TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT REGULAR MEETING AGENDA

TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT REGULAR MEETING AGENDA NOVEMBER 6, 2018

Twin Creeks North Community Development District OFFICE OF THE DISTRICT MANAGER 2300 Glades Road, Suite 410W Boca Raton, Florida 334313 Phone: (561) 571-0010 Toll-free: (877) 276-0889 Fax: (561) 571-0013 October 25, 2018 Board of Supervisors Twin Creeks North Community Development District ATTENDEES: Please identify yourself each time you speak to facilitate accurate transcription of meeting minutes. Dear Board Members: A Regular Meeting of the Board of Supervisors of the Twin Creeks North Community Development District will be held on Tuesday, November 6, 2018 at 11:45 a.m., or immediately thereafter following the adjournment of the Landowners Meeting and Election of the Twin Creeks North Community Development District, in the construction trailer located at 106 CR 210W, St. Johns, Florida 32259. The agenda is as follows: 1. Call to Order/Roll Call 2. Public Comments 3. Consideration of Resolution 2019-01, Canvassing and Certifying the Results of the Landowners Election of Supervisors Held Pursuant to Section 190.006(2), Florida Statutes 4. Consideration of Resolution 2019-02, Electing the Officers of the District, and Providing for an Effective Date 5. Consideration of Partial Assignment of Agreement Regarding True-Up and Payment of Series 2016A-1 Special Assessments (TCN Parcel 1) 6. Consideration of Resolution 2019-03, Expressing the Intent of the District to Issue Bonds to Provide Funding for the Cost of Construction of Parcel Infrastructure Improvements for Parcel 1, Subject to Conditions; Providing for an Effective Date 7. Consideration of Fourth Supplemental Special Assessment Methodology Report 8. Approval of Unaudited Financial Statements as of September 30, 2018 9. Approval of August 21, 2018 Public Hearing and Regular Meeting Minutes 10. Staff Reports A. District Counsel: Billing, Cochran, Lyles, Mauro & Ramsey, P.A.

Board of Supervisors Twin Creeks North Community Development District November 6, 2018, Regular Meeting Agenda Page 2 B. District Engineer: Prosser, Inc. C. District Manager: Wrathell, Hunt and Associates, LLC 11. Board Members Comments/Requests 12. Public Comments 13. Adjournment I look forward to seeing all of you at the upcoming meeting. In the meantime, if you should have any questions or concerns, please do not hesitate to contact me directly at (561) 719-8675. FOR BOARD MEMBERS AND STAFF TO ATTEND BY TELEPHONE: Sincerely, Call-in number: 1-888-354-0094 Conference ID: 7491428 Craig Wrathell District Manager

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RESOLUTION 2019-01 A RESOLUTION CANVASSING AND CERTIFYING THE RESULTS OF THE LANDOWNERS ELECTION OF SUPERVISORS FOR THE TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT HELD PURSUANT TO SECTION 190.006(2), FLORIDA STATUTES WHEREAS, pursuant to Section 190.006(2), Florida Statutes, a landowners meeting is required to be held within 90 days of the District's creation and every two (2) years following the creation of a Community Development District for the purpose of electing Supervisors of the District; and WHEREAS, following proper publication of notice thereof, such landowners meeting was held on November 6, 2018 at which the below recited persons were duly elected by virtue of the votes cast in their respective favor; and WHEREAS, the Board of Supervisors by means of this Resolution desires to canvass the votes, declare, and certify the results of said election. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT; 1. The following persons are found, certified, and declared to have been duly elected as Supervisors of and for the District, having been elected by the votes cast in their favor as shown, to wit: Votes Votes Votes 2. In accordance with said statute, and by virtue of the number of votes cast for the for the Supervisor, the above-named person is declared to have been elected for the following term of office: four (4)-year term four (4)-year term two (2)-year term SEAT SEAT SEAT

3. Said terms of office shall commence immediately upon the adoption of this Resolution. PASSED AND ADOPTED this 6 th day of November, 2018 Chair/Vice Chair, Board of Supervisors Secretary/Assistant Secretary

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RESOLUTION 2019-02 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT ELECTING THE OFFICERS OF THE DISTRICT, AND PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the Twin Creeks North Community Development District ( District ) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within St. Johns County, Florida; and WHEREAS, the Board of Supervisors ( Board ) of the Twin Creeks North Community Development District held their Landowners election for three (3) Board Seats on November 6, 2018; and WHEREAS, pursuant to Chapter 190, Florida Statutes, the Board desires to elect the below recited persons to the offices specified. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT: 1. DISTRICT OFFICERS. The District officers are as follows: is appointed Chair is appointed Vice Chair Craig Wrathell is appointed Secretary is appointed Assistant Secretary is appointed Assistant Secretary is appointed Assistant Secretary Howard McGaffney Craig Wrathell Jeff Pinder is appointed Assistant Secretary is appointed Treasurer is appointed Assistant Treasurer 2. CONFLICTS. All Resolutions or parts of Resolutions in conflict herewith are hereby repealed to the extent of such conflict. 3. EFFECTIVE DATE. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 6 th day of November, 2018. Attest: TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT Secretary/Assistant Secretary Chair/Vice Chair, Board of Supervisors

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Prepared By and after Recording Return to: Zelica M Quigley, Esq. Nelson Mullins Broad and Cassel Lynn Financial Center 1905 NW Corporate Blvd., Suite 310 Boca Raton, FL 33431 PARTIAL ASSIGNMENT OF AGREEMENT REGARDING TRUE-UP AND PAYMENT OF SERIES 2016A-1 SPECIAL ASSESSMENTS (TCN Parcel 1) This Partial Assignment of Agreement Regarding True-Up and Payment of Series 2016A-1 Special Assessments (this Partial Assignment ) is made and entered into as of the day of, 2018, by and between Twin Creeks Development Associates, LLC, a Florida limited liability company, whose address is 100 East Linton Blvd., Suite 211B, Delray Beach, Florida 33483 ( Assignor ); and Lennar Homes, LLC, a Florida limited liability company, whose address is 9440 Philips Highway, Suite 7, Jacksonville, Florida 32256 ( Assignee ). Assignor and Assignee are referred to herein sometimes as a Party or the Parties. RECITALS WHEREAS, Assignor and the Twin Creeks North Community Development District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, and located in the St. Johns County, Florida (the District ), entered into that certain Agreement Regarding the True-Up and Payment of Series 2016A-1 Special Assessments, dated December 22, 2016, and recorded in Official Records Book 4305, Page 1148, as affected by that certain Partial Assignment of Agreement regarding True-Up and Payment of Series 2016A-1 Special Assessments by and between the Parties dated January 11, 2017 and recorded in Official Records Book 4318, Page 1537, both of the Public Records of St. Johns County, Florida (the Agreement ); WHEREAS, BVO, LLC, a Florida limited liability company, has transferred to Assignee the parcel within the boundaries of the lands of the District identified as Parcel 1 and more particularly described on Exhibit A attached hereto and made a part hereof ( Parcel 1 ); WHEREAS, Assignee plans to develop and construct on Parcel 1 a residential community comprised of 114 twin villa 40 lots (each, a 40 Lot and collectively, the 40 Lots ), together with common areas, open spaces, roadways and other subdivision improvements (collectively, the Parcel 1 Project ); WHEREAS, the Parcel 1 Project may be developed by Assignee in one or more separate phases as evidenced by the recording of a subdivision plat or plats in the Public Records of St. Johns County, Florida; 4841-1493-9504.5 51282/0008 1

WHEREAS, in connection with the conveyance of Parcel 1 to Assignee, Assignee has agreed to assume certain obligations of Assignor under the Agreement with respect to Parcel 1 upon such terms and provisions as more specifically set forth herein; and WHEREAS, Assignor has requested, and the District has agreed, that the District shall look solely to Assignee for the performance of certain obligations of Assignor under the Agreement with respect to Parcel 1 upon such terms and provisions as more specifically set forth herein. NOW THEREFORE, for and in consideration of the premises and the mutual covenants and agreements contained herein, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee hereby covenant and agree as follows: 1. Recitals. The foregoing recitals are true and correct and are incorporated herein by this reference. Any capitalized term not otherwise defined herein shall have the meaning set forth in the Agreement. 2. Partial Assignment and Consent to Partial Assignment. Assignor hereby assigns, and Assignee hereby assumes, those certain true-up payment obligations and rights of Assignor under the Agreement attributable to Parcel 1 as set forth in Section 3 below, including but not limited to the automatic release provisions in Section 12(b) of the Agreement with respect to Parcel 1. The District hereby consents to such assignment and hereby releases Assignor and the remaining portion of the District Lands other than Parcel 1 from any and all obligations to make any payment of the Obligation (as hereinafter defined) which is payable by Assignee pursuant to this Partial Assignment, and the District further consents to a corresponding reduction in Assignor s ERU development requirements based on Parcel 1 containing one hundred fourteen (114) 40 Lots. 3. Obligation. The District adopted that certain Supplemental Assessment Methodology Report for the Twin Creeks North Community Development District dated, 2018 (the Assessment Methodology Report ) pursuant to which Parcel 1 has been allocated a par amount of debt assessment for the Special Assessment Bonds, Series 2016A-1 (Master Infrastructure Improvements) equal to $ (the Allocated Debt Assessment ). Assignee agrees that the Allocated Debt Assessment is a legal, valid and binding special assessment lien on Parcel 1. Assignee hereby waives and relinquishes any rights it may have to challenge, object to or otherwise fail to pay such Allocated Debt Assessment. The Allocated Debt Assessment shall be allocated and assigned to each 40 Lot platted within Parcel 1 in an amount equal to per 40 Lot. Assignee acknowledges that the District will conduct a true-up examination at the time of platting of the each phase of Parcel 1 and as otherwise provided in the Agreement. If, as a result of such test, it is determined that fewer than one hundred fourteen (114) 40 Lots have been platted on Parcel 1, a true-up payment is due to the District pursuant to the Agreement with respect to such platting, then Assignee shall be required to make such true-up payment in accordance with the terms of the Agreement. Assignee agrees to unconditionally make any and all true-up payments to the District that are attributable to Parcel 1 as provided above and are due under the 2

Agreement (the Obligation ). If one hundred fourteen (114) 40 Lots have been platted on Parcel 1, then District agrees that no true-up payment shall be required from Assignee. If Assignee shall at any time fail to pay the Obligation, as and when the same shall become due and payable, or any portion thereof, then such failure to make a payment shall be an event of default under the Agreement with respect to Assignee only, entitling the District to exercise any and all remedies at law or in equity to collect the Obligation from Assignee. Assignee acknowledges the Agreement, as partially assigned by this Partial Assignment, is intended to be an additional method of enforcement of the obligation of the owner of Parcel 1 to abide by the requirements of the Agreement to make true-up payment or payments, as the case may be. Nothing herein shall operate to prevent the District from collecting and enforcing any portion of the Allocated Debt Assessment against Parcel 1, as allowed and provided by Florida law and the District s assessment resolutions, as may be adopted from time to time. 4. Further Assignment. Notwithstanding the provisions set forth in the Agreement, in no event shall Assignee have the right to assign to any party, in whole or in part, its obligation to pay the Obligation to the District, without the consent of the District, provided that Assignee shall also comply with any other requirements pertaining to any assignment as set forth in the Agreement. 5. Further Assurances. Assignee covenants that upon request of Assignor or the District, Assignee will execute such additional documents consistent with the terms of this Partial Assignment, as may be necessary to assure or confirm the terms and covenants set forth herein. 6. Captions. The captions for each section of this Partial Assignment are for convenience and reference only and in no way define, describe, extend, or limit the scope of intent of this Partial Assignment, or the intent of any provision hereof. 7. Severability. If any provision of this Partial Assignment, the deletion of which would not adversely affect the receipt of any material benefit by any Party hereunder or substantially increase the burden of any Party hereto, shall be held to be invalid or unenforceable to any extent, the same shall not affect in any respect whatsoever the validity or enforceability of the remainder of this Partial Assignment. 8. Counterparts. This Partial Assignment may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute, but one and the same instrument. 9. Applicable Law. This Partial Assignment is made and shall be construed under the laws of the State of Florida. 10. Costs and Fees. In the event that Assignor has to enforce this Partial Assignment against Assignee, by court proceedings or otherwise, then Assignee and Assignor agree that the prevailing Party shall be entitled to recover from the other all costs incurred, including 3

reasonable attorney's fees and costs for trial, alternate dispute resolution, or appellate proceedings. 11. Arm s Length Transaction. This Partial Assignment has been negotiated fully between the Parties in an arm's length transaction. The Parties participated fully in the preparation of this Partial Assignment with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Partial Assignment, the Parties are deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any Party. 12. District's Consent and Acknowledgement. The District is executing this Partial Assignment to evidence its consent to, and acknowledgment of, the assignment and assumption and other terms set forth herein. [SIGNATURES APPEAR ON THE FOLLOWING PAGES] 4

IN WITNESS WHEREOF, the Parties have executed this Partial Assignment on the day and year first set forth above. WITNESSES: Witnesses: Print Name: TWIN CREEKS DEVELOPMENT ASSOCIATES, LLC, a Florida limited liability company By: John T. Kinsey, Manager Print Name: STATE OF FLORIDA ) ) COUNTY OF PALM BEACH ) The foregoing instrument was acknowledged before me this day of, 2018, by John T. Kinsey, Manager of Twin Creeks Development Associates, LLC, a Florida limited liability company for and on behalf of said company. He is personally known to me. NOTARY STAMP: Signature of Notary Public 5

Witnesses: LENNAR HOMES, LLC, a Florida limited liability company Print Name: Print Name: By: Name: Title: STATE OF FLORIDA COUNTY OF The foregoing instrument was acknowledged before me this day of, 2018, by, as of LENNAR HOMES, LLC, a Florida limited liability company, on behalf of the limited liability company. He is personally known to me or has produced as identification. NOTARY STAMP: Signature of Notary Public 6

WITNESSES: TWIN CREEKS COMMUNITY DEVELOPMENT DISTRICT By: Print Name: Robert Furlong, Vice Chairman Print Name: Attest: Print Name: By: Bryan Kinsey, Assistant Secretary Print Name: STATE OF FLORIDA ) COUNTY OF ) The foregoing instrument was acknowledged before me this day of, 2018, by Robert Furlong, as Vice Chairman of the Board of Supervisors of Twin Creeks North Community Development District, for and on behalf of the District. He [ ] is personally known to me or [ ] produced as identification. NOTARY STAMP: Signature of Notary Public STATE OF FLORIDA ) COUNTY OF ) The foregoing instrument was acknowledged before me this day of, 2018, by Bryan Kinsey, as Assistant Secretary of the Board of Supervisors for Twin Creeks North Community Development District, for and on behalf of the District. He [ ] is personally known to me or [ ] produced as identification. NOTARY STAMP: Signature of Notary Public 7

EXHIBIT A Parcel 1 8

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RESOLUTION 2019-03 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT EXPRESSING THE INTENT OF THE DISTRICT TO ISSUE BONDS TO PROVIDE FUNDING FOR THE COST OF CONSTRUCTION OF PARCEL INFRASTRUCTURE IMPROVEMENTS FOR PARCEL 1, SUBJECT TO CONDITIONS; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Twin Creeks North Community Development District (the District ) is a unit of special purpose local government established by Ordinance No. 2016-15 of St. Johns County, Florida (the County ), enacted on March 15, 2016 and effective March 17, 2016, as amended by County Ordinance No. 2016-62, enacted on December 8, 2016 and effective December 9, 2016, pursuant to Chapter 190, Florida Statutes; and WHEREAS, the District currently encompasses a total of approximately 892+/- acres located within the unincorporated area of the County, including certain real property known as Parcel 1 described in Exhibit A attached hereto ( Parcel 1 ); and WHEREAS, the District has issued Special Assessment Bonds Series 2016A-2 to fund the cost of certain Parcel Infrastructure improvements that will serve the development of certain parcels of land located within the District s boundaries, such improvements being more particularly described in the District s Engineer s Report prepared by Prosser, Inc., dated April 14, 2016, and Supplemental Engineer s Report No. 1, dated November 11, 2016 (collectively, the Engineer s Report ); and WHEREAS, Twin Creeks Development Associates, LLC, a Florida limited liability company, the principal developer of the lands located within the boundaries of the District, has requested that the District Board of Supervisors (the Board ) adopt a resolution expressing the District s intent to issue additional special assessment bonds to provide funding for the cost of construction of Parcel Infrastructure improvements to serve Parcel 1; and WHEREAS, the Board is agreeable to adopting a resolution expressing such intent, subject to the certain conditions; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT, THAT: SECTION 1. The foregoing recitals clauses are true and correct and are hereby incorporated into this Resolution by reference. SECTION 2. The District hereby expresses its intent to issue special assessment bonds to provide funding for the cost of construction of Parcel Infrastructure improvements to serve Parcel 1 at prevailing market rates and conditions at time of issuance, based on a Supplemental Engineer s Report prepared by the District s Engineer documenting the plan of improvements to 4828-5600-0376.2 51282/0008

be funded by such bonds, which plan of improvements shall be subject to approval of the District s Engineer and the Board. SECTION 3. The proper District officials are hereby authorized and directed to take all steps necessary to effectuate the intent of this Resolution. SECTION 4. All Resolutions or parts of Resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 5. If any clause, section or other part or application of this Resolution is held by court of competent jurisdiction to be unconstitutional or invalid, in part or as applied, it shall not affect the validity of the remaining portions or applications of this Resolution. SECTION 6. This Resolution shall take effect upon adoption. THIS RESOLUTION WAS PASSED AND ADOPTED THIS 6 TH DAY OF NOVEMBER, 2018. ATTEST: TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT By: Secretary/Assistant Secretary By: Chair/Vice Chair, Board of Supervisors 2

EXHIBIT A Description of Parcel 1 PARCEL 1: A PORTION OF SECTION 9, AND SECTION 46, THE JOSEPH PEAVETT GRANT, TOWNSHIP 5 SOUTH, RANGE 28 EAST, ST. JOHNS COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE INTERSECTION OF THE SOUTHERLY LINE OF SAID SECTION 9 AND THE NORTHWESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO. 210, (A VARIABLE WIDTH RIGHT OF WAY, AS NOW ESTABLISHED); THENCE SOUTH 89 12'49" WEST, ALONG SAID SOUTHERLY LINE OF SECTION 9, A DISTANCE OF 1834.76 FEET, TO THE POINT OF BEGINNING; THENCE CONTINUE SOUTH 89 12'49" WEST, ALONG THE SOUTHERLY LINE OF SAID SECTION 9, A DISTANCE OF 78.91 FEET; THENCE SOUTH 89 55'22" WEST, CONTINUING ALONG SAID SOUTHERLY LINE, 1349.80 FEET, TO THE EASTERLY LINE OF GOVERNMENT LOT 7 OF SECTION 16, TOWNSHIP 5 SOUTH, RANGE 28 EAST; THENCE SOUTH 01 18'02" WEST, ALONG SAID EASTERLY LINE, 12.69 FEET; THENCE SOUTH 89 00'03" WEST, 589.15 FEET, TO THE EASTERLY RIGHT OF WAY LINE OF INTERSTATE HIGHWAY NO. 95 (STATE ROAD NO. 9, A 300 FOOT RIGHT OF WAY PER FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP SECTION NO. 78080-2408 AND SECTION NO. 78080-2440), AND THE ARC OF A CURVE LEADING NORTHERLY; THENCE NORTHERLY, ALONG SAID EASTERLY RIGHT OF WAY LINE AND ALONG AND AROUND THE ARC OF SAID CURVE, CONCAVE EASTERLY, HAVING A RADIUS OF 11309.16 FEET, AN ARC DISTANCE OF 401.88 FEET, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 02 58'05" EAST, 401.86 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE NORTH 03 59'10" EAST, CONTINUING ALONG SAID EASTERLY RIGHT OF WAY LINE, 866.09 FEET; THENCE SOUTH 86 00'50" EAST, 1532.58 FEET; THENCE SOUTH 01 07'23" WEST, 539.01 FEET; THENCE SOUTH 35 10'49" EAST, 726.76 FEET, TO THE POINT OF BEGINNING. LESS AND EXCEPT THE FOLLOWING DESCRIBED LANDS: A PORTION OF SECTION 9, AND SECTION 46, THE JOSEPH PEAVETT GRANT, TOWNSHIP 5 SOUTH, RANGE 28 EAST, ST. JOHNS COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWESTERLY CORNER OF TRACT F, AS SHOWN ON THE PLAT OF TWIN CREEKS NORTH PARCEL 2 AND 3 PHASE ONE, AS RECORDED IN MAP BOOK 88, PAGES 52 THROUGH 69, INCLUSIVE OF THE PUBLIC RECORDS OF SAID ST. JOHNS COUNTY; THENCE SOUTH 89 12'49" WEST, ALONG THE SOUTHERLY LINE OF SAID SECTION 9, A DISTANCE OF 78.91 FEET; THENCE SOUTH 89 55'22" WEST, CONTINUING ALONG SAID SOUTHERLY LINE, 1349.80 FEET, TO THE EASTERLY LINE OF GOVERNMENT LOT 7 OF SECTION 16, TOWNSHIP 5 SOUTH, RANGE 28 EAST; THENCE SOUTH 01 18'02" WEST, ALONG SAID EASTERLY LINE, 12.69 FEET; THENCE SOUTH 89 00'03" WEST, 589.15 FEET, TO THE EASTERLY RIGHT OF WAY LINE OF INTERSTATE HIGHWAY NO. 95 (STATE ROAD NO. 9, A 300 FOOT RIGHT OF WAY PER FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP SECTION NO. 78080-2408 AND SECTION NO. 78080-2440), AND THE ARC OF A CURVE LEADING NORTHERLY; THENCE NORTHERLY, ALONG SAID EASTERLY RIGHT OF WAY LINE AND ALONG AND AROUND THE ARC OF SAID CURVE, CONCAVE EASTERLY, HAVING A RADIUS OF 11309.16 FEET, AN ARC DISTANCE OF 401.88 FEET, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 02 58'05" EAST, 401.86 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE NORTH 03 59'10" EAST, CONTINUING ALONG SAID EASTERLY RIGHT OF WAY LINE, 253.73 FEET, TO THE SOUTHERLY LINE OF THOSE LANDS DESIGNATED CONSERVATION EASEMENT NO. 7 DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4142, PAGE 1684 OF THE PUBLIC RECORDS OF SAID ST. JOHNS COUNTY; THENCE SOUTHEASTERLY AND

EASTERLY, ALONG LAST SAID LINE, RUN THE FOLLOWING THREE (3) COURSES AND DISTANCES; COURSE NO. 1: SOUTH 51 08'35" EAST, 31.70 FEET; COURSE NO. 2: SOUTH 83 20'47" EAST, 24.02 FEET, TO THE POINT OF BEGINNING; COURSE NO. 3: CONTINUE SOUTH 83 20'47" EAST, 67.30 FEET; THENCE SOUTH 40 38'16" EAST, 130.36 FEET, TO THE ARC OF A CURVE LEADING SOUTHWESTERLY; THENCE SOUTHWESTERLY, ALONG AND AROUND THE ARC OF SAID CURVE, CONCAVE SOUTHEASTERLY, HAVING A RADIUS OF 125.00 FEET, AN ARC DISTANCE OF 75.65 FEET, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 32 01'25" WEST, 74.50 FEET; THENCE NORTH 75 18'54" WEST, 125.97 FEET; THENCE NORTH 03 59'10" EAST, 138.29 FEET, TO THE POINT OF BEGINNING.

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TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT Fourth Supplemental Special Assessment Methodology Report November 6, 2018 Provided by: Wrathell, Hunt and Associates, LLC 2300 Glades Road, Suite 410W Boca Raton, FL 33431 Phone: 561-571-0010 Fax: 561-571-0013 Website: www.whhassociates.com TCNCDD Fourth Supplemental Methodology Report v1

1 Introduction This Fourth Supplemental Special Assessment Methodology Report (the Fourth Supplemental Report ) was developed to supplement the Revised Master Special Assessment Methodology Report dated November 11, 2016 (the Revised Master Report ), and the Supplemental Special Assessment Methodology Report dated December 2, 2016 (the Supplemental Report ). This Fourth Supplemental Report was developed specifically to provide a supplemental special assessment methodology for Residential Parcel 1 (the Parcel 1 ) within the Twin Creeks North Community Development District (the District ), located in unincorporated St. Johns County, Florida, as relating to the planned sale and development plan change for Parcel 1. 2 Parcel 1 Development Plan Change The District was recently advised by the developer of land within the District and the current owner of Parcel 1, BVO, LLC, that it intends to change the planned use from the originally-planed 80 SF 43 detached units to 114 40 attached villa units. Table 1 in the Appendix presents the original and the current, revised development plan for the District. Utilizing the application of the Revised Master Report and the Supplemental Report, this Fourth Supplemental Report presents the allocation of benefit of Master Infrastructure Improvements to the planned land uses within the District, illustrated in Table 2 in the Appendix. Finally, Table 3 in the Appendix presents the apportionment of Series 2016A-1 Bond Assessments, both prior to and after the development plan changes. 3 Appendix 1

Table 1 Twin Creeks North Community Development District Original Development Plan Parcel Designation Product Type Development Plan Parcel Number Number of Sq. Ft./Units Non-Residential Commercial Parcel 4 Retail 4 200,000 Commercial Parcel 5 Retail 5 275,000 Commercial Parcel 6 Retail 6 200,000 Commercial Parcel 7 Retail 7 100,000 Commercial Parcel 8 Retail 8 175,000 Office Parcel 9 Office 9 100,000 Sub-Total 1,050,000 Residential Residential Parcel 1 SF 43' 1 80 Residential Parcel 2 SF 40' 2 124 Residential Parcel 3 SF 40' 3 63 Residential Parcel 10/11 SF 63' 10/11 62 Residential Parcel 10/11 Villa 37.5' 10/11 32 Residential Parcel 12 Villa 37.5' 12 134 Residential Parcel 13 SF 53' 13 147 Residential Parcel 14 SF 73' 14 119 Sub-Total 761 Revised Development Plan Parcel Designation Product Type Development Plan Parcel Number Number of Sq. Ft./Units Non-Residential Commercial Parcel 5 Retail 5 275,000 Commercial Parcel 6 Retail 6 200,000 Commercial Parcel 7 Retail 7 100,000 Commercial Parcel 8 Retail 8 175,000 Office Parcel 9 Office 9 100,000 Sub-Total 850,000 Residential Multi-Family Parcel 4 MF 4 348 Residential Parcel 1 Villa 40' 1 114 Residential Parcel 2 SF 40' 2 124 Residential Parcel 3 SF 40' 3 63 Residential Parcel 10/11 SF 63' 10/11 62 Residential Parcel 10/11 Villa 37.5' 10/11 32 Residential Parcel 12 Villa 37.5' 12 134 Residential Parcel 13 SF 53' 13 147 Residential Parcel 14 SF 73' 14 119 Sub-Total 1,143 2

Table 2 Twin Creeks North Community Development District Original Master Infrastructure Improvements Benefit Allocation Parcel Designation Product Type Number of Sq. Ft./Units Master Infrastructure Improvements EAU per 1,000 Sq. Ft./Unit Master Infrastructure Improvements Total EAU Percent Share of Total Non-Residential Commercial Parcel 4 Retail 200,000 0.24680 49.36072 0.04777 Commercial Parcel 5 Retail 275,000 0.24680 67.87099 0.06568 Commercial Parcel 6 Retail 200,000 0.24680 49.36072 0.04777 Commercial Parcel 7 Retail 100,000 0.24680 24.68036 0.02388 Commercial Parcel 8 Retail 175,000 0.24680 43.19063 0.04180 Office Parcel 9 Office 100,000 0.16887 16.88698 0.01634 Sub-Total 1,050,000 251.35038 0.24323 Residential Residential Parcel 1 SF 43' 80 1.00000 80.00000 0.07742 Residential Parcel 2 SF 40' 124 0.98688 122.37301 0.11842 Residential Parcel 3 SF 40' 63 0.98688 62.17338 0.06017 Residential Parcel 10/11 SF 63' 62 1.08747 67.42330 0.06525 Residential Parcel 10/11 Villa 37.5' 32 0.97595 31.23024 0.03022 Residential Parcel 12 Villa 37.5' 134 0.97595 130.77663 0.12655 Residential Parcel 13 SF 53' 147 1.04374 153.42924 0.14847 Residential Parcel 14 SF 73' 119 1.13121 134.61386 0.13027 Sub-Total 761 782.01967 0.75677 Total 1,033.37005 1.00000 Revised Master Infrastructure Improvements Benefit Allocation Parcel Designation Product Type Number of Sq. Ft./Units Master Infrastructure Improvements EAU per 1,000 Sq. Ft./Unit Master Infrastructure Improvements Total EAU Percent Share of Total Non-Residential Commercial Parcel 5 Retail 275,000 0.24680 67.87099 0.06368 Commercial Parcel 6 Retail 200,000 0.24680 49.36072 0.04631 Commercial Parcel 7 Retail 100,000 0.24680 24.68036 0.02316 Commercial Parcel 8 Retail 175,000 0.24680 43.19063 0.04052 Office Parcel 9 Office 100,000 0.16887 16.88698 0.01584 Sub-Total 850,000 201.98967 0.18951 Residential Multi-Family Parcel 4 MF 348 0.14184 49.36072 0.04631 Residential Parcel 1 Villa 40' 114 0.98688 112.50422 0.10555 Residential Parcel 2 SF 40' 124 0.98688 122.37301 0.11481 Residential Parcel 3 SF 40' 63 0.98688 62.17338 0.05833 Residential Parcel 10/11 SF 63' 62 1.08747 67.42330 0.06326 Residential Parcel 10/11 Villa 37.5' 32 0.97595 31.23024 0.02930 Residential Parcel 12 Villa 37.5' 134 0.97595 130.77663 0.12269 Residential Parcel 13 SF 53' 147 1.04374 153.42924 0.14395 Residential Parcel 14 SF 73' 119 1.13121 134.61386 0.12629 Sub-Total 1,143 863.88460 0.81049 Total 1,065.87427 1.00000 3

Table 3 Twin Creeks North Community Development District Original Master Infrastructure Improvements Assessment Apportionment - No Principal Prepayments or Regular Principal Payments on Series 2016A-1 Bonds Parcel Designation Product Type Number of Sq. Ft./Units Series 2016A-1 Bond Total Master Assessment Apportionment Series 2016A-1 Bond Master Assessment Apportionment per 1,000 Sq. Ft./Unit Series 2016A-1 Bond Annual Master Assessment Apportionment per 1,000 Sq. Ft./Unit* Non-Residential Commercial Parcel 4 Retail 200,000 $1,026,984.87 $5,134.92 $393.45 Commercial Parcel 5 Retail 275,000 $1,412,104.20 $5,134.92 $393.45 Commercial Parcel 6 Retail 200,000 $1,026,984.87 $5,134.92 $393.45 Commercial Parcel 7 Retail 100,000 $513,492.43 $5,134.92 $393.45 Commercial Parcel 8 Retail 175,000 $898,611.76 $5,134.92 $393.45 Office Parcel 9 Office 100,000 $351,345.61 $3,513.46 $269.21 Sub-Total 1,050,000 $5,229,523.74 Residential Residential Parcel 1 SF 43' 80 $1,664,456.99 $20,805.71 $1,594.17 Residential Parcel 2 SF 40' 124 $2,546,057.63 $20,532.72 $1,573.25 Residential Parcel 3 SF 40' 63 $1,293,561.54 $20,532.72 $1,573.25 Residential Parcel 10/11 SF 63' 62 $1,402,789.82 $22,625.64 $1,733.61 Residential Parcel 10/11 Villa 37.5' 32 $649,767.41 $20,305.23 $1,555.82 Residential Parcel 12 Villa 37.5' 134 $2,720,901.03 $20,305.23 $1,555.82 Residential Parcel 13 SF 53' 147 $3,192,204.57 $21,715.68 $1,663.89 Residential Parcel 14 SF 73' 119 $2,800,737.27 $23,535.61 $1,803.34 Sub-Total 761 $16,270,476.26 Total $21,500,000.00 Revised Master Infrastructure Improvements Assessment Apportionment - No Principal Prepayments or Regular Principal Payments on Series 2016A-1 Bonds Parcel Designation Product Type Number of Sq. Ft./Units Series 2016A-1 Bond Total Master Assessment Apportionment Series 2016A-1 Bond Master Assessment Apportionment per 1,000 Sq. Ft./Unit Series 2016A-1 Bond Annual Master Assessment Apportionment per 1,000 Sq. Ft./Unit* Non-Residential Commercial Parcel 5 Retail 275,000 $1,369,041.57 $4,978.33 $381.45 Commercial Parcel 6 Retail 200,000 $995,666.60 $4,978.33 $381.45 Commercial Parcel 7 Retail 100,000 $497,833.30 $4,978.33 $381.45 Commercial Parcel 8 Retail 175,000 $871,208.27 $4,978.33 $381.45 Office Parcel 9 Office 100,000 $340,631.20 $3,406.31 $261.00 Sub-Total 850,000 $4,074,380.94 Residential Multi-Family Parcel 4 MF 348 $995,666.60 $2,861.11 $219.22 Residential Parcel 1 Villa 40' 114 $2,269,348.99 $19,906.57 $1,525.27 Residential Parcel 2 SF 40' 124 $2,468,414.69 $19,906.57 $1,525.27 Residential Parcel 3 SF 40' 63 $1,254,113.91 $19,906.57 $1,525.27 Residential Parcel 10/11 SF 63' 62 $1,360,011.25 $21,935.67 $1,680.75 Residential Parcel 10/11 Villa 37.5' 32 $629,952.52 $19,686.02 $1,508.38 Residential Parcel 12 Villa 37.5' 134 $2,637,926.18 $19,686.02 $1,508.38 Residential Parcel 13 SF 53' 147 $3,094,857.14 $21,053.45 $1,613.15 Residential Parcel 14 SF 73' 119 $2,715,327.79 $22,817.88 $1,748.34 Sub-Total 1,143 $17,425,619.06 Total $21,500,000.00 * Included costs of collection and assumes payment in November Notes: 1. The principal amount of Series 2016A-1 Bonds was prepaid in conjunction with conversion of Parcel 4 from nonresidential retail to residential MF uses in July of 2018. 2. Multiple residential units in Parcels 10/11, 12 and 13 had partial prepayments of Series 2016A-1 Bonds. 4

TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT 8

TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT FINANCIAL STATEMENTS UNAUDITED SEPTEMBER 30, 2018

TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2018 General Fund Debt Service Fund Series 2016 Debt Service Fund Series 2018 Capital Projects Fund Series 2016 Capital Projects Fund Series 2018 Total Governmental Funds ASSETS Cash $ 190,284 $ - $ - $ - $ - $ 190,284 Investments Revenue 2016A-1-124,142 - - - 124,142 Revenue 2016A-2-183,778 - - - 183,778 Revenue 2018 - - 905 905 Reserve 2016 A-1-1,220,906 - - - 1,220,906 Reserve 2016 A-2-618,210 - - - 618,210 Reserve 2018 - - 98,397 - - 98,397 Capitalized interest 2016 A-1-12 - - - 12 Capitalized interest 2016 A-2-3 - - - 3 Capitalized interest 2018 - - 114 - - 114 Prepayment 2016A-1-44,553 - - - 44,553 Prepayment 2016A-2-161,067 - - - 161,067 Construction 2016 BAN - - - 4,568-4,568 Construction 2016 A-1 - - - 11,800-11,800 Construction 2016 A-2 - - - 129,007-129,007 Construction 2018 - - - - 1,636,641 1,636,641 Cost of issuance 2016 BAN - 895 - - - 895 Cost of issuance 2016 A-1-16,991 - - - 16,991 Cost of issuance 2016 A-2-7,526 - - - 7,526 Cost of issuance 2018 - - 4 - - 4 Interest receivable - 3,431 152 223 2,519 6,325 Due from Developer 575,792 537,212 - - - 1,113,004 Due from Lennar 54,948 - - - - 54,948 Due from BVO 274,214 - - - 274,214 Due from debt service fund - 905 400 - - 1,305 Total assets $ 821,024 $ 3,193,845 $ 99,972 $ 145,598 $ 1,639,160 $ 5,899,599 1

TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2018 General Fund Debt Service Fund Series 2016 Debt Service Fund Series 2018 Capital Projects Fund Series 2016 Capital Projects Fund Series 2018 Total Governmental Funds LIABILITIES AND FUND BALANCES Liabilities: Accounts payable $ 3,115 $ - $ - $ - $ - $ 3,115 Due to debt service fund - 400 905 - - 1,305 Accrued taxes payable 122 - - - - 122 Retainage payable 2016 BAN - - - 137,062-137,062 Retainage payable 2016A-2 - - - 837,533-837,533 Developer advance 2,500 - - - - 2,500 Total liabilities 5,737 400 905 974,595-981,637 DEFERRED INFLOWS OF RESOURCES Deferred receipts 630,740 814,856 152 223 2,519 1,448,490 Total deferred inflows of resources 630,740 814,856 152 223 2,519 1,448,490 Fund balances: Committed Debt service - 2,378,589 98,915 - - 2,477,504 Capital projects - - - (829,220) 1,636,641 807,421 Unassigned 184,547 - - - - 184,547 Total fund balances 184,547 2,378,589 98,915 (829,220) 1,636,641 3,469,472 Total liabilities, deferred inflows of resources and fund balances $ 821,024 $ 3,193,845 $ 99,972 $ 145,598 $ 1,639,160 $ 5,899,599 2

TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE PERIOD ENDED SEPTEMBER 30, 2018 Current Month Year to Date % of Budget Budget REVENUES Assessment levy: off-roll $ - $ 224,210 $ 852,861 26% Lot closings 30,676 56,970 - N/A Developer contribution - 21,306 - N/A Total revenues 30,676 302,486 852,861 35% EXPENDITURES Professional & administrative Supervisors - 3,200 7,000 46% FICA - 245 536 46% District engineer - - 7,500 0% General counsel 3,074 17,807 35,000 51% District manager 4,167 50,000 50,000 100% Debt service fund accounting: 2016 master bonds 422 5,119 5,119 100% Debt service fund accounting: 2016 sub bonds 203 2,381 2,381 100% Debt service fund accounting: Lennar bonds* 292 1,458 3,500 42% Arbitrage rebate calculation - - 750 0% Audit - 3,260 8,500 38% Postage 57 214 1,000 21% Insurance - GL, PL - 10,710 10,500 102% Legal advertising - 516 2,000 26% Mailed notices - - 700 0% Miscellaneous - bank charges 3 608 950 64% Website - 635 750 85% ADA website compliance - 199 - N/A Dissemination agent 167 2,000 2,000 100% Annual distict filing fee - 175 175 100% Trustee 7,000 7,000 - N/A Total professional & administrative 15,385 105,527 138,361 76% Field Operations Landscape maintenance Beachwalk Blvd (inc. main entries) - - 376,000 0% CR 210 - North side - - 40,000 0% CR 210 - median - - 20,000 0% Tree/plant replacement - - 20,000 0% Irrigation repairs - - 12,000 0% Irrigation water - - 180,000 0% Aquatic maintenance - - 44,000 0% Road maintenance - - 15,000 0% Accounting - - 7,500 0% Total field operations - - 714,500 0% Total expenditures 15,385 105,527 852,861 12% Excess/(deficiency) of revenues over/(under) expenditures 15,291 196,959 - Fund balances - beginning 169,256 (12,412) - Fund balances - ending $ 184,547 $ 184,547 $ - *These items will be realized when bonds are issued. 3

TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES DEBT SERVICE FUND SERIES 2016 BANS & 2016 BONDS FOR THE PERIOD ENDED SEPTEMBER 30, 2018 Current Month Year To Date % of Budget Budget REVENUES Assessment levy: off-roll $ 171,111 $ 1,109,952 $ 2,366,678 47% Assessment prepayments 113,272 1,375,059 - N/A Lot closings 905 131,491 - N/A Interest 2016 BAN 1 11 - N/A Interest 2016 A-1 2,013 19,286 - N/A Interest 2016 A-2 1,144 9,358 - N/A Total revenues 288,446 2,645,157 2,366,678 112% EXPENDITURES Principal prepayment 2016A-2-1,130,000 - N/A Interest 2016A-1-1,346,114 1,331,175 101% Interest 2016A-2-618,270 618,756 100% Total debt service - 3,094,384 1,949,931 159% Other fees & charges Trustee - - 8,500 0% Total other fees and charges - - 8,500 0% Total expenditures - 3,094,384 1,958,431 158% Excess/(deficiency) of revenues over/(under) expenditures 288,446 (449,227) 408,247 OTHER FINANCING SOURCES/(USES) Transfers out - (17,652) - N/A Total other financing sources - (17,652) - N/A Net change in fund balances 288,446 (466,879) 408,247 Fund balances - beginning 2,090,143 2,845,468 2,832,319 Fund balances - ending $ 2,378,589 $ 2,378,589 $ 3,240,566 4

TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES DEBT SERVICE FUND SERIES 2018 BONDS FOR THE PERIOD ENDED SEPTEMBER 30, 2018 Current Month Year To Date REVENUES Lot closings $ 400 $ 400 Interest 152 834 Total revenues 552 1,234 EXPENDITURES Cost of issuance - 160,750 Interest - 32,432 Total debt service - 193,182 Excess/(deficiency) of revenues over/(under) expenditures 552 (191,948) OTHER FINANCING SOURCES/(USES) Receipt of bond proceeds 2018-353,363 Underwriter's discount - (62,500) Total other financing sources - 290,863 Net change in fund balances 552 98,915 Fund balances - beginning 98,363 - Fund balances - ending $ 98,915 $ 98,915 5

TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND SERIES 2016 BANS & 2016 BONDS FOR THE PERIOD ENDED SEPTEMBER 30, 2018 Current Month Year To Date REVENUES Developer contribution $ - $ 318,521 Interest 2016 BAN 7 57 Interest 2016 A-1 18 403 Interest 2016 A-2 198 3,147 Total revenues 223 322,128 EXPENDITURES Capital outlay 2016 A-2-558,160 Total expenditures - 558,160 Excess/(deficiency) of revenues over/(under) expenditures 223 (236,032) OTHER FINANCING SOURCES/(USES) Transfer in - 17,652 Total other financing sources/(uses) - 17,652 Net change in fund balances 223 (218,380) Fund balances - beginning (829,443) (610,840) Fund balances - ending $ (829,220) $ (829,220) 6

TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND SERIES 2018 BONDS FOR THE PERIOD ENDED SEPTEMBER 30, 2018 Current Month Year To Date REVENUES Interest $ 2,512 $ 18,081 Total revenues 2,512 18,081 EXPENDITURES Capital outlay - 1,153,077 Total expenditures - 1,153,077 Excess/(deficiency) of revenues over/(under) expenditures 2,512 (1,134,996) OTHER FINANCING SOURCES/(USES) Receipt of bond proceeds 2018-2,771,637 Total other financing sources/(uses) - 2,771,637 Net change in fund balances 2,512 1,636,641 Fund balances - beginning 1,634,129 - Fund balances - ending $ 1,636,641 $ 1,636,641 7

TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT 9

DRAFT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 MINUTES OF MEETING TWIN CREEKS NORTH COMMUNITY DEVELOPMENT DISTRICT The Board of Supervisors of the Twin Creeks North Community Development District held a Public Hearing and a Regular Meeting on Tuesday, August 21, 2018 at 11:00 a.m., or immediately thereafter following the meeting of the Board of Supervisors of the Creekside at Twin Creeks Community Development District, in the construction trailer located at 106 CR 210W, St. Johns, Florida 32259. Present at the meeting were: John Kinsey Chair Robert Furlong Vice Chair Bryan Kinsey Assistant Secretary Jared Bouskila (via telephone) Assistant Secretary Also present were: Howard McGaffney District Manager Gerry Knight (via telephone) District Counsel FIRST ORDER OF BUSINESS Call to Order/Roll Call Mr. McGaffney called the meeting to order at 11:34 a.m. Supervisors John Kinsey, Robert Furlong and Bryan Kinsey were present, in person. Supervisor Jared Bouskila was attending via telephone. Supervisor Scott Keiling was not present. SECOND ORDER OF BUSINESS Public Comments There being no public comments, the next item followed. THIRD ORDER OF BUSINESS Public Hearing to Hear Comments and Objections on the Adoption of the District s Final Budget for Fiscal Year 2018/2019, Pursuant to Florida Law

TWIN CREEKS NORTH CDD DRAFT August 21, 2018 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 A. Affidavit/Proof of Publication The affidavit of publication was provided for informational purposes. B. Consideration of Resolution 2018-04, Relating to the Annual Appropriations and Adopting the Budget for Fiscal Year 2018/2019 Beginning October 1, 2018 and Ending September 30, 2019; Authorizing Budget Amendments; and Providing an Effective Date Mr. McGaffney presented Resolution 2018-04 and read the tile. On MOTION by Mr. John Kinsey and seconded by Mr. Bryan Kinsey, with all in favor, the Public Hearing was opened at 11:36 a.m. No members of the public spoke. Mr. McGaffney closed the Public Hearing at 11:37 a.m. On MOTION by Mr. John Kinsey and seconded by Mr. Bryan Kinsey, with all in favor, Resolution 2018-04, Relating to the Annual Appropriations and Adopting the Budget for Fiscal Year 2018/2019 Beginning October 1, 2018 and Ending September 30, 2019; Authorizing Budget Amendments; and Providing an Effective Date, was adopted. FOURTH ORDER OF BUSINESS Consideration of Resolution 2018-05, Making a Determination of Benefit and Imposing Special Assessments for Fiscal Year 2018/2019; Providing for the Collection and Enforcement of Special Assessments; Certifying an Assessment Roll; Providing for Amendments to the Assessment Roll; Providing a Severability Clause; and Providing an Effective Date Mr. McGaffney presented Resolution 2018-05 and read the title. 2

TWIN CREEKS NORTH CDD DRAFT August 21, 2018 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 On MOTION by Mr. John Kinsey and seconded by Mr. Bryan Kinsey, with all in favor, Resolution 2018-05, Making a Determination of Benefit and Imposing Special Assessments for Fiscal Year 2018/2019; Providing for the Collection and Enforcement of Special Assessments; Certifying an Assessment Roll; Providing for Amendments to the Assessment Roll; Providing a Severability Clause; and Providing an Effective Date, was adopted. FIFTH ORDER OF BUSINESS Presentation of Audited Annual Financial Report for the Fiscal Year Ended September 30, 2017, Prepared by Berger, Toombs, Elam, Gaines & Frank Mr. McGaffney presented the Fiscal Year 2017 Audit. He reviewed the information contained in the Audit. There were no findings, deficiencies, recommendations or instances of noncompliance; it was a clean audit. SIXTH ORDER OF BUSINESS Consideration of Resolution 2018-06, Accepting the Audited Annual Financial Report for the Fiscal Year Ended September 30, 2017 Mr. McGaffney presented Resolution 2018-06. On MOTION by Mr. John Kinsey and seconded by Mr. Bryan Kinsey, with all in favor, Resolution 2018-06, Accepting the Audited Annual Financial Report for the Fiscal Year Ended September 30, 2017, was adopted. SEVENTH ORDER OF BUSINESS Approval of Unaudited Financial Statements as of June 30, 2018 Mr. McGaffney presented the Unaudited Financial Statements as of June 30, 2018. On MOTION by Mr. John Kinsey and seconded by Mr. Bryan Kinsey, with all in favor, the Unaudited Financial Statements as of June 30, 2018, were approved. 3

TWIN CREEKS NORTH CDD DRAFT August 21, 2018 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 EIGHTH ORDER OF BUSINESS Approval of June 5, 2018 Special Meeting Minutes Mr. McGaffney presented the June 5, 2018 Special Meeting Minutes and asked for any additions, deletions or corrections. On MOTION by Mr. John Kinsey and seconded by Mr. Bryan Kinsey, with all in favor, the June 5, 2018 Special Meeting Minutes, as presented, were approved. NINTH ORDER OF BUSINESS Staff Reports A. District Counsel: Billing, Cochran, Lyles, Mauro & Ramsey, P.A. There being no report, the next item followed. B. District Engineer: Prosser, Inc. There being no report, the next item followed. C. District Manager: Wrathell, Hunt and Associates, LLC i. Consideration of ADA Site Compliance Proposal for Website Compliance Shield, Accessibility Policy and One (1) Annual Technological Audit Mr. McGaffney presented the ADA Site Compliance (ADASC) proposal. On MOTION by Mr. John Kinsey and seconded by Mr. Bryan Kinsey, with all in favor, the ADA Site Compliance Proposal for Website Compliance Shield, Accessibility Policy and One (1) Annual Technological Audit and Management s actions, were ratified. ii. LANDOWNERS MEETING: November 6, 2018 at 11:30 A.M. in the construction trailer located at 106 CR 210W, St. Johns, Florida 32259. (Board is not required to attend) The Landowners Meeting will be held on November 6, 2018 at 11:30 a.m. The Board is not required to attend. Landowners or proxy holders may cast votes. 4

TWIN CREEKS NORTH CDD DRAFT August 21, 2018 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 TENTH ORDER OF BUSINESS Board Members Comments/Requests There being no Board Members comments or requests, the next item followed. ELEVENTH ORDER OF BUSINESS Public Comments There being no public comments, the next item followed. TWELFTH ORDER OF BUSINESS Adjournment There being nothing further to discuss, the meeting adjourned. On MOTION by Mr. John Kinsey and seconded by Mr. Bryan Kinsey, with all in favor, the meeting adjourned at 11:43 a.m. [SIGNATURES APPEAR ON THE FOLLOWING PAGE] 5

TWIN CREEKS NORTH CDD DRAFT August 21, 2018 167 168 169 170 171 172 Secretary/Assistant Secretary Chair/Vice Chair 6