Landings Community Development District

Agenda

July 17, 2026

Agenda

Landings
Community Development District

219 E. Livingston St., Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526
July 8, 2026

Board of Supervisors Landings
Community Development District

Dear Board Members:

A meeting of the Board of Supervisors of the Landings Community Development District will be held on Friday, July 17, 2026 at 11:30 AM at the Hilton Garden Inn Palm Coast, 55 Town Center Blvd., Palm Coast, FL 32164. Following is the advance agenda for the meeting:

Roll Call
Public Comment Period
Approval of Minutes of the April 17, 2026 Meeting
Organizational Matters
Consideration of Resignation of Walker Douglas and Appointments of Individuals to Fulfill Vacancies the Board Vacancy with a Term Ending November 2026
Administration of Oaths of Office to Newly Appointed Board Member
Consideration of Resolution of 2026-04 Electing an Assistant Secretary
Review and Acceptance of Fiscal Year 2025 Audit Report
Consideration of Proposals for Pond Aquatic Maintenance
Annual Waterway Management Service Agreement with Florida Waterways, Inc
Southwest Track
Annual Waterway Management Service Agreement with Florida Waterways, Inc
Northwest Track
Monthly Aquatic Services Proposal with Future Horizons – Seminole Trace Southwest Tract
Monthly Aquatic Services Proposal with Future Horizons – Seminole Trace Northwest Tract
Lake Maintenance Agreement with Lake Pros – Northwest Tract
Lake Maintenance Agreement with Lake Pros – Southwest Tract
Consideration of Proposals for Landscape Maintenance
Yellowstone Landscape – Northwest Tract
Yellowstone Landscape – Southwest Tract
Verdego Landscape – Southwest Track
Verdego Landscape – Northwest Track
Brightview Landscape Services

Staff Reports
Attorney
Engineer
District Manager’s Report
Approval of Check Register
Balance Sheet and Income Statement
Update Fiscal Year 2027 Proposed Budget
Other Business
Supervisors Requests
Adjournment

The balance of the agenda will be discussed at the meeting. In the meantime, if you should have any questions, please contact me.

Sincerely,

Jeremy LeBrun

Jeremy LeBrun District Manager Enclosures

Minutes

MINUTES OF MEETING LANDINGS
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Landings Community Development District was held Tuesday, April 17, 2026 at 11:30 a.m. at the Hilton Garden Inn Palm Coast, 55 Town Center Boulevard, Palm Coast, Florida.

Present and constituting a quorum:

Jeff Douglas	Chairman
Bill Fife	Vice Chairman
Toby Tobin	Assistant Secretary
Greg Eckley	Assistant Secretary
Walker Douglas	Assistant Secretary Also present were:
Jeremy LeBrun	District Manager, GMS
Vincent Sullivan	District Counsel
Daniel Welch by phone	District Engineer
Daniel Harvey	GMS
Rich Gray	GMS

FIRST ORDER OF BUSINESS	Roll Call
Mr. LeBrun called the meeting to order and called the roll. Five Board members were in attendance constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
Mr. LeBrun noted there were no members of the public present.

THIRD ORDER OF BUSINESS	Approval of Minutes of the August 15,
2025 Meeting
Mr. LeBrun presented the minutes from the April 17 2026, Board of Supervisors meeting and asked for any comments, corrections, or changes. The Board had no changes to the minutes.

On MOTION by Mr. Jeff Douglas, seconded by Mr. Tobin, with all in favor, the Minutes of the August 15, 2025 Meeting, were approved.

FOURTH ORDER OF BUSINESS	Consideration of Data Sharing & Usage
Agreement with the Flagler County Property Appraiser
Mr. LeBrun stated that Data and Usage Sharing Agreement with Flagler County is a standard document which primarily requires the Board to agree not to share any confidential information provided to them. He emphasized that this type of agreement is very typical and not unusual.

On MOTION by Mr. Walker Douglas, seconded by Mr. Eckley, with all in favor, the Data Sharing & Usage Agreement with the Flagler County Property Appraiser, was approved.

FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2026-01
Authorizing Account with State Board of Administration
Mr. LeBrun stated that Resolution 2026-01 authorizes the District to open an account with the State Board of Administration. Since the District is beginning to generate funds, it is considered best practice to place those funds in an interest-bearing account. GMS is authorized to open this account on behalf of the District, allowing any excess funds to be deposited with the State Board of Administration, which manages funds for public entities and municipalities.
A Board member explained that past bank failures, such as the collapse of Sterling Bank, highlighted the importance of safeguarding District funds. To address these concerns, the District will deposit its funds into a state-managed account that serves as a guarantor, providing additional security for the funds.
The Board asked about the interest rate. Mr. LeBrun clarified that the current interest rate for the state-managed account is unknown and will be determined when the account is opened. They also highlighted that state statutes provide additional safeguards to protect public depositors. Once the account is active, its status will be reflected on the District’s financial statements each month.

A Board member stated that the account operates as intended and acknowledged the importance of state protections for public funds. They referenced a hypothetical scenario involving the misappropriation of District funds, noting that such safeguards are in place to prevent legal issues and protect the District from lawsuits.

On MOTION by Mr. Tobin, seconded by Mr. Eckley, with all in favor, Resolution 2026-01 Authorizing Account with State Board of Administration, was approved.

SIXTH ORDER OF BUSINESS	Consideration	of	Resolution	2026-02
Approving the Proposed Fiscal Year 2027 Budget and Setting a Public Hearing
Mr. LeBrun presented Resolution 2026-02 which involves approving the proposed Fiscal Year 2027 budget and scheduling a public hearing. The Board is already familiar with this process, which requires approval of the budget and setting a hearing date. The hearing is currently planned for the July meeting, specifically July 17th. He noted that another Board previously changed their hearing to August and emphasized the need to ensure that at least three Board members can attend the scheduled hearing. They identified August 21st as the potential new date, emphasizing the importance of ensuring a quorum since advertising the meeting requires commitment. Mr. LeBrun also mentioned that the previous Board changed their hearing date to August and questioned whether August 21st would work for all Board members.
Rich Gray from GMS stated that the pond maintenance budget figure was determined by reviewing bids, specifically noting that Yellowstone only submitted mowing bids for the ponds, not chemical treatment bids.
Mr. LeBrun explained that a variety of bids had been collected to ensure thorough consideration, and this aggregate data was used to set a high-water mark for the budget, which could be reduced later if needed. He mentioned that the budget numbers for aquatics and mowing were based on these collected bids. Information regarding the amenity center's anticipated opening date in May 2027 was also used for budgeting purposes. A Board member questioned the $33,000 water budget, seeking clarification if it pertained to pond maintenance or amenity water usage.
Mr. Gray responded explaining that $33,000 was likely anticipated for potable water usage at the amenity center, and confirmed that potable water would be metered and required for certain areas, such as irrigation within 100 feet of the pool.

A Board member expressed concerns that the water budget figure might be high, given the size of the pool and the budget timeframe, but Mr. LeBrun explained that the budget was conservatively estimated for eight or nine months and could be adjusted if necessary. He also noted that other expenses were based on similar-sized facilities, using a center that closely replicated the current one for reference.
Mr. Gray shared that they had received four pond proposals and three landscape bids from various vendors, including Yellowstone, VerdeGo, J&J Aquatics, Lake Pros, Future Horizons, and Florida Waterways.
Mr. LeBrun stated the proposals would be brought back to the Board for review. He noted that approval of the budget, with the amended August hearing date, would require a motion.

On MOTION by Mr. Walker Douglas, seconded by Mr. Eckley, with all in favor, Resolution 2026-02 Approving the Proposed Fiscal Year 2027 Budget and Setting a Public Hearing, was approved.

SEVENTH ORDER OF BUSINESS	Consideration	of	Resolution	2026-03
Designating Assistant Treasurer of the District
Mr. LeBrun presented Resolution 2026-03 noting it proposes the appointment of Alison Mossing, the District's accountant, as Assistant Treasurer to support her in performing various administrative tasks.

On MOTION by Mr. Walker Douglas, seconded by Mr. Eckley, with all in favor, Resolution 2026-03 Designating Alison Mossing as Assistant Treasurer of the District, was approved.

EIGHTH ORDER OF BUSINESS	Consideration	of	Conveyance	of
Stormwater Ponds
Mr. LeBrun presented the process of transferring stormwater ponds to the Community Development District (CDD). He mentioned that the transfer is expected to happen soon, with most necessary documents already gathered. He confirmed that they have compiled the paperwork and that, to their knowledge, everything required is in order. The transfer will be completed pending the District engineer’s approval and the finalization of any council-required documents

A Board member asked if they needed a motion stating pending Engineer approval and Counsel documents. Mr. LeBrun recommended that the Chair or Vice Chair sign any required documents, so that the process can be completed without waiting for a full meeting.
A Board Member asked if it also included ponds in the Southern section. Mr. LeBrun clarified that the current documents pertained only to the North Tract ponds, which the developer was ready to turn over. He noted that if any from South Tract was ready, they should reach out so those items could be added to a future agenda.

On MOTION by Mr. Jeff Douglas, seconded by Mr. Tobin, with all in favor, the Conveyance of Stormwater Ponds, was approved.

NINTH ORDER OF BUSINESS	Staff Reports
Attorney
Mr. Sullivan had nothing to report.

Engineer
Mr. Welch gave a brief update on recent infrastructure improvements. They reported that Grand Landing 5A (on the north tract) has been fully accepted by the city and the final plat is approved. Construction for phase 5B is underway, and the final plat for the southwest tract is close to approval with construction nearly complete. Progress on the amenity center is going well, and most of the underground infrastructure has been constructed.
A Board member confirmed that all necessary signatures for the amenity revision have been obtained from the various owners. He was unsure if Mr. Sullivan was involved in the process and asked for clarification. They then stated that with the signatures complete, the team should be able to go to the city and pull a permit for vertical construction. He expressed hope that this next step could proceed and asked if Mr. Welch was involved in that part.
Mr. Sullivan stated that they had not seen the amenity revision and clarified they were not involved in that specific task. Mr. Welch confirmed that he was involved in the upcoming permitting process.

District Manager’s Report
Approval of Check Register (August – March)
Mr. LeBrun stated the check register can be found on page 37 of the electronic agendas. He also noted that the Board has not met in a while, and the check register covers the period from August 2025 through the end of March 2026. Due to this extended time frame since the last meeting there is a larger than usual number of entries in the register. He indicated they were open to questions about it, and if there were none, a motion to approve was expected.

On MOTION by Mr. Eckley, seconded by Mr. Tobin, with all in favor, the Check Register, was approved.

Balance Sheet and Income Statement
Mr. LeBrun presented the balance sheet and the income statement. He indicated that those were the unaudited financials. No action is required.

Designation of November 20, 2026 as the Landowner’s Meeting Date
Mr. LeBrun stated that the last item was the designation of November 20, 2026 for the regular November meeting. This date will also serve as the landowner's election, which is required in 2026 since it is an election year. He clarified that this is specifically a landowner's seat election, not part of the general election, and emphasized that the election must take place in November.

On MOTION by Mr. Walker Douglas, seconded by Mr. Tobin with all in favor, Designation of November 20, 2026 as the Landowner’s Meeting Date, was approved.

TENTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

ELEVENTH ORDER OF BUSINESS	Supervisors Requests
There being no comments, the next item followed.

TWELFTH ORDER OF BUSINESS	Adjournment
Mr. LeBrun adjourned the meeting.

On MOTION by Mr. Jeffrey Douglas, seconded by Mr. Fife with all in favor, the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman

Section IV

Section A

July 9, 2026

To: Board of Supervisors of The Landings Community Development District

Re: Letter of Resignation

Dear Chairman and Members of the Board,

I am writing to formally resign from my position as Assistant Secretary of the Board of Supervisors of The Landings Community Development District, effective immediately as of July 9, 2026.

Sincerely,

Walker Douglas Assistant Secretary
The Landings Community Development District Board of Supervisors

Section C

RESOLUTION 2026-04
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LANDINGS COMMUNITY DEVELOPMENT DISTRICT DESIGNATING AN ASSISTANT SECRETARY OF THE DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE

Whereas, the Landings Community Development District (hereinafter the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated within the City of Palm Coast, Flagler County, Florida; and
Whereas, the Board of Supervisors of the District desires to appoint an Assistant Secretary.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE LANDINGS COMMUNITY DEVELOPMENT DISTRICT:

Section 1.		is appointed Assistant Secretary. Section 2.	This Resolution shall become effective immediately upon its adoption. Passed and adopted this 17th day of July, 2026.
ATTEST:	LANDINGS	COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairperson, Board of Supervisors

Section V

LANDINGS
COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

LANDINGS COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA

TABLE OF CONTENTS

	  Page		
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-6	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	7	
Statement of Activities	8	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	9	
Reconciliation of the Balance Sheet – Governmental Funds		
to the Statement of Net Position	10	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
11	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
12	
Notes to Financial Statements	13-20	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund	
21	
Notes to Required Supplementary Information	22	
OTHER INFORMATION		
Data Elements Required by Florida Statute 218.39(3)(c)	23	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

24-25	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

26	
MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA	
27-28	

INDEPENDENT AUDITOR’S REPORT
To the Board of Supervisors
Landings Community Development District City of Palm Coast, Florida

1001 W. Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of Landings Community Development District, City of Palm Coast, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2025, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The District’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore there is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated April 21, 2026, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

April 21, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Landings Community Development District, City of Palm Coast, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2025. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($780,709).

The change in the District’s total net position in comparison with the prior fiscal year was ($413,485), a decrease. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2025, the District’s governmental funds reported combined ending fund balances of $3,227,698, an increase of $1,696,398 in comparison with the prior fiscal year. The total fund balance is restricted for debt service and capital projects, and the remainder is unassigned which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s financial statements. The District’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.

The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The government-wide financial statements include all governmental activities that are principally supported by Developer contributions. The District does not have any business-type activities. The governmental activities of the District include the general government (management) function.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

OVERVIEW OF FINANCIAL STATEMENTS (Continued)

Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains three governmental funds for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, debt service fund and capital projects fund, all of which are considered major funds.

The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget.

Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, liabilities exceeded assets at the close of the most recent fiscal year.

Key components of the District’s net position are reflected in the following table:
NET POSITION SEPTEMBER 30,
	2025	2024	
Current and other assets	$	3,624,334	$	2,256,380	
Capital assets, net of depreciation	9,322,324	5,229,830	
Total assets	12,946,658	7,486,210	
Current liabilities	661,814	839,309	
Long-term liabilities	13,065,553	7,014,125	
Total liabilities	13,727,367	7,853,434	
Net position	
Net investment in capital assets	(1,793,936)	(1,274,820)	
Restricted	998,898	913,718	
Unrestricted	14,329	(6,122)	
Total net position	$	(780,709)	$	(367,224)	

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

The District’s net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure) less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations.

The District’s net position decreased during the most recent fiscal year. The majority of the decrease represents the extent to which the cost of operations exceeded ongoing program revenues.
Key elements of the change in net position are reflected in the following table:
CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
	2025	2024	
Revenues:
Program revenues
Operating grants and contributions	

$	145,257	

$	92,083	
Capital grants and contributions	342,759	115,605	
Total revenues	488,016	207,688	
Expenses:	
General government	88,732	96,697	
Bond issue costs	326,000	372,251	
Interest	486,769	114,294	
Total expenses	901,501	583,242	
Special items - gain on cancellation of debt	-	9,945	
Change in net position	(413,485)	(365,609)	
Net position - beginning	(367,224)	(1,615)	
Net position - ending	$	(780,709)	$	(367,224)	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025, was $901,501. The costs of the District’s activities were primarily funded by program revenues which were comprised of Developer contributions. The majority of the increase in program revenues is the result of an increase in Developer contributions. In total, expenses increased in the current fiscal year primarily as a result of an increase in interest expense.
GENERAL BUDGETING HIGHLIGHTS

An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets
At September 30, 2025, the District had $9,322,324 invested in capital assets. No depreciation has been taken in the current fiscal year as the District’s infrastructure and other capital assets are under construction. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt
At September 30, 2025, the District had $13,105,000 Bonds outstanding. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS
Subsequent to fiscal year end, the District anticipates an increase in operations as the District is built out. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, landowners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Landings Community Development District’s Finance Department at 219 E. Livingston Street, Orlando, FL 32801.

LANDINGS COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash and cash equivalents	$	22,203	
Due from Developer	14,443	
Restricted assets:		
Investments	3,587,688	
Capital assets:		
Nondepreciable		9,322,324 	
Total assets		12,946,658 	
LIABILITIES		
Accounts payable	22,317	
Contracts and retainage payable	374,319	
Accrued interest payable	265,178	
Non-current liabilities:		
Due within one year	180,000	
Due in more than one year		12,885,553 	
Total liabilities		13,727,367 	
NET POSITION		
Net investment in capital assets	(1,793,936)	
Restricted for debt service	998,898	
Unrestricted		14,329 	
Total net position	 $	(780,709) 	

See notes to the financial statements

LANDINGS COMMUNITY DEVELOPMENT DISTRICT CITY OF PALM COAST, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net (Expense) Revenue and Changes in Net
	Program Revenues	Position   

Operating Grants and

Capital Grants and

Governmental

Functions/Programs		Expenses	Contributions	Contributions	Activities	 Primary government:
Governmental activities:
General government	$	88,732	$	103,178	$	342,759	$	357,205	
Interest on long-term debt	486,769	42,079	-	(444,690)	
Bond issue costs		326,000		-		-	(326,000)  Total governmental activities		901,501	145,257	342,759	(413,485) 

Change in net position	(413,485)	
Net position - beginning		(367,224) 	
Net position - ending	 $	(780,709) 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds		Total

Debt
General	Service

Capital Projects

Governmental Funds

ASSETS		
Cash and cash equivalents	$	22,203	$	-	$	-	$	22,203	
Investments	-	1,264,076	2,323,612	3,587,688	
Due from Developer	14,443	-	-	14,443	
Total assets	$	36,646	$ 1,264,076	$ 2,323,612	$ 3,624,334	

LIABILITIES, AND FUND BALANCES
Liabilities:
Accounts payable	

$	22,317	

$	-	

$	-	

$	22,317	
Contracts and retainage payable	-	-	374,319	374,319	
Total liabilities	22,317	-	374,319	396,636	

Fund balances: Restricted for:
Debt service	

-	

1,264,076	

-	

1,264,076	
Capital projects	-	-	1,949,293	1,949,293	
Unassigned	14,329	-	-	14,329	
Total fund balances	14,329	1,264,076	1,949,293	3,227,698	

Total liabilities and fund balances	
$	36,646	
$ 1,264,076	
$ 2,323,612	
$ 3,624,334	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

Fund balance - governmental funds	$ 3,227,698 Amounts reported for governmental activities in the statement of
net position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets, net of any accumulated depreciation, in the net position of the government as a whole.
Cost of capital assets	9,322,324
Accumulated depreciation		-   9,322,324
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable	(265,178)
Unamortized discounts on bonds	39,447
Bonds payable	 (13,105,000)		(13,330,731)  Net position of governmental activities		$		(780,709)

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

		Major Funds		Total	
		
General		Debt
Service	Capital
Projects	Governmental
Funds	
REVENUES							
Developer contributions	$	103,178	$	-	$	307,823	$	411,001	
Interest earnings		-		42,079	34,936	77,015	
Total revenues		103,178		42,079	342,759	488,016	

EXPENDITURES
Current:
General government		

88,732		

-	

-	

88,732	
Debt service:
Interest		
-		
334,462	
-	
334,462	
Bond issuance costs		-		-	326,000	326,000	
Capital outlay		-		-	4,092,494	4,092,494	
Total expenditures		88,732		334,462	4,418,494	4,841,688	

Excess (deficiency) of revenues over (under) expenditures		

14,446		

(292,383)	

(4,075,735)	

(4,353,672)	
OTHER FINANCING SOURCES (USES)
Transfers in (out)		
6,005		
(24,914)	
18,909	
-	
Bond proceeds		-		553,426	5,531,574	6,085,000	
Original issue discount		-		-	(34,930)	(34,930)	
Total other financing sources (uses)		6,005		528,512	5,515,553	6,050,070	

Net change in fund balances		
20,451		
236,129	
1,439,818	
1,696,398	
Fund balances - beginning		(6,122)		1,027,947	509,475	1,531,300	

Fund balances - ending	
$	
14,329	
$	
1,264,076	
$ 1,949,293	
$ 3,227,698	

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net change in fund balances - total governmental funds	$	1,696,398	
Amounts reported for governmental activities in the statement of activities are different because:		
Governmental funds report capital outlays as expenditures; however, the cost of those assets is eliminated in the statement of activities and capitalized in the statement of net position.	

4,092,494	
Governmental funds report the face amount of Bonds issued as financial resources when debt is first issued, whereas these amounts are eliminated in the statement of activities and recognized as long-term liabilities in the statement of net position.	

(6,085,000)	
In connection with the issuance of the Bonds, the original issue discount is reported as a financing use/source when debt is first issued, whereas this amount is eliminated in the statement of activities and reduces/increases long-term liabilities in the statement of net position.	

34,930	
Amortization of Bond discounts is not recognized in the governmental fund statements, but is reported as an expense in the statement of activities.	

(1,358)	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the governmental fund financial statements.	

	(150,949) 	
Change in net position of governmental activities	$	(413,485)	

See notes to the financial statements

CITY OF PALM COAST, FLORIDA NOTES TO FINANCIAL STATEMENTS

NOTE 1 - NATURE OF ORGANIZATION AND REPORTING ENTITY

Landings Community Development District (the "District") was established by the City Council of the City of Palm Coast’s approval of Ordinance No. 2022-17 effective on August 16, 2022 pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.
The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. The Board exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes. As of September 30, 2025, two Board members are affiliated with JTL Grand Landings Development, LLC (“Developer”), and one Board member is affiliated with Brookfield Kolter Land Partners LLC (“Developer”).

The Board has the responsibility for:
Allocating and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment; operating-type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.
Assessments
Assessments are non-ad valorem assessments on benefited property within the District. Operating and maintenance assessments are based upon the adopted budget and levied annually at a public hearing of the District. Debt service assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection under Florida Statutes. Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by the County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the debt service assessments on their property subject to various provisions in the Bond documents.
Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The District reports the following major governmental funds:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.
Debt Service Fund
The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.

Capital Projects Fund
This fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure within the District.

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.
When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.

Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:
The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.
The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.
Capital Assets
Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets’ lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

Long-Term Obligations
In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.
The District can establish limitations on the use of fund balance as follows:

Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.
Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

The District is required to establish a budgetary system and an approved Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year-end.

The District follows these procedures in establishing the budgetary data reflected in the financial statements.
Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
Public hearings are conducted to obtain comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriations for annually budgeted funds lapse at the end of the year.
NOTE 4 – DEPOSITS AND INVESTMENTS

Deposits
The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.

Investments
The District’s investments were held as follows at September 30, 2025:
Amortized Cost	Credit Risk	Maturities

US Bank Money Market

 $	3,587,688 
 $	3,587,688 

N/A

N/A

The District’s investments are held by a third party custodian and held in the District’s name.

Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.

Concentration risk – The District places no limit on the amount the District may invest in any one issuer.

Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.
However, the Bond Indenture limits the type of investments held using unspent proceeds.

Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.

Investments (Continued)
These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.
The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.

Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. Accordingly, the District’s investments have been reported at amortized cost above.

NOTE 5 – INTERFUND TRANSFERS

Interfund transfers for the fiscal year ended September 30, 2025, were as follows:
 Fund	Transfer in	Transfer out	
General	$	6,005	$	-
Debt service			-	24,914 Capital projects		18,909		-	
Total	 $	24,914	$	24,914 
Transfers are used to move revenues from the fund where collection occurs to the fund where funds have been reallocated for use. For the District, transfers totaling $24,914 were made from the debt service fund to the capital projects fund in accordance with the Bond Indentures. Additionally, $6,005 was transferred from the 2024 capital projects fund to the general fund to cover legal costs associated with the issuance of the Series 2024 Bonds.
NOTE 6 – CAPITAL ASSETS

Capital asset activity for the fiscal year ended September 30, 2025, was as follows:

Governmental activities

Beginning Balance

Additions	Reductions

Ending Balance

Capital assets, not being depreciated		
Infrastructure under construction	$	5,229,830	$	4,092,494	$	-	$	9,322,324	
Total capital assets, not being depreciated	5,229,830	4,092,494	-	9,322,324	

Governmental activities capital assets, net	
$	5,229,830	
$	4,092,494	
$	-	$	9,322,324	
The infrastructure intended to serve the District has been estimated at a total cost of approximately
$27,345,217. A portion of the project costs was expected to be financed with the proceeds from the issuance of Bonds with the remainder to be funded by the Developer and conveyed to the District. Upon completion, certain improvements are to be conveyed to others for ownership and maintenance responsibilities.

NOTE 7 – LONG TERM LIABILITIES

Series 2024
On June 26, 2024, the District issued $7,020,000 of Special Assessment Bonds, Series 2024, consisting of various Term Bonds with due dates from May 1, 2031, to May 1, 2055 and fixed interest rates ranging from 5% to 5.8%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing May 1, 2026, through May 1, 2055.
The Series 2024 Bonds are subject to redemption at the option of the District prior to their maturity. The Series 2024 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. Upon satisfaction of certain conditions, a portion of the original reserve requirements will be released to the Developer for construction costs paid on behalf of the District; this did not occur during the current fiscal year. The District was in compliance with the requirements at September 30, 2025.

Series 2025
On June 26, 2025, the District issued $6,085,000 of Special Assessment Bonds, Series 2025, consisting of various Term Bonds with due dates from May 1, 2035, to May 1, 2055, and fixed interest rates ranging from 4.8% to 6%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1. Principal on the Bonds is to be paid serially commencing May 1, 2026, through May 1, 2055.

The Series 2025 Bonds are subject to redemption at the option of the District prior to their maturity. The Series 2025 Bonds are subject to extraordinary mandatory redemption prior to maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture.
The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. Upon satisfaction of certain conditions, a portion of the original reserve requirements will be released to the Developer for construction costs paid on behalf of the District; this did not occur during the current fiscal year. The District was in compliance with the requirements at September 30, 2025.

Long-term Debt Activity
Changes in long-term liability activity for the fiscal year ended September 30, 2025, were as follows:

Governmental activities		
Series 2024	$	7,020,000	$	-	$	-	$	7,020,000	$	95,000	
Less: original issue discount	(5,875)	-	(194)	(5,681)	-	
Series 2025	-	6,085,000	-	6,085,000	85,000	
Less: original issue discount	-	(34,930)	(1,164)	(33,766)	-	
Total	$	7,014,125	$	6,050,070	$	(1,358)	$	13,065,553	$	180,000	

Beginning Balance

Additions	Reductions

Ending Balance

Due Within One Year

NOTE 7 – LONG TERM LIABILITIES (Continued)

Long-term Debt Activity (Continued)
At September 30, 2025, the scheduled debt service requirements on the long-term debt were as follows:

Year ending

	Governmental Activities	

  September 30:	Principal	Interest	Total	
2026	$	180,000	$	689,591	$	869,591	
2027	190,000	733,923	923,923	
2028	200,000	724,603	924,603	
2029	205,000	714,794	919,794	
2030	215,000	704,733	919,733	
2031-2035	1,280,000	3,348,121	4,628,121	
2036-2040	1,665,000	2,966,100	4,631,100	
2041-2045	2,215,000	2,440,566	4,655,566	
2046-2050	2,965,000	1,720,270	4,685,270	
2051-2055		3,990,000	733,450	4,723,450 	
	 $	13,105,000	$	14,776,151	$	27,881,151 	

NOTE 8 - DEVELOPER TRANSACTIONS

The Developer has agreed to fund the general operations of the District. In connection with that agreement, Developer contributions to the general fund were $103,178, which includes a receivable of
$14,443, as of September 30, 2025. The Developer also contributed a total of $307,823 to the capital projects fund.

NOTE 9 - CONCENTRATION

The District’s activity is dependent upon the continued involvement of the Developer and major landowners, the loss of which could have a material adverse effect on the District’s operations.
NOTE 10 - MANAGEMENT COMPANY

The District has contracted with a management company to perform services which include financial and accounting advisory services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.

NOTE 11 - RISK MANAGEMENT
The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims since inception of the District.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Budgeted
	Amounts	 Original & Final

Actual Amounts

Variance with Final Budget - Positive (Negative)

REVENUES
Developer contributions

 $	144,268	$	103,178	$	(41,090) 

Current:
General government	
144,268	
88,732	
55,536	
Total expenditures	144,268	88,732	55,536	

Excess (deficiency) of revenues				
over (under) expenditures	-	14,446	14,446	

OTHER FINANCING SOURCES (USES)
Transfer in (out)	

-	

6,005	

6,005	
Total other financing sources (uses)	-	6,005	6,005	

Net change in fund balances	
 $	-		
20,451	
 $	20,451 	
Fund balance - beginning			(6,122) 		
Fund balance - ending		 $	14,329 		

Total revenues	144,268	103,178	(41,090) EXPENDITURES

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 UNAUDITED

Element	Comments
Number of District employees compensated in the last pay period of the District’s fiscal year being reported.	3	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.	
2	
Employee compensation	$1,400	
Independent contractor compensation	$96,033	
Construction projects to begin on or after October 1; ($65K)	Not applicable	

Budget variance report	See the Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund	
Ad Valorem taxes;	Not applicable	
		
Non ad valorem special assessments;	Not applicable	
Special assessment rate	Operations and maintenance - N/A
Debt service - N/A	
Special assessments collected	Not applicable	
Outstanding Bonds:		
Series 2024, due May 1, 2055	$7,020,000	
Series 2025, due May 1, 2055	$6,085,000	

1001 W. Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Board of Supervisors
Landings Community Development District City of Palm Coast, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and the major funds of Landings Community Development District, City of Palm Coast, Florida (“District”) as of and for the fiscal year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated April 21, 2026.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

April 21, 2026

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Landings Community Development District City of Palm Coast, Florida
We have examined Landings Community Development District, City of Palm Coast, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025. Management is responsible for the District’s compliance with those requirements. Our responsibility is to express an opinion on the District’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2025.
This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Supervisors of Landings Community Development District, City of Palm Coast, Florida and is not intended to be and should not be used by anyone other than these specified parties.

April 21, 2026

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Landings Community Development District City of Palm Coast, Florida
Report on the Financial Statements

We have audited the accompanying basic financial statements of Landings Community Development District, City of Palm Coast, Florida ("District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated April 21, 2026.
Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated April 21, 2026, should be considered in conjunction with this management letter.
Purpose of this Letter

The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:
Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, as applicable, management, and the Board of Supervisors of Landings Community Development District, City of Palm Coast, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Landings Community Development District, City of Palm Coast, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

April 21, 2026

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None.

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None.

COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.
There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2024.
Any recommendations to improve the local governmental entity's financial management.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2025.
Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2025.
The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.
We applied financial condition assessment procedures and no deteriorating financial conditions were noted. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 23.

April 21, 2026

To the Board of Supervisors
Landings Community Development District City of Palm Coast, Florida

1001 Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

We have audited the financial statements of Landings Community Development District (“District”) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated April 21, 2026. Professional standards require that we advise you of the following matters relating to our audit.
We have also examined the District’s compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025 which was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.

Our Responsibility in Relation to the Financial Statement Audit

Our responsibility, as described by professional standards, is to form and express an opinion(s) about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.

Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the District solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.

We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process.

However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.
Any findings regarding significant deficiencies or material weaknesses in internal control over financial reporting, material noncompliance, or other matters noted during our audit, if any, are communicated in separate reports included in the District’s financial report—titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida.

Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.

Compliance with All Ethics Requirements Regarding Independence

The engagement team, others in our firm, as appropriate, and our firm, have complied with all relevant ethical requirements regarding independence.
With respect to financial statement preparation, the following safeguards are in place:

Management made all decisions and performed all management functions;
A competent individual was assigned to oversee the services;
Management evaluated the adequacy of the services performed;
Management evaluated and accepted responsibility for the result of the service performed; and
Management established and maintained internal controls, including monitoring ongoing activities.
Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies

Management is responsible for selecting and applying appropriate accounting policies. A summary of the significant accounting policies adopted by the District is included in Note 2 to the financial statements. There were no new accounting policies adopted and no changes in existing significant accounting policies or their application during the fiscal year, other than those described in Note 2, if any. No matters came to our attention that, under professional standards, we are required to inform you about concerning (1) the methods used to account for significant unusual transactions or (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.

Significant Accounting Estimates

Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments normally reflect management’s knowledge and experience about past and current events and assumptions about future events.

Certain accounting estimates, if present, may be particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them could differ markedly from management’s current judgments.

In connection with our audit, we considered the reasonableness of the accounting estimates used by management. The most sensitive accounting estimate(s) affecting the financial statements included, as applicable:

Management’s estimate of the useful lives of capital assets.
Management’s estimate of the liability for employee compensated absences.
Management’s estimate of the Net Other Post-Employment Benefits (OPEB) liability.
Management’s estimate of the Net Pension Liability.

If none of the above estimates or other sensitive estimates were applicable in the current year, this section should be read to indicate that no such significant accounting estimates were identified.

We evaluated the key factors and assumptions used by management to develop the estimate(s) and determined that they were reasonable in relation to the financial statements taken as a whole.

Financial Statement Disclosures

Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the District’s financial statements included, as applicable:

Long-term liabilities related to bonds payable and debt service requirements.
Litigation, claims, and assessments related to pending legal matters; and
Pension and Other Post-Employment Benefit (OPEB) plan disclosures.
If no such disclosures were identified for the current year, this section should be read to indicate that we did not note any financial statement disclosures involving significant judgment or sensitivity.

Circumstances Affecting the Auditor’s Report

Professional standards require us to communicate any circumstances that affect the form or content of our auditor’s report. If applicable, such circumstances—such as a modification of opinion, an emphasis-of-matter or other-matter paragraph, or a reference to substantial doubt about the District’s ability to continue as a going concern—are described in our auditor’s report included in the District’s financial report. If no such circumstances existed, this section should be read to indicate that our report was unmodified.

Significant Difficulties Encountered during the Audit

We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Corrected Misstatements

Professional standards require us to communicate all material misstatements identified and corrected during the audit. Management has corrected all misstatements that were identified as a result of our audit procedures. Any such audit adjustments, if applicable, are summarized in the accompanying schedule of journal entries. If none were identified, this section should be read to indicate that we did not note any misstatements that were material, individually or in the aggregate, to the financial statements taken as a whole.

Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the Districts’s financial statements or the auditor’s report. No such disagreements arose during the course of the audit.

Representations Requested from Management

Professional standards require that we obtain certain written representations from management as part of our audit. We have received such representations in a letter. A copy of this letter is available for your review upon request.

Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters.

Other Significant Matters, Findings, or Issues

In the normal course of our professional association with the District, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, significant events or transactions that occurred during the year, operating and regulatory conditions affecting the entity, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the District’s auditors.

As noted previously in this letter, any current-year findings identified during our audit are communicated in our separate reports titled Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Management Letter Pursuant to the Rules of the Auditor General of the State of Florida. If no findings were identified, this section should be read to indicate that we did not note any additional significant matters or findings requiring communication to those charged with governance.

This report is intended solely for the information and use of the Board of Supervisors and management of the District and is not intended to be and should not be used by anyone other than these specified parties.

Grau & Associates

Section VI

Section A

Annual Waterway Management Service Agreement
This Agreement made the date set forth below, by and between Florida Waterways, Inc., a Florida Corporation, hereinafter called “FLORIDA WATERWAYS”, and
Landings Community Development District – SW Track
c/o Governmental Management Services

hereinafter called “CUSTOMER”. The parties hereto agree as follows:
FLORIDA WATERWAYS agrees to manage certain lake(s), pond(s), and/or waterway(s) in accordance with the terms and conditions of this Agreement for a period of twelve (12) months from the date of receipt in the following location:
Twelve (12) annual visits for treatment and/or inspection of fourteen (14) wet detention ponds as shown on Waterway Map

CUSTOMER agrees to pay FLORIDA WATERWAYS, its agents or assigns, each month the following sum for specified waterway management services:

Algae and Aquatic Vegetation Control (including Floating Vegetation)	$	 895.00		
Shoreline Grass Control	$	 INCLUDED		
Debris Removal	$	 INCLUDED		
Management Reporting	$	 INCLUDED		
Triploid Grass Carp Stocking* w/ Included Permitting Assistance	$	 8.50/fish		
Water Quality & Chemistry Monitoring *	$	 INCLUDED		
Florida Waterways 100% Control Guarantee	$	 INCLUDED		
(Free Callback Service & Additional Treatments, if required)
Total Recurring Monthly Service Charges	$	895.00
*Services performed at FLORIDA WATERWAYS’ sole discretion for the success of the Waterway Management Services Agreement.
FLORIDA WATERWAYS agrees to commence Waterway Management Services within fifteen (15) business days, weather permitting, from the date of receipt of this executed Agreement plus initial deposit and/or issuance of required government permits.
The terms and conditions appearing on the reverse side form an integral part of this Agreement, and CUSTOMER hereby acknowledges that they have read and are familiar with the contents thereof. Agreement must be accepted in its entirety to be considered valid.

By:

FLORIDA WATERWAYS	CUSTOMER

Jim Schwartz	Printed: 	
Email: Jim@FloridaPond.com
Proposal Date:	June 24, 2026		Dated:		
The offer contained herein is withdrawn and this Agreement shall have no further force and effect unless executed and returned by CUSTOMER to FLORIDA WATERWAYS within ninety (90) days from the effective Proposal Date.

The Algae and Aquatic Vegetation Control and Shoreline Grass Control Programs will be conducted in a manner consistent with Best Management Practices (BMPs) intended to prevent the stormwater management facility (SWMF) and associated control structures from becoming clogged or choked with vegetative or aquatic growth to such an extent as to render them inoperable. Control of vegetative and aquatic growth may take 30-90 days depending upon species, materials used and environmental factors.
FLORIDA WATERWAYS, in its sole discretion, will implement an Integrated Pest Management (IPM) Plan for CUSTOMERS site which may utilize chemical, mechanical-physical, biological and/or cultural procedures (as applicable) for controlling aquatic plants, including:

Class I Prohibited Aquatic Plants listed by the Florida Department of Agriculture and Consumer Services as cited Rule 5B-64.011, F.A.C.
Category I & II Invasive Plant Species listed by Florida Exotic Pest Plan Council (FLEPPC)
These listed plants have a tendency to spread or become invasive in an ecosystem, sometimes in a rapid manner, so as to impair the ecosystem’s ability to function by altering its productivity, decomposition, water fluxes, nutrient cycling and loss, soil fertility, erosion, dissolved oxygen concentrations, or its ability to maintain its existing species diversity. These plants also have the ability to create dense, monospecific stands or monotypic stands which displace or destroy native plant habitat, destroy fish and wildlife habitats, inhibit water circulation, hinder navigation and irrigation, or severely restrict the recreational use of waterways.
Triploid grass carp stocking, if included, will be performed at stocking rates determined by FLORIDA WATERWAYS, within Florida Fish and Wildlife Conservation Commission permit guidelines. If deemed necessary, carp containment barriers will be coordinated with CUSTOMER at a rate of $45.00/SF. FLORIDA WATERWAYS designs and fabricates the industry’s best custom carp containment barriers out of welded aluminum construction. Barriers built by FLORIDA WATERWAYS are guaranteed to meet FWC’s specifications.
CUSTOMER agrees to provide adequate access to the SWMF, including boat access. Failure to provide boat access may require re-negation or termination of this Agreement. If, at time of treatment, access to the site has been restricted and FLORIDA WATERWAYS is unable to provide services, FLORIDA WATERWAYS reserves the right to impose a fuel surcharge as may be necessary.
CUSTOMER agrees that the system will be kept free of debris, trash, garbage, oils and greases, and other refuse. Included debris removal by FLORIDA WATERWAYS is limited to small, incidental litter that may accumulate within the SWMF. Removal of large debris resulting from intentional or unintentional dumping, vandalism, or weather events may result in additional service charges. Agreements that include debris removal shall consist of: Removal of casual trash such as cups, plastic bags and other man-made materials up to 20 lbs. during regularly scheduled service visits. Large or dangerous items such as biohazards and landscape debris will not be included.
Under the Shoreline Grass Control Program, FLORIDA WATERWAYS will treat border vegetation to the SWMF’s Normal Water Level (NWL) including, but not limited to torpedograss, cattails and other emergent vegetation such as woody brush and broadleaf weeds. Many of these species leave visible structure which may take several seasons to decompose. CUSTOMER is responsible for removing such structure if desired. CUSTOMER understands that during periods of prolonged drought, or due to a change in hydrological conditions, the SWMF’s water level may fall below the NWL elevation. Treatment of border vegetation below the NWL will be coordinated between CUSTOMER and FLORIDA WATERWAYS and may result in a service surcharge.
CUSTOMER understands that the full Contract Term is annual (12-months) and, that, for convenience, the Contract Price has been spread over a twelve-month period, and will be billed in equal monthly installments, and that individual monthly billings do not reflect the fluctuating seasonal costs of service.
FLORIDA WATERWAYS, in implementing the IPM, will use methods that protect or restore fish and wildlife habitat. CUSTOMER understands that some beneficial vegetation may be required in a body of water to maintain a balanced aquatic ecological system. When deemed necessary, FLORIDA WATERWAYS may plant and/or nurture certain variety of plants, which for various reasons, help to maintain ecological balance.
FLORIDA WATERWAYS shall maintain the following insurance coverage: a) Automobile Liability; b) Comprehensive General Liability;
c) comply with Florida’s Workers Compensation Law (FSS Chapter 420) statutory limits.
FLORIDA WATERWAYS agrees to hold CUSTOMER harmless from any loss, damage, or claims arising out of the sole negligence of FLORIDA WATERWAYS; however, FLORIDA WATERWAYS, shall in no event be liable to CUSTOMER, or others, for indirect special or consequential damages resulting from any cause whatsoever.
This Agreement may be terminated without cause by either party upon a 30-day written notice to the other party. However, such termination does not relieve CLIENT of its obligation to pay the full Contract Price for the entire Contract Term. Any unpaid balance of the Contract Price shall become immediately due and payable upon termination.
Upon completion of the term of this Agreement, or any extension thereof, this Agreement shall be automatically extended for a period equal to its original term unless terminated by either party. If required, FLORIDA WATERWAYS may adjust the monthly recurring service charge amount after the original term. FLORIDA WATERWAYS will submit written notification to CUSTOMER thirty (30) days prior to effective date of adjustment. If CUSTOMER is unable to comply with the adjustment, FLORIDA WATERWAYS shall be notified immediately in order to seek a resolution. If necessary, CUSTOMER may terminate this Agreement according to the procedure outlined in #11 above.
Should CUSTOMER become sixty (60) days delinquent, FLORIDA WATERWAYS may place the account on hold for non-payment and CUSTOMER will continue to be responsible for the monthly service charge even if the account is placed on hold. FLORIDA WATERWAYS reserves the right to impose a monthly service charge on past due balances and/or cancel the Agreement. Monthly interest will accrue on delinquent accounts at a rate of 1.5% per month. Service may be reinstated once the entire past due balance has been received in full, including interest. Should it become necessary for FLORIDA WATERWAYS to bring action for collection of monies due and owing under this Agreement, CUSTOMER agrees to pay collection costs, including, but not limited to reasonable attorney’s fees (including those on appeal) and court costs, and all other expenses incurred by FLORIDA WATERWAYS resulting from such collection action.

East-Central Florida Office 1575 Aviation Center Parkway Unit 514
Daytona Beach, FL 32114
(386) 349–LAKE (5253)

Lake & Pond Management

Services Overview

FLORIDA WATERWAYS, INC.
Your Trusted Waterway Advisers

www.FloridaLake.com	(904) 801-LAKE (5253)

www.FloridaLake.com

Florida Waterways, Inc. is a State-wide environmental firm specializing in pond and lake management using solution focused, science-based approaches. Florida Waterways has a team of environmental professionals who specialize in multiple disciplines including: aquatic biology and ecology, limnology, entomology, soils, chemistry, sampling, and landscape sciences. Florida Waterways provides lake and pond management services for the North Florida Region, Central Florida Region and Tampa Bay Region.
Florida Waterways is a full-service lake management provider offering annual pond and lake maintenance programs, aeration and fountain system installation and design, fish stocking and fisheries management, algae and aquatic weed control, mitigation and wetland management, and water quality restoration services.

Why Florida Waterways, Inc?

THE
FLORIDA WATERWAYS GUARANTEE
We put our money where our mouth is. When you purchase a service contract with the 100% Control Guarantee, we mean just that! Algae and nuisance vegetation are a thing of the past. We provide a cost quote and that is all you pay… regardless of whether it takes 2 applications or 10! Bar none, this is the best warranty in the business.

Licensed and Insured
Our Field Biologists are properly licensed with the Florida Department of Agriculture and Consumer Services for the services we offer and the locations we work in.
We carry General Liability Insurance, Automobile Insurance and Workers Compensation Coverage.
Knowledgeable
Florida Waterways has a team of environmental professionals who specialize in multiple disciplines including: aquatic biology and ecology, limnology, entomology, soils, chemistry, sampling, and landscape sciences.
Responsive
Immediate service when needed due to local concentration of professional staff.
Equipped
Our work takes us to some challenging environs. We’ve made the investment in a fleet of specialized equipment so we have the right tools for the job.
Accredited
As a company Florida Waterways is a member of the Florida Lake Management Society.
Our staff consists of degreed environmental professionals, Clemson University Master Pond Managers and University of Florida |Florida Master Naturalists.

 ALGAE & AQUATIC WEED CONTROL	

Control and maintenance of excessive algae
Control and maintenance of nuisance aquatic weeds
Control and maintenance of shoreline grasses and brush

Scheduled inspections and monitoring
Management reporting
Trash and debris removal

FLOATING FOUNTAIN DISPLAYS & AERATION SYSTEMS

Sales, service and installation of floating fountains and diffused bottom aeration systems. We carry top-tier manufactures with industry
leading warranties for peace of mind. Bathymetric models of diffused bottom aeration systems to custom design systems specified for your unique waterway.

Triploid Grass Carp are effective for the biological control of aquatic weeds, but require a permit through FWC. As a condition of the permit,
the stocked waterbody needs to have a method of fish containment, such as the use of a barrier. We design and fabricates the industry’s best custom carp containment barriers out of welded aluminum construction.
Florida Waterways is a Freshwater Frog & Fish Dealer and an FWC Authorized Triploid Grass Carp Supplier.

TRIPLOID GRASS CARP & FISHERIES MANAGEMENT

 WATER QUALITY MONITORING & CONSULTING	

Our team of experienced environmental professionals is available to help diagnose and determine the underlying conditions which may affect your waterway. We do mitigation planting and monitoring, bathymetry and sedimentation studies, water chemistry testing and monitoring and algae identification. By understanding the science behind the problems, we can provide you with cost effective solutions.

Section B

Annual Waterway Management Service Agreement
This Agreement made the date set forth below, by and between Florida Waterways, Inc., a Florida Corporation, hereinafter called “FLORIDA WATERWAYS”, and
Landings Community Development District – NW Track
c/o Governmental Management Services Richard Gray
Director of Field Operations & Maintenance

hereinafter called “CUSTOMER”. The parties hereto agree as follows:
FLORIDA WATERWAYS agrees to manage certain lake(s), pond(s), and/or waterway(s) in accordance with the terms and conditions of this Agreement for a period of twelve (12) months from the date of receipt in the following location:
Twelve (12) annual visits for treatment and/or inspection of nine (9) wet detention ponds as shown on Waterway Map

CUSTOMER agrees to pay FLORIDA WATERWAYS, its agents or assigns, each month the following sum for specified waterway management services:

Algae and Aquatic Vegetation Control (including Floating Vegetation)	$	 710.00		
Shoreline Grass Control	$	 INCLUDED		
Debris Removal	$	 INCLUDED		
Management Reporting	$	 INCLUDED		
Triploid Grass Carp Stocking* w/ Included Permitting Assistance	$	 8.50/fish		
Water Quality & Chemistry Monitoring *	$	 INCLUDED		
Florida Waterways 100% Control Guarantee	$	 INCLUDED		
(Free Callback Service & Additional Treatments, if required)
Total Recurring Monthly Service Charges	$	710.00
*Services performed at FLORIDA WATERWAYS’ sole discretion for the success of the Waterway Management Services Agreement.
FLORIDA WATERWAYS agrees to commence Waterway Management Services within fifteen (15) business days, weather permitting, from the date of receipt of this executed Agreement plus initial deposit and/or issuance of required government permits.
The terms and conditions appearing on the reverse side form an integral part of this Agreement, and CUSTOMER hereby acknowledges that they have read and are familiar with the contents thereof. Agreement must be accepted in its entirety to be considered valid.

By:

FLORIDA WATERWAYS	CUSTOMER

Jim Schwartz	Printed: 	
Email: Jim@FloridaPond.com
Proposal Date:	June 24, 2026		Dated:		
The offer contained herein is withdrawn and this Agreement shall have no further force and effect unless executed and returned by CUSTOMER to FLORIDA WATERWAYS within ninety (90) days from the effective Proposal Date.

The Algae and Aquatic Vegetation Control and Shoreline Grass Control Programs will be conducted in a manner consistent with Best Management Practices (BMPs) intended to prevent the stormwater management facility (SWMF) and associated control structures from becoming clogged or choked with vegetative or aquatic growth to such an extent as to render them inoperable. Control of vegetative and aquatic growth may take 30-90 days depending upon species, materials used and environmental factors.
FLORIDA WATERWAYS, in its sole discretion, will implement an Integrated Pest Management (IPM) Plan for CUSTOMERS site which may utilize chemical, mechanical-physical, biological and/or cultural procedures (as applicable) for controlling aquatic plants, including:

Class I Prohibited Aquatic Plants listed by the Florida Department of Agriculture and Consumer Services as cited Rule 5B-64.011, F.A.C.
Category I & II Invasive Plant Species listed by Florida Exotic Pest Plan Council (FLEPPC)
These listed plants have a tendency to spread or become invasive in an ecosystem, sometimes in a rapid manner, so as to impair the ecosystem’s ability to function by altering its productivity, decomposition, water fluxes, nutrient cycling and loss, soil fertility, erosion, dissolved oxygen concentrations, or its ability to maintain its existing species diversity. These plants also have the ability to create dense, monospecific stands or monotypic stands which displace or destroy native plant habitat, destroy fish and wildlife habitats, inhibit water circulation, hinder navigation and irrigation, or severely restrict the recreational use of waterways.
Triploid grass carp stocking, if included, will be performed at stocking rates determined by FLORIDA WATERWAYS, within Florida Fish and Wildlife Conservation Commission permit guidelines. If deemed necessary, carp containment barriers will be coordinated with CUSTOMER at a rate of $45.00/SF. FLORIDA WATERWAYS designs and fabricates the industry’s best custom carp containment barriers out of welded aluminum construction. Barriers built by FLORIDA WATERWAYS are guaranteed to meet FWC’s specifications.
CUSTOMER agrees to provide adequate access to the SWMF, including boat access. Failure to provide boat access may require re-negation or termination of this Agreement. If, at time of treatment, access to the site has been restricted and FLORIDA WATERWAYS is unable to provide services, FLORIDA WATERWAYS reserves the right to impose a fuel surcharge as may be necessary.
CUSTOMER agrees that the system will be kept free of debris, trash, garbage, oils and greases, and other refuse. Included debris removal by FLORIDA WATERWAYS is limited to small, incidental litter that may accumulate within the SWMF. Removal of large debris resulting from intentional or unintentional dumping, vandalism, or weather events may result in additional service charges. Agreements that include debris removal shall consist of: Removal of casual trash such as cups, plastic bags and other man-made materials up to 20 lbs. during regularly scheduled service visits. Large or dangerous items such as biohazards and landscape debris will not be included.
Under the Shoreline Grass Control Program, FLORIDA WATERWAYS will treat border vegetation to the SWMF’s Normal Water Level (NWL) including, but not limited to torpedograss, cattails and other emergent vegetation such as woody brush and broadleaf weeds. Many of these species leave visible structure which may take several seasons to decompose. CUSTOMER is responsible for removing such structure if desired. CUSTOMER understands that during periods of prolonged drought, or due to a change in hydrological conditions, the SWMF’s water level may fall below the NWL elevation. Treatment of border vegetation below the NWL will be coordinated between CUSTOMER and FLORIDA WATERWAYS and may result in a service surcharge.
CUSTOMER understands that the full Contract Term is annual (12-months) and, that, for convenience, the Contract Price has been spread over a twelve-month period, and will be billed in equal monthly installments, and that individual monthly billings do not reflect the fluctuating seasonal costs of service.
FLORIDA WATERWAYS, in implementing the IPM, will use methods that protect or restore fish and wildlife habitat. CUSTOMER understands that some beneficial vegetation may be required in a body of water to maintain a balanced aquatic ecological system. When deemed necessary, FLORIDA WATERWAYS may plant and/or nurture certain variety of plants, which for various reasons, help to maintain ecological balance.
FLORIDA WATERWAYS shall maintain the following insurance coverage: a) Automobile Liability; b) Comprehensive General Liability;
c) comply with Florida’s Workers Compensation Law (FSS Chapter 420) statutory limits.
FLORIDA WATERWAYS agrees to hold CUSTOMER harmless from any loss, damage, or claims arising out of the sole negligence of FLORIDA WATERWAYS; however, FLORIDA WATERWAYS, shall in no event be liable to CUSTOMER, or others, for indirect special or consequential damages resulting from any cause whatsoever.
This Agreement may be terminated without cause by either party upon a 30-day written notice to the other party. However, such termination does not relieve CLIENT of its obligation to pay the full Contract Price for the entire Contract Term. Any unpaid balance of the Contract Price shall become immediately due and payable upon termination.
Upon completion of the term of this Agreement, or any extension thereof, this Agreement shall be automatically extended for a period equal to its original term unless terminated by either party. If required, FLORIDA WATERWAYS may adjust the monthly recurring service charge amount after the original term. FLORIDA WATERWAYS will submit written notification to CUSTOMER thirty (30) days prior to effective date of adjustment. If CUSTOMER is unable to comply with the adjustment, FLORIDA WATERWAYS shall be notified immediately in order to seek a resolution. If necessary, CUSTOMER may terminate this Agreement according to the procedure outlined in #11 above.
Should CUSTOMER become sixty (60) days delinquent, FLORIDA WATERWAYS may place the account on hold for non-payment and CUSTOMER will continue to be responsible for the monthly service charge even if the account is placed on hold. FLORIDA WATERWAYS reserves the right to impose a monthly service charge on past due balances and/or cancel the Agreement. Monthly interest will accrue on delinquent accounts at a rate of 1.5% per month. Service may be reinstated once the entire past due balance has been received in full, including interest. Should it become necessary for FLORIDA WATERWAYS to bring action for collection of monies due and owing under this Agreement, CUSTOMER agrees to pay collection costs, including, but not limited to reasonable attorney’s fees (including those on appeal) and court costs, and all other expenses incurred by FLORIDA WATERWAYS resulting from such collection action.

East-Central Florida Office 1575 Aviation Center Parkway Unit 514
Daytona Beach, FL 32114
(386) 349–LAKE (5253)

Lake & Pond Management

Services Overview

FLORIDA WATERWAYS, INC.
Your Trusted Waterway Advisers

www.FloridaLake.com	(904) 801-LAKE (5253)

www.FloridaLake.com

Florida Waterways, Inc. is a State-wide environmental firm specializing in pond and lake management using solution focused, science-based approaches. Florida Waterways has a team of environmental professionals who specialize in multiple disciplines including: aquatic biology and ecology, limnology, entomology, soils, chemistry, sampling, and landscape sciences. Florida Waterways provides lake and pond management services for the North Florida Region, Central Florida Region and Tampa Bay Region.
Florida Waterways is a full-service lake management provider offering annual pond and lake maintenance programs, aeration and fountain system installation and design, fish stocking and fisheries management, algae and aquatic weed control, mitigation and wetland management, and water quality restoration services.

Why Florida Waterways, Inc?

THE
FLORIDA WATERWAYS GUARANTEE
We put our money where our mouth is. When you purchase a service contract with the 100% Control Guarantee, we mean just that! Algae and nuisance vegetation are a thing of the past. We provide a cost quote and that is all you pay… regardless of whether it takes 2 applications or 10! Bar none, this is the best warranty in the business.

Licensed and Insured
Our Field Biologists are properly licensed with the Florida Department of Agriculture and Consumer Services for the services we offer and the locations we work in.
We carry General Liability Insurance, Automobile Insurance and Workers Compensation Coverage.
Knowledgeable
Florida Waterways has a team of environmental professionals who specialize in multiple disciplines including: aquatic biology and ecology, limnology, entomology, soils, chemistry, sampling, and landscape sciences.
Responsive
Immediate service when needed due to local concentration of professional staff.
Equipped
Our work takes us to some challenging environs. We’ve made the investment in a fleet of specialized equipment so we have the right tools for the job.
Accredited
As a company Florida Waterways is a member of the Florida Lake Management Society.
Our staff consists of degreed environmental professionals, Clemson University Master Pond Managers and University of Florida |Florida Master Naturalists.

 ALGAE & AQUATIC WEED CONTROL	

Control and maintenance of excessive algae
Control and maintenance of nuisance aquatic weeds
Control and maintenance of shoreline grasses and brush

Scheduled inspections and monitoring
Management reporting
Trash and debris removal

FLOATING FOUNTAIN DISPLAYS & AERATION SYSTEMS

Sales, service and installation of floating fountains and diffused bottom aeration systems. We carry top-tier manufactures with industry
leading warranties for peace of mind. Bathymetric models of diffused bottom aeration systems to custom design systems specified for your unique waterway.

Triploid Grass Carp are effective for the biological control of aquatic weeds, but require a permit through FWC. As a condition of the permit,
the stocked waterbody needs to have a method of fish containment, such as the use of a barrier. We design and fabricates the industry’s best custom carp containment barriers out of welded aluminum construction.
Florida Waterways is a Freshwater Frog & Fish Dealer and an FWC Authorized Triploid Grass Carp Supplier.

TRIPLOID GRASS CARP & FISHERIES MANAGEMENT

 WATER QUALITY MONITORING & CONSULTING	

Our team of experienced environmental professionals is available to help diagnose and determine the underlying conditions which may affect your waterway. We do mitigation planting and monitoring, bathymetry and sedimentation studies, water chemistry testing and monitoring and algae identification. By understanding the science behind the problems, we can provide you with cost effective solutions.

Section C

FUTURE HORIZONS, INC

P.O Box 1115 Hastings, FL 32145

June 24, 2026

Seminole Trace - Southwest Tract
Attn: Richard Gray Palm Coast, Florida

RE: Monthly Aquatic Services Proposal

PROPOSAL

3878 Prospect Ave Suite 13, Riviera Beach, FL 33404

rgray@rmsnf.com

One-year agreement (Auto Renewal)

We propose hereby to furnish material and labor to complete in accordance with specifications below, for the sum of:
Eleven Thousand Five-Hundred Twenty Dollars and 00/100	$1l,520.00

Payments to be made as follows:
Monthly payments of $960.00; invoiced at the completion of treatment and payable within thirty days.

We hereby submit specifications and estimates for:
FUTURE HORIZONS, INC. will implement and maintain a monthly aquatic plant management program for 14 ponds (approx. 26 acres) located at Seminole Trace, Palm, Coast, Florida.
FUTURE HORJZONS, INC. will provide all labor, equipment, herbicides and technology to control all emergent, submersed, floating aquatic vegetation and algae.
FUTURE HORIZONS, INC will inspect and/or apply the herbicides once each month to control and prevent the vegetation from reestablishing in the designated area.

FUTURE HORIZONS, INC. will use only state approved herbicides, application techniques and certified applicators in treating the designated area.

FUTURE HORIZONS, INC. will provide proofofone million dollars liability and vehicle insurance and workers compensation upon request.

FUTURE HORIZONS, INC. reserves the right to stop the aquatic management program should customer fail to pay each invoice within sixty (60) days. Once delinquent invoices are paid in full, there will be an additional start-up fee often percent of the remaining contract balance. This start-up fee will be paid before additional treatments are made by the contractor. This start-up fee is necessary because of regrowth of aquatic vegetation.

This contract will be renewed automatically annually but may be canceled by either party with sixty days' written notice. Should legal services become necessary in collection of the outstanding debt of this contract, it would become the financial obligation of the proposed client.

Upon acceptance, please sign and return this proposal and retain a copy for your files. 1.5 % interest will be added to payments for every thirty days past the due date.

*Credit Card Transactions over $1,000.00 will incur a 5% Administrative Fee

Customer or Authorized Agent Signature	Date

Section D

FUTURE HORIZONS, INC

P.O Box 1115 Hastings, FL 32145

June 24, 2026

Seminole Trace -Northwest Tract
Attn: Richard Gray Palm Coast, Florida

RE: Monthly Aquatic Services Proposal

PROPOSAL

3878 Prospect Ave Suite 13, Riviera Beach, FL 33404

rgray@rmsnf.com

One-year agreement (Auto Renewal)

We propose hereby to furnish material and labor to complete in accordance with specifications below, for the sum of:
Eight Thousand One-Hundred Sixty Dollars and 00/100	$8,160.00

Payments to be made as follows:
Monthly payments of $680.00; invoiced at the completion of treatment and payable within thirty days.

We hereby submit specifications and estimates for:
FUTURE HORIZONS, INC. will implement and maintain a monthly aquatic plant management program for nine ponds (approx. 20.2 acres) located at Seminole Trace, Palm, Coast, Florida.

FUTURE HORIZONS, INC. will provide all labor, equipment, herbicides and technology to control all emergent, submersed, floating aquatic vegetation and algae.

FUTURE HORIZONS, INC will inspect and/or apply the herbicides once each month to control and prevent the vegetation from reestablishing in the designated area.

FUTURE HORJZONS, INC. will use only state approved herbicides, application techniques and certified applicators in treating the designated area.

FUTURE HORJZONS, INC. will provide proof of one million dollars liability and vehicle insurance and workers compensation upon request.

FUTURE HORIZONS, INC. reserves the right to stop the aquatic management program should customer fail to pay each invoice within sixty (60) days. Once delinquent invoices are paid in full, there will be an additional start-up fee often percent of the remaining contract balance. This start-up fee will be paid before additional treatments are made by the contractor. This start-up fee is necessary because of regrowth of aquatic vegetation.

This contract will be renewed automatically annually but may be canceled by either party with sixty days' written notice. Should legal services become necessary in collection of the outstanding debt of this contract, it would become the financial obligation of the proposed client.

Upon acceptance, please sign and return this proposal and retain a copy for your files. l .5 % interest will be added to payments for every thirty days past the due date.

*Credit Card Transactions over $1,000.00 will incur a 5% Administrative Fee

Customer or Authorized Agent Signature	Date

F6tureHorizons, Inc. Signature

Section E

Landings CDD Northwest Tract

Date: 07-07-26
Name: Rich Gray
Phone: (904)759-8890
Email: rgray@rmsnf.com Address: Citation boulevard
City/State/Zip: Palm Coast, FL 32164

This agreement, made by and between Lake Pros, LLC (“Contractor”) and, Landings CDD Northwest Tract (“Owner”) includes:

-Monthly Lake Maintenance Agreement-

Monthly Lake Maintenance Service for nine (9) ponds totaling a minimum of twelve (12) service visits per year
Algae and Aquatic Weed Control
Border Grass and Brush Control
Underwater and Floating Vegetation Control
Casual Debris and Trash Removal
Treatment and Inspection Reporting
Stormwater Structure Inspections & Grate Cleaning

Monthly Lake Maintenance Investment: $800.00 per month

Terms and Conditions:

LAKE PROS monthly treatments include EPA certified herbicides applications, beneficial bacteria, casual debris clean up, and structure monitoring. Services outside of the maintenance scope will be subject to a one-time fee that is agreed upon by the CUSTOMER in writing.

Debris clean-up is limited to casual debris: such as cups, cans, bags, and other non-natural materials along the shoreline. Debris Clean-up service does NOT include extensive debris and trash cleanup in the event of a major storm event. (Example: Hurricane). Does NOT include construction debris, tires, shopping carts, and other large, discarded debris.

This agreement shall automatically renew for its original term on the anniversary starting date of this contract. The monthly service amount may be adjusted, as agreed upon by both Parties, and set forth in writing.

Invoices submitted for work completed shall be paid within 30 days of receipt. If payment has not been received within 30 days, invoices will accrue an interest at 2% per month. After two consecutive months without receiving payment, the account will be put on hold.

CUSTOMER understands that the annual investment amount has been spread out over a twelve-month period. If the CUSTOMER puts the account on hold, or LAKE PROS puts the account on hold due to lack of payment, an additional start-up fee may be required.

LAKE PROS will maintain insurance coverage, which includes General Liability Property Damage, Automobile Liability, and Workman's Compensation at its own expense.

The Customer agrees to inform LAKE PROS in writing if any lake or pond areas have been, or are scheduled, to be mitigated (planted with required or beneficial aquatic vegetation). Emergent weed control may not be performed within mitigated areas, new or existing, unless specifically stated by separate contract or modification of the agreement.
If at any time during the agreement, the customer is not satisfied with LAKE PROS service, the customer can cancel the agreement with a 30-day written notice.

Federal and State regulations require that various water time-use restrictions be observed during and following some treatments. LAKE PROS will notify the customer of such restriction. It shall be the customer’s responsibility to observe the restrictions throughout the required period. The customer understands and agrees that, notwithstanding any other provision of the agreement, LAKE PROS does not assume any liability for failure by any party to be notified of, or to observe. The above regulations.

LAKE PROS shall not be responsible for acts beyond our control. These include, but aren’t limited to, adverse weather conditions, Acts of God, Strikes, government regulations or order, acts of vandalism, theft or third-party actions.

The customer warrants that he or she is authorized to execute the water management agreement on behalf of the riparian owner and to hold LAKE PROS harmless for consequences of such service not arising out of the sole negligence of LAKE PROS.

LAKE PROS agrees to hold the customer harmless from any loss, damage, or claims arising out of the sole negligence of LAKE PROS. However, LAKE PROS shall in no event be liable to the customer or others indirect, special or consequential damages resulting from any cause whatsoever.

Water use restrictions ensuing treatment are rarely required. If required, LAKE PROS will notify the customer in writing. LAKE PROS will not be held responsible if customer fails to follow water use restrictions.

Customer Acceptance:

“OWNER”		“CONTRACTOR”	
		Lake Pros, LLC	
Signature:		Signature:			
Print:		Print: 	Chad Bass		
Date:		Date: 	07/07/2026		

Section F

Landings CDD Southwest Tract

Date: 07-07-26
Name: Rich Gray
Phone: (904)759-8890
Email: rgray@rmsnf.com Address: Citation boulevard
City/State/Zip: Palm Coast, FL 32164

This agreement, made by and between Lake Pros, LLC (“Contractor”) and, Landings CDD Southwest Tract (“Owner”) includes:

-Monthly Lake Maintenance Agreement-

Monthly Lake Maintenance Service for fourteen (14) ponds totaling a minimum of twelve (12) service visits per year
Algae and Aquatic Weed Control
Border Grass and Brush Control
Underwater and Floating Vegetation Control
Casual Debris and Trash Removal
Treatment and Inspection Reporting
Stormwater Structure Inspections & Grate Cleaning

Monthly Lake Maintenance Investment: $1,088.00 per month

Terms and Conditions:

LAKE PROS monthly treatments include EPA certified herbicides applications, beneficial bacteria, casual debris clean up, and structure monitoring. Services outside of the maintenance scope will be subject to a one-time fee that is agreed upon by the CUSTOMER in writing.

Debris clean-up is limited to casual debris: such as cups, cans, bags, and other non-natural materials along the shoreline. Debris Clean-up service does NOT include extensive debris and trash cleanup in the event of a major storm event. (Example: Hurricane). Does NOT include construction debris, tires, shopping carts, and other large, discarded debris.

This agreement shall automatically renew for its original term on the anniversary starting date of this contract. The monthly service amount may be adjusted, as agreed upon by both Parties, and set forth in writing.

Invoices submitted for work completed shall be paid within 30 days of receipt. If payment has not been received within 30 days, invoices will accrue an interest at 2% per month. After two consecutive months without receiving payment, the account will be put on hold.

CUSTOMER understands that the annual investment amount has been spread out over a twelve-month period. If the CUSTOMER puts the account on hold, or LAKE PROS puts the account on hold due to lack of payment, an additional start-up fee may be required.

LAKE PROS will maintain insurance coverage, which includes General Liability Property Damage, Automobile Liability, and Workman's Compensation at its own expense.

The Customer agrees to inform LAKE PROS in writing if any lake or pond areas have been, or are scheduled, to be mitigated (planted with required or beneficial aquatic vegetation). Emergent weed control may not be performed within mitigated areas, new or existing, unless specifically stated by separate contract or modification of the agreement.
If at any time during the agreement, the customer is not satisfied with LAKE PROS service, the customer can cancel the agreement with a 30-day written notice.

Federal and State regulations require that various water time-use restrictions be observed during and following some treatments. LAKE PROS will notify the customer of such restriction. It shall be the customer’s responsibility to observe the restrictions throughout the required period. The customer understands and agrees that, notwithstanding any other provision of the agreement, LAKE PROS does not assume any liability for failure by any party to be notified of, or to observe. The above regulations.

LAKE PROS shall not be responsible for acts beyond our control. These include, but aren’t limited to, adverse weather conditions, Acts of God, Strikes, government regulations or order, acts of vandalism, theft or third-party actions.

The customer warrants that he or she is authorized to execute the water management agreement on behalf of the riparian owner and to hold LAKE PROS harmless for consequences of such service not arising out of the sole negligence of LAKE PROS.

LAKE PROS agrees to hold the customer harmless from any loss, damage, or claims arising out of the sole negligence of LAKE PROS. However, LAKE PROS shall in no event be liable to the customer or others indirect, special or consequential damages resulting from any cause whatsoever.

Water use restrictions ensuing treatment are rarely required. If required, LAKE PROS will notify the customer in writing. LAKE PROS will not be held responsible if customer fails to follow water use restrictions.

Customer Acceptance:

“OWNER”		“CONTRACTOR”	
		Lake Pros, LLC	
Signature:		Signature:			
Print:		Print: 	Chad Bass		
Date:		Date: 	07/07/2026		

Section VII

Section A

Landings CDD
Ponds - Northwest Tract

LANDSCAPE
MAINTENANCE
2026-2027

Prepared By: Samuel Ruiz
Yellowstone Landscape

Prepared For: Richard Gray GMS-NF, LLC

EXECUTIVE SUMMARY
Understanding Your Needs
After carefully assessing the landscape at Landings CDD Ponds - Northwest Tract, we recognize your specific challenges include aging irrigation infrastructure, inconsistent seasonal color displays,
and erosion issues along the main entrance. As a property that demands peak performance from your landscape, maintaining an impressive appearance year-round is crucial to your reputation.

Our Tailored Solution
Yellowstone Landscape proposes a comprehensive maintenance program designed specifically for your landscape, including:
Maintenance of 9 retention ponds - 32 occurrences annually.
Dedicated Account Manager with regular property walks and progress reporting

Why Choose Yellowstone Landscape
With years of experience serving properties like yours throughout the country, our team brings specialized expertise in landscape management. Our local branch location just a few miles from your property ensures rapid response times, while our established relationships with local suppliers guarantee the best plant materials for your unique environment.

Investment and Value

Your annual investment of $14,520.00 provides exceptional value through
reduced water consumption, extended plant life, and enhanced curb appeal, directly supporting property values and your overall satisfaction. Our proactive maintenance approach prevents costly replacements and expensive emergencies, providing budget predictability throughout our partnership.

Next Steps
Upon your approval, our transition team is prepared to begin service on 08/ 01 / 2026,
with a comprehensive 90-day improvement plan already developed specifically for your property. We welcome the opportunity to present this proposal to anyone else involved with this important partnership decision at your convenience.