SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NOS. 4 & 6

PORT ST. LUCIE SPECIAL BOARD MEETING APRIL 3, 2026
11:00 A.M.

Special District Services, Inc.
The Oaks Center 2501A Burns Road
Palm Beach Gardens, FL 33410

www.southerngrovecdd1.org www.southerngrovecdd2.org www.southerngrovecdd3.org www.southerngrovecdd4.org www.southerngrovecdd5.org www.southerngrovecdd6.org www.southerngrovecdd7.org www.southerngrovecdd8.org www.southerngrovecdd9.org www.southerngrovecdd10.org

561.630.4922 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA
SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO.’s 4 & 6
Offices of Special District Services, Inc. 10521 SW Village Center Drive, Suite 203 Port St. Lucie, FL 34987
OR
Join Zoom Meeting: https://us02web.zoom.us/j/3341025011?omn=86288024901 Meeting ID: 334 102 5011
Dial In at: 1 929 436 2866 SPECIAL BOARD MEETING
April 3, 2026
11:00 a.m.

Call to Order
Proof of Publication…	Page 1
Establish Quorum
Additions or Deletions to Agenda
Comments from the Public Not on the Agenda
New Business
Consider Resolution No. 2026-21 – Declaring Master Assessments (CDD No 4 & 6)…	Page 2
Consider Resolution No. 2026-22 – Setting a Public Hearing on Master Assessments
(CDD No. 4 & 6)…	Page 146
Consider Resolution No. 2026-23 – Setting a Public Hearing to Adopt Districts’ Rules
of Procedure (CDD No. 4 & 6)…	Page 150
Consider Resolution No. 2026-24 – Setting a Public Hearing Date on the Intent to Use
Uniform Method (CDD No. 4 & 6)…	Page 152
Administrative Matters
Manager’s Report
Attorney’s Report
Engineer’s Report
Founder’s Report
Board Member Discussion Requests and Comments
Adjourn

USA TODAY CO.
*LocaliQ

PO Box 631244 Cincinnati, OH 45263-1244

Notice of Special Board Meeting of the

AFFIDAVIT OF PUBLICATION
Laura Archer Southern Grove Cdd
Southern Grove I Community Development 2501 Burns RD
Suite A
Palm Beach Gardens FL 334I 0-5207

STATE OF WISCONSIN, COUNTY OF BROWN

Before the undersigned authority personally appeared, who on oath says that he or she is the Legal Advertising Representative of the Indian River Press Journal/St Lucie News Tribune/Stuart News, newspapers published in Indian River/St Lucie/Martin Counties, Florida; that the attached copy of advertisement, being a Legal Ad in the matter of Public Notices, was published on the publicly accessible websites of Indian River/St Lucie/Martin Counties, Florida, or in a newspaper by print in the issues of, on:

Southern Grove Community Development District Nos. 4 & 6
The Board of Supervisors {the "Board") of the Southern Grove Community Development District Nos. 4 & 6 will hold a Special Board Meeting on April 3, 2026, at 11:00 a.m. at the offices of Special District Services, Inc., 10521 SW Village Center Drive, Suite 203, Port St. Lucie Florida 34987.
The purpose of the Special Board Meeting is for the Board to consider adoption of a debt assessment resolution, to set a Public Hearing date and any other business which may properly come before it. A copy of the Agenda may be obtained from the Districts' websites or at the offices of the District Manager, Special District Services, Inc., 10521 SW Village Center Drive, Suite 203, Port St. Lucie, Florida 34987 during normal business hours. The meeting is open to the public and will be conducted in accordance with the provisions of Florida law. Meetings may be continued as found necessary to a time and place specified on the record.
There may be occasions when one or more Supervisors will participate by
telephone; therefore, a speaker telephone may be present at the meeting location so that Supervisors may be fully informed of the discussions taking place.
In accordance with the provisions of the Americans with Disabilities Act, any person requiring special accommodations or an interpreter to participate at this meeting should contact the District Manager at (772) 345-5119 and/or toll free at 1-877-737-4922, at least seven (7) days prior to the date of the meeting.
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 ensure that a verbatim record of the proceedings is made at their own expense and which record includes the testimony and evidence on which the appeal is based.
Meetings may be cancelled from time to time without advertised notice. Southern Grove Community Development District Nos. 4 & 6 www,soutberovrovecdd4,orq
www 1outhorovrovocdd6,orq.
PUBLISH: St, Lucie News Tribune 03/27/26
TCN12198403

SCN StLucie-lndianRv-Stuart 03/27/2026 SCN tcpalm.com	03/27/2026

Affiant further says that the website or newspaper complies with all legal requirements for publication in chapter 50, Florida Statutes.
Subscribed and sworn to before me, by the legal clerk, who is personally known to me, on 03/27/2026

My commission expires

Publication Cost:	$143.12	
Tax Amount:	$0.00	
Payment Cost:	$143.12	
Order No:	12198403	
Customer No:	1125318	
PO#:		

# of Copies:
1

THIS IS NOT AN INVOICE!
Please do not use thisfonnfor payment remittance.

KONGMENG YANG
Notary Public State of Wisconsin

Page 1 of 1

RESOLUTION 2026-21

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4 DECLARING MASTER SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE INFRASTRUCTURE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE MASTER SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE MASTER SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH MASTER SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH MASTER SPECIAL ASSESSMENTS SHALL BE PAID; DESIGNATING LANDS UPON WHICH THE MASTER SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR PUBLICATION OF THIS RESOLUTION; AND RATIFYING PRIOR ACTIONS.

Whereas, the Southern Grove Community Development District No. 4 (the “District”) was established pursuant to Chapter 190, Florida Statutes, for the purposes of financing, constructing, installing, operating, and maintaining public infrastructure improvements serving the mixed-use development known as “Southern Grove;” and
Whereas, the District has entered into that certain Second Amended and Restated District Development Interlocal Agreement dated July 9, 2013, as amended by that certain First Amendment to Amended and Restated Agreement dated November 15, 2019, and as supplemented by that certain Joinder to A&R Agreement dated December 7, 2022, with Southern Grove Community Development District No. 1, Southern Grove Community Development District No. 2, Southern Grove Community Development District No. 3, Southern Grove Community Development District No. 5, Southern Grove Community Development District No. 6, Southern Grove Community Development District No. 7, Southern Grove Community Development District No. 8, Southern Grove Community Development District No. 9, and Southern Grove Community Development District No. 10, as may be further amended or supplemented from time to time (collectively, the “District Development Interlocal Agreement”); and

Whereas, pursuant to Resolution Nos. 2013-02, 2013-03, 2013-04, and 2013-07 (the “2013 Master Debt Service Assessment Proceedings”), the Board of Supervisors (the “Board”) of the District previously levied and imposed master debt service special assessments to fund the cost of constructing and/or acquiring certain community-wide and district-specific public infrastructure improvements (the “Improvements”) benefitting Southern Grove described in that certain Second Amended and Restated Master Engineer’s Report for Public Infrastructure Improvements, dated July 9, 2013, as amended by the Supplemental Master Engineer's Report for Public Infrastructure Improvements, dated July 8, 2014, and the Supplement to Master

Engineer's Report for Public Infrastructure Improvements, dated August 1, 2019 (collectively, the “Master Engineer’s Report”), attached hereto as Composite Exhibit A and incorporated herein by reference; and

WHEREAS, the master debt service special assessments were allocated pursuant to that certain Amended, Restated and Updated Master Assessment Methodology Report for Public Infrastructure, dated July 9, 2013, as amended by the Supplemental Assessment Methodology Report for Public Infrastructure, dated July 8, 2014 and the Third Supplemental Assessment Methodology Report for Public Infrastructure, dated August 1, 2019 (collectively, the “Master Assessment Methodology”), attached hereto as Composite Exhibit B and incorporated herein by reference; and

Whereas, the 2013 Master Debt Service Assessment Proceedings were validated in accordance with Chapter 75, Florida Statutes, pursuant to that certain Final Judgment, dated September 10, 2013 for which no appeal was made; and

Whereas, the master debt service special assessments were subsequently reallocated in 2019 (together with the 2013 Master Debt Service Assessment Proceedings, the “Original Debt Service Assessment Proceedings”); and

Whereas, the District assigned to Southern Grove Community Development District No. 3, Southern Grove Community Development District No. 7, and Southern Grove Community Development District No. 8 its right and obligation to collect the master debt service assessments imposed, pursuant to the Original Debt Service Assessment Proceedings, on lands formerly located within the District that are now located within such districts pursuant to those certain Assignment and Assumption Agreement, each dated December 7, 2022 (collectively, the “Assignment and Assumption”); and
Whereas, to streamline the District’s assessment proceedings, the District now desires to conduct a new master debt service special assessment public hearing to memorialize the currently-approved master debt service assessment lien relative to the financing of the cost of the Improvements; and

Whereas, such process shall not act to increase the maximum debt service assessment lien that is authorized to be levied, or the current amount of debt service special assessments that have previously been levied and imposed by the District, or by the Administration District and/or the Issuer District (each as defined in the District Development Interlocal Agreement); and

WHEREAS, the Board of the District accordingly hereby determines to undertake, install, plan, establish, construct or reconstruct, enlarge or extend, equip, acquire, operate, and/or maintain the Improvements described in the Master Engineer’s Report attached hereto as Composite Exhibit A; and

Whereas, it is in the best interest of the District to pay the cost of the Improvements by master debt service special assessments pursuant to Chapter 190, Florida Statutes (the “Assessments”); and

Whereas, the District is empowered by Chapter 190, the Uniform Community Development District Act, Chapter 170, Supplemental and Alternative Method of Making Local Municipal Improvements, and Chapter 197, the Uniform Method for the Levy, Collection, and Enforcement of Non-Ad Valorem Assessments, Florida Statutes, to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate, and maintain the Improvements and to impose, levy and collect the Assessments; and

WHEREAS, the District hereby determines that benefits will accrue to the property improved, the amount of those benefits, and that special assessments will be made in proportion to the benefits received as set forth in the Master Assessment Methodology attached hereto as Composite Exhibit B and on file at the office of the District Manager, c/o Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, FL 33410 and 10521 SW Village Center Drive, Suite 203, Port St. Lucie, Florida 34987 (collectively, the “District Records Office”); and

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

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4:
Section 1. Recitals stated above are true and correct and by this reference are incorporated into and form a material part of this Resolution.
Section 2. Assessments shall be levied to defray a portion of the cost of the Improvements.

SECTION 3. The nature and general location of, and plans and specifications for, the Improvements are described in Composite Exhibit A, which is on file at the District Records Office. Composite Exhibit B is also on file and available for public inspection at the same location.
Section 4. The total estimated cost of the Improvements is $380,990,458 (the “Estimated Cost”).

Section 5.  The Assessments will defray approximately $445,750,000, which includes the Estimated Cost, plus financing-related costs, capitalized interest, a debt service reserve, and contingency.

SECTION 6.  The manner in which the Assessments shall be apportioned and paid is set forth in Exhibit B, including provisions for supplemental assessment resolutions.

Section 7. The Assessments shall be levied, within the District, on all lots and lands adjoining and contiguous or bounding and abutting upon the Improvements or specially benefitted thereby and further designated by the assessment plat hereinafter provided for.

Section 8.  There is on file, at the District Records Office, an assessment plat showing the area to be assessed, with certain plans and specifications describing the Improvements and the estimated cost of the Improvements, all of which shall be open to inspection by the public.

Section 9. Commencing with the year in which the Assessments are levied and confirmed, the Assessments shall be paid in not more than thirty (30) annual installments. The Assessments may be payable at the same time and in the same manner as are ad valorem taxes and collected pursuant to Chapter 197, Florida Statutes; provided, however, that in the event the uniform non-ad valorem assessment method of collecting the Assessments is not available to the District in any year, or if determined by the District to be in its best interest, the Assessments may be collected as is otherwise permitted by law.

SECTION 10. The District Manager has caused to be made a preliminary assessment roll, in accordance with the method of assessment described in Composite Exhibit B hereto, which shows the lots and lands assessed, the amount of benefit to and the assessment against each lot or parcel of land and the number of annual installments into which the assessment may be divided, which assessment roll is hereby adopted and approved as the District's preliminary assessment roll.
Section 11. The Board shall adopt a subsequent resolution to fix a time and place at which the owners of property to be assessed or any other persons interested therein may appear before the Board and be heard as to the propriety and advisability of the assessments or the making of the Improvements, the cost thereof, the manner of payment therefore, or the amount thereof to be assessed against each property as improved.

Section 12. The District Manager is hereby directed to cause this Resolution to be published twice (once a week for two (2) consecutive weeks) in a newspaper of general circulation within St. Lucie County, provided that the first publication shall be at least twenty
(20) days before and the last publication shall be at least one (1) week prior to the date of the hearing, and to provide such other notice as may be required by law or desired in the best interests of the District.
Section 13. The District hereby confirms and ratifies all actions, including but not limited to the adoption of all resolutions, taken previously in levying the master debt service assessments pursuant to the Original Debt Service Assessment Proceedings and the Assignment and Assumption.

Section 14.	This Resolution shall become effective upon its passage.

Passed and adopted this 3rd day of April 2026.

ATTEST:	SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4

Secretary / Assistant Secretary	Chairperson, Board of Supervisors

Exhibit A:	Master Engineer’s Report
Exhibit B:	Master Assessment Methodology

Exhibit A
Second Amended and Restated Master Engineer’s Report for Public Infrastructure Improvements, dated July 9, 2013
Supplemental Master Engineer's Report for Public Infrastructure Improvements, dated July 8, 2014
Supplement to Master Engineer's Report for Public Infrastructure Improvements, dated August 1, 2019

Exhibit B
Amended, Restated and Updated Master Assessment Methodology Report for Public Infrastructure, dated July 9, 2013
Supplemental Assessment Methodology Report for Public Infrastructure, dated July 8, 2014
Third Supplemental Assessment Methodology Report for Public Infrastructure, dated August 1, 2019

RESOLUTION 2026-21

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6 DECLARING MASTER SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE INFRASTRUCTURE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE MASTER SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE MASTER SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH MASTER SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH MASTER SPECIAL ASSESSMENTS SHALL BE PAID; DESIGNATING LANDS UPON WHICH THE MASTER SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR PUBLICATION OF THIS RESOLUTION; AND RATIFYING PRIOR ACTIONS.

Whereas, the Southern Grove Community Development District No. 6 (the “District”) was established pursuant to Chapter 190, Florida Statutes, for the purposes of financing, constructing, installing, operating, and maintaining public infrastructure improvements serving the mixed-use development known as “Southern Grove;” and
Whereas, the District has entered into that certain Second Amended and Restated District Development Interlocal Agreement dated July 9, 2013, as amended by that certain First Amendment to Amended and Restated Agreement dated November 15, 2019, and as supplemented by that certain Joinder to A&R Agreement dated December 7, 2022, with Southern Grove Community Development District No. 1, Southern Grove Community Development District No. 2, Southern Grove Community Development District No. 3, Southern Grove Community Development District No. 4, Southern Grove Community Development District No. 5, Southern Grove Community Development District No. 7, Southern Grove Community Development District No. 8, Southern Grove Community Development District No. 9, and Southern Grove Community Development District No. 10, as may be further amended or supplemented from time to time (collectively, the “District Development Interlocal Agreement”); and

Whereas, pursuant to Resolution Nos. 2013-02, 2013-03, 2013-04, and 2013-07 (the “2013 Master Debt Service Assessment Proceedings”), the Board of Supervisors (the “Board”) of the District previously levied and imposed master debt service special assessments to fund the cost of constructing and/or acquiring certain community-wide and district-specific public infrastructure improvements (the “Improvements”) benefitting Southern Grove described in that certain Second Amended and Restated Master Engineer’s Report for Public Infrastructure Improvements, dated July 9, 2013, as amended by the Supplemental Master Engineer's Report for Public Infrastructure Improvements, dated July 8, 2014, and the Supplement to Master

Engineer's Report for Public Infrastructure Improvements, dated August 1, 2019 (collectively, the “Master Engineer’s Report”), attached hereto as Composite Exhibit A and incorporated herein by reference; and

WHEREAS, the master debt service special assessments were allocated pursuant to that certain Amended, Restated and Updated Master Assessment Methodology Report for Public Infrastructure, dated July 9, 2013, as amended by the Supplemental Assessment Methodology Report for Public Infrastructure, dated July 8, 2014 and the Third Supplemental Assessment Methodology Report for Public Infrastructure, dated August 1, 2019 (collectively, the “Master Assessment Methodology”), attached hereto as Composite Exhibit B and incorporated herein by reference; and

Whereas, the 2013 Master Debt Service Assessment Proceedings were validated in accordance with Chapter 75, Florida Statutes, pursuant to that certain Final Judgment, dated September 10, 2013 for which no appeal was made; and

Whereas, the master debt service special assessments were subsequently reallocated in 2019 (together with the 2013 Master Debt Service Assessment Proceedings, the “Original Debt Service Assessment Proceedings”); and

Whereas, the District assigned to Southern Grove Community Development District No. 9 and Southern Grove Community Development District No. 10 its right and obligation to collect the master debt service assessments imposed, pursuant to the Original Debt Service Assessment Proceedings, on lands formerly located within the District that are now located within such districts pursuant to those certain Assignment and Assumption Agreement, each dated December 7, 2022 (collectively, the “District Assignment and Assumption”); and
Whereas, Southern Grove Community Development District No. 1 additionally thereafter assigned to the District its right and obligation to collect the master debt service assessments imposed, pursuant to the Original Debt Service Assessment Proceedings, on lands formerly located within such district pursuant to that certain Assignment and Assumption Agreement, dated December 7, 2022 (together with the District Assignment and Assumption, the “Assignment and Assumption”); and

Whereas, to streamline the District’s assessment proceedings, the District now desires to conduct a new master debt service special assessment public hearing to memorialize the currently-approved master debt service assessment lien relative to the financing of the cost of the Improvements; and

Whereas, such process shall not act to increase the maximum debt service assessment lien that is authorized to be levied, or the current amount of debt service special assessments that have previously been levied and imposed by the District, or by the Administration District and/or the Issuer District (each as defined in the District Development Interlocal Agreement); and

Whereas, the Board of the District accordingly hereby determines to undertake, install,

plan, establish, construct or reconstruct, enlarge or extend, equip, acquire, operate, and/or maintain the Improvements described in the Master Engineer’s Report attached hereto as Composite Exhibit A; and

Whereas, it is in the best interest of the District to pay the cost of the Improvements by master debt service special assessments pursuant to Chapter 190, Florida Statutes (the “Assessments”); and

Whereas, the District is empowered by Chapter 190, the Uniform Community Development District Act, Chapter 170, Supplemental and Alternative Method of Making Local Municipal Improvements, and Chapter 197, the Uniform Method for the Levy, Collection, and Enforcement of Non-Ad Valorem Assessments, Florida Statutes, to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate, and maintain the Improvements and to impose, levy and collect the Assessments; and

WHEREAS, the District hereby determines that benefits will accrue to the property improved, the amount of those benefits, and that special assessments will be made in proportion to the benefits received as set forth in the Master Assessment Methodology attached hereto as Composite Exhibit B and on file at the office of the District Manager, c/o Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, FL 33410 and 10521 SW Village Center Drive, Suite 203, Port St. Lucie, Florida 34987 (collectively, the “District Records Office”); and

Whereas, the District hereby determines that the Assessments to be levied will not exceed the benefit to the property improved.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6:

Section 1. Recitals stated above are true and correct and by this reference are incorporated into and form a material part of this Resolution.
Section 2. Assessments shall be levied to defray a portion of the cost of the Improvements.
SECTION 3. The nature and general location of, and plans and specifications for, the Improvements are described in Composite Exhibit A, which is on file at the District Records Office. Composite Exhibit B is also on file and available for public inspection at the same location.

Section 4. The total estimated cost of the Improvements is $380,990,458 (the “Estimated Cost”).

Section 5.  The Assessments will defray approximately $445,750,000, which includes the Estimated Cost, plus financing-related costs, capitalized interest, a debt service reserve, and contingency.

SECTION 6.  The manner in which the Assessments shall be apportioned and paid is set forth in Exhibit B, including provisions for supplemental assessment resolutions.

Section 7. The Assessments shall be levied, within the District, on all lots and lands adjoining and contiguous or bounding and abutting upon the Improvements or specially benefitted thereby and further designated by the assessment plat hereinafter provided for.

Section 8.  There is on file, at the District Records Office, an assessment plat showing the area to be assessed, with certain plans and specifications describing the Improvements and the estimated cost of the Improvements, all of which shall be open to inspection by the public.

Section 9. Commencing with the year in which the Assessments are levied and confirmed, the Assessments shall be paid in not more than thirty (30) annual installments. The Assessments may be payable at the same time and in the same manner as are ad valorem taxes and collected pursuant to Chapter 197, Florida Statutes; provided, however, that in the event the uniform non-ad valorem assessment method of collecting the Assessments is not available to the District in any year, or if determined by the District to be in its best interest, the Assessments may be collected as is otherwise permitted by law.

SECTION 10. The District Manager has caused to be made a preliminary assessment roll, in accordance with the method of assessment described in Composite Exhibit B hereto, which shows the lots and lands assessed, the amount of benefit to and the assessment against each lot or parcel of land and the number of annual installments into which the assessment may be divided, which assessment roll is hereby adopted and approved as the District's preliminary assessment roll.
Section 11. The Board shall adopt a subsequent resolution to fix a time and place at which the owners of property to be assessed or any other persons interested therein may appear before the Board and be heard as to the propriety and advisability of the assessments or the making of the Improvements, the cost thereof, the manner of payment therefore, or the amount thereof to be assessed against each property as improved.
Section 12. The District Manager is hereby directed to cause this Resolution to be published twice (once a week for two (2) consecutive weeks) in a newspaper of general circulation within St. Lucie County, provided that the first publication shall be at least twenty
(20) days before and the last publication shall be at least one (1) week prior to the date of the hearing, and to provide such other notice as may be required by law or desired in the best interests of the District.

Section 13. The District hereby confirms and ratifies all actions, including but not limited to the adoption of all resolutions, taken previously in levying the master debt service

assessments pursuant to the Original Debt Service Assessment Proceedings and the Assignment and Assumption.

Section 14.	This Resolution shall become effective upon its passage.

Passed and adopted this 3rd day of April 2026.

ATTEST:	SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6

Secretary / Assistant Secretary	Chairperson, Board of Supervisors

Exhibit A:	Master Engineer’s Report
Exhibit B:	Master Assessment Methodology

Exhibit A
Second Amended and Restated Master Engineer’s Report for Public Infrastructure Improvements, dated July 9, 2013
Supplemental Master Engineer's Report for Public Infrastructure Improvements, dated July 8, 2014
Supplement to Master Engineer's Report for Public Infrastructure Improvements, dated August 1, 2019

Exhibit B
Amended, Restated and Updated Master Assessment Methodology Report for Public Infrastructure, dated July 9, 2013
Supplemental Assessment Methodology Report for Public Infrastructure, dated July 8, 2014
Third Supplemental Assessment Methodology Report for Public Infrastructure, dated August 1, 2019

SECOND AMENDED AND RESTATED MASTER ENGINEER'S REPORT
For

t>UBUC INFRASTRUCTURE IMPROVEMENTS
SERVING

SOUTHERN GROVE COMMUNt1Y DEVELOPMENT DISTRICTS No. 1-6

Prepared for:
Southern Grove Cummunit)r Development Districts Nns. i -G

City of Port St. Lucie, Florida

Prepared By: ARCADIS US, Inc.
2081 Vista Parkway
Suite 200
West Palm Beach, Florida 33411

Phone: 561-697-7000
Fax: 561-697-?'751

July 9, 2013

Second Amended znd Restated Master Engineer's Rep�vt

For
Public lnfrastl'ucture

Southern Grove Community Development Districts No. 1-6 City of Port St. Lucie, Florida
July 9, 2013

Table of Contents Introduction
Public Infrastructure Project Description Permitting
Land Use
Summary of Community Infrastructure Components Cost Estimate for Community Infrastructure Summary of District Infrastructure Components
Cost Estimate for District Infrastructure Conclusion
Location Map

District Boundary Map Land Use Map Drainage Basin Map
Community Infrastructure Roadways Intersection/Signalization Improvements Property Owners
Existing Development Parcels
2

2
3

4

6
7
14
15

15
16
Exhibit A Exhibits Exhibit C Exhibit D Exhibit E Exhibit F Exhibit G Exhibit H

SECOND AMENDED AND RESTATED MASTER ENGINEER'S REPORT FOR
PUBLIC INFRASTRUCTURE

SOU1'HERN GROVE COMMUNllY OEVELOPMENl' DISTRICTS NOS. 1-6 CITY OF PORT ST. LUCIE, FLORIDA

July 9, 2013

Introduction

This report will supersede, amend, and restate in its entirety, the Master Engineer's Report dated October 9, 2012, as amended and restated on February 21, 2013, based on new information provided to the engineer.

Southern Grove (the "Development") is an approximately 3,606 acre mixed-use development In the City of Port St Lucie, Florida (the "City") within St. Lucie County, Florida. The Development is located south of Tradition Boulevard, directly West of 1-95, and north of the SFWMD C-23 Canal in Sections 15, 16, 22, 23, 26, 27, 34, and 35 in Township 37S, Range 39 E. (See Exhibit "A")

The land within the Development is included within six separate Community Development Districts designated as: Southern Grove Community Development District No. 1 (47.47 Acres), Southern Grove Commuhity Development District No. 2 (398.29 Acres), Southern Grove Community Development District No. 3 (848.05 Acres), Southern Grove Community Development District No. 4 (957.79 Acres), Southern Grove Community Development District No. 5 (540.13 Acres), Southern Grove Community Development District No. 6 (813.03 Acres) (each a "District" and together, the "Districts"). The Districts are contiguous to one another. The Development is primarily owned by a single !andowner (the "Master Developer") and some parcels have been deeded to other entities. Development on some of the transferred parcels has been completed, or is under way, including existing platted development in the Districts (the "Existing Development").

The Existing Development does not require and will not specially benefit from the "Community Infrastructure" (as defined below). Construction of improvements on the land included in the Existing Development is either complete or under construction and implementation of Community Infrastructure is not required in connection with such improvements pursuant to applicable governmental development orders, approvals and permits. Community Infrastructure is required for development of the balance of the Community Property (as defined below) to proceed. The Existing Development will specially benefit from the related "District Infrastructure" (as defined below). Please refer to Exhibit B for boundaries of the Districts, Exhibit G for current property owners' interests, and Exhibit H for location of the Existing Development parcels.

For purposes of this report the term "Public Infrastructure" shall include two categories of improvements. As more fully described below, "Community Infrastructure" improvements
3

are those improvements that specially benefit all land within the Districts except Existing Development, while "District Infrastructure" improvements are those improvements that specially benefit only the land within one specific District. All land within the Districts is referred to as the "Community Property."
The City established the Southwest Annexation Special Assessment District No.1 (the ffSAD") as a special assessment district under applicable law. The SAD encompasses the Community Property. The City issued its Special Assessment Bonds, Series 20078 (the "SAD Bonds") secured primarily by revenues derived from the collection of non-ad valorem special assessments levied by the City on Community Property (the "SAD Assessments"). The SAD Bonds financed the construction of certain public infrastructure improvements needed to serve the Development (the "SAD Project"). Phase 1 of the SAD Project is complete and some of the Public Infrastructure improvements identified in this report will complete or augment those improvements.

Exhibit E of this report identifies those public roadways within the District that are considered included i!l Community Infrastructure. As can be seen from a comparison of existing conditions shown on the aerial location map in Exhibit A and Community Infrastructure roadways identified in Exhibit E, some of the improvements to be constructed fall within the rights of way of the public roadways included in the City's SAD Project and some construction has been completed.
Pursuant to a written interlocal agreement (the "lnter'local Agreement"), the Districts have provided for the implementation of the Community Infrastructure by delegating to one of the Districts in the manner set forth in the lnterlocal Agreement (the "Issuer'') the authority to finance, acquire and construct such Community Infrastructure within the boundaries of the Districts. The lnterlocal Agreement also provides for another of the Districts (the "Administration District") to operaie and maintain, on behalf of the Issuer for the benefit of all of the Districts, any portions of the Community Infrastructure not conveyed to another governmental entity. The Issuer may also finance, acquire and construct the infrastructure necessary to serve the property within the boundaries of a specific District (the "District Infrastructure"), subject to the reserved rights of each District to finance the acquisition and construction of its own District Infrastructure. District Infrastructure may be operated and maintained by the Administration District or the applicable District in which such District Infrastructure is located to the extent not conveyed to another governmental entity.

Public lnfrastmcture Project Description

The components of Community Infrastructure identified herein are those which are presently anticipated to be necessary to complete the development of the Community Property (excluding Existing Development) based on current development approvals and development plans of the Master Developer, all of which are subject to change as a result of market conditions and permitting requirements. Each component of the Community Infrastructure will specially benefit all of the Community Property except Existing Development and is not considered specific to any one of the Districts and comprise "projects" as defined in Chapter 190, Florida Statutes. It is Intended that all of the Districts will share in the cost of the Community Infrastructure based on their relative benefit as
4

identified in the assessment methodology report prepared by Fishkind & Associates, inc., Financial Advisor to the Districts, and approved by all of the Districts, as supplemented from time to time.
The components of District Infrastructure identified herein include public improvements basic to supplying urban services to Community Property within each individual District. Components of District Infrastructure would specially benefit only the Community Property located within an individual District and are therefore considered to be specific to that District. Costs associated with the construction of District Infrastructure would be assessed to only those specific properties that are specially benefited and are therefore subject to a separate allocation of benefits and methodology developed and presented in the assessment methodology report prepared by the Financial Advisor and approved by each of the Districts, as supplemented from time to time.

Those Community Improvements and District Infrastructure Improvements needed for the completion of the development of the Community Property not eligible for tax-exempt financing are expected to be constructed by the Master Developer, other owners of parcels of Community Property, or anothe1 phase of the City's SAD Project.

Pursuant to the authority delegated to it by the lnterlocal Agreement, it is anticipated that the Issuer will Issue Special Assessment Bonds, in one or more series, to finance costs of financing the acquisition anct construction of a portion of the public Community Infrastructure improvements described herein. The !nterlocal Agreement also contemplates that the Issuer, on behalf of itself and any of the other delegating Districts, may issue special assessment bonds to pay for costs of District infrastructure as described herein, subject to the reserved rights of each of the Districts to finance the acquisition and const;uction of its own District Infrastructure through the issuance of their own special assessment bonds.
This report will be supplemented in connection with each issue of special assessment bonds
;ssued to finance components of Public Infrastructure.

Permitting

Development activities at the Development commenced pursuant to a preliminary development agreement (PDA) with the State of Florida Department of Community Affairs (DCA). The City approved the original Development Order (DO) for the Southern Grove ORI under Resolution 06-R90 on September 25, 2006. The City has since approved the First Amendment to the Development Order under Resolution 07-R62, on August 13, 2007, and the Second Amendment to the Development Order under Resolution 12-R34, on March 26, 2012, and again April 9, 2012.

As specific phases of the Development and Public Infrastructure continue to be site planned and engineered, as applicable, City site plan and construction plan approvals will be necessary as well as numerous other local, State and federal permits associated with this type of work. All permits required for project completion were anticipated and will be obtained through the normal course of business.  Several construction related permits

5

associated with the overall Development and Public Infrastructure have been obtained allowing development to begin.
A iisting of the permits applied for or received to date in connection with Public Infrastructure is included below.
A South Florida Water Management District Master Surface Water Management Conceptual and Phase 1 construction permit allowing construction of some of the lakes along with South Community 'Boulevard and Village Parkway was issued by the District on December 14, 2006 under application 060314-7. Permit# 56-02531-P)

Furthe; modification of the South Floiida Water Management District Conceptual Permit and a construction permit related to the construction of a wetland creation area was issued on August 4, 2009 under Application 080728-9. (Permit # 56-02531-P}
A South Florida Water Management District Water Use Permit allowing dewatering ciuring construction within the overall Southern Grove project was issued by the District on February 15. 2007 under application 060505-2. (Permit# 56-02582-W)
A South Florida Water Management District Letter Modification for the inclusion oi Lake# 3 into the previously issued Lake Construction permit is under review by the District under Appiioation 070608-8.
A South Florida Water Management District Right of Way Permit for the replacement of two existing connections into the C-23 Canal is under review by the District under Application 06-1016-2.
An Army Corp of Engineers Permit was issued for Westchester 200103272 (IP-TA), by the ACOE on 4/26/2002
An Army Corp of Engineers Permit was issued for Westchester- Upland Enhancement (Phase 1), Borrow Canal, and North Icon Structure, Modification #1, 200103272 (IP-TA), issued by the Corp on 7/25/2002
An Army Corp of Engineers Permit for impacts to wetlands and waters of the state was issued for the entire Southern Grove project. SAJ-2006-2046 (IP-AAZ) issued by the Corp on 4/14/2008
Florida Department of Environmental Protection Permit for Wastewater Collection for Phase 1A, 1 0042513-053-DWC, issued by the Department on 1/8/2003
Florida Department of Environmental Protection Permit for Water Distribution for Phase 1A, 0081064-129-DSC, issued by the Department on 1/6/2003

Land Use
The Development is a planned multi-use Development of Regional Impact and at build out will include residential, commercial, institutional, and recreational uses. Residential uses may include both single family and multi-family ownership and rental properties. Commercial uses will include office, retail, hotel, research, and industrial components.
6

Institutional uses being considered include schools, university/college, hospital, research park, and municipal buildings.
Southern Grove District No. 5 has experienced some development. New facilities for the Torrey Pines Institute for Molecular Studies and Vaccine & Gene Therapy Institute have been completed and are in operation. A Homewood Suites hotel by Hilton is complete and construction of a Martin Memorial Health Systems hospital has begun.
Exhibit C of this report shows the overall site plan, land use designations, roadway, lake, and wetland features of the site comprising the Development. The Table below shows a listing of the land uses by unit numbers and square footage approved by the City under Resolution 12-R34.

rievelopment Plan for ihe Community Property

Category
Single-family Units <55
Single-family Units 55-65
Single-family Units >65 Multifamily Units Apartment Units
Retail square feet Office square feet
Research & Development Warehouse/Industrial Hotel Rooms
Hospital Beds Institutional
Parks and Recreation Lakes Canals
ROW
Mitigation Conservation Open Space
FPL Easement Totals

Volume	Acr·es-· 1,500		214
1,200	200
614	123
1,972	247
2,102	175
3,675,075	211
2,430,728	140
2,498,602	143
4,583,336	526
791	32
300	20
60
125
684
355
268
84
3,606

Source: PSL Acquisitions, LLC
Summary of Community Infrastructure Components
Public Roadways
Certain public roadways within and outside the boundaries of the Districts have been identified as part of the Community Infrastructure and are shown on Exhibit E. The costs for all, or part, of the public roadways may be born solely by the Districts, cost shared with the developers of surrounding properties also benefiting from the
7

construction of those roadways, or be funded and constructed as another phase of the City's SAD Project. The public roadways are intended to accommodate both internal and external traffic entering, exiting, and crossing through the various Districts. As a result of their intended use, construction of those roadways will specially benefit all of the Community Property except Existing Development.
Onsite Public Roadways
New construction or additions to onsite public roadways that are included as part of Community Infrastructure are identified as follows:
Village Parkway: Add two lanes from E/W 1 to E/W 2 (Approx. 0.70 miles) Village Parkway: Add two lanes from E/W 2 to E/W 3 (Approx. 0.84 miles)
Village Parkway: Add two lanes from E/W 3 to Paar Drive (Approx. 0.96 miles)
Village Parkway: Add two lanes from Paar Drive to Becker Road (Approx. 0.69 miles)
Becker Road: Construct initial two lane roadway from Community Boulevard to Village Parkway (Approx. 1.12 miles)
Becker Road: Add 2 lanes from Community Boulevard to Village Parkway (Approx. 1.12 miles)
Community Boulevard: Add two lanes from Tradition Parlcway to E/W 1 (Approx. 0.86 miles)
Community Boulevard: Add two lanes from EIW 4 to Becker Road (Approx. 0.74 miles)
E/W 1; Add two lanes from Community Blvd. to Village Parkway (Approx. 0.35 miles)
E/W 1: Add two lanes from Village Parkway to Employment Collector Roadway (Approx. 0.30 miles) This section of roadway is also known as Discovery Way.
E/W 3: Construct initial two lane roadway from Village Parkway to 1-95 (Approx. 0.62 miles)
EIW 3: Construct initial two lane roadway from Community Boulevard to Village Parkway (Approx. 0.80 miles)
E/W 3: Add two lanes from Village Parkway to 1-95 (Approx. 0.62 miles}
E/W 3: Add two lanes from Community Boulevard to Village Parkway {Approx.
0.80 miles)

8

Employment Collector Roadway: Construct initial two lane roadway from E/W 1 to Paar Drive (Approx. 2.80 miles)
Residential Collector Roadway: Construct initial two lane roadway from E./W 2 to Becker Road (Approx. 2.40 miles)
Paar Drive: Construct initial four lane roadway from Community Boulevard to Village Parkway (Approx. 1.14 miles)
Paai Drive: Construct initial four lane roadway from Village Parkway to the western approach to the bridge over 1-95 (Approx. 0.40 miles)
Offsite Public Roadways
Paar Drive: Constrnct initial four lane ioadway and bridge over 1-95 from the western bridge approach to Rosser Boulevard (Approx. 0.37 miles including bridge construction)
Paar Drive: Add two lanes from Rosser Boulevard to Savona Boulevard (offsite) (Approx. 1.00 miles)
Paar Drive: Add two lanes from Savona Boulevard to Port St Lucie Bouleva;d (Approx. 0.80 miles)

The majority of the Community Property within the Development is undeveloped coilsisting mostly of open pasture and citrus groves with some pine flatwoods and isolated wetlands. It will be necessary to ciear and remove vegetation and then strip some areas of 4"-6" of soil and root material prior to commencing filling operations·In the areas of roadway construction.

Siit screens and turbidity barriers wfll be utilized to control erosion and turbidity during the earthwork operation.
Installation of a system of catch basins, inlets, manholes and underground storm drainage piping integral to the construction of the roadways listed above is a part of the cost of construction for the roads and is included within the cost estimates for construction of the public roadways.
Certain public roadway improvements, once constructed and accepted, wtll be owned and maintained by the City while others will be owned by the Issuer and maintained by the Administration District.
Intersection and Signalization Improvements
Some intersection and signalization improvements were installed as a part of the City's Southwest Annexation No. 1 Project. Some additional intersection and signalization improvements, as shown in Exhibit F, will be required as a result of the
9

construction of the above listed roadway improvements and are included as a part of Community Infra.structure. Intersection and signalization improvements currently anticipated are located at the following intersections:
Village Parkway ai E/W 1 Village Parkway at E/W 2 Village Parkway at E/W 3 Village Parkway at Parr Drive Village Parkway at Becker Road
Community Boulevard at EN/ 1 Community Boulevard at ENI 2 Community Boulevard at E/W 3 Community Boulevard at Paar Drive Community Boulevard at Becker Road
Employment Collector Roadway at E/W 3 Employment Collector Roadway at Parr Drive
Residential Collector Roadway at ENV 1 Residential Collector Roadway at E/W 2 Residential Collector Roadway at Parr Drive Resident!al Collector Roadway at Becker Road
Certain intersection and signalization improvements will be owned and maintained by the City while others will be owned by the Issuer and maintained by the Administration District.
Master and Secondary Water Management System, Control Structures, Lake Excavation and Related Earthwork
The Master Water Management System is comprised of water management lakes, interconnecting culverts, control structures, and wetland/upland conservation areas in accordance with the existing SFWMD conceptual pennit. The Secondary Water Management System is comprised of inlets and culverts designed to collect and transmit drainage from community infrastructure roadways and other Community Property to the Master Water Management System.
Water management lakes in the Community Property will need to be excavated as part of Community Infrastructure to provide for water quality and flood protection of the Community Property. The total area of the expected water management lakes for the Community Property upon completion constitutes approximately 13.6% of the total Community Property. Modeling included in the current surface water management permit for the Community Property anticipates the construction of
489.15 acres of lakes as measured at control elevation.

10

Costs associated with excavation of the water management lakes, to the extent necessary to provide for water quality and flood protection, include excavation of material to a water depth of 12 feet, stabilizing the iake banks with sod, and stockpiling excavated material in designated areas on property within the Districts. Stockpiling of excavated material in this manner is less expensive than transporting to offsite locations.
Drainage is generally from west to east with the overall water management plan calling for the western lakes to be held at a higher elevation than the eastern lakes causing a cascading effect. The primary route for discharge of runoff is easterly to the Duda conveyance cana! located at the eastern border of the District and through Control Structure D-02 to the South Florida Water Management District C-23 Canal.
There is one drainage basin within the project designated as Basin 8 lying adjacent to the C-23 Canal that discharges directly to the C-23 Canal through Control Structure D-08. In addition, the current Tradition surface water management permit (56-01569-P), issued by the South Florida Water Management District, accommodates flow through from approximately 432.72 acres of area located in Southern Grove Community Development District No. 5.
The entire water management system, including the master and secondary water management system and control structures, is included as a part of Community Infrastructure. The control structures are integral in allowing the overall water manageme;it system to provide tor the differing lake elevations necessary to maintain wetland viability and control discharge volumes between the various water management Basins established within the South Florida Water Management District permit for Development Community Infrastructure.
It is anticipated that the Issuer will finance and construct the water management system. Howevei, it is also possible that the Master Developer and individual developers of the various parcels will construct portions of the water management system as part of their respective developments and will deciicate the portions of the system constructed by them to the Issuer, which will then cause the Administration District to operate and maintain these projects upon completion. In addition, an excavated lake within the boundaries of Southern Grove Community Development District No. 5, that is part of the Community Infrastructure, will be contributed by the Developer to the Issuer. This contribution will be vaiued at $330,000 which is the cost of excavating the lake.
The Policies and Procedures Manual for Southern Grove Community Development District adopted or to be adopted sets forth guidelines and conditions under which developers may construct certain elements of the qualified public improvements inciuded in this report and sell the completed improvements to the Issuer.
Exhibit D gives a general overview of the total acreage of the water management system lakes in each Basin in the Community Property, included within the Community Infrastructure.  The size of lakes, lake interconnect culverts, and
11

discharge control structures were taken from the existing South Florida Water Management District Conceptual and Construction Permit. Modeling for the proposed system and the application to the South Florida Water Management was prepared by Engineering Design & Construction, Inc. of Fort Pierce, Florida.
Changes in the configuration of the lakes is anticipated as a result of final site planning and modifications to the Conceptual Permit will be necessary as changes are made known. Such changes are ordinary for a development of this size and are issued through the normai course of permitting.

The master water management system and control structures will be owned by the Issuer and maintained by the Administration District, while certain components of the secondary water management system may be owned by either the City or the Issuer and maintained by the Administration District.
On-Site and Off-Site Water & Sewer Utilities
On-site utilities including the major water supply, sewage collection and transmission lines to be constructed within the rights of way of the Community Infrastructure roadways are included as part of the Community Infrastructure. Potable water and wastewater treatment wili be provided by existing City facilities. The construction of pump stations and force !'Tlains are included as part of the Community Infrastructure as well.
The location and line sizes used in preparation of the cost estimate were as stated in a report prepared for the City by Reiss Environmental titled "Water Distribution and Wastewater Collection Master Plan".
All water and sewer facilities will be turned over to the City for operation and maintenance once completed, certified, and accepted by the City.
Community Recreation Complex
The Community Infrastructure includes a Community Recreation Con,plex consisting of athletic facilities designed to meet the needs of the Community Property. The complex will be built in phases and will ultimately utilize as much as 75 gross acres on one or more parcels of land. The complex is currently envisioned to include: (a) two lighted baseball/softball fields, (b) four lighted soccer fields, (c) six lighted tennis courts, (d) four lighted basketball courts, and a swimming and fitness center.
Community Infrastructure improvements serving the Community Recreation Complex as well as facilities included in the Complex to the extent financed by the Issuer will be owned by the Issuer and will be operated and maintained by the Administration District.

12

Recreation Trail System
The Community Infrastructure includes the design of active parks and construction of an extensive system of trails and improved pedestrian walkways. Some of the pedestrian walkways will be a part of the walkway system constructed with the Community Infrastructure roadways, while others will be constructed in parks, open space, and preserve areas; all will be open and accessible by the public. The location of the trai! system, as currently envisioned, is shown as a red line in Exhibit C.
l'rail system improvements within Community Infrastructure roadways will be owned by either the City or the Issuer and operated and maintained by the City or the Administration District. Trail system improvements within open space or preserve areas financed and owned by the Issuer will be operated and maintained by the Administration District.
Landscape & Irrigation

A major component of creating a master planned community is the creation of a consistent landscape approach and theme. As such, the Community Infrastructure includes landscaping and irrigation improvements to be installed within and along the Community Infrastructure public roadway system.
Landscape and Irrigation improvements installed as a part of Community Infrastructure will be owned by the Issuer and/or another public entity and operated and maintained by Administration District and/or other public entity who has responsibility for maintenance and operation of the public roadway within which the improvements are installed.
Irrigation transmission mains will be installed, owned. and operated by a private entity and are therefore, not a part of the Community Infrastructure improvements identified in this report.
Master Signage Program
The cost for developing and implementing a community-wide master signage program has been included as a part of Community Infrastructure. Improvements include monument and directional signage on public Community Infrastructure roadways or public right of way as well as hardscape improvements at various locations throughout the Districts located on public Community Infrastructure roadways or public right of way.
These improvements will be owned by the Issuer and maintained by the Administration District.

13
·

Environmental Mitigation
There are numerous environmentally sensitive areas throughout the Districts, some of which are required to be preseived, enhanced, and monitored for continued viability by the approving agencies. Cost associated with this work has been included as a part of this Community Infrastructure.
It is anticrpated that the Issuer will receive dedicatior. of these areas during the platting process and the Administration District wiil be responsible for the ongoing monitoring and maintenance of these areas.
Construction Cost Estimate
Consulting services relating to Community Infrastructure including engineering. surveying, landscape architecture, and legal seivices during project development, design, and construction phases have been incorporated into the construction cost and are shown as an individual line item in the cost table shown on the next page.
Cost Estimate for Commun;ty infrastructure Improvements

The costs below will complete all Community Infrastructure Improvements described in this report and include costs needed to augment improvements constructed under Phase 1 of the City's SAD Project. It is expected that construction of all remaining Community Infrastructure will be substantially complete by 2036.

lmp�\•ement Category	Developer
Contribution	
Oist'f'ict Cost	
Total	
Onsite Roadways				
		$54,148,000	$54,148,000	
Offsite Roadways		$24,124,000	$24,124,000	
Intersections & Signalization		$12,700,000	$12,700,000	
Public Water & Sewer Utilities		$8,193,000	$8,193,000	
Roadway Landscape & Irrigation		$6,984,000	$6,984,000	
Roadway Lighting
Water Management Lake Excavation	$330,000	$5,593,000
$16,142,000	$5,593,000
$16,472,000	
Control Structures & Interconnect Pipe		$7,550,000	$7,550,000	
Community Recreation Complex		$50,000,000	$50,000,000	
Recreational Trail System		$1,500,000	$1,500,000	
Master Signage		750,000	$750,000	
Environmental Mitigation	$2,793,910	5,162,000	$7,955,910	
Subtotal	$3,123,910	$192,846,000	$195,989,910	
Engineering, Legal, Administration (15%)		$28,926,900	$28,926,900	
Contingency (10%)		$19,284,600	$19,284,600	
Total Cost	$3,123,910	$241,057,500	$244,181,410	

14

The costs for all, or part, of the public roadways may be borne solely by the Districts, cost shared with the developers of surrounding properties also benefiting from the construction of those roadways, or funded and constructed as another phase of the City's SAD Project.
In addition to the $330,000 of value associated with the excavation of a lake mentioned earlier in this report, the Developer intends to contribute a total of 279.39 acres of property for water management, conservation and mitigation purposes. The total value of excavated lake and contributed land will be considered Contributed Community Infrastructure. It is intended that the total value of the Contributed Community Infrastructure be established and that credit for prepayment of Community Infrastructure Assessments be issued once an agreement between the Developer and the Issuer Is in place.
Sum.mary of District Infrastructure Components
District Infrastructure included under this category Includes public improvements basic to supplying urban services to lots and properties within each individual District. Infrastructure within this category would specially benefit only the Community Property within the individual District and costs of those improvements would be shared by only those properties that were specially benefitted.
District Infrastructure m2y inc!ude, but not be limited to, the following public improvements:

Public Roadways
Drainage Facilities
Water Distribution System
.,	Sanitary Sewer System
.,	Landscaping
"	Landscape Irrigation
Hardscape
lighting
Wetland and Upland Preserves
Parks and Recreational Amenities
The majority of the Community Property within the Districts is still owned and controlled by the Master Developer and the ultimate owners or developers of those properties are unknown. For the purposes of this report, we have included a budget cost for District Infrastructure based on $60,000 per gross acre. This budgeted cost may, or may not, cover all costs associated with infrastructure categories identified above depending on the type of project being constructed. Buildout for District Infrastructure improvements is dependent on market conditions but is anticipated to occur within a twenty year period.
Cost Estimate for District Infrastructure Improvements

District Infrastructure	Estimated Cost	
District No. 1	$  2,848,200	
District No. 2	$ 23,897,400	
District No. 3	$ 50,883,000	
15

District No. 4	$ 57,467,400	
District No. 5	$32,407,800	
District No. 6	$48,781,800	
Estimated District Infrastructure Cost	$216,285,600	
Conclusion		
We have reviewed the projected cost	figures for qualifying Community Infrastructure and	
District Infrastructure improvements that are part of this report and have found them to be reasonable for this type of development. The impact of market conditions, increased regulatory actions and other factors affecting the development on future costs can not be completely assessed and may impact the project over a long period of time.

Assuming Project construction will proceed in a timely manner, it is our opinion that the proposed improvements, if constructed and built in substantial accordance with current land use designations a11d approved plans, can be completed and meet their intended function. Where available, historical costs, information from other professional or utility consultants and contractors have been used in preparation of this report. Consultants and contractors who have contributed in providing the cost data included in this report are reputable entities within the Treasure Coast/Port St. Lucie area.

It is therefore our opinion that the future components of the Community Infrastructure and District Infrastructure can be completed at the costs as stated.

We have reviewed the "Analysis of Benefits from the Installation of Public Infrastructure" report prepared by Fishkind & Associates, Inc. dated February 21, 2013. Based on the increased real estate values and land uses stated in the report, we have concluded that the benefits accrued from the completion of Phase 1 of the City's SAD Project, Community Infrastructure, and District Infrastructure improvements will exceed one billion dollars.

We are further of the opinion that the Community Infrastructure and District Infrastructure, together with the SAD Project improvements heretofore and hereafter constructed, will specially benefit the Community Property; provided, however, that the Community Infrastructure will not specially benefit Existing Development, and provided, further, that the District Infrastructure will only specially benefit the lands within the specific District requiring such District Infrastructure.

ARCADIS US, Inc.

Robert W. Lawson, P.E Vice President

Florida Registration No. 26640
16
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OWNER	PA.'lCEL ID	PARCEL
ACREAGE	OWNf.RTOTAL
ACREAGE	
ST. LUCE HOSPITAUTYITRADfTION	4315-501-0006-000-2	13-45	13.45	
MANN RC Llc	4315-500-uu15-000-2	2234	22.	.34	
MARffi MEMORIAL MEDICAL CENTER. INC.	4315-501-0004-000-5	20.00	20.00	
CITY OF PORT ST LUCE	4315-500-0014-000-5	20.00	20.00	
VACCNE AND GENElHERAPYNSTTJJJTE OF FLOROA	4316-502-0008-000--6	8.00	8.00	
GRANDE PALMS ATTRAOfTION I	4315-500-0012-000-1	20.00	20.00	
GRANDE PALMS ATTRAOJTON II	4315-500-0011--()0().4	2000	20.00	

FLOR.DA POWER& LIGtfTCO.	4315-700-0031-000-4	5.00	5.00	
HORIZONS ST.LUCE DEVELOPMENT LLC	4315-500--0005,000-9	18.17		
HORIZONS ST.LUCE DEVELOPMENT LLC	4315-700-0027-01().6	18.01		
HORIZONS ST. LUCE DEVELOPMENT, LLC			36.18	
	.	TRADITION LAND COMPANY, LLC	4315-500-0009-000-7	71.54		
TRADITION LAND COMPANY LLC	4315-500-0010-000-7	33.72		
TRADITON LAND COMPANY LLC	4315-500-0004.000-2	27.31		
TRADfTION LAND COMPANY LLC	4315-502--0003-000-1	9.61		
TRADrTJON LAND COMPANY. LLC	4315-502-0010-000-3	21.81		
TRADITION LAND COMPANY LLC	4315-502-0007-000-S	5.26		
TRADITION LAND COMPANY LLC	4315-502-0009-000-3	7.85		
TRADITION LAND COMPANY, LLC	4316-502-0006-000-2	1.61		
TRADITION LAND COMPANY LLC	4316-502-0005-000-5	1.39		
TRADmDN LAND COMPANY, LLC	4315-500-0008-000-0	60.60		
TRADITION LAND COMPANY LLC	4315-500-0006-000--6	0.94		
TRADITION LAND COMPANY LLC	4315-500-0007-000-3	5.06		
TRADIT10N LAND COMPANY LLC	4315-700-0025-000-9	134.71		
TRADITON LAND COMPANY: LLC	4315-700-0027-000-3	464.80		
TRADITTJN LAND COMPANY LLC	4315-700-0026-000-6	228.24		
TRAOmDN LAND COMPANY, LLC	4315-700-0029-000-7	361.03		
lRAOITTJN LAND COMPANY LLC	4315-700-0034-000-5	413.46		
TRADfTK)N LAND COMPANY LLC	4315-700-0033-00Q-8	298.37		
TRAOm)N LAND COMPANY, LLC	4315-700-0030-000-7	440.68		
TRADITION LAND COMPANY LLC	4315-700-0032-000-1	387.68		
TRAOffiON LAND COMPANY, LLC			2975.67	
SOUTHERN GROVE COD	4315-501-0003-000-8	3.74	3.74	
TRADITK)N COMMUNITY ASSOCIAIDN NC.	4315-700-0007-000-7	1.07		
TRADffiON COMMUNrTY ASSOCIATION NC.	4315-700-0019-0004	32.40		
TRAOITK)N COMMUNrTY ASSOCV>.TION NC.	4315-700-0018-000-7	5.64		
TRAOITTJN COMMUNrTY ASSOCVI.TON NC.	4315-700-0010-000-1	0.42		
TRAOITDN COMMUNITY ASSOCIATION NC.	4315,700-0012-000-5	1.84		
TRADmDN COMMUNFFY ASSOCV>.TION, NC.	4315-700-0022-000-S	37.31		
TRADITK>N COMMUNITY ASSOCV\TION, NC.	4315-700-0020-000-4	48.07		
TRADfTDN COMMUNITY ASSOCIATION NC.	4315-700-0011-000-8	0.08		
TRADfTON COMMUNITY ASSOCIATION NC.	4315-700-0014-000-9	1.02		
TRADfTK)N COMMUNITY ASSOCIATION NC.	4315-700-0015-000-6	0.71		
TRAOITDN COMMUNITY ASSOCIAIDN NC.	4315-700-0013-000·2	2.25		
TRADrTION COMMUNITY ASSOCIATION NC.	4315·700-0017-000-8	3.97		
TRADmDN COMMUNITY ASSOCIATION NC.	4315-700-0016·000-3	41.30		
TRADITDN COMMUNITY ASSOCIATION, NC.			176.08	
	TOTAL	3264.67	3264.&7	
NOTES,
ROAD RIGHT OF WAY PARCELS ARE NOT INCLUDED
TRADrTtON COMMUNITY ASSOCIATION, NC. PARCELS ARE TO BE CONVEYED TO SOUTHERN GROVE COMMUNITYDEVELOPMENT DISTRICT AT A FUTURE DAlE.

-"'ARCADIS

HIGHLIGHTED ENTRES REPRESENT FULLYENTJTlEO •EXISffiG DEVELOPMEN'r' PARCELS

....

MOAINIU&.M

SOUTHERN OROVE PROPERTY OWNER TABLE

T&.I.I.I.II•-,.-..-..---,

EXHIBITG

-- --

600
I	I

1200
I

GRAPHIC SCALE

EXISTING PROPERTY OWNERS
G) ST. LUCIE HOSPfTAL/TRADIT10N
® MANN RC, UC
@ MARTIN MEMORIAL MEDIC.AL CENTER, INC.
© CITY OF PORT ST. LUCIE

5

/';:\	VACCINE & GENE THERAPY

©

\.:::,,/ INSllTIUTE OF FLORIDA
GRANOE PAI.MS AT TRADITION I
(z} GRANDE PALMS AT TRADITION II

EXHIBITH
SOUTHERN GROVE

ARCADIS

. .._

AACADIS U8.. lllo.
N:jltl)IJI- f.:Clll)"7.ffll

EXISTING DEVELOPMENT PARCELS

...........--.-•11

Supplemental Master Engineer's Report for
PUBLIC INFRASTRUCTURE IMPROVEMENTS SERVING

SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICTS No. 1 • 6

Prepared for:
The Board of Supervisors of
Southern Grove Community Development District Nos. 1 - 6

Prepared By: ARCADIS U.S., Inc.
2081 Vista Parkway, SuHe 300 West Palm Beach, Florida 33411

Phone: 561-697-7000
Fax: 561-697-7751

July 8, 2014

1

Supplemental Master Engineers Report
July 8, 2014

Table of Contents Introduction Purpose
Summary of Community Infrastructure Component Modifications Summary of District Infrastructure Component Modifications Summary of Public Infrastructure Cost
Conclusion
EXHIBITS
CDO Boundary Map

2
3
4
4
5

6

7

Exhibit A

2

Introduction

This report supplements that certain Second Amended and Restated Master Engineer's Report dated July 9, 2013 (the "Master Engineer's Report"). As more fully described in the Master Engineer's Report, there are now six separate community development districts (COD No. 1 - CDD No. 6) (collectively, the "Districtsu) established for the mixed-use development known as "Southern Grove" (the "Development") encompassing approximately 3,606 acres, all located within the City of Port St. Lucie. As more fully described In the Master Engineer's Report, a portion of the Development, referred to as the "Existing Development" in the Master Engineer's Report, does not require and will not specially benefit from the "Community Infrastructure" (as defined in the Master Engineer's Report and described below).
The configuration of Southern Grove Community Development Districts Nos. 1 - 6 can be seen in Exhibit A of this report.
As noted in the Master Engineer's Report, certain public infrastructure improvements have been Implemented by the City of Port St Lucie through the City's Southwest Annexation Special Assessment District No. 1 (theUSAD") financed by the issuance of Special Assessment Bonds, Serles 2007B (the "SAD Bonds") .
lnfonnation contained in the Master Engineer's Report sets forth a plan and estimated cost for "Public Infrastructure" improvements necessary to support the property through build out. This area is referred to as "Community Property". COD Nos. 1-6 are referred to collectively as the "Community Property Districts" and each of such districts are sometimes referred to herein as a "Community Property District." The Community Property Districts are depicted on Exhibit A.
For the purposes of the Master Engineer's Report, the Public Infrastructure Improvements anticipated for the Community Property Districts is divided into two categories.
The first category is "Community Infrastructure" that is made up of improvements that are needed to serve all of the Community Property other than the Existing Development. Examples of Community Infrastructure would be major roadways, drainage, water distribution, sewage collection and transmission facllltles, lighting, landscape, irrigation, hardscape, buffers, and master directional signage all located within and along the perimeter of the major roadway corridors. Other components of community infrastructure could include the master water management system of lakes, inter-connecting culverts, and control structures necessary to control stormwater runoff. Public facilities, parks, recreational walking trails, environmental mitigation plantings, and preserve areas are also considered to be in this category. Each component of the Community Infrastructure benefits, or will benefit, the Community Property other than1he Existing Development and is not considered specific to any one of the Community Property Districts and comprise "projects� as defined in Chapter 190, Florida Statutes.
The second category of improvement is "District Infrastructure" that is made up of improvements necessary to develop properties within any one of the Community Property Districts that would benefit only those properties within that specific Community Property District (and may include the Existing Development). An example of District Infrastructure would be the internal streets.
3

water, sewer, and drainage for streets within a specific Community P_mperty District. This class of street would typically have residential lots, or individual commercial parcels on each side and direct access onto the street would be allowed.
Both Community Infrastructure and District Infrastructure (collectively "Public Infrastructure"} are to be constructed for the benefit of the public. Only those Improvements that are determined to be eligible for tax-exempt financing will be funded by the Community Property Districts.
Pursuant to a written interlocal agreement (the "lnterlocal Agreemenn, the Districts have provided for the Implementation of the Community Infrastructure by delegating to one of the Distrtcts (the ..Issuer") in the manner set forth in the lnter1ocal Agreement the authority to finance, acquire and construct such Community Infrastructure within the boundaries of the Districts. The lnterlocal Agreement also provides for another of the Districts (the "Administration District'') to operate and maintain, on behalf of the Issuer for the benefrt of all of the Districts, any portions of the Community Infrastructure not conveyed to another governmental entity. The Issuer may also finance, acquire and construct the infrastructure necessary to serve the pmperty within the boundaries of a specific District (the ''Distlict Infrastructure"), subject to the reserved rights of each District to finance the acquisition and construction of its own District fnfrastructure. District Infrastructure may be operated and maintained by the Administration District or the applicable District in which such District Infrastructure is located to the extent not conveyed to another govemmental entity.
The Community Property will be assessed costs associated with the Public Infrastructure (excluding the Existing Development, in the case of Community Infrastructure) based on Its relative benefit as identified in the master assessment methodology report prepared by Fishkind & Associates, Jnc. and approved by the Community Property Districts, as supplemented from time to time.
Purpose
The purpose of this report is to modify and restate the scope and costs associated with certain Community Infrastructure Components Identified In the Master Engineer's Report to reflect changes In plans and market conditions. All improvements stated in the Summary of Community Infrastructure Components in the Master Engineer's Report and not specifically modified herein shall remain unchanged.
Summary of Community Infrastructure Component Modifications
Community Recreation Complex
The large multi-purpose recreation complex anticipated to utilize as much as 75 gross acres has been scaled back to include a smaller community based park of approximately 20 gross acres similar to other park facilities located in the City of Port St Lucie. It is envisioned that the park oould include elements such as, but not limited to, ball fields, tennis courts, picnic area, playground, walking trail, and open space all lighted for limited night time use.

4

Recreational Trail System
The Master Engineer's Report describes a recreational trail system that is planned to include active parks and an extensive system of trails and improved pedestrian walkways. Due to increased usage and popularity of these type of improvements in developments such as the Development, components of the recreational trail system have been expanded to provide additional opportunities for use throughout the community.
Outdoor Green/Amphitheater
This facility is intended to serve as a gathering place for concerts and other public events. A site for the proposed active park facility has not been determined at this time and it may be incorporated within the active part(s contemplated by the recreational trail system category or as part of the community recreation complex. Accordingly, the costs associated with this facility are reflected as a separate lfne Item.
Summary of District Infrastructure Component Modifications
The summary of District Infrastructure Components included in the Master Engineer's Report, dated July 9, 2013 remains unchanged as a result of this report

5

Summary of Publlc Infrastructure Costs
Community Infrastructure Costs

1"1)rovement Category	Developer
Contribution	SG CDD Cost	Total	
Onsite Roadways		$	54,148,000	$ 54,148,000	
OJfsite Roadways		$	24,124,000	$ 24,124,000	
Intersections & Slgnalization		$	12,700,000	$ 12,700,000	
Public Water & Sewer Utilities		$	8,193,000	$	8,193,000	
Roadway Landscape & Irrigations		$	6,984,000	$	6,984,000	
Roadway lighting		$	5,593,000	$	5,593,000	
Water Management Lake Excavation	$	330,000	$	16,142,000	$ 16,472,000	
Control Structures & Interconnect Pipe		$	7,550,000	$	7,550,000	
Community Recreation Complex		$	2,664,000	$	2,664,000	
Community Greenllvnphitheater		$	4,000,000	$	4,000,000	
Recreational Trail System		$	4,656,044	$	4,656,044	
Master Slgnage		$	750,000	$	750,000	
Environmental Mtigation	$	2 793,910	$	5,162,000	$	7,955,910	
Subtotal	$	3,123,910	$	152,666,044	$155,789,954	
ngineering, Legal, Administration(15%)		$	22,899,907	$ 22,899,907	
Contingency (10%)		$	15,266,604	$ 15,266,604	
Total Cost	$	3,123,910	$	190,832,555	$ 193,956,465	
The total shown in the SG COD Cost column above represents a $50,224,945 reduction
In total estimated costs from the July 91 2013 Master Engineer's Report. District Infrastructure Costs
District	Estimated Cost	
District 1	$2,848,200	
District 2	$23,897,400	
District 3	$50,883,000	
District 4	$57,467,400	
District 5	$32,407,800	
District 6	$48,781,800	
Total Estimated Cost	$216,285,600	
The total District Infrastructure cost shown above is based on a total cost of $60,000 per gross acre and remains unchanged from the July 9, 2013 Master Engineer's Report

6

Conclusion
We have reviewed requested modifications as well as the projected cost figures associated with the Publi.c Infrastructure included in this report and have found them to be reasonable for this type of development. The impact of market conditions, increased regulatory actions and other factors affecting the Mure costs of development cannot be completely assessed and may impact the project over a long period of time.
Assuming project construction will proceed in a timely manner. It Is our opinion that the proposed improvements, if constructed and built in substantial accordance with approved plans and specifications, can be completed within the estimated costs and meet their Intended function. Where available, existing construction contracts, infonnation from other professional or utility consultants, and contractors. and historical data have been used In preparation of this report. Consultants and contractors who have contributed in providing the cost data included in this report are reputable entities within the Treasure Coast/Port St. Lucie area. It is therefore our opinion that the construction of the Public Infrastructure described herein can be completed at the costs as stated.

ARCADIS US, Inc.

Robert W. Lawson, P.E Vice President
Florida Registration No. 26640

7

EXHIBIT A SOUTHERN GROVE CDD BOUNDARY MAP

ARCADIS

AIIOAIIIIULa
--......;:iiiol--.-11411
T_<l:(119,)11.1'11.111.,_,fl")lll.ffl1

Supplement to lhe M•ter Engineer'• Report,
as Supplemented by Reports Dated July I, 2014 and December I, 2014
for

PUBLIC INFRASTRUCTURE IMPROVEMENTS
SERVING
SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICTS No. 1 • 6

Prepared for:
The Board of Supemaora of
Southern Grow Community DevelopnMtnt Dfetrlct Noe. 1 -1

Prepared By:
ARCADIS U.S., Inc.
1500 Gateway Boulevard, SUlte 200
Boynton Beach, Florida 33426

Phone:561-S7-7000
Fax:561-697-7751

August 1, 2019

t

8upplement to the Muter Eno)nHr'• Report.
•• Supplemented by Reporta Dated July 8, 2014 and December t. 201,

August1,2019

Tabte of Contents

2
3

PurpoM

5

Summary of Community Infrastructure Component Modifications

8

Summary of District Infrastructure Component Modifications

8

Summary of Public Infrastructure Cos1s

9

Update on Status of Pennlttlng for Public Infrastructure

Update on land Uses
Status of 2014 Cl Project

10
11
11

Stalus of 2014 01 Pto)ect

12

General Matters Related to 2014 Cl and 2014 01Projects

13

Conclusion

13

EXHIBITS
COD Boundary Map
Community Infrastructure Roadways lntenedlon/Slgnalization Improvements Existing Development Parcels

Exhibit A Exhibit B Exhibll C Exhibit 0

2

lnlroductlon
This report Is a Supplement to lhst certain Second Amended and Restated Master EnglnNf's Report dated July 9, 2013 (Che ·M11ter Engi'leefs Report"), as suppfemen� on July 8, 2014 (Iha •Ftrat Supplement; and December 9, 201� (the ·Second Supplement) and coHedlvely with Iha First Supplement and the Master Engineer's Report, the •0r1g1naI Engineer's Report"). All capllatlzed tenns not otherwise defined herein have the meanings a9Cl1bed th8f'8to in the Ortglnal Enfnee(1 Report
A• more fully descnbed in the Master Engineer's Report, there are Six separate community development dlS171cts (COO No. 1 - COO No. 8) (col1ectNel)', the "Dlstricta1 eatablllhed for the mlxed-uH development known as ·soU1hem Grove• (Che •Qevelopmenr) encompa11tng approximately 3,806 ea-es, all located wtthln the City of Port St. Lucie.
The configuration of Southam Grove Community Development Dlstricts Nos. 1 - 6 can be seen in
Exhibit A of this report.
As n°'9d kt the Master Engineer's Report, certain pubic lnfraatructure improvements have been Implemented by the City of Port St Lucie through the City's Soulhwett Annexation Special Asaeaament Dlstric:t No. 1 (the •SAo•) financed by lhe issUance of Special Assessmenl Bonds. Serie& 20078 (tho "SAD Bonda").
lnfonnati°" contafl,ed In the Master Engineer's Report sell forth a plan and estimated cost for
•PubliG Infrastructure• tmpnM1ments neoe11ary 10 eupport the propertj through butkS out. Thia area is referred to as •community Property.• COO Nos. 1-6 are also sometimes l"lf9tred to c:olec:tlvely aa the ·community Property Oistrlcls" and each of such districts are sometimes referred to herein as a ·community Property District.· The Community Property Olsticts are depk:tad on Exhibit A.
For lhe purposes of lhe Master Engineer'& Report, the Public lnfrastructute (hereinafter defined)
Improvements antlclpeted for the Communlly Property Dlsfrlots are divided into two categories.
The first catego,y Is·eonmunity lnfrutructure• that is made up of improvements that are needed to senie aN of the Community Proi,.rty. Examples of Community lnhatruclure woutd b9 majar roadways. drainage, water distribution, 9eW8ge colladk>n •nd tranamla8k>n fadlllet, fighting, land8cape, irrtgation, hardaoape, buffers, and master directional slgnage all located within and along the perimeter of the major roadway oon"ldor&. Other component.- of community lnfraltn.tcture could include the master water management .system of lakea, lntar�ng culverta, and c:ontrol structures nec:euary to control stonnwater runoff. Public factllll•. parka, reaeallonal walking tralls. environmental mitigation plantings, and pAl89Ne aren .,. also conelclered to be In this category. Each component of the Convnuntty Infrastructure benefits, or will benefit. lhe Community Property and la not considered apecfflc to any one of 1he community Property Oiatricts and comprise "projects• ■s defined in Chapter 190, Florida Statutes.
The second category of improvement is ·0Islrict lnffastructura·that is made up or Improvements
neceaary to devefop properties wittlin any one of the Community Prope,1y Dlstrids Chat would 3

benefit only those properties wflhln that epec:ific Community Property District. An example of District lnfraatructure would be the internal streets, water, sewer, and drainage for ltreels within a apeclftc Community Property Olatr1ct lhl8 dass of street would typically have ntSldential lots on each side and direct access onto the street would be affowed.

Both Communlly lnfrtstructure (Cl} and OiStrict Infrastructure (01), (collectiv.ly •Public Infrastructure•) are to be conatrueted for lhe benefit of Iha public. Only those 1mpovemants llat are determined lo be ellglble for tax-exempt flnandng have been, or wlll be, funded by the Community Property Districts.
Purauant to a written lntarlocal agreement (the·1ntarlocal Agreement"), the D.atricts have provided
for the lmplementatlon of the COmmuntty tnfrastruaura by delegating to one of the Oil1ncts (the
•1uuerj, In lhe manner sat forth kl the lntertocal Agreement, the authorfly lo finance, aoqulra and conslruct such Community lnfraatructure within lhe boundaries of the Ofstrlcta. The lnterb:al Agreement also provides for one of the Oiltrictl (the •Admlnlltratlon Dlstrlc.t") to openala and maintain, on behalf of the IS1Uer for thebenefft of all of lhe Oialricls, any portions ofIha Community Infrastructure not conveyed to another governmental entity. The Issuer may also finance, acquire and construct the lnfra91ructureneceuary10 sel'Yll!t Iha property within the bOundaries of a spedfic Dlltllct (the ·O1stt1ct lnfraltrUctuN1, subject to the reserwd rights of each Oietrict ta finance the a0qlUltlon and con&IJuctfon of its own District lnfraslructure. ·O1abict lnfraslructure may be operated and malnlalned by the Administration District or the applicable District in Which such District Infrastructure is located to the extent not conveyed to anoth« governmental entity.

The Community Property will be assessed costs associated wtth lhe Public Infrastructure baaed on !ta relative benefit as Identified In 1he master assessment methodology report prepared by Flshldnd & Assoclelet, Inc. end appro'Jed by the Community Property Oiatncta, as supplemented from Uma to time, induding as auppanented by a report daled August 1, 2019 p,9pared by Special 01sb1ct Servfoea, Inc., the cumtnt aS88SSl'llent methodology consultant to the Districts.

Southern Grove Community Development Otstriet No. 5 ("COD No. 5") is cunnlly tecving ea the lasuer under lhe lnterlocal Agreement. It hes previously issued its $2,655,000 In original princlpal of lb Bond Anticipation Nole, Series 2014 (Community lnfr111ructure) (the "2014 Cf Nota1 to finance a portion of the Community Infrastructure, as described in the Second SUpplement (the "2014 Cl Project"}. COD No. 5 has ai.o .sued Its $5,800,000 In original prinapal amount of Its Bond Antldpatlon Note, Seriel 2014 (Oiatrid Infrastructure) (th• "2014 DI Note•) to finance ■ portion of Its own Dietric:t Infrastructure (lhe "2014 DI Projed).
SubNquent to lhe approwl of the Original Engineer's Report, the Di5tricts approved certain supplements to the Original Engineer's Repof1, which, by recent action of the govemlng boards of the Oislricts, have been rescinded as of the date hereof.
Subsequent to Iha Second Supplement, a change oocumtd in the ownerahip of a 9'gnlflcant portion of the undeveloped land in the Diltriell (the ·significant Undeveloped Land;. COO No, 5, as the current issuer,• the owners of the Significant Undeveloped Land and the Conauldng Engineer have formulated a 1'9�Nd COmmunlty lnfraelructure program, baaed on lhe current expected development plan for lhe Communtty Property (the •cunent Oe\lefopment Plan1, which

4

results In a efgnlficant reduction In the scope and coat of Community lnfrastruclun,, as de9crfbad
herein.

A1J part of this process, lhe Consulting Englll98f' reviewed various matters relallng fD the 2014 Cl Project end the 2014 Of Project The 2014 Cl Project Is aub8CandaHy 00mpeete, as mont fully dnaibed herein. The 2014 DI Project is complete, as mor11 fully described herein.
At the time the 2014 DI Note was issued, the development plan for the undeveloped land�COO No. 5 was unknown. A _.meant amount of development has subsequently occund. Aa part of Its revfew as da9Cltbad above,1he Consulting Engineer hat detennlned that fie componenta of the 2014 DI Project, wilt the exception of the slgnage for the Tradition Center for Innovation deaaibed In the Second Supplement (the ·2014 Signage•), should be re•ulfted 81Ccmmuntty lnfnta1nJClure based on the current existing development and future developmant plan1, ID Iha extent known, in COD No. 5 and the rad thal the completed components of the 2014 01Project (other lhan the 2014 Slgnage) are comprised of the same categor1es of lmpfOY8fflenta that are classified as Community Infrastructure in the Master Engineer's Report.
Aocordlngly, 1he Districts 8f'9 upected ID undertake the proceedings required by applialble 1aW to re-da1alfy lhe oomponenta offle 201� 01Project, other than the 2014 Slgnage, a Communtty Infrastructure and to levy lhe Community lnfrastruoture Anearnenta on lhe Exflang Development In COD No. 5 (as defined in the Original Engineets Report), whleh was not prew:,usly subject lo non-ed valorem assessments relatfng to Community lnfraebveture. The non-ad valorem asaeasmenla relating to the 2014 Signage will be satisfied by applfcatfon of• portion of lhe Credit Amount (hereinafter desaibed) lo an asaessable Community Property.
The Districts have Informed the Consulting Engineer that In order lo preaerve the fruit estate pledged to lhe 2014 Cl Note {which oonslsts primarily of non-ad valorem·spedal 11111111ffl81'1ta levied on aN aeaeaable Community Property, other than the EJClating Developmen.) end the Inlet estate pledged lo the 2014 DINote (which consistsprlmalily of Dlllricllnfrat1ruclure Asteslmenta levfed on assessable community Property In coo No. 5 Including the E>dsllng De\lalopment),lhe re-da1&1fica"4,n of components of Che 2014 OI Prefect and levy of non4d va1orem allellffl8nts
on 11\e Existing Oevelopment In connection 'Mth Community lnfraltrUc:lure \\111not be effedive W1til
Iha 2014 Cl Note and the 2014 DI Note are refunded and the flrat series of long-term Bonds ■19
. u9d by COD No. 5.
Purpose
The purpose of this Supplement ls lo:
Modify and restate the scope and c:o&ts associaled with the Community lnfnalln.lctura components identified In the Original Engineer's Report to reflect changea In �	of 1he Significant Undeveloped Lands, lhe Cwrent Development P&an and market aondlUcne, and the re-dallificaUOn of portions Df the 2014 01 Project aa Convnunlty lnfraltrudure. NotvAlhltaldng such modlfk:ati0118 and reatatementa, the remaining categories rA Community lnfra91Ncture and District Infrastructure ln,pravementa are ttle same as those addressed In Iha Master Engineer'• Report.

5.

Update lhe status of construction of Community lnfraatruclure and Olatrict lnfraalrvdure.
Summary of Community lnfra1trueture Component Modlflcetlona and�ed	COIII
The following reftects modifications lo Community Infrastructure from thal set forth in the Original Engineer'• Report, based on the Current Development Plan for the Community Property:
Onllte Pubtlc Roadways
The Re&ldenlial Colleelor Roadway extending from E.N/ 2 southward to Becker Road detcrlbed In the Original Engineer's Report wtll now be constructed as partd a roadway system contained within gated private communities and are lheterore removed from the scope <:AImprovements. The expected cost for construction of Onslle Public Roadway as shown in the Master Engineer's Report is reduced as a result of lhft change.
Offslta Publlc Roadwav,
One of the owners of the Significant Undeveloped Land (lhe •Significant Relidential Landowner, currantly believes that lhe demand for non-residential U1811 that were lnltialy envisioned for lhe Development may nol be as high as anticipated by the prior S91fflcanl owner of undeveloped Community Property, and that the denwnd for relklential UNI In
the Development is stronger than had been anddpated by such prior owner. As a l'8IUlt,
lhe Significant RHida,tial LandO\M"ler 18 In the proCMS of amending th• land UN plan for the portion of the Significant Undeveloped Land It owns to meet the anticipated lnau1e In realdenllal demand. The change In land use and resuhing prqect buldout achedule for the land owned by the Significant Residential Landowner, along with the fact that other
DRls in the area are canying some of the same off81te roadway �t	requirements as applicable to the Development, may or may not require that two segments of Paar Orlw Included In the Offslte Roadway oosls In the Maaler Engineer's Report, but located oubide lhe boundac1es of the Districts, be constructed prior lO Development butldout.
The two segments of Paar Drive tl\at tie out.de the Districts' boundaries and 1helr general improvement desenptJons Included In the Master Engineer's Report are aa folfowa:
Paar Drive: Add two lanes from Rosser Boulevard to Savona Boulevard
(Approx. 1.00 mile)
Paar Drive: Md two lanes from Savona Boulevard to Port St Lucie Boulevard (Approx. 0.80 miln)
ThJs report shifts the majority' of the cost for construction of the two Off9lte Paar Ortve segments lisled abow from the Districts, to lhe Significant Re9'dentlal Laudowner, which Is obllgated lo complete lhis Improvement pursuant to an agreement with COO No. 5. The total oos1 of the Improvements remains the same, however the com ha\111 been ,.

6

apportioned from the Master Engineer', Report, as shown In the Summary of Pubic Infrastructure Costs preaenled later In1hr, report.
lntersactiq, & Signalization
Four Intersections previously slated 10 be eigoalized aa a part of the Resktenllal Colector Roadway corridor wil no longer be Inducted In ComllM.nty lnfraalructure and therefore the expected cost for Intersection end Signalization lmprovemenls Is reduced from that set forth In the M.. ter Enginffr'a Report. Thi• cost reduction takesInto accooot costsIncurred on eirnifar Intersections within the Olatricts.
Public Water & Sewer Improvements
Based on costs incurred during construction of Public Weter and Sewer Improvement& l� date, a reduction in lhe expected mst for con11nJcUon of future PtAJllc Water and Sewer Improvements as set forth In the Master Engineer's Report is being made.
Roadway Landscape & lnjgation Improvements
Roadway Landscape and Irrigation costs associated with the Residential ColJactor Roadway are removed from the cogts reflected In the Mufl9r Engineer's Report. As a result of this roadway elimlnatlon, the e,rpecled cost Is reduced from that set fol1h In the Master Engineer's Report.
Roadway Lighting
Roadway Lighting costs associated with the Resldendal Cohdor Roadway aa shown In Iha Master Engineer's Report are removed and, asa result of lhis roadway elimlnallon, the ewpected cost Is reduced &om that set forth In the Master Engineer's Report.
Community Raqeation Complex
The Significant Residential Landowner has indk:atad that It Is not ineerestad In this type of complex and would rather provide Individual recreational opportunities within the boundarfes of Its individual residential projects.
Costs related to the community raaeaUonal oompk,,x are being removed entir8'y from Iha coal'I ahown in the Ma1ter Engineer's Report and are not shown In the Summary of Public Infrastructure Costs presented in this this report.
Outdoor Green/Amphitheater
Similar m Che community recreallon complex Uat.ed in the prevfous parag,aph1 the Significant Residential Landowner has lndlcated lhat It Is not Interested In 1f1II type of Improvement and would ratl'lw provide lndMdual recreational fadlltlas within the boundaries of Its lndMdual rasldentlal projects.

7

Costs related to the community g,een/amphilhealer are being removed enllrely from the costs shown In the Ma1t.r Engineer's Report and are not 1,hown In the Summary of Publlc Infrastructure Costs presented In this this report.
Rterea\ional TraU Svstem
The Master Engineer's Report descnbed a recreational trall syatarn plaMed to lndude active pari<s and an eXUll'UINV system of tratla and Improved pedestrian walkways. Due to lnaeased usage and populartty of these type of mprowments In davalopmenta similar to the Development and the elimination of lhe COmmunlty Recreation Comp'8x and Outdoor Green/Amc,hltheater fadliliea, l ls propoaad to expand compooenta of1he recreational traa1 system to p,ovlde eddltkJnel opportunities for use throUghout the oommunlty. The expected cost shown in the Master Engineer's Report is ina'eased accordingly.

Redassfficatton of 2014 01Project
As described above, it ta app,opriata to re-classify the components of the 201'4 01Pro;.ct, with the exception of the 2014 Slgnage, as Community Infrastructure. These nt-danffled components of the 2014 DI Project are complete and have a cost of $5,799,990.

In summary, modifications to the Original Engin.. r's Report have been made to eliminate some Community Infrastructure Improvements In their entirety, modify the scope of olhera, raclaeeffy certain components of the 2014 DI Project and adJu•t expected construction oou. The curntnt estimated cosl of 1he Community InfrastructureImprovements, including completed components of the 2014 DI Project, 18 $138,289,138.
Summary of District lnfrestructura Componen\ Modlftcatlona
The summary or District Infrastructure Components and proJaded coste Included in lhe Orlglnal Engineer's Report remains unchanged aa a result of this report, other than as deaaibed above wtlhreaped to there-dasslflcationof a portk>n of the 2014 01Project as Communtty lnfraltn.lcture. The total District lnfraslructure cost shown In the Original Engineef• Report is baaed on • total oost of $80,000 per gro• acre, which remain• unohanvecf. Nolwlthatandlng 1he foregoing \he Original Engineer'& Report is deemed modified as neceasary to reflect the re-daullcatiOn of lhe oomponents of the 2014 DI Project, other lhan lhe 2014 Signage, as Community lnfraalrUdure and to reflect that lhe Existing Development willnot requn any01t1rtd lnfrastrudure In the future. Acmrdingly, Oiatrict Infrastructure In COD No. 5 wlll benefit 0/'lly the assessable land• fn COO No. S olher than the ExlSting Development

8

Summary of Public lnfraatructura Cost,
Communitv Infrastructure	-
lmpnwement C.llgory
---

Developer ContrUwtlon

SQCOOCcNII

Total

lto•dw•!!,!_�_Ralalad ltlme
·---�ke�•	_....--

S	_ ·-43,"'88,720. '

-0-,"-88,1'20

_On1ileRoadMly�t19	

--  ---- ·- -- ..

I	...�!OOl'.000

I·---·-4·,0-0-9-,0-0-0

_,_2Mile�	��-

-S---5-,339-,2-3·8·.! _ - . _!.339.:.�3!1

011111•  lil  ..   ec:tlorw�lltion
   Olslte)!>Ldwaya One!. Lend•�Ughtlng)
SutltOlal

s	,a.848,840

�---   !,900.� 
S	5,000,000
'·-·-  87,714,958

,.I_ ... 9_,900",'0- 00
I	2S,848.840
I	111.313,581

. - -	._ Engi11ee11nQ, Leqlll.,Admlnt1t111tlon (HI%) $ _p_�:286. S 	10,157,244 ·'-· ..12,9!!:�

.

. _ ...... _. _.	Eallmllle Subtolal ...

-· ·---- --   ........_ -----

h  ••

-�(10%)

$	1,86',IM

I	8,771,4N

.!..	84,543,198

---	...-

s	8,138380

107,l&UII

·•- - -·---- -

... ...

.  £0!!!_plewd RoadwayLRadalstk11DI to Ct

I	3,Ne240

39'8240

.. . ·- -- -· ftoadwaya c11_!!.! llaletad Item• Total I	�.310,� I _ 11,171,IM,. . -- -'�t!.i!-�

�lomlwalllr/!n,!IE!!'...!."•ntal 111t11••on
W••	M�n	 Lake Exc1Mti011•

.	s	��!).000

_I  -•-·18,1"2..000 _s_.   1a.,c12,ooo

Control StnJctlftl.& l'lten:onnect Pipe

s	..!,550,002_ -�-	_ _!,55(1�

Erlllionment._!LMi� .

-s-

n◄.1120

s	5,162,000	s	7,938,920

L• •.

Subtotal I	3,104,920 I	!•!�.ODO  ! --  31,958,820
E�ng. LeQ!I, Aclminlatretion(15%).	··• J	 _. ���•_.100 _s·--·-·◄.321,100

-	. - . ·- ·--

. - �!"9!'C?Y.{10%)

s	2,815,400

s	2,115,400

-. ---·SIIOrm"!_•�EnvtronfflHtll,fllltljl!!!_n Total •............3.•,1-•0-4-.-1�20 ·s~·
Utillltn

,.�.��!-	

' .. ,,112,ae

PUDI!� ���r�-��-';:!!ilt_l«!�.

Subtotal $-

I	e,872380
-	�..	.il!�!!!'t

I	o,en.380
!	!,!!!,�

£ngil1Nfffl13, �egal, Admlr-istrallon {15%)
Can�la!"�Y (10%)

s	1,�!M�
I	887.238

I	,!!� ....
s	ee7,23111

R.c,wellon_TraHIIMl•r Slc,n■ae ..

uaua	T.o. •t

-�·*·� -·-	!-�,�

•

Rleiutian■I Trail Sy•tem

.	-	- -  -

s	-�-�-�-  .!.	�.ooo,� 

�.•.!•6�

.	.  �s�

s	750.000	750.000
�	.. 2,!!.0-�	-�·	2,'!IO,� •

•

. �ngilMleririg. �. Anini•lnrtion (15%)

-$-

412,SOO

I .·-··- 412,500

..	-	-	- f?)nti�(1E!)
·- . -	. ··-··-·--	Estlmeil.e &l.titatlll
. COfflpl�� lAke Trail Rite:l•Hit41d DI lo Cl

275,000
!	--�-�!.-�
.	s	1,IIISS,750

I	275.000
..!. --�.��!-IOI?
s	1,NS,71JO

bu.11Son TralWMa•r ll1n•111• Total •

I	•,�-� �  •· !,!!!,�

Total Colt • 2',411,120 '  1Sl,Jlt,,131 • 1M..104,III
•contnbuled by a fonner significant landowner of Community Property.
9

Ois1r1ct lnfraslructure Costs
� District 1
Oislrtct 2 Olstrtct3 Olslrict 4 Olstrtct ti Olalrtct6

Tolal Estimated Cost

Estimated Cost
$2,8"8,200
$23,897,400
$50,883,000
$57,467,400
$32,407,800•
$48,781.800

$216,285.600

Note: '" Excfudes costs asaociated with ltte 2014 DI Project. which are being redassified as Community lnfrestruc:ture (other than the 2014 slgnage), as described herein.
The total DISlric:1 Infrastructure cost shown above is based on a tolal cost of $60,000 per gross aae and remains unchanged from the Master Engineer's Report, except to the extent lhal lf1f9 Supplement detennlnes that the Existing Development does not require any addlJonal Dlatrict Infrastructure.
Update on Statu• of Permitting of Public lnfr1•tructurt
The following updates the 1ection of the Master Engineer's Repon entitled •pem,ilting.•

Addltior,al permtts recaiwld for Public Infrastructure Improvements since last addreaaed in the Mester Engineer's Report are as follows:
Convnuoltv lnfntf(rudure
�	3 (Open View Road) - Pennlned as a part of 1he Del Webb Community SFWMO ERP Pennil under Application 1611<KM>
City of Port St Lucie Approval under Project Number P1&.120
Southern Grove COO Wori< Authorization 4-3-0117

TCI Lake Amenity
Soulhem Grove COD Won< Authorization 5-11-0214

Oiacove,y Way Extension • Secondary accees route to Martin Memorial Ho&pltal SFWMO ERP Permll under Application 130215-4
City of Port St Ludo Approval under ProJeot Number P13-024
Soulhem Grove COO Worf< Authorization 5�13

vmage�te
SFWMO ERP Permit under Application 140829·16

10

Cay of Port St Lucie Approval under Project Number P14-089 Soulhem Grove COO Work Authol1zaUon 5-12.0614
Update of Land UH•
The table shown below BtJmmarizes the current land use plan and comparn It to the prior plan tor Southern Grove as of the date of the Second �emenl The updated plan acoompllhas the followfng: (a) increases residential uses: (b) reduce• the total square footage of office, research and development uaea; and (c) manges the character of the relal uses to 8ult the needs for an /naeased number of residences and eliminates the plan for a raglonal mall.

Catiegory	2019Volum11	2014Voium•	Q\ange	
Single-family 55 or L••	2,154
663
497
1.684
2.480
3,e7�.075
2,430,728
2,49U02
4,M3,336
791
300	uoo
1.200
It◄
1,972
1,502
3,850,075
2,180,728
2,333.802
'4,268,336
480
300	654
-537
-117
•378
878
25,000
250,000
185,000
315,000
311
0	
Single-fantl)'ee-e				
Sfngl►flrnll)' 67 or more				
Multifarnly Wlill				
Apartn11nt unHs				
R8tal1quare fee1				
Office�feet				
Resa&'Ch & Development				
W1flhouselfndustr11T				
Hotel rooms				
Hospltalbadl				

Status of 2014 Cl Project
The information shown below summarizes the status of the 2014 Cl Project
1. Series 2014 Cl PmJec:t Improvements Include Improvement of the drainage canal located directly west of Interstate 95 along the Southern Grow perimeter from 8 Lake, nonhward approximately 2400 feel. to Tradidon Parkway.  Improvements lndude
•xcavatlon and ehapl'ng alopee lo match the overaU South Florlde Weier Manag.ment Oielrfct (SFWMO) master stormwater permit and Atmy �  of l:fVRNf'I (A.C0e) pennltted llttoral shelf requirements, This portion orlhe 2014 Cl Prqec.t Is complete.
2, Senes 2014 Cl Project hnproll9fllenl8Include the excavatJon of one water management Jake wtth a surface area of 3.52 acres, one af the masler cont,ol 91ructures dellgnaled
-as �2,	and a segment or lake lnteroonned pipe, ■Uof whk:h are located wtthln
the Viftage Pointe project and fonn a part of the overall sUNce water managemenl system referen�d above. Thia por1lon of the 2014 Cl Pmjecti• complete.
3. Serles 2014 Cl Pn:>ject Improvements aJao Include construction of a wetrand-mltlgaUon area to be owned and operated by and on behaW of the Dlltricts lhat are required to offset development impact in Phases 1A & 18 of the Southam Grove ACOE permit.

Improvements include approximately 15.4 aa-es of wetland creation, 24.4 acres of wetland enhancement, and 20.7 acn,s of upland craation. This project Isapproximately 65 % complete aa of July 9, 2019. The costd the balance of this component Is expected to be appro,clmately $450,000.
4. Series 2014 Cl Project Improvements Include dearing and instaltlng '9nc:lng along Che Southem Grow perimeter adjacent to the west right of way of lntermte 95 from Discovery Way, northward approximately 2400 feet, to Tradition Parkway. The cost of lhis component of the plan Is expected k> be approximately $210.000.
The South Icon Tower lnduded In the 2014 Cl Project la not going to be funded with proceeds of the 2014 Cl Note. This component of lhe 2014 Cl Project fa not needed for the balance of the 2014 Cl Project to lefVe Its Intended function. This component may be funded by a subsequent series of Bonds Issued by one of the Districts.
St■tu■of 2014 01Project
The 2014 DI Project lmprowments (all of whid\, with the exception of the 2014 Slgnaga described In item number 1 below, are being re-dassffled as Community Infrastructure), are complete and oonsllt of the following:
Construction of project ldentiflcaUon anddlredional slgnage for the Tradition Center for Innovation rTCI") located In an easement owned by COO No. 5.
Construction within the lake banks around B-Lake In TCI enhancing the lake bank area Into a public amenity that wfll be owned by CDD No. 5 with paved pedestrtan pathway, llghtlng, landacepe, hardecape, and irrigation Improvements.
Construction of approximately 4,000 r.et of the public road known aa O.aoovery Way from Its current terminus eastward to the property boundary and pooeedlng nonhward to provide additional access to Martin Memorial Hospital. lmprovemente Include pubflc two lane roadway, drainage kl public road&, &igl,age in public right of way, and strfplng Improvements on public roadway owned by CDD No. 5.
Public Improvements owned by COD No. 5 which support lhe doYelopment of aix outparcel• located •n the eouthwest quadrant of the lntersecllon of Tradition and Village Parkways In Vllage Pointe, as well as one future development lot dnlgneted •• Lot 1. Specific improvemenla incfude embankment for public roads, conaln.lction of approximately 2635 feet of lhe public roads oomp,tsed of a 275 foot extenllon of Innovation Wey, 355 feet of Vllage Pofnle, 980 feet of Village Commons, and 1025 fNt of Village Court. utility and drainage improvements In public roads, as well u a full median opening on public Tradttion Partcway to provide acceu to the VIiiage Pointe
project.

12

General Matten Relatlng to 2014 Cl Project, 2014 DI Project and SAD Project

Aa a multof 1he implemen1ataon of the 2014 Cl Project. the 2014 DI Project and the SAD Project, the lands In the Dletncta that are subject lo non.ad valoram speol8t a11818ment9 In connection With the 201-4 Cl Note and 2014 01 Note (and will be subject to non-ad vak>rem spedlll e1sessments In c:onnedion wtlh future Bonds, as applcabla) haw rvoeM<I, and upon completion of the Community Infrastructure lmprovementl lnduded in the 2014 Cl Protect. wflt receive, the Public Infrastructure and other public improYemenll needed to serve such lands, without regard to whether additional Community lnfrutruc:ture lmprovementa or addlUonal District Infrastructure Improvements are hef'eafter implemented. altho\dl such lands wffl benefit from any addlllonal Commlnly lnfrastruclUre and, In the case of the land& in COD No. 5 other than the Exilting Development, any additional District Infrastructure serving such lands. Any Publtc tnfnlmucture not Included In the 2014 Cl Protect, 2014 DI Project or lhe SAO Project may be prowled by lhe District or any of the other Oistrtcts then aeMng as the laauer under lhe lnterlocal Agreement and/or owners of land In the Olltrk:ts and any non1JUbflc Infrastructure needed t> serve such lands has been, end wll continue to be provided (In the case�lands not yet developed with end uses), by the owners of such lands.
Condu1fon
We have reviewed the listed modifications as wall as the projected cost figures auodated with Iha Public lnfraslructure Included In this Supplement and have found lf\em to be reaeonable for lhfs type of de"8lopmenl The Impact of market conditions, lnetNeed reguletcKy actions andother factore affeclWlg lhe fub.lre costs of development cannot be completely atleSMd and may impact the project over a long period of time.
Aetumilg prvject construction will proceed In a dmely manner, it i1 our opinion that the proposed Improvements. If constructed and built in substantial aocordance wllh apprcNed plans and apec;fflcatlons, can be completed within the estimated costs and meet their Intended funclon. Whef9 avallabte, oleting construction contracts, Information from other professional or uUllty oonsullanrs, and contractors, and hlStOric:al data have been used In preparaUon cl 1h19 report. Consultants andcontractors who have contributed Inpro'-lfding the cost data Included Inthis report are  reputable entities within the Treasure C:O.et/Port St. Lucie area.

13

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AMENDED, RESTATED AND UPDATED MASTER ASSESSMENT METHODOLOGY REPORT FOR PUBLIC INFRASTRUCTURE

SOUTHERN GROVE COMMUNITY
DEVELOPMENT DISTRICTS NOS. 1-6

Updated July 9, 2013

Prepared for

Board of Supervisors
Southern Grove Development Districts Nos. 1-6 Prepared by
Fishkind & Associates, Inc. 12051 Corporate Boulevard
Orlando, Florida 32817
407-382-3256

AMENDED, RESTATED AND UPDAATED MASTER ASSESSMENT METHODOLOGY REPORT
FOR PUBLIC INFRASTRUCTURE
SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICTS NOS. 1-6

July 9, 2013

Introduction

Purpose

This report updates and supersedes our prior report of February 21, 2013, as updated on April 18, 2013 and May 14, 2013. This update corrects some minor typographical errors, provides a revised preliminary assessment roll and reflects amendments to the lnterlocal Agreement (hereinafter defined). Otherwise, this report contains the same information as before. The February 21, 2013 report amends, restates and supersedes our prior report dated October 9, 2012. Since then certain facts have come to our attention supporting the need for this new report. In particular, as discussed more fully below, the existing platted development ("Existing Development") in District No. 5 (as defined below) does not require and will not specially benefit from the Community Infrastructure (as defined below). The installation of Community Infrastructure is not required in connection with the construction of the improvements planned for the Existing Development pursuant to applicable governmental development orders, approvals and permits. Community Infrastructure is required for development of the balance of the Community Property (as defined below) to proceed. The Existing Development will specially benefit from the related ''District Infrastructure" (as defined below). Therefore, the Existing Development will only be assessed for District Infrastructure while the balance of the Community Property will be assessed for both Community Infrastructure and for District Infrastructure.

Southern Grove is a master-planned, mixed-use, community (the uDevelopment") comprising +l- 3,606 acres in the City of Port St. Lucie ("City"), as described more fully below. The land within the Development ("Community Property") is located within the boundaries of Southern Grove Community Development District No. 1, Southern Grove Community Development District No. 2, Southern Grove Community Development District No. 3, Southern Grove Community Development District No. 4, Southern Grove Community Development District No. 5 and Southern Grove Community Development District No. 6 (each, a "District" and collectively the "Districts").

Page  11

This report provides a methodology for allocating non-ad valorem special assessments securing the debt the Districts anticipate incurring to provide public infrastructure improvements to the Community Property. For purposes of this report the term "Public Infrastructure'' includes two categories of improvements: (a) "Community Infrastructure" consisting of public infrastructure improvements that specially benefits all of the Community Property except Existing Development and (b) "District Infrastructure" consisting of Public Infrastructure that specially benefits Community Property located only within a specific District. The improvements comprising Public Infrastructure are reflected in the Second Amended and Restated Master Engineer's Report for Public Infrastructure Improvements prepared by ARCADIS US, Inc., consulting engineers to the Districts (the "Master Engineer's Report").

The Districts have entered into a Second Amended and Restated District Development Agreement (the 14Interlocal Agreement") pursuant to which the Districts have delegated to one of the Districts in the manner set forth in the lnterlocal Agreement (the "Issuer'') the right to implement the financing, acquisition and construction of Community Infrastructure on behalf of all the Districts. In addition, pursuant to the lnterlocal Agreement, each District has provided for the delegation to the Issuer of the authority to implement the financing, acquisition, and construction of District Infrastructure necessary to serve that delegating District, subject to the reserved rights of each District. to finance, acquire, and construct its own District Infrastructure. The lnterlocal Agreement also provides for one of the Districts (the "Administration District") to operate and maintain; on behalf of the Issuer, for the benefit of the Districts, any portions of the Community Infrastructure not dedicated to other governmental entities and for the Administration District to operate and maintain, on behalf of a delegating District, all or a portion of the delegating District's District Infrastructure.

It is the Public Infrastructure improvements that will allow the development of Community Property in the Districts. By making development of Community Property within the Districts possible, the Districts create benefits to these properties. The methodology described herein allocates the benefits the Community Property receives from the infrastructure program anticipated to be undertaken by the Districts. In this case, the properties receiving special benefit from the Community Infrastructure include 100% of the developable Community Property that lies within the Districts excluding Existing Development. Because the District Infrastructure required for each District allows the development of the land within the specific District requiring such District Infrastructure, the provision of District Infrastructure creates special benefits to 100% of the developable Community Property that lies within that District including Existing Development.

Page]2

The City has previously established the Southwest Annexation Special Assessment District No.1 (the "SAD") as a special assessment district under applicable Florida law. The SAD encompasses all of the Community Property. The City issued its Special Assessment Bonds, Series 2007B (the "SAD Bonds") secured primarily by revenues derived from the collection of non-ad valorem special assessments levied by the City on the Community Property (the "SAD Assessments"). The SAD Bonds financed the construction of certain public infrastructure improvements needed to serve the Development (the "SAD Project"). Phase 1 of the SAD Project is complete and some of the Public Infrastructure improvements identified in the Master Engineer's Report will complete or augment those improvements. In addition, the Developer (Tradition Land Company, LLC and its predecessors) contributed capital Improvements for the SAD reducing the principal amount of the SAD Bonds that would have otherwise been issued to finance public infrastructure benefiting Community Property. The Districts' Public Infrastructure program has no affect on the SAD.

This report provides a methodology for allocating to the Community Property other than the Existing Development the non-ad valorem special assessments (the "Community Infrastructure Assessments") which will secure debt to be issued by the Issuer on behalf of the Districts to fund all or a portion of the cost of financing the acquisition and construction of the Community Infrastructure (the 1'Community Infrastructure Indebtedness").

This report also provides a methodology for allocating to the Community Property in each District the non-ad valorem special assessments (the "District Infrastructure Assessments") which will secure debt to be issued by the Issuer (or a specific District) to finance the acquisition and construction of District Infrastructure specially benefitting properties within a specific District (the 11District Infrastructure Indebtedness"). This report is designed to conform to the requirements of Chapters 190 and 170, F.S. with respect to special assessments and is consistent with our understanding of the case law on this subject.
The development orders governing the installation of Public Infrastructure and location of development are very flexible for the Development. Therefore, it is not possible to know the precise locations where the real estate products planned for the Development as shown in Table 1 of this Report will be located (the 'Planned Uses"), nor is the location of the Planned Uses within each District known at this time with precision, except for the Existing Development as discussed below. As a practical matter, all of the Planned Uses outlined in Table 1 cannot be accommodated within the boundaries of any one of the Districts.

Page ]3

The Districts will collectively adopt a capital improvement program for Public Infrastructure (the "CIP"). With respect to Community Infrastructure included in the CIP, each District will take all actions required by applicable law to provide for the levy (in accordance with this Report) of a maximum aggregate amount of Community Infrastructure Assessments on Community Property specially benefited by the Community Infrastructure (which excludes the Existing Development) to pay (all or any portion) of the Community Infrastructure Indebtedness, as shown in Table 5 (the "Maxirnum Infrastructure Allocation"). Each of the Districts will recognize that the ultimate Planned Uses to be developed 1n each District are not now known, other than with respect to the Existing Development. Accordingly, as development of the Community Property occurs, the Community Infrastructure Assessments will be further allocated, in accordance with this Report including, particularly, Table 13, to the Planned Uses actually developed within the Community Property (other than Planned Uses relating to the Existing Development). The only thing certain at this time is that the Maximum Infrastructure Allocation for all Districts, in the aggregate, cannot be exceeded and that the allocation of Community Infrastructure Assessments to Planned Uses actually developed within the Community Property (excluding Existing Development) and the Planned Uses relating to the Existing Development will occur in accordance with this Report.

Although the Districts will take the actions necessary to levy the Community Infrastructure Assessments, the lnterlocal Agreement delegates to the Issuer the authority to direct the Administration District to implement such Community Infrastructure Assessments. This includes, without limitation, the power of the Issuer, at the time it issues Community Infrastructure Indebtedness to finance a portion of Community Infrastructure, to determine the portion of the Maximum Community Infrastructure Allocation to be collected by the Administration District for that specific Community Infrastructure project, the annual installments, if any, in which such sums may be collected, the prepayment provision, discounts, collection fees, and interest rates, and other matters necessary or useful in connection with the Community Infrastructure Assessments, subject to the Community Infrastructure Assessment Proceedings, to the facilitate its issuance of Community Infrastructure Indebtedness. Following issuance of any Community Infrastructure Indebtedness, the Administration District, pursuant to the authority delegated to it by the lnterlocal Agreement, will be responsible for implementing the collection and enforcement of Community Infrastructure Assessments, in the manner directed by the Issuer, including determining the allocation of the portion of the Maximum Community Infrastructure Allocation collected from Planned Uses actually developed in the Districts (excluding Planned Uses relating to the Existing Development), subdivision adjustments and other matters necessary or useful to the facilitate its administration of the Community Infrastructure Assessments.

Page  14

District Infrastructure included in the CIP benefits only properties within a parUcular District. This infrastructure consists largely of what are usefully characterized as public subdivision improvements which include roadways, stormwater controls, utilities) landscaping and localized amenities.

The Master Engineer's Report has estimated costs for the District Infrastructure on a per acre basis at $60,000 per gross acre based on recent bids for these types of improvements. Based on that estimate, each District will also take all actions required by applicable law to prdvide for the levy (in accordance with this Report) of District Infrastructure Assessments on Community Property within its boundaries specially benefited by the District Infrastructure required for that District to pay (all or any portion) of the District Infrastructure Indebtedness relating to that District. Such District Infrastructure Assessments shall be levied by each District based upon the District Infrastructure Cost allocable to each District as shown in Table 6 in this Report, as may be supplemented in the future.

Each of the Districts will recognize that the ultimate Planned Uses to be actually developed in each District are not now known at this time other than the Planned Uses relating to the Existing Development. In addition1 the Existing Development still requires and benefits from District Infrastructure. Accordingly, as the Community Property is developed with Planned Uses, the District Infrastructure Assessments will be further allocated, in accordance with this Report to the Planned Uses actually developed on the Community Property in its boundaries (including Planned Uses relating to the Existing Development).

The only thing certain at this time is that the maximum District Infrastructure Assessments levied in each District cannot be exceeded and that the allocation of District Infrastructure Assessments to Planned Uses actually developed within the Community Property or relating to the Existing Development will occur in accordance with this Report.
Subject to the reserved rights of each District to finance, acquire. construct operate and maintain its own District Infrastructure, and although each District will determine and authorize District Infrastructure Assessments, the lnterlocal Agreement delegates to the Issuer the authority to implement District Infrastructure Assessments for any of the Districts, upon request of a delegating District, in connection with the Issuer's issuance of District Infrastructure Indebtedness. This authority includes, without limitation, the power of the Issuer to determine, at the time it issues District Infrastructure Indebtedness to finance a portion of District Infrastructure, the annual installments, if any, in which District Infrastructure Assessments may be collected, the prepayment provision, discounts, collection fees, and interest rates, and other matters necessary or useful in connection with the District Infrastructure Assessments, subject to the assessment proceedings adopted by the delegating District.

Page  15

Following issuance of any District Infrastructure Indebtedness, any District may request the Administration Dtstrict, pursuant to the authority delegated to it by the lnterlocal Agreement, to implement the collection and enforcement of District Infrastructure Assessments.

1,2	Background

The City Council of the City created the Districts by ordinance (Southern Grove Community District No. 5 being the surviving community development district resulting from merger with a community development district initially created by St. Lucie County, Florida). The Districts are contiguous to one another and collectively encompass all+/- 3,606 acres in the Development.

The Districts were established to provide public infrastructure, including, but not necessarily limited to, roadways (within and without the District), water and sewer facilities, a storm water management system, streetscape, landscape, and parks and recreation facilities. The Community Property is planned for the following uses.
Table 1. Development Plan for the Community Property

Category	Volume*	Acres	
Single-family <55	1,500	214	
Single-family 55-65	1,200	200	
Single-family >65	614	123	
Multifamily units	1,972	247	
Apartment units	2,102	175	
Retail square feet	3,675,075	211	
Office square feet	2,430,728	140	
Research & Development	2,498,602	143	
Warehouse/Industrial	4,583,336	526	
Hotel rooms	791	32	
Hospital Beds	300	20	
Institutional		60	
Parks and Recreation		125	
Lakes Canals		684	
ROW		355	
Mitigation Conservation		268	
Open Space			
FPL Easement		84	
Totals		3,606	

Source: Tradition Land Company, LLC (Note volumes pertain to a variety of development measures)

Page  16

At the time of this report the land comprising the Existing Development has been platted and sold to third parties along with some of the development rights, as summarized in Table 1. Table 2 summarizes these sales and the entitlements conveyed with these sales.

Table 2. Existing Development

Existing Development	Volume	Acreage	
Apartment units	600	40.0	
Retail square feet	25,000	1,4	
Office square feet	250,000	10.0	
Research & Development	165,000	14.0	
Warehouse/Industrial	315,000	25.7	
Hotel rooms	311	13.6	
Hospital Beds	300	20.0	
		======	
Total		124.8	

The Existing Development receives no special benefit from the District's Community Infrastructure. These properties have been and can continue to be developed without the installation of the Community Infrastructure. Therefore, the Existing Development will not be allocated any of the cost associated with the Community Infrastructure. However, the Existing Development does require District Infrastructure to support its development and the construction of the real estate products that are entitled.

Table 3 presents the future planned development for the Community Property, excluding the Existing Development. This land development plan is the simple difference between the development plan for the Community Property shown in Table
1 and the Existing Development displayed in Table 2. The future planned development benefits from Community Infrastructure and from District Infrastructure and will be allocated costs for each.

[The balance of this page left intentionally blank.]

Page  17

Table 3. Future Planned Development

Category	Volume		Acres	
Single-family <55	1,500		214.3	
Single-family 55-65	1,200		200.0	
Single-family >65	614		122.8	
Multifamily units	1,972		246.5	
Apartment units	1,502		135.2	
Retail square feet	3,650,075		209.5	
Office square feet	2,180,728		129.5	
Research & Development	2,333,602		129.4	
Warehouse/Industrial	4,268,336		500.4	
Hotel rooms	480		18.0	
Hospital Beds				
Institutional			60.0	
Parks and Recreation			125.0	
lakes Canals			684.0	
ROW			355.0	
Mitigation Conservation Open Space			268.0	
FPL Easement			84.0	

Total		----	------
3,481.5	

Requirements of a Valid Assessment Methodology
Valid special assessments under Florida law require two things. First, the properties assessed must receive a special benefit from the improvements paid for via the assessments. Second, the assessments must be fairly and reasonably allocated to the properties being assessed.
If these two characteristics of valid special assessments are adhered to, Florida law provides wide latitude to legislative bodies, such as the respective Board of Supervisors of the Districts, in approving special assessments. Indeed, Florida courts have found that mathematical perfection is probably impossible, but if reasonable people disagree the assessment will be upheld. Only if the Boards were to act in an arbitrary, capricious or grossly unfair fashion would their assessment methods be overturned.

Page IS

Special Benefits and General Benefits

Public Infrastructure improvements create both: (1) special benefits to Community Property (provided with respect to Community Infrastructure only general benefit is conferred upon the Existing Development and with respect to District Infrastructure, such benefit is conferred only on the Community Property in the related District) and (2) general benefits to properties outside the Community Property (provided with respect to District Infrastructure, such general benefits are conferred to properties outside the boundaries of the related District). However, as discussed below, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to Community Property in the manner described above. The GIP described jn the Master Engineer's Report (discussed below) enables Community Property to be developed (excluding the Existing Development in the case of Community Infrastructure). Without the GIP there would be insufficient infrastructure to support development of the Community Property (excluding the Existing Development in the case of Community Infrastructure).

There is no doubt that the general public, and property owners outside the Community Property, will benefit from the provision of the GIP (and the Existing Development will benefit in the case of Community Infrastructure). However, these benefits are incidental to the CIP, which is designed solely to meet the needs of Community Property (excluding the Existing Development in the case of Community Infrastructure). Lands outside the Community Property (and the Existing Development in the case of Community Infrastructure). do not depend upon the GIP to obtain, or to maintain, their development entitlements. This fact alone clearly distinguishes the special benefits which developable property in the Community Property (excluding the Existing Development in the case of Community Infrastructure) receives compared to those lying outside of the boundaries of the Community Property and the Existing Development in the
case of Community Infrastructure.

Finally, the Financial Advisor has estimated both the cost for the GIP and the dollar value of the benefits created by the CIP. As noted below in Table 4, the total estimated cost of the GIP is $449,915,700. The Financial Advisor has analyzed the dollar magnitude of the special benefits created by the CIP, measured in terms of the increase in market value resulting from the installation of the CIP. The Financial Advisor has determined that the market value of the Community Property will increase by more than $1 billion with the full installation of the GIP which exceeds the cost of the GIP (excluding the Existing Development in connection with Community Infrastructure).

Page  19

This is true in the aggregate, and it is also true for each type of real estate products planned or existing in the Development. The incremental value created for each category of Planned Uses for the Development supported by the CIP and paid for by the Community and the District Infrastructure Assessments is far in excess of its pro rata share of the Community Infrastructure Assessments and the District Infrastructure Assessments.1
Assessment Methodology

Overview

The assessment methodology for allocating the costs of the CIP is essentially a process by which the Districts will allocat� the costs associated with the GIP to Community Property benefiting from the CIP on a systems basis as described more fully below. The allocation is based upon the special benefits that each property receives. At the outset, the GIP (as defined in the Master Engineer's Report) is based on the Planned Uses for the Community Property (as shown in Table 1). However, until Final Plats are filed the precise land uses are unknown other than with respect to the Existing Development. Here a Final Plat refers to the ultimate platting of the Planned Uses consistent with: (a) approved site plans for those Planned Uses and (b) any document the Developer officially records showing any transfer of entitlements to the Final Plat. Therefore, the Districts initially will impose Community Infrastructure Assessments on a per gross acre basis on the Community Property (excluding Existing Development) in all the Districts in an amount equal to the Maximum Community Infrastructure Allocation and each District will impose District Infrastructure Assessments on the Community Property in its boundaries in the maximum amounts shown in Table 6. Subsequently, when Final Plats are processed and the exact land uses are known, the Administration District will assign Community Infrastructure Assessments and District Infrastructure Assessments (subject to the reserved rights of each District with respect to District Infrastructure Assessments) to the Final Platted properties in each District (as provided for in the lnterlocal Agreement) using the methodology described below.

The numerical analysis provided below is illustrative of the assessment methodology. Since actual costs may vary from the estimates and Planned Uses will likely change over time, the actual figures may change as additional information becomes available. However, the information provided here is the best available at this time.

1 Fishkind & Associates, Inc. (October 5, 2012), "Analysis of Benefits from the Installation of Public Infrastructure Southern Grove Community Development Districts No. 1-6"
Page 110

Finally, the assessment methodology contains a critical feature, the True Up Tests ("Tests"). The Tests prevent the debt per acre of unplatted property (that Community Property which has not received its Final Plat) in the Community Property from increasing above its Ceiling Levels. This requirement will be administered by the Administration District on behalf of the Districts.

There are two Tests: (1) for Community Infrastructure Indebtedness and (2) for District Infrastructure. Indebtedness. The Tests work in essentially the same manner except that the Test for Community Infrastructure Indebtedness operates at the Community Property level among all Districts while the Test for District Infrastructure Indebtedness is conducted at a District-specific level for Community Property in that District. The Tests are conducted at four intervals based upon the percentage of total acres that are developed within the Community Property in all Districts or within a specific District. The intervals are at 25%, 50%, 75% and 100% of the gross acres within either the Community Property in all Districts or within Community Property in a specific District.

Consider first the Test for the Community Infrastructure Indebtedness. First a Ceiling Amount of debt per acre is established for the aggregate number of acres in all of the Districts (excluding the acres comprising the Existing Development) when the Issuer issues the first series of Community Infrastructure Indebtedness to fund the initial phase of the CIP relating to Community Infrastructure. The Ceiling Amount is equal to the dollar amount of debt divided by the gross acres in all Districts that have not received their Final Plats.
Assume for this example that the Ceiling Amount is initially $100 per acre. Second, at each of the intervals outlined above the debt per acre of all land without a Final Plat in the Districts must be below $100 per acre, the Ceiling Amount. If not the Developer, or the responsible landowner seeking the plat, must make a debt reduction payment to bring the amount of debt per undeveloped acre in the Districts below the Ceiling Amount.

Third, from time-to-time the Issuer will issue additional Community Infrastructure Indebtedness to fund additional phases of the CIP relating to Community Infrastructure. Each time the Issuer issues Community Infrastructure Indebtedness, the Ceiling Amount is adjusted to reflect the total amount of debt outstanding for all Community Infrastructure Indebtedness and the total amount of acres that not received Final Plats in alt of the Districts, in the aggregate, excluding the Existing Development. Notwithstanding the foregoing, the Community Infrastructure Assessments will not exceed the Maximum Community Infrastructure Allocation and the allocation of Community Infrastructure Assessments to Planned Uses actually developed in the Districts will be consistent with Table 13.

Page ]11

Now consider the Test for the District Infrastructure Indebtedness. The Test works just like the one for Community Infrastructure except that it is District specific. When District Infrastructure Indebtedness is issued, a District Ceiling Amount is established by dividing the number of acres without a Final Plat in the District into the debt issued. When platting in the District reaches 25% of the gross acres in the District, the District True Up Test is conducted to assure that the debt on the land without a Final Plat in the District does not exceed its then applicable District Ceiling Amount. If the test is violated, the Developer, or the responsible landowner seeking the plat, must make a debt reduction payment to bring the debt per acre without a Final Plat below the then applicable District Ceiling Amount. As additional District Infrastructure Indebtedness is issued from time to time, the applicable District Ceiling Amount would be adjusted to an amount equal to the new total debt allocated to properties without a Final Plat divided by the remaining acres without Final Plats in the District. Notwithstanding the foregoing, the District Infrastructure Assessments in a specific District will not exceed the maximum District Infrastructure Assessments for that District shown in Table 6 plus the allocation of District Infrastructure Assessments to Planned Uses actually developed in a District will be consistent with Table 13.

The Master Engineer's Report for Community Infrastructure and the CIP

The District Engineer has estimated that the cost of the CIP needed to support the land use plan outlined in Table 1 is approximately $460,0001000 as shown in Table 4.

Table 4. Estimated Costs for the Southern Grove CIP Consisting of Community and District Infrastructure ($2013)(??)

Community Infrastructure	Developer Contribution	District Cost	Total	
Roadways		$90,972,000	$90,972,000	
Storm Water Management	$3,123,910	$28,854,000	$31,977,910	
Utilities		$8,193,000	$8,193,000	
Parks, Landscape, Amenit1es, etc.		$64,827,000	$64,827,000	
Torrey Ptnes Expenses		$0	$0	
Engineering, Permitting, Contingency		$48,211,500
'"'""	,_	$48,211,500	
Subtotal	$3,123,910	$241,057,500	
$244,181,410		
District Infrastructure	$0	$216,285,600
-	1-"-"""-'1--	$216,285,600
�-------------		
Grand Total	$3,123,910	$457,343,100	
$460,467,010	

Source: ARCADIS, "Second Amended and Restated Master Engineer's Report for Public Infrastructure Improvements Service Southern Grove Community
Development Districts No. 1-6".
Page J12

Financing Plan for the GIP

The Financial Advisor has designed a financing program to provide the construction funds needed for each District's portion of the CIP. Table 5 provides a summary of the financing program needed to fund each District's share of the Community Infrastructure contained in the CIP, and Table 6 displays the financing plan for the District Infrastructure portion of the CIP.

In estimating the Community Infrastructure Indebtedness and the District Infrastructure Indebtedness needed to fund the CIP, the Financial Advisor gross funded the construction fund. Since all the construction funds are not expended immediately, interest is earned on the unexpended balance. These interest earnings are flowed to the capitalized interest fund. The bond sizing includes capitalized interest for 24 months. The debt service reserve account is set initially at the lesser of maximum annual debt service, 10% of the proceeds of the bonds, or 125% of average annual debt service.

The Financial Advisor estimated the underwriter's discount at 1.25%. This allowance pays the underwriter for taking the risks involved in purchasing the District's Community Infrastructure Indebtedness and/or District Infrastructure Indebtedness. The cost of issuance pays for the trustee, financial advisor, and other costs associated with issuing the Community Infrastructure Indebtedness and/or District Infrastructure Indebtedness.

Table 5 shows the financing program totals. However, the debt is expected to be issued in series over a number of years. At this time there is no detailed phasing plan available, instead the debt will be issued based on market conditions and the associated need for infrastructure to support development.

Table 5. Community Infrastructure Bond Financing Program

Category	Amount	
Construction Fund	$241,057,500	
Debt Service Reserve Fund	$25,465,304	
Capitalized Interest Fund	$44,240,000	
Underwriter's Discount	$4,740,000	
Cost of Issuance	$500,000	
Rounding	-$2,804	
Total Par	
$316,000,000	

Page [13

�r	

Total Par

$4,380,000	$31,915,000

-

$67,220,000

$75,830,000

Table 6. District Infrastructure Bond Financing Program

Category	District 1	District 2	Distrjcf 3	District 4	
Construction Fund	$2,848,200	$23,897,400	$50,883,000	$57,467,400	
Debt Service Reserve Fund	$352,968	$2,571,915	$5,417,018	$6,110,867	
Capitalized Interest Fund	$613,200	$4,468,100	$9,410,800	$10,616,200	
Underwriter's Discount	$65,700	$478,725	$1,008,300	$1,137,450	
Cost of Issuance	$500,000	$500,000	$500,000	$500,000	
Rounding	-$69	-$1,140	$882	-$1,917	

Category	District 5	District 6	Total	
Construction Fund	$32,407,800
$3,469,245
$6,027,000
$645,750
$500,000
$206
--------·---
$43,050,000	$48,781,800
$5,195,405
$9,025,800
$967,050
$500,000
- ,.	-$56
$64,470,000	$216,285,600
$23,117,419
$40,161,100
$4,302,975
$3,000,000
-$2,094
==--------
$286,865,000	
Debt Service Reserve Fund				
Capitalized Interest Fund				
Underwriter's Discount				
Cost of Issuance				
Rounding				
Total Par				

Allocation to Benefiting Properties - The Master Methodology for Community Infrastructure
The GIP comprises both Community Infrastructure and District Infrastructure. This section of the report provides a methodology to allocate the costs of the Community Indebtedness based on the benefits of that the Community Infrastructure provides to the Community Property excluding the Existing Development. The methodology for allocating the costs associated with the District Indebtedness incurred to fund the District Infrastructure benefiting District Property is provided in a separate section of the report below.
The discussion offered below illustrates the process by which this report will allocate Community Infrastructure Assessments the revenues of which will secure Community Infrastructure Indebtedness issued to support the Community Infrastructure portion of the CIP. As described above, until such time as Final Plats are recorded, the specific land uses in the Districts are indeterminable, other than with respect to the Existing Development. Therefore, at the outset, the Community Infrastructure Assessments will be allocated on a gross acreage basis across all benefited acres in the Districts (excluding the acres comprising the Existing Development). As Final Platting occurs, the Administration District, on behalf of the Districts, will more finely articulate the allocation of Community Infrastructure Indebtedness to benefiting properties based on Planned Uses actually developed. This will not allow the Community Infrastructure Assessments allocated to the Districts in the aggregate to exceed the Maximum Community Infrastructure Allocation.
Page  114

As noted above, as long as two basic principles are adhered to, Florida law allows the Boards of the Districts great latitude in determining the appropriate methodology to allocate the costs of the CIP to benefiting properties in the Districts. The two principals are: (1) the properties being assessed must receive a special benefit from the CIP and (2) the assessments allocated to each property must be fairly and reasonably apportioned among the benefiting properties. In allocating special assessment costs to benefiting property Florida governments have used a variety of methods including, but not limited to, front footage, area, trip rates, equivalent residential units, dwelling units, acreage, and value.

The Districts are similar in many ways to other Florida community development districts in that the Community Infrastructure component of the CIP anticipates constructing both public infrastructure and public amenities. Table 4 provided the estimated costs for the CIP shown in the Master Engineer's Report. Based upon the cost estimates in the Master Engineer's Report, and its analysis of the physical properties of the CIP, the Financial Advisor categorized the benefits flowing from the Community component of CIP in Table 7. There are four categories of Community Infrastructure benefiting all Community Property in the Districts other than the Existing Development, which does not received special benefit from the Community Infrastructure: (a) roadways and related items, (b) stormwater management and drainage facilities, (c) utilities, and (d) all other. For purposes of the following discussion of Community lnfrastr1..1cture references to "Community Property" excludes the Existing Development.

TABLE 7. CATEGORIES OF BENEFITS FROM THE COMMUNITY COMPONENT OF THE CIP

INFRASTRUCTURE	ALLOCATION METHOD

Roadways and related items Stormwater management Utilities
All other infrastructure

Trip generation Weighted acres Equivalent unit Equivalent unit

First, roadways and related items, such as signalization, are designed to accommodate the estimated traffic generated by the land use program for the Development. Therefore, it is reasonable to allocate the costs for this class of infrastructure on the basis of trips generated by each land use. The Development Order governing the entitlements and real estate development in the Development was recently amended with the new land use plan presented in Table 1. As part of the permitting a detailed traffic analysis was included in the documentation. The trip rates used in the allocation of costs associated with the roadway portion of the CIP were taken from the traffic study. However, rental apartments were not specifically analyzed as part of the traffic study.

Page j15

The rental apartments are designed to provide for housing needs of those working in the Development. Therefore, the Financial Advisor has determined that the internal capture rate of trips for the apartments will be higher than the average for the broader multifamily category and should be reduced. As a result, the trip rate for the remaining multifamily products, which are expected to be for-sale townhomes and condominiums, must be increased. The Financial Advisor has determined the trip rates for the for-sale multifamilr product category using rates published by Institute of Traffic Engineers ("lTE") .

Second, the CIP includes the stormwater management system for the Community Property. The benefits from this system relate to its capacity to protect the properties from flooding. The more stormwater run off a land use generates the more benefit it receives from the stormwater management system. Every land use type has a particular run off coefficient measuring its average run off volume. In addition, each land use category has a specific acreage. The product of the runoff coefficient and the acreage results in the weighted acreage amount used for allocation purposes.

Third, the CIP includes utilities consisting of water transmission lines and wastewater collection lines both on and off�site. The utility system lines are sized to accommodate all of the demands on the system based on estimated usage. The Equivalent Residential Unit (ERU) method was used to measure the benefits from the utility system lines. A single-family unit in the category of 55-to-65 foot wide lot was used as the standard of measurement. Larger homes are constructed on larger lots and typically require more utility capacity, while smaller homes require less capacity. The multifamily product is expected to be largely townhomes sized for utility capacity like a standard size home on a 55-65 foot wide lot. The apartments are smaller and thereby require roughly half of the resources of a single-family unit. Retail users were allocated 1 ERU per 2,000 square feet reflecting the intensity of use for retail land uses. Offices were allocated 1 ERU per 3,000 square feet making this category roughly equal to the average square feet in a single-family home. Each hotel room was allocated ½ ERU per room on the basis of the intensity of use for a hotel. Finally1 each hospital bed was assigned 1O ERU based in the intensity of use for these facilities.
Finally, all other infrastructure consists of landscaping and other costs. The benefits from these facilities are most equitably allocated on the basis of ERUs. The ERUs are determined by lot widths for the residential products and ERU sizing for the non residential products in a manner similar to the utility ERU assignments.

2 Institute of Traffic Engineers (2012) Trip Generation 8111Edition, Washington, D.C.
Page  116

Table 8 provides a complete outline of the estimated costs for all of the Community Infrastructure improvements comprising the GIP. Soft costs for design, contingency, and financing are included. These costs are categorized based on the types of improvements and their benefits as discussed above. It is these costs that are allocated to the benefiting properties in the Districts.

Debt Allocation for Community Infrastructure

The costs shown in Table 8 for the Community Infrastructure improvements reflect the total construction costs for all phases of the CIP. Although this infrastructure will be constructed over time in phases, it is actually designed for and will operate as a consistent system serving all of the Community Property in the Districts. For example, the roadway system will be constructed in phases. However, the entire system will specially benefit all the developable property in the Districts excluding Existing Development. Improvements built in Phase 1 will benefit properties developed in Phase 1 and in future phases. Ukewise1 properties developed in Phase 1 will benefit from roadway improvements constructed in Phase 2. This pattern is also true for all of the other major infrastructure systems comprising the master portion of the CIP.

As a result, the most equitable way in which to allocate the benefits of these systems of master infrastructure improvements is on a systems basis. In other words the benefits from the system are examined on a total systems basis and the properties that receive these benefits are also viewed on a total basis. Thus, if the cost of an infrastructure system totals $1O and is funded in two series of bonds and if these costs were allocable equally to 10 acres of property, the allocation would be $1 per acre.
The reality is that the costs are not proportionately distributed across all phase of the construction program. Furthermore�the benefiting properties will not all be developed in an equal proportionate fashion. The costs are unevenly distributed over time and the development program is not evenly distributed. Thus, if the costs of the CIP were allocated strictly on a phase-by-phase basis only to those properties developed during that phase, the cost per acre or per equivalent unit would vary significantly across the three phases. This would be patently inequitable.

Therefore, the most equitable methodology is to utilize the systems approach. As discussed below, the benefits flowing from CIP are viewed on a systems basis and are allocated systematically to all benefiting properties regardless of their phasing. In this way, similar properties receiving similar benefits Will be allocated the same amount of debt.

Page  j17

The exact nature and precise location of the development that actually occurs is unknown at this time, and it is only determined at the time of a Final Plat when the land uses are known with precision. As a practical matter, the assessments are applied on a first Final Platted first allocat�d basis. The numerical examples provided below illustrate how this methodology is designed to work.

Table 8. Cost on a Fully Financed Basis for Community Infrastructure Categorized by Type of Improvement

Total

$241,057,500

-

Functional Allocations	Cost	As Financed	
Roadway and related items	$90,972,000	$119,254,336	
Stormwater management	$28,854,000	$37,824,436	
Utilities	$8,193,000	$10.740,126	
Landscape and Other	$113,038,500	$148,181,102	

$316,000,000

Table 9 outlines the allocation of the costs to Community Property for roadways and related services included in Community Infrastructure. As noted above in Table 8, the cost for the roadways and related facilities totals $119,254,336. These costs are allocated based upon the estimated volume of trips (as described above) that each land use generates on the Community roadway system.
TABLE 9. COST ALLOCATION TO BENEFITING PROPERTIES FOR ROADWAYS AND RELATED IMPROVEMENTS

Land Use

Volume	Trip rElte	Trips	% Trips	Allocation

Single-family <55
Single-family 55-65
Single-family >65 Multifamily units Apartment Units unplatted
Retail unplatted square feet Office square feet Research unplatted sqft
Warehouse unplatted sqft Hotel rooms unplatted

1,500
1,200
614
1,972
1,502
3,660,075
2,180,728
2,333,602
4,433,336
480

7.86
7.86
7.86
5.90
2.95
0.019
0.01
0.01
0.007
8.92

11,787
9,430
4,825
11,635
4,431
70,402
13,966
13,186
30,856
4,282

6.74%
5.39%
2.76%
6.66%
2.53%
40.28%
7.99%
7.54%
17.65%
2.45%

$8,041,519
$6,433,215
$3,291,662
$7,937,723
$3,022,936
$48,030,891
$9,527,830
$8,996,280
$21,051,201
$2,921,078

Total

174,798	100.00%	$119,254,336

Page  118

Table 10 displays the allocation of costs for the Community stormwater management facilities. These are allocated to benefiting properties based upon their size and their run off coefficients.

TABLE 10. COST TO ALL BENEFITING PROPERTIES FOR STORMWATER MANAGEMENT FACILITIES

Land Use	Units	Acres	Runoff rate	Weighted Units	% Weighted Units	Allocation	
Single-family <55	1,500	214	0.5	107	8.74%	$3,304,414	
Single-family 55-65	1,200	200	0.5	100	8.15%	$3,084,120	
Single-family >65	614	123	0.5	61	5.01%	$1,893,650	
Multifamily units	1,972	247	0.7	173	14.07%	$5,321,649	
Apartment Units unplatted	1,502	135	0.7	95	7.71%	$2,918,091	
Retail unplatted square feet	3,660,075	209	0.7	147	11.96%	$4,522,548	
Office square feet	2,180,728	129	0.7	91	7.39%	$2,794,912	
Research unplatted sqft	2,333,602	129	0.7	91	7.39%	$2,793,596	
Warehouse unplatted sqft	4,433,336	500	0.7	350	28.56%	$10,801,993	
Hotel rooms unplatted

Total	480	18	0.7	13
----
1,226	1.03%
=======
100.00%	$389,463
----------
$37,824,436	

Table 11 displays the allocation for the utility portion of the GIP. As noted above. the benefits from these facilities are measured on the basis of ERUs

TABLE 11. COST ALLOCATION TO BENEFITING PROPERTIES FOR
UTILITIES

Land Use	Units	ERU/unit	ERUs	%ERUs	Allocation	
Single-family <55	1,500	0.75	1,125	11.44%	$1,228,736	
Single-family 55-65	1,200	1.00	1,200	12.20%	$1,310,652	
Single-family >65	614	1.25	768	7.81%	$838,271	
Multifamily units	1,972	1.00	1,972	20.05%	$2,153,838	
Apartment Units unplatted	1,502	0.50	751	7.64%	$820,250	
Retail unplatted square feet	3,660,075	2,000	1,830	18.61%	$1,998,785	
Office square feet	2,180,728	3,000	727	7.39%	$793,938	
Research unplatted sqft	2,333,602	3,001	778	7.91%	$849,311	
Warehouse unplatted sqft	4,433,336	10,000	443	4.51%	$484,213	
Hotel rooms unplatted

Total	480	0.50	240
=======·
9,833	2.44%
=======
100.00%	$262,130
----------
$10,740,126	
Finally, the other infrastructure costs are allocated on the basis of ERUs in Table 12. The ERU classification differs from that used for utilities, because the types and characteristics of this other infrastructure is different. This category's costs are dominated by landscaping and the recreational complex which provides relatively less benefit to commercial properties and to the hospital compared to the residential properties.

Page  119

TABLE 12. COST ALLOCATION TO BENEFITING PROPERTIES FOR OTHER FACILITIES

Land Use	Units	ERU/unif	ERUs	%ERUs	Allocation

Single-family <55
Single-family 55-65
Single-family >65 Multifamily units Apartment Units total Retail square feet tolal Office square feet Research square feet total Warehouse sqft total
Hotel rooms total

1,500
1,200
614
1,972
1,502
3,660,075
2,180,728
2,333,602
4,433,336
4an

0.75
1.50
2.00
0.60
0.25
5,000.00
3,000.00
3,001.00
10,000.00
0.50

1,125
1,800
1,228
1,183
376
732
727
778
443
240

13.03%	$19,313,267
20.85%	$30,901,227
14.23%	$21,081,504
13.71%	$20,312,407
4.35%	$6,446,339
8.48%	$12,566,757
8.42%	$12,479,106
9.01%	$13,349,470
5.14%	$7,610,862
2.78%	$4,120,164

=======

--------------

--------------------

Total

8,632

100.00%	$148,181,102

Table 13 brings these cost allocations together. Summing the allocations for each component of the CIP provides the total costs. These are also broken down by cost per unit. As each plat is presented to the Administration District, the figures in Table 13 are used to assign a portion of the costs for the Community Infrastructure improvements contained in the CIP to that plat and to its actual land uses.

Land Use

Volume

Total

Per Unit

TABLE 13.	TOTAL COST ALLOCATION TO BENEFITING PROPERTIES FOR ALL COMMUNITY INFRASTRUCTURE FACILITIES

	Allocation	
Single-family <55	1,500	$31,887,937	$21,259	
Single-family 55-65	1,200	$41,729,215	$34,774	
Single-family >65	614	$27,105,087	$44,145	
Multifamily units	1,972	$35,725,617	$18,116	
Apartment Units total	1,502	$13,207,617	$8,793	
Retail square feet total	3,660,075	$67,118,981	$18	
Office square feet	2,180,728	$25,595,786	$12	
Research square feet total	2,333,602	$25,988,658	$11	
Warehouse sqft total	4,433,336	$39,948,270	$9	
Hotel rooms total	480	$7,692,834	$16,027	
Total		$316,000,000		

Page I 20

The Maximum Community Infrastructure Allocation for the Districts is shown in Table 13. This is based on the as-financed cost of the Districts' portion of the Community Infrastructure components of the CIP shown in Table 4 needed to support the Planned Uses of the Community Property as summarized in Table
3. Table 13 further presents the allocation of the Maximum Community Infrastructure Allocation to the Planned Uses in the Development, based on Table 3.
As noted above, the only thing certain at this time is that the Maximum Infrastructure Allocation for all Districts, in the aggregate, cannot be exceeded and that the allocation of Community Infrastructure Assessments to Planned Uses actually developed within the Community Property will occur in accordance with this Report. Until Final Platting and development activities progress, it is not possible at this time to provide a more precise estimate of the Maximum Community Infrastructure Allocation per individual District.
Assessment Methodology for District Infrastructure

Overview/District Infrastructure

In addition to the Community Infrastructure component of the CIP as described above, any of the Districts n,ay Wish to undertake District Infrastructure improvements that specially benefit only land within their boundaries. In such a case, the Issuer, for itself, or on behalf of each other District electing to undertake a District Infrastructure project (subject to each of such District's reserved rights to finance the acquisition and construction of its own District Infrastructure), would issue District Infrastructure Indebtedness to finance such District Infrastructure and the applicable District will levy District Infrastructure Assessments on benefiting property within its boundaries for the repayment of such District Infrastructure Indebtedness. This report shall also serve as the methodology for allocating Diistrict Infrastructure Assessments in the event a District issues District Infrastructure Indebtedness directly to finance its own District Infrastructure.
District Infrastructure benefits only properties within a particular District. This infrastructure consists largely of what are usefully characterized as public subdivision improvements which include roadways, stormwater controls, utilities, landscaping and localized amenities. The Master Engineer's Report has estimated these costs on a per acre basis at $60,000 per gross acre based on recent bids for these types of improvements. The total estimated cost for the District Infrastructure is $286,865,000 as shown above in Table 6.

Page 121

The specific character of these District Improvements Will vary somewhat on a project-by-project basis. Therefore, the precise allocation of costs associated with these District Improvements will also vary somewhat as will the scope of properties within a District that receives the special benefits from these District Improvements.

Nevertheless, it is the intent of this Report that the basic allocation procedures used for the Community Infrastructure will also be used to allocate costs associated with the District Infrastructure. Thus, the benefits of District roadway improves are to be allocated based on trip volumes from benefiting properties. Stormwater benefits are to be allocated based on weighted acreage associated with run off. Utilities and all other District Infrastructure will be allocated using the ERU method.

As each particular component of District Infrastructure is financed, a supplemental assessment report will be approved by the District involved reflecting the specific nature of those improvements.

As noted above, using the Master Engineer's Report estimate of District Infrastructure Costs on a per acre basis of $60,000 per gross acre, each District will levy District Infrastructure Assessments on Community Property in its boundaries in the maximum amounts shown in Table 6 in this Report, as may be supplemented in the future, and as shall be allocated to Planned Uses actually developed in each District in accordance with the allocation methodology set forth in this Report, including, particularly, Table 13. The only thing certain at this time is that the maximum District Infrastructure Assessments levied In each District cannot be exceeded and that the allocation of District Infrastructure Assessments to Planned Uses actually developed within the Community Property in each District will occur in accordance with this Report.

True Up Mechanism

The financing plan to support the Community Infrastructure and the District Infrastructure are each subject to separate Tests as outlined above. The Tests prevent the debt per acre of land without a Final Plat in the Community Property (excluding the Existing Development) from increasing above its Ceiling Levels. This requirement will be administered by the Administration District on behalf of the Districts (or by a specific District if it issues District Infrastructure Indebtedness directly, rather than through the Issuer) .

Page J 22

There are two Tests: (1) for Community Infrastructure Indebtedness and (2) for District Infrastructure Indebtedness. The Tests work in essentially the same manner except that the Test for Community Infrastructure Indebtedness operates at the Community Property level while the Test for District Infrastructure Indebtedness is conducted at the level of the Community Property within a specific District. The Tests are conducted at four intervals based upon the percentage of total acres that have Final Plats within the Community Property in all Districts or with respect to the Community Property within a specific District. The intervals are at 25%, 50%, 75% and 100% of the gross acres within either the Community Property in all Districts or with respect to the Community Property within a specific District.
Consider the Test for the Community Infrastructure Indebtedness. First a Ceiling Amount of debt per acre is established for all of the Districts when the Issuer issues the first series of Community Infrastructure Indebtedness to fund the initial phase of the CIP relating to Community Infrastructure. The Ceiling Amount is equal to the dollar amount of debt divided by the gross acres in all Districts that have not received a Final Plat.
Second, at each of the intervals outlined above the debt per acre on the property without a Final Plat in all of the Districts must be below the Ceiling Amount. If not the Developer or the responsible landowner seeking the plat, must make a debt reduction payment to bring the amount of debt per acre without Final Plats in all of the Districts below the Ceiling Amount. The obligation to make a debt reduction payment is strictly on the entity seeking to have the plat approved. Third, from time-to-time the Issuer may issue additional Community Infrastructure Indebtedness to fund additional phases of the CIP relating to Community Infrastructure. Each time the Issuer issues Community Infrastructure Indebtedness, the Ceiling Amount is adjusted to reflect the total amount of debt outstanding for all Community Infrastructure Indebtedness and the total amount of acres that remain without Final Plats in all of the Districts. Notwithstanding the foregoing, the Community Infrastructure Assessments will not exceed the Maximum Community Infrastructure Allocation.
Now consider the Test for the District Infrastructure Indebtedness. The Test works just like the one for Community Infrastructure except that it is District specific. When District Infrastructure Indebtedness is issued, a District Ceiling Amount is establlshed by dividing the number of acres in the District into the debt issued. When Final Platting in the District reaches 25% of the gross acres in the District, the District True Up Test is conducted to assure that the debt on the acres in the District without Final Plats do not exceed its then applicable District Ceiling Amount. If the test is violated, the Developer, or the then responsible landowner seeking the plat, must make a debt reduction payment to bring the debt per acre without a Final Plat below the then applicable District Ceiling Amount.

Page [ 23

As additional District Infrastructure Indebtedness is issued from time to time, the applicable District Ceiling Amount would be adjusted to an amount equal to the new total debt allocated to properties without Final Plats divided by the remaining acres in the District without Final Plats.

Prepayment of Community Infrastructure Assessments

The Developer Will contribute to the Issuer certain Community Infrastructure (the "Contributed Community Infrastructure") consisting of an excavated lake rn Southern Grove Community Development District No. 5, having a cost of
$330,000 and 279.39 acres of property for use for water management, conservation, and mitigation necessary for the Districts to install their stormwater management system. Although this land has a fair market value in excess of $15,000 per acre according to the St. Lucie County Property Appraiser, the Developer has agreed to accept a value per acre of $10,000, or less following a formal appraisal of the property by the Issuer, for the purposes of this contribution. The estimated total value of the contribution of the land is
$2,793,910 at $10,000 per acre subject to downward adjustment upon final appraisal of the land included in the Contributed Community Infrastructure.

The Developer and the Issuer, on behalf of all the Districts, will enter into an agreement to provide, among other matters, that the Contributed Community Infrastructure will be deemed to be a prepayment of Community Infrastructure Assessments levied on specified Community Property within the boundaries of Southern Grove Community Development District No. 5 other than the Existing Development (the "Prepayment Properties") in an amount equal to the value of the Contributed Community Infrastructure. Such prepayment will be deemed to occur at the time the Issuer receives delivery of the related Contributed Community Infrastructure.

Table 14. Community Infrastructure Contributions by the Developer

Developer Contributions	Cost	
Lake Excavation	$330,000	
Conservation/Mitigation Land	$2,793,910	
Total	$3,123,910	

Page I 24

6.0	Tax Roll
Based on the analysis presented above, Table 15 provides the preliminary tax roll for the District's assessment liens. Table 16 presents the estimated annual debt service payments associated with the liens including administrative fees. The administrative fees include an allowance of 4% reflecting the ability of landowners to receive a 4% discount for the early payment of property taxes including the assessments as well as the charges by the St. Lucie County Property Tax Appraiser and the Property Tax Collectors Offices for their services in assessing the properties and collecting the assessments.

Table 15. Tax Roll for Liens

Landowner	
Parcel ID	

Acres	Community Infrastructure Assessment	District Infrastructure Assessment	Total Assessment	
CITY OF PORT ST. LUCIE	No PIO-VIiiage Parkway	4.81	$0	$0	$0	
CITY OF PORT ST, LUCIE	No PIO-E-W-3W	3.38	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PID-E-W-JE	2.75	$0	$0	$0	
PSL ACQUISITIONS, LLC	4315-700-0027-000-3	20.00	$1,984,869	$1,687,207	$3,672,076	
PSL ACQUISITIONS, LLC	4315-700-0026-000-5	16.53	$1,640,494	$1,394,476	$3,034,970	
PSL ACQUISITIONS, LLC	4315-700-0032-000-1	387.68	$38.474,691	$32,704,811	$71,179,503	
CITY OF PORT ST. LUCIE	No PIO-Becker Road	10.61	$0	$0	$0	
FLORIDA POWER & LIGHT CO.	4315-700-0031-000-4	5.00	$496,217	$421,802	$918,019	
PSL ACQUISITIONS, LLC	4315-700-0033-000-8	298.37	$29,611,261	$25,170,591	$54,781.852	
PSL ACQUISITIONS, LLC	4315-700-0030-000-7	440.68	$43,734,593	$37,175,909	$80,910,502	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0017-000-0	3.97	$393,996	$334,910	$728,907	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0016-000·3	41.30	$4,098,753	$3,484,081	$7,582,835	
HORIZONS ACQUSITIONS 5 LLC	4315-700-0024-000-2	0.37	$36,720	$31,213	$67,933	
CITY OF PORT ST. LUCIE	No PIO-Beaker Road	43.34	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Village Parkway	10.02	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Community Soutll	5.00	$0	$0	$0	
PSL ACQUISITIONS, LLC	4315-700-0029-000-7	361.03	$35,829,854	$30,466,609	$66,286,463	
PSL ACQUISITIONS, LLC	4315-700-0034-000-5	413.46	$41,033,187	$34,879,621	$75,912,808	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0010-000-1	0.42	$41.682	$35.431	$77,114	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0012-000-5	1.84	$182,608	$155,223	$337,831	
TRADITION COMMUNITY ASSOCIATION, !NC	.	4315-700-0022-000-8	-37.31	$3,702,772	$3,147,484	$6,850,256	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0020-0D0-4	48.07	$4,770,631	$4,055,201	$8,825,832	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0011-000-8	0.83	$82,372	$70,019	$152,391	
TRADITION COMMUNITY ASSOCIATION, INC.	4315·700-0014-000-9	1.02	$101,228	$86,048	$187,276	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0015-000-6	0.71	$70,463	$59,896	$130,359	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0013-000-2	2..25	$223,298	$189,811	$413",108	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0023-000-5	25.00	$2.481,086	$2,109,008	$4,590,094	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0021-000-1	2.30	$228,260	$194,029	$422,289	
CITY OF PORT ST. LUCIE	No PID-ParW	21.43	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Village Parkway	1$.63	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Community South	9.28	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Par E	14.21	$0	$0	$0	
CITY OF PORT ST. LUCIE	4315-500·0014-000·5	20.00	$0	$1,173,926	$1,173,926	

Page  j 25

GRANDE PALMS AT TRADITION I	4315-500-0012-000-1	20.00	$0	$1,684,087	$1,684,087	
GRANDE PALMS AT TRADITION 11	4315-500-0011-000-4	20.00	$0	$1,684,087	$1,684,087	
HORIZONS ST. LUCIE DEVELOPMENT, LLC	4315-500-0005-000-9	18.51	$1,836,996	$1.561,510	$3,398,505	
HORIZONS ST. LUCIE DEVELOPMENT, LLC	4315-700-0027-010-6	16.09	$1,596,827	$1,357,358	$2,954,184	
MANN RC, LLC	4315-500-0015-000-2	22.19	$0	$4,126,785	$4,126,785	
MARTIN MEMORIAL MEDICAL CENTER, INC.	4315-501-0004-000-5	20.00	$0	$3,393,980	$3,393,980	
PSL ACQUISITIONS, LLC	4315-500-0009-000-7	71.50	$7,095,905	$6,031,763	$13,127,668	
PSL ACQUISITIONS, LLC	4315-500-0010-000-7	33.72	$3,346,488	$2,844,630	$6,191,119	
PSL ACQUISITIONS, LLC	4315-500-0004-000-2	27.31	$2,710,338	$2,303,881	$5,014,218	
PSL ACQUtSITIONS, LLC	4315-502-0003-000-1	9.61	$953,729	$810,703	$1,764.432	
PSL ACQUISITIONS, LLC	4315-502-0010-000-3	21.81	$2,164,499	$1,839,899	$4,004,398	
PSL ACQUISITIONS. LLC	4315-502-0009-000-3	8.36	$829,675	$705,252	$1,534,927	
PSL ACQUISITIONS, LLC	4315-502-0007-000-9	5.26	$522,020	$443,735	$965,756	
PSL ACQUISITIONS. LLC	4315-502-0006-000·2	1.61	$159,782	$135,820	$295,602	
PSL ACQUISITIONS, LLC	4315-502-0005-000-5	1.39	$137,948	$117,261	$255,209	
PSL ACQUISITIONS, LLC	4315-500-0008-000-0	60.68	$6,022,091	$5,118,985	$11,141,076	
PSL ACQUISITIONS, LLC	4315-500-0006-000-6	0.94	$93,289	$79,299	$172,588	
PSL ACQUISITIONS. LLC	4316-500-0007-000-3	5.06	$502,172	$426,863	$929,035	
SOUTHERN GROVE CDD	4315-501-0003-000-8	3.74	$0	$0	$0	
ST. LUCIE HOSPITAUTYfTRADITION	4315-501-0005-000-2	13.45	$0	$4,660,750	$4,660,750	
VACCINE AND GENE THERAPY INSTITIUTE OF
FLORIDA	
4315-502-0008-000-6	
8.00	
$0	$1,530,511	$1,530,511	
TRADITION COMMERCIAL ASSOCIATION1 INC.	4315-501-0002-000-1	1.23	$0	$0	$0	
TRADITION COMMERCIAL ASSOCIATION, INC.	4315-500-0003-000-5	4.47	$0	$0	$0	
TRADITION COMMERCIAL ASSOCIATION, INC.	4315-502-0002-000-4	0.18	$0	$0	$0	
PSL ACQUISITIONS, l,LC	4315-502-0004-000-8	0.18	$0	$0	$0	
TRADITION COMMERCIAL ASSOCIATION, INC.	4315-502-0001-000-7	0.10	$0	$0	$0	
MARTIN MEMORIAL MEDICAL CENTER, INC.	4315-500-0015-010-5	0.15	$0	$0	$0	
CITY OF PORT ST. LUCIE-WELL SITE	4315·700-0003-000-9	0.50	$0	$0	$0	
CITY OF PORT ST, LUCIE· WELL SITE	4315-700-0002-000-2	0.50	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Community North	14.37	$0	$0	$0	
CITY OF PORT ST, LUCIE	No PIO-Innovation Way	2.36	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PID-Dlsoovery Way E	2.39	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Village Parl<way	20.37	$0	$0	$0	
PSL ACQUISITIONS, LLC	4315-700-0027-000-3	84.10	$8,346,372	$7,094,703	$15,441,076	
PSL ACQUISITIONS, LLC	4315-700-0025-000-9	134.71	$13,369,082	$11,364,180	$24,733,262	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0007-000-7	1,07	$0	$0	$0	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0019-000-4	32.40	$0	$0	$0	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0018-000-7	5.65	$0	$0	$0	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0008-000-4	0.86	$0	$0	$0	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0009-000-1	0.58	$0	$0	$0	
CITY OF PORT ST. LUCIE - WELL SITE	4315-700-0001-000-5	0.50	$0	$0	$0	
CITY OF PORT ST. LUCIE • WELL SITE	4315-700-0006-000-0	0.50	$0	$0	$0	
CITY OF PORT ST. LUCIE - WELL SITE	4315-700-0005-000-3	0.50	$0	$0	$0	
CITY OF PORT ST. LUCIE· WELL SITE	4315-700-0004-000-6	0.50	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Discovery Way W	4.39	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PID-E/W 2	6.70	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Village Parkway	18.94	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PID-E/W-3W	11.48	$0	$0	$0	
				Page I 26	

CITY OF PORT ST. LUCIE CITY OF PORT ST. LUCIE PSL ACQUISITIONS, LLC PSL ACQUISITION$, LLC

iolal

No PIO·E/W-3E
No PIO-Community South 4315-700-0027-000-3
4315-700-0026-000-6

8.43	$0	$0	$0
11,54	$0	$0	$0
363.63	$36,087,887	$30,675,946	$66,763,833
211.66	$21,,005,864	$17,855,707	$38,861,570
=====		

3,605	$316,000,000	$286,865,000	$602,865,000

Table 16. Annual Estimated Assessments

Landowner	Parcel ID
CITY Or PORT ST. LUCIE	No PIO-Village Parkway
CITY OF PORT ST. LUCIE	No PID-E-W-3W
CITY OF PORT ST. LUCIE	No PID-E-W-3E
PSL ACQUISITIONS, LLC	4315-700-0027-000-3
PSL ACQUISITIONS, LLC	4315-700-0026-000-5
PSL ACQUfSJTIONS, LLC	4315-700-0032-000-1
CITY OF .PORT ST. LUCfE	No PIO-Becker Road
FLORIDA POWER & LIGHT CO.	4315-700-0031-000-4
PSL ACQUISITIONS, LLC	4315-700-0033-000-8
PSL ACQUISITIONS, LLC	4315-700-0030-000-7
TRADITION COMMUNITY ASSOCIATION, INC. 4315-700-0017-000-0 TRADITION COMMUNITY ASSOCIATION, INC. 4315-700-0016-000-3 HORIZONS ACOUSITIONS 5 LLC	4316-700-0024-000-2
CITY OF PORT ST. LUCIE	No PIO-Becker Road

Annual	Administrative Assessment		Charges
$0	$0
$0	$0
$0	$0
$295,91-9	$23,674
$244,577	$19,566
$5,736,100	$458,888
$0	$0
$73,980	$5,918
$4.414,672	$353.174
$6,520,286	$521,623
$58,740	$4,699
.$611,073	$48,886
$5,475	$438
$0	$0

Total Annual Assessment
$0
$0
$0
$319,593
$264,144
$6,194,988
$0
$79,898
$4,767,846"
$7,041,909
$63,439
$659,959
$5,912
$0

CITY OF PORT ST. LUCIE	No PIO-VIiiage Parkway

$0	$0	$0

CITY OF PORT ST, LUCIE	No PIO,Communfty South
PSL ACQUISITIONS, LLC	4315-700-0029-000-7
PSL ACQUISITIONS, LLC	4315-700-0034-000-5
TRADITION COMMUNITY ASSOCIATION, INC. 4315-700-0010-000-1 TRADITION COMMUNITY ASSOCIATION, INC. 4315-700-0012-000-5 TRADITION COMMUNITY ASSOCIATION, INC,  4315-700-0022-000-8
TRADITION COMMUNITY ASSOCIATION, INC. 4315-700-0020-000-4 TRADITION COMMUNITY ASSOCIArtON, INC. 4315-700-0011-000-8 TRADITION COMMUNITY ASSOCIATION, INC. 4315-700-0014-000-9 TRADITION COMMUNITY ASSOCIATION, INC. 4315-700-0015-000-6 TRADITION COMMUNITY ASSOCIATION, INC. 4315-700-0013-000·2 TRADITION COMMUNITY ASSOCIATION, INC. 4315-700-0023-000-5 TRADITION COMMUNITY ASSOCIATION, JNC,  4315.700-0021-000-1
CITY OF PORT ST. LUCIE	No PID-ParW
CITY OF PORT ST. LUCIE	No PIO-Village Parkway
CITY OF PORT ST. LUCIE	No PlD-Commur,lty South
CITY OF PORT ST. LUCIE	No PIO-Par E
CITY OF PORT ST. LUCIE	4315-500-0014-000-5
GRANDE PALMS AT TRADITION I	4315-500-0012-000-1
GRANDE PALMS AT TRADITION II	4315-500-0011-000-4

$0	$0
$5,341,788	$427,343
$6,"117,540	$489,403
$6,214	$497
$27.225	$2,178
$552,037	$44,163
$711,242	$56,899
$12,281	$982
$15,092	$1,207
$10,505	$840
$33,291	$2,663
$369,899	$29,592
$34,031	$2,722
$0	$0
$0	$0
$0	$0
$0	$0
$94,602	$7,568
$135,715	$10,857
$136,716	$10,857

$0
$5,769,131
$6,606,-943
$6,711
$29,403
$596,200
$768,141
$13,263
$16,299
$11,346
$35,954
$399,491
$36,753
$0
$0
$0
$0
$102,171
$146,572
$146,572

Page I 27

HORIZONS ST. LUCIE DEVELOPMENT, LLC	4315-500-0005-000-9	$273,873	$21,.910	$295,783	
HORIZONS ST. LUCIE DEVELOPMENT, LLC	4315-700-0027-010-6	$238,067	$19,045	$257,112	
MANN RC, LLC	4315-500-0015-000-2	$332,563	$26,605	$359,168	
MARTIN MEMORIAL MEDICAL CENTER, INC,	4315-501-0004-000-5	$273,509	$21,881	$295,389	
PSL ACQUISITIONS, LLC	4315-500-0009-000-7	$1,057,912	$84,633	$1,142,545	
PSL ACQUISITIONS, LLC	4315-500-0010-000-7	$498,920	$39,914	$538,834	
PSL ACQUISITIONS, LLC	4315-500-0004-000--2	$404,078	$32,326	$436,404	
PSL ACQUISITIONS, LLC	4315-502-0003-000-1	$142,189	$11,375	$153,564	
PSL ACQUISITIONS, LLC	4315-502-0010-000-3	$322,700	$25,816	$348,516	
PSL ACQUISITIONS, LLC	4315-502-0009-000-3	$123,694	$9,896	$133,590	
PSL ACQUISITIONS, LLC	4315-502-0007-000-9	$77,827	$6,226	$84,053	
PSL ACQUISITIONS, LLC	4315-502-0006-000-2	$23,822	$1,906	$25,727	
PSL ACQUISITIONS, LLC	4315-502-0005-000-5	$20,566	$1,645	$22,212	
PSL ACQUISITIONS, LLC	4315-500-0008-000-0	$897,819	$71,826	$969,645	
PSL ACQUISITIONS, LLC	4315-500-0006-000-6	$13,908	$1,113	$15,021	
PSL ACQUISITIONS, LLC	4315-500-0007-000-3	$74,868	$5,989	$80,857	
SOUTHERN GROVE COD	4315-501-0003-000-8	$0	$0	$0	
ST. LUCIE HOSPITALITY/TRADITION	4315-501-0005-000-2	$375,593	$30,047	$405,641	
VACCINE AND GENE THERAPY INSTITIUTE
OF FLORIDA	
4315-502-0008-000·6	
$123,338	$9,867	$133,205	
TRADITION COMMERCIAL ASSOCIATION,
INC.	
4315-501-0002-000-1	$0	$0	$0	
TRADITION COMMERCIAL ASSOCIATION,
INC.	
4315-500-0003-000-5	$0	$0	$0	
TRADITION COMMERCIAL ASSOCIATION,
INC.	
4316-502-0002-000-4	$0	$0	$0	
PSL ACQUISITIONS, LLC	4315-502-0004-000-8	$0	$0	$0	
TRADITION COMMERCIAL ASSOCIATION,
INC.	
4315-502-0001-000-7	
$0	$0	$0	
MARTIN MEMORIAL MEDICAL CENTER, INC.	4315-500-0015-010-5	$0	$0	$0	
CITY OF PORT ST. LUCIE-WELL SITE	4315-700-0003-000-9	$0	$0	$0	
CITY OF PORT ST. LUCIE - WELL SITE	4315-700-0002-000-2	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Community Nor\h	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Innovation Way	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Discovery Way E	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Village Parkway	$0	$0	$0	
PSL ACQUISITIONS, LLC	4315-700-0027-000-3	$1,244,341	$99,547	$1,341,888	
PSL ACQUISITIONS, LLC	4315-700-0025-000-9	$1,993,165	$159,453	$2,152,618	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0007-000-7	$0	$0	$0	
TRADITION COMMUNITY ASSOCIATION, INC,	4315-700-0019-000-4	$0	$0	$0	
TRADITION COMMUNITY ASSOCIATION, INC,	4315-700-0018-000- 7	$0	$0	$0	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0008-000-4	$0	$0	$0	
TRADITION COMMUNITY ASSOCIATION, INC.	4315-700-0009-000-1	$0	$0	$0	
CITY OF PORT ST. LUCIE - WELL SITE	4315-700-0001-000-5	$0	$0	$0	
CITY OF PORT ST. LUCIE - WELL SITE	4315-700-0006-000-0	$0	$0	$0	
CITY OF PORT ST. LUCIE - WELL SITE	4315-700-0005-000-3	$0	$0	$0	
CITY OF PORT ST. LUCIE - WELL SITE	4315-700-0004-000·6	$0	$0	$0	
CITY OF PORT ST. LUCIE	No Pl D-Discovery Way W	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PID-E/W2	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PIO-Village Parkway	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PID-E/W-3W	$0	$0	$0	
CITY OF PORT ST. LUCIE	No PID-E/W-3E	$0	$0	$0	
P a,g e	128	

CITY OF PORT ST. LUCIE	No PIO-Community South	$0	$0	$0	
PSL ACQUISITIONS, LLC	4315-70().()027-000-3	$5,380,257	$430,421	$5,810,678	
PSL ACQUISITIONS, LLC	4315-700-0026-000-6	$3,131,714	$250,537	$3,382,251	

===-=-·=i=====

., ,....

-----------
Total	$48,582,722	$3,886,618	$52,469,340

7�0	Validation Recommendation

The Financial Advisor recommends that the Districts validate bonds in an amount sufficient to fund the CIP. Table 17 summarizes the total amounts based on the analysis provided above. In light of the uncertainties and the lengthy time horizon involved, the Financial Advisor recommends validating
$610,000,000 in bonds.

TABLE 17. RECOMMENDED AMOUNT FOR VALIDATION

Cate or	Amount	
Community Infrastructure	$316,000,000	
District Infrastructure	$286,865,000	
Contingency	$7,135,000	
Total	$610,000,000	

Page  j 29

SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT FOR PUBLIC INFRASTRUCTURE

SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICTS
NOS. 1-6

July 8, 2014

Prepared for
Board of Supervisors
Southern Grove Community Development Districts Nos. 1..5 Prepared by
Fishkind & Associates, Inc. 12051 Corporate Boulevard
Orlando, Florida 32817
407-382..3256

SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT FOR PUBLIC INFRASTRUCTURE
SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICTS NOS. 1-6

July 8, 2014

Introduction

Purpose
This report supplements the "Amended and Restated Master Assessment Methodology Report for Public Infrastructure" dated July 9, 2013 ("Prior Report"). Since the Prior Report was issued, market conditions have changed. Large and expensive public amenities, such as the community recreation complex have fallen out of favor and trial systems and amphitheaters have become more popular. As a result, the Developer of Southern Grove (Tradition Land Company, LLC or 'TLC") has requested that the Districts adjust the Capital Improvement Plan ("GIP") and assessments accordingly. The purpose of this supplemental report is to reflect changes in the scope and cost of certain categories of Community Infrastructure included in the CIP, as reflected in Table 4. The provisions of this supplemental report supersede any inconsistent provisions of the Prior Report. Except as superseded hereby, the Prior Report remains in effect.
Background
There are six community development districts ("CDDs'') in the Southern Grove portion of the Tradition development project. These six CDDs have entered into a Second Amended and Restated District Development Agreement (the 11lnterlocal Agreement") pursuant to which the Districts have delegated to the "Issuer", initially Southern Grove Community Development District No. 5, the right to implement the financing, acquisition and construction of Community Infrastructure on behalf of all the Districts. In addition, pursuant to the lnterlocal Agreement, each District has provided for the delegation to the Issuer of the authority to implement the financing, acquisition, and construction of District Infrastructure necessary to serve that delegating District, subject to the reserved rights of each District to finance, acquire, and construct its own District Infrastructure.

11Page

The lnterlocal Agreement also provides for one of the Districts (the "Administration District") to operate and maintain, on behalf of the Issuer, for the benefit of the Districts, any portions of the Community Infrastructure not dedicated to other governmental entities and for the Administration District to operate and maintain, on behalf of a delegating District, all or a portion of the delegating District's District Infrastructure. Southern Grove Community Development District No. 1 was initially designated as the Administration District.

Assessment Methodology

Overview

The assessment methodology for allocating the costs of the CIP is essentially a process by which the Districts will allocate the costs associated with the CIP to Community Property benefiting from the CIP on a systems basis as described more fully below. The allocation is based upon the special benefits that each property receives. At the outset, the CIP (as defined in the Master Engineer's Report) is based on the Planned Uses for the Community Property (as shown in Table 1). However, until Final Plats are filed the precise land uses are unknown other than with respect to the Existing Development. Here a Final Plat refers to the ultimate platting of the Planned Uses consistent with: (a) approved site plans for those Planned Uses and (b) any document the Developer officfally records showing any transfer of entitlements to the Final Plat. Therefore, the Districts initially will impose Community Infrastructure Assessments on a per gross acre basis on the Community Property (excluding Existing Development) in all the Districts in an amount equal to the Maximum Community Infrastructure Allocation and each District will impose District Infrastructure Assessments on the Community Property in its boundaries in the maximum amounts shown in Table 6. Subsequently, when Final Plats are processed and the exact land uses are known, the Administration District will assign Community Infrastructure Assessments and District Infrastructure Assessments to the Final Platted properties in each District (as provided for in the lnterlocal Agreement) using the methodology described below.

The numerical analysis provided below is illustrative of the assessment methodology. Since actual costs may vary from the estimates and Planned Uses will likely change over time, the actual figures may change as additional information becomes available. However, the information provided here is the best available at this time.
Finally, the assessment methodology contains a critical feature, the True Up Tests ("Tests'} The Tests prevent the debt per acre of unplatted property (that Community Property which has not received its Final Plat) in the Community Property from increasing above its Ceiling Levels. This requirement will be administered by the Administration District on behalf of the Districts.

2IPage

There are two Tests: (1) for Community Infrastructure Indebtedness and (2) for District Infrastructure Indebtedness. The Tests work in essentially the same manner except that the Test for Community Infrastructure Indebtedness operates at the Community Property level among all Districts while the Test for District Infrastructure Indebtedness is conducted at a District-specific level for Community Property in that District.

The Tests are conducted at four intervals based upon the percentage of total acres that are developed within the Community Property in all Districts or within a specific District. The intervals are at 25%, 50%, 75% and 100% of the gross acres within either the Community Property in all Districts or within Community Property in a specific District.
Consider first the Test for the Community Infrastructure Indebtedness. First a Ceiling Amount of debt per acre is established for the aggregate number of acres in all of the Districts (excluding the acres comprising the Existing Development) when the Issuer issues the first series of Community Infrastructure Indebtedness to fund the initial phase of the CIP relating to Community Infrastructure. The Ceiling Amount is equal to the dollar amount of debt divided by the gross acres in all Districts that have not received their Final Plats.

Assume for this example that the Ceiling Amount is initially $100 per acre. Second, at each of the intervals outlined above the debt per acre of all land without a Final Plat in the Districts must be below $100 per acre, the Ceiling Amount. If not the Developer, or the responsible landowner seeking the plat, must make a debt reduction payment to bring the amount of debt per undeveloped acre in the Districts below the Ceiling Amount.

Third, from time-to-time the Issuer will issue additional Community Infrastructure Indebtedness to fund additional phases of the CIP relating to Community Infrastructure. Each time the Issuer issues Community Infrastructure Indebtedness, the Ceiling Amount is adjusted to reflect the total amount of debt outstanding for all Community Infrastructure Indebtedness and the total amount of acres that not received Final Plats in all of the Districts, in the aggregate, excluding the Existing Development. Notwithstanding the foregoing, the Community Infrastructure Assessments will not exceed the Maximum Community Infrastructure Allocation and the allocation of Community Infrastructure Assessments to Planned Uses actually developed in the Districts will be consistent with Table 13.

3IPage

Now consider the Test for the District Infrastructure Indebtedness. The Test works just like the one for Community Infrastructure except that it is District specific. When District Infrastructure Indebtedness is issued, a District Ceiling Amount is established by dividing the number of acres without a Final Plat in the District into the debt issued. When platting in the District reaches 25% of the gross acres in the District, the District True Up Test is conducted to assure that the debt on the land without a Final Plat in the District does not exceed its then applicable District Ceiling Amount. If the test is violated, the Developer, or the responsible landowner seeking the plat, must make a debt reduction payment to bring the debt per acre without a Final Plat below the then applicable District Ceiling Amount.

As additional District Infrastructure Indebtedness is issued from time to time, the applicable District Ceiling Amount would be adjusted to an amount equal to the new total debt allocated to properties without a Final Plat divided by the remaining acres without Final Plats in the District. Notwithstanding the foregoing, the District Infrastructure Assessments in a specific District will not exceed the maximum District Jnfrastructure Assessments for that District shown in Table 6 plus the allocation of District Infrastructure Assessments to Planned Uses actually developed in a District will be consistent with Table 13.

The Master Engineer's Report for Community Infrastructure and the CIP

The District Engineer has estimated that the cost of the CIP needed to support the land use plan outlined in Table 1 is approximately $410,000,000 as shown in Table 4.

Table 4. Estimated Costs for the Southern Grove CIP Consisting of Community and District Infrastructure ($2014)

Infrastructure	Developer Contribution	District Cost	Total	
Community Infrastructure		
$129,436,250
$36,067,500
$10,241,250
$15,087,555
$0
-
$190,832,555

$216,285,600

$4071118,155	
$129,436,250
$39,191.410
$10,241,250
$15,087,555
$0
  = 
$193,956,465

$216,285,600
	=.-
$410,242,065	
Roadways	$0			
Storm Water Management	$3,123,910			
Utilities	$0			
Parks, Landscape, Amenities, etc.	$0			
Torrey Pines Expenses	$0			
Subtotal	
$3,123,910			
District Infrastructure	$0			
Grand Total	$3,123,910			

Source: ARCADIS (July 8, 2014), "First Supplement to Master Engineer's Report for Public Infrastructure Improvements Service Southern Grove Community
Development Districts No. 1-6"

4jPage

Note: The costs for engineering, legal, administrative, and a contingency allowance amounting to a total of 25% was applied to each cost category of Community
Infrastructure. These costs are not included in District Infrastructure

Financing Plan for the CIP

The Financial Advisor has designed a financing program to provide the construction funds needed for each District's portion of the CIP. Table 5 provides a summary of the financing program needed to fund each District's share of the Community Infrastructure contained in the CIP, and Table 6 displays the financing plan for the District Infrastructure portion of the CIP.

In estimating the Community Infrastructure Indebtedness and the District Infrastructure Indebtedness needed to fund the CIP, the Financial Advisor gross funded the construction fund. Since all the construction funds are not expended immediately, interest is earned on the unexpended balance. These interest earnings are flowed to the capitalized interest fund. The bond sizing includes capitalized interest for 24 months. The debt service reserve account is set initially at the lesser of maximum annual debt service, 10% of the proceeds of the bonds, or 125% of average annual debt service.

The Financial Advisor estimated the underwriter's discount at 1.25%. This allowance pays the underwriter for taking the risks involved in purchasing the District's Community Infrastructure Indebtedness and/or District Infrastructure Indebtedness. The cost of issuance pays for the trustee, financial advisor, and other costs associated with issuing the Community Infrastructure Indebtedness and/or District Infrastructure Indebtedness.
Table 5 shows the financing program totals. However, the debt is expected to be issued in series over a number of years. At this time there is no detailed phasing plan available, instead the debt will be issued based on market conditions and the associated need for infrastructure to support development.

Table 5. Community Infrastructure Bond Financing Program

Category	Amount	
Construction Fund
Debt Service Reserve Fund Capitalized Interest Fund Underwriter's Discount Cost of Issuance
Rounding

Total Par	$190,832,555
$19,312,935
$25,163,775
$3,594,825
$750,000
$911
�	-
$239,655,000	

5IPage

Table 6 provides the District Infrastructure bond financing program. There are no changes to the estimated cost for the District Infrastructure from the Prior Report.

Category

District 1

District 2

District 3

District 4

Table 6. District Infrastructure Bond Financing Program

Construction Fund	$2,848,200
$352,968
$613,200
$65,700
$500,000
-$69
-- --------------
$4,380,000	$23,897,400
$2,571,915
$4,468,100
$478,725
$500,000
-$1,140

$31,915,000	$50,883,000
$5,417,018
$9,410,800
$1,008,300
$500,000
$882

$67,220,000	$57,467,400
$6,110,867
$10,616,200
$1,137,450
$500,000
-$1,917

$75,830,000	
Debt Service Reserve Fund					
Capitalized Interest Fund					
Underwriter's Discount					
Cost of Issuance					
Rounding					
Total Par					

Category	District 5	District 6	Total	
Construction Fund	$32,407,800	$48,781,800	$216,285,600	
Debt Service Reserve Fund	$3,469,245	$5,195,405	$23,117,419	
Capitalized Interest Fund	$6,027,000	$9,025,800	$40,161J 100	
Underwriter's Discount	$645,750	$967,050	$4,302,975	
Cost of Issuance	$500,000	$500,000	$3,000,000	
Rounding	$206	--$56	-$2,094	

	-=-=====-«	
Total Par	$43,050,000	$64,470,000	$286,865,000	

Allocation to Benefiting Properties - The Master Methodology for Community Infrastructure

The CIP comprises both Community Infrastructure and District Infrastructure. This section of the report provides a methodology to allocate the costs of the Community Indebtedness based on the benefits of that the Community Infrastructure provides to the Community Property excluding the Existing Development. The methodology for allocating the costs associated with the District Indebtedness incurred to fund the District Infrastructure benefiting District Property is provided in a separate section of the report below.
The discussion offered below illustrates the process by which this report will allocate Community Infrastructure Assessments the revenues of which will secure Community Infrastructure Indebtedness issued to support the Community Infrastructure portion of the CIP. As described above, until such time as Final Plats are recorded, the specific land uses in the Districts are indeterminable, other than with respect to the Existing Development. Therefore, at the outset, the Community Infrastructure Assessments will be allocated on a gross acreage basis across all benefited acres in the Districts (excluding the acres comprising the Existing Development).

6IPage

As Final Platting occurs, the Administration District, on behalf of the Districts, will more finely articulate the allocation of Community Infrastructure Indebtedness to benefiting properties based on Planned Uses actually developed. This will not allow the Community Infrastructure Assessments allocated to the Districts in the aggregate to exceed the Maximum Community Infrastructure Allocation.

As noted above, as long as two basic principles are adhered to, Florida law allows the Boards of the Districts great latitude in determining the appropriate methodology to allocate the costs of the ClP to benefiting properties in the Districts. The two principals are: (1) the properties being assessed must receive a special benefit from the CIP and (2) the assessments allocated to each property must be fairly and reasonably apportioned among the benefiting properties. In allocating speclal assessment costs to benefiting property Florida governments have used a variety of methods including, but not limited to, front footage, area, trip rates, equivalent residential units, dwelling units, acreage, and value.

The Districts are similar in many ways to other Florida community development districts in that the Community Infrastructure component of the CIP anticipates constructing both public infrastructure and public amenities. Table 4 provided the estimated costs for the CtP shown in the Master Engineer's Report. Based upon the cost estimates in the Master Engineer's Report, and its analysis of the physical properties of the CIP, the Financial Advisor categorized the benefits flowing from the Community component of CIP in Table 7. There are four categories of Community Infrastructure benefiting all Community Property in the Districts other than the Existing Development, which does not received special benefit from the Community Infrastructure: (a) roadways and related items, (b) stormwater management and drainage facilities, (c) utilities, and (d) all other. For purposes of the following discussion of Community Infrastructure references toucommunity Property" ex�ludes the Existing Development.

TABLE 7. CATEGORIES OF BENEFITS FROM THE COMMUNITY COMPONENT OF THE CIP

INFRASTRUCTURE	ALLOCATION METHOD

Roadways and related items Stormwater management Utilities
All other infrastructure

Trip generation Weighted acres Equivalent unit Equivalent unit

First, roadways and related items, such as signalization, are designed to accommodate the estimated traffic generated by the land use program for the Development. Therefore, it is reasonable to allocate the costs for this class of infrastructure on the basis of trips generated by each land use.

7 IP age

Page 103

The Development Order governing the entitlements and real estate development in the Development was recently amended with the new land use plan presented in Table 1. As part of the permitting a detailed traffic analysis was included in the documentation. The trip rates used in the allocation of costs associated with the roadway portion of the CIP were taken from the traffic study. However, rental apartments were not specifically analyzed as part of the traffic study. The rental apartments are designed to provide for housing needs of those working in the Development. Therefore, the Financial Advisor has determined that the internal capture rate of trips for the apartments will be higher than the average for the broader multifamily category and should be reduced. As a result, the trip rate for the remaining multifamily products, which are expected to be for-sale townhomes and condominiums, must be increased. The Financial Advisor has determined the trip rates for the for-sale multifamily product category using rates published by Institute of Traffic Engineers ("ITE'')1.
Second, the CIP includes the stormwater management system for the Community Property. The benefits from this system relate to its capacity to protect the properties from flooding. The more stormwater run off a land use generates the more benefit it receives from the stormwater management system. Every land use type has a particular run off coefficient measuring its average run off volume. In addition, each land use category has a specific acreage. The product of the runoff coefficient and the acreage results in the weighted acreage amount used for allocation purposes.
Third, the GIP includes utilities consisting of water transmission lines and wastewater collection lines both on and off-site. The utility system lines are sized to accommodate all of the demands on the system based on estimated usage. The Equivalent Residential Unit (ERU) method was used to measure the benefits from the utility system lines. A single-family unit in the category of 55-to-65 foot wide lot was used as the standard of measurement. Larger homes are constructed on larger lots and typically require more utility capacity, while smaller homes require less capacity. The multifamily product is expected to be largely townhomes sized for utility capacity like a standard size home on a 55-65 foot wide lot. The apartments are smaller and thereby require roughly half of the resources of a single-family unit. Retail users were allocated 1 ERU per 2,000 square feet reflecting the intensity of use for retail land uses. Offices were allocated 1 ERU per 3,000 square feet making this category roughly equal to the average square feet in a single-family home. Each hotel room was allocated ½ ERU per room on the basis of the intensity of use for a hotel. Finally, each hospital bed was assigned 1O ERU based in the intensity of use for these facilities.

1 lrstitute of Traffic Engineers (2012) Trip Generation 8°' Edition, Washington, D.C.
9IPage

Finally, all other infrastructure consists of landscaping and other costs. The benefits from these facilities are most equitably allocated on the basis of ERUs. The ERUs are determined by lot widths for the residential products and ERU sizing for the nonresidential products in a manner similar to the utility ERU assignments.
Table 8 provides a complete outline of the estimated costs for all of the Community Infrastructure improvements comprising the CIP. Soft costs for design, conti_ngency, and financing are included. These costs are categorized based on the types of improvements and their benefits as discussed above. It Is these costs that are allocated to the benefiting properUes in the Districts.

Debt Allocation for Community Infrastructure
The costs shown in Table 8 for the Community Infrastructure improvements reflect the total construction costs for all phases of the GIP. Although this infrastructure will be constructed over time in phases, it is actually designed for and will operate as a consistent system serving all of the Community Property in the Districts. For example, the roadway system will be constructed in phases. However, the entire system will- specially benefit all the developable property in the Districts excluding Existing Development. Improvements built in Phpse 1 will benefit properties developed in Phase 1 and in future phases. Likewise, properties developed in Phase 1 will benefit from roadway improvements constructed fn Phase 2. This pattern is also true for all of the other major infrastructure systems comprising the master portion of the CIP.
As a result, the most equitable way in which to allocate the benefits of these systems ,of master infrastructure improvements is on a systems basis. In other words the benefits from the system are e.xamined on a total systems basis and the properties that receive these benefits are also viewed on a total basis. Thus, if the cost of an infrastructure system totals $10 and is funded in two series of bonds and if these costs were allocable equally to 10 acres of property, the allocation would be $1 per acre.
The reality is that the costs are not proportionately distributed across all phase of the construction program. Furthermore, the benefiting properties will not all be developed in an equal proportionate fashion. The costs are unevenly distributed over time and the development program is not evenly distributed. Thus, if the costs of the CIP were allocated strictly on a phase-by-phase basis only to those properti.es developed during that phase, the cost per acre or per equtvalent unit would vary significantly across the three phases. This would be patently inequitable.

101Page

Therefore, the most equitable methodology is to utilize the systems approach. As discussed below, the benefits flowing from CIP are viewed on a systems basis and are allocated systematically to all benefiting properties regardless of their phasing. In this way, similar properties receiving similar benefits will be allocated the same amount of debt.
The exact nature and precise location of the development that actually occurs is unknown at this time, and it is only determined at the time of a Final Plat when the land uses are known with precision. As a practical matter, the assessments are applied on a first Final Platted first allocated basis. The numerical examples provided below illustrate how this methodology is designed to work.

Table 8. Cost on a Fully Financed Basis for Community Infrastructure Categorized by Type of Improvement

Functional Allocations	Cost	As Financed		
Roadway and related items	$111,049,750	$139,460,627		
Stormwater management	$27,245,800	$34,216,343		
Utilities	$9,421,950	$11,832,454		
Landscape and Other	$43,115,055	$54,145,576		
Total	$190,832,555	$239,655,000		

Table 9 outlines the allocation of the costs to Community Property for roadways and re-lated services included in Community Infrastructure. As noted above in Table 8, the cost for the roadways and related facilities totals $139A60,627. These costs are allocated based upon the estimated volume of trips (as described above) that each land use generates on the Community roadway system.
TABLE 9. COST ALLOCATION TO BENEFITING PROPERTIES FOR ROADWAYS AND RELATED IMPROVEMENTS

Land Use	Volume	Trip rate	Trips	% Trips	Allocation	
Single-family <55	1,500	7.86	11,787	6.74%	$9,404,063	
Single-family 55-65	1,200	7.86	9,430	5.39%	$7,523,251	
Single-family >65	614	7.86	4,825	2.76%	$3,849,397	
Multifamily units	1,972	5.90	11,635	6.66%	$9,282,680	
Apartment Units unplatted	1,502	2.95	4,431	2.53%	$3,535,138	

Research unplatted sqft	2,333,602	0.01	13,186	7.54%	$10,520,598	
Warehouse unplatted sqft	4,433,336	0.007	30,856	17.65%	$24,618,088	
Hotel rooms unplatted	480	8.92	4,282
=======	2.45%
--------------	$3,416,021
--------------------	

3,660,075	0.019	70,402	40.28%	$56,169,180	
2,180,728	0.01	13,966	7.99%	$11,142,212	

Retail unplatted square feet Office square feet

111Page

Total	174,798	100.00%	$139,460,627
Table 10 displays the allocation of costs for the Community storrnwater management facilities. These are allocated to benefiting properties based upon their size and their run off coefficients.
TABLE 10. COST TO ALL BENEFITING PROPERTIES FOR STORMWATER MANAGEMENT FACILITIES

Lanq Use	Units	Acres	Runoff rate	Weighted Units	% Weighted Units	A/location	
Single-family <55	1,500	214	0.5	107	8.74%	$2,989,204	
Single-family 55-65	1,200	200	0.5	100	8.15%	$2,789,924	
Single-family >65	614	123	0.5	61	5.01%	$1,713,013	
Multifamily units	1,972	247	0.7	173	14.07%	$4,814,014	
Apartment Units unplatted	1,502	135	0.7	95	7.71%	$2,639,733	
Retail unplatted square feet	3,660,075	209	0.7	147	11.96¾	$4,091,140	
Office square feet	2,180,728	129	0.7	91	7.39%	$.2,528,304	
Research unplatted sqft	2,333,602	129	0.7	91	7.39%	$2,527,114	
Warehouse unplatted sqft	4,433,336	500	0.7	350	28.56%	$9,771,585	
Hotel rooms unptatted	480	18	0.7	13	1.03%	$352,312	
				=�=::=�	=====-=	------- ---	
Total				1,226	100.00%	$34,216,343	

Table 11 displays the allocation for the utility portion of the GIP. As noted above, the benefits from these facilities are measured on the basis of ERUs

TABLE 11. COST ALLOCATION TO BENEFITING PROPERTIES FOR
UTILITIES

Land Use	Units	ERU/unit	ERUs		%ERUs		A/locaUon	
Single-family <55	1,500	0.75	1,125		11.44%		$1,353,705	
Single-family 55-65	1,200	1.00	1,200		12.20%		$1,443,952	
Single-family >65	614	1.25	768		7.81%		$923,528	
Multifamily units	1,972	1.00	1,972		20.05%		$2,372,895	
Apartment Units unplatled	1,502	0.50	751		7,64%		$903,674	
Retait unplatted square feet	3,660,075	2,000	1,830		18.61%		$2,202,072	
Office square feet	2,180,728	3,000	727		7.39%		$874,685	
Research unpla1ted sqft	2,333,602	3,001	778		7.91%		$935,691	
Warehouse unplatted sqft	4,433,336	10,000	443		4,61%		$533,461	
Hotel rooms unplatted	480	0.60	240		2A4%		$288,790	
Total			9,833		100.00%		$11,832,454	

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Finally, the other infrastructure costs are allocated on the basis of ERUs in Table 12. The ERU classification differs from that used for utilities, because the types and characteristics of this other infrastructure is different. This category's costs are dominated by landscaping and the recreational complex which provides relatively less benefit to comn'lercial properties and to the hospital compared to the residential properties.

TABLE 12. COST ALLOCATION TO BENEFITING PROPERTIES FOR OTHER FACILITIES

Land Use	Units	ERU/unft	ERUs	%ERUs	Allocation	
Single-family <55	1,500	0,75	1,125	13.03%	$7,057,094	
Single-family 55-65	1,200	1.50	1,800	20.85%	$11,291,350	
Single-family >65	614	2.00	1,228	14.23%	$7,703,210	
Mu-ltifamily units	1,972	0.60	1,183	13.71%	$7,422,181	
Apartment Units total	1,502	0.25	376	4.35%	$2,355,501	
Retail square feet total	3,660,075	5,000.00	732	8.48%	$4,591,910	
Office square feet	2,180,728	3,000.00	727	8.42%	$4,559,882	
Research square feet total	2,333,602	3,001.00	778	9.01%	$4,877,914	
Warehouse sqft total	4,433,336	10,000.00	443	5.14%	$2,781,019	
Hotel rooms total	480	0.50	240
===----	2.78%
=======	$1,505,513
------	
Total			8,632	100.00%	$54,145,576	

Table 13 brings these cost allocations together. Summing the allocations for each component of the CIP provides the total costs. These are also broken down by cost per unit. As each plat is presented to the Administration District, the figures in Table 13 are used to assign a portion of the costs for the Community Infrastructure improvements contained in the CIP to that plat and to its actual land uses.
The Maximum Community Infrastructure Allocation for the Districts is shown in Table 13. This is based on the as-financed cost of the Districts' portion of the Community Infrastructure components of the CIP shown in Table 4 needed to support the Planned Uses of the Community Property as summarized in Table
Table 13 further presents the allocation of the Maximum Community Infrastructure Allocation to the Planned Uses in the Development, based on Table 3.

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TABLE 13.		TOTAL COST ALLOCATION TO BENEFITING PROPERTIES FOR ALL COMMUNITY INFRASTRUCTURE FACILITIES

	Land Use	Volume	Total Allocation	Per Unit	Estimated
Annual Assessment*		
	Single-family 55 or Less	1,500	$20,804,067	$13,869	$1,117.68		
	Single-family 56-65	1,200	$23,048,477	$19,207	$1,547.83		
	Single-family >65	614	$14,189,148	$23,109	$1,862.30		
	Multifamily units	1,972	$23,891,770	$12,116	$976.34		
	Apartment Units total	1,502	$9,434,046	$6,281	$506.16		
	Retail square feet total	3,660,075	$67,054,302	$18	$1.48		
	Office square feet	2,180,728	$19,105,084	$9	$0.71		
	Research square feet total	2,333,602	$18,861,317	$8	$0.65		
	Warehouse sqft total	4,433,336	$37,704,153	$9	$0.69		
	Hotel rooms total	480	$5,562,636	$11,589	$933.90		
	Total		$239,655,000				
*  Note the estimated annuaf assessment is without administrative charges
As noted above, the only thing certain at this time is that the Maximum Infrastructure Allocation for all Districts, in the aggregate, cannot be exceeded and that the allocation of Community Infrastructure Assessments to Planned Uses actually developed within the Community Property will occur in accordance with this Report. Until Final Platting and development activities progress, it is not possible at this time to provide a more precise estimate of the Maximum Community Infrastructure Allocation per individual District.

3.-0	Assessment Methodology for District Infrastructure

Overview/District Infrastructure

In addition to the Community Infrastructure component of the CIP as described above, any of the Districts may wish to undertake District Infrastructure improvements that specially benefit only land within their boundaries. In such a case, the Issuer, for itself, or on behalf of each other District electing to undertake a District Infrastructure project (subject to each of such District's reserved rights to finance the acquisition and construction of its own District Infrastructure), would issue District Infrastructure Indebtedness to finance such District Infrastructure and the applicable District will levy District Infrastructure Assessments on benefiting property within its boundaries for the repayment of such District Infrastructure Indebtedness.

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District Infrastructure benefits only properties within a particular District. This infrastructure consists largely of what are usefully characterized as public subdivision improvements which include roadways, stormwater controls, utilities, landscaping and localized amenities. The Master Engineer's Report has estimated these costs on a per acre basis at $60,000 per gross acre based on recent bids for these types of improvements. The total estimated cost for the District Infrastructure is $286,865,000 as shown above in Table 6.

The specific character of these District Improvements will vary somewhat on a project-by-project basis. Therefore, the precise allocation of costs associated with these District Improvements will also vary somewhat as will the scope of properties within a District that receives the special benefits from these District Improvements.
Nevertheless, it is the intent of this Report that the basic allocation procedures used for the Community Infrastructure will also be used to allocate costs associated with the District Infrastructure. Thus, the benefits of District roadway improves are to be allocated based on trip volumes from benefiting properties. Stormwater benefits are to be allocated based on weighted acreage associated with run off. Utilities and all other District Infrastructure will be allocated using the ERU method.

As each particular component of District Infrastructure is financed, a supplemental assessment report will be approved by the District involved reflecting the specific nature of those improvements.
As noted above, using the Master Engineer's Report estimate of District Infrastructure Costs on a per acre basis of $60,000 per gross acre, each District will levy District Infrastructure Assessments on Community Property in its boundaries in the maximum amounts shown in Table 6 in this Report, as may be supplemented in the future, and as shall be allocated to Planned Uses actually developed in each District in accordance with the allocation methodology set forth in this Report, including, particularly, Table 13. The only thing certain at this time is that the maximum District Infrastructure Assessments levied in each District cannot be exceeded and that the allocation of District Infrastructure Assessments to Planned Uses actually developed within the Community Property in each District will occur in accordance with this Report.

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True Up Mechanism

The financing plan to support the Community Infrastructure and the District Infrastructure are each subject to separate Tests as outlined above. The Tests prevent the debt per acre of land without a Final Plat in the Community Property (excluding the Existing Development) from increasing above its Ceiling Levels. This requirement will be administered by the Administration District on behalf of the Districts (or by a specific District if it issues District Infrastructure Indebtedness directly, rather than through the Issuer).

There are two Tests: (1) for Community Infrastructure Indebtedness and (2) for District Infrastructure Indebtedness. The Tests work in essentially the same manner except that the Test for Community Infrastructure Indebtedness operates at the Community Property level while the Test for District Infrastructure Indebtedness is conducted at the level of the Community Property within a specific District. The Tests are conducted at four intervals based upon the percentage of total acres that have Final Plats within the Community Property in all Districts or with respect to the Community Property within a specific District. The intervals are at 25%, 50%, 75% and 100% of the gross acres within either the Community Property in all Districts or with respect to the Community Property within a specific District.

Consider the Test for the Community Infrastructure Indebtedness. First a Ceiling Amount of debt per acre is established for all of the Districts when the Issuer issues the first series of Community Infrastructure Indebtedness to fund the initial phase of the CIP relating to Community Infrastructure. The Ceiling Amount is equal to the dol'lar amount of debt divided by the gross acres in all Districts that have not received a Final Plat.

Second, at each of the intervals outlined above the debt per acre on the property without a Final Plat in all of the Districts must be below the Ceiling Amount. If not the Developer or the responsible landowner seeking the plat, must make a debt reduction payment to bring the amount of debt per acre without Final Plats in all of the Districts below the Ceiling Amount. The obligation to make a debt reduction payment is strictly on the entity seeking to have the plat approved. Third, from time-to-time the Issuer will issue additional Community Infrastructure Indebtedness to fund additional phases of the GIP relating to Community Infrastructure. Each time the Issuer issues Community Infrastructure Indebtedness, the Ceiling Amount is adjusted to reflect the total amount of debt outstanding for all Community Infrastructure Indebtedness and the total amount of acres that remain without Final Plats in all of the Districts. Notwithstanding the foregoing, the Community Infrastructure Assessments will not exceed the Maximum Community Infrastructure Allocation.

16IPage

Now consider the Test for the District Infrastructure Indebtedness. The Test works just like the one for Community Infrastructure except that it is District specific. When District Infrastructure Indebtedness is issued, a District Ceiling Amount is established by dividing the number of acres in the District into the debt issued. When Final Platting in the District reaches 25% of the gross acres in the District, the District True Up Test is conducted to assure that the debt on the acres in the District without Final Plats do not exceed its then applicable District Ceiling Amount. If the test is violated, the Developer, or the then responsible landowner seeking the plat, must make a debt reduction payment to bring the debt per acre without a Final Plat below the then applicable District Ceiling Amount. As additional District Infrastructure Indebtedness is issued from time to time, the applicable District Ceiling Amount would be adjusted to an amount equal to the new total debt allocated to properties without Final Plats divided by the remaining acres in the District without Final Plats.

Prepayment of Community Infrastructure Assessments

The Developer will contribute to the Issuer and/or the Administration District, on behalf of the other Districts, certain Community Infrastructure (the "Contributed Community Infrastructure") consisting of an excavated lake in Southern Grove Community Development District No. 5, having a cost of $330,000 and 279.39 acres of property for use for water management, conservation, and mitigation necessary for the District to install its stormwater management system. Although this land has a fair market value in excess of $15,000 per acre according to the St. Lucie County Property Appraiser, the Developer has agreed to accept a value per acre of $10,000, or less following a formal appraisal of the property by The Administration District, for the purposes of this contribution.  The estimated total value of the contribution of the land is
$2,793,910 at $10,000 per acre subject to downward adjustment upon final appraisal of the land included in the Contributed Community Infrastructure.
The Developer and the Administration District., on behalf of all the Districts, will enter into an agreement to provide, among other matters, that the Contributed Community Infrastructure will be deemed to be a prepayment of Community Infrastructure Assessments levied on specified Community Property within the boundaries of Southern Grove Community Development District No. 5 other than the Existing Development (the "Prepayment Properties") in an amount equal to the value of the Contributed Community Infrastructure. Such prepayment will be deemed to occur at the time the Issuer and/or the Administration District receives delivery of the related Contributed Community Infrastructure.

171Page

Table 14. Community Infrastructure Contributions by the Developer

Developer Contributions	Cost	
Lake Excavation Conservation/Mitigation Land

Total	$330,000
$2,793,910
-- --------------
$3,123,910	

18I Page

7/31/19

THIRD SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT FOR PUBLIC INFRASTRUCTURE

SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICTS NOS.1-6

August 1, 2019

Prepared for:

Board of Supervisors
Southern Grove Development Olatriets Nos. 1-6

Prepared by:
Special District Services, Inc. 2501A Bums Road
Palm Beach Gardens, Fla. 33410
(561) 630-4922

Index

Introduction
Overview
Purpose
Current Development Plan
Assessment Methodology
Overview
TheCIP
Financing Plan for the CIP
Allocation to Benefiting Properties
Allocation for Community Infrastructure
Allocation Methodology
Contribution Amount and Credit Amount

Page Number
1
1
4
5
6
6
7
9
11
12
12
13

Current Estimated Costs of the Community Infrastructure	14
Assessment Methodology for District Infrastructure	18
True-Up Mechanism	19
Total Debt on Community Properties	20
Exhibit A - Assessment Roll for Community Property (Including Existing Development)
Exhibit B - Assessment Roll for Existing Development

THIRD SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT FOR PUBLIC INFRASTRUCTURE
SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICTS NOS. 1-6
August 1, 2019

Introduction
Background

This report (the "Report·) supplements the "Amended and Restated Master Assessment Methodology Report for Public lnfrastrudure• dated July 9, 2013 (the •Master Report'"), as supplemented by the ·supplemental Assessment Methodology Report for Public Infrastructure· dated July 8, 2014 (the "First Supplemenr), as further supplemented by the "Second Supplemental Assessment Report for Public Infrastructure• dated December 9, 2014 (the "Second Supplement" and, together with the Master Report and the First Supplement, the "Prior Assessment Reporf'). Subsequent to the date of the Second Supplement, the Districts (hereinafter defined) approved certain supplements to the Prior Assessment Report, which, by recent action of the goveming boards of the Districts, have been rescinded. All capitalized terms not otherwise defined herein have the meanings ascribed thereto in the Prior Assessment Report.

The configuration of Southern Grove Community Development Districts Nos. 1 - 6 (collectively, the •O1stricts") can be seen In Exhibit A of the "Supplement to Master Engineer's Report" dated August 1, 2019 (the•supplemental Engineer's Report") prepared by Arcadis US, Inc., the District's Consulting Engineers (the "Consulting Engineers·). The Supplemental Engineer's Report supplements the ·second Amended and Restated Master Engineer's Report" dated July 9, 2013 (the ·Master Engineer's· Report"), as supplemented on July 8, 2014 (the "First Supplement") and December 9, 2014 (the •second Supplement9 and, oollectively with the First Supplement and the Master Engineer's Report, the "Original Engineer's Reporr).

lnfonnation contained in the Original Engineer's Report sets forth a plan and estimated cost for •Public Infrastructure· improvements necessary to support the property through build out. This area is referred to as "Community .Property.• The Districts are also sometimes referred to collectively as the •eommunity Property Districts" and each of such districts are sometimes referred to herein as a·community Property Distrid:

As noted in the Original Engineer's Report. certain public infrastrudure improvements have been implemented by the City of Port St. Lucie (the •city") through the City's Southwest Annexation Special Assessment District No. 1 (the "SAD") financed by the issuance of Special Assessment Bonds, Series 20078 (the ·sAO Bonds"),

For the purposes of the Original Engineer's Report, the Public Infrastructure (hereinafter defined) anticipated for the Community Property Districts Is dMded into two categories.
The first category is "Community Infrastructure· that is made up of improvements that are needed to serve all of the Community Property. Examples of Community Infrastructure would be major roadways, drainage, water distribution, sewage collection and transmission facilities, lighting, landscape, inigation, hardscape, buffers, and master directional signage all located within and along the perimeter of the major roadway corridors. Other components of Community Infrastructure could include the master water management system of lakes, inter-connecting aJfverts, and control structures necessary to control stormwater runoff. Public faclllties, parks, recreational walking trails, environmental mitigation plantings, and preserve areas are also considered to be in this category. Each component of the Community Infrastructure benefits, or will benefit, the Community Property and is not considered specific to any one of the Community Property Districts and compose "projects" as defined in Chapter 190, Florida Statutes.

The second category of improvement is "District Infrastructure• that is made up of improvements necessary to develop properties within any one of the Community Property Districts that would benefit only those properties within that specific Community Property District and comprise "proiects" as defined in Chapter 190, Florida Statutes. An example of District Infrastructure would be the internal streets, water, sewer, and drainage for streets within a specific Community Property District. This class of street would typically have residentJal lots on each side and direct access onto the street would be allowed.
Both Community Infrastructure and District Infrastructure (collectively "Public Infrastructure") are to be constructed for the benefit of the public. Only those improvements that are determined to be eligible for tax-exempt financing have been or will be funded by the Community Property Districts.
Pursuant to a written interfocal agreement (the ·1nterlocal Agreement"), the Districts have provided for the implementation of the Community Infrastructure by delegating to one of the Districts (the ·issuer'), in the manner set forth in the fntertocal Agreement, the authority to finance, acquire and construct such Community Infrastructure within the boundaries of the Districts. The lntertocal Agreement also provides for one of the Districts (the ·Administration District") to operate and maintain, on behalf of the Issuer for the benefit of all of the Districts, any portions of the Community Infrastructure not conveyed to another governmental entity. The Issuer may also finance. acquire and construct District Infrastructure, subject to the reserved rights of each District to finance the acquisition and construction of Its own District Infrastructure. District lnfrastrudure may be operated and maintained by the Administration District or the applicable District in which such District Infrastructure is located to the extent not conveyed to another governmental entity.

2

Southern Grove Community Development District No. 5 ("COO No. s·) is currently serving as the Issuer under the lnter1ocal Agreement It has previously issued its
$2,655,000 in original principal of its Bond Anticipation Note, Series 2014 (Community Infrastructure) (the "2014 Cl Note") to finance a portion of the Community Infrastructure, as described in the Second Supplement (the "2014 Cl Project•). COD No. 5 has also issued its $5,800,000 in original principal amount of its Bond Anticipation Note, Series 2014 (District Infrastructure) (the "2014 DI Note·) to finance a portion of its own District Infrastructure (the "2014 DI Projecr), as described in the Second Supplement.
In addition, subsequent to the date of the Second Supplement, a change occurred In the ownership of a significant portion of the undeveloped land in the Districts (the "Significant Undeveloped Land").CDD No. 5, as the current ·tssuer,'' the owners of the Significant Undeveloped Land, and the Consulting Engineer have formulated a revised Community Infrastructure program, based on the current expected development plan for the Community Property (the •current Development Plan"), which results in a significant reduction in the scope and cost of Community Infrastructure, as described in the Supplemental Engineer's Report.

As part of this process, the Consulting Engineer reviewed various matters relating to the 2014 Cl Project and the 2014 DI Project. The 2014 Cl Project is substantially complete and the 2014 DI Project is complete, as more fully described in the Supplemental Engineer's Report.
The Supplemental Engineer's Report notes that at the time the 2014 DI Note was issued, the deve1opment plan for the undeveloped land in COD No. 5 was unknown and that a significant amount of development has subsequently occurred. As part of its review as described above, the Consulting Engineers have determined in the Supplemental Engineer's Report that the components of the 2014 DI Project. with the exception of the signage for the Tradition Center for Innovation desaibed in the Supplemental Engineer's Report (the ..2014 Signage•), should be re-classified as Community Infrastructure, based on the current known development and future development plans, to the extent known. in COD No.Sand the fact that the completed components of the 2014 DI Project (other than the 2014 Signage) are comprised of the same categories of improvements that are classified as Communfty Infrastructure in the Master Engineer's Report.
Accordingly, the Districts are expected to undertake the proceedings required by applicable law to re-classify the components of the 2014 DI Project. other than the 2014 Signage, as Community Infrastructure and to levy the Community Infrastructure Assessments on the Existing Development in COD No. 5 (as such Existing Development Is defined and delineated in the Original Engineer's Report and the Prior Assessment Report), which Existing Development was not previously subject to non-ad valorem special assessments relating to Community lnfrastrudure. The non-ad valorem special assessments relating to the 2014 Signage will be satisfied by

3

application of a portion of the Contribution Amount (described in Section 3.5.2) to all assessable Community Property. See Table 1O in this report and Exhibits A and B.
As a resutt of changes to the Community Infrastructure components and related costs as set forth In the Supplemental Engineer's Report, the Consulting Engineers have estimated the current cost of the Community Infrastructure, including completed components of the 2014 DI Project to be reclassified as Community Infrastructure, is
$138,289,138 (sometimes also referred to herein as the •Community Infrastructure CIP"). The Supplemental Engineer's Report also reflects the Current Development Plan for the Community Property as shown In Table 1 in this report. The Supplemental Engineer's Report also states that the summary of District Infrastructure components and projected costs thereof (sometimes referred to as the "District Infrastructure CIP·) included in the Original Engineer's Report remains unchanged, other than as desaibed above with respect to the re-classification of a portion of the 2014 DI Project as Community Infrastructure and that the total District Infrastructure cost shown In the Original Engineer's Report is based on a total cost of $60,000 per gross acre, which remains unchanged. The Community Infrastructure CIP and the District Infrastructure CIP are collectively referred to as the ·ctP·.

Notwithstanding the foregoing, the Supplemental Engineer's Report modifies the Original Engineer's Report as necessary to reflect the re.classification of the components of the 2014 DI Project, other than the 2014 Slgnage, as Community Infrastructure and reflects that the Existing Development will not require any District Infrastructure In the future.
Purpose

The purpose of this report is to apply the methodology set forth in the Prior Assessment Report, as refined by this Report to better reflect the benefit accruing to Commoolty Property (Including the Existing Development) fr�m the costs of Public Infrastructure as defined In the lnterlocal Agreement (the "Methodology"), taking into account (i) the revised cost of the Community Infrastructure CIP and the Current Development Plan as set forth In the Supplemental Engineer's Report and (11) the current and potential future application of the Contribution Amount (desaibed in Section 3.5.2) and all of the Credit Amount (described in Section 3.5.2) with respect to the Community Property. This Report will also address District Infrastructure. The provisions of this Report supersede any inconsistent provisions of the Prior Assessment Report and, except as such provisions are superseded hereby, the Prior Assessment Report remains In effect.
The Districts have informed the methodology consultant that in order to preserve the trust estate pledged to the 2014 Cl Note (which consists primarily of non-ad valorem special assessments levied on all assessable Community Property, other than the Existing Development) and the trust estate pledged to the 2014 DI Note (which consists primarily of District Infrastructure Assessments levied on assessable Community Property in COD No. 5 including the Existing Development), the re-classification of components of the 2014 DI Project and levy of non-ad valorem

4

assessments on the Existing Development in connection with Community Infrastructure will not be effective until the 2014 Cl Note and the 2014 DI Note are refunded and the first series of long-term Bonds are issued by COD No. 5.
Accordingly, the benefit determinations relating to the Community Infrastructure assessments pledged to the 2014 Cl Note and the District Infrastructure assessments pledged to the 2014 DI Note, based on the facts and circumstances at the time such determinations were made, will remain in full force and effect until the 2014 Cl Note and 2014 DI Note are no longer outstanding, regardless of any interim actions taken by the District to re-dassify components of the 2014 DI Project and to levy Community Infrastructure Assessments on the Existing Development.

At all times prior and subsequent to the re-classificaUon of components of the 2014 DI Project and the levy of Community Infrastructure Assessments on the Existing Development in connection with Community Infrastructure: (i) the combined special benefit to the Existing Development from the Community Infrastructure and the District Infrastructure has and will exceed the combined Community Infrastructure Assessments and District Infrastructure Assessments on such property. and (ii) the assessments allocated to each of the Existing Development parcels and to each of the other assessable Community Property parcels are and will be fairty and reasonably apportioned among such parcels. The re�tassification of components of the 2014 DI Project and the levy of Community Infrastructure Assessments on the Existing Development in connection with Community Infrastructure represents an adjustment of assessments based on the benefrt that the Districts have provided and wtH provide to the Existing Development from Public Infrastructure financed with Public Indebtedness payable from the revenue generated by such assessments. Moreover, as a result, among other matters, of the application of all or a portion of the Contribution Amount and all of the Credit Amount. as described in this Report, the aggregate principal amount, and the annual installments, of Community Infrastructure Assessments to be collected with respect to the Existing Development as a result of the levy of the Community Infrastructure Assessments on such property will not exceed the principal amount, or the annual installments, of District Infrastructure Assessments previously levied and collected with respect to such Existing Development.
Current Development Plan
Table 1 below depicts the Current Development Plan for the Community Property and how it differs from the development plan at the time of the Second Supplement. Table 1 includes the Existing Development and other portions of the Community Property for which Planned Uses (hereinafter defined) are known as of the date hereof.

(Remainder of page left blank)

Table 1
Current Development Plan

Category	2019Volume	2014 Volume	Chan a		
Slngl•famlly 55 or Less	2,154	1,500	654		
Single-family 56-66	663	1,200	-537		
Slngle.-famlly 67 or more	497	614	-117		
Multifamily units	1,594	1,972	-378		
Apartment units	2,480	1,502	978		
Retail square feet	3,675,075	3,650,075	25,000		
Office square feet	2,430,72.8	2,180,728	250,000		
Research & Development	2,498,602	2,333,602	165,000		
Warehouse/Industrial	4,583,336	4,268,338	315,000		
Hotel rooms	791	480	311		
H	I beds	300	300	0		

Assessment Methodology
Overview

The Methodology for allocating·the costs of the Community Infrastructure CIP and the District Infrastructure CIP (collectively, the "CIP·) is described in the Prior Assessment Report and further refined as described herein. Essentially it is a process by which the Districts allocate the costs associated with the CIP to assessable Community Property benefiting from the CIP on a systems basis, as described more fully in the Prior Engineer's Report and below. The allocation is based upon the special benefits that each property receives.

The CIP is based on the CurTent Development Plan for the Community Property (as shown in Table 1). However with respect to Community .Property, until (I) (In the case of single-family residential property) Final Plats are recorded in the public records of St. Lucie County or (ii) (In the case of multi-family or non-residential property) Site Plans are approved by the City Council of the City and building permits are issued by the City (together, the "Allocation Thresholds'"), the precise land uses (the •Planned Uses•) are unknown. other than with respect to the portions of the Community Property for which the Planned Uses are known as of the date heraof (as a resutt of the Allocation Thresholds having been met) . As used herein: (i) a ·Final Plat" is defined as the final map of all or a portion of a subdivision showing all building lots, easements, rights of way and other information necessary for providing the detailed description of the subdivision of a parcel of land, approved by the City, and recorded in the public reoords of St. Lucie County; and (ii) a ·site Plan" (in the case of property approved for multi-family or non...residential development) is defined as the map, drawings, specifications, and other materials approved by the City that identify the uses and development plan, inctuding the unit count and/or maximum floor area for each approved land use type, to be constructed on a parcel of Community Property.

6

Therefore, the Districts have imposed, and will Impose in the case of the Existing Development, non-ad valorem special assessments relating to Community Infrastructure (the ueommunity Infrastructure Assessments") on a per gross acre basis with respect to the Community Property with respect to which the Allocation Thresholds have not been met and otherwise in accordance with the Methodology, in an amount not exceeding the Maximum Community Infrastructure Allocation (as set forth in Master Report) and each District has imposed non-ad valoram special assessments relating to District Infrastructure (the "District Infrastructure Assessments·) on the Community Property in its boundaries in the maximum amounts shown in Table 4, consistent with the Master Report.

The District serving as the Administration District (currenUy Southern Grove CDD No. 1). has assigned, and will continue to assign, Community Infrastructure Assessments and District Infrastructure Assessments to the Community Property with respect to which the Allocation Thresholds have been met in each of the Districts, using the Methodology.

Table 10 shows the manner in which the Community Infrastructure Assessments are allocated to Community Property. Exhibit A shows this allocation, taking Into account a portion of the Contribution Amount and all of the Credit Amount, and separately addressing the Existing Development and the balance of the Community Property. Exhibit B shows this allocation, taking Into account a portion of the Contribution Amount and all of the Credit Amount as shown on Exhibit A. but addressing only the Existing
Development. Additional portions of the Contribution Amount are expected to be applied in the future as prepayments of Community Infrastructure Assessments. The numerical analysis provided below is illustrative of the Methodology. Since actual costs may vary from the estimates, the Current Development Plan will likely change over time, and the cost of the Community Infrastructure CIP may vary. as components are added or deleted, the actual figures will change as additional information becomes available. However, the information provided here is the best available at this time.

Finally, the Methodology contains a aitical feature, the True Up Tests (the "Tests•). The Tests prevent the debt per acre of unplatted property in the Community Property (that Community Property which has not achieved the Allocation Thresholds) from increasing above a •Ceiling Amount• (as hereinafter described). This requirement wiH be administered by the Administration District on behalf of the Districts. See Section
5.0 of this Report.
TheCIP
The Districts' share of the estimated cost of the Community Infrastructure CIP needed to support the land use plan as it existed at the time of the First Supplement was
$190,832,555. However, the land use plan and the cost of the Community Infrastructure CIP has changed since the date of the First Supplement. as reflected in the Supplemental Engineer's Report. The current land use plan is shown in Table 1 and the Districts' share of the estimated cost of the Community Infrastructure ClP is

7

now $138,289,138 as shown in Table 2 below. The cost of the District Infrastructure CIP is unchanged at $60,000 per gross acre, for an aggregate of $216,285,000.
Table 2
Summary of Publle Infrastructure Coats
Communltv Infrastructure
Improvement Ca.. gory	Developer
Contrlbutlon	SOCDDCott	Total	
Roadwaya and Rala•d ltams				
Onsite Roadways		$	43,466,720	$	'3,468,720	
Onslte Roadway Ughtlng		$	4,009,000	$	4,009,000	
Onsite Roadway Landscape & Irrigation		$	5,339,238	s	5,339,238	
Onslte lntensectlons & Signalization		$	9,900,000	$	9,900,000	
Offslte Roadways (Incl. Landscape & Lighting)	$	18,648,640	$	5,000,000	s	23,648,8'0	
Subtotal		$	67,714,958	s	88,383,698	
Engineering, Legal, Administration (15%)	$	2,797,296	$	10,157,244	$	12,954,540	
Contingency (10%)	$	1,884,884	$	e.n1.496	s	8,836,360	
Estimate Subtotal
Completed Roedways Reclasslled DI to Cl		$	84,643,698
s	3,936,240	$	107,954,498
$	3,936,2'0	
Roadwaya and Ralalad Item■Total	23,310,800	81,571,938	111,II0,738	
8tormwata t#Envlronmental Mitigation				
Water Management Lake Exca\tliltion •	$	330,000	$	16,142,000	$	16,472,000	
Control Structuras & Interconnect Pipe		$	7,550,000	$	7,650,000	
Em.410nmantal MltigaUon •	$	2.n◄.920		s	7,938,920	
		s	5,162,000		
Subtotal	$	3,104,920	$	28,854,000	s
s s	31,958,920
4,328,100
2,885,400	
Engineering, Legal. Adminiatnltlon (15%)		$	4,328,100			
Contingency (10%)		$	2,885,400			
Stormw■ter/Envlronmenlal Mlt19■tJon Total	3,104,920	s	31,0l7,500	s	31,172,420	
utllltlea
Pubflc Weter & Sewer Uttllties		
$	6,672.360	s	
8,672,380	
Subtotal
Englneetlng, Legal, Admlnlstrauon (15%)	$	-	$	6,672,380
s	1,000,854	s
s
s	8,872.360
1,000,854
687,238	
Contingency (10%)		$	687,236			
Utllltl•• Total		s	8,s.lO,ASO	l,s.l0,450	
Recr9allon TraflafMalllar Slgnage
Recreational Trail System		
$	2,000,000	
s	2,000,000	
Master Signage		$	750,000	$	750,000	
Subtotal		$	2,750,000	s	2,750,000	
Engineering, legal, Administration (15%)
Contingency (10%)		$	412,500
s	275.000.	$	412,500
$	275,000	
Estimate Subtotal		s	3,437,500	s
s	3,437,500
1,883,750	
Completed Lake Trail Reclasalfed DI to Cl		$	1,883.750			
"-creation Trallda•r Slgnage Total	s	-	S.301,250	5,301,290	
Total Cotll	s	28,415.ffl	s	131.ut,131	$	114.,704,111	
8

*Contributed by a former significant landowner of Community Property.
Table 2 (Continued)

District lnfrastnicture	Cost Estimate		
District 1	$ 2,848,200		
District 2	$ 23,897,400		
District 3	$ 50,883,000		
Dlstrict4	$ 57,467,400		
District 5	$ 32,407,B00•		
District 6	$48,781,800		
Total Estimated Cost	$216,285,600		
The total District Infrastructure cost shown above is based on a total cost of $60,000 per gross acre and remains unchanged from the Master Engineer's Report, except to the extent that this Supplement determines that the Existing Development does not require any additional District Infrastructure.
*Excludes costs associated with the 2014 DI Project, which are being raclasslfted as Community Infrastructure (other than the 2014 signage), as described In the Supplemental Engineer's Report.

Note: The costs for engineering, legal, administrative, and a contingency allowance amounting to a total of 25% was applied to each cost category of Community Infrastructure (other than completed components of Community Infrastructure). These costs are not included in District Infrastructure.
Financing Plan for the CIP
The Districts' special assessment consultant, in consultation with the underwriter of the first series of long.term Bonds to be issued by the Issuer (currently COO No. 5), has designed a financing program to provide the construction funds needed for the CIP, based on the costs set forth in Table 2. Table 3 provides a summary of the financing program needed to fund the Community Infrastructure CIP, and Table 4 displays the financing plan for the District Infrastructure CIP.
In estimating the Community Infrastructure Indebtedness and the District Infrastructure Indebtedness needed to fund the applicable portion of the CIP, the construction fund is gross funded. Since all the construction funds are not expended immediately, interest is earned on the unexpended balance. These interest earnings are flowed to the capitalized Interest fund. The bond sizing Includes capltallzed interest for 12 months. The debt service reserve account is set initially at 75% of maximum annual debt
service.
The underwriter's discount is estimated at 1.5%. This allowance pays the underwriter for taking the risks involved in purchasing the Community Infrastructure Indebtedness and/or District Infrastructure Indebtedness. The cost of issuance pays for the trustee,

9

methodology oonsultant, and other oosts associated with Issuing the Community Infrastructure Indebtedness and/or District Infrastructure Indebtedness.
Table 3 shows the financing program totals. However, the long-term debt is expected to be issued in series over a number of years. At this time there is no detailed phasing plan available, instead the debt will be issued based on market conditions and the associated need for Infrastructure to support development.

Table 3.
Community Infrastructure CIP Bond Financing Program

Construction Fund
Debt Service Reserve Fund capitalized Interest Fund Underwriter's Discount Cost of Issuance
Rounding

Amount
$	138,289,138
8,721,961
8,738,675
750,000
2,383,27S
1.951

Total Par Amount

$  158,885,000

Table 4 reflects the District Infrastructure CIP bond financing program. There are no changes to the estimated cost for the District Infrastructure from that shown In the Prior Assessment Report. However, It Is noted that the Supplemental Engineer's Report condudes that the Existing Development does not require any District Infrastructure.

Table 4.
District Infrastructure Bond Financing Program

Ca		District 1	District 2	Dlstrfct 3	Dlslrlcl4	
Construction Fund	$2,848,200	$23,897,400	$50,883,000	$57,467,400	
Debt Service Raserve Fund	$352,968	$2,571,915	$5,417,018	$6,110,867	
capitalized Interest Fund	$613,200	$4,468,100	$9,410,800	$10,616,200	
Underwrfter's Discount	$65,700	$478,725	$1,008,300	$1,137,450	
Cost of Issuance	$500,000	$500,000	$500,000	$500,000	
Rounding	-$69	-$1,140	$882	·$1,917	
Total Par	$4,380,000	$31,915,000	$67,220,000	$75,830,000	

Ca	D;strfct 5	DISlllct6	Total	
Construction Fund	$32,407,800	$48,781,800	$216,285,600	
Debt Service Reserve Fund	$3,469,245	$5,195,405	$23,117,419	
Capitalized Interest Fund	$6,027,000	$9,025,800	$40,161,100	
Underwriter's Discount	$645,750	$967,050	$4,302,975	
Cost of Issuance	$500,000	$500,000	$3,000,000	
Rounding	$206	-$56	-$2,094	
Total Par	$43 050,000	$84,470000	$286,865 000	
10			

Allocation to Benefiting Properties
The CIP comprises both Community lnfrastrudure and District Infrastructure. This section of the Report applies the Methodology to allocate the costs associated with Community Infrastructure Indebtedness incurred to fund the Community Infrastructure, based on the Current Development Plan. The application of the Methodology to
allocate costs associated with District Infrastructure Indebtedness incurred to fund the District Infrastructure is reflected in a separate section of the Report below.
As described above, until such time as all of the Community Property has achieved the Allocation Thresholds, the specific land uses in the Districts are indetenninable. Therefore, at the outset, the Community Infrastructure Assessments are allocated on a gross acreage basis across all benefited aaes comprising Community Property in the District which has not achieved the Allocation Thresholds and otherwise in accordanr.e with the Methodology. As specific Community Property achieves the Allocation Thresholds, the Administration District, on behatf of the Districts, more finely articulates the allocation of Community Infrastructure Indebtedness to benefiting properties based on Planned Uses actually developed. This process will ensure that the Convnunlty Infrastructure Assessments allocated to the Districts do not exceed, In the aggregate. the Maximum Community Infrastructure Allocation.
As noted in the Prior Assessment Report, as long as two basic principles are adhered to, Florida law allows the Boards of the Districts great latitude in determining the appropriate methodology to allocate the costs of the CIP to benefiting properties in the Districts. The two principals are: (1) the properties being assessed must receive a special benefit from the CIP and (2) the assesstnents allOcated to eadl property must be fairty and reasonably apportioned among the benefiting properties. In allocating special assessment costs to benefiting property Florida governments have used a variety of methods including, but not limited to, front footage, area, trip rates, equivalent residential units, dwelling units, acreage, and value.

The following four categories of Community Infrastructure benefiting all Community Property in the Districts are shown in the Prior Assessment Report, it being noted that aR components of the Community lnfrastrudure described in the Supplemental Engineer's Report are in the Original Engineer's Report: (a) roadways and related improvements (allocated on a trip generation method), (b) stonnwater management facilities and related improvements (allocated by weighted acres), (c) utilities (allocated by ERUs), and (d) all master signage and recreational trail (allocated on the basis of population).
The following analyzes these categories.

Roadways and Related Improvements:
Roadways and related Items. such as slgnalizatJon, are designed to accommodate the
estimated traffic generated by the land use program for the Community Property.

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Therefore, it Is reasonable to allocate the costs for this class of infrastructure on the basis of trips generated by each land use. The trip rates used in the allocation of costs associated with the roadway portion of the Community Infrastructure CIP were based on the Institute of Transportation Engineers c•trE")1.
1lnstltute ofTrafflc Engineera (2017) Trlp Generation 10" �.	Washington, D.C.

Stormwater Management and Related Improvements:
The benefits from the stormwater management system relate to its capacity to protect the properties from flooding. The more stormwater run.aff a land use generates the more benefit it receives from the stormwater management system. Every land use type has a particular run off coefficient measuring its average run-off volume. In addition, each land use category has a specific acreage. The product of the runoff coefficient and the aaeage results in the weighted acreage amount used for allocation purposes, based on the South Florida Water Management Conceptual Environmental Resource Permits for the development planned for the Community Property (the "'Developmenr) and a lake in COO No. 5.

Utilities:
The utilities consist of water transmission lines and wastewater collection lines both on and off-site. The utility system lines are sized to accommodate all of the demands on the system based on estimated usage. The Equivalent Residential Unit (ERU) method was used in the Prior Assessment Report to measure the benefits from the utillty system lines. The ERU basis has been and continues to be used throughout the City of Port St. Lucie for purposes of water and wastewater assessment within various special assessments districts. Consistent with this methodology, the City's user demands for each type of land use was applied.

Master Signage and Recreational Trail:
With respect to the master slgnage and recreation trails, the benefits from these facilities are most equitably allocated on the basis of population. The population for the resldential products are based on City-wide population per dwelling unit and population for the non- residential products population was estimated based on Industry studies.
Allocation for Community Infrastructure
Allocation Methodology
The following recaps and further refines the discussion in the Prior Assessment Report

Although the Community Infrastructure will be constructed over time in phases, it is actually designed for and will operate as a consistent system serving all of the Community Property in the Districts. For example, the roadway system wilt be

12

constructed en phases; however, the entire system will specially benefit all the developable property In the Districts. Improvements built In Phase 1 will benefit properties developed in Phase 1 as welt as properties developed in Mure phases. Likewise, properties developed in Phase 1 will benefit from roadway improvements constructed In Phase 2. This pattern is also true for all of the other major Infrastructure systems comprising the Community Infrastructure CIP.
As a result, the most equitable way in which to allocate the benefits of these systems of master infrastructure improvements Is on a systems basis. In other words the benefits from the system are examined on a total systems basis and the properties that receive these benefits are also viewed on a total basis. Thus, If the cost of an infrastructure system totals $10 and is funded in two series of bonds and if these costs were allocable equally to 10 acres of property, the allocation would be $1 per aae.
However, the reaUty is that the costs are not proportionately distributed aaoss all phases of the construction program. Furthermore, the benefiting properties wiU not all be developed in an equal proportionate fashion. The costs are unevenly distributed over time and the development program is not evenly distributed. Thus, if the costs of the Community Infrastructure CIP were allocated strictly on a phase-by-phase basis only to those properties developed during that phase, the cost per acre or per equivalent unit would vary significantly across the three phases. This would be patently inequitable.
Therefore, the most equitable methodology is to utilize the systems approach. As discussed below, the benefits flowing from CIP are viewed on a systems basis and are allocated systematically to all benefiting properties regardless of their phasing. In this way, similar properties receiving similar benefits will be allocated 1he same amount of debt.
The exact nature and precise location of all of the development that witl actually occur in the Development is unknown at this time, and the Planned Uses are only determined at the time specific Community Property achieves the Allocation Thresholds. As a practical matter, the assessments are applied on a first applied, first allocated basis, as Convnunity Property aehleves the Allocation Thresholds. The numerical examples provided below illustrate how this Methodology is designed to work,
Contribution Amount and Credit Amount
Subsequent to the date of the Second Supplement. the former master developer of the Development conbibuted certain Community Infrastructure (the ·eon1ributed Community Infrastructure·) consisting of an excavated lake in Southern Grove Community Development Distrld No. 5, having a cost of $330,000-and 277.492 acres of property for use for water management, conservation, and mitigation necessary for the District to install its stonnwater management system. Although this land had a fair market value in excess of $15,000 per acre according to the St. Lucie County Property Appraiser, the former master developer agreed to accept a value per acre of $10,000,

13

or less foHowlng a formal appraisal of the property, for the purposes of this contribution. The estimated total value of the contribution of the land is $2,TT4,920 at $10,000 per acre. The total dollar value of the Contributed Community Infrastructure is referred to as the •Contribution Amount" and represents a prepayment of Community tnfrastructure Assessments. The application of a portion of the Contribution Amount to prepay Community Infrastructure Assessments is renected in Exhibit A (and further shown with respect to only the Existing Development in EXhlbit 8). Additional portions of the Contribution Amount are expected to be applied in the future as prepayments of Community Infrastructure Assessments.
fn addition, landowners of Community Property have previously paid principal installments of Public Infrastructure Assessments (as defined in the lnterlocal Agreement), for which such Community Property wlH receive credits. The interest component of Public Infrastructure Assessments previously paid and payable in the future with respect to Community Property has been or will be used to pay interest on the 2014 Cl Note and the 2014 DI Note while the same are outstanding. The total principal amount of Public Infrastructure Assessments paid with respect to Community Property is referred to as the "Credit Amount." The number of annual installments in which Community lnfrastrudure Assessments will be collected in connection with a particular series of future long-term bonds issued by the Issuer will take into account the number of installments of principal of Public Infrastructure Assessments paid prior to the issuance of such bonds. See Exhibits A and B.
Current Estimated Costs of the Community rnfrastructure CIP. as financed
Table 5 provides a complete outline of the current estimated costs for all of the Community Infrastructure CIP. Soft costs for design, contingency, and financing are included. These oosts are categorized based on the types of improvements and their benefits as discussed above. It is these costs that are allocated to the benefiting properties In the Districts. As each particular component of Community Infrastructure Is financed or refinanced in the future, a supplemental assessment report wilt be approved reflecting the specific nature of those improvements.
Table 5.
Community Infrastructure CIP on • Fully Financed Basis by Category

		Revised Cl Costs	MFinanoed	
Roadway and Related Items	$88,579,938	$101,772,443	
Stormwatsr Management	$36,061,500	$41,439,153	
Utilities	$8,340,450	$9,582,621	
Master Signage & Recreational Trail	$5,301,250	$6,090,783	
	$138289138	158885000	

Table 6 outlines the allocation of the costs to Community Property for roadways and related improvements included in the Community Infrastructure CIP, based on the as financed costs shown in Table 5.

14

Table&
Allocation to Community Property for Roadways and Related Improvements In the Community Infrastructure CIP

land Use	Volume•	T	Rate			Allocation	
SF 55orless	2,154		8.13	17,513	8.99%	$9,145,351	
SF56--88	663		8.94	5,925	3.04%	$3,094,311	
SF67 or More	497		9.14	4,543	2.33%	$2,372,651	
Mufti•Famlly	1,594		7.54	12,019	8.17%	$8,278,299	
Apartments	2,480		5.44	13,491	6.92%	$7,045,220	
Retail	3,675,075		0.02	70,690	36.27%	$36,914,857	
Office	2,430,728		0.01	15,566	7.99%	$8,128,803	
Researc:h	2,498,602		0.01	14,120	7.24%	$7,373,335	
Warehouse	4,583,336		0.01	31,900	16.37%	$16,658,878	
Hotel/Hospital	1,091		8.36	9.121	4.68%	$4-7621939	
	194 889   100.00%  $101 772443
Voblnt• - SF/Unit, Mull-FamllylUnlt, Apnnenlll/Unlt Retail/Sq.Ft OfficelSq.A., Reseann'Sq.Fl. W8l'llhoule/$q.Fl Holel/Raam,
Hosplal/8ecl
Table 7 outlines the allocation of the costs to Community Property for the stonnwater management facilities and related improvements included in the Community Infrastructure CfP, based on the as financed costs shown In Table 5.
Table 7
Allocallon to Community Property for Stormwatar Management Facilltles and
Related Improvements In the Community Infrastructure CIP

Land Use	Volume•	
Aaes	Runoff
Rate	Weighted Units	%ofW. Units	
Allocadon	
SF55orles&	2,154	359	0.45	162	11.82%	$4,897,219	
SF 56-66	663	121	0.5	60	4.41%	$1,826,469	
SF67orMore	497	99	0.55	55	4.00%	$1,857,520	
Multi-Family	1,594	159	0.7	112	8.16%	$3,382,274	
Apartments	2,480	165	0.7	116	8.47%	$3,508,172	
Retail	3,675,075	245	0.8	196	14.34%	$5,941,380	
Office	2,430,728	162	0.8	130	9.48%	$3,929,683	
Research	2,498,602	167	0.8	133	9.75%	$4,039,412	
Warehouse	4,583,336	458	0.8	367	26.82%	$11,114,608	
Hotel/Hospital	1,091	47	0.8	38	2.76%	S111421419	
		1,983		11367	100%	$41,439.153	

V9'vrot• - SF/Unit, Muti-Fam¥,lnl. ApartmentaiUnH; Retail/Sq.Fl Ofl'lcalSq.Fl, R	n:IIISq.R., w..  houla'Sq.Ft, HollllRaam,
Holpltalmed

1S

Table 8 outlines the allocation of the costs to Community Property for the utilities in the Community Infrastructure CIP, based on the as financed costs shown in Table 5.
Table 8
Allocation to Community Property for Utllltles In the Community Infrastructure CIP

Land Use	Volume•	ERU/Unlt	ERUs	%ERUs	Allocation	
SF 55orless	2,154	1	2,154	15.12%	$1,449,325	
SF 56-66	663	1	663	4.65%	$445,946	
SF67orMore	497	1	497	3.49%	$334,460	
Multt-Famlly	1,594	0.9	1,435	10.07%	$965,230	
Apartments	2,480	0.9	2,232	15.67%	$1,501,737	
Retal	3,675,075	0.0006	2,205	15.48%	$1,483,601	
Offloe	2,430,728	0.00048	1,167	8.19%	$785,014	
Research	2,498,602	0.00068	1,699	11.93%	$1,143,157	
Warehouse	4,583,336	0.00024	1,100	7.72%	$740,104	
Hotel/Hospftal	1,091	1	1,091	7.66%	$7341048	
			14242	100.00%	9582621	
yokg• - SFIUnN, Mulll-Faml�nlt, Apartmenttl\Jntt; Relal/Sq.Ft Offlc:e/Sq.Fl, Ruean:h/Sq.Ft, Warahouta'Sq.Ft, HolallRoom,
Holpllaln3ed

Table 9 outlines the allocation of the costs for the master signage and recreational trail
in the Community Infrastructure CIP based on the as-financed costs shown in Table 5.
Table 9

Allocation to Community Property for Master Slgnage and Recreational Trall In the Community Infrastructure CIP

Land Use	Volume•	Po	nit			Allocation	
SF S5 or less	2.154	2.74	5,902	11.07%	$674,498	
SF-56-66	663	2.74	1,816	3.41%	$207,538	
SF67orMore	497	2.74	1,362	2.56%	$155,653	
Multi-Family	1,594	2.74	4,368	8.19o/e	$499,118	
Apartments	2,480	2.74	6,795	12.75%	1776,545	
Retail	3,675,075	450	8,167	15.32%	$933,293	
Office	2,430,728	300	8,102	15.20%	$925,933	
Research	2,498,602	300	8,329	15.63%	$951,788	
Warehouse	4,583,336	800.	5,729	10.75%	$654,721	
Hotel/Hospital	1,091	2.5	2i72a	5.12",	$3111695	
			53,298	100.00%	$6 090 783	
yPyne• - SF/Uni, Mulll-famllyl\Jnlt.�	Retal/Sq.Fl otlicllSq.A., Rwarc:NSq.Fl, Wltll'loull/Sq.Ft, HotM'Room,
HolpttWed

16

Table 10 brings the cost allocations in Tables 6, 7, 8 and 9 together. As the Allocation Thresholds are achieved with respect to specific Community Property and evidence thereof is presented to the Administration District, the figures in Table 10, as further modified In Exhibit A, will be used to assign a portion of the costs for the Community Infrastructure CIP to that specific Community Property and to its actual land uses.
The Maximum Community Infrastructure Allocation for the Districts is shown in Table
10. This is based on the as-financed cost of the Community Infrastructure CIP shown in Table 5 needed to support the Planned Uses of the Community Property as-summarized in Table 1. Table 10 further presents the allocation of the Maximum Community Infrastructure Allocation to the Planned Uses in the Development, based on Table 1. Note that Table 10 does not establish a maximum annual amount of Community Infrastructure Assessments and that annual amounts in Table 10 are shown for illustration purposes based on the assumptions in Table 5. Further, Table 10 does not take Into account the Credit Amount or any Contribution Amount. See Exhibits A and B.
Table 10
Allocation to Community Property for the Community Infrastructure CIP and Estimated Annual Assessment-

Land Use	

Volume•	Total
Allocation	

Per	
Untr	Est. Net Annual
Assessment	Est. Gross
Annual
Assessment••	

SF 55orless	
2,154	
$16,166,393	
$7,505	
$549.31	
$597.08	
SF 56-66	663	$5,574,264	$8,410	$615.57	$669.09	
SF67orMore	497	$4,520,285	$9,093	$665.57	$723.44	
Multi-Family	1,594	$11,122,921	$6,978	$510.74	$555,15	
Apartments	2,480	$12,831,674	$5,174	$378.71	$411.84	
RetaA	3,675,075	$45,273,131	$12.32	S0.90	$0.98	
Office	2,430,728	$13,769,432	$5.66	S0.41	$0.45	
Re�	2,498,602	$13,507.693	$5.41	S0.40	S0.43	
Warehouse	4,583,336	$29,168,106	$6.36	$0.47	S0.51	
Hotel/HospItal	1,091 	$61951.101 	$6,371	$466.34	$506.89	
	$158,885,000				
Ya,a,o• -SFAlnit. Multi-Family/Unit, Apartmenl9'Unlt; Retd/Sq.Fl. Offlce/Sq.Fl, Resw,:h/Sq.R., W.-.houM/Sq.Ft, Holelft>om._
�
" Bued upon twenty-six (28) lnatallrnenls and estimallld and aubfed to du1nge baaed upon various fadorw, lndudtng wllhout
Rmltalan, lnll,-.t rain, appllcallon ot c..ci• Amount ■nd/01C' oml>ulJon Amount and l'tffllllq Nlallments.

Note: The estimated gross annual assessment includes an allowance for ear1y payment discount and administrative charges of the property tax collector and appraiser.

17

As noted above, the only thing certain at this time is that the Maximum Infrastructure Allocation cannot be exceeded and that the allocation of Community fnfrastructure Assessments to Planned Uses actually developed within the Community Property will occur in accordance with the Methodology. Until all Community Property achieves the Allocation Thresholds, it is·not possible to provide a more precise estimate of the uffimate Maximum Community Infrastructure Allocation to Planned Uses.
An assessment roll for the Community Property (including the Existing Development) oonsistent with the matters set forth in Table 10, and taking into account the Credit Amount and a portion of the Contribution Amount, is attached hereto as Exhibit A. An assessment roll, consistent With the matters set forth in Table 1O and Exhibit A, addressing only the Existing Development, is attached hereto as Exhibit B.
4.0	Assessment Methodology for District Infrastructure
In addition to the Community Infrastructure CIP as described above, any of the Districts may undertake District Infrastructure improvements that specially benefit only land within their boundaries. In such a case, the Administration District, for itself, or on behalf of another District electing·to undertake a District Infrastructure project (subject to each of such District's reserved rights to finance the acquisition and construction of Its own District Infrastructure), would Issue District Infrastructure Indebtedness to finance such District Infrastructure and the applicable District will levy District Infrastructure Assessments on benefiting property within its boundaries for the repayment of such District Infrastructure Indebtedness.
District Infrastructure benefits only properties within a particular District. This infrastructure consists largely of what are usefully characterized as public subdivision improvements which include roadways. stormwater controls, utilities, landscaping and localized amenities. The Master Engineer's Report has estimated these costs on a per acre basis at $60,000 per gross acre based on recent bids for these types of Improvements. The total estimated cost for the District Infrastructure is $286,865,000 as shown above in Table 4.
The specific character of these District Improvements will vary somewhat on a projed-by-project basis. Therefore. the precise allocation of costs associated with these District Improvements will also vary somewhat as will the scope of properties within a District that receives the special benefits from these District Improvements.
Nevertheless, the basic allocation procedures used for the Community Infrastructure CIP will also be used to allocate costs associated with the similar components of District Infrastructure CIP.

As each particular component of the District Infrastructure CIP is financed in the future, a supplemental assessment report will be approved by the applicable Distric1 involved reflecting the specific nature of those improvements.

18

As noted above, the Original Engineer's Report estimated District Infrastructure Costs on a per acre basis of $60,000 per gross acre. Each District, as infrastructure Is financed, will levy District Infrastructure Assessments on Community Property within its boundaries in the maximum amounts shown in Table 4, and as shall be allocated to Planned Uses actually developed in each Distrid in accordance with the Methodology.
The only thing certain at this time is that the maximum District Infrastructure Assessments levied in each Disbict cannot be exceeded and that the allocation of District Infrastructure Assessments to Planned Uses actually developed within the Community Property Jn each District will occur In accordance with this Report. The Supplemental Engineer's Report reflects that the Existing Development does not require any additional District Infrastructure.
True Up Mechanism
The financing plan to support the Community Infrastructure CIP and the District Infrastructure CIP are each subject to Tests. as noted earlier herein and desaibed in the Prior Assessment Report. The Tests prevent the debt per acre on Community Property that has not achieved its Allocation Thresholds from inaeasing above its Ceiling Amount (hereafter described). This requirement will be administered by the Administration District on behalf of the Districts.
There are two Tests: (1) for Community Infrastructure Indebtedness and (2) for District Infrastructure Indebtedness. The Tests work in essentially the same manner except that the Test for Community Infrastructure Indebtedness operates at the Community Property level while the Test for District Infrastructure Indebtedness is conducted at the level of the Community Property within a specific District. The Tests are conducted at four Intervals based upon the percentage of total acres that have achieved the Allocation Thresholds within the Community Property in all Districts or with respect to the Community Property within a specific District. The intervals are at 25%, 50%, 75% and 100% of the gross acres within either the Community Property in all Districts or with respect to the Community Property within a specific District.
Consider the Test for the Community Infrastructure Indebtedness. First a Ceiling Amount of debt per acre is established for all of the Districts when the Issuer issues the first series of long-tenn Community Infrastructure Indebtedness. The Celling Amount is equal to the dollar amount of debt divided by the gross acres in all Districts that have not achieved the Allocation Thresholds.
Second, at each of the intervals outUned above, the debt per aae on the Community Property that has not met the Allocation Thresholds in all of the Districts must be below the Celling Amount. If not, the responsible landowner seeking the plat or site plan or building pennit, must make a debt reduction payment to bring the amount of debt per acre on that Community Property that has not achieved the Allocation Thresholds below the Ceiling Amount The obligation to make a debt reduction payment is strictly on the entity seeking to have the plat, site plan or building pennlt approved.

19

Third, from time-to.time additional Community Infrastructure Indebtedness wlfl be issued to fund additional phases of the CIP relating to Community Infrastructure. Each time long-tenn Community Infrastructure Indebtedness is issued, the Ceiling Amount Is adjusted to reflect the total amount of debt outstanding for all Community Infrastructure Indebtedness and the total amount of acres that remain without having met the Allocation Thresholds in all of the Districts. Notwithstanding the foregoing, the Community Infrastructure Assessments will not exceed the Maximum Community Infrastructure Allocation.
Now consider the Test for the District Infrastructure Indebtedness. The Test works Just like the one for Community Infrastructure except that it is District specific. When District Infrastructure Indebtedness is issued, a District Ceiling Amount is established by dividing the number of acres in the District into the debt issued. When the Community Property that has achieved the Allocation Thresholds In the District reaches 25% of the gross acres in the District, the District True Up Test is oonducted to assure that the debt on the acres in the District that have not met the Allocation Thresholds does not exceed its then applicable District Ceiling Amount. If the test is violated, the responsible landowner seeking the plat or site plan or building pennit, must make a debt reduction payment to bring the debt per acre on Community Property that has not met the Allocation Thresholds below the then applicable District Celling Amount. As additional District Infrastructure Indebtedness is issued from time to time, the applicable District Celling Amount would be adjusted to an amount equal to the new total debt allocated to properties that have not met the Allocation Thresholds, divided by the remaining acres In the District that have not met the Allocation Thresholds.
Total Debt on Community Properties
The Community Property is additionally subject to non•ad valorem special assessments levied by the SAD in connection with the SAD Bonds. Table 11 presents the total annual SAD and Community Infrastructure assessments on the Community Property by property type, based on Table 10, without applying the Credit Amount and any portion of the Contribution Amount. The specific allocation of the assessments relating to the SAD Bonds are detennined when Community Property is platted. The total annual assessment levels shown in Table 11 are for reference only. as (i) the actual Planned Uses and the amount of Community Infrastructure Indebtedness assumed for purposes of Table 11 may differ from the assumptions, (ii) any applicable Credit Amount or Contribution Amount is not reflected, and (Iii) District Infrastructure Assessments may apply.

(Remainder of page left blank)

20

Table 11
Summary of Gross Annual SAD Assessments and Community Infrastructure Assessment• on Community Property

Land Use	City's SAO•	District Ct•	To1al Annual
Assessment•	
Single-family 55 or Less	$281.93	$597.08	$879.01	
Single-family 56-66	$281.93	$669.09	$951.02	
Single-family 67 or more	$281.93	$723.44	$1,005.37	
Multifamily units	$179.16	$555.15	$734.31	
Apartment Units total	$139.93	$411.64	$551.57	
Retail square feet total	$0.45	$0.98	$1.43	
Office square feet	$0.45	$0.45	$0.90	
Research square feet total	$0.45	$0.43	$0.88	
Warehouse sq. fl total	$0.30	$0.51	$0.81	
Hotel rooms/Hospital Beds	$254.17	$506.89	$761.06	
•Grossed to reflect the 4% Discount for early payment plus County fees for processing and
collecting Assessmenls

Exhibit A - Assessment Roll for Community Property, including Existing Development Exhibit B - Assessment Roll for Existing Development

21

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EXBIBITA

Table 10
Allocation to Communi1y Property for the Community Infrastructure CIP and
fetlmated Annual Assessment ..

	Total		E-st. Net Annuol	Annual	
Voklme'	Allocation	Per Unit"	Asselament	AMetament••	

E•l Groee

Land Uae

Sf 55orlns SF56-66
SF 67 orMo,e Mu�.,,;� Apartments Relail
Office Research Warehou-liOtel/HolC)ifal

2 154
6f53
497
1.59'
:!,480
3.675.075
2,430,728
2.498.602
4,583,336
1,091

S16,166,393
$5,574.264 k,520,28S 111,122,921
S12,631.674 545,273.13 I
113,769,432
113,507,693
S29,1&9,1O6
	56,951,101 
158 885000

$7,50S
$8.410
S9.093 16.978
ss.11•
$12.32

$5.66

u.,,

$6.36
$6,371

1,549.31
$615.57
S665.57
$510.74
$378.71
S0.90 SO.41 S0.40
$0.47
$466.34

$S97.08 1669.09 S723.'4 SSSS.15 5411.64
$0.98
so.�s
to.43
$0.51
1506.89

. t,

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..

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TabS. 10
Allocotlon to Community Propeny for the Community Infrastructure CIP ■nd
Eatlm■ted Annual Asseasmenr •

UM	
voiu-•	TCIUII
.AIIDc•on	

P•r	
un..-	"�-'- N9t-Ar·AU/1	f!eLGl'ON
Annual	
Sf' SSorl0$S	:,1$4
663
497
1.594
:?,"80
3,675,075
2.◄JO_ne
l.◄9U02
45U.33'
1,091	Stll,156,J.U
15,574 ,2"4
$4,520.265
111,122.921
S12,UU1◄
s◄S,273,tl 1
$13,769.02
I 13.5()7.693
129.188.106
.ts,,,Q,	$1.�5		S,..9.31		S597_0B	
SF 56-6fi			'4.◄10		1615.ST		MM.Gt	
SF61�M«e
.	F-.i!y			19.0U
$6.978
ss 17◄
St2.3:?		"6S.S7
ss,0.1•
1378.71
$CUO		1723.44
ssss.,s
'411.64
sue	
APlll'17ftenD								
Re&a1I								
Offlce			SU6		$CU1		$0.4S	
'Reteardl			SS.◄I		$0.40		.Ul	
W•dtouM			16.36		$0_47		to.SI	
�			Mi.371		$461.3'		ISOU9	
				� \_,		I.		
.. ._	_	_..... ,2e,�............. Mljt,:1 ............IIPll'I_...,._,.	,._
------.c...-.-..c-....-,.._a,,e�_.	,.

RESOLUTION 2026-22

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4 SETTING A PUBLIC HEARING TO BE HELD ON MAY 6, 2026, AT 10:30
A.M. AT 10799 SW CIVIC LANE, PORT ST. LUCIE, FLORIDA 34987, FOR THE PURPOSE OF HEARING PUBLIC COMMENT ON IMPOSING MASTER SPECIAL ASSESSMENTS ON CERTAIN PROPERTY WITHIN THE DISTRICT GENERALLY DESCRIBED AS THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4 IN ACCORDANCE WITH CHAPTERS 170, 190 AND 197, FLORIDA STATUTES.

Whereas, the Board of Supervisors of the Southern Grove Community Development District No. 4 (the “Board”) has previously adopted Resolution 2026-21 entitled:

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4 DECLARING MASTER SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE INFRASTRUCTURE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE MASTER SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE MASTER SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH MASTER SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH MASTER SPECIAL ASSESSMENTS SHALL BE PAID; DESIGNATING LANDS UPON WHICH THE MASTER SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR PUBLICATION OF THIS RESOLUTION; AND RATIFYING PRIOR ACTIONS.
Whereas, in accordance with Resolution 2026-21, a Preliminary Special Assessment Roll has been prepared and all other conditions precedent set forth in Chapters 170, 190 and 197, Florida Statutes, to the holding of the aforementioned public hearing have been satisfied, and the roll and related documents are available for public inspection at the offices of the District Manager, c/o Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410 and 10521 SW Village Center Drive, Suite 203, Port St. Lucie, Florida 34987 (the “District Office”).

NOW THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4:

Section 1.  There is hereby declared a joint public hearing to be held at 10:30 a.m. on May 6, 2026, at Tradition Town Hall located at 10799 SW Civic Lane, Port St. Lucie, Florida 34987 for the purpose of hearing comment and objections to the proposed special assessment

1

program for District improvements as identified in the Preliminary Special Assessment Roll, a copy of which is on file. Affected parties may appear at that hearing or submit their comments in writing prior to the hearing to the office of the District Manager, Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410.

SECTION 2.  Notice of said hearing shall be advertised in accordance with Chapters 170, 190 and 197, Florida Statutes, and the District Manager is hereby authorized and directed to place said notice in a newspaper(s) of general circulation within St. Lucie County (by two publications one week apart with the first publication at least twenty (20) days prior and the last publication shall be at least one (1) week prior to the date of the hearing established herein). The District Manager shall file a publisher's affidavit with the District Secretary verifying such publication of notice. The District Manager is further authorized and directed to give thirty (30) days’ written notice by mail of the time and place of this hearing to the owners of all property to be assessed and include in such notice the amount of the assessment for each such property owner, a description of the areas to be improved and notice that information concerning all assessments may be ascertained at the District Office. The District Manager shall file proof of such mailing by affidavit with the District Secretary.

Section 3.	This Resolution shall become effective upon its passage.

Passed and adopted this 3rd day of April 2026.
ATTEST:	SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4

Secretary / Assistant Secretary	Chairperson, Board of Supervisors

RESOLUTION 2026-22

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6 SETTING A PUBLIC HEARING TO BE HELD ON MAY 6, 2026, AT 10:30
A.M. AT 10799 SW CIVIC LANE, PORT ST. LUCIE, FLORIDA 34987, FOR THE PURPOSE OF HEARING PUBLIC COMMENT ON IMPOSING MASTER SPECIAL ASSESSMENTS ON CERTAIN PROPERTY WITHIN THE DISTRICT GENERALLY DESCRIBED AS THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6 IN ACCORDANCE WITH CHAPTERS 170, 190 AND 197, FLORIDA STATUTES.

Whereas, the Board of Supervisors of the Southern Grove Community Development District No. 6 (the “Board”) has previously adopted Resolution 2026-21 entitled:

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6 DECLARING MASTER SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE INFRASTRUCTURE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE MASTER SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE MASTER SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH MASTER SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH MASTER SPECIAL ASSESSMENTS SHALL BE PAID; DESIGNATING LANDS UPON WHICH THE MASTER SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR PUBLICATION OF THIS RESOLUTION; AND RATIFYING PRIOR ACTIONS.
Whereas, in accordance with Resolution 2026-21, a Preliminary Special Assessment Roll has been prepared and all other conditions precedent set forth in Chapters 170, 190 and 197, Florida Statutes, to the holding of the aforementioned public hearing have been satisfied, and the roll and related documents are available for public inspection at the offices of the District Manager, c/o Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410 and 10521 SW Village Center Drive, Suite 203, Port St. Lucie, Florida 34987 (the “District Office”).

NOW THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6:

Section 1.  There is hereby declared a joint public hearing to be held at 10:30 a.m. on May 6, 2026, at Tradition Town Hall located at 10799 SW Civic Lane, Port St. Lucie, Florida 34987 for the purpose of hearing comment and objections to the proposed special assessment

3

program for District improvements as identified in the Preliminary Special Assessment Roll, a copy of which is on file. Affected parties may appear at that hearing or submit their comments in writing prior to the hearing to the office of the District Manager, Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410.

SECTION 2.  Notice of said hearing shall be advertised in accordance with Chapters 170, 190 and 197, Florida Statutes, and the District Manager is hereby authorized and directed to place said notice in a newspaper(s) of general circulation within St. Lucie County (by two publications one week apart with the first publication at least twenty (20) days prior and the last publication shall be at least one (1) week prior to the date of the hearing established herein). The District Manager shall file a publisher's affidavit with the District Secretary verifying such publication of notice. The District Manager is further authorized and directed to give thirty (30) days’ written notice by mail of the time and place of this hearing to the owners of all property to be assessed and include in such notice the amount of the assessment for each such property owner, a description of the areas to be improved and notice that information concerning all assessments may be ascertained at the District Office. The District Manager shall file proof of such mailing by affidavit with the District Secretary.

Section 3.	This Resolution shall become effective upon its passage.

Passed and adopted this 3rd day of April 2026.
ATTEST:	SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6

Secretary / Assistant Secretary	Chairperson, Board of Supervisors

RESOLUTION 2026-23

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4 TO RESET DATE, TIME AND PLACE OF PUBLIC HEARING AND AUTHORIZATION TO PUBLISH NOTICE OF SUCH HEARING FOR THE PURPOSE OF ADOPTING RULES OF PROCEDURE; AND PROVIDING AN EFFECTIVE DATE

WHEREAS, Southern Grove Community Development District No. 4 (the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within City of Port St. Lucie, St. Lucie County, Florida; and

WHEREAS, the Board is authorized by Section 190.011(5), Florida Statutes, to adopt rules and orders pursuant to Chapter 120, Florida Statutes.

WHEREAS, the Board of Supervisors of the District (“Board”) previously adopted Resolution 2026-11, setting the public hearing to consider the adoption of the District’s Rules of Procedure, and set the hearing thereon for March 4, 2026, at 10:30 a.m. at Tradition Town Hall located at 10799 SW Civic Lane, Port St. Lucie, Florida 34987.

WHEREAS, the Board desires to reset the public hearing to be held on June 6, 2026, at 10:30 a.m., at Tradition Town Hall located at 10799 SW Civic Lane, Port St. Lucie, Florida 34987.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4:

SECTION 1. Resolution 2026-11 is hereby amended to reflect that the public hearing to adopt the District’s Rules of Procedure will be reset to June 6, 2026, at 10:30 a.m., at Tradition Town Hall located at 10799 SW Civic Lane, Port St. Lucie, Florida 34987.

SECTION 2. The District Secretary is directed to publish notice of the hearing in accordance with Section 120.54, Florida Statutes.
SECTION 3. This Resolution shall become effective immediately upon its adoption.
PASSED AND ADOPTED this 3rd day of April, 2026.
ATTEST:	SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4

Secretary / Assistant Secretary	Chairperson, Board of Supervisors

RESOLUTION 2026-23

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6 TO RESET DATE, TIME AND PLACE OF PUBLIC HEARING AND AUTHORIZATION TO PUBLISH NOTICE OF SUCH HEARING FOR THE PURPOSE OF ADOPTING RULES OF PROCEDURE; AND PROVIDING AN EFFECTIVE DATE

WHEREAS, Southern Grove Community Development District No. 6 (the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within City of Port St. Lucie, St. Lucie County, Florida; and

WHEREAS, the Board is authorized by Section 190.011(5), Florida Statutes, to adopt rules and orders pursuant to Chapter 120, Florida Statutes.

WHEREAS, the Board of Supervisors of the District (“Board”) previously adopted Resolution 2026-11, setting the public hearing to consider the adoption of the District’s Rules of Procedure, and set the hearing thereon for March 4, 2026, at 10:30 a.m. at Tradition Town Hall located at 10799 SW Civic Lane, Port St. Lucie, Florida 34987.

WHEREAS, the Board desires to reset the public hearing to be held on June 6, 2026, at 10:30 a.m., at Tradition Town Hall located at 10799 SW Civic Lane, Port St. Lucie, Florida 34987.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6:

SECTION 1. Resolution 2026-11 is hereby amended to reflect that the public hearing to adopt the District’s Rules of Procedure will be reset to June 6, 2026, at 10:30 a.m., at Tradition Town Hall located at 10799 SW Civic Lane, Port St. Lucie, Florida 34987.

SECTION 2. The District Secretary is directed to publish notice of the hearing in accordance with Section 120.54, Florida Statutes.
SECTION 3. This Resolution shall become effective immediately upon its adoption.
PASSED AND ADOPTED this 3rd day of April, 2026.
ATTEST:	SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6

Secretary / Assistant Secretary	Chairperson, Board of Supervisors

RESOLUTION 2026-24

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4 DESIGNATING A DATE, TIME, AND LOCATION OF A PUBLIC HEARING REGARDING THE DISTRICT'S INTENT TO USE THE UNIFORM METHOD FOR THE LEVY, COLLECTION, AND ENFORCEMENT OF NON-AD VALOREM SPECIAL ASSESSMENTS AS AUTHORIZED BY SECTION 197.3632, FLORIDA STATUTES; AUTHORIZING THE PUBLICATION OF THE NOTICE OF SUCH HEARING; AND PROVIDING AN EFFECTIVE DATE.

Whereas, the Southern Grove Community Development District No. 4 (the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated within Port St. Lucie County, Florida; and

Whereas, the District pursuant to the provisions of Chapter 190, Florida Statutes, is authorized to levy, collect, and enforce certain special assessments, which include benefit and maintenance assessments and further authorizes the District’s Board of Supervisors (the “Board”) to levy, collect, and enforce special assessments pursuant to Chapters 170, 190 and 197, Florida Statutes; and

Whereas, the District desires to use the Uniform Method for the levy, collection and enforcement of non-ad valorem special assessments authorized by Section 197.3632, Florida Statutes, (the “Uniform Method”).
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4:

SECTION 1.  A public hearing will be held to adopt the Uniform Method on May 6, 2026 at 10:30 a.m. at Tradition Town Hall located at 10799 SW Civic Lane, Port St. Lucie, Florida 34987.
SECTION 2. The District Secretary is directed to publish notice of the hearing in accordance with Section 197.3632, Florida Statutes.
SECTION 3.  This Resolution shall become effective immediately upon its adoption.
Passed and adopted this 3rd day of April, 2026.

ATTEST:	SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 4

Secretary / Assistant Secretary	Chairperson, Board of Supervisors

RESOLUTION 2026-24

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6 DESIGNATING A DATE, TIME, AND LOCATION OF A PUBLIC HEARING REGARDING THE DISTRICT'S INTENT TO USE THE UNIFORM METHOD FOR THE LEVY, COLLECTION, AND ENFORCEMENT OF NON-AD VALOREM SPECIAL ASSESSMENTS AS AUTHORIZED BY SECTION 197.3632, FLORIDA STATUTES; AUTHORIZING THE PUBLICATION OF THE NOTICE OF SUCH HEARING; AND PROVIDING AN EFFECTIVE DATE.

Whereas, the Southern Grove Community Development District No. 6 (the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated within Port St. Lucie County, Florida; and

Whereas, the District pursuant to the provisions of Chapter 190, Florida Statutes, is authorized to levy, collect, and enforce certain special assessments, which include benefit and maintenance assessments and further authorizes the District’s Board of Supervisors (the “Board”) to levy, collect, and enforce special assessments pursuant to Chapters 170, 190 and 197, Florida Statutes; and

Whereas, the District desires to use the Uniform Method for the levy, collection and enforcement of non-ad valorem special assessments authorized by Section 197.3632, Florida Statutes, (the “Uniform Method”).
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6:

SECTION 1.  A public hearing will be held to adopt the Uniform Method on May 6, 2026 at 10:30 a.m. at Tradition Town Hall located at 10799 SW Civic Lane, Port St. Lucie, Florida 34987.
SECTION 2. The District Secretary is directed to publish notice of the hearing in accordance with Section 197.3632, Florida Statutes.
SECTION 3.  This Resolution shall become effective immediately upon its adoption.
Passed and adopted this 3rd day of April, 2026.

ATTEST:	SOUTHERN GROVE COMMUNITY DEVELOPMENT DISTRICT NO. 6

Secretary / Assistant Secretary	Chairperson, Board of Supervisors