AVENIR COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM BEACH GARDENS SPECIAL BOARD MEETING JANUARY 11, :00 A.M.

AVENIR COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM BEACH GARDENS SPECIAL BOARD MEETING JANUARY 11, 2018 11:00 A.M. Special District Services, Inc. The Oaks Center 2501A Burns Road Palm Beach Gardens, FL 33410 www.avenircdd.org 561.630.4922 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA AVENIR COMMUNITY DEVELOPMENT DISTRICT The Oaks Center 2501 Burns Road, Suite A Palm Beach Gardens, Florida 33410 SPECIAL BOARD MEETING January 11, 2018 11:00 a.m. A. Call to Order B. Proof of Publication...Page 1 C. Establish Quorum D. Additions or Deletions to Agenda E. Comments from the Public for Items Not on the Agenda F. Approval of Minutes 1. December 20, 2017 Special Board Meeting...Page 2 G. Old Business H. New Business 1. Consider Approval of Preliminary First Supplemental Special Assessment Methodology Report for Series 2018 Bonds (Assessment Area One Project)...Page 7 2. Consider Resolution No. 2018-01 Adopting Delegation Resolution Page 36 I. Administrative Matters J. Board Member Comments K. Adjourn

Palm Beach Post, The Jan. 2, 2018 Miscellaneous Notices AVENIR COMMUNITY DEVELOPMENT DISTRICT NOTICE OF SPECIAL BOARD MEETING NOTICE IS HEREBY GIVEN that the Board of Supervisors of the Avenir Community Development District will hold a Special Board Meeting on January 11, 2018, at 11:00 a.m. in the Conference Room of Special District Services, Inc. located at 2501A Burns Road, Palm Beach Gardens, Florida 33410. The purpose of the Special Board Meeting is to conduct any business coming before the Board. The Special Board Meeting is open to the public and will be conducted in accordance with the provisions of Florida law. A copy of the Agendas for this Special Board Meeting may be obtained from the District's website or by contacting the District Manager at 561-630-4922 and/or toll free at 1-877-737-4922 prior to the date of the meeting. From time to time one or two Supervisors may participate by telephone; therefore, a speaker telephone will be present at the meeting location so that Supervisors may be fully informed of the discussions taking place. Said meeting may be continued as found necessary to a time and place specified on the record. If any person decides to appeal any decision made with respect to any matter considered at this Special Board meeting, such person will need a record of the proceedings and such person may need to insure that a verbatim record of the proceedings is made at his or her own expense and which record includes the testimony and evidence on which the appeal is based. In accordance with the provisions of the Americans with Disabilities Act, any person requiring special accommodations or an interpreter to participate at any of these meetings should contact the District Manager at 561-630-4922 and/or toll free at 1-877-737-4922 at least seven (7) days prior to the meeting. Meetings may be cancelled from time to time without advertised notice. AVENIR COMMUNITY DEVELOPMENT DISTRICT www.avenircdd.org PUBLISH: PALM BEACH POST 1-2/2018 Page 1

AVENIR COMMUNITY DEVELOPMENT DISTRICT SPECIAL BOARD MEETING DECEMBER 20, 2017 A. CALL TO ORDER The Special Board Meeting of the Avenir Community Development District was called to order at 11:06 a.m. in the offices of Special District Services, Inc. located at 2501A Burns Road, Palm Beach Gardens, Florida 33410. B. PROOF OF PUBLICATION Proof of publication was presented which indicated that notice of the Special Board Meeting had been published in The Palm Beach Post on December 13, 2017, as legally required. C. ESTABLISH A QUORUM A quorum was established with the following Supervisors in attendance: Chairperson Virginia Cepero, Vice Chairperson Rosa Eckstein and Supervisor Daniel Lopez. Also in attendance were Jason Pierman of Special District Services, Inc.; District Counsel Dennis Lyles of Billing, Cochran, Lyles, Mauro & Ramsey, P.A.; and District Engineer Carlos Ballbe of Ballbe & Associates. Also present was Len Lindahl of Special District Services, Inc. D. ADDITIONS OR DELETIONS TO AGENDA There were no additions or deletions to the agenda. E. COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA There were no comments from the public for items not on the agenda. F. APPROVAL OF MINUTES 1. November 16, 2017, Regular Board Meeting The minutes of the November 16, 2017, Regular Board Meeting were presented for approval. A motion was made by Ms. Schechter, seconded by Mr. Lopez and passed unanimously approving the minutes of the November 16, 2017, Regular Board Meeting, as presented. G. OLD BUSINESS There were no Old Business items to come before the Board. Page 1 of 5 Page 2

H. NEW BUSINESS 1. Consider Approval of a Final Engineer s Report Mr. Ballbe presented the Final Engineer s Report, noting that it was a supplement to the original report, and addresses the Clubhouse and Assessment Area One. Mr. Lindahl noted that there was a question regarding fencing, to which Mr. Lyles noted that it can sometimes be acceptable to include, but should be reviewed. A motion was made by Ms. Schechter, seconded by Mr. Lopez, and unanimously passed to approve the Final Engineer s Report, in substantial form, subject to final review. 2. Consider Approval of a Master Special Assessment Methodology Report Mr. Lindahl presented the Master Special Assessment Methodology Report, noting that it covers A1 through A9, Townhouses, Multi-family and Commercial parcels. A motion was made by Ms. Schechter, seconded by Mr. Lopez, and unanimously passed to approve the Master Special Assessment Methodology Report, in substantial form, subject to final review. 3. Consider Approval of a Preliminary Assessment Methodology Report for Clubhouse Bonds for Assessment Area One Mr. Lindahl presented the Preliminary Assessment Methodology Report for Clubhouse Bonds for Assessment Area One, noting that it covers A1-A4, A6-A9, Townhouses, and Multi-family. A motion was made by Ms. Schechter, seconded by Mr. Lopez, and unanimously passed to approve the Preliminary Assessment Methodology Report for Clubhouse Bonds for Assessment Area One, in substantial form, subject to final review. 4. Consider Resolution No. 2017-26 Declaring Special Assessments Mr. Pierman presented Resolution No. 2017-26, entitled: RESOLUTION NO. 2017-26 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE AVENIR COMMUNITY DEVELOPMENT DISTRICT DECLARING SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE IMPROVEMENTS WHICH COST IS TO BE DEFRAYED IN PART BY THE SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE PARTIALLY DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH SPECIAL ASSESSMENTS SHALL BE MADE; DESIGNATING LANDS UPON WHICH THE SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; AUTHORIZING THE PREPARATION OF A PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR A PUBLIC HEARING TO CONSIDER THE ADVISABILITY AND PROPRIETY OF SAID ASSESSMENTS AND THE RELATED IMPROVEMENTS; PROVIDING FOR NOTICE OF SAID PUBLIC HEARING; PROVIDING FOR PUBLICATION OF THIS RESOLUTION. Page 2 of 5 Page 3

Mr. Pierman noted that this resolution applies to Assessment Area One. Mr. Lyles noted that the resolution follows Chapter 170, noticing the levy of assessments, and requires a mailed notice to all property owners. A motion was made by Ms. Schechter, seconded by Ms. Cepero and passed unanimously to adopt Resolution No. 2017-26, as presented. 5. Consider Resolution No. 2017-27 Setting a Public Hearing on Declaring Special Assessments Mr. Pierman presented Resolution No. 2017-27, entitled: RESOLUTION NO. 2017-27 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE AVENIR COMMUNITY DEVELOPMENT DISTRICT SETTING A PUBLIC HEARING TO BE HELD AT 11:00 A.M. ON JANUARY 25, 2018, AT THE LOCATION OF 2501A BURNS ROAD, PALM BEACH GARDENS, FLORIDA 33410, FOR THE PURPOSE OF HEARING PUBLIC COMMENT ON THE LEVY OF NON AD VALOREM SPECIAL ASSESSMENTS ON CERTAIN PROPERTY WITHIN THE BOUNDARIES OF THE DISTRICT PURSUANT TO CHAPTERS 190, F.S., 170, F.S., AND 197, F.S A motion was made by Ms. Schechter, seconded by Mr. Lopez and passed unanimously to adopt Resolution No. 2017-27, setting the Public Hearing for 11:00 a.m. on January 25, 2018, at the offices of Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410. 6. Consider Resolution No. 2017-28 Declaring Special Assessments (Clubhouse) Mr. Pierman presented Resolution No. 2017-28, entitled: RESOLUTION NO. 2017-28 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE AVENIR COMMUNITY DEVELOPMENT DISTRICT DECLARING SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE IMPROVEMENTS WHICH COST IS TO BE DEFRAYED IN PART BY THE SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE PARTIALLY DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH SPECIAL ASSESSMENTS SHALL BE MADE; DESIGNATING LANDS UPON WHICH THE SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; AUTHORIZING THE PREPARATION OF A PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR A PUBLIC HEARING TO CONSIDER THE ADVISABILITY AND PROPRIETY OF SAID ASSESSMENTS AND THE RELATED IMPROVEMENTS; PROVIDING FOR NOTICE OF SAID PUBLIC HEARING; PROVIDING FOR PUBLICATION OF THIS RESOLUTION. Page 3 of 5 Page 4

It was noted that this resolution applies to the Clubhouse. A motion was made by Ms. Schechter, seconded by Ms. Cepero and passed unanimously to adopt Resolution No. 2017-28, as presented. 7. Consider Resolution No. 2017-29 Setting a Public Hearing on Declaring Special Assessments Mr. Pierman presented Resolution No. 2017-29, entitled: RESOLUTION NO. 2017-29 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE AVENIR COMMUNITY DEVELOPMENT DISTRICT SETTING A PUBLIC HEARING TO BE HELD AT 11:00 A.M. ON JANUARY 25, 2018, AT THE LOCATION OF 2501A BURNS ROAD, PALM BEACH GARDENS, FLORIDA 33410, FOR THE PURPOSE OF HEARING PUBLIC COMMENT ON THE LEVY OF NON AD VALOREM SPECIAL ASSESSMENTS ON CERTAIN PROPERTY WITHIN THE BOUNDARIES OF THE DISTRICT PURSUANT TO CHAPTERS 190, F.S., 170, F.S., AND 197, F.S A motion was made by Ms. Schechter, seconded by Ms. Cepero and passed unanimously to adopt Resolution No. 2017-29, as presented, setting the Public Hearing for January 25, 2018, at noon at the offices of Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410 I. ADMINISTRATIVE MATTERS Mr. Pierman noted that the December 28, 2017, meeting would not be held. J. BOARD MEMBER COMMENTS Following a brief discussion, a motion was made by Ms. Schechter, seconded by Mr. Lopez and unanimously passed to change the meeting time to 12:00 p.m., beginning with the January 25, 2018, meeting. K. ADJOURNMENT There being no further business to come before the Board, a motion was made by Ms. Schechter, seconded by Ms. Cepero and passed unanimously to adjourn the meeting at 11:21 a.m. Page 4 of 5 Page 5

ATTESTED BY: Secretary/Assistant Secretary Chairperson/Vice-Chair Page 5 of 5 Page 6

AVENIR COMMUNITY DEVELOPMENT DISTRICT Preliminary First Supplemental Special Assessment Methodology Report For Series 2018 Bonds (Assessment Area One Project) January 11, 2018 Submitted by: Special District Services, Inc. 2501A Burns Road Palm Beach Gardens, FL 33410 Toll Free: 877.737.4922 Fax: 561.630.4923 www.sdsinc.org Page 7

1.0 INTRODUCTION The Avenir Community Development District (the District ) is a local unit of special purpose government located in the City of Palm Beach Gardens (the City ) in Palm Beach County, Florida (the County ). The District was established on January 5, 2017, by Ordinance No. 17-2017 enacted by the City Council of the City to provide for the construction, and/or acquisition, financing, long-term administration and management of certain public infrastructure of the Development, as defined below. This Preliminary First Supplemental Special Methodology Report (this Report ) supplements the District s Master Special Assessment Methodology Report Infrastructure Project Special Assessment Bonds for Assessment Area One, dated December 20, 2017, prepared by Special District Services, Inc. (the Master Report ). The Avenir PUD (the Development ) is a planned residential development containing approximately 2,427 gross acres and is located in the City. The District is co-terminus with the Development and is planned for the following land uses: Table 1 Proposed Land Uses Land Use Category Unit Single Family Residential 2,690 Dwelling units Age Restricted 960 Dwelling units Multi-Family 250 Dwelling units Commercial 400,000 S.F. Medical Office 200,000 S.F. Professional Office 1,800,000 S.F. Hotel 300 Rooms Park (land dedication) 55 Acres Police/Fire/City Annex (land dedication) 15 Acres Civic/Recreation (land dedication) 60 Acres Public School (land dedication) 15 Acres Agricultural 20 Acres The District intends to finance and construct the Development in phases. The District will create assessment areas to facilitate its financing plan, which will be consistent with the Developer s phasing plans. 1 Page 8

The District has initially created Assessment Area One. Assessment Area One contains approximately 485.43 gross acres. Table 2 below shows the planned uses for Assessment Area One. The capital improvement program for Assessment Area One (herein, the Assessment Area One Project ) is set forth in the First Supplemental Engineer s Report dated December 12, 2017, as may be amended from time to time (the Engineer s Report ), prepared by Ballbé & Associates, Inc. (the District s Engineer ) and summarized in Appendix 1 attached hereto. The District will be issuing its Series 2018-1 and the Series 2018-2 Bonds (collectively, the 2018 Bonds ) to finance a portion of the Assessment Area One Project. Completion bonds (herein, Completion Bonds ) will be issued by the District in the future to finance a portion of the remaining Assessment Area One Project. The Assessment Area One Project will not be fully funded by the Completion Bonds. The Developer will complete that portion of the Assessment Area One Project not funded with 2018 Bonds or the Completion Bonds. Additionally, the District is issuing Series 2018-3 Bonds to fund all or a portion of the Clubhouse Project described in the Engineer s Report. This Report only addresses the Assessment Area One Project and not the Clubhouse Project. Table 2 Proposed Land Uses for Assessment Area One Residential Parcel Product Type # of Units A-1 70 x 140 101 A-2 60 x 140 95 A-3 50 x 140 122 A-4 80 x 140 105 A-5 50 x 130 277 A-5 60 x 130 207 A-6 90 x 140 115 A-7 150 x 265 54 A-8 100 x 170 64 A-9 60 x 140 110 Townhouse, Multi-Family Townhouse 250 Total Units 1500 Commercial Acres Commercial Parcel 1 Economic Development 50 Commercial Parcel 2 Town Center 53 Total Acres 103 The Master Report equitably allocated the costs being incurred by the District to provide public infrastructure improvements to the developable lands within Assessment Area One of the District. The implementation of the improvements will convey special and peculiar benefits to the assessable properties in the District. The 2018 Bonds and the Completion Bonds to be issued to finance the improvements, comprising a portion of the Assessment Area One Project, will be 2 Page 9

repaid through the levy of non-ad valorem special assessments on certain assessable property within Assessment Area One of the District. The Series 2018-1 Bonds are secured by special assessments (herein, the 2018-1 Special Assessments ) levied and collected in the manner set forth herein, and separately, to be repaid through 30 annual installments (excluding any capitalized period) consistent with Chapter 190, Florida Statutes. At platting, the 2018-1 Special Assessments will be levied and collected on the tax roll. The Series 2018-2 Bonds are separately secured by special assessments (herein the 2018-2 Special Assessments ) levied and collected in the manner set forth herein, but will have a ten (10) year maturity and will be interest only prior to the final maturity at which time the principal will be due, unless the Developer closes on land sales to homebuilders and prepays a portion of the 2018-2 Special Assessments. The 2018-2 Special Assessments will be direct billed by the District. The 2018-2 Special Assessments will not be collected via the Uniform Method, unless otherwise directed under the terms of the applicable Indenture. Further, the Series 2018-3 Bonds are separately secured by the special assessments (herein, the 2018-3 Special Assessments ) levied and collected in the manner set forth in the Preliminary Assessment Methodology Report for Clubhouse Bonds, dated December 20, 2017 (herein, the Clubhouse Report ). At platting, the 2018-3 Special Assessments will be levied and collected via the Uniform Method. All three series of bonds are secured by separate and distinct liens though, in some instances, share the same collateral as more particularly described herein and in the Clubhouse Report. 2.0 OVERVIEW OF 2018 BONDS AND COMPLETION BONDS TO BE ISSUED TO FUND THE ASSESSMENT AREA ONE PROJECT The Assessment Area One Project will be financed as follows: 2018 Bonds The District will issue approximately $31,955,000 of the Series 2018-1 Bonds and the $20,805,000 of the Series 2018-2 Bonds to fund a portion of the public infrastructure comprising the Assessment Area One Project, as described in the Engineer s Report. Table 3 illustrates what platted parcels will ultimately be assigned. As further described herein, all gross acres within the District will initially be liened by the 2018-1 Special Assessments and 2018-2 Special Assessments, but certain parcels will not be assigned such special assessments upon platting. 3 Page 10

TABLE 3 Residential Parcel Product Type # of Units A-1 70 x 140 101 A-2 60 x 140 95 A-3 50 x 140 122 A-4 80 x 140 105 A-5 50 x 130 277 A-5 60 x 130 207 Townhouse, Multi-Family Townhouse 250 Total Units 1,157 Commercial Acres Commercial Parcel 1 Economic Development 50 Commercial Parcel 2 Town Center 53 Total Acres 103 The 2018 Bonds will be levied on all gross acres within Assessment Area One. Upon the conditions set forth herein in Section 4.0 of this Report, the 2018-1 Special Assessments and the 2018-2 Special Assessments will be assigned to certain parcels set forth in Table 3 of this Report. Completion Bonds The District will issue the Completion Bonds in the future in an amount not to exceed $31,740,000 to complete a portion of the Assessment Area One Project. The Special Assessments securing the Completion Bonds, when issued, will be assigned subsequent to the 2018-1 Special Assessments and 2018-2 Special Assessments and will ultimately be assigned to Parcels A6-A9 which are set forth in Table 2. Series 2018-3 Bonds Please note the Series 2018-3 Bonds will be issued as a single series and levied on all gross acres in the District for benefitted parcels A-1, A-2, A-3, A-4, A-6, A-7, A-8, A-9 and the Townhouse Parcel. 2018-3 Special Assessments will not be levied on parcel A-5 because there is no special benefit which is described in the Clubhouse Report. The Appendices attached hereto provide a computation of the annual non-ad valorem assessments assessed, imposed and levied against and peculiar to each assessable residential unit and commercial acre that will be subject to such non-ad valorem special assessments and demonstrates that such non-ad valorem special assessments will provide sufficient revenue to meet the maximum annual debt service requirement for the 2018 Bonds. The estimate of total capital improvements 4 Page 11

for Assessment Area One, as provided in the Engineer s Report, is approximately $68,316,125. See Appendix 1 attached hereto. Approximately $45,570,525 of the Assessment Area One Project will be financed with the 2018 Bonds and a portion of the remaining Assessment Area One Project will be financed with Completion Bonds. The estimated par amount of the 2018 Bonds for the Assessment Area One Project is shown herein on Appendix 2. The proceeds of the 2018 Bonds will include a debt service reserve fund, capitalized interest, issuance costs and other assumptions, as shown herein on Appendix 2. 3.0 FUNDING OF IMPROVEMENTS To defray the costs of construction of the Assessment Area One Project, the District will impose the 2018-1 Special Assessments and the 2018-2 Special Assessments on benefited real property within Assessment Area One. The 2018-1 Special Assessments and the 2018-2 Special Assessments are based on the special and peculiar benefits accruing to such property from the public improvements comprising the Assessment Area One Project. The use of non-ad valorem special assessments, being the 2018-1 Special Assessments and 2018-2 Special Assessments, has an advantage in that the properties that receive the special benefits from capital projects are the only properties that are obligated to pay for those facilities and services. Without these improvements, development of the property would not be possible. The capital facilities, which will be funded through these special assessments, include only facilities which may be undertaken by a community development district under Chapter 190, F.S. 4.0 ASSIGNMENT OF 2018 BONDS AND 2018-1 SPECIAL ASSESSMENTS AND 2018-2 SPECIAL ASSESSMENTS This section sets forth the manner in which the 2018-1 Special Assessments and the 2018-2 Special Assessments are assigned to benefitted properties within Assessment Area One. Special assessments may be levied only against certain property: (1) for facilities which provide special benefits to such property as distinct from general benefits; (2) only against property which receives that special benefit; (3) in proportion to the benefits received by the properties; and (4) according to fair and reasonable methods that the governing body of the jurisdiction determines. The 2018-1 Special Assessments and the 2018-2 Special Assessments placed upon the benefited properties within Assessment Area One must be sufficient to cover the debt service of the 2018 Bonds that will be issued for financing a portion of the Assessment Area One Project. Such assessments must be fairly and reasonably allocated to the properties being assessed. The 2018-1 Special Assessments and the 2018-2 Special Assessments will initially be levied across all the gross acreage in Assessment Area One. See Appendix 8 for a legal description of Assessment Area One. The 2018-1 Special Assessments and 2018-2 Special Assessments will be 5 Page 12

allocated to specific Parcels within Assessment Area One, as set forth in Appendix 4 upon the following events: Land is platted within Assessment Area One Land is sold in Assessment Area One The allocation of the 2018-1 Special Assessments at platting is set forth in Appendix 4. Land that is sold in Assessment Area One prior to platting will be assigned the 2018-1 Special Assessments equal to the development rights conveyed with such parcel and type of planned use. The 2018-1 Special Assessment will then be assigned in accordance with Appendix 4. Those Parcels set forth in Appendix 4 will ultimately be assigned the 2018-1 Special Assessments and 2018-2 Special Assessments. 4.1 Priority of Assignment: 2018-1 Special Assessments and 2018-2 Special Assessments Get Attached First While not expected, to the extent Completion Bonds are issued prior to platting or sale of parcels of Assessment Area One and not all the 2018-1 Special Assessments and 2018-2 Special Assessments have been assigned, such special assessments will be assigned prior to any 2018-3 Special Assessments associated with the Completion Bonds. 4.2 Developer Contribution A portion of the assessments for the Economic Development Commercial Parcel will be satisfied by way of a Developer contribution in the amount of $975,229. Accordingly, the Economic Development Parcel, as described herein, will only have Series 2018-1 Bonds levied on such parcel. 4.3 Collection of 2018-1 Special Assessments and 2018-2 Special Assessments The Series 2018-1 Bonds are secured by the 2018-1 Special Assessments and at platting will be collected via the Palm Beach County property tax bill process (Uniform Method). Accordingly, the Series 2018-1 Assessments have been adjusted to allow for current County collection costs and early payment discounts. Currently, the Series 2018-1 Assessments have been grossed up to include a 1% collection fee of the County Tax Collector, a 1% service fee of the County Property Appraiser and a 4% discount for early payment of taxes, where noted. The Series 2018-2 Bonds are separately secured by the 2018-2 Special Assessments and require interest-only debt service until maturity. The Series 2018-2 Special Assessments will be collected directly through the District and will not be collected 6 Page 13

via the Uniform Method, unless otherwise directed under the terms of the applicable Indenture. However, in order to keep assessments consistent throughout the report, the Series 2018-2 Special Assessments have been grossed up to include a 1% collection fee of the County Tax Collector, a 1% service fee of the County Property Appraiser and a 4% discount for early payment of taxes, where noted. The Series 2018-3 Bonds are separately secured by the 2018-3 Special Assessments levied and collected in the manner set forth in the Preliminary Assessment Methodology Report for Clubhouse Bonds, dated December 20, 2017 (herein, the Clubhouse Report ). At platting, the 2018-3 Special Assessments will be levied and collected via the Uniform Method. All three series of bonds are secured by separate and distinct liens though in some instances share the same collateral, as more particularly described herein and in the Clubhouse Report. 5.0 TRUE-UP MECHANISM The Master Developer is expecting to sell bulk parcels, not individual lots, to developers. To ensure that each residential lot is assessed no more than their pro-rata amount of the annual nonad valorem assessments shown herein on Appendices 6 and 7, the District will be required to perform a true-up analysis, which requires a computation at the time of submission of each plat or re-plat within each parcel to determine the potential remaining assessable dwelling lots/units. The District shall, at the time a plat or re-plat is submitted to the City: A. Assume that the total number of assessable residential units, within each parcel, utilized as a basis for this assessment methodology is as described in Table 3 ( Total Assessable Lots/Units). B. Ascertain the number of assessable residential dwelling lots/units, within each parcel, in the proposed plat or re-plat and all prior plats ( Planned Assessable Lots/Units ). C. Ascertain the current amount of potential remaining assessable dwelling lots/units within each Parcel ( Remaining Assessable Lots/Units ). If the Planned Assessable Lots/Units are equal to the Total Assessable Lots/Units, no action would be required at that time. However, if the sum of the Planned Assessable Lots/Units and the Remaining Assessable Lots/Units are less than an estimated number reflected in Table 3, the Developer will be obligated by the District to remit to the District an amount of money sufficient to enable the District to retire an amount of Bonds, plus accrued interest, such that the amount of non-ad valorem assessments allocated to each Planned Assessable Lot does not exceed the amount of debt service that would have been allocated thereto, had the total number of Planned Assessable Lots/Units not changed from what is represented in Table 3. Conversely, if the Planned Assessable 7 Page 14

Lots/Units of the residential lots/units is greater than the Total Assessable Lots/Units, then there will be a pro-rata decrease in the annual non-ad valorem assessments to all of the benefited properties. All assessments levied run with the land. A determination of a true-up payment shall be based on the terms and provisions of a true-up agreement entered into between the District and the Developer. It is the responsibility of the landowner of record to make any required true-up payments that are due. The District will not release any liens on the property for which true-up payments are due until provision for such payment has been satisfied. It is recommended that the true-up mechanism be formalized in an agreement between the District and the Developer. This First Supplemental Special Assessment Methodology Report supersedes anything to the contrary contained in the Master Report. The benefit findings and methodology described in the Master Methodology Report still apply and are incorporated herein by reference. In that regard, it is concluded that the special benefits remain unchanged as they flow peculiar to the each acre, lot or unit within Assessment Area One of the District and the apportionment of the 2018-1 Special Assessments and 2018-2 Special Assessments remains fair and reasonable. It is also concluded that the Series 2018 Special Assessments to be levied will not be in excess of the special benefits peculiar to the property, as apportioned. Certain financing, development, and engineering data was provided by members of District staff and/or Consultants. The allocation methodology described herein was based on information provided by those professionals. Special District Services, Inc. makes no representations regarding said information transactions beyond restatement of the factual information necessary for compilation of this report. Special District Services, Inc. does not represent the District as a Municipal Advisor or Securities Broker nor is Special District Services, Inc. registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, Special District Services, Inc. does not provide the Avenir Community Development District with financial advisory services or offer investment advice in any form. 8 Page 15

APPENDIX 1 AVENIR COMMUNITY DEVELOPMENT DISTRICT PROJECT COST ESTIMATES FOR ASSESSMENT AREA ONE Total Wastewater Collection System $3,419,733 Water Distribution System $2,940,025 Surface Water Manaement and Drainage Improvements $37,317,723 Roadway Improvements $11,056,526 Open Space and Recreation (clubhouse not included) $5,564,192 Landscaping, Irrigation, Entrance Features, Hardscapes $8,017,926 TOTAL $68,316,125 Page 16

APPENDIX 2 AVENIR COMMUNITY DEVELOPMENT DISTRICT BOND SIZING FOR 2018 BONDS Series 2018-1 Bond Sizing Series 2018-2 Bond Sizing 2018 Bond Sizing Par Amount $31,955,000 $20,805,000 $52,760,000 Debt Service Reserve Fund -$2,138,611 -$1,392,109 -$3,530,720 Capitalized Interest -$1,677,858 -$1,092,185 -$2,770,043 Underwriters Discount and Issuance Costs -$579,388 -$312,053 -$891,441 Rounding $2,729 $0 $2,729 Construction Funds $27,561,872 $18,008,653 $45,570,525 Page 17

APPENDIX 3 AVENIR COMMUNITY DEVELOPMENT DISTRICT PROJECT COST ALLOCATION FOR ASSESSMENT AREA ONE 2018 BONDS (at Platting) Residential Parcel Project Cost Allocation Per Unit Product Type # of Units ERU Total ERU Project Cost Allocation Per Type A-1 70 x 140 101 1.1 111 $4,200,379 $41,588 A-2 60 x 140 95 1.05 100 $3,771,268 $39,698 A-3 50 x 140 122 1 122 $4,612,478 $37,807 A-4 80 x 140 105 1.15 121 $4,565,219 $43,478 A-5 50 x 130 277 1 277 $10,472,593 $37,807 A-5 60 x 130 207 1.05 217 $8,217,394 $39,698 Townhouse, Multi-Family Townhouse 250 0.564 141 $5,330,815 $21,323 Subtotal 1,157 1,089 $41,170,146 Commercial Parcels Product Type Acres ERU Per Acre Total ERU Project Cost Allocation Per Type Project Cost Allocation Per Acre Commercial Economic Parcel 1 Development 50 1.13 57 $2,136,107 $42,722 Commercial Parcel 2 Town Center 53 1.13 60 $2,264,273 $42,722 Subtotal 103 116 $4,400,379 Total 103 1,205 $45,570,525 Page 18

APPENDIX 4 AVENIR COMMUNITY DEVELOPMENT DISTRICT ALLOCATION OF BOND DEBT PER UNIT FOR SERIES 2018 BONDS (at Platting) Residential Parcel Product Type # of Units ERU Total ERU Series 2018-1 Bond Debt Allocation Per Unit Type Series 2018-1 Bond Debt Allocation Per Unit Series 2018-2 Bond Debt Allocation Per Unit Type Series 2018-2 Bond Debt Allocation Per Unit A-1 70 x 140 101 1.1 111 $2,945,393 $29,162 $1,917,663 $18,987 A-2 60 x 140 95 1.05 100 $2,644,491 $27,837 $1,721,754 $18,124 A-3 50 x 140 122 1 122 $3,234,365 $26,511 $2,105,804 $17,261 A-4 80 x 140 105 1.15 121 $3,201,226 $30,488 $2,084,228 $19,850 A-5 50 x 130 277 1 277 $7,343,600 $26,511 $4,781,211 $17,261 A-5 60 x 130 207 1.05 217 $5,762,208 $27,837 $3,751,611 $18,124 Townhouse, Multi-Family Townhouse 250 0.564 141 $3,738,078 $14,952 $2,433,757 $9,735 Subtotal 1157 1,089 $28,869,362 $18,796,028 Series 2018-1 Series 2018-1 Series 2018-2 Series 2018-2 Commercial Product Type Acres ERU Per Bond Debt Bond Debt Bond Debt Bond Debt Total ERU Acre Allocation Per Allocation Per Allocation Per Allocation Per Unit Type Unit Unit Type Unit Commercial Economic Parcel 1 Development 50 1.13 57 $1,497,882 $29,958 $975,229 $19,505 Commercial Parcel 2 Town Center 53 1.13 60 $1,587,755 $29,958 $1,033,743 $19,505 Subtotal 103 116 $3,085,638 $2,008,972 Total 1,205 $31,955,000 $20,805,000 Page 19

APPENDIX 5 AVENIR COMMUNITY DEVELOPMENT DISTRICT CALCULATION OF ANNUAL DEBT SERVICE FOR 2018 BONDS Series 2018-1 Bond Maximum Annual Debt Assessment Series 2018-2 Bond Maximum Annual Debt Assessment 1 Maximum Annual Debt Service Assessment to be Collected* $2,276,526 $1,480,154 2 Total Number of Gross Acres 435.43 435.43 3 Maximum Annual Debt Service per Gross Acre* $5,228 $3,399 4 Total Number of Residential Units Planned 1,157 1,157 5 Maximum Annual Debt Service per Unit Type See Appendix 6 See Appendix 6 *Grossed up to include a 1% collection fee of the County Tax Collector, a 1% service fee of the County Property Appraiser and a 4% discount for early payment of taxes. Page 20

Residential Parcel Product Type APPENDIX 6 AVENIR COMMUNITY DEVELOPMENT DISTRICT ALLOCATION OF DEBT SERVICE ASSESSMENTS # of Units ERU Factor FOR 2018 BONDS Total ERU Series 2018-1 Bond Maximum Annual Debt Assessment Per Unit Series 2018-1 Bond Maximum Annual Debt Assessment Series 2018-2 Bond Maximum Annual Debt Assessment Per Unit Series 2018-2 Bond Maximum Annual Debt Assessment A-1 70 x 140 101 1.1 111 $1,953 $197,253 $1,270 $128,270 A-2 60 x 140 95 1.05 100 $1,864 $177,080 $1,212 $115,140 A-3 50 x 140 122 1 122 $1,775 $216,550 $1,154 $140,788 A-4 80 x 140 105 1.15 121 $2,042 $214,410 $1,328 $139,440 A-5 50 x 130 277 1 277 $1,775 $491,675 $1,154 $319,658 A-5 60 x 130 207 1.05 217 $1,864 $385,848 $1,212 $250,884 Townhouse, Multi-Family Townhouse 250 0.564 141 $1,002 $250,500 $651 $162,750 Subtotal 1157 1,089 $1,933,316 $1,256,930 Commercial Parcel Product Type Acres ERU Per Acre Total ERU Series 2018-1 Bond Maximum Annual Debt Assessment Per Unit Series 2018-1 Bond Maximum Annual Debt Assessment Series 2018-2 Bond Maximum Annual Debt Assessment Per Unit Series 2018-2 Bond Maximum Annual Debt Assessment Commercial Economic Parcel 1 Development 50 1.13 57 $2,006 $100,300 $1,305 $65,250 Commercial Parcel 2 Town Center 53 1.13 60 $2,006 $106,318 $1,305 $69,165 Subtotal 103 116 $206,618 $134,415 Total 1,205 $2,139,934 $1,391,345 Page 21

APPENDIX 7 AVENIR COMMUNITY DEVELOPMENT DISTRICT ALLOCATION OF DEBT SERIVCE ASSESSMENTS FOR 2018 BONDS Residential Parcel Product Type # of Units ERU Factor Total ERU Series 2018-1 Series 2018-2 Bond Maximum Bond Maximum Annual Debt Annual Debt Assessment Per Assessment Per Unit Unit 2018 Bonds Maximum Annual Debt Assessment Per Unit 2018 Bonds Maximum Annual Debt Assessment Per Unit* 2018 Bonds Maximum Annual Debt Assessment 2018 Bonds Maximum Annual Debt Assessment* A-1 70 x 140 101 1.1 111 $1,953 $1,270 $3,223 $3,429 $325,523 $346,301 A-2 60 x 140 95 1.05 100 $1,864 $1,212 $3,076 $3,273 $292,220 $310,872 A-3 50 x 140 122 1 122 $1,775 $1,154 $2,929 $3,116 $357,338 $380,147 A-4 80 x 140 105 1.15 121 $2,042 $1,328 $3,370 $3,586 $353,850 $376,436 A-5 50 x 130 277 1 277 $1,775 $1,154 $2,929 $3,116 $811,333 $863,120 A-5 60 x 130 207 1.05 217 $1,864 $1,212 $3,076 $3,273 $636,732 $677,374 Townhouse, Multi-Family Townhouse 250 0.564 141 $1,002 $651 $1,653 $1,759 $413,250 $439,628 Subtotal 1157 1,089 $3,190,246 $3,393,879 Commercial Parcel Product Type Acres ERU Per Acre Total ERU Series 2018-1 Series 2018-2 Bond Maximum Bond Maximum Annual Debt Annual Debt Assessment Per Assessment Per Unit Unit 2018 Bonds Maximum Annual Debt Assessment Per Unit 2018 Bonds Maximum Annual Debt Assessment Per Unit* 2018 Bonds Maximum Annual Debt Assessment 2018 Bonds Maximum Annual Debt Assessment* Commercial Economic Parcel 1 Development 50 1.13 57 $2,006 $1,305 $3,311 $3,523 $165,550 $176,117 Commercial Parcel 2 Town Center 53 1.13 60 $2,006 $1,305 $3,311 $3,523 $175,483 $186,684 Subtotal 103 116 $341,033 $362,801 Total 1,205 $3,531,279 $3,756,680 * This has been grossed up to include a 4% discount for early payment of assessments, a 1% fee for the Tax Collector, and a 1% service fee for the Property Appraiser. Page 22

APPENDIX 8 LEGAL DESCRIPTION FOR ASSESSMENT AREA ONE PARCEL A 1 A PORTION OF LAND LYING IN SECTION 15, TOWNSHIP 42 SOUTH, RANGE 41 EAST, PALM BEACH COUNTY, FLORIDA: BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE N.E. CORNER OF SAID SECTION 15, THENCE S 88 39' 28" W ALONG THE NORTH LINE OF SAID SECTION 15 FOR 577.62' ; THENCE S 01 20' 32" E FOR 2442.23' TO THE POINT OF BEGINNING; AND TO THE BEGINNING POINT OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1670.00' AND A CENTRAL ANGLE OF 07 43' 34" FROM WHICH THE RADIUS POINT BEARS S 81 40' 57" W, THENCE RIGHT ALONG SAID CURVE FOR AN ARC LENGTH OF 225.19', SAID CURVE HAVING A CHORD BEARING OF S 04 27' 16" E FOR 225.02'; THENCE S 00 35' 29" E FOR 918.11' ; THENCE S 05 07' 09" W FOR 30.12' ; THENCE S 11 10' 23" W FOR 253.50' ; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 485.00' AND A CENTRAL ANGLE OF 11 10' 23" FOR AN ARC LENGTH OF 94.58', SAID CURVE HAVING A CHORD BEARING OF S 05 35' 12" W FOR 94.43'; THENCE S 00 00' 00" E FOR 171.56' ; THENCE N 90 00' 00" W FOR 158.50' ; THENCE S 00 00' 00" E FOR 61.59' ; THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 10.00' AND A CENTRAL ANGLE OF 90 00' 00" FOR AN ARC LENGTH OF 15.71', SAID CURVE HAVING A CHORD BEARING OF S 45 00' 00" W FOR 14.14'; THENCE N 90 00' 00" W FOR 205.00' ; THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 50.00' AND A CENTRAL ANGLE OF 20 19' 46" FOR AN ARC LENGTH OF 17.74', SAID CURVE HAVING A CHORD BEARING OF N 79 50' 07" W FOR 17.65'; TO THE BEGINNING POINT OF A CURVE TO THE LEFT HAVING A RADIUS OF 150.00' AND A CENTRAL ANGLE OF 45 26' 46" FROM WHICH THE RADIUS POINT BEARS S 20 19' 46" W, THENCE LEFT ALONG SAID CURVE FOR AN ARC LENGTH OF 118.98', SAID CURVE HAVING A CHORD BEARING OF S 87 36' 23" W FOR 115.88'; TO THE BEGINNING POINT OF A CURVE TO THE RIGHT HAVING A RADIUS OF 250.00' AND A CENTRAL ANGLE OF 20 35' 57" FROM WHICH THE RADIUS POINT BEARS N 25 07' 00" W, THENCE RIGHT ALONG SAID CURVE FOR AN ARC LENGTH OF 89.88', SAID CURVE HAVING A CHORD BEARING OF S 75 10' 59" W FOR 89.40'; THENCE S 85 28' 57" W FOR 100.31'; THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 500.00' AND A CENTRAL ANGLE OF 11 23' 04" FOR AN ARC LENGTH OF 99.35', SAID CURVE HAVING A CHORD BEARING OF N 88 49' 31" W FOR 99.18'; THENCE N 83 07' 59" W FOR 91.99' ; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 58.00' AND A CENTRAL ANGLE OF 96 52' 07" FOR AN ARC LENGTH OF 98.06', SAID CURVE HAVING A CHORD BEARING OF S 48 25' 58" W FOR 86.79'; THENCE N 89 59' 54" W FOR 40.00' ; THENCE N 00 00' 00" E FOR 1534.19'; THENCE N 90 00' 00" E FOR 32.63'; THENCE N 00 00' 00" W FOR 129.40'; TO THE BEGINNING POINT OF A CURVE TO THE LEFT HAVING A RADIUS OF 208.41' AND A CENTRAL ANGLE OF 05 04' 18" FROM WHICH THE RADIUS POINT BEARS N 05 04' 18" E, THENCE LEFT ALONG SAID CURVE FOR AN ARC LENGTH OF 18.45', SAID CURVE HAVING A CHORD BEARING OF S 87 27' 51" E FOR 18.44'; THENCE S 90 00' 00" E FOR 402.18' ; THENCE N 72 59' 28" E FOR 50.98' ; THENCE N 17 00' 32" W FOR 18.28'; THENCE N 72 59' 28" E FOR 70.00' ; THENCE N 17 00' 32" W FOR 25.22' ; THENCE N 72 59' 28" E FOR 70.00' ; THENCE N 17 00' 32" W FOR 19.78' ; THENCE N 72 59' 28" E FOR 70.00' ; THENCE N 17 00' 32" W FOR 3.84' ; THENCE N 72 59' 28" E FOR 70.00' ; THENCE N 79 17' 46" E FOR 49.46' ; THENCE N 89 24' 31" E FOR 223.86' TO THE POINT OF BEGINNING. CONTAINING 1,704,826.154 SF, 39.137 ACRES, MORE OR LESS. Page 23

TOGETHER WITH PARCEL A 2: A PARCEL OF LAND LYING IN AND BEING A PORTION OF THE SECTION 15 TOWNSHIP 42 SOUTH, RANGE 41 EAST, PALM BEACH COUNTY, FLORIDA. BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE WEST 1/4 CORNER OF SAID SECTION 15; THENCE NORTH 02 02'04" WEST, A DISTANCE OF 1624.46 FEET; THENCE NORTH 87 57'56" EAST, A DISTANCE OF 3225.00 FEET TO THE POINT OF BEGINNING; THENCE NORTH 42 09'44" WEST, A DISTANCE OF 45.87 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 1670.00 FEET FROM WHICH A RADIAL LINE BEARS SOUTH 7 42'34" EAST; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 60 26'43", A DISTANCE OF 1761.80 FEET TO THE POINT OF REVERSE CURVATURE OF A CURVE CONCAVE TO THE WEST HAVING A RADIUS OF 58.00 FEET; THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 52 49'01", A DISTANCE OF 53.47 FEET TO THE POINT OF REVERSE CURVATURE OF A CURVE CONCAVE TO THE EAST HAVING A RADIUS OF 156.50 FEET; THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 40 15'24", A DISTANCE OF 109.96 FEET TO THE POINT OF TANGENCY; THENCE SOUTH 24 42'13" EAST, A DISTANCE OF 213.10 FEET; THENCE SOUTH 14 55'26" WEST, A DISTANCE OF 118.35 FEET; THENCE SOUTH 62 06'05" WEST, A DISTANCE OF 18.68 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE NORTH HAVING A RADIUS OF 464.00 FEET; THENCE WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 11 55'32", A DISTANCE OF 96.58 FEET; THENCE SOUTH 74 01'37" WEST, A DISTANCE OF 111.09 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE SOUTH HAVING A RADIUS OF 536.00 FEET; THENCE WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 20 21'12", A DISTANCE OF 190.41 FEET; THENCE SOUTH 53 40'24" WEST, A DISTANCE OF 162.81 FEET; THENCE NORTH 88 10'47" WEST, A DISTANCE OF 65.60 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE NORTH HAVING A RADIUS OF 100.00 FEET; THENCE WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 23 02'42", A DISTANCE OF 40.22 FEET; THENCE NORTH 65 08'05" WEST, A DISTANCE OF 47.40 FEET; THENCE NORTH 45 06'36" WEST, A DISTANCE OF 55.73 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 30.00 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 10 56'20", A DISTANCE OF 5.73 FEET; THENCE NORTH 34 10'11" WEST, A DISTANCE OF 54.36 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 200.00 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 10 56'20", A DISTANCE OF 38.19 FEET; THENCE NORTH 45 06'36" WEST, A DISTANCE OF 95.26 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 200.00 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 2 36'30", A DISTANCE OF 9.10 FEET; THENCE NORTH 47 43'04" WEST, A DISTANCE OF 69.90 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 200.00 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 29 00'50", A DISTANCE OF 101.28 FEET; THENCE NORTH 76 43'52" WEST, A DISTANCE OF 158.99 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE NORTH HAVING A RADIUS OF 100.00 FEET; THENCE WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 14 24'30", A DISTANCE OF 25.15 FEET; THENCE NORTH 62 19'23" WEST, A DISTANCE OF 151.59 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE NORTHEAST HAVING A RADIUS OF 100.00 FEET; THENCE WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL Page 24

ANGLE OF 54 20'00", A DISTANCE OF 94.83 FEET; THENCE NORTH 7 59'28" WEST, A DISTANCE OF 129.55 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE WEST HAVING A RADIUS OF 500.00 FEET; THENCE WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 8 40'10", A DISTANCE OF 75.66 FEET; THENCE NORTH 16 39'38" WEST, A DISTANCE OF 56.48 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE WEST HAVING A RADIUS OF 700.00 FEET; THENCE WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 12 47'40", A DISTANCE OF 156.32 FEET; THENCE NORTH 29 27'22" WEST, A DISTANCE OF 119.55 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE WEST HAVING A RADIUS OF 500.00 FEET; THENCE WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 17 55'30", A DISTANCE OF 156.42 FEET; THENCE NORTH 11 31'55" WEST, A DISTANCE OF 177.90 FEET TO THE POINT OF BEGINNING. CONTAINING 1,360,245.380 SF, 31.227 ACRES, MORE OR LESS. TOGETHER WITH PARCEL A 3: A PORTION OF LAND LYING IN SECTION 15, TOWNSHIP 42 SOUTH, RANGE 41 EAST, PALM BEACH COUNTY, FLORIDA: BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE N.E. CORNER OF SAID SECTION 15, THENCE S 88 40' 18" W ALONG THE NORTH LINE OF SAID SECTION 15 FOR 3792.05'; THENCE S 01 19' 42" E FOR 1485.05' ; TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL; THENCE N 66 04' 03" E FOR 992.14' ; THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 1670.00' AND A CENTRAL ANGLE OF 09 05' 11" FOR AN ARC LENGTH OF 264.84, SAID CURVE HAVING A CHORD BEARING OF N 70 36' 39" E FOR 264.56'; THENCE S 21 12' 36" E FOR 493.75' ; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 200.00' AND A CENTRAL ANGLE OF 14 29' 43" FOR AN ARC LENGTH OF 50.60', SAID CURVE HAVING A CHORD BEARING OF S 28 27' 28" E FOR 50.46'; THENCE S 35 42' 19" E FOR 70.17' ; THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 200.00' AND A CENTRAL ANGLE OF 30 29' 58" FOR AN ARC LENGTH OF 106.46', SAID CURVE HAVING A CHORD BEARING OF S 20 27' 20" E FOR 105.21'; THENCE S 05 12' 21" E FOR 144.73' ; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 100.00' AND A CENTRAL ANGLE OF 16 13' 23" FOR AN ARC LENGTH OF 28.31', SAID CURVE HAVING A CHORD BEARING OF S 13 19' 03" E FOR 28.22'; TO THE BEGINNING POINT OF A CURVE TO THE RIGHT HAVING A RADIUS OF 100.00' AND A CENTRAL ANGLE OF 16 13' 23" FROM WHICH THE RADIUS POINT BEARS S 68 34' 16" W, THENCE RIGHT ALONG SAID CURVE FOR AN ARC LENGTH OF 28.31', SAID CURVE HAVING A CHORD BEARING OF S 13 19' 03" E FOR 28.22'; THENCE S 05 12' 21" E FOR 40.00' ; THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 15.00' AND A CENTRAL ANGLE OF 90 00' 00" FOR AN ARC LENGTH OF 23.56', SAID CURVE HAVING A CHORD BEARING OF S 39 47' 39" W FOR 21.21'; THENCE S 84 47' 39" W FOR 97.91' ; THENCE S 03 56' 12" E FOR 117.09' ; THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 15.00' AND A CENTRAL ANGLE OF 90 00' 00" FOR AN ARC LENGTH OF 23.56', SAID CURVE HAVING A CHORD BEARING OF S 41 03' 48" W FOR 21.21'; THENCE S 86 03' 48" W FOR 348.01'; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 200.00' AND A CENTRAL ANGLE OF 15 21' Page 25

51" FOR AN ARC LENGTH OF 53.63', SAID CURVE HAVING A CHORD BEARING OF S 78 22' 53" W FOR 53.47'; THENCE S 70 41' 57" W FOR 238.47' ; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 200.00' AND A CENTRAL ANGLE OF 12 29' 15" FOR AN ARC LENGTH OF 43.59', SAID CURVE HAVING A CHORD BEARING OF S 64 27' 20" W FOR 43.50'; THENCE S 58 12' 42" W FOR 93.05' ; THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 669.00' AND A CENTRAL ANGLE OF 11 16' 02" FOR AN ARC LENGTH OF 131.56', SAID CURVE HAVING A CHORD BEARING OF S 63 50' 43" W FOR 131.35'; THENCE S 69 28' 44" W FOR 399.56' ; THENCE N 20 31' 16" W FOR 687.97' ; THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 100.00' AND A CENTRAL ANGLE OF 59 03' 01" FOR AN ARC LENGTH OF 103.06', SAID CURVE HAVING A CHORD BEARING OF N 09 00' 15" E FOR 98.56'; TO THE BEGINNING POINT OF A CURVE TO THE LEFT HAVING A RADIUS OF 250.00' AND A CENTRAL ANGLE OF 31 30' 43" FROM WHICH THE RADIUS POINT BEARS N 51 28' 15" W, THENCE LEFT ALONG SAID CURVE FOR AN ARC LENGTH OF 137.50', SAID CURVE HAVING A CHORD BEARING OF N 22 46' 24" E FOR 135.77'; TO THE BEGINNING POINT OF A CURVE TO THE RIGHT HAVING A RADIUS OF 100.00' AND A CENTRAL ANGLE OF 59 03' 01" FROM WHICH THE RADIUS POINT BEARS S 82 58' 58" E, THENCE RIGHT ALONG SAID CURVE FOR AN ARC LENGTH OF 103.06', SAID CURVE HAVING A CHORD BEARING OF N 36 32' 33" E FOR 98.56' TO THE POINT OF BEGINNING. CONTAINING 1396144.56 SQUARE FEET OR 32.051 ACRES. TOGETHER WITH PARCEL A 4: A PORTION OF LAND LYING IN SECTIONS 14 AND 15, TOWNSHIP 42 SOUTH, RANGE 41 EAST, PALM BEACH COUNTY, FLORIDA: BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 14, THENCE NORTH 6 17'21" EAST, A DISTANCE OF 1086.28 FEET; THENCE SOUTH 83 42'39" WEST, A DISTANCE OF 161.17 FEET TO THE POINT OF BEGINNING; THENCE NORTH 0 35'29" WEST, A DISTANCE OF 273.90 FEET; THENCE NORTH 6 18'07" WEST, A DISTANCE OF 301.50 FEET; THENCE NORTH 0 35'29" WEST, A DISTANCE OF 918.11 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE WEST HAVING A RADIUS OF 1830.00 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 11 58'40", A DISTANCE OF 382.57 FEET TO THE POINT OF REVERSE CURVATURE OF A CURVE CONCAVE TO THE EAST HAVING A RADIUS OF 58.00 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 47 25'00", A DISTANCE OF 48.00 FEET TO THE POINT OF REVERSE CURVATURE OF A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 156.50 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 13 21'20", A DISTANCE OF 36.48 FEET TO THE POINT OF TANGENCY; THENCE NORTH 73 59'48" EAST, A DISTANCE OF 153.15 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE NORTH HAVING A RADIUS OF 300.00 FEET; THENCE EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 13 20'20", A DISTANCE OF 69.85 FEET; THENCE NORTH 60 39'26" EAST, A DISTANCE OF 147.59 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE SOUTH HAVING A RADIUS OF 700.00 FEET; THENCE EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 29 20'30", A DISTANCE OF Page 26