purpose Scope of the First Addendum Special Benefits and General Benefits Requirements of a Valid Methodology Special Benefits Exceed the Costs Allocated Organization of the First Addendum Development Program 2.1 Overview The Development Plan Capital Improvement Program 3.1 Overview The Capital Improvement Program Financing Program 4.1 Overview Types of Special Bonds Proposed Methodology 5.1 Overview Benefit Allocation Assigning Lienability Test: Special and Peculiar Benefit to the Property Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay True-Up Mechanism Preliminary Roll Additional Stipulations 6.1 Overview Appendix Table Table Table Table Table Table Table

30 1.0 Introduction 1.1 Purpose The Hunter s Ridge Community Development District No. 1 (the District ) previously adopted the Preliminary Master Special Methodology Report dated May 21, 2014 (the Master Report ). The Master Report set forth the original master financing program and original master assessment methodology to fund infrastructure improvements to support the development of lands within the District. The purpose of this First Addendum to the Master Special Methodology Report (the "First Addendum") is to supplement and amend the Master Report to account for changes in the development plan for the District as well as the changes in the cost estimates of the capital improvements necessary to support the development of land in the District (the Capital Improvement Program ). 1.2 Scope of the First Addendum This First Addendum presents the projections for financing the Capital Improvement Program as described in the Engineer s Report dated December 7, 2018 (the Engineer s Report ) prepared by Zev Cohen & Associates, Inc. (the District Engineer ), and describes the method for the allocation of special benefits and the apportionment of special assessments resulting from the provision and funding of the Capital Improvement Program. 1.3 Special Benefits and General Benefits Improvements undertaken and funded in part by the District as part of the Capital Improvement Program create special benefits and peculiar benefits, different in kind and degree than general benefits, for properties within the District, as well as general benefits to the areas outside the District and to the public at large. However, as discussed within this First Addendum, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to peculiar property within the District as the Capital Improvement Program enables properties within the boundaries of the District to be developed. There is no doubt that the general public and property owners outside the District will benefit from the provision of the Capital Improvement Program. However, these benefits are only incidental 1

31 since the Capital Improvement Program is designed to provide special benefits peculiar to property within the District, including but not limited to allowing the development of property therein. Properties within the District are directly served by the Capital Improvement Program and depend upon the Capital Improvement Program to satisfy the requirements of their development entitlements. This fact alone clearly demonstrates the special benefits which the properties located within the District receive. The Capital Improvement Program will provide the public infrastructure improvements necessary to make the lands within the District developable and saleable. The installation of such improvements will cause the value of the developable and saleable lands within the District to increase by more than the sum of the financed costs of the individual components of the Capital Improvement Program. Even though the exact value of the special benefits provided by the Capital Improvement Program is hard to estimate at this point, it is nevertheless greater than the costs associated with providing the same. 1.4 Requirements of a Valid Methodology There are two requirements under Florida law for a valid special assessment: 1) The properties must receive a special benefit from the improvements being paid for. 2) The assessments must be fairly and reasonably allocated to the properties being assessed. Florida law provides for a wide application of special assessments that meet these two characteristics of special assessments. 1.5 Special Benefits Exceed the Costs Allocated The special benefits provided to the property owners within the District are greater than the costs associated with providing these benefits. As set forth in the Engineer s Report, the District Engineer estimates that the District s Capital Improvement Program that is necessary to support full development of property within the District will cost approximately $8,963,153. The District projects that financing costs required to fund that portion of the costs of the Capital Improvement Program which is not expected to be contributed to the District by the Developer (to be defined further in this First Addendum) at no cost, the cost of issuance of future bonds, the funding of debt service reserves and capitalized interest, will total approximately $8,080,000. Additional funding not financed with proceeds of indebtedness issued by the District and necessary 2

32 to complete the Capital Improvement Program may be funded by the Developer or its affiliates or assigns pursuant to a Completion Agreement entered into between the District and the Developer. Without the Capital Improvement Program, the property would not be able to be fully developed and occupied by future residents of the community. 1.6 Organization of the First Addendum Section Two describes the development plan as proposed by the Developer, as defined in Section 2 below. Section Three provides a summary of the Capital Improvement Program as set forth in the Engineer s Report. Section Four discusses the master financing program for the District. Section Five sets out the master special assessment methodology for the District. 2.0 Development Program 2.1 Overview The District will serve the Huntington at Hunter s Ridge development (the "Development" or Huntington ), a master planned, residential development consisting of approximately /- acres located in unincorporated Flagler County, Florida. The land within the District is generally located west of Interstate 95, north of State Road 40 and is bounded on the north by Airport Road. 2.2 The Development Plan The current development plan for Huntington envisions a total of 340 residential dwelling units and the development is expected to be conducted in two phases, with the first phase comprising 123 residential dwelling units within Parcels A, B and C (the Area One ) and the second phase comprising 217 residential dwelling units within Parcels D, E and F (the Area Two ). The development has already commenced with a total of 119 residential lots out of the total of 123 located within Area One already platted, with 90 of these already sold to homebuilders or homeowners. The current 3

33 development plan represents an increase of 33 residential dwelling units from the development plan in effect at the time of adoption of the Master Report by the District. In addition, since the time of adoption of the Master Report, a new product type was added to the development plan with SF 75 residential dwelling units replacing SF 70 residential dwelling units. The development has been and is expected to continue to be conducted by BADC Asset Managers, Inc. an affiliate of the landowner, Huntington Communities, LLC (the "Developer"). Table 1 in the Appendix illustrates the current development plan for land in the District. 3.0 Capital Improvement Program 3.1 Overview The infrastructure costs to be funded by the District are described by the District Engineer in the Engineer's Report. Only infrastructure that may qualify for public financing by the District under Chapter 190, Florida Statutes, was included in these estimates. The infrastructure for the Area One has already been partially completed. 3.2 The Capital Improvement Program The Capital Improvement Program needed to serve the existing as well as planned development of Huntington is projected to consist of site preparation, sewage collection system, drainage system, water distribution system, reclaimed water system, roads and offsite improvements. The District Engineer identified not only the specific components but also the cost of the improvements that serve and provide benefit to Area One and Area Two, and within the Area Two Parcels D, E and F. Table 2 in the Appendix illustrates the projected total costs of the improvements for Area One, Area Two Parcel D, Area Two Parcel E and Area Two Parcel F. At the time of this writing, the total costs of the Capital Improvement Program are estimated at $8,963,153, an increase over the estimates of $5,926,028 contained in the Engineer s Report prepared by District Engineer and dated May,

34 4.0 Financing Program 4.1 Overview As noted above, the District is embarking on a program of capital improvements which will facilitate the development of lands within the District. If the District were to finance the portion of the current costs of the Capital Improvement Program that would not result in the assessments for units located in Area One exceeding the maximum assessment levels set in the Master Report, it would likely have to issue up to approximately $8,080,000 in bonds, comprising approximately $2,305,000 in bonds financing improvements serving and benefitting the Area One, the Special Bonds, Series 2019 ( Area One) (the Series 2019 Area One Bonds ), $4,010,000 in bonds financing a portion of the improvements serving and benefitting the Area Two, Special Bonds, Series 2019A ( Area Two) (the Series 2019A Area Two Bonds ), and $1,765,000 in bonds financing the balance of the improvements serving and benefitting the Area Two, Special Bonds, Series 2019B ( Area Two) (the Series 2019B Area Two Bonds and cumulatively with Series 2019 Area One Bonds and Series 2019A Area Two Bonds, the Bonds ), even though the actual financing plan may change. Please note that the purpose of this First Addendum is to allocate the benefit of the Capital Improvement Program to the various land uses in the District and based on such benefit allocation to apportion the maximum debt necessary to fund the Capital Improvement Program. The discussion of the structure and size of the indebtedness is based on various estimates and is subject to change. Additionally, please note that the District contemplates funding only a portion of the Area One costs in the amount of approximately $1,974, with proceeds of the Series 2019 Area One Bonds and a portion of the Area Two costs in the amount of approximately $4,616, with proceeds of the Series 2019 Area Two Bonds, while approximately $1,662, in further Area One costs and approximately $709, in further Area Two costs are expected to be contributed by the Developer to the District at no cost in order to lower assessments for debt service on the Series 2019 Area One Bonds to levels that would not result in the assessments for units located in Area One exceeding the 5

35 maximum assessment levels set in the Master Report and also in order for the amount of the Bonds to not exceed the amount of bonds validated by the District in Types of Special Bonds Proposed The proposed financing plan for the District provides for the issuance of the Bonds in the total amount of $8,080,000 to defray construction/ acquisition expenses of $6,591, The Bonds as projected under this master financing plan would be structured to be amortized in 30 annual installments following a 12-month capitalized interest period for the Series 2019 Area One Bonds and Series 2019A Area Two Bonds, and in one (1) installment at maturity following a 24-month capitalized interest period for the Series 2019B Area Two Bonds. Interest payments on the Bonds would be made every May 1 and November 1, and principal payments on the Series 2019 Area One Bonds and Series 2019A Area Two Bonds would be made every November 1. In order to finance $6,591, in improvement costs, the District would need to borrow more funds and incur indebtedness in the total amount of $8,080,000. The difference is comprised of debt service reserve, capitalized interest, underwriter's discount and costs of issuance. Preliminary sources and uses of funding and other financing assumptions are presented in Table 3 in the Appendix. Please note that the structure of the Bonds as presented in this First Addendum is preliminary and may change due to changes in the development program, market conditions, timing of infrastructure installation as well as other reasons. The District maintains complete flexibility as to the structure of any indebtedness that it may issue and reserves the right to modify it as necessary. 5.0 Methodology 5.1 Overview The issuance of the Bonds provides the District with a portion of the funds necessary to construct/acquire the balance of the infrastructure improvements which are part of the Capital Improvement Program outlined in Section 3.2 and described in more detail by the District Engineer in the Engineer's Report. These improvements lead to special and general benefits, with 6

36 special benefits accruing to the properties within the boundaries of the District and general benefits accruing to areas outside the District and being only incidental in nature. The debt incurred in financing the infrastructure construction/acquisition will be paid off by assessing properties that derive special and peculiar benefits from the revised Capital Improvement Program. All properties that receive special benefits from the Capital Improvement Program will be assessed for their fair share of the debt issued in order to finance the construction/acquisition of the Capital Improvement Program. 5.2 Benefit Allocation According to the District Engineer, the Capital Improvement Program will serve and provide benefit to all residential units in the District. Nevertheless, the District Engineer identified in the Engineer s Report the specific costs of improvements that are designed to serve and provide benefit to Area One, Area Two Parcel D, Area Two Parcel E, and Area Two Parcel F. The improvements that are part of the Capital Improvement Program have a logical connection to the special and peculiar benefits received by the land within the District, as without such improvements, the development of the properties within the District would not be possible. Based upon the connection between the improvements and the special and peculiar benefits to the land within the 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. The development of land in the District is to include a recreational facility (the Clubhouse Facility ) to be constructed by the Developer and owned and operated by the property owners' association. Even though it is beyond question that the Clubhouse Facility will benefit from the provision of the District's Capital Improvement Program, it is proposed that they not be assessed for any capital costs associated with the provision of the Capital Improvement Program. The rationale for this exemption is that the cost of any capital assessments levied on them would ultimately be borne by the capital assessment-paying residential property owners 7

37 within the District. Consequently, Clubhouse Facility is proposed not to be assessed. As originally proposed in the Master Report, the benefit associated with the implementation by the District of the improvements that are part of the Capital Improvement Program of the District is proposed to be allocated to the different residential unit types in proportion to the density of development and intensity of use of the infrastructure as measured by a standard unit called an Equivalent Residential Unit ("ERU"). Table 4 in the Appendix illustrates the residential unit types proposed to be developed within the District, the number of residential units of each residential unit type, the ERU weights that are proposed to be assigned to the different residential unit types proposed to be developed within the District based on the relative density of development and the intensity of use of infrastructure and the total ERU counts for each land use category. The rationale behind these 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 generally and on average smaller units produce less storm water runoff, produce fewer vehicular trips, and need less water and sewer capacity than larger units. 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 Capital Improvement Program. 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 District's improvements. Using the ERU benefit allocations developed in Table 4 and applying them to the cost estimates of the Capital Improvement Program illustrated in Table 2, Table 5 in the Appendix illustrates the allocation of benefit of the Capital Improvement Program to the various residential unit types in the District. The allocation is divided into four (4) parts: the first part for the 123 residential dwelling units projected to be developed in Area One; the second part for the 101 residential dwelling units that are part of Area Two Parcel D; the third part for the 102 residential dwelling units that are part of Area Two Parcel E; and the fourth part for the 14 residential dwelling units that are part of Area Two Parcel F. As illustrated in Table 5, the District will finance only a total of approximately $6,591, in Capital Improvement Program 8

38 costs ($1,974, for the Area One, $1,536, for the Area Two Parcel D, $2,828, for the Area Two Parcel E, and $251, for the Area Two Parcel F) with proceeds of the Bonds, as improvements in the amount of approximately $2,371, are expected to be contributed by the Developer to the District at no cost in order to lower assessments for debt service on the Series 2019 Area One Bonds to levels that would not result in the assessments for units located in Area One exceeding the maximum assessment levels set in the Master Report and also in order for the amount of the Bonds to not exceed the amount of bonds validated by the District in Finally, Tables 6 and 7 in the Appendix illustrate the apportionment of the assessment associated with the Series 2019 Area One Bonds and Series 2019A Area Two Bonds (for Table 6) and the assessment associated with the Series 2019B Area Two Bonds (for Table 7) in accordance with the ERU benefit allocation method presented in Table 4 and Capital Improvement Plan cost allocation presented in Table Assigning As of the total of 123 planned residential dwelling units in Area One 119 residential lots have already been platted, the assessment associated with repayment of the Series 2019 Area One Bonds (the Series 2019 Area One ) will be assigned to the platted lots on the basis of their unit type, with 70 SF 60 units and 49 Villa 35 units that have been platted apportioned a total of $2,246, in Series 2019 Area One, while the remaining $58, in Series 2019 Area One will initially be apportioned on an equal gross acre basis on the balance of the land in Area One that is the intended location for the remaining four (4) Villa 35 units that have not been platted to date. Consequently, $58, in Series 2019 Area One will initially be levied on approximately /- gross acres at the rate of $20, per gross acre. As of the time of writing of this First Addendum, the land in Area Two has not yet been platted and all of the land in Area Two is contained within four (4) parcels of land whose gross area totals approximately /- gross acres, with the land in Area Two Parcels D and E contained within three (3) parcels of land whose gross area totals approximately /- gross acres and the land in 9

39 Area Two Parcel F contained within one (1) parcel of land whose gross area totals approximately /- gross acres. Consequently, the assessment associated with repayment of the Series 2019A Area Two Bonds (the Series 2019A Area Two ) and the assessment associated with repayment of the Series 2019B Area Two Bonds (the Series 2019B Area Two ) will initially be levied on the parcels of land within Area Two on an equal gross acre basis for, separately, Area Two Parcels D and E and Area Two Parcel F. Series 2019A Area Two in the total amount of $3,686, will be levied on approximately /- gross acres in Area Two Parcels D and E at the rate of $27, per gross acre, the Series 2019B Area Two in the total amount of $1,765,000 will be levied on approximately /- gross acres in Area Two Parcels D and E at the rate of $12, per gross acre, and Series 2019A Area Two in the total amount of $323, will be levied on approximately /- gross acres in Area Two Parcel F at the rate of $18, per gross acre. As the unplatted land is platted, the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two will be apportioned to each platted parcel on a first platted-first assigned basis based on the planned use for that platted parcel as reflected in Tables 6 and 7 in the Appendix. Such allocation of Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two to platted parcels will reduce the amount of Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two levied on unplatted gross acres. Further, to the extent that any residential land which has not been platted is sold to another landowner, developer or builder, the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two (cumulatively the ) will be assigned to such parcel at the time of the sale based upon the development rights 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 amount of transferred at sale. 10

40 5.4 Lienability Test: Special and Peculiar Benefit to the Property As first discussed in Section 1.3, Special Benefits and General Benefits, the implementation of the Capital Improvement Program creates special and peculiar benefits to properties within the District. The improvements that are part of the Capital Improvement Program benefit all assessable properties within the District and accrue to all such properties, with the exception described in the previous section, on an ERU basis. The Capital Improvement Program can be shown to be creating special and peculiar benefits to the properties within the District. The special and peculiar benefits resulting from each improvement are: a. added use of the property; b. added enjoyment of the property; c. decreased insurance premiums; d. increased marketability and value of the property. The improvements that are part of the Capital Improvement Program make the land in the District developable and saleable and 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. 5.5 Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay A reasonable estimate of the proportion of special and peculiar benefits received from the provision of the Capital Improvement Program is delineated in Table 4 (expressed as ERU factors) in the Appendix. The apportionment of the assessments is fair and reasonable because, with the exception mentioned in Section 5.2, it was conducted on the basis of consistent application of the methodology described in Section 5.2 across all assessable property within the District according to reasonable estimates of the special and peculiar benefits derived from the improvements that are part of the Capital Improvement Program by different residential units. 11

41 Accordingly, no acre or parcel of property within the District will be liened for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property. 5.6 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 Bond on a per ERU basis never exceeds the initially allocated assessment as contemplated in the adopted assessment methodology. Please note that the True-Up Mechanism will be described in detail in a supplemental methodology drafted prior to issuance of any District indebtedness. 5.7 Preliminary Roll Included in Exhibit A please find the Preliminary Roll illustrating the initial apportionment of the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two to parcels of land that are subject to the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two. Excluding any capitalized interest period, debt service assessment shall be paid in thirty (30) annual installments for Series 2019 Area One Bonds and Series 2019A Area Two Bonds and in one (1) annual installment for the Series 2019B Area Two Bonds. 6.0 Additional Stipulations 6.1 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 Capital Improvement Program. 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 transactions beyond 12

42 restatement of the factual information necessary for compilation of this report. For additional information on the Bond structure and related items, please refer to the Offering Statement associated with this 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 Hunter's Ridge Community Development District No. 1 Development Plan Unit Type Area One Units Area Two Parcel D Units Area Two Parcel E Units Area Two Parcel F Units Total Units SF 60' SF 75' Villa 35' Estate Total Table 2 Hunter's Ridge Community Development District No. 1 Capital Improvement Program Improvement Category Area One Costs Area Two Parcel D Costs Area Two Parcel E Costs Area Two Parcel F Costs Total Costs Site Preparation $1,688,808 $294,126 $543,735 $74,275 $2,600,944 Sewage Collection System $501,313 $255,773 $281,401 $124,897 $1,163,384 Drainage System $216,546 $247,083 $324,864 $66,939 $855,432 Water Distribution System $231,661 $110,485 $266,965 $31,400 $640,511 Reclaimed Water System $117,218 $256,149 $246,341 $22,733 $642,441 Roads $881,688 $464,796 $792,000 $113,938 $2,252,422 Off-site Improvements $0 $65,750 $357,126 $0 $422,876 Soft Costs $0 $145,222 $174,921 $65,000 $385,143 Total $3,637,234 $1,839,384 $2,987,353 $499,182 $8,963,153 13

43 Table 3 Hunter's Ridge Community Development District No. 1 Preliminary Sources and Uses of Funds Sources Series 2019 Area One Bonds Series 2019A Area Two Bonds Series 2019B Area Two Bonds Total All Bonds Bond Proceeds: Par Amount $2,305, $4,010, $1,765, $8,080, Total Sources $2,305, $4,010, $1,765, $8,080, Uses Project Fund Deposits: Project Fund $1,974, $3,267, $1,348, $6,591, Other Fund Deposits: Debt Service Reserve Fund $77, $285, $105, $469, Capitalized Interest Fund $123, $232, $211, $567, $201, $517, $317, $1,036, Delivery Date Expenses: Costs of Issuance $71, $124, $54, $250, Underwriter's Discount $57, $100, $44, $202, $128, $224, $98, $452, Total Uses $2,305, $4,010, $1,765, $8,080, Table 4 Hunter's Ridge Community Development District No. 1 Benefit Allocation Unit Type Total Units ERU Factor per Unit SF 60' SF 75' Villa 35' Estate Total

44 Table 5 Hunter's Ridge Community Development District No. 1 Capital Improvement Plan Cost Allocation - Area One Unit Type Total Units ERU Factor per Unit Total ERU Total Cost Allocation Total Developer Contribution* Total Cost Financed with Bonds SF 60' $2,527, $1,220, $1,307, Villa 35' $1,109, $442, $667, Total $3,637, $1,662, $1,974, * Please note that before any Bonds are issued, the Developer may elect to contribute finished improvements valued at a different amount in lieu of the District issuing such Bonds Capital Improvement Plan Cost Allocation - Area Two Parcel D Unit Type Total Units Total Cost Allocation Total Developer Contribution* Total Cost Financed with Bonds Villa 35' 101 $1,839, $302, $1,536, Total 101 $1,839, $302, $1,536, * Please note that before any Bonds are issued, the Developer may elect to contribute finished improvements valued at a different amount in lieu of the District issuing such Bonds Capital Improvement Plan Cost Allocation - Area Two Parcel E Unit Type Total Units ERU Factor per Unit Total ERU Total Cost Allocation Total Developer Contribution* Total Cost Financed with Bonds SF 60' $1,838, $74, $1,764, SF 75' $1,148, $85, $1,063, Total $2,987, $159, $2,828, * Please note that before any Bonds are issued, the Developer may elect to contribute finished improvements valued at a different amount in lieu of the District issuing such Bonds Capital Improvement Plan Cost Allocation - Area Two Parcel F Unit Type Total Units Total Cost Allocation Total Developer Contribution* Total Cost Financed with Bonds Estate 14 $499, $247, $251, Total 14 $499, $247, $251, * Please note that before any Bonds are issued, the Developer may elect to contribute finished improvements valued at a different amount in lieu of the District issuing such Bonds 15

45 Table 6 Hunter's Ridge Community Development District No. 1 Series 2019 Area One Apportionment Unit Type Total Units Total Series 2019 Area One Series 2019 Area One per Unit Total Annual Debt Service Series 2019 Area One Payment* Annual Debt Service Series 2019 Area One Payment per Unit* SF 60' 70 $1,525, $21, $109, $1, Villa 35' 53 $779, $14, $56, $1, Total 123 $2,305, $165, * Includes allocation for costs of collection and early payment discount Series 2019A Area Two Apportionment - Parcel D Unit Type Total Units Total Series 2019A Area Two Series 2019A Area Two per Unit Total Annual Debt Service Series 2019A Area Two Payment* Annual Debt Service Series 2019A Area Two Payment per Unit* Villa 35' 101 $1,424, $14, $107, $1, Total 101 $1,424, $107, * Includes allocation for costs of collection and early payment discount Series 2019A Area Two Apportionment - Parcel E Unit Type Total Units Total Series 2019A Area Two Series 2019A Area Two per Unit Total Annual Debt Service Series 2019A Area Two Payment* Annual Debt Service Series 2019A Area Two Payment per Unit* SF 60' 68 $1,376, $20, $104, $1, SF 75' 34 $885, $26, $66, $1, Total 102 $2,261, $171, * Includes allocation for costs of collection and early payment discount Series 2019A Area Two Apportionment - Parcel F Unit Type Total Units Total Series 2019A Area Two Series 2019A Area Two per Unit Total Annual Debt Service Series 2019A Area Two Payment* Annual Debt Service Series 2019A Area Two Payment per Unit* Estate 14 $323, $23, $24, $1, Total 14 $323, $24, * Includes allocation for costs of collection and early payment discount 16

46 Table 7 Hunter's Ridge Community Development District No. 1 Series 2019B Area Two Apportionment - Parcel D Unit Type Total Units Total Series 2019B Area Two Series 2019B Area Two per Unit Villa 35' 101 $505, $5, Total 101 $505, Series 2019B Area Two Apportionment - Parcel E Unit Type Total Units Total Series 2019B Area Two Series 2019B Area Two per Unit SF 60' 68 $816, $12, SF 75' 34 $442, $13, Total 102 $1,259, Series 2019B Area Two Apportionment - Parcel F Unit Type Total Units Total Series 2019B Area Two Series 2019B Area Two per Unit Estate 14 $0.00 $0.00 Total 14 $

47 Exhibit "A" Parcel Number Owner Address Unit GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, EACOBACCI MITCHELL J & ANGELA EACOBACCI H&W 9 HUNTINGTON PLACE ORMOND BEACH, FL 3217 SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, DALY NINA P 45 FOREST VIEW WAY ORMOND BEACH, FL 3217 SF 60' $21, HODAK JAMES LEE SR & CAROL LYNN HODAK H&W 15 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, DOCKERY JOHN J & KATHERINE D H&W 17 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, ELDREDGE THOMAS D & MARGARET L H&W 19 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, LUBIN HADLEY J & KAREN S H&W NW 42ND STREET SUNRISE, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 204 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 203 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 202 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 201 S SPRING GARDEN AVE DELAND, FL SF 60' $21, EPTON PEGGY A LIFE ESTATE 13 SHEER WATER TRAIL ORMOND BEACH, FL SF 60' $21, MANCINI VINCENT D & BEVERLY J H&W 15 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, EDENFIELD SUSAN BRUDER 17 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, HEIDORN ROBERT M & DENISE H&W 21 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GREER LAWRENCE HOLMES & SUSAN CHERYL GREER H&W 25 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, BISLAND JOHN & CYNTHIA L H&W 26 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, BROWN DEBORAH J 22 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, OWNER SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, CAVITT PHILIP L & JENNIFER M IRVING JTWROS 20 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, SCHAEFFER JERRY WENDALL & PATRICIA DIANE H&W 18 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, GEORGIA CAROLINE TUCKER 16 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, HUNT DONALD J & JEAN H&W 14 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, KHAN KHALID 10 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, CERINO THOMAS E & BEVERLY R H&W 34 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, JANOVER HOWARD M & MAUREEN H&W 36 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, SICOTAKIS LINDA G & MICHELLE PELLETIER JTWROS 38 HERON WIND DRIVE ORMOND BEACH, FL Villa 35' $14, GARRISON PRESTON J & SUSAN B GARRISON H&W 40 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, KELLY MARY C 42 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, GUILD HARRISON K & MARYKE Y H&W 44 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, Page 1 of 2

48 Exhibit "A" Parcel Number Owner Address Unit COWERN BARBARA CONLEY 46 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, BURKETT SUSAN IRENE & JUDITH ANN SWAYZE JTWROS 29 HERON WING DR ORMOND BEACH, FL 3217 Villa 35' $14, ALDERMAN NANCY 27 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, BURRES ROYAL S & JERILYN L H&W 25 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, BLAKE CAROL & LILLIAN R BRUSH JTWROS 23 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, KAPROLET CHARLES MICHAEL & SANDRA KAY BALES JTWROS 3203 CONNEMARA DR ORMOND BEACH, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, MOSCOSO JILL & KYLE ANDREW MOSCOSO JTWROS 10 HAWK ROOST COURT ORMOND BEACH, FL Villa 35' $14, MANZA LOUIS M & KATHLEEN H&W 12 HAWK ROOST COURT ORMOND BEACH, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, MURPHY THOMAS J & MAUREEN H&W 15 HAWK ROOST COURT ORMOND BEACH, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Villa 35' $14, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Villa 35' $14, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Villa 35' $14, SYKES JAMES E JR & MAJORIE J H&W 5 HAWK ROOST CT ORMOND BEACH, FL Villa 35' $14, SHEPARD ALLEN L & MARY E H&W 60 WINOOSKI FALLS WAY WINOOSKI, VT Villa 35' $14, R10 BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $58, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $578, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $2,943, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $1,929, ROYAL LIONS GATE LLC 12 TWELVE OAKS TRAIL, ORMOND BEACH, FL Acres $323, Total $8,080, Page 2 of 2

49 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 4C

50 Engineer s Report for Hunter s Ridge CommunityDevelopment District No. 1 Flagler County, Florida ZC December 5, 2018 Revised December 7, 2018 PreparedBy: Zev Cohen & Associates, Inc. Attn: Mr. RandyHudak, P.E. 300 Interchange Blvd., Suite C Ormond Beach, FL32174 PreparedFor: Hunter s Ridge CommunityDevelopment District No. 1

51 Hunter s Ridge CDD No. 1 ZC December 5, 2018 Revised December 7, 2018 Table ofcontents Section Page I. INTRODUCTION...2 DESCRIPTION OF HUNTER'S RIDGE COMMUNITY DEVELOPMENT DISTRICT2 PURPOSE AND SCOPE... 2 THE HUNTER'S RIDGE COMMUNITY DEVELOPMENT DISTRICT...2 REPORT ASSUMPTIONS... 3 II. PROJECTBOUNDARY...3 PROPERTY BOUNDARY... 3 DESCRIPTION OF PROJECTSERVED...3 III. PROPOSEDPROJECT...4 PROPOSED DISTRICT INFRASTRUCTURE...4 STORMWATER MANAGEMENT SYSTEM...5 ROADWAYS... 5 UTILITIES... 5 SIDEWALKS... 6 IV. OPINIONOFPROBABLECONSTRUCTIONCOSTS...6 SUMMARY OF COSTS... 6 DISTRIBUTION OF COSTS... 7 PERMITS... 8 CONCLUSION... 8 APPENDICES DISTRICT INFRASTRUCTURE EXHIBIT: ASSESSMENT AREAS -1-

52 Hunter s Ridge CDD No. 1 ZC December 5, 2018 Revised December 7, 2018 I. INTRODUCTION DESCRIPTION OF HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICTNO. 1 This project consists of a mixed-density residential development within Flagler County, Florida consisting of acres of the Huntington Village development and acres of the Deerfield Trace development. The community will include 340 residential dwelling units divided into two (2) Areas. Area One contains 123 lots. This Area is developed and portions are constructed. Area Two contains 217 planned lots and is undeveloped. An exhibit indicating the location of the Areas has been provided in the Appendix. Area One # of Lots Parcel A-Northeast Parcel: Villas 16 Parcel B-Southeast Parcel: Villas 37 Parcel C-Northwest Parcel: Woods (60s) 70 Total 123 Area Two # of Lots Parcel D: Villas 101 Parcel E: Green (60s) 68 Parcel E: Green (70s) 34 Parcel F: Deerfield Trace (75s) 14 Total 217 PURPOSEANDSCOPE The purpose of this Engineer s Report is to provide cost, permit and entitlement information with respect to the public infrastructure improvements to be constructed or acquired by the Hunter s Ridge Community Development District No. 1 (the District ). All of the major infrastructure components will be described in the following sections. Cost estimates for the completion of this work will also be presented. THEHUNTER SRIDGECOMMUNITYDEVELOPMENTDISTRICT NO1 The District is designed to provide public infrastructure, services, and facilities along with operations and maintenance of same to a master planned residential development containing a total of 340 residential dwelling units, all within the boundaries of the District. A Community Development District ( CDD ) is an independent unit of special purpose local government authorized by Chapter 190, F.S., to plan, finance, -2-

53 Hunter s Ridge CDD No. 1 ZC December 5, 2018 Revised December 7, 2018 construct, operate and maintain community-wide infrastructure in large, planned community developments. CDDs provide a solution to the state s planning, management and financing needs for delivery of capital infrastructure to service projected growth without overburdening other governments and their taxpayers. Section (1)(a), F.S. A CDD is not a substitute for the local, general purpose government unit, i.e., the City or County in which the CDD lies. A CDD does not have the permitting, zoning or policing powers possessed by general purpose governments. A CDD is an alternative means of financing, constructing, operating and maintaining communityinfrastructure for developments, such as Huntington Village. REPORTASSUMPTIONS In preparation of this report, Zev Cohen and Associates, Inc. ( ZCA ) relied on information provided by the developer in regards to details regarding the development of the District and acquisition of the infrastructure improvements. As the engineer of record, ZCA has a comprehensive knowledge of the design and construction of the proposed infrastructure improvements. Certain assumptions were also made with regard to all cost estimates, pricing, financing, etc. based on previous experience within the industry, local/recent construction costs and actual bid documents supplied by prospective Site Development Contractors. Presently there are several parcels of land in the boundaries of the District that comprise road rights-of-way, storm water, and other common grounds and buffers that are owned by the homeowners association. It is assumed these parcels will be deeded over/conveyed to the District prior to District s funding of these and any additional improvements. It is assumed the District will own the land before any funds are spent by the District from bond proceeds on acquiring existing improvements and/or building additional improvements. II. PROJECTBOUNDARY PROPERTYBOUNDARY The proposed development is located west of Interstate 95 and north of State Road 40. The project falls within Section 22, Township 14 South, Range 31 East within unincorporated Flagler County, Florida. DESCRIPTIONOFPROJECTSERVED The District is wholly located within an unincorporated portion of Flagler County relatively close in proximity to the City of Ormond Beach in Volusia County, Florida. The new development will be afully contiguous community. -3-

54 Hunter s Ridge CDD No. 1 ZC December 5, 2018 Revised December 7, 2018 III. PROPOSEDPROJECT PROPOSEDDISTRICTINFRASTRUCTURE The District is expected to fund the construction and acquisition of certain public infrastructure improvements (the Capital Improvement Program ) within the proposed development, including, but not limited to, the following: Stormwater Drainage System (Items necessary for conveyance of stormwater run-off such as pipes and drainage structures.) Utilities (Irrigation System, Sanitary Sewer Conveyance System & Potable Water Distribution System) Roadways (such as Base, Sub-Grade, Pavement and Curbing) Offsite Improvements o Light poles and fixtures within the rights-of-way o Force Main installation o Lift Station Upgrades o Electrical main line installation (exclusive of conduit and wire) o EntryFeatures Sidewalks within common areas and rights-of-way Earthwork (Site Preparation) Soft Costs (Engineering, Surveying, Permitting, other Professional services) The capital improvements described in this report represent intentions of the Developer, as initial landowners, the Developer and the Hunter s Ridge Community Development District No. 1, subject to all applicable local general purpose government land use planning, zoning, and all other entitlements. The implementation of the improvements discussed in this report require final approval and acceptance by all applicable regulatory and permitting agencies on a local, state, and federal level. The actual improvements constructed at the completion of this proposed development may vary from the capital improvements described in this report. All cost estimates included in the following sections have been prepared based on ZCA s experience within this industry and local/recent construction costs. Furthermore, the final cost of all engineering design, permitting and approvals, construction, and all other costs associated with the completion of this Capital Improvement Program may vary from the cost estimates presented in this report. The following sections will describe the elements that will comprise the Hunter s Ridge Community Development District No. 1 Capital Improvement Project. -4-

55 Hunter s Ridge CDD No. 1 ZC December 5, 2018 Revised December 7, 2018 STORMWATERDRAINAGESYSTEM The stormwater drainage system for the development consists of excavated lakes, culverts, swales, inlets, interconnecting solid pipes, and water control structures. The St. Johns River Water Management District (SJRWMD) has permitted the entire development s Surface Water Management system. The stormwater drainage facilities consist of stormwater ponds interconnected by a pipe system. All stormwater runoff from the subject property will be routed to these stormwater management lakes for the purposes of water quality treatment and attenuation of large storm events. The treated stormwater will be subsequently conveyed through the system and towards the receiving waters. The proposed stormwater drainage system was designed to adhere to SJRWMD s minimum criteria for water quality treatment and flood protection. As part of the required National Pollutant Discharge Elimination System (NPDES) permit requirements, Erosion and Sediment Control Plans were prepared and/or was/shall be implemented by the contractor throughout all construction. These plans include various stormwater pollution preventative measures such as: synthetic jute bales, staked silt fences, floating turbidity barriers, and truck wash-down areas. In addition to the items mentioned above in regards to the stormwater drainage system, the roadway components necessary for the installation of the proposed drainage, such as the base, stabilized subgrade, gutters, or curb and gutter, drainage inlets and pipes, etc., will be accounted for within the responsibility of the District. Accordingly, they shall be considered within this report as part of the stormwater drainage system for District funding. The drainage system and road system will be owned and maintained by the District. ROADWAYS All roadways were designed and/or installed or will be constructed in accordance with all local, state, and federal codes. These roadway components include base, sub-base and paving material, curbing, curb and gutters, lighting poles and fixtures and sidewalks. UTILITIES The District-funded utilities within the development consist of water, sanitary sewer, and irrigation lines. The water, sanitary sewer and irrigation systems have been designed by ZCA in accordance with Flagler County, City of Ormond Beach, Florida Department of Environmental Protection (DEP), and Florida Department of Health (DOH) standards. The sewage collection system and water distribution system will be owned and maintained by the City of Ormond Beach. -5-

56 Hunter s Ridge CDD No. 1 ZC December 5, 2018 Revised December 7, 2018 The water distribution facilities include or will include all necessary valves, fire hydrants, and water services to individual lots and development parcels. The water system will utilize water provided by the City of Ormond Beach. This system will be operated and maintained by the City of Ormond Beach. The proposed/constructed sanitary sewer facilities include or will include a gravity sewer system in conjunction with sanitary lift stations. The City of Ormond Beach will accept flow from the system as well as own and maintain it. The proposed/constructed irrigation system includes or will include all necessary pumps, values, fittings, and services to individual lots and development parcels. The District will own and maintain the proposed/constructed system. SIDEWALKS The development is a pedestrian friendly community that includes or will include extensive sidewalks along all of the roadways. The sidewalks will be concrete throughout the entire community. All sidewalks are or will be ADA friendly, with curb ramps and detectable warnings at every street crossing where there is sidewalk on both sides. The District will own and maintain all of the sidewalks throughout the development. IV. OPINIONOFPROBABLECONSTRUCTIONCOSTS SUMMARYOFCOSTS The table below represents the opinion of probable cost for the District public infrastructure Project. This opinion of probable costs includes the estimated infrastructure costs for the aforementioned infrastructure improvements within this report, including, but not limited to, materials, labor, construction, technical services, and contingencies. For new construction all estimates within this report are based on the monetary value of the dollar in 2018 and do not account for any inflation factors. All cost estimates for infrastructure previously installed are based upon actual costs at the time of such installation. In order to arrive at the estimates presented in this Section of the report, the Developer supplied a majority of the information concerning the infrastructure that will be funded by the District, as opposed to the infrastructure funded by the Developer. The following costs do not include, or account for the legal, administrative, financing, operation or maintenance services necessary to finance, construct, and operate the District-funded infrastructure. -6-

57 Hunter s Ridge CDD No. 1 ZC December 5, 2018 Revised December 7, 2018 DISTRIBUTIONOFCOSTS Section III of this report discussed in detail the proposed infrastructure for this development, for which a portion will be funded by the District. The estimates presented in this section have been separated by individual items from the list of various infrastructure improvements that will be constructed. ASSESSMENTAREA1 ASSESSMENTAREA2 ITEM A,B&C D E F SITEPREPERATION $1,688,808 $294,126 $543,735 $74,275 SEWAGECOLLECTIONSYSTEM $501,313 $255,773 $281,401 $124,897 DRAINAGESYSTEM $216,546 $247,083 $324,864 $66,939 WATERDISTRIBUTIONSYSTEM $231,661 $110,485 $266,965 $31,400 IRRIGATIONWATERSYSTEM $117,218 $256,149 $246,341 $22,733 ROADCONSTRUCTION $881,688 $464,796 $792,000 $113,938 OFFSITEIMPROVEMENTS $65,750 $357,126 SOFTCOSTS $145,222 $174,921 $65,000 TOTAL $3,637,234 $1,839,384 $2,987,353 $499,182 To summarize the ownership and operation/maintenance entity for each of the infrastructure improvements, please refer to the table below: Proposed Infrastructure Improvements Funding Entity Ownership Entity Operation and Maintenance Entity Irrigation Water System CDD CDD CDD Road Improvements CDD CDD CDD Sanitary Sewer System CDD City City Potable Water Distribution System Stormwater Management System CDD City City CDD CDD CDD -7-

58 Hunter s Ridge CDD No. 1 ZC December 5, 2018 Revised December 7, 2018 PERMITS Local, state, and federal permits and approvals are required prior to the construction of the aforementioned infrastructure improvements to the proposed development. Permits and permit modifications are considered to be part of the design and permitting process and are applied for as required by various time constraints. As the engineer of record, ZCA certifies that all permits known to be necessary to complete the construction of the infrastructure for the proposed development have been indicated below. All permits associated with Huntington Green, Woods and Villas have been received to install the infrastructure described herein. Various permits associated with Deerfield Trace are pending and have been indicated as such below. The full list of the permits received thus far may be provided upon request. Permitting Agency Type of Permit CDD Community Florida Department of Environmental Protection (DEP) Wastewater Permit Huntington Green, Woods, Villas, Deerfield Trace (Pending) Florida Department of Health (DOH) St. Johns River Water Management District (SJRWMD) Flagler County Domestic Wastewater Permit Environmental Resource Permit Land Development Permit Huntington Green, Woods, Villas, Deerfield Trace (Pending) Huntington Green, Woods, Deerfield Trace, Villas Huntington Green, Woods, Villas, Deerfield Trace (Pending) Army Corp of Engineers ACOE Permit Huntington Green, Woods, (ACOE) Deerfield Trace, Villas Flagler County Zoning Approval Huntington Green, Woods, Villas, Deerfield Trace (Pending) Flagler County Preliminary Plat Approval Huntington Green, Woods, Villas, Deerfield Trace (Pending) Flagler County Final Plat Approval Huntington Green, Woods, Villas, Deerfield Trace (Pending) CONCLUSION This report summarizes all of the infrastructure improvements necessary to develop the District as required by the applicable governing agencies and good engineering practice. ZCA certifies that the design of the infrastructure for this -8-

59 Hunter s Ridge CDD No. 1 ZC December 5, 2018 Revised December 7, 2018 development is in full compliance with all current requirements presented by the various applicable governing agencies involved, as of the date of permit issuance. The infrastructure presented in this report will serve its intended function to the Hunter s Ridge Community Development District No. 1 assuming substantial compliance with the design and permits issued for Capital Improvement Program from all contractors involved. It is ZCA s professional opinion that the costs associated with the Hunter s Ridge Community Development District No. 1 proposed infrastructure improvements are reasonable. It should be noted that this opinion of probable infrastructure cost is only an opinion determined by ZCA in combination with the Developer, and is not a guaranteed maximum price. These costs were derived from various sources such as, estimates from the Developer, historical unit pricing, site contractor bids and our own past experience within the infrastructure industry. Therefore, ZCA is of the opinion that the construction of the Capital Improvement Program described in this report for the District can be completed at the costs stated in Section IV of this report. However, several unforeseen factors may alter the final cost, which are outside of the control of the District, such as future costs of labor, equipment and materials, increased future regulatory actions/measures, and unforeseen changes throughout the actual construction process. Due to these potential circumstances, the actual total final cost may vary from this opinion of probable infrastructure cost. -9-

60 Hunter s Ridge CDD No. 1 ZC December 5, 2018 Revised December 7, 2018 APPENDICES DISTRICT INFRASTRUCTURE EXHIBIT: ASSESSMENT AREAS -10 -

61 ASSESSMENT AREA #2 HUNTINGTON GREEN (E) BLVD. RIDGE HUNTER' S AIRPORT ROAD LEGEND ASSESSMENT AREA #1 ASSESSMENT AREA #2 PARCEL A - HUNTINGTON VILLAS - 37 LOTS PARCEL D - HUNTINGTON VILLAS LOTS PARCEL B - HUNTINGTON VILLAS - 16 LOTS PARCEL E - HUNTINGTON GREEN (60's) - 68 LOTS, (75's) 34 LOTS PARCEL C - HUNTINGTON WOODS (60's) - 70 LOTS PARCEL F - DEERFIELD ESTATES (75's) - 14 LOTS ASSESSMENT AREA #1 HUNTINGTON WOODS (C) HUNTINGTON VILLAS (B) ASSESSMENT AREA #1 HUNTINGTON ASSESSMENT VILLAS (A) AREA #2 HUNTINGTON GREEN (E) HUNTINGTON VILLAS (D) ASSESSMENT DEERFIELD ASSESSMENT ESTATES (F) AREA #2 AREA #2 HUNTER'S RIDGE CDD INFRASTRUCTURE EXHIBIT ASSESSMENT AREAS ZEV COHEN & ASSOCIATES, INC. CIVIL ENGINEERS LANDSCAPE ARCHITECTS (EB 4516) (LC 62) PLANNERS TRANSPORTATION ENVIRONMENTAL ORMOND BEACH 300 INTERCHANGE BLVD.,STE. #C, ORMOND BEACH, FL (386) FAX (386)

62 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 4D

63 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 First Addendum to Master Special Methodology Report December 5, 2018 as revised through December 8, 2018 Provided by: Wrathell, Hunt and Associates, LLC 2300 Glades Road, Suite 410W Boca Raton, FL Phone: Fax: Website: HRCDDNo1 First Addendum to Master Methodology Report v1.51

64 Table of Contents 1.0 Introduction 1.1 Purpose Scope of the First Addendum Special Benefits and General Benefits Requirements of a Valid Methodology Special Benefits Exceed the Costs Allocated Organization of the First Addendum Development Program 2.1 Overview The Development Plan Capital Improvement Program 3.1 Overview The Capital Improvement Program Financing Program 4.1 Overview Types of Special Bonds Proposed Methodology 5.1 Overview Benefit Allocation Assigning Lienability Test: Special and Peculiar Benefit to the Property Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay True-Up Mechanism Preliminary Roll Additional Stipulations 6.1 Overview Appendix Table Table Table Table Table Table Table

65 1.0 Introduction 1.1 Purpose The Hunter s Ridge Community Development District No. 1 (the District ) previously adopted the Preliminary Master Special Methodology Report dated May 21, 2014 (the Master Report ). The Master Report set forth the original master financing program and original master assessment methodology to fund infrastructure improvements to support the development of lands within the District. The purpose of this First Addendum to the Master Special Methodology Report (the "First Addendum") is to supplement and amend the Master Report to account for changes in the development plan for the District as well as the changes in the cost estimates of the capital improvements necessary to support the development of land in the District (the Capital Improvement Program ). 1.2 Scope of the First Addendum This First Addendum presents the projections for financing the Capital Improvement Program as described in the Engineer s Report dated December 7, 2018 (the Engineer s Report ) prepared by Zev Cohen & Associates, Inc. (the District Engineer ), and describes the method for the allocation of special benefits and the apportionment of special assessments resulting from the provision and funding of the Capital Improvement Program. 1.3 Special Benefits and General Benefits Improvements undertaken and funded in part by the District as part of the Capital Improvement Program create special benefits and peculiar benefits, different in kind and degree than general benefits, for properties within the District, as well as general benefits to the areas outside the District and to the public at large. However, as discussed within this First Addendum, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to peculiar property within the District as the Capital Improvement Program enables properties within the boundaries of the District to be developed. There is no doubt that the general public and property owners outside the District will benefit from the provision of the Capital Improvement Program. However, these benefits are only incidental 1

66 since the Capital Improvement Program is designed to provide special benefits peculiar to property within the District, including but not limited to allowing the development of property therein. Properties within the District are directly served by the Capital Improvement Program and depend upon the Capital Improvement Program to satisfy the requirements of their development entitlements. This fact alone clearly demonstrates the special benefits which the properties located within the District receive. The Capital Improvement Program will provide the public infrastructure improvements necessary to make the lands within the District developable and saleable. The installation of such improvements will cause the value of the developable and saleable lands within the District to increase by more than the sum of the financed costs of the individual components of the Capital Improvement Program. Even though the exact value of the special benefits provided by the Capital Improvement Program is hard to estimate at this point, it is nevertheless greater than the costs associated with providing the same. 1.4 Requirements of a Valid Methodology There are two requirements under Florida law for a valid special assessment: 1) The properties must receive a special benefit from the improvements being paid for. 2) The assessments must be fairly and reasonably allocated to the properties being assessed. Florida law provides for a wide application of special assessments that meet these two characteristics of special assessments. 1.5 Special Benefits Exceed the Costs Allocated The special benefits provided to the property owners within the District are greater than the costs associated with providing these benefits. As set forth in the Engineer s Report, the District Engineer estimates that the District s Capital Improvement Program that is necessary to support full development of property within the District will cost approximately $8,963,153. The District projects that financing costs required to fund that portion of the costs of the Capital Improvement Program which is not expected to be contributed to the District by the Developer (to be defined further in this First Addendum) at no cost, the cost of issuance of future bonds, the funding of debt service reserves and capitalized interest, will total approximately $8,080,000. Additional funding not financed with proceeds of indebtedness issued by the District and necessary 2

67 to complete the Capital Improvement Program may be funded by the Developer or its affiliates or assigns pursuant to a Completion Agreement entered into between the District and the Developer. Without the Capital Improvement Program, the property would not be able to be fully developed and occupied by future residents of the community. 1.6 Organization of the First Addendum Section Two describes the development plan as proposed by the Developer, as defined in Section 2 below. Section Three provides a summary of the Capital Improvement Program as set forth in the Engineer s Report. Section Four discusses the master financing program for the District. Section Five sets out the master special assessment methodology for the District. 2.0 Development Program 2.1 Overview The District will serve the Huntington at Hunter s Ridge development (the "Development" or Huntington ), a master planned, residential development consisting of approximately /- acres located in unincorporated Flagler County, Florida. The land within the District is generally located west of Interstate 95, north of State Road 40 and is bounded on the north by Airport Road. 2.2 The Development Plan The current development plan for Huntington envisions a total of 340 residential dwelling units and the development is expected to be conducted in two phases, with the first phase comprising 123 residential dwelling units within Parcels A, B and C (the Area One ) and the second phase comprising 217 residential dwelling units within Parcels D, E and F (the Area Two ). The development has already commenced with a total of 119 residential lots out of the total of 123 located within Area One already platted, with 90 of these already sold to homebuilders or homeowners. The current 3

68 development plan represents an increase of 33 residential dwelling units from the development plan in effect at the time of adoption of the Master Report by the District. In addition, since the time of adoption of the Master Report, a new product type was added to the development plan with SF 75 residential dwelling units replacing SF 70 residential dwelling units. The development has been and is expected to continue to be conducted by BADC Asset Managers, Inc. an affiliate of the landowner, Huntington Communities, LLC (the "Developer"). Table 1 in the Appendix illustrates the current development plan for land in the District. 3.0 Capital Improvement Program 3.1 Overview The infrastructure costs to be funded by the District are described by the District Engineer in the Engineer's Report. Only infrastructure that may qualify for public financing by the District under Chapter 190, Florida Statutes, was included in these estimates. The infrastructure for the Area One has already been partially completed. 3.2 The Capital Improvement Program The Capital Improvement Program needed to serve the existing as well as planned development of Huntington is projected to consist of site preparation, sewage collection system, drainage system, water distribution system, reclaimed water system, roads and offsite improvements. The District Engineer identified not only the specific components but also the cost of the improvements that serve and provide benefit to Area One and Area Two, and within the Area Two Parcels D, E and F. Table 2 in the Appendix illustrates the projected total costs of the improvements for Area One, Area Two Parcel D, Area Two Parcel E and Area Two Parcel F. At the time of this writing, the total costs of the Capital Improvement Program are estimated at $8,963,153, an increase over the estimates of $5,926,028 contained in the Engineer s Report prepared by District Engineer and dated May,

69 4.0 Financing Program 4.1 Overview As noted above, the District is embarking on a program of capital improvements which will facilitate the development of lands within the District. If the District were to finance the portion of the current costs of the Capital Improvement Program that would not result in the assessments for units located in Area One exceeding the maximum assessment levels set in the Master Report, it would likely have to issue up to approximately $8,080,000 in bonds, comprising approximately $2,305,000 in bonds financing improvements serving and benefitting the Area One, the Special Bonds, Series 2019 ( Area One) (the Series 2019 Area One Bonds ), $4,010,000 in bonds financing a portion of the improvements serving and benefitting the Area Two, Special Bonds, Series 2019A ( Area Two) (the Series 2019A Area Two Bonds ), and $1,765,000 in bonds financing the balance of the improvements serving and benefitting the Area Two, Special Bonds, Series 2019B ( Area Two) (the Series 2019B Area Two Bonds and cumulatively with Series 2019 Area One Bonds and Series 2019A Area Two Bonds, the Bonds ), even though the actual financing plan may change. Please note that the purpose of this First Addendum is to allocate the benefit of the Capital Improvement Program to the various land uses in the District and based on such benefit allocation to apportion the maximum debt necessary to fund the Capital Improvement Program. The discussion of the structure and size of the indebtedness is based on various estimates and is subject to change. Additionally, please note that the District contemplates funding only a portion of the Area One costs in the amount of approximately $1,974, with proceeds of the Series 2019 Area One Bonds and a portion of the Area Two costs in the amount of approximately $4,616, with proceeds of the Series 2019 Area Two Bonds, while approximately $1,662, in further Area One costs and approximately $709, in further Area Two costs are expected to be contributed by the Developer to the District at no cost in order to lower assessments for debt service on the Series 2019 Area One Bonds to levels that would not result in the assessments for units located in Area One exceeding the 5

70 maximum assessment levels set in the Master Report and also in order for the amount of the Bonds to not exceed the amount of bonds validated by the District in Types of Special Bonds Proposed The proposed financing plan for the District provides for the issuance of the Bonds in the total amount of $8,080,000 to defray construction/ acquisition expenses of $6,591, The Bonds as projected under this master financing plan would be structured to be amortized in 30 annual installments following a 12-month capitalized interest period for the Series 2019 Area One Bonds and Series 2019A Area Two Bonds, and in one (1) installment at maturity following a 24-month capitalized interest period for the Series 2019B Area Two Bonds. Interest payments on the Bonds would be made every May 1 and November 1, and principal payments on the Series 2019 Area One Bonds and Series 2019A Area Two Bonds would be made every November 1. In order to finance $6,591, in improvement costs, the District would need to borrow more funds and incur indebtedness in the total amount of $8,080,000. The difference is comprised of debt service reserve, capitalized interest, underwriter's discount and costs of issuance. Preliminary sources and uses of funding and other financing assumptions are presented in Table 3 in the Appendix. Please note that the structure of the Bonds as presented in this First Addendum is preliminary and may change due to changes in the development program, market conditions, timing of infrastructure installation as well as other reasons. The District maintains complete flexibility as to the structure of any indebtedness that it may issue and reserves the right to modify it as necessary. 5.0 Methodology 5.1 Overview The issuance of the Bonds provides the District with a portion of the funds necessary to construct/acquire the balance of the infrastructure improvements which are part of the Capital Improvement Program outlined in Section 3.2 and described in more detail by the District Engineer in the Engineer's Report. These improvements lead to special and general benefits, with 6

71 special benefits accruing to the properties within the boundaries of the District and general benefits accruing to areas outside the District and being only incidental in nature. The debt incurred in financing the infrastructure construction/acquisition will be paid off by assessing properties that derive special and peculiar benefits from the revised Capital Improvement Program. All properties that receive special benefits from the Capital Improvement Program will be assessed for their fair share of the debt issued in order to finance the construction/acquisition of the Capital Improvement Program. 5.2 Benefit Allocation According to the District Engineer, the Capital Improvement Program will serve and provide benefit to all residential units in the District. Nevertheless, the District Engineer identified in the Engineer s Report the specific costs of improvements that are designed to serve and provide benefit to Area One, Area Two Parcel D, Area Two Parcel E, and Area Two Parcel F. The improvements that are part of the Capital Improvement Program have a logical connection to the special and peculiar benefits received by the land within the District, as without such improvements, the development of the properties within the District would not be possible. Based upon the connection between the improvements and the special and peculiar benefits to the land within the 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. The development of land in the District is to include a recreational facility (the Clubhouse Facility ) to be constructed by the Developer and owned and operated by the property owners' association. Even though it is beyond question that the Clubhouse Facility will benefit from the provision of the District's Capital Improvement Program, it is proposed that they not be assessed for any capital costs associated with the provision of the Capital Improvement Program. The rationale for this exemption is that the cost of any capital assessments levied on them would ultimately be borne by the capital assessment-paying residential property owners 7

72 within the District. Consequently, Clubhouse Facility is proposed not to be assessed. As originally proposed in the Master Report, the benefit associated with the implementation by the District of the improvements that are part of the Capital Improvement Program of the District is proposed to be allocated to the different residential unit types in proportion to the density of development and intensity of use of the infrastructure as measured by a standard unit called an Equivalent Residential Unit ("ERU"). Table 4 in the Appendix illustrates the residential unit types proposed to be developed within the District, the number of residential units of each residential unit type, the ERU weights that are proposed to be assigned to the different residential unit types proposed to be developed within the District based on the relative density of development and the intensity of use of infrastructure and the total ERU counts for each land use category. The rationale behind these 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 generally and on average smaller units produce less storm water runoff, produce fewer vehicular trips, and need less water and sewer capacity than larger units. 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 Capital Improvement Program. 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 District's improvements. Using the ERU benefit allocations developed in Table 4 and applying them to the cost estimates of the Capital Improvement Program illustrated in Table 2, Table 5 in the Appendix illustrates the allocation of benefit of the Capital Improvement Program to the various residential unit types in the District. The allocation is divided into four (4) parts: the first part for the 123 residential dwelling units projected to be developed in Area One; the second part for the 101 residential dwelling units that are part of Area Two Parcel D; the third part for the 102 residential dwelling units that are part of Area Two Parcel E; and the fourth part for the 14 residential dwelling units that are part of Area Two Parcel F. As illustrated in Table 5, the District will finance only a total of approximately $6,591, in Capital Improvement Program 8

73 costs ($1,974, for the Area One, $1,536, for the Area Two Parcel D, $2,828, for the Area Two Parcel E, and $251, for the Area Two Parcel F) with proceeds of the Bonds, as improvements in the amount of approximately $2,371, are expected to be contributed by the Developer to the District at no cost in order to lower assessments for debt service on the Series 2019 Area One Bonds to levels that would not result in the assessments for units located in Area One exceeding the maximum assessment levels set in the Master Report and also in order for the amount of the Bonds to not exceed the amount of bonds validated by the District in Finally, Tables 6 and 7 in the Appendix illustrate the apportionment of the assessment associated with the Series 2019 Area One Bonds and Series 2019A Area Two Bonds (for Table 6) and the assessment associated with the Series 2019B Area Two Bonds (for Table 7) in accordance with the ERU benefit allocation method presented in Table 4 and Capital Improvement Plan cost allocation presented in Table Assigning As of the total of 123 planned residential dwelling units in Area One 119 residential lots have already been platted, the assessment associated with repayment of the Series 2019 Area One Bonds (the Series 2019 Area One ) will be assigned to the platted lots on the basis of their unit type, with 70 SF 60 units and 49 Villa 35 units that have been platted apportioned a total of $2,246, in Series 2019 Area One, while the remaining $58, in Series 2019 Area One will initially be apportioned on an equal gross acre basis on the balance of the land in Area One that is the intended location for the remaining four (4) Villa 35 units that have not been platted to date. Consequently, $58, in Series 2019 Area One will initially be levied on approximately /- gross acres at the rate of $20, per gross acre. As of the time of writing of this First Addendum, the land in Area Two has not yet been platted and all of the land in Area Two is contained within four (4) parcels of land whose gross area totals approximately /- gross acres, with the land in Area Two Parcels D and E contained within three (3) parcels of land whose gross area totals approximately /- gross acres and the land in 9

74 Area Two Parcel F contained within one (1) parcel of land whose gross area totals approximately /- gross acres. Consequently, the assessment associated with repayment of the Series 2019A Area Two Bonds (the Series 2019A Area Two ) and the assessment associated with repayment of the Series 2019B Area Two Bonds (the Series 2019B Area Two ) will initially be levied on the parcels of land within Area Two on an equal gross acre basis for, separately, Area Two Parcels D and E and Area Two Parcel F. Series 2019A Area Two in the total amount of $3,686, will be levied on approximately /- gross acres in Area Two Parcels D and E at the rate of $27, per gross acre, the Series 2019B Area Two in the total amount of $1,765,000 will be levied on approximately /- gross acres in Area Two Parcels D and E at the rate of $12, per gross acre, and Series 2019A Area Two in the total amount of $323, will be levied on approximately /- gross acres in Area Two Parcel F at the rate of $18, per gross acre. As the unplatted land is platted, the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two will be apportioned to each platted parcel on a first platted-first assigned basis based on the planned use for that platted parcel as reflected in Tables 6 and 7 in the Appendix. Such allocation of Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two to platted parcels will reduce the amount of Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two levied on unplatted gross acres. Further, to the extent that any residential land which has not been platted is sold to another landowner, developer or builder, the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two (cumulatively the ) will be assigned to such parcel at the time of the sale based upon the development rights 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 amount of transferred at sale. 10

75 5.4 Lienability Test: Special and Peculiar Benefit to the Property As first discussed in Section 1.3, Special Benefits and General Benefits, the implementation of the Capital Improvement Program creates special and peculiar benefits to properties within the District. The improvements that are part of the Capital Improvement Program benefit all assessable properties within the District and accrue to all such properties, with the exception described in the previous section, on an ERU basis. The Capital Improvement Program can be shown to be creating special and peculiar benefits to the properties within the District. The special and peculiar benefits resulting from each improvement are: a. added use of the property; b. added enjoyment of the property; c. decreased insurance premiums; d. increased marketability and value of the property. The improvements that are part of the Capital Improvement Program make the land in the District developable and saleable and 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. 5.5 Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay A reasonable estimate of the proportion of special and peculiar benefits received from the provision of the Capital Improvement Program is delineated in Table 4 (expressed as ERU factors) in the Appendix. The apportionment of the assessments is fair and reasonable because, with the exception mentioned in Section 5.2, it was conducted on the basis of consistent application of the methodology described in Section 5.2 across all assessable property within the District according to reasonable estimates of the special and peculiar benefits derived from the improvements that are part of the Capital Improvement Program by different residential units. 11

76 Accordingly, no acre or parcel of property within the District will be liened for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property. 5.6 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 Bond on a per ERU basis never exceeds the initially allocated assessment as contemplated in the adopted assessment methodology. Please note that the True-Up Mechanism will be described in detail in a supplemental methodology drafted prior to issuance of any District indebtedness. 5.7 Preliminary Roll Included in Exhibit A please find the Preliminary Roll illustrating the initial apportionment of the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two to parcels of land that are subject to the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two. Excluding any capitalized interest period, debt service assessment shall be paid in thirty (30) annual installments for Series 2019 Area One Bonds and Series 2019A Area Two Bonds and in one (1) annual installment for the Series 2019B Area Two Bonds. 6.0 Additional Stipulations 6.1 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 Capital Improvement Program. 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 transactions beyond 12

77 restatement of the factual information necessary for compilation of this report. For additional information on the Bond structure and related items, please refer to the Offering Statement associated with this 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 Hunter's Ridge Community Development District No. 1 Development Plan Unit Type Area One Units Area Two Parcel D Units Area Two Parcel E Units Area Two Parcel F Units Total Units SF 60' SF 75' Villa 35' Estate Total Table 2 Hunter's Ridge Community Development District No. 1 Capital Improvement Program Improvement Category Area One Costs Area Two Parcel D Costs Area Two Parcel E Costs Area Two Parcel F Costs Total Costs Site Preparation $1,688,808 $294,126 $543,735 $74,275 $2,600,944 Sewage Collection System $501,313 $255,773 $281,401 $124,897 $1,163,384 Drainage System $216,546 $247,083 $324,864 $66,939 $855,432 Water Distribution System $231,661 $110,485 $266,965 $31,400 $640,511 Reclaimed Water System $117,218 $256,149 $246,341 $22,733 $642,441 Roads $881,688 $464,796 $792,000 $113,938 $2,252,422 Off-site Improvements $0 $65,750 $357,126 $0 $422,876 Soft Costs $0 $145,222 $174,921 $65,000 $385,143 Total $3,637,234 $1,839,384 $2,987,353 $499,182 $8,963,153 13

78 Table 3 Hunter's Ridge Community Development District No. 1 Preliminary Sources and Uses of Funds Sources Series 2019 Area One Bonds Series 2019A Area Two Bonds Series 2019B Area Two Bonds Total All Bonds Bond Proceeds: Par Amount $2,305, $4,010, $1,765, $8,080, Total Sources $2,305, $4,010, $1,765, $8,080, Uses Project Fund Deposits: Project Fund $1,974, $3,267, $1,348, $6,591, Other Fund Deposits: Debt Service Reserve Fund $77, $285, $105, $469, Capitalized Interest Fund $123, $232, $211, $567, $201, $517, $317, $1,036, Delivery Date Expenses: Costs of Issuance $71, $124, $54, $250, Underwriter's Discount $57, $100, $44, $202, $128, $224, $98, $452, Total Uses $2,305, $4,010, $1,765, $8,080, Table 4 Hunter's Ridge Community Development District No. 1 Benefit Allocation Unit Type Total Units ERU Factor per Unit SF 60' SF 75' Villa 35' Estate Total

79 Table 5 Hunter's Ridge Community Development District No. 1 Capital Improvement Plan Cost Allocation - Area One Unit Type Total Units ERU Factor per Unit Total ERU Total Cost Allocation Total Developer Contribution* Total Cost Financed with Bonds SF 60' $2,527, $1,220, $1,307, Villa 35' $1,109, $442, $667, Total $3,637, $1,662, $1,974, * Please note that before any Bonds are issued, the Developer may elect to contribute finished improvements valued at a different amount in lieu of the District issuing such Bonds Capital Improvement Plan Cost Allocation - Area Two Parcel D Unit Type Total Units Total Cost Allocation Total Developer Contribution* Total Cost Financed with Bonds Villa 35' 101 $1,839, $302, $1,536, Total 101 $1,839, $302, $1,536, * Please note that before any Bonds are issued, the Developer may elect to contribute finished improvements valued at a different amount in lieu of the District issuing such Bonds Capital Improvement Plan Cost Allocation - Area Two Parcel E Unit Type Total Units ERU Factor per Unit Total ERU Total Cost Allocation Total Developer Contribution* Total Cost Financed with Bonds SF 60' $1,838, $74, $1,764, SF 75' $1,148, $85, $1,063, Total $2,987, $159, $2,828, * Please note that before any Bonds are issued, the Developer may elect to contribute finished improvements valued at a different amount in lieu of the District issuing such Bonds Capital Improvement Plan Cost Allocation - Area Two Parcel F Unit Type Total Units Total Cost Allocation Total Developer Contribution* Total Cost Financed with Bonds Estate 14 $499, $247, $251, Total 14 $499, $247, $251, * Please note that before any Bonds are issued, the Developer may elect to contribute finished improvements valued at a different amount in lieu of the District issuing such Bonds 15

80 Table 6 Hunter's Ridge Community Development District No. 1 Series 2019 Area One Apportionment Unit Type Total Units Total Series 2019 Area One Series 2019 Area One per Unit Total Annual Debt Service Series 2019 Area One Payment* Annual Debt Service Series 2019 Area One Payment per Unit* SF 60' 70 $1,525, $21, $109, $1, Villa 35' 53 $779, $14, $56, $1, Total 123 $2,305, $165, * Includes allocation for costs of collection and early payment discount Series 2019A Area Two Apportionment - Parcel D Unit Type Total Units Total Series 2019A Area Two Series 2019A Area Two per Unit Total Annual Debt Service Series 2019A Area Two Payment* Annual Debt Service Series 2019A Area Two Payment per Unit* Villa 35' 101 $1,424, $14, $107, $1, Total 101 $1,424, $107, * Includes allocation for costs of collection and early payment discount Series 2019A Area Two Apportionment - Parcel E Unit Type Total Units Total Series 2019A Area Two Series 2019A Area Two per Unit Total Annual Debt Service Series 2019A Area Two Payment* Annual Debt Service Series 2019A Area Two Payment per Unit* SF 60' 68 $1,376, $20, $104, $1, SF 75' 34 $885, $26, $66, $1, Total 102 $2,261, $171, * Includes allocation for costs of collection and early payment discount Series 2019A Area Two Apportionment - Parcel F Unit Type Total Units Total Series 2019A Area Two Series 2019A Area Two per Unit Total Annual Debt Service Series 2019A Area Two Payment* Annual Debt Service Series 2019A Area Two Payment per Unit* Estate 14 $323, $23, $24, $1, Total 14 $323, $24, * Includes allocation for costs of collection and early payment discount 16

81 Table 7 Hunter's Ridge Community Development District No. 1 Series 2019B Area Two Apportionment - Parcel D Unit Type Total Units Total Series 2019B Area Two Series 2019B Area Two per Unit Villa 35' 101 $505, $5, Total 101 $505, Series 2019B Area Two Apportionment - Parcel E Unit Type Total Units Total Series 2019B Area Two Series 2019B Area Two per Unit SF 60' 68 $816, $12, SF 75' 34 $442, $13, Total 102 $1,259, Series 2019B Area Two Apportionment - Parcel F Unit Type Total Units Total Series 2019B Area Two Series 2019B Area Two per Unit Estate 14 $0.00 $0.00 Total 14 $

82 Exhibit "A" Parcel Number Owner Address Unit GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, EACOBACCI MITCHELL J & ANGELA EACOBACCI H&W 9 HUNTINGTON PLACE ORMOND BEACH, FL 3217 SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, DALY NINA P 45 FOREST VIEW WAY ORMOND BEACH, FL 3217 SF 60' $21, HODAK JAMES LEE SR & CAROL LYNN HODAK H&W 15 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, DOCKERY JOHN J & KATHERINE D H&W 17 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, ELDREDGE THOMAS D & MARGARET L H&W 19 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, LUBIN HADLEY J & KAREN S H&W NW 42ND STREET SUNRISE, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 204 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 203 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 202 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 201 S SPRING GARDEN AVE DELAND, FL SF 60' $21, EPTON PEGGY A LIFE ESTATE 13 SHEER WATER TRAIL ORMOND BEACH, FL SF 60' $21, MANCINI VINCENT D & BEVERLY J H&W 15 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, EDENFIELD SUSAN BRUDER 17 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, HEIDORN ROBERT M & DENISE H&W 21 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GREER LAWRENCE HOLMES & SUSAN CHERYL GREER H&W 25 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, BISLAND JOHN & CYNTHIA L H&W 26 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, BROWN DEBORAH J 22 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, OWNER SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, CAVITT PHILIP L & JENNIFER M IRVING JTWROS 20 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, SCHAEFFER JERRY WENDALL & PATRICIA DIANE H&W 18 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, GEORGIA CAROLINE TUCKER 16 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, HUNT DONALD J & JEAN H&W 14 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, KHAN KHALID 10 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, CERINO THOMAS E & BEVERLY R H&W 34 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, JANOVER HOWARD M & MAUREEN H&W 36 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, SICOTAKIS LINDA G & MICHELLE PELLETIER JTWROS 38 HERON WIND DRIVE ORMOND BEACH, FL Villa 35' $14, GARRISON PRESTON J & SUSAN B GARRISON H&W 40 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, KELLY MARY C 42 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, GUILD HARRISON K & MARYKE Y H&W 44 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, Page 1 of 2

83 Exhibit "A" Parcel Number Owner Address Unit COWERN BARBARA CONLEY 46 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, BURKETT SUSAN IRENE & JUDITH ANN SWAYZE JTWROS 29 HERON WING DR ORMOND BEACH, FL 3217 Villa 35' $14, ALDERMAN NANCY 27 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, BURRES ROYAL S & JERILYN L H&W 25 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, BLAKE CAROL & LILLIAN R BRUSH JTWROS 23 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, KAPROLET CHARLES MICHAEL & SANDRA KAY BALES JTWROS 3203 CONNEMARA DR ORMOND BEACH, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, MOSCOSO JILL & KYLE ANDREW MOSCOSO JTWROS 10 HAWK ROOST COURT ORMOND BEACH, FL Villa 35' $14, MANZA LOUIS M & KATHLEEN H&W 12 HAWK ROOST COURT ORMOND BEACH, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, MURPHY THOMAS J & MAUREEN H&W 15 HAWK ROOST COURT ORMOND BEACH, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Villa 35' $14, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Villa 35' $14, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Villa 35' $14, SYKES JAMES E JR & MAJORIE J H&W 5 HAWK ROOST CT ORMOND BEACH, FL Villa 35' $14, SHEPARD ALLEN L & MARY E H&W 60 WINOOSKI FALLS WAY WINOOSKI, VT Villa 35' $14, R10 BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $58, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $578, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $2,943, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $1,929, ROYAL LIONS GATE LLC 12 TWELVE OAKS TRAIL, ORMOND BEACH, FL Acres $323, Total $8,080, Page 2 of 2

84 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 4E

85 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 Supplemental Special Methodology Report December 5, 2018 as revised through December 8, 2018 Provided by: Wrathell, Hunt and Associates, LLC 2300 Glades Road, Suite 410W Boca Raton, FL Phone: Fax: Website: HRCDDNo1 Supplemental Methodology Report v1.21

86 Table of Contents 1.0 Introduction 1.1 Purpose Scope of the Supplemental Report Organization of the Supplemental Report Development Program 2.1 Overview The Development Plan Capital Improvement Program 3.1 Overview The Capital Improvement Program Financing Program 4.1 Overview Types of Special Bonds Proposed Methodology 5.1 Overview Benefit Allocation Assigning Lienability Test: Special and Peculiar Benefit to the Property Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay True-Up Mechanism Roll Additional Stipulations 6.1 Overview Appendix Table Table Table Table Table Table Table

87 1.0 Introduction 1.1 Purpose This Supplemental Special Methodology Report (the Supplemental Report ) was developed to supplement the Preliminary Master Special Methodology Report dated May 21, 2014 (the Master Report ) and the First Addendum to the Master Special Methodology Report dated December 5, 2018 as revised through December 8, 2018 (the "First Addendum"). This Supplemental Report was developed specifically to provide a supplemental financing plan and a supplemental special assessment methodology for financing a portion of the costs of public infrastructure improvements (the Capital Improvement Program ) necessary to support the development of land located within the Hunter s Ridge Community Development District No. 1 (the District ). 1.2 Scope of the Supplemental Report This Supplemental Report presents the projections for financing a portion of the costs of the Capital Improvement Program as described in the Engineer s Report dated December 7, 2018 (the Engineer s Report ) prepared by Zev Cohen & Associates, Inc. (the District Engineer ), and describes the method for the allocation of special benefits and the apportionment of special assessments resulting from the provision and funding of a portion of the costs of the Capital Improvement Program. 1.3 Organization of the Supplemental Report Section Two describes the development plan as proposed by the Developer, as defined in Section 2 below. Section Three provides a summary of the Capital Improvement Program as set forth in the Engineer s Report. Section Four discusses the financing program for the District. Section Five presents the application of the special assessment methodology for the District. 1

88 2.0 Development Program 2.1 Overview The District will serve the Huntington at Hunter s Ridge development (the "Development" or Huntington ), a master planned, residential development consisting of approximately /- acres located in unincorporated Flagler County, Florida. The land within the District is generally located west of Interstate 95, north of State Road 40 and is bounded on the north by Airport Road. 2.2 The Development Plan The current development plan for Huntington envisions a total of 340 residential dwelling units and the development is expected to be conducted in two phases, with the first phase comprising 123 residential dwelling units within Parcels A, B and C (the Area One ) and the second phase comprising 217 residential dwelling units within Parcels D, E and F (the Area Two ). The development has already commenced with a total of 119 residential lots out of the total of 123 located within Area One already platted, with 90 of these already sold to homebuilders or homeowners. The current development plan represents an increase of 33 residential dwelling units from the development plan in effect at the time of adoption of the Master Report by the District. In addition, since the time of adoption of the Master Report, a new product type was added to the development plan with SF 75 residential dwelling units replacing SF 70 residential dwelling units. The development has been and is expected to continue to be conducted by BADC Asset Managers, Inc. an affiliate of the landowner, Huntington Communities, LLC (the "Developer"). Table 1 in the Appendix illustrates the current development plan for land in the District. 3.0 Capital Improvement Program 3.1 Overview The infrastructure costs to be funded by the District are described by the District Engineer in the Engineer's Report. Only infrastructure that may qualify for public financing by the District under Chapter 190, Florida Statutes, was included in these estimates. The infrastructure for the Area One has already been partially completed. 2

89 3.2 The Capital Improvement Program The Capital Improvement Program needed to serve the existing as well as planned development of Huntington is projected to consist of site preparation, sewage collection system, drainage system, water distribution system, reclaimed water system, roads and offsite improvements. The District Engineer identified not only the specific components but also the cost of the improvements that serve and provide benefit to Area One and Area Two, and within the Area Two Parcels D, E and F. Table 2 in the Appendix illustrates the projected total costs of the improvements for Area One, Area Two Parcel D, Area Two Parcel E and Area Two Parcel F. At the time of this writing, the total costs of the Capital Improvement Program are estimated at $8,963, Financing Program 4.1 Overview As noted above, the District is embarking on a program of capital improvements which will facilitate the development of lands within the District. It is the District s intension to finance a portion of the costs of the Capital Improvement Program that will not be contributed to the District at no cost by the Developer as part of the planned issuance of bonds by the District in The District intends to issue Special Bonds, Series 2019 ( Area One) (the Series 2019 Area One Bonds ) in the principal amount of approximately $2,295,000 to finance a portion of the costs of the Capital Improvement Program for units located in Area One. In addition, the District intends to issue Special Bonds, Series 2019A ( Area Two) (the Series 2019A Area Two Bonds ) in the principal amount of approximately $3,905,000 and Special Bonds, Series 2019B ( Area Two) (the Series 2019B Area Two Bonds ) in the principal amount of approximately $1,763,000 to finance a portion of the costs of the Capital Improvement Program for units located in Area Two. Series 2019 Area One Bonds will finance the infrastructure construction/acquisition costs of approximately $1,965,139.65, while the Series 2019A Area Two Bonds and Series 2019B Area Two Bonds will jointly will finance the infrastructure construction/acquisition costs of approximately $4,526, Consequently, as the Series 2019 Area One 3

90 Bonds, Series 2019A Area Two Bonds and Series 2019B Area Two Bonds (cumulatively the Bonds ) will finance the infrastructure construction/acquisition costs of approximately $6,492,012.06, Capital Improvement Program costs in the total amount of approximately $2,471, are expected to be contributed to the District at no cost by the Developer in order to fully fund the total costs of all improvements of the Area One and Area Two. 4.2 Types of Special Bonds Proposed The proposed financing plan for the District provides for the issuance of the Bonds in the total amount of approximately $7,963,000 to defray construction/ acquisition expenses of approximately $6,492, The Bonds will be amortized in 30 annual installments following a 12-month capitalized interest period for the Series 2019 Area One Bonds and Series 2019A Area Two Bonds, and in one (1) installment at maturity following a 24-month capitalized interest period for the Series 2019B Area Two Bonds. Interest payments on the Bonds will be made every May 1 and November 1, and principal payments on the Series 2019 Area One Bonds and Series 2019A Area Two Bonds would be made every November 1. In order to finance approximately $6,492, in improvement costs, the District will need to borrow more funds and incur indebtedness in the total amount of approximately $7,963,000. The difference is comprised of debt service reserve, capitalized interest, underwriter's discount and costs of issuance. Sources and uses of funding are presented in Table 3 in the Appendix. 5.0 Methodology 5.1 Overview The issuance of the Bonds provides the District with funds necessary to construct/acquire a portion of the infrastructure improvements which are part of the Capital Improvement Program outlined in Section 3.2 and described in more detail by the District Engineer in the Engineer's Report. These improvements lead to special and general benefits, with special benefits accruing to the properties within the boundaries of the District and general benefits accruing to areas outside the District and being only incidental in nature. The debt incurred in financing the infrastructure construction/acquisition will be paid off by assessing properties that 4

91 derive special and peculiar benefits from the Capital Improvement Program. All properties that receive special benefits from the Capital Improvement Program will be assessed for their fair share of the debt issued in order to finance the construction/acquisition of the Capital Improvement Program. 5.2 Benefit Allocation According to the District Engineer, the Capital Improvement Program will serve and provide benefit to all residential units in the District. Nevertheless, the District Engineer identified in the Engineer s Report the specific costs of improvements that are designed to serve and provide benefit to Area One, Area Two Parcel D, Area Two Parcel E, and Area Two Parcel F. The improvements that are part of the Capital Improvement Program have a logical connection to the special and peculiar benefits received by the land within the District, as without such improvements, the development of the properties within the District would not be possible. Based upon the connection between the improvements and the special and peculiar benefits to the land within the 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. The development of land in the District is to include a recreational facility (the Clubhouse Facility ) to be constructed by the Developer and owned and operated by the property owners' association. Even though it is beyond question that the Clubhouse Facility will benefit from the provision of the District's Capital Improvement Program, it is proposed that they not be assessed for any capital costs associated with the provision of the Capital Improvement Program. The rationale for this exemption is that the cost of any capital assessments levied on them would ultimately be borne by the capital assessment-paying residential property owners within the District. Consequently, Clubhouse Facility is proposed not to be assessed. As originally proposed in the Master Report, the benefit associated with the implementation by the District of the improvements that are 5

92 part of the Capital Improvement Program of the District is proposed to be allocated to the different residential unit types in proportion to the density of development and intensity of use of the infrastructure as measured by a standard unit called an Equivalent Residential Unit ("ERU"). Table 4 in the Appendix illustrates the residential unit types proposed to be developed within the District, the number of residential units of each residential unit type, the ERU weights that are proposed to be assigned to the different residential unit types proposed to be developed within the District based on the relative density of development and the intensity of use of infrastructure and the total ERU counts for each land use category. The rationale behind these 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 generally and on average smaller units produce less storm water runoff, produce fewer vehicular trips, and need less water and sewer capacity than larger units. 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 Capital Improvement Program. 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 District's improvements. Using the ERU benefit allocations developed in Table 4 and applying them to the cost estimates of the Capital Improvement Program illustrated in Table 2, Table 5 in the Appendix illustrates the allocation of benefit of the Capital Improvement Program to the various residential unit types in the District. The allocation is divided into four (4) parts: the first part for the 123 residential dwelling units projected to be developed in Area One; the second part for the 101 residential dwelling units that are part of Area Two Parcel D; the third part for the 102 residential dwelling units that are part of Area Two Parcel E; and the fourth part for the 14 residential dwelling units that are part of Area Two Parcel F. As illustrated in Table 5, the District will finance only a total of approximately $6,492, in Capital Improvement Program costs ($1,965, for the Area One, $1,506, for the Area Two Parcel D, $2,773, for the Area Two Parcel E, and $246, for the Area Two Parcel F) with proceeds of the Bonds, as improvements in the amount of $2,471, are expected to be 6

93 contributed by the Developer to the District at no cost in order to facilitate the marketing of the units within the District. Finally, Tables 6 and 7 in the Appendix illustrate the apportionment of the assessment associated with the Series 2019 Area One Bonds and Series 2019A Area Two Bonds (for Table 6) and the assessment associated with the Series 2019B Area Two Bonds (for Table 7) in accordance with the ERU benefit allocation method presented in Table 4 and Capital Improvement Plan cost allocation presented in Table Assigning As of the total of 123 planned residential dwelling units in Area One 119 residential lots have already been platted, the assessment associated with repayment of the Series 2019 Area One Bonds (the Series 2019 Area One ) will be assigned to the platted lots on the basis of their unit type, with 70 SF 60 units and 49 Villa 35 units that have been platted apportioned a total of $2,236, in Series 2019 Area One, while the remaining $58, in Series 2019 Area One will initially be apportioned on an equal gross acre basis on the balance of the land in Area One that is the intended location for the remaining four (4) Villa 35 units that have not been platted to date. Consequently, $58, in Series 2019 Area One will initially be levied on approximately /- gross acres at the rate of $20, per gross acre. As of the time of writing of this Supplemental Report, the land in Area Two has not yet been platted and all of the land in Area Two is contained within four (4) parcels of land whose total gross area totals approximately /- gross acres, with the land in Area Two Parcels D and E contained within three (3) parcels of land whose gross area totals approximately /- gross acres and the land in Area Two Parcel F contained within one (1) parcel of land whose gross area totals approximately /- gross acres. Consequently, the assessment associated with repayment of the Series 2019A Area Two Bonds (the Series 2019A Area Two ) and the assessment associated with repayment of the Series 2019B Area Two Bonds (the Series 2019B Area Two ) will initially be levied on the parcels of land within Area Two on an equal gross acre basis for, separately, Area Two Parcels D and E and Area Two Parcel F. Series 2019A Area Two in the total 7

94 amount of $3,589, will be levied on approximately /- gross acres in Area Two Parcels D and E at the rate of $26, per gross acre, the Series 2019B Area Two in the total amount of $1,763,000 will be levied on approximately /- gross acres in Area Two Parcels D and E at the rate of $12, per gross acre, and Series 2019A Area Two in the total amount of $315, will be levied on approximately /- gross acres in Area Two Parcel F at the rate of $17, per gross acre. As the unplatted land is platted, the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two will be apportioned to each platted parcel on a first platted-first assigned basis based on the planned use for that platted parcel as reflected in Tables 6 and 7 in the Appendix. Such allocation of Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two to platted parcels will reduce the amount of Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two levied on unplatted gross acres. Further, to the extent that any residential land which has not been platted is sold to another landowner, developer or builder, the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two (cumulatively the ) will be assigned to such parcel at the time of the sale based upon the development rights 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 amount of transferred at sale. 5.4 Lienability Test: Special and Peculiar Benefit to the Property As first discussed in Section 1.3, Special Benefits and General Benefits, the implementation of the Capital Improvement Program creates special and peculiar benefits to properties within the District. The improvements that are part of the Capital Improvement Program benefit all assessable properties within the District and accrue to all such properties, with the exception described in the previous section, on an ERU basis. The Capital Improvement Program can be shown to be creating special and peculiar benefits to the properties within the District. 8

95 The special and peculiar benefits resulting from each improvement are: a. added use of the property; b. added enjoyment of the property; c. decreased insurance premiums; d. increased marketability and value of the property. The improvements that are part of the Capital Improvement Program make the land in the District developable and saleable and 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. 5.5 Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay A reasonable estimate of the proportion of special and peculiar benefits received from the provision of the Capital Improvement Program is delineated in Table 4 (expressed as ERU factors) in the Appendix. The apportionment of the assessments is fair and reasonable because, with the exception mentioned in Section 5.2, it was conducted on the basis of consistent application of the methodology described in Section 5.2 across all assessable property within the District according to reasonable estimates of the special and peculiar benefits derived from the improvements that are part of the Capital Improvement Program by different residential units. Accordingly, no acre or parcel of property within the District will be liened for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property. 5.6 True-Up Mechanism The assessment 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 units and residential unit types and numbers may change. The 9

96 mechanism for maintaining the methodology over the changes is referred to as true-up. This mechanism is to be utilized to ensure that the on a per unit basis never exceeds the maximum assessment levels in Tables 6 and 7 in the Appendix. If as a result of platting and apportionment of the, for land that remains unplatted is equal to the levels shown in Tables 6 and 7 in the Appendix, then no true-up adjustment will be necessary. If as a result of platting and apportionment of the to the land in either Area One or Area Two, for land that remains unplatted in either assessment area is equal to less than the levels in shown in Tables 6 and 7 in the Appendix (either as a result of an overall larger number of residential units, same number of larger residential units substituting for smaller residential units, or both), then the per unit for all residential units within the particular assessment area where that occurred will be lowered if that state persists at the conclusion of platting of land within such assessment area. If, in contrast, a result of platting and apportionment of the to the land in either Area One or Area Two, for land that remains unplatted in either assessment area is equal to more than the levels shown in Tables 6 and 7 in the Appendix (either as a result of an overall smaller number of residential units, same number of smaller residential units substituting for larger residential units, or both), then the difference in plus accrued interest will be collected from the owner of the property which platting caused the increase in to occur, in accordance with 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 value of the that represents the units that have been lost as a result of changes in the development plan plus accrued interest to the next succeeding interest payment date on the 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. In addition to platting of property, any planned sale of an unplatted land by the Developer to another builder or developer will cause the District to initiate a true-up test as described above. The test will be 10

97 based upon the development rights as signified by the number of units of residential unit types 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 amount of transferred at sale. 5.7 Roll Included in Exhibit A please find the Roll illustrating the apportionment of the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two to parcels of land that are subject to the Series 2019 Area One, Series 2019A Area Two and Series 2019B Area Two. Excluding any capitalized interest period, debt service assessment shall be paid in thirty (30) annual installments for Series 2019 Area One Bonds and Series 2019A Area Two Bonds and in one (1) annual installment for the Series 2019B Area Two Bonds. 6.0 Additional Stipulations 6.1 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 Capital Improvement Program. 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 transactions beyond restatement of the factual information necessary for compilation of this report. For additional information on the Bond structure and related items, please refer to the Offering Statement associated with this 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. 11

98 7.0 Appendix Table 1 Hunter's Ridge Community Development District No. 1 Developemt Plan Unit Type Area One Units Area Two Parcel D Units Area Two Parcel E Units Area Two Parcel F Units Total Units SF 60' SF 75' Villa 35' Estate Total Table 2 Hunter's Ridge Community Development District No. 1 Capital Improvement Plan Improvement Category Area One Costs Area Two Parcel D Costs Area Two Parcel E Costs Area Two Parcel F Costs Total Costs Site Preparation $1,688,808 $294,126 $543,735 $74,275 $2,600,944 Sewage Collection System $501,313 $255,773 $281,401 $124,897 $1,163,384 Drainage System $216,546 $247,083 $324,864 $66,939 $855,432 Water Distribution System $231,661 $110,485 $266,965 $31,400 $640,511 Reclaimed Water System $117,218 $256,149 $246,341 $22,733 $642,441 Roads $881,688 $464,796 $792,000 $113,938 $2,252,422 Off-site Improvements $0 $65,750 $357,126 $0 $422,876 Soft Costs $0 $145,222 $174,921 $65,000 $385,143 Total $3,637,234 $1,839,384 $2,987,353 $499,182 $8,963,153 12

99 Table 3 Hunter's Ridge Community Development District No. 1 Sources and Uses of Funds Sources Series 2019 Area One Bonds Series 2019A Area Two Bonds Series 2019B Area Two Bonds Total All Bonds Bond Proceeds: Par Amount $2,295, $3,905, $1,763, $7,963, Total Sources $2,295, $3,905, $1,763, $7,963, Uses Project Fund Deposits: Project Fund $1,965, $3,180, $1,346, $6,492, Other Fund Deposits: Debt Service Reserve Fund $77, $277, $105, $461, Capitalized Interest Fund $122, $226, $211, $560, $200, $504, $317, $1,021, Delivery Date Expenses: Costs of Issuance $72, $122, $55, $250, Underwriter's Discount $57, $97, $44, $199, $129, $220, $99, $449, Total Uses $2,295, $3,905, $1,763, $7,963, Table 4 Hunter's Ridge Community Development District No. 1 Benefit Allocation Unit Type Total Units ERU Factor per Unit SF 60' SF 75' Villa 35' Estate Total

100 Table 5 Hunter's Ridge Community Development District No. 1 Capital Improvement Plan Cost Allocation - Area One Unit Type Total Units ERU Factor per Unit Total ERU Total Cost Allocation Total Developer Contribution Total Cost Financed with Bonds SF 60' $2,527, $1,229, $1,298, Villa 35' $1,109, $442, $666, Total $3,637, $1,672, $1,965, Capital Improvement Plan Cost Allocation - Area Two Parcel D Unit Type Total Units Total Cost Allocation Total Developer Contribution Total Cost Financed with Bonds Villa 35' 101 $1,839, $332, $1,506, Total 101 $1,839, $332, $1,506, Capital Improvement Plan Cost Allocation - Area Two Parcel E Unit Type Total Units ERU Factor per Unit Total ERU Total Cost Allocation Total Developer Contribution Total Cost Financed with Bonds SF 60' $1,838, $108, $1,729, SF 75' $1,148, $105, $1,043, Total $2,987, $214, $2,773, Capital Improvement Plan Cost Allocation - Area Two Parcel F Unit Type Total Units Total Cost Allocation Total Developer Contribution Total Cost Financed with Bonds Estate 14 $499, $252, $246, Total 14 $499, $252, $246,

101 Table 6 Hunter's Ridge Community Development District No. 1 Series 2019 Area One Apportionment Apportionment - Area One Unit Type Total Units Total Series 2019 Area One Series 2019 Area One per Unit Total Annual Debt Service Series 2019 Area One Payment* Annual Debt Service Series 2019 Area One Payment per Unit* SF 60' 70 $1,516, $21, $109, $1, Villa 35' 53 $778, $14, $56, $1, Total 123 $2,295, $165, * Includes allocation for costs of collection and early payment discount Series 2019A Area Two Apportionment - Parcel D Unit Type Total Units Total Series 2019A Area Two Series 2019A Area Two per Unit Total Annual Debt Service Series 2019A Area Two Payment* Annual Debt Service Series 2019A Area Two Payment per Unit* Villa 35' 101 $1,386, $13, $104, $1, Total 101 $1,386, $104, * Includes allocation for costs of collection and early payment discount Series 2019A Area Two Apportionment - Parcel E Unit Type Total Units Total Series 2019A Area Two Series 2019A Area Two per Unit Total Annual Debt Service Series 2019A Area Two Payment* Annual Debt Service Series 2019A Area Two Payment per Unit* SF 60' 68 $1,340, $19, $101, $1, SF 75' 34 $861, $25, $65, $1, Total 102 $2,202, $166, * Includes allocation for costs of collection and early payment discount Series 2019A Area Two Apportionment - Parcel F Unit Type Total Units Total Series 2019A Area Two 15 Series 2019A Area Two per Unit Total Annual Debt Service Series 2019A Area Two Payment* Annual Debt Service Series 2019A Area Two Payment per Unit* Estate 14 $315, $22, $23, $1, Total 14 $315, $23, * Includes allocation for costs of collection and early payment discount

102 Table 7 Hunter's Ridge Community Development District No. 1 Series 2019B Area Two Apportionment - Parcel D Unit Type Total Units Total Series 2019B Area Two Series 2019B Area Two per Unit Total Series 2019B Area Two Annual Interest Payment Series 2019B Area Two Annual Interest Payment per Unit* Villa 35' 101 $505, $5, $32, $ Total 101 $505, $32, * Includes allocation for costs of collection and early payment discount Series 2019B Area Two Apportionment - Parcel E Unit Type Total Units Total Series 2019B Area Two Series 2019B Area Two per Unit Total Series 2019B Area Two Annual Interest Payment Series 2019B Area Two Annual Interest Payment per Unit* SF 60' 68 $816, $12, $52, $ SF 75' 34 $442, $13, $28, $ Total 102 $1,258, $80, * Includes allocation for costs of collection and early payment discount Series 2019B Area Two Apportionment - Parcel F Unit Type Total Units Total Series 2019B Area Two Series 2019B Area Two per Unit Total Series 2019B Area Two Annual Interest Payment Series 2019B Area Two Annual Interest Payment per Unit* Estate 14 $0.00 $0.00 $0.00 $0.00 Total 14 $0.00 $0.00 * Includes allocation for costs of collection and early payment discount 16

103 Exhibit "A" Parcel Number Owner Address Unit GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, EACOBACCI MITCHELL J & ANGELA EACOBACCI H&W 9 HUNTINGTON PLACE ORMOND BEACH, FL 3217 SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, DALY NINA P 45 FOREST VIEW WAY ORMOND BEACH, FL 3217 SF 60' $21, HODAK JAMES LEE SR & CAROL LYNN HODAK H&W 15 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, DOCKERY JOHN J & KATHERINE D H&W 17 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, ELDREDGE THOMAS D & MARGARET L H&W 19 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, LUBIN HADLEY J & KAREN S H&W NW 42ND STREET SUNRISE, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 204 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 203 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 202 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 201 S SPRING GARDEN AVE DELAND, FL SF 60' $21, EPTON PEGGY A LIFE ESTATE 13 SHEER WATER TRAIL ORMOND BEACH, FL SF 60' $21, MANCINI VINCENT D & BEVERLY J H&W 15 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, EDENFIELD SUSAN BRUDER 17 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, HEIDORN ROBERT M & DENISE H&W 21 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GREER LAWRENCE HOLMES & SUSAN CHERYL GREER H&W 25 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, BISLAND JOHN & CYNTHIA L H&W 26 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, BROWN DEBORAH J 22 SHEAR WATER TRAIL ORMOND BEACH, FL SF 60' $21, GALLERY HOMES OF DELAND INC 200 S SPRING GARDEN AVE DELAND, FL SF 60' $21, OWNER SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, CAVITT PHILIP L & JENNIFER M IRVING JTWROS 20 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, SCHAEFFER JERRY WENDALL & PATRICIA DIANE H&W 18 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, GEORGIA CAROLINE TUCKER 16 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, HUNT DONALD J & JEAN H&W 14 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, KHAN KHALID 10 HUNTINGTON PLACE ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL 3293 SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL SF 60' $21, HOLIDAY BUILDERS INC 2293 WEST EAU GALLIE BLVD MELBOURNE, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL SF 60' $21, CERINO THOMAS E & BEVERLY R H&W 34 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, JANOVER HOWARD M & MAUREEN H&W 36 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, SICOTAKIS LINDA G & MICHELLE PELLETIER JTWROS 38 HERON WIND DRIVE ORMOND BEACH, FL Villa 35' $14, GARRISON PRESTON J & SUSAN B GARRISON H&W 40 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, KELLY MARY C 42 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, GUILD HARRISON K & MARYKE Y H&W 44 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, Page 1 of 2

104 Exhibit "A" Parcel Number Owner Address Unit COWERN BARBARA CONLEY 46 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, BURKETT SUSAN IRENE & JUDITH ANN SWAYZE JTWROS 29 HERON WING DR ORMOND BEACH, FL 3217 Villa 35' $14, ALDERMAN NANCY 27 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, BURRES ROYAL S & JERILYN L H&W 25 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, BLAKE CAROL & LILLIAN R BRUSH JTWROS 23 HERON WING DRIVE ORMOND BEACH, FL Villa 35' $14, KAPROLET CHARLES MICHAEL & SANDRA KAY BALES JTWROS 3203 CONNEMARA DR ORMOND BEACH, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, D & S INVESTMENT CAPITAL, LLC 2878 S OSCEOLA AVENUE ORLANDO, FL Villa 35' $14, MOSCOSO JILL & KYLE ANDREW MOSCOSO JTWROS 10 HAWK ROOST COURT ORMOND BEACH, FL Villa 35' $14, MANZA LOUIS M & KATHLEEN H&W 12 HAWK ROOST COURT ORMOND BEACH, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, MURPHY THOMAS J & MAUREEN H&W 15 HAWK ROOST COURT ORMOND BEACH, FL Villa 35' $14, GRANADA HOMES LLC 620 N DENNING DRIVE, STE 100 WINTER PARK, FL Villa 35' $14, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Villa 35' $14, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Villa 35' $14, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Villa 35' $14, SYKES JAMES E JR & MAJORIE J H&W 5 HAWK ROOST CT ORMOND BEACH, FL Villa 35' $14, SHEPARD ALLEN L & MARY E H&W 60 WINOOSKI FALLS WAY WINOOSKI, VT Villa 35' $14, R10 BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $58, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $568, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $2,892, BADC HUNTINGTON COMMUNITIES, LLC 6 HUNTINGTON PLACE, ORMOND BEACH, FL Acres $1,891, ROYAL LIONS GATE LLC 12 TWELVE OAKS TRAIL, ORMOND BEACH, FL Acres $315, Total $7,963, Page 2 of 2

105 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 4H

106 RESOLUTION A RESOLUTION OF THE HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 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, 190 AND 197, FLORIDA STATUTES; CONFIRMING THE DISTRICT'S INTENTION TO ISSUE SPECIAL ASSESSMENT BONDS; MAKING PROVISIONS FOR TRANSFERS OF REAL PROPERTY TO HOMEOWNERS ASSOCIATIONS, PROPERTY OWNERS ASSOCIATIONS AND/OR GOVERNMENTAL ENTITIES; PROVIDING FOR THE RECORDING OF AN ASSESSMENT NOTICE; PROVIDING FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE. WHEREAS, the Hunter s Ridge Community Development District No. 1 (the District ) previously indicated its intention to construct certain types of infrastructure improvements and to finance such infrastructure improvements through the issuance of bonds, which bonds would be repaid by the imposition of special assessments on benefited property within the District; and WHEREAS, the District Board of Supervisors ( Board ) noticed and conducted a public hearing pursuant to Chapters 170, 190 and 197, Florida Statutes, relating to the imposition, levy, collection and enforcement of such assessments. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 AS FOLLOWS: SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to Chapters 170, 190 and 197, Florida Statutes, including without limitation, Section , Florida Statutes. SECTION 2. FINDINGS. The Board hereby finds and determines as follows: A. The District is a local unit of special-purpose government organized and existing under and pursuant to Chapter 190, Florida Statutes, as amended. B. The District is authorized by Chapter 190, Florida Statutes, to finance, fund, plan, establish, acquire, install, equip, operate, extend, construct, or reconstruct road right-of-ways and improvements, water and waste water, utilities, stormwater systems, recreational improvements, conservation and mitigation areas, wildlife habitat and other infrastructure projects and services necessitated by the development of, and serving lands within, the District. { : MWATT/MWATT : DOC; 1} 1

107 C. The District is authorized by Chapter 190, Florida Statutes, to levy and impose special assessments to pay all, or any part of, the cost of such infrastructure projects and services and to issue Special Bonds payable from such special assessments as provided in Chapters 170, 190 and 197, Florida Statutes. D. It is necessary to the public health, safety and welfare and in the best interests of the District that: (i) the District provide certain public infrastructure improvements (the Project ), the nature and location of which were described in Resolution and the District Engineer s Report, revised December 7, 2018 ( Engineer s Report ), and which Project s plans and specifications are on file in the District s records office at Wrathell, Hunt and Associates, LLC, 2300 Glades Road, Suite 410W, Boca Raton, Florida 3343; Ph, (561) (ii) the cost of such Project be assessed against the lands specially benefited by such Project; and (iii) the District issue bonds to provide funds for the Project pending the receipt of such special assessments and other revenues which the District may establish. E. The provision of said Project, the levying of such Special s (hereinafter defined) and the sale and issuance of such bonds serves a proper, essential, and valid public purpose and is in the best interests of the District, its landowners and residents. F. In order to provide funds with which to pay a portion of the costs of the Project which are to be assessed against the benefitted properties, pending the collection of such Special s, it is necessary for the District from time to time to sell and issue its Special Bonds or Bond Anticipation Notes, in one or more series (collectively, Bonds ). G. By Resolution , the Board determined to provide the improvements included in the Project and to defray the costs thereof by making Special s on benefited property and expressed an intention to issue Bonds to provide a portion of the funds needed for the Project prior to the collection of such Special s. Resolution was adopted in compliance with the requirements of section , Florida Statutes, and prior to the time it was adopted, the requirements of section , Florida Statutes, had been met. H. As directed by Resolution , said Resolution was published as required by section , Florida Statutes, and a copy of the publisher s affidavit of publication is on file with the Secretary of the Board. I. As directed by Resolution a preliminary assessment roll was adopted and filed with the Board as required by section , Florida Statutes. J. As required by section , Florida Statutes, upon completion of the preliminary assessment roll, the Board adopted Resolution 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: (i) the propriety and advisability of making the infrastructure improvements constituting the Project, (ii) the cost thereof, (iii) the manner of payment therefore, and (iv) the amount thereof to be assessed against each specially benefited property or parcel and provided for publication of notice of such public hearing and individual mailed notice in accordance with Chapters 170, 190 and 197, Florida Statutes. { : MWATT/MWATT : DOC; 1} 2

108 K. Notice of such public hearing was given by publication and also by mail as required by section , Florida Statutes. Affidavits as to such publications and mailings are on file in the office of the Secretary of the Board. L. On January 10, 2019, at the time and place specified in Resolution , and notice referred to in paragraph (K) above, the Board met as an equalizing Board and heard and considered all complaints and testimony as to the matters described in paragraph (J) above. 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. M. Having considered the estimated costs of the Project, estimates of financing costs and all complaints and evidence presented at such public hearing, the Board further finds and determines: i. that the estimated costs of the Project are as specified in the Engineer s Report (attached as Exhibit A hereto and incorporated herein by this reference), and that the amount of such costs is reasonable and proper; and ii. iii. iv. it is reasonable, proper, just and right to assess the cost of such Project against the properties within the District specially benefited thereby using the method determined by the Board set forth in the First Addendum to the Master Special Methodology Report, revised December 8, 2018 ( Report ) attached hereto as Exhibit B and incorporated herein by this reference, which results in allocation of assessments in the manner set forth in the final assessment roll included therein ( Special s ); 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 s thereon when allocated as set forth in Exhibit B; and it is in the best interests of the District that the Special s be paid and collected as provided herein. SECTION 3. AUTHORIZATION OF THE DISTRICT PROJECT. That certain Project for construction of infrastructure improvements initially described in Resolution , 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. SECTION 4. ESTIMATED COST OF IMPROVEMENTS. The total estimated costs of the Project and the costs to be paid by Special s on all specially benefited property are set forth in Exhibits A and B, respectively, hereto. { : MWATT/MWATT : DOC; 1} 3

109 SECTION 5. EQUALIZATION, APPROVAL, CONFIRMATION AND LEVY OF SPECIAL ASSESSMENTS. The Special s on parcels specially benefited 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 s, 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 s 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, except liens and claims imposed by the federal government. Prior to the issuance of any Bonds, 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, including refunding bonds, by the District would result in a decrease of the Special s, 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 and , Florida Statutes. Pursuant to the provisions of section , Florida Statutes, regarding completion of the portion of the Project funded by a particular series of Bonds, the District shall credit to each Special the difference, if any, between the Special 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 s for the entire Project has been determined, the term Special shall, with respect to each parcel, mean the sum of the costs of the Project. SECTION 7. PAYMENT OF SPECIAL ASSESSMENTS AND METHOD OF COLLECTION. A. The Special s may be paid in not more than thirty (30) annual installments of principal and interest (excluding any capitalized interest). The Special s 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 accepting the Project; provided, however, { : MWATT/MWATT : DOC; 1} 4

110 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 s may be prepaid in full including interest 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 s may prepay all or a portion of the remaining balance of the Special at any time if there is also paid, plus accrued interest to the next succeeding interest payment date (or the second succeeding interest payment date) if such prepayment is made within 45 calendar days before an interest payment date. Prepayment of Special s does not entitle the property owner to any discounts for early payment. B. The District may elect to use the method of collecting Special s authorized by sections and , Florida Statutes ( Uniform Method ). The District has taken the necessary actions to comply with the provisions of said sections and , Florida Statutes. Such Special s 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 s may be collected as is otherwise permitted by law. The District may, in its sole discretion, collect Special s by directly assessing landowner(s) and enforcing said collection in any manner authorized by law. Such Special s shall at all times be collected in a manner consistent with applicable trust indenture. C. For each year the District uses the Uniform Method, the District shall have entered into an agreement with the Tax Collector of Flagler County who may notify each owner of a lot or parcel within the District of the amount of the Special s, including interest thereon, in the manner provided in section , Florida Statutes. SECTION 8. APPLICATION OF TRUE-UP PAYMENTS. A. There may be required from time to time certain true-up payments as specified the Report and in supplemental assessment methodology reports. As parcels of land or lots are platted or included in a site plan for approval, the Special s securing the Bonds shall be allocated as set forth in such reports. In furtherance thereof, at such time as parcels or land or lots are platted or included in a site plan for approval, it shall be an express condition of the lien established by this Resolution that any and all initial plats or site plans of any portion of the lands within the District, as the District s boundaries may be amended from time to time, 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 or site plan, considered to be developed. No further action by the Board 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 { : MWATT/MWATT : DOC; 1} 5

111 cause the Special s to be reallocated to the units being platted or included in a site plan and the remaining property in accordance with such the Report and 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 Exhibit B, 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. B. 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 trueup payments in its Improvement Lien Book. C. The foregoing is based on the District's understanding with BADC Huntington Communities, LLC and Royal Lion s Gate, LLC ( Landowners ) that they intend to develop the unit numbers and types shown in Exhibit B, on the net developable acres and is intended to provide a formula to ensure that the appropriate ratio of the Special s to developable acres is maintained if fewer units are developed. However, no action by the District prohibits more than the maximum units shown in Exhibit B from being developed. In no event shall the District collect Special s 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 events 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 s 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 s. Further, upon the District s review of the final plat or site plan for the developable acres, any unallocated Special s shall become due and payable and must be paid prior to the District s approval of that plat or site plan. The District may suspend any true-up obligations if Developer sufficiently demonstrates to the District Engineer and District Manager that the property remaining to be developed has sufficient density and/or development potential to ensure that appropriate ratio of the Special s shall be maintained. D. 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. 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. PROPERTY OWNED BY HOMEOWNERS ASSOCIATIONS, PROPERTY OWNERS ASSOCIATIONS OR GOVERNMENAL ENTITIES. Property owned by units of local, state, and federal government shall not be subject to the Special s without specific consent thereto. In addition, property owned by a property owners association or homeowners association that is { : MWATT/MWATT : DOC; 1} 6

112 exempt from special assessments under Florida law shall not be subject to the Special s. If at any time, any real property on which Special s 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 s thereon), all future unpaid Special s 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 s in the Official Records of Flagler 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. [Remainder of this page left intentionally blank] { : MWATT/MWATT : DOC; 1} 7

113 APPROVED AND ADOPTED this 10 th day of January, HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 Secretary/Assistant Secretary Chair/Vice Chair, Board of Supervisors Exhibit A: Engineer s Report, revised December 7, 2018 Exhibit B: First Addendum to Master Special Methodology Report, revised December 8, 2018 { : MWATT/MWATT : DOC; 1} 8

114 Exhibit A: Engineer s Report, revised December 7, 2018 { : MWATT/MWATT : DOC; 1} 9

115 Exhibit B: First Addendum to Special Methodology Report, dated December 8, 2018 { : MWATT/MWATT : DOC; 1} 10

116 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 5A

117 THE NEWS-JOURNAL State of Florida, County of Volusia Published Daily and Sunday Daytona Beach, Volusia County, Florida Before the undersigned authority personally appeared Irene Zucker who, on oath says that she is LEGAL COORDINATOR of The News-Journal, a daily and Sunday newspaper, published at Daytona Beach in Volusia County, Florida; the attached copy of advertisement, being a PUBLIC NOTICE L in the Court, was published in said newspaper in the issues.... DECEMBER 13, 20, 27, 2018, JANUARY 3, 2019 Affiant further says that The News-Journal is a newspaper published at Daytona Beach, in said Volusia County, Florida, and that the said newspaper has heretofore been continuously published in said Volusia County, Florida, each day and Sunday and has been entered as second-class mail matter at the post office in Daytona Beach, in said Volusia County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that he has neither paid nor promised any person, firm or corporation any discount, rebate, commission or refund for the purpose of securing this advertisement for publication in the said newspaper ).~... y.... Sworn to and subscribed before me This 3RD of JANUARY HUNTER'S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 NOTICE OF INTENT TO USE THE UNIFORM METHOD OF COLLECTION OF NON AD VALOREM ASSESSMENTS AND NOTICE OF REGULAR MEETING OF THE BOARD OF SUPERVISORS NOTICE IS HEREBY GIVEN that the Hunter's Rrdge Commun,ty Development District No. 1 (the "District ) intends to use the uniform method of collecting non ad valorem assessments to be levied by the District, pursuant to Section , Florida Statutes The Board of Supervisors of the District wfll conduct a pubhc hearing on Thursday, January IO at 2 DO p m.., at 21 Heron Wrng Drive, Ormond Beach, Florida A regular Board meeting of the Distrrct wrll also be held at that time, where the Board may consider any other business that may properly come before rt. The purpose of the public hearing is to consider the adoption of a resolution authorrzlng the District to use the uniform method of collecting non ad valorem special assessments to be levied by the Drstnct on properties located on land rncluded rn, or to be added to, the District. Under the uniform method. such non ad valorem assessments wrll be collected by the tax collector. The District may levy non-ad valorem special assessments for the purpose of financing, acquiring. maintaining and/or operatrng community development facilrlles, services and improvements withrn and Wlthout the boundaries of the District. to consist of, among ether things, road right-of-ways and Improvements, ulllitres, stormwater systems, recreational Improvements and other improvements, and any other lawful improvements or services of the District. Owners of the properties to be assessed and other Interested parties may appear at the public t,earing and be heard regarding the use of the Unlfarm Method. This hearing Is open to the public and will be conducted in accordance with the provisions of Florida law. The public hearing may be continued to a date time, and location to be specified on th~ record at the hearing. There may be occasions when Supervisors or District Staff may participate by speaker telephone. Pursuant to provisions of the Americans with Disabilities Act. any person requiring special accommodations at thrs meeting because of a disabthty or physical impairment should contact the I District Office at (561) at least 48 hours prior lo the meehng, If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7 1-1, or (TTY) / (Voice), for ard rn contacting the District Office A person who decides to appeal any decision made at the meeting with respect to any matter considered at the meeting is advised that person will need a record of the 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. Drstrlct Manager Hunter's Ridge CDD No. 1 L Dec. 13, 20, 27, Jan. 3, ,,,, ~ t,,,,, CYNTHIA ANDERSOf\! ic~>!! 'sstete of Florida-Notary Public ~: Commission# GG ~,,, 'ii':~::: My Commission Expires,,,,~rn;,,' October 29, 2021

118 HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 5B

119 RESOLUTION RESOLUTION OF THE BOARD OF SUPERVISORS OF THE HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 EXPRESSING ITS INTENT TO UTILIZE THE UNIFORM METHOD OF LEVYING, COLLECTING, AND ENFORCING NON-AD VALOREM ASSESSMENTS WHICH MAY BE LEVIED BY THE HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT IN ACCORDANCE WITH SECTION , FLORIDA STATUTES; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Hunter s Ridge Community Development District No. 1 ( District ) was established pursuant to the provisions of Chapter 190, Florida Statutes, which authorizes the District to levy certain assessments, including benefit and maintenance assessments and further authorizes the District to levy special assessments pursuant to Chapter 170, Florida Statutes, for the acquisition, construction, or reconstruction of assessable improvements authorized by Chapter 190, Florida Statutes; and WHEREAS, the above referenced assessments are non-ad valorem in nature and, therefore, may be collected under the provisions of section , Florida Statutes, in which the State of Florida has provided a uniform method for the levying, collecting, and enforcing such non-ad valorem assessments; and WHEREAS, pursuant to section , Florida Statutes, the District has caused notice of a public hearing to be advertised weekly in a newspaper of general circulation within Flagler County for four (4) consecutive weeks prior to such hearing. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1: SECTION 1. The Hunter s Ridge Community Development District No. 1, upon conducting its public hearing as required by section , Florida Statutes, hereby expresses its intent to use the uniform method of collecting assessments imposed by the District as provided in Chapters 170 and 190, Florida Statutes, each of which are non-ad valorem assessments which may be collected annually pursuant to the provisions of Chapter 190, Florida Statutes, for the purpose of paying principal and interest on any and all of its indebtedness and for the purpose of paying the cost of operating and maintaining its assessable improvements. The legal description of the boundaries of the real property subject to a levy of assessments is attached and made a part of this resolution as Exhibit A. The non-ad valorem assessments and the District s use of the uniform method of collecting its non-ad valorem assessment(s) may continue in any given year when the Board of Supervisors determines that use of the uniform method for that year is in the best interests of the District.

120 SECTION 2. The District s Secretary is authorized to provide the Property Appraiser and Tax Collector of Flagler County and the Department of Revenue of the State of Florida with a copy of this resolution and enter into any agreements with the Property Appraiser and/or Tax Collector as they may be necessary to carry out the provisions of this Resolution. SECTION 3. If any provision of this resolution is held to be illegal or invalid, the other provisions shall remain in full force and effect. SECTION 4. This resolution shall become effective upon its passage and shall remain in effect unless rescinded or repealed. PASSED AND ADOPTED this 10 th day of January, ATTEST: HUNTER S RIDGE COMMUNITY DEVELOPMENT DISTRICT NO. 1 Secretary/Assistant Secretary Chair/Vice Chair, Board of Supervisors Exhibit A Legal Description

121 Exhibit A Legal Description

122 A PARCEL A (OR 1424/42): A PORTION OF SECTION 21 AND SECTION 22, TOWNSHIP 14 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: AS A POINT OF REFERENCE COMMENCE AT TIIE SOUTH 1/4 CORNER OF SAID SECTION 22, THENCE ALONG THE SOUTH LINE OF SAID SECTION 22, SOUTH 88 20'11" SECONDS WEST, FOR A DISTANCE OF FEET TO THE POINT OF BEGINNJNG OF THIS DESCRIPTION; THENCE DEPARTING SAID SOUTH LINE OF SECTION 22, NORTH 35 02'05" WEST, FOR A DISTANCE OF FEET; TIIENCE SOUTH 28 44'5811 WEST FOR A DISTANCE OF FEET; THENCE SOUTH 27 21'03" WEST; FOR A DISTANCE OF FEET; THENCE SOUTH 09 40'44" WEST, FOR A DISTANCE OF FEET; THENCE SOUTH 46 22'05" EAST, FOR A DISTANCE OF FEET; THENCE SOUTH 08 59'09" EAST, FOR A DISTANCE OF FEET; TIIENCE SOUTH 25 29'08" WEST, FOR A DISTANCE OF FEET; THENGE SOUTH 72 36'51" WEST, FOR A DISTANCE OF FEET; THENCE NORTH 28 39'12" WEST, FOR A DISTANCE OF FEET; TO A POINT OF CURVATURE OF A CURVE TO THE LEFT CONCAVE SOUTHWESTERLY WITH AN ARC LENGTH OF FEET, HAVING A CENTRAL ANGLE OF 23 16'37", A RADIUS OF FEET, A CHORD BEARING OF NORTH 40 17'30i 1 WEST, AND A CHORD DISTANCE OF FEET; THENCE NORTH44 16'51" WEST, FOR A DISTANCE OF FEET; THENCE NORTH 30 58'16" WEST FOR A DISTANCE OF FEET;. THENCE SOUTH 59 01'44" WEST FOR A DISTANCE OF FEET; THENCE NORTH 42 15'29" WEST, FOR A DISTANCE OF FEET TO THE SOUTHERLYRIGHT OF WAY LINE OF AIRPORT ROAD (A 100 FOOT RIGHT OF WAY), AS INTENDED; THENCE ALONG SAID SOUTHERLY RIGHT OF WAY LINE SOUTH 54 30'43" WEST FOR A DISTANCE OF FEET; TO A POINT OF CURVATURE OF A CURVE TO THE LEFT CONCAVE SOUTHEASTERLY WITH AN ARC LENGTH OF FEET, HAVING A CENTRAL ANGLE OF 3 45'0311, A RADIUS OF FEET, A CHORD BEARING OF SOUTH 52 38'11" WEST, AND A CHORD DISTANCE OF FEET; THENCE DEPARTING SAID SOUTHERLY RIGHT OF WAY LINE, SOUTH '02" EAST, FOR A DISTANCE OF FEET; TO A POINT OF CURVATURE OF A CURVE TO THE LEFT CONCAVE NORTHEASTERLY WITH AN ARC LENGTH OF FEET, HAVING A CENTRAL ANGLE OF 32 35'38", A RAPIDS OF FEET, A CHORD BEARING OF SOUTH 60 09'5811 EAST, AND A CHORD DISTANCE OF FEET; TO A POINT OF CURVATURE OF A REVERSE CURVE TO THE RIGHT CONCAVE SOUTHWESTERLY WITH AN ARC LENGTH OF _ FEET, HAVING A CENTRAL ANGLE OF 20 35'04", A RADIUS OF FEET, A CHORD BEARING OF SOUTH 65 47'59" EAST, AND A CHORD DISTANCE OF FEET TO AN INTERSECTION WITH THE SOUTH LINE OF SAID SECTION 22; THENCE ALONG SAID SOUTH LINE OF SECTION 22, NORTH 88 20'11" EAST, FOR A DISTANCE OF FEET TO THE POINT OF BEGINNING. PARCEL B (OR 1437/955): LEGAL DESCRIPTION: PROPOSED BARRINGTON.;WILTSHIRE (BY SURVEYOR) ( : MWATI/JNLEO: DOCX; I} - 1-

123 PORTION OF LAND LYING IN SECTION 22, TOWNSHIP 14 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTH 1/4 CORNER OF SAID SECTION 22~ THENCE NORTH 88 22'23" EAST ALONG THE SOUTH LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 22, A DISTANCE OF FEET TO THE INTERSECTION OF THE SAID SOUTH LINE OF THE SOUTHEAST 1/4 AND THE EAST RIGHT-OF-WAY LINE OF HUNTER'S RIDGE BOULEVARD (A 80' PRIVATE RIGHT-OF-WAY) AND THE POINT-OF-BEGINNING; SAID POINT ALSO BEING THE BEGINNING OF A NON TANGENT CIRCULAR CURVE CONCAVE TO THE WEST, HAVING A RADIUS OF FEET AND A CENTRAL ANGLE OF 43 55'04"; THENCE FROM A TANGENT BEARJNG OF NORTH 02 28'18" EAST RUN NORTHWESTERLY ALONG THE ARC OF SAID CURVE AND SAID WEST RIGHT-OF-WAY LINE FOR THE FOLLOWING EIGHT CALLS AN ARC DISTANCE OF FEET; THENCE NORTH 41 26'46" WEST, A DISTANCE OF FEET TO 1lffi POINT OF CURVATURE OF A CIRCULAR CURVE CONCAVE TO THE NORTHEAST, HAVING A RADIUS OF FEET, AND A CENTRAL ANGLE OF 15 24'34"; THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE AN ARC DISTANCE OF FEET; THENCE NORTH 26 02'1'2"- WEST, A DISTANCE OF FEET TO THE POINT OF CURVATURE OF A CIRCULAR CURVE CONCAVE TO THE SOU1HWEST, HAVING A RADIUS OF 1, FEET, AND A CENTRAL ANGLE OF 07 03'3211; THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE AN ARC DISTANCE OF FEET; THENCE NORTH 33 05'44" WEST, A DISTANCE OF FEET TO THE POINT OF CURVATURE OF A CIRCULAR CURVE CONCAVE TO THE EAST, HAVING A RADIUS OF 1, FEET, AND A CENTRAL ANGLE OF 29 37'09"; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE AN ARC DISTANCE OF FEET; THENCE NORTH 03 28'35" WEST, A DISTANCE OF FEET; THENCE soum 48 40'37" EAST, A DISTANCE OF FEET; THENCE NORTH 86 44'13" EAST, A DISTANCE OF FEET TO THE POINT OF CURVATURE OF A NON TANGENT CIRCULAR CURVE CONCAVE TO THE SOUTH, HAVING A RADIUS OF FEET, AND A CENTRAL ANGLE OF 08 59'23"; THENCE FROM A TM.TGENT BEARJNG OF SOUTH 89 59'42" EAST, RUN EASTERLY ALONG THE ARC OF SAID CURVE AN ARC DISTANCE OF FEET; THENCE SOUTH 81 00'19" EAST, A DISTANCE OF FEET; 1HENCE SOUTH 80 30'36 11 EAST, A DISTANCE OF FEET TO THE POINT OF CURVATURE OF A NON TANGENT CIRCULAR CURVE CONCAVE TO THE NORTH, HAVING A RADJUS OF FEET, AND A CENTRAL ANGLE OF 32 55'39"; THENCE FROM A TANGENT BEARING OF SOUTH 81 52'02" EAST, RUN EASTERLY ALONG THE ARC OF SAID CURVE AN ARC DISTANCE OF FEET; THENCE NORTH 65 12'19" EAST, A DISTANCE OF FEET; THENCE NORTH 24 16'39" WEST, A DISTANCE OF FEET; THENCE NORTH 65 56'34" EAST, A DISTANCE OF FEET; THENCE SOUTH 23 51'30" EAST, A DISTANCE OF FEET; THENCE SOUTH 84 41'14" EAST, A DISTANCE OF FEET; THENCE SOUTH 76 52'13" EAST, A DISTANCE OF FEET; THENCE SOUTH 78 20'10" EAST, A DISTANCE OF FEET; THENCE NORTH 74 32'29" EAST, A DISTANCE OF 39,23 FEET; THENCE NORTH 73 20'42" EAST A DISTANCE OF FEET; THENCE NORTH {043390,001 : MWATI/JNLEO : DOCX; I} -2-

124 EAST, A DISTANCE OF 26,83 FEET; THENCE NORTH 58 40'13" EAST, A DISTANCE OF FEET; THENCE NORTH 53 02'55" EAST, A DISTANCE OF FEET; THENCE NORTH 52 59'29 11 EAST, A DISTANCE OF FEET TO THE WEST LINE OF A 236' WIDE FLORIDA POWER AND LIGHT COMPANY EASEMENT; THENCE SOUTH 00 59'50" EAST ALONG SAID WEST LINE, A DISTANCE OF 2, FEET TO THE SAID SOUTH LINE QF THE SOUTHEAST l/4; THENCE SOUTII 88 22'23" WEST ALONG SAID SOUTHEAST 1/4, A DISTANCE OF FEET TO THE POINT-OF BEGINNING. TOGETHER WITH THE FOLLOWING DESCRIBED ADDITIONAL LANDS: THAT PORTION OF SECTION 22 TOWNSHIP 14 SOUTH RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, LYING EASTERLY OF THE EASTERLY RIGHT OF WAY LINE OF AIR,.PORT ROAD/HUNTER'S RIDGE BOULEVARD EXTENSION AS RECORDED IN MAP BOOK 37, PAGES 38 & 39 OF THE PUBLIC RECORDS OF FLAGLER COUNTY FLORIDA AND WESTERLY OF THAT PROPERTY DESCRIBED AS BARRINGTON-WILTSHIRE PROPERTY IN DEED RECORDED IN OFFICIAL RECORDS BOOK 1437 PAGES , SAID PROPERTY BEING DESCRIBED ON PAGE 958 THEREOF, AND BEING BOUNDED ON THE SOUTH BY THE SOUTH LINE OF SAID SECTION 22 AND ON THE NORTHBY THE WESTERLY EXTENSION OF THE NORTHERLY LINE OF S.AID BARRINGTON WILTSHIRE PROPERTY N 48 40'37" W FEET TO THE EASTERLY RIGHT OF WAY LINE OF SAID AIRPORT ROAD/HUNTER'S RIDGE BOULEYARD EXTENSION. AND LEG:AL DESCRIPTION: PROPOSED WILDER LOOK (BY SURVEYOR) A PORTION OF LAND LYING IN SECTION 22, TOWNSHIP 14 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTH 1/4 CORNER OF SAID SECTION 22, SAID POINT BEING THE POINT OF BEGINNING; THENCE SOUTH 89 00'04" WEST ALONG THE SOUTH LINE OF THE SOUTHWEST 1/4 OF SAID SECTION 22, A DISTANCE OF FEET; THENCE LEAVING SAID LINE RUN NORTH 34 22'50" WEST, A DISTANCE OF 2, FEET; THENCE NORTH 63 59'36" EAST, A DISTANCE OF FEET; THENCE NORTH 79 42'37 11 EAST, A DISTANCE OF FEET; THENCE SOUTH 51 38'31" EAST, A DISTANCE OF FEET; THENCE SOUTH 65 28'33" EAST, A DISTANCE OF 5.62 FEET; THENCE NORTH 43 44'2511 EAST, A DISTANCE OF FEET; THENCE NORTH WEST, A DISTANCE OF FEET; THENCE NORTH 74 39'31 11 WEST, A DISTANCE OF FEET; THENCE SOUTH 75 25'23 11 WEST, A DISTANCE OF FEET; THENCE NORTH WEST, A DISTANCE OF FEET; THENCE NORTH 29 13'11" WEST, A DISTANCE OF FEET; THENCE NORTH 04 40'12" EAST, A DISTANCE OF FEET; THENCE NORTH 07 45'47" EAST, A DISTANCE OF FEET; THENCE NORTH 04 13'18" WEST, A DISTANCE OF FEET; THENCE NORTH 28 21'37" EAST, A DISTANCE OF FEET; THENCE NORTH 86 31'25" EAST, A DISTANCE OF FEET; THENCE SOUTH 03 28'35" EAST, A DISTANCE OF FEET; THENCE SOUTII 44 27'47" EAST, A DISTANCE OF ( : MWATT/JNLEO: Q DOCX; I} -3-

125 THENCE NORTH 86 31'25" EAST, A DISTANCE OF FEET TO THE WEST RIGHT-OF-WAY LINE OF HUNTER'S RIDGE BOULEVARD (A 80' PRIVATE RIGHT-OF WAY) SAID POINT BEING A POINT OF CURVATURE OF A NON TANGENT CIRCULAR CURVE CONCAVE TO THE EAST, HAYING A RADIUS OF 1, FEET, AND A CENTRAL ANGLE OF 27 31'53"; THENCE FROM A TANGENT BEARING OF SOUTH 05 33'51" EAST, RUN SOUTHERLY ALONG THE ARC OF SAID CURVE AND SAID WEST RIGHT-OF-WAY LINE FOR THE FOLLOWING EIGHT CALLS, AN ARC DISTANCE OF FEET; THENCE SOUTH 33 05'44" EAST, A DISTANCE OF FEET TO THE POINT OF CURVATURE OF A CIRCULAR CURVE CONCAVE TO THE SOUTHWEST, HAVING A RADIUS OF 1, FEET, AND A CENTRAL ANGLE OF 07 03'32"; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE AN ARC DISTANCE OF FEET; THENCE SOUTH 26 02'12" EAST, A DISTANCE OF FEET TO THE POINT OF CURVATURE OF A CIRCULAR CURVE CONCAVE TO THE NORTHEAST, HAVING A RADIUS OF FEET, AND A CENTRAL ANGLE OF 15 24'34"; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE AN ARC DISTANCE OF FEET; THENCE SOUTH 41 26'46 11 EAST, A DISTANCE OF FEET TO THE POINT OF CURVATURE OF A CIRCULAR CURVE CONCAVE TO THE WEST, HAYING A RADIUS OF FEET, AND A CENTRAL ANGLE OF 43 55'33"; THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE AN ARC DISTANCE OF FEET; THENCE sourn 02 28'47" WEST, A DISTANCE OF 5.68 FEET TO THE SOUTH LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 22; THENCE sourn 88 22'23" WEST ALONG SAID SOUTHEAST 1/4, A DISTANCE OF FEET TO THE POINT OF BEGINNING. EXCEPTING THEREFROM ANY PORTION OF THE ABOVE PARCEL B, WHICH LIES WITHIN THE RIGHT OF WAY OF HUNTERS RIDGE BOULEVARD, ACCORDING TO THE PLAT OF AIRPORT ROAD/HUNTER'S RIDGE BOULEVARD EXTENSION RECORDED IN PLAT BOOK 37, PAGE 38, PUBLIC RECORDS OF FLAGLER COUNTY, FLORIDA. PARCEL C (OR 1449/947): A PORTION OF SECTION 22, TOWNSHIP 14 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: AS A POINT OF REFERENCE COMMENCE AT THE SOUTH 1/4 CORNER OF SAID SECTION 22, THENCE ALONG THE SOUTH LINE OF SECTION 22 RUN NORTH 87 DEGREES 43 MINUTES 21 SECONDS EAST A DISTANCE OF FEET TO THE WESTERLY RIGHT OF WAY LINE OF HUNTERS RIDGE BOULEYARD, AN 80 FOOT RIGHT-OF-WAY AS SHOWN ON THE PLAT OF SHADOW CROSSINGS., UNIT I, OF HUNTER'S RIDGE SUBDIVISION, PHASE I, AS RECORDED IN PLAT BOOK 43, PAGES OF THE PUBLIC RECORDS OF VOLUSIA COUNTY, FLORIDA, THENCE DEPARTINGo SAID SOUTH SECTION LINE, NORTH 01 DEGREES 49 MINUTES 28 SECONDS EAST, A DISTANCE OF 5.74 FEET; TO THE BEGINNING OF A CURVE, CONCAVE WESTERLY, HAVING A RADIUS OF FEET AND A CENTRAL ANGLE OF 43 DEGREES 55 MINUTES 33 SECONDS; THENCE NORTHERLY ALONG THE ARC ( : MWATI/JNLEO: DOCX; 1} -4-

126 SAID CURVE TO THE LEFT,ADISTANCE OF FEET, SAID ARC SUBTENDED BY A CHORD WHICH BEARS NORTH 20 DEGREES 08 MINUTES 18 SECONDS WEST, A DISTANCE OF FEET TO THE END OF SAID CURVE; THENCE NORTH 42 DEGREES 06 MJNUTES 05 SECONDS WEST, FEET TO THE BEGINNING OF A CURVE, CONCAVE NORTHEASTERLY, HAVING A RADIUS OF FEET AND A CENTRAL ANGLE OF 15 DEGREES 24 MINUTES 34 SECONDS; THENCE NORTHWESTERLY ALONG UIE ARC OF SAID CURVE TO THE RIGHT, ADISTANCE OF FEET; SAID ARC SUBTENDED BY A CHORD WHICH BEARS NORTH 34 DEGREES 23 MINUTES 48 SECONDS WEST, A DISTANCE OF FEET TO THE END OF SAID CURVE; THENCE NORTH 26 DEGREES 41 MlNUTES 31 SECONDS WEST, FEET TO THE BEGINNING OF A CURVE. CONCAVE WESTERLY, HAVING A RADTIJS OF FEET AND A CENTRAL ANGLE OF 07 DEGREES 03 MINUTES 32 SECONDS; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, A DISTANCE OF FEET, SAID ARC SUBTENDED BY A CHORD WHICH BEARS NORTH 30 DEGREES 13 MINUTES 17 SECONDS WEST, A DISTANCE OF FEET TO THE END OF SAID CURVE;. THENCE NORTH 33 DEGREES 45 MINUTES 03 SECONDS WEST, FEET TO THE BEGINNING OF A CURVE, CONCAVE EASTERLY HAVING A RADIUS OF FEET AND A CENTRAL ANGLE OF 27 DEGREES 31 MINUTES 53 SECONDS; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, A DISTANCE OF FEET, SAID ARC SUBTENDED BY A CHORD WHICH BEARS NORTH 19 DEGREES 59 MINUTES 06 SECONDS WEST, A DISTANCE OF FEET TO A POINT ON SAID CURVE AND THE POINT OF BEGINNING OF TIIlS DESCRIPTION; THENCE DEPARTING SAID CURVE SOUTH 85 DEGREES 52 MINUTES 06 SECONDS WEST A DISTANCE OF FEET; THENCE NORTH 45 DEGREES 07 MINUTES 06 SECONDS WEST FOR A DISTANCE OF FEET; THENCE NORTH 04 DEGREES 07 MINUTES 54 SECONDS WEST FOR A DISTANCE OF FEET; THENCE SOUTH 85 DEGREES 52 MINUTES 06 SECONDS WEST FOR A DISTANCE OF FEET: THENCE SOUTH 27 DEGREES 42 MINUTES 18 SECONDS WEST FOR A DISTANCE OF FEET; THENCE SOUTH 04 DEGREES 52 MINUTES 37 SECONDS EAST FOR A DISTANCE OF FEET: THENCE SOUTH 07 DEGREES 06 MINUTES 28 SECONDS WEST FOR A DISTANCE OF FEET: THENCE SOUTH 04 DEGREES 00 MINUTES 53 SECONDS FOR A DISTANCE OF FEET; THENCE SOUTH 29 DEGREES 52 MINUTES 30 SECONDS EAST FOR A DISTANCE OF FEET; THENCE SOUTH 31 DEGREES 38 MJNUTES 21 SECONDS EAST FOR A DISTANCE OF FEET: THENCE NORTH 74 DEGREES 46 MINUTES 04 SECONDS EAST FOR A DISTANCE OF FEET; THENCE SOUTH 75 DEGREES 18 MINUTES 50 SECONDS EAST FOR A DISTANCE OF FEET; THENCE SOUTH 21 DEGREES 37 MINUTES 04 SECONDS EAST FOR A DISTANCE OF FEET; THENCE SOUTH 43 DEGREES 05 MINUTES 06 SECONDS WEST FOR A DISTANCE OF FEET; THENCE NORTH 66 DEGREES 07 MINUTES 52 SECONDS WEST FOR A DISTANCE OF 5.62 FEET; THENCE NORTH 52 DEGREES 17 MINUTES 50 SECONDS WEST FOR A DISTANCE OF 75,82 FEET: THENCE SOUTH 79 DEGREES 03 MINUTES 18 SECONDS WEST FOR A DISTANCE OF FEET; THENCE SOUTH 63 DEGREES 20 MINUTES 17 SECONDS WEST FORA DISTANCE OF FEET; THENCE SOUTH 28 DEGREES 44 MINUTES 58 SECONDS WEST FOR A DISTANCE OF FEET; THENCE SOUTH 27 DEGREES 21 MINUTES 03 SECONDS WEST FOR A DISTANCE OF ( : MWATT/JNLEO : J)OCX; I} -5-

127 . THENCE SOUTH 09 DEGREES 40 MINUTES 44 SECONDS WEST FOR A DISTANCE OF FEET: THENCE SOUTH 46 DEGREES 22 MINUTES 05 SECONDS EAST FOR A DISTANCE OF 33,71 FEET; THENCE SOUTH 08 DEGREES 59 MINUTES 09 SECONDS EAST FOR A DISTANCE OF FEET; THENCE SOUTH 25 DEGREES 29 MINUTES 08 SECONDS WEST FOR A DISTANCE OF FEET; THENCE SOUTH 72 DEGREES 36 MINUTES 51 SECONDS WEST FO:R A DISTANCE OF FEET: THENCE NORTH 28 DEGREES 39 MINUTES 12 SECONDS WEST FOR A DISTANCE OF FEET TO THE BEGINNING OF A CURVE CONCAVE WESTERLY, HAVING A RADIUS OF FEET AND A CENTRAL ANGLE OF 23 DEGREES 16 MINUTES 37 SECONDS; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE TO THE LEFT~ A DISTANCE OF FEET, SAID ARC SUBTENDED BY A CHORD WHICH BEARS NORTH 40 DEGREES 17 MINUTES 30 SECONDS WEST, A DISTANCE OF FEET TO THE END OF SAID CURVE; THENCE NORTH 44 DEGREES 16 MINUTES 51 SECONDS WEST FOR A DISTANCE OF FEET; THENCE NORTH 30 DEGREES 58 MINUTES 16 SECONDS WEST FOR A DISTANCE OF FEET; THENCE NORTH 59 DEGREES 01 MINUTES 44 SECONDS EAST FOR A DISTANCE OF FEET; THENCE NORTH 30 DEGREES 58 MINUTES 16 SECONDS WEST FORA DISTANCE OF FEET; THENCE NORTH 59 DEGREES 01 MINUTES 44 SECONDS EAST FOR A DISTANCE OF FEET; THENCE SOUTH 30 DEGREES 58 MINUTES 16 SECONDS EAST FOR A DISTANCE OF FEET TO THE BEGINNING OF A CURVE, CONCAVE SOUTHERLY HAVING A RADIUS OF FEET AND A CENTRAL ANGLE OF 11 DEGREES 30 MINUTES 15 SECONDS; THENCE EASTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, A DISTANCE OF FEET SAID ARC SUBTENDED BY A CHORD WIIlCH BEARS NORTH 80 DEGREES 06 MINUTES. 59 SECONDS EAST, A DISTANCE OF FEET TO THE END OF SAID CURVE; THENCE NORTH 85 DEGREES 52 MINUTES 06 SECONDS EAST FOR A DISTANCE OF FEET; THENCE NORTH 04 DEGREES 07 MINUTES 54 SECONDS WEST FOR A DISTANCE OF FEET; THENCE NORTH 85 DEGREES 52 MINUTES 06 SECONDS EAST FOR A DISTANCE OF FEET TO THE BEGINNING OF A CURVE, CONCAVE SOUTHERLY, HAVING A RADIUS OF FEET AND A CENTRAL ANGLE OF 18 DEGREES 43 MINUTES 30 SECONDS; THENCE EASTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, A DISTANCE OF FEET SAID ARC SUBTENDED BY A CHORD WHICH BEARS SOUTH 84 DEGREES 46 MINUTES 09 SECONDS EAST, A DISTANCE OF FEET TO THE BEGINNING OF A REVERSE CURVE, CONCAVE NORTHERLY, HAVING A RADIUS OF FEET AND A CENTRAL ANGLE OF 18 DEGREES 43 MINUTES 30 SECONDS; THENCE EASTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, A DISTANCE OF FEET SAID ARC SUBTENDED BY A CHORD WHICH BEARS SOUTH 84 DEGREES 46 MINUTES 09 SECONDS EAST, A DISTANCE OF FEET TO THE END OF SAID CURVE; THENCE NORTH 85 DEGREES 52 MINUTES 06 SECONDS EAST FOR A DISTANCE OF FEET; THENCE SOUTH 04 DEGREES 07 MINUTES 54 SECONDS EAST FOR A DISTANCE OF FEET TO THE BEGINNING OF A CURVE, CONCAVE EASTERLY, HAVING A RADIUS OF FEET AND A CENTRAL ANGLE OF 01 DEGREES 49 MINUTES 35 SECONDS; THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, A DISTANCE OF FEET TO A POINT ON SAID CURVE AND THE POINT OF BEGINNING OF THIS DESCRIPTION. [ : MWATT/JNLEO: DOCX; I) -6-

128 THEREFROM ANY PORTION OF THE ABOVE PARCEL C, WIIlCH LIES WITHIN THE RIGHT OF WAY OF HUNTERS RIDGE BOULEVARD, ACCORDING TO THE PLAT OF AIRPORT ROAD/HUNTER'S RIDGE BOULEYARD EXTENSION RECORDED IN PLAT BOOK 37, PAGE 38, PUBLIC RECORDS OF FLAGLER COUNTY, FLORIDA. NOTE: A PORTION OF THE PROPERTY DESCRIBED HEREIN INCLUDES THAT PARCEL OF LAND WHICH HAS BEEN PLATTED AND NOW KNOWN AS HUNTINGTON WOODS AT HUNTER'S RIDGE - PHASE 1, ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK 37, PAGES 65 THROUGH 69, INCLUSIVE, OF THE PUBLIC RECORDS OF FLAGLER COUNTY, FLORIDA SAIDPARCELS CONTAINING ACRESMOREORLESS. AND A PORTION OF SECTION 22, TOWNSHIP 14 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA; BEING MORE PARTICULARLY DESCRIED AS FOLLOWS: AS A POINT OF REFERENCE COMMENCE AT THE SOUTHEAST CORNER OF SAID SECTION 22; THENCE SOUTH 88 DEGREES 22 MINUTES 40 SECONDS WEST ALONG THE SOUTH LINE OF SAID SECTION 22, A DISTANCE OF FEET TO THE POINT OF BEGINNING; THENCE CONTINUE SOUTH 88 DEGREES 22 MINUTES 40 SECONDS WEST ALONG THE SOUTH LINE OF SAID SECTION 22, A DISTANCE OF 880:44 FEET TO THE EASTERLY LINE OF A 236 FOOT WIDE FLORIDA POWER AND LIGHT EASEMENT; THENCE NORTH 01 DEGREES 00 MINUTES 33 SECONDS WEST ALONG SAID EASTERLY LINE OF A 236 FOOT WIDE FLORIDA POWER EASEMENT, A DISTANCE OF FEET; THENCE DEPARTING SAID EASTERLY LINE OF SAID EASEMENT SOUTH 55 DEGREES 03 MINUTES 18 SECONDS EAST, A DISTANCE OF FEET; THENCE NORTH 88 DEGREES 18 MINUTES 30 SECONDS EAST, A DISTANCE OF FEET; TBENCE SOUTH 33 DEGREES 30 MINUTES 31 SECONDS EAST, A DISTANCE OF FEET; THENCE SOUTH 48 DEGREES 43 MINUTES 34 SECONDS WEST, A DISTANCE OF FEET; THENCE SOUTH 58 DEGREES 39 MINUTES 45 SECONDS EAST, A DISTANCE OF 7.01 FEET; THENCE NORTH 83 DEGREES 30 MINUTES 21 SECONDS EAST, A DISTANCE OF FEET; THENCE SOUTH 56 DEGREES 40 MINUTES 34 SECONDS EAST, A DISTANCE OF FEET; THENCE SOUTH 25 DEGREES 50 MINUTES 45 SECONDS EAST, A DISTANCE OF FEET; THENCE SOUTH 82 DEGREES 17 MINUTES 34 SECONDS EAST, A DISTANCE OF FEET; THENCE SOUTH 14 DEGREES 13 MINUTES 31 SECONDS EAST, A DISTANCE OF FEET; THENCE SOUTH 02 DEGREES 50 MINUTES 25 SECONDS WEST, A DISTANCE FEET; THENCE SOUTH 08 DEGREES 10 MINUTES 06 SECONDS EAST, A DISTANCE OF FEET; THENCE SOUTH 52 DEGREES 30 MINUTES 47 SECONDS WEST, A DISTANCE OF FEET; THENCE SOUTH 06 DEGREES 37 MINUTES 10 SECONDS WEST, A DISTANCE OF FEET; THENCE SOUTH 12 DEGREES 20 MINUTES 34 SECONDS WEST, A DISTANCE OF FEET; { : MWATI/JNLEO : DOCX; I} -7-