MINUTES OF MEETING STOREY DRIVE
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Storey Drive Community Development District was held Thursday, February 3, 2022 at 10:00 a.m. at the Offices of GMS­ CF, 219 East Livingston Street, Orlando, Florida.

Present and constituting a quorum were:

Adam Morgan Ashley Baksh Brent Kewley
Josh Jochims by phone

Also present were:

George Flint Kristen Trucco
Darin Lockwood by phone

FIRST ORDER OF BUSINESS

Chairman Assistant Secretary Assistant Secretary Assistant Secretary

District Manager, GMS District Counsel
Poulos & Bennett

Roll Call

Mr. Flint called the meeting to order and called the roll. Three Board members were present constituting a quorum. One Supervisor participated by phone.

SECOND ORDER OF BUSNESS	Public Comment Period
Mr. Flint: We don't have any members of the public here to provide comment.

THIRD ORDER OF BUSINESS	Approval of Minutes of the December 2,
2021 Board of Supervisors Meeting and Acceptance of Minutes of the December 2, 2021 Audit Committee Meeting
Mr. Flint: You have the December 2, 2021 Board meeting and December 2, 2021 Audit Committee meeting minutes. Does the Board have any comments or corrections to either set of minutes?
Mr. Morgan: They look perfect to me.

On MOTION by Mr. Morgan, seconded by Mr. Kewley, with all in favor, the Minutes of the December 2, 2021 Board of Supervisors Meeting and Acceptance of the Minutes of the December 2, 2021 Audit Committee Meeting, were approved.

FOURTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-02
Finalizing the Series 2022 Bonds
Mr. Flint: Next is Resolution 2022-02. This resolution finalizes the assessments based on the actual terms of the bond issue. Kristen, do you want to review this?
Ms. Trucco: Yes, absolutely. So, now that the bonds have been issued and funded in the amount of $9,710,000. This resolution, like George said, finalized the special assessments being levied on the property that will pay those fines in the amount of $9,710,000. The assessments will be collected according to the methodology that is attached to this resolution. It's a Supplemental Assessment Methodology that is prepared by George and his team, and it goes through the manner and methodologies to collect this amended amount of $9,710,000. Again, that's the final of the bonds being issued to construct the project that's also detailed in the Engineer's Report that is attached to this Resolution as exhibit 'A.' This resolution again is just finalizing the amount of special assessments to match the final bond amount of $9,710,000. If you have any questions, we can try to answer them right now or we are just looking for a motion to approve.
Mr. Flint: Just to add on to that, there are two exhibits to the resolution. You have the Engineer's Report which defines the capital improvements and their estimated costs. You have seen that report and approved it as part of the financing process. There's an estimated $10.8 million in improvements. The Final Supplemental Assessment Methodology is attached as exhibit 'B.' If you go to the tables, Table 1 is the Development plan which has not changed. There are 526 units and they are a mix of condo, town homes, and single family. Table 2 is the estimated capital costs per the Engineer's Report at $10.8. million. Table 3 reflects the actual terms of the bond issue. So, you can see the par amount of the bonds is $9,710,000. Construction funds are $9,117;000 rounded. There is a debt service reserve of 50% of the max annual debt service capitalized interest through June 15th of this year. You have the underwriter's discount and the cost ofissuance, and the average coupon interest rate is 3.71%. It's a 30-year bond issue. If there are any questions, we can discuss those. The tables go through the benefit, and you'll see on Table 6 the per unit assessment amounts on the far right. Those will be the dollar amounts that will be reflected on the annual tax bill for each of the product types. Table 7 is the preliminary assessment roll, I believe all but 21.55 acres in Phase 1 have been platted. Phase 2 is still unplatted at the time we put the schedule together. So, each of the lots in Phase 1 are indicated there and we will be certifying them for collection in November.

Mr. Morgan: I have a question. What was the interest rate that you plugged in earlier just for information purposes?
Mr. Flint: We use a high number. We use 6%. Mr. Morgan: 6%. We ended up getting 3.71%?
Mr. Flint: Yeah, we know when we use 6% that it's a high number.
Mr. Morgan: Thank you, I could not remember what number you used originally.

On MOTION by Mr. Morgan, seconded by Ms. Baksh, with all in favor, the Resolution 2022-02 Finalizing the Series 2022 Bonds, was approved.

Mr. Flint: But when we do the Master Assessment process, we want to give the Board maximum flexibility, so we use a higher interest rate for that master lien. And then when they actually price, we prepare the supplemental based on the actual terms. But 3.7 % is consistent, there's been a little uptake, it's been a little volatile. It's been moving up and down and there was an increase in about 30-40 basis points in the last couple of days. So, and then there was a market correction. So, the trend is going to be upward, and the feeling is that we will probably see some increases in March.

FIFTH ORDER OF BUSINESS	Consideration of Agreement with Amtec
to Provide Arbitrage Rebate Services
Mr. Flint: Next, we have an agreement with Amtec to provide our arbitrage rebate calculation services. We are required for each one of the bond issues to periodically do an arbitrage calculation and make sure the District's not earning more than they are paying. Amtec has historically been most cost effective doing this. As you can see it's $450 a year and they provided pricing for five years. Is there a motion to approve that agreement?

On MOTION by Mr. Morgan, seconded by Mr. Kewley, with all in favor, the Agreement with Amtec to Provide Arbitrage Rebate Services, was approved.

SIXTH ORDER OF BUSINESS	Discussion of Pending Plat Conveyances
Mr. Flint: Item 6 is just an ongoing item we keep on the agenda just for discussion purposes to the extent there isn't anything to discuss. I'm not sure where we are with the Phase 2 plat, if there is any discussion necessary on that. It sounds like the District Engineer is working with Lennar on the conveyances associated with the bond issues. Darin, anything we need to discuss on that?

Mr. Lockwood: No, not at this time.

SEVENTH ORDER OF BUSINESS
Attorney
Mr. Flint: Kristen anything else?

Staff Reports

Ms. Trucco: No, no update for the Board. We've just been working on finalizing up the bond issued. Thank you, Adam Morgan, for your help with getting all the signatures together. That was great. And we'll just keep an eye out for Darin's notice that improvements are ready to be committed to the District. We will make sure we have good documents prepared for your consideration.
Mr. Morgan: George, question from the other day. Will we generate these funding requests? Where are they sent, are they sent to Josh, or are they sent to the builder, or who are they sent to?
Mr. Flint: The funding request, you are not talking about a requisition?
Mr. Morgan: The reimbursement money, the bond? Mr. Flint: For the O&M? For the bond money?
Mr. Morgan: Where's that?
Mr. Flint: They go to the Trustee, US Bank.
Mr. Morgan: I know, but when we put in for the funds to get reimbursed?
Mr. Flint: We coordinate that with District Counsel, but I'm the one that transmits it to the Trustee.
Mr. Morgan: I know, but once we put our funding request, for the bonds, is that money
sent to Miami, is it sent to Josh.
Mr. Flint: Oh, it's wired as per wire instructions as part of that. Lennar provides the wire instructions, and the funds are wired.
Mr. Morgan: So, you have no idea, you just follow the wire instructions. And that comes through UN Counsel?
Mr. Flint: Well, I ask Mark.
Mr. Morgan: So, Mark provides direction on the wire?
Mr. Flint: Or he sends the email to Josh or whoever I provide them. But the wire instructions come from Lennar, and I verify it every time. Just in case there's a different lend bank or LLC, or whatever, we don't use the same every time without verifying.

Mr. Morgan: Okay, good I was just curious, there's a lot of using land banks, there was questions raised and we want to make sure the money doesn't get sent to the land bank. Because the land bank doesn't take the developed site.
Mr. Flint: Right. No, we verify those wire instructions on every District before we even submit it to the Trustee.
Mr. Morgan: Very good.

Engineer
Mr. Flint: Darin did you have anything under your report?
Mr. Lockwood: No, not at this time. I do want to just remind you that we do have that State law that's passed. It's going to jump up on us. It's going to take a little while to get that done. So, I just want to be proactive and not leave it to the last minute.
Mr. Morgan: You are talking about the 20-year engineering report? Mr. Lockwood: Yeah, exactly.
Mr. Flint: Okay we are going to have to figure out how we are going to handle that, and I
guess we will have some infrastructure before June 30th, but the question is what's realistic. If something is conveyed to us on June 1st, do we still have to submit a report by June 30th?
Ms. Trucco: It's also a 20-year projection. So, within the 20 years we'll be owning and maintaining these systems. We'll probably need to clarify that in our response.
Mr. Flint: Darin, remind me did you submit a proposal for that. Mr. Lockwood: Yes, we did.
Mr. Flint: And I held off on having the Board approve it at the last meeting. Ms. Trucco: We'll put it on the next agenda.
Mr. Flint: Yes, we'll put it back on the next agenda.

District Manager's Report
Balance Sheet and Income Statement
Mr. Flint: For the District Manager's Report, you have the unaudited financials in your agenda. These are through December 31st. If the Board has any questions, we can discuss those. Hearing no questions.

Ratification of Funding Request #3 - #4

Mr. Flint: And then you have funding request #3 and #4 these are for operational costs, not bond funds. And these have been transmitted to the Developer pursuant to the funding agreement that's in place between the CDD and Lennar. And we are asking the Board to ratify those two funding requests.
Mr. Morgan: And once again those funding requests are sent to like Josh or someone? Mr. Flint: Yes.
Mr. Morgan: Okay.
Mr. Flint: And they come from Teresa Viscarra, who is the District Accountant.
Mr. Morgan: Gotcha.
Mr. Flint: And she has contacts at Lennar. I think Josh is the contact at this point. There's actually a new one. Josh, I think we were just given a different name to submit those to. You were copied on the email.
Mr. Jochims: Yes.
Mr. Flint: So, we copy someone else in his office and him. Mr. Morgan. Okay.

On MOTION by Mr. Morgan, seconded by Mr. Kewley, with all in favor, Funding Requests #3- #4, were ratified.

EIGHTH ORDER OF BUSINESS
There being none, the next item followed.

NINTH ORDER OF BUSINESS
There being none, the next item followed.

TENTH ORDER OF BUSINESS

Other Business

Supervisor's Requests

Adjournment

Mr. Flint asked for a motion to adjourn the meeting.

On MOTION by Ms. Baksh, seconded by Mr. Morgan, with all in favor, the meeting was adjourned.

Secretary	Secretary