MINUTES OF MEETING LANDINGS COMMUNITY DEVELOPMENT DISTRICT· The regular meeting ofthe Board ofSupervisors ofthe Landings Community Development District was held Thursday, February 16, 2024 at 11:30 a.m. at the Hilton Garden Inn Palm Coast, 55 Town Center Boulevard, Palm Coast, Florida. Present and constituting a quorum were: Jeffrey Douglas Chairman Bill Fife Appointed as Vice Chairman Walker Douglas Assistant Secretary -. Greg Eckley Assistant Secretary Toby Tobin Assistant Secretary Also present were: George Flint District Manager Jeremy LeBrun GMS Michael Chiumento III District Counsel Daniel Welch by phone England-Thims & Miller Sara Zare by phone MBS Capital Markets Kendall Bulleit by phone MBS Capital Markets FIRST ORDER OF BUSINESS Roll Call Mr. Flint called the meeting to order and called the roll. Four Board members were present constituting a quorum. SECOND ORDER OF BUSINESS Public Comment Period There were no members of the public present. THIRD ORDER OF BUSINESS Organizational Matters -Added A. Acceptance of Resignation and Appointment of Individual to Fulfill the Board Vacancy Mr. Flint stated that a resignation was received from Justin Frye. Is there a motion to accept Justins resignation? February 16,2024 Landings CDD I I On MOTION by Mr. Tobin, seconded by Mr. Eckley, with all in favor, Acceptance ofJustin Frye's Resignation, was approved. Mr. Flint noted anytime there is a vacancy created during the term of office the Board appoints a replacement. He stated Mr. Bill Fife is here with Kolter Homes. Kolter has asked for the Board's consideration in appointing him to replace Justin Frye. He asked for any nominations to fill that vacancy. On MonON by Mr. Eckley, seconded by Mr. Tobin, with all in favor A ointment of William ill Fife was a roved. B._Administration ofOafh of Office to Newiy Appointed Board Member Mr. Flintadministered the oath ofoffice to'Bill Fife. C. Election of Officers D. Consideration of Resolution 2024-04 Electing Officers Mr. Flint noted they could reconsider all offices or put Bill into Justin's slot. Mr. Jeff Douglas made a motion to have Bill Fife occupy Justin's slot. OnMOTIONby Mr.JeffDouglas.secondedby Mr. WalkerDouglas with all in favor, Resolution 2024-04 to Keep Officers the Same and Appoint Bill Fife to Open Vice Chair Slot, was approved. FOURm ORDER OF BUSINESS Approval of Minutes of the December 21, 2023 Board of Supervisors Meeting Mr. Flint presented the minutes from the December 21, 2023 Board of Supervisors meeting. He asked for any comments, questions, or corrections. Hearing none. On MOTION by Mr. Tobin, seconded by Mr. Walker Douglas, with all in favor, the Minutes from the December 21, 2023 Board of Supervisors Meeting., were approved, as presented. FIFm ORDER OF BUSINESS Southwest Assessment Area Financing Matters A. Consideration of Bond Issue Funding Agreement with KL Seminole Trace, LLC Mr. Flint noted this is a funding agreement between the District.and KL Seminole Trace, LLC. It obligates KLSeminole Trace to pay the cost ofthe fmancing and they would be reimbursed out of the cost of issuance. A lot of costs get paid directly out of cost of issuance but there are some costs during the course of financing that the District incurs that funding requests would be 2 February 16,2024 Landings CDD submitted for under this agreement then reimburse once bonds are issued. If bonds are never issued, this also obligates them to pay those costs and. wouldn't be reimbursed out of cost of issuance. On MOTION by Mr. Jeffrey Douglas, seconded by Walker Douglas, with all in favor, the Bond Issue Funding Agreement with KL Seminole Trace LLC, was approved. B. Consideration of Supplement to Investment Banking Agreement with MBS Capital Markets, LLC Mr. Flint noted :MBSCapital Markets, LLC serves as the District's underwriter and is required to make certain disclosures. The District enters into agreements with them on each ofthe bond issues. A Board member asked when the bonds: would be issued. Mr. Bidleit noted they are not 100% sure at this time, possibly March. Mr. Flint noted they would recommend moving the March meeting a week later to meet notice requirements. The Delegation Resolution will be done in March with closing sometime between March and April meetings. On MOTION by Mr. Jeffrey Douglas, seconded by Mr.Fife, with all in favor, the Supplement to Investment Bariking Agreement with :MBS Capital Markets, LLC, was approved. C. Consideration of Southwest Tract Capital Improvement Plan Mr. Flint noted this covers all 416 units in the Southwest tract. This was prepared by ETM and has been reviewed. It is for purposes of initiating the Master Assessment process over that entire area. Mr. Welch noted this covers Cascades Grand Landing Phases 1,2 & 3 for a total of 416 units. The permits are still ongoing. The Master Infrastructure cost starting with the offsite improvement, master utilities throughout the neighborhood, hardscape, landscape, irrigation, fencing, storm management facilities, appropriate flooding control, planning, engineering and surveying services as well. Mr. Flint noted that the total estimated costs are $34,585,906 included in this report. On MOTION by Mr. Eckley, seconded by Mr. Tobin, with all in favor, the Southwest Tract Capital Im provement Plan, was approved. D. Consideration of Master Assessment Methodology for the Southwest Tract 3 February 16,2024 Landings CDn Mr. Flint noted this was prepared from the District Engineer's Report that allocates the benefit of those improvements over the 416 planned units in the Southwest Tract. It's on page 55 of the agenda. Table 1 shows the development program, single family 50's & 60's total of 416 units. ERU factors were assigned to those resulting in 453 equivalent residential units. Table 2 is the cost estimates from the Engineer's Report $34,585,906. Table 3 is a conservative bond sizing thatassumesiftheyfund 100% oftheconstructionimprovementsatveryconservativeassumptions it results in a par amount of $45,370,000, assuming 6.5% coupon rate, 30-year bond issue, 24 monthsofcapitalizedinterest, oneyearmax annualdebtand 2% underwriter'sdiscount. Itassumes two bond issues. Table 4 shows allocation of benefit based on improvement costs. Table 5 shows allocation of benefit based on par unit per unit. Table 6 shows 100% Of improvements at the ~~ ~ . conservative parameters in the bond sizing reflects what the per unit assessments would be. Table 7 is the preliminary assessment roll which shows there are currently two owners in the Southwest Tract. On MOTION by Mr. Jeffrey Douglas, seconded by Mr.Eckley, with all in favor, the Master Assessment Methodology for the Southwest Tract, was approved. E. Consideration ofResolutioit 2024-02 Declaring Special Assessments Mr. Flint stated this would declare the District's intent to levy assessments. On MOTION by Mr.Eckley, seconded by Mr. Fife, with all in favor, Resolution 2024-02 Declaring Special Assessments, was approved. F. ConsiderationofResolution2024-03SettingaPublicHearingforSpecialAssessments Mr. Flint noted this sets the public hearing to actually levy the assessments. Because there is a 30-day mailed notice required, the regular meeting in March will not allow them to meet the 30days soheisrecommendingtheypushthemeetingaweeklatertothe22nd ofMarchat11:30 a.m. On MOTION by Mr. Jeffrey Douglas, seconded by Mr. Tobin, with all in favor, Resolution 2024-03 Setting a Public Hearing for March 22, 2024 at 11:30 a.m. at 55 Town Center Blvd. for Special Assessments, was approved. 4 February 16,2024 Landings COD SIXTH ORDER OF BUSINESS Consideration of Amended and Restated FY2024 Budget Funding Agreement(s) Mr. Flint noted this item will be deferred to a future meeting agenda. SEVENTH ORDER OF BUSINESS StaffReports A. Attorney Mr. Chiumento, III noted the District expansion is fmalized. B. Engineer Mr. Welch noted he has been working on his reports and will put together the additional supplemental report. .c. District Manager's.Report i, Balance Sheet and Income Statement Mr. Flint presented the unaudited fmancials through January 31, 2024. No action is required. He noted ifthe Board had any questions, they could discuss them. Hearing none. ii. Ratification of Funding Requests #14 -#15 Mr. Flint presented Funding Request #14-#15 to the Board. On MOTION by Mr. Jeffrey Douglas, seconded by Mr. Walker Douglas, with all in favor, Funding ReQuests #14-#15, were ratified. EIGHTH ORDER OF BUSINESS Other Business There being no other business, the next item followed. NINTH ORDER OF BUSINESS Supervisors Requests and Audience Comments There being no comments, the next item followed. TENm ORDER OF BUSINESS Adjournment Mr. Flint asked for a motion to adjourn the meeting. 5 February 16, 2024 Landings CDD on MOTION by Mr. Eckley, seconded by Mr. Tobin, with ail in favor, the meeting was adiourned. ChairmanNice Chairman 6