Agenda - Landmark at Doral CDD

Transcription

LANDMARK AT DORAL
COMMUNITY DEVELOPMENT
DISTRICT
REGULAR MEETING
AGENDA
February 11, 2016
Landmark at Doral Community Development District
2300 Glades Road, Suite 100●Boca Raton, Florida 33431
Phone: (561) 571-0010●Fax: (561) 571-0013●Toll-free: (877) 276-0889
February 9, 2016
Board of Supervisors
ATTENDEES:
Please identify yourself each
time you speak to facilitate
accurate transcription of
meeting minutes.
Dear Board Members:
A Regular Meeting of the Landmark at Doral Community Development District’s Board of
Supervisors will be held on Thursday, February 11, 2016, at 10:00 a.m., at the offices of Lennar,
730 N.W. 107th Avenue, Suite 300, Miami, Florida 33172. The agenda is as follows:
1.
Call to Order/Roll Call
2.
Public Comments
3.
Consideration of Bond Financing Documents in Substantial Form
A.
Completion Agreement
B.
True-Up Agreement
C.
Collateral Assignment and Assumption of Development Rights Relating to Landmark
at Doral
D.
Declaration of Consent to Jurisdiction of Landmark at Doral Community
Development District (Imposition of Special Assessments and Imposition of Lien of
Record)
E.
Lien of Record
4.
Consideration of Land Swap and Authorization of District Officials to Proceed with Land
Swap Transaction
5.
Approval of January 14, 2016 Regular Meeting Minutes
6.
Other Business
7.
Staff Reports
A.
Attorney
B.
Engineer
C.
Manager
i.
Approval of Unaudited Financial Statements as of December 31, 2015
ii.
NEXT MEETING DATE: March 10, 2016 at 10:00 A.M.
Landmark at Doral CDD
February 11, 2016, Regular Meeting Agenda
Page 2
8.
Public Comments/Supervisors’ Requests
9.
Adjournment
Should you have any questions, please do not hesitate to contact me directly at (561) 719-8675.
Sincerely,
Craig A. Wrathell
District Manager
FOR BOARD MEMBERS AND STAFF TO
ATTEND BY TELEPHONE:
Call-in number: 1-888-354-0094
Conference ID: 2144145
PREPARED BY AND AFTER
RECORDING RETURN TO:
Michael J. Pawelczyk, Esq.
Billing, Cochran, Lyles, Mauro & Ramsey, P.A.
515 East Las Olas Boulevard, Sixth Floor
Fort Lauderdale, Florida 33301
COMPLETION AGREEMENT
(East Parcel)
This Completion Agreement (the “Agreement”) is made and entered into as of this ____ day
of February, 2016 (the “Effective Date”), by and between:
LANDMARK AT DORAL COMMUNITY DEVELOPMENT DISTRICT, a
local unit of special purpose government established pursuant to Chapter 190, Florida
Statutes, being situated in Doral, Miami-Dade County, Florida, and whose mailing
address is 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431 (the
“District”); and
LENNAR HOMES, LLC, a Florida limited liability company, the primary developer
of lands within the boundaries of the District, whose address is 730 NW 107th
Avenue, 3rd Floor, Miami, Florida 33172, and its successors and assigns (all referred
to herein as the “Developer”).
RECITALS
WHEREAS, the Developer is the owner and primary developer of certain lands within the
boundaries of the District, which lands are referred to as the District Lands, as later defined; and
WHEREAS, the District approved a First Supplemental Engineer’s Report, dated May 2014
(the “2014 Report”), in which the development within the boundaries of the District was recognized
as being subdivided into three parcels, known as the “North Parcel,”, the “South Parcel,” and the
“East Parcel,” which East Parcel includes approximately 15.7 acres of land and is more particularly
described in the Second Supplemental Engineer’s Report for Landmark at Doral Community
Development District, dated October 8, 2015, as amended and supplemented from time to time (the
“2015 Report”); and
WHEREAS, the District has determined that it is in the best interests of the present and
future landowners and is a special benefit to the lands within the District to finance, construct and
deliver certain community development systems, facilities, and improvements to serve the East
Parcel, including, without limitation, certain roadway, stormwater management, and water and sewer
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Completion Agreement – East
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improvements, water and sewer connection charges, and related improvements, all as such facilities,
systems, and improvements are more specifically described in the 2015 Report, prepared by Alvarez
Engineers, Inc. (the “Engineer”), and in the plans and specifications on file at the office of the
District (collectively, the “East Parcel Project”), which 2015 Report and East Parcel Project plans
and specifications are hereby incorporated into and made a part of this Agreement by reference; and;
and
WHEREAS, the lands referred to as the East Parcel are comprised of approximately 15.7 +/acres located within the boundaries of the District, as more particularly depicted in the 2015 Report
and as described in Exhibit A, attached hereto (the “District Lands”); and
WHEREAS, the Developer owns or controls all or a majority of the District Lands; and
WHEREAS, the District has imposed special assessments on the District Lands (the “Special
Assessments”) to secure the portion of the financing for the acquisition and construction of the East
Parcel Project and is issuing the Landmark at Doral Community Development District $ Special
Assessment Bonds, Series 2016 (East Parcel Project) in the amount of $3,475,000 (the “Series 2016
Bonds”); and,
WHEREAS, the assessable lands within the District Lands will be subject to the Special
Assessments relating to the Series 2016 Bonds to be issued to finance the costs of those
Improvements that specially benefit such District Lands; and
WHEREAS, the District intends to finance a portion of the cost of the East Parcel Project
through the use of proceeds from the issuance of the Series 2016 Bonds; and
WHEREAS, the Series 2016 Bonds are expected to be issued pursuant to an Amended and
Restated Master Trust Indenture dated as of January 1, 2016 and a Second Supplemental Indenture,
dated as of January 1, 2016, and each with U.S. Bank National Association, as trustee (the
“Trustee”), as the same may be supplemented from time to time (collectively, the “Indenture”), to be
executed by and between the District and Trustee, a financial institution authorized to serve as bond
trustee; and
WHEREAS, the Developer and the District hereby agree that the District will be obligated to
issue only the Series 2016 Bonds to fund a portion of the cost of the East Parcel Project and the
Developer will cause the East Parcel Project to be completed and conveyed to the District or
otherwise provide funds to the District to cause the East Parcel Project to be completed, as more fully
set forth herein; and
NOW THEREFORE, based upon good and valuable consideration and the mutual
covenants of the parties, the receipt of which and sufficiency of which is hereby acknowledged, the
District and the Developer agree as follows:
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1. INCORPORATION OF RECITALS. The recitals stated above are true and correct
and by this reference are incorporated by reference as a material part of this Agreement
2. COMPLETION OF IMPROVEMENTS.
(a)
The Developer and District agree and acknowledge that the available net proceeds of
the District's Series 2016 Bonds will provide only a portion of the funds necessary to complete the
East Parcel Project for the District Lands. The Developer hereby agrees, subject to the provisions of
this Agreement, including subsection (c) below (i) to complete or cause to be completed or (ii) to
provide funds to the District in an amount sufficient to allow the District to complete or cause to be
completed, those portions of the East Parcel Project which remain unfunded from the net proceeds of
the Series 2016 Bonds, including, but not limited to, all administrative, legal, warranty, engineering,
permitting or other related soft costs, for the Improvements specially benefiting the District Lands
(the “Remaining Improvements”) whether pursuant to existing contracts, contracts assigned by the
Developer to the District, or future contracts, and all change orders to any such contracts. The
Developer acknowledges that the Improvements are anticipated to be completed and conveyed by
_______, 201__, and the Developer has no reason to believe the Remaining Improvements will not
be completed and conveyed to the District within that time frame or that the Developer will not
provide funds to the District to permit the Remaining Improvements to be completed within that time
frame.
(b)
Nothing herein shall cause or be construed to require the District to issue additional
bonds or indebtedness, or to provide funds for any portion of the Remaining Improvements from any
source other than the proceeds of the Series 2016 Bonds.
(c)
The District and Developer hereby acknowledge and agree that the District’s
execution of this Agreement constitutes the manner and means by which the District will provide any
and all portions of the Remaining Improvements not funded by net proceeds of the Series 2016
Bonds, as follows:
(i)
The Developer shall diligently proceed to complete or cause to complete the
Remaining Improvements (without regard to the estimated cost thereof set forth in the 2015 Report)
and convey such completed components of the Remaining Improvements to the District, subject to
the terms of the Improvement Acquisition Agreement dated December 2, 2015, between the District
and the Developer and pertaining to the East Parcel Project, as the same may be amended by the
parties from time to time (collectively, the “Acquisition Agreement”); provided, however, when all
or any portion of the Remaining Improvements are the subject of an existing District contract,
whether let or assumed by the District, then upon notice to the Developer by the District, the
Developer shall promptly, in a commercially reasonable time, provide funds directly to the District in
an amount sufficient to complete the Remaining Improvements pursuant to such contract, including
change orders thereto.
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(ii)
When any portion of the Remaining Improvements are not the subject of an
existing District contract, then upon notice to the Developer by the District, the Developer, within a
commercially reasonable time, may request that it instead provide funds to the District in an amount
sufficient to allow the District to complete or cause to be completed those Remaining Improvements,
subject to a formal determination by the Board of Supervisors in advance that the option selected by
the Developer will not adversely impact the District and is in the District’s best interests.
(iii)
District and Developer acknowledge that references to the Series 2015 Bonds
in the Acquisition Agreement shall have the same meaning as the references in this Agreement to the
Series 2016 Bonds, as the District did not issue said bonds in the year 2015, as originally anticipated.
3.
OTHER CONDITIONS AND ACKNOWLEDGMENTS.
(a)
The District and the Developer agree and acknowledge that the exact location, size,
configuration and composition of the East Parcel Project may change from that described in the 2015
Report, depending upon final design of the development, permitting or other regulatory requirements
over time, or other factors. Material changes to the East Parcel Project shall be made by a written
amendment to the 2015 Report, which shall include an estimate of the cost of the changes.
(b)
The District and Developer agree and acknowledge that for any and all portions of the
Remaining Improvements which are constructed, or caused to be constructed, by the Developer for
the benefit of the District shall be conveyed to the District or such other appropriate unit of local
government as is designated in the 2015 Report or required by governmental regulation or
development approval. All conveyances to another governmental entity shall be in accordance with
and in the same manner as provided in any agreement between the District and the appropriate unit
of local government. All conveyances to the District shall be in accordance with an agreement or
agreements governing conveyances between the Developer and the District.
(c)
Notwithstanding anything to the contrary contained in this Agreement, the payment
or performance by the Developer of its completion obligations hereunder is expressly subject to,
dependent and conditioned upon (i) the issuance of Series 2016 Bonds in the aggregate par amounts
set forth above and use of the net proceeds thereof to fund a portion of the East Parcel Project for the
District Lands and (ii) the scope, configuration, size and/or composition of the Improvements for the
District Lands not materially changing from the 2015 Report, adopted by the District as of the
Effective Date hereof, without the consent of the Developer; provided, however, such consent will
not be necessary and the Developer must meet its completion obligations when the scope,
configuration, size and/or composition of the Improvements is materially changed in response a
requirement imposed by law or by a regulatory agency (to be understood as including any
governmental action or requirement) other than the District.
(d)
In the event of a conflict in a provision set forth in this Agreement and in the
Acquisition Agreement, the applicable provisions of the Acquisition Agreement shall control.
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4. DEFAULT AND PROTECTION AGAINST THIRD PARTY INTERFERENCE.
A default by either party under this Agreement shall entitle the other to all remedies available at law
or in equity, which may include, but not be limited to, the right of damages and/or specific
performance. Notice of default must be given to the Developer, and the Developer shall thereafter
have a commercially reasonable time to cure the default. The District shall be solely responsible for
enforcing its rights under this Agreement against any interfering third party. Nothing contained in
this Agreement shall limit or impair the District’s right to protect its rights from interference by a
third party to this Agreement.
5. AMENDMENTS. Amendments to and waivers of the provisions contained in this
Agreement may be made only by an instrument in writing which is executed by both the District and
the Developer.
6. AUTHORIZATION. The execution of this Agreement has been duly authorized by
the appropriate body or official of the District and the Developer, both the District and the Developer
have complied with all the requirements of law, and both the District and the Developer have full
power and authority to comply with the terms and provisions of this instrument.
7. NOTICES. All notices, requests, consents and other communications required or
permitted under this Agreement shall be in writing and shall be (as elected by the person giving such
notice) hand-delivered by prepaid express overnight courier or messenger service, telecommunicated,
or mailed (airmail if international) by registered or certified (postage prepaid), return receipt
requested, to the following addresses:
District:
2300 Glades Road, Suite 410W
Boca Raton, Florida 33431
Attention: District Manager
With copy to:
SunTrust Center, Sixth Floor
515 East Las Olas Boulevard
Attention: Dennis E. Lyles, Esq.
Developer:
Lennar Homes, LLC
730 NW 107th Avenue, 3rd Floor
Miami, Florida 33172
Attention: Division President
Except as otherwise provided in this agreement, any notice shall be deemed received only upon actual
delivery at the address set forth above. Notices delivered after 5:00 PM (at the place of delivery) or on
a non-business day shall be deemed received the next business day. If any time for giving notice
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contained in this Agreement would otherwise expire on a non-business day, the notice period shall be
extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by
the United States government shall not be regarded as business days. Any party or other person to
whom notices are to be sent or copied may notify the other parties and addressees of any changes in
name or address to which notices shall be sent by providing the same on five (5) days written notice to
the parties and addressees set forth herein.
8.
ARM'S LENGTH TRANSACTION. This Agreement has been negotiated fully
between the District and the Developer as an arm's length transaction. Both parties participated fully
in the preparation of this Agreement and received the advice of counsel. In the case of a dispute
concerning the interpretation of any provision of this Agreement, both parties are deemed to have
drafted, chosen, and selected the language, and the doubtful language will not be interpreted or
construed against either the District or the Developer.
9.
THIRD PARTY BENEFICIARIES. This Agreement is solely for the benefit of
the District and the Developer and no right or cause of action shall accrue upon or by reason, to or
for the benefit of any third party not a formal party to this Agreement. Nothing in this Agreement
expressed or implied is intended or shall be construed to confer upon any person or corporation other
than the District and the Developer any right, remedy, or claim under or by reason of this Agreement
or any of the provisions or conditions of this Agreement; and all of the provisions, representations,
covenants, and conditions contained in this Agreement shall inure to the sole benefit of and shall be
binding upon the District and the Developer and their respective representatives, successors,
successors in title, and assigns.
10.
SUCCESSORS. The rights and obligations created by this Agreement shall be
binding upon and inure to the benefit of Developer and District, their receivers, trustees, successors,
successors in title, and assigns.
11.
ASSIGNMENT. This Agreement, or any monies to become due hereunder, may be
assigned, provided that the assigning party first obtains the prior written approval of the other party,
which approval shall not unreasonably be withheld.
12.
CONSTRUCTION OF TERMS.
Whenever used the singular number shall
include the plural, the plural the singular; the use of any gender shall include all genders, as the
context requires; and the disjunctive shall be construed as the conjunctive, the conjunctive as the
disjunctive, as the context requires.
13.
CONTROLLING LAW. This Agreement and the provisions contained in this
Agreement shall be construed, interpreted, and controlled according to the laws of the State of
Florida.
14.
PUBLIC RECORDS. The Developer understands and agrees that all documents of
any kind provided to the District in connection with this Agreement are public records and are
treated as such in accordance with Florida law.
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15.
SEVERABILITY. The invalidity or unenforceability of any one or more provisions
of this Agreement shall not affect the validity or enforceability of the remaining portions of this
Agreement, or any part of this Agreement not held to be invalid or unenforceable.
16.
SOVEREIGN IMMUNITY. Developer agrees that nothing in this Agreement shall
constitute or be construed as a waiver of the District’s limitations on liability contained in Section
768.28, Florida Statutes, as amended, or other statutes or law.
17.
HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this
Agreement are for convenience only and shall not control nor affect the meaning or construction of
any of the provisions of this Agreement.
18.
COUNTERPARTS.
This Agreement may be executed in any number of
counterparts, each of which when executed and delivered shall be an original; however, all such
counterparts together shall constitute, but one and the same instrument. Signature and
acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy
of this document to physically form one document.
19.
COVENANT AND RECORDATION. The Developer, as the primary developer
and the owners of lands within the District Lands, agrees that the obligations imposed upon it by this
Agreement are valid and enforceable and shall be covenants running with the lands described in
Exhibit A hereto, which exhibit is again incorporated herein by reference, creating an obligation and
one which is binding upon successors, successors in title, and assigns. The District shall record this
Agreement in the Public Records of Miami-Dade County, Florida, against the lands so described.
Once the Developer has completed all the Improvements and any Remaining Improvements pursuant
to the terms of this Agreement and the Acquisition Agreement described herein, the District shall,
upon the written request of the Developer and as soon as reasonably practicable after verification that
said Improvements are complete, record in the public records a satisfaction in a form acceptable to
the District Counsel of the District.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
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IN WITNESS WHEREOF, the parties hereto execute this Completion Agreement and
further agree that it shall take effect as of the date first above written.
LANDMARK AT DORAL
DISTRICT
Witnesses:
______________________________
By:
______________________________
Print Name
______________________________
_______________________________
____________, Chair
Attest: _______________________________
Secretary/Assistant Secretary
______________________________
Print Name
_____ day of February, 2016
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
}
}
The foregoing instrument was acknowledged before me this ____ day of February, 2016, by
_______________, as Chair of the Board of Supervisors of the LANDMARK AT DORAL
COMMUNITY DEVELOPMENT DISTRICT, who is personally known and/or produced
______________________ as identification.
[SEAL]
STATE OF FLORIDA
_________________________________
Notary Public
Commission Expires: _______________
}
}
The foregoing instrument was acknowledged before me this _____ day of February, 2016, by
______________________, as Secretary/Assistant Secretary of the LANDMARK AT DORAL
COMMUNITY DEVELOPMENT DISTRICT. He or she is personally known to me or has
produced ___________________ as identification.
[SEAL]
_________________________________
Notary Public
Commission Expires: _______________
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LENNAR HOMES, LLC, a Florida limited
liability company
Witnesses:
________________________________
By:
________________________________
Print Name:
Print Name
Title:
________________________________
________________________________
Print Name
(CORPORATE SEAL)
STATE OF FLORIDA
}
}
______________________, as __________________ of LENNAR HOMES, LLC, a Florida
limited liability company.
He or she is personally known to me or has produced
___________________ as identification.
___________________________________
Notary Public
Commission Expires:__
________________
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Exhibit A
District Lands (East Parcel)
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PREPARED BY AND AFTER RECORDING
RETURN TO:
Michael J. Pawelczyk, Esq.
TRUE-UP AGREEMENT
(East Parcel)
This True-Up Agreement (the “Agreement”) is made and entered into this ______ day of
February, 2016 (the “Effective Date”), by and between:
LANDMARK AT DORAL COMMUNITY DEVELOPMENT DISTRICT, a
local unit of special purpose government established pursuant to Chapter 190, Florida
Statutes, being situated in Doral, Miami-Dade County, Florida, and whose mailing
address is 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431 (the
“District”); and
LENNAR HOMES, LLC, a Florida limited liability company, the primary developer
of lands within the boundaries of the District, whose address is 730 NW 107th
Avenue, 3rd Floor, Miami, Florida 33172, and its successors and assigns (all referred
to herein as the “Developer”).
RECITALS
WHEREAS, the Developer is the owner and developer of certain lands located within the
boundaries of the District, which lands are referred to as the East Parcel and which is described with
particularity in Exhibit A, attached hereto and made a part hereof (the “East Parcel”); and
WHEREAS, the District has undertaken the financing, acquisition and maintenance of
certain roadway, stormwater management, and water and sewer improvements, water and sewer
connection charges, and related improvements and incidental costs (the “East Parcel Project”)), said
East Parcel Project being more fully described in the Second Supplemental Engineer’s Report for
Landmark at Doral Community Development District, prepared by Alvarez Engineers, Inc., dated
October 8, 2015, as may be further amended and supplemented from time to time (the “Engineer’s
Report”), which Engineer’s Report is incorporated into this Agreement and specifically made a part
hereof; and
WHEREAS, the District has imposed and levied special assessments on the lands within the
East Parcel to secure financing for the acquisition and construction of a portion of the East Parcel
True-Up Agmt East Parcel (Landmark at Doral CDD)
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1
Project (the “Special Assessments”) under the Series 2016 Bonds, as later defined, and has validated
special assessment bonds to fund the planning, design, permitting, construction, or acquisition of
such East Parcel Project; and
WHEREAS, the District has imposed and levied the Special Assessments against the
assessable acreage of the East Parcel in accordance with the provisions of Chapters 170, 190 and
197, Florida Statutes, for purposes of paying certain Landmark at Doral Community Development
District Special Assessment Bonds, Series 2016 (the “Series 2016 Bonds”) to be issued pursuant to
Chapter 190, Florida Statutes; and
WHEREAS, this Agreement pertains to the development of the East Parcel, which is
proposed as a residential development consisting of 132 townhome/flat (condominium) units; and
WHEREAS, the District has accepted and utilized the provisions of the East Parcel Special
Assessment Methodology Report, dated October 9, 2015, prepared by Wrathell, Hunt and
Associates, LLC, as amended and supplemented from time to time, which is hereby incorporated
herein in its entirety by specific reference thereto and made a part hereof (the “Methodology
Report”); and
WHEREAS, the District has, in particular, relied upon and intends to utilize the true-up
analysis and mechanism set forth in section 5.5 of the Methodology Report; and
WHEREAS, the District and the Developer desire to provide for certain payments by the
Developer to the District in accordance with the true-up analysis and mechanism referenced above;
and
WHEREAS, unless otherwise defined herein, all capitalized terms shall be as defined in the
Methodology Report and the Indenture, as applicable, which Indenture is collectively defined as the
Amended and Restated Master Trust Indenture dated as of January 1, 2016 and the Second
Supplemental Trust Indenture, dated as of January 1, 2016 (collectively, the “Indenture”), each
between the District and U.S. Bank National Association, as trustee (the “Trustee”) and as such
Indenture may be further amended and supplemented from time to time in connection with all bonds
and other forms of indebtedness issued by the District.
NOW THEREFORE, in consideration of the mutual covenants herein contained, and for
Ten and no/100ths ($10.00) Dollars from the District to the Developer and other good and valuable
consideration between the parties, the receipt and sufficiency of which are hereby acknowledged by
the parties, and subject to the terms and conditions hereof, the parties agree as follows:
1.
INCORPORATION OF RECITALS. The recitals stated above are true and
correct and by this reference are incorporated by reference as a material part of this Agreement.
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2
2.
TRUE-UP PROVISIONS.
(a)
The true-up mechanism applies to undeveloped parcels, which at the time of this
Agreement pertains to all developable lands within the East Parcel. As the land within the East
Parcel that is benefitted by the Improvements financed with the net proceeds of the Series 2016
Bonds is developed, the allocation of costs and benefit for the East Parcel Project is based on an
expected or planned number of lots on which units of varying product types are to, as shown in Table
4 to the Methodology Report. The development plan of the Developer projects that 132
Townhomes/Flat (condominiums) residential units, which will be achieved when the benefited land
within the East Parcel (approximately 15.7+/- gross acres) is developed into individual lots or units
(the “Development Plan”).
(b)
The Methodology Report, particularly sections 5.1 through 5.4 and Table 4, allocates
the benefit among the different product types of units proposed in proportion to the density of
development as proposed in the District as measured by a standard unit called an Equivalent
Residential Unit (“ERU”). Table 4 of the Methodology Report illustrates the Development Plan
contemplated, the appropriate ERU weights that are proposed to be assigned to the different product
types of units based on the relative density of development, the total ERU counts for each product
type, and the share of benefit received by each product type of unit. The 132 residential units, made
up of 132 TH/Funits are each assigned an ERU weight of 1.0 (132 x 1.0 = 132.0 ERUs).
Notwithstanding that which is set forth above, if future platting or filing a declaration of
condominium results in significant changes in land use or proportion of benefit per acre, the
allocation methodology of the Methodology Report may no longer be applicable and the District
may, in its discretion, determine to revise the allocation methodology accordingly.
(c)
As development occurs, it is possible that the total number and types of units could
change, and therefore, the true-up calculation set forth in section 5.5 of the Methodology Report shall
be performed to assure that the principal assessment on a per unit basis never exceeds the initially
allocated assessment as contemplated in the Methodology Report and in Table 4 to the Methodology
Report.
(f)
The true-up test shall be as follows:
(i)
The true-up mechanism of section 5.5 of the Methodology Report shall be performed
and calculated when all developable and buildable lands within the East Parcel have
been platted, are subject to a recorded declaration of condominium, are subject to an
approved site plan, or any combination thereof, or the Developer has completed the
development of the lands within the District, whichever is soonest, or at any time
there is a change to the plat, declaration of condominium, site plan, or Development
Plan.
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3
(ii)
The District will assign the debt described in the Methodology Report and as
summarized in (b) above.
(iii)
After the true-up test is performed as required by (f)(i) above, as long as the
assessment amounts for each of the residential types listed in Table 4 of the
Methodology Report are equal to or less than the Special Assessments amount per
unit in said same Table 4 ($26,325.76 per unit/ERU), no additional assessment levy
is needed and no true-up adjustment is necessary. If, as a result of a change in the
plat, declaration of condominium, site plan or Development Plan, there will be more
of a particular type of residential unit than the number of units listed in Table 4,
meaning a higher assessment carrying capacity, then the per lot assessments for all
residential units will be recalculated based upon the higher total number of residential
units capable of carrying a higher assessment, and each unit’s assessment will be
reduced proportionally to the increase in the debt carrying capacity. In contrast, if
the change results in fewer units than that which is contemplated in Table 4, meaning
a lower assessment carrying capacity and an assessment on any particular unit type
being an amount that exceeds the Special Assessment amounts per unit contemplated
in Table 4 ($26,325.76 per unit/ERU), then the loss of the debt carrying capacity as
expressed in the loss of principal amount of debt shall be due and owing from
Developer to District and shall be collected from the Developer based upon each
unit’s proportionate assessment share caused by the reduced assessment carrying
capacity.
(iv)
Within ten (10) days following its receipt of written notice from the District that a
true-up payment is due, the Developer must make the debt reduction prepayment to
the District or directly to the trustee related to the Series 2016 Bonds, a true-up
payment equal to the difference between the actual assessment carrying capacity and
the contemplated assessment carrying capacity, equal to the principal amount of the
Series 2016 Bonds plus interest accrued to the first permitted redemption date. In
other words, the Developer shall make a true-up payment equal to the difference
between the actual assessment per ERU and $26,325/76 multiplied by the actual
number of ERUs developed plus accrued interest to the next succeeding interest
payment date on the Series 2016 Bonds. If the payment date occurs within 45 days of
such true-up payment, the accrued interest shall be paid on the following interest
payment date.
(g)
In the event that additional land not currently subject to the Series 2016 Bonds
Assessments levied by the District is developed in such a manner as to receive special benefit from
the East Parcel Project described herein, it will be necessary for the District to re-apply the
assessment methodology to include such parcels. The additional land will, as a result of re-applying
the assessment methodology of the Methodology Report, then be allocated an appropriate share of
the Special Assessments while all currently assessed parcels will receive a relative reduction in their
Rev 01-24-16
4
assessments. This pro-rata adjustment will still provide the same amount of revenue from such
special assessments necessary for repayment of the Series 2016 Bonds.
(h)
At final build-out of the lands within the District, if any debt remains unallocated, the
Developer shall make a payment to the District sufficient to retire all remaining unallocated debt.
(i)
If the Developer transfers ownership of any lands within the District, or any portion
thereof, such lands will maintain the allocated number of and types of units described in Table 4 of
the Methodology Report. As those lands are ultimately subdivided or platted, the true-up test will be
performed and the owner shall be responsible to make the payment to the District or directly to the
Trustee in the loss of debt carrying capacity as expressed in the loss of the principal amount of the
debt calculated after implementation of the true-up mechanism.
3.
VALIDITY OF ASSESSMENTS. Developer agrees that the Special Assessments
are legal, valid and binding liens on the property against which assessed from the date of imposition
thereof until paid, coequal with the lien of state, county, municipal and school board taxes.
Developer hereby waives and relinquishes any rights it may have to challenge, object to or otherwise
fail to pay such Special Assessments.
4.
PREPAYMENT WAIVER.
The Developer and its successors and assigns
covenants and agrees that it shall not exercise any right pursuant to Section 170.09, Florida Statutes,
or any other law or other source of rights to pre-pay Special Assessments, without interest, within the
thirty days after the Project has been completed and the District Board of Supervisors has adopted a
resolution accepting the Project, and such right is hereby deemed waived.
5.
COMPLETE UNDERSTANDING.
The parties agree that this instrument
embodies the complete understanding of the parties with respect to the subject matter of this
Agreement and supersedes all other agreements, verbal or otherwise.
6.
AMENDMENT. This Agreement may be amended only by a written instrument
signed by both parties. If any party fails to enforce their respective rights under this Agreement, or
fails to insist upon the performance of the other party's obligations hereunder, such failure shall not
be construed as a permanent waiver of any rights as stated in this Agreement.
7.
SEVERABILITY. The parties agree that if any part, term or provision of this
Agreement is held to be illegal or in conflict with any law of the State of Florida or with any federal
law or regulation, such provision shall be severable, with all other provisions remaining valid and
enforceable.
8.
CONTROLLING LAW; VENUE. This Agreement shall be construed under the
laws of the State of Florida. Venue for purposes of any litigation arising out of this Agreement shall
be in Miami-Dade County, Florida.
Rev 01-24-16
5
9.
AUTHORITY. The execution of this Agreement has been duly authorized by the
appropriate body or official of all parties hereto, each party has complied with all the requirements of
law, and each party has full power and authority to comply with the terms and provisions of this
Agreement.
10.
REMEDIES. A default by either party under the Agreement shall entitle the other
to all remedies available at law or in equity, which shall include but not be limited to the right of
damages, injunctive relief and specific performance and specifically include the ability of the District
to enforce any and all payment obligations under this Agreement through the imposition and
enforcement of a contractual or other lien on property owned by the Developer within the District.
11.
COSTS & FEES.
In the event that either party is required to enforce this
Agreement by court proceedings or otherwise, then the parties agree that the prevailing party shall be
entitled to recover from the other all costs incurred, including reasonable attorney's fees and costs for
trial, alternate dispute resolution, or appellate proceedings.
12.
NO THIRD-PARTY BENEFICIARIES. This Agreement is solely for the benefit
of the formal parties herein and no right or cause of action shall accrue upon or by reason hereof, to
or for the benefit of any third party not a formal party hereto. Nothing in this Agreement expressed
or implied is intended or shall be construed to confer upon any person or corporation other than the
parties hereto any right, remedy or claim under or by reason of this Agreement or any provisions or
conditions hereof; and all of the provisions, representations, covenants and conditions herein
contained shall inure to the sole benefit of and shall be binding upon the parties hereto and their
respective representatives, successors and assigns.
13.
ARM'S LENGTH TRANSACTION. This Agreement has been negotiated fully
between the parties in an arm's length transaction. The parties participated fully in the preparation of
this Agreement with the assistance of their respective counsel. In the case of a dispute concerning
the interpretation of any provision of this Agreement, the parties are deemed to have drafted, chosen
and selected the language, and the doubtful language will not be interpreted or construed against any
party.
14.
SUCCESSORS.
The rights and obligations created by this Agreement shall be
binding upon and inure to the benefit of Developer and District, their heirs, executors, receivers,
trustees, successors and assigns.
15.
CONSTRUCTION OF TERMS. Whenever used the singular number shall
include the plural, the plural the singular; the use of any gender shall include all genders, as the
context requires; and the disjunctive shall be construed as the conjunctive, the conjunctive as the
disjunctive, as the context requires.
Rev 01-24-16
6
16.
CAPTIONS.
The captions for each section of this Agreement are for
convenience and reference only and in no way define, describe, extend, or limit the scope of intent of
this Agreement, or the intent of any provision hereof.
17.
ASSIGNMENT.
This Agreement, or any monies to become due hereunder, may
be assigned, provided that the assigning party first obtains the prior written approval of the other
party, which approval shall not unreasonably be withheld.
18.
COUNTERPARTS AND EXECUTION. This Agreement may be executed in any
number of counterparts, each of which when executed and delivered shall be an original; however,
all such counterparts together shall constitute, but one and the same instrument. Signature and
acknowledgment pages, if any, may be executed by facsimile, which shall be good as an original, and
may be detached from the counterparts and attached to a single copy of this document to physically
form one document.
19. COVENANT AND RECORDATION. The Developer, as the primary developer and
the sole owner of the East Parcel, agrees that the obligations imposed upon it by this Agreement are
valid and enforceable and shall be covenants running with the lands described in Exhibit A hereto,
which exhibit is again incorporated herein by reference, creating an obligation and one which is
binding upon successor owners and assigns. The District shall record this Agreement in the Public
Records of Miami-Dade County, Florida, against the lands so described.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
Rev 01-24-16
7
IN WITNESS WHEREOF, the parties hereto execute this True-Up Agreement and further
agree that it shall take effect as of the Effective Date first above written.
ATTEST:
LANDMARK AT DORAL COMMUNITY
DEVELOPMENT DISTRICT
___________________________
__________________________________
Chair/Vice-Chair
STATE OF FLORIDA
}
} ss:
}
The foregoing instrument was acknowledged before me this ________ day of February, 2016,
by __________________ as Chair/Vice-Chair of the Board of Supervisors of the LANDMARK AT
DORAL COMMUNITY DEVELOPMENT DISTRICT, who is personally known and/or produced
__________________ as identification.
__________________________________
Notary Public
My commission expires:
STATE OF FLORIDA
}
} ss:
}
The foregoing instrument was acknowledged before me this ________ day of February, 2016,
by __________________ as Secretary/Assistant Secretary of the Board of Supervisors of the
LANDMARK AT DORAL COMMUNITY DEVELOPMENT DISTRICT, who is personally known
and/or produced __________________ as identification.
__________________________________
Notary Public
8
True-Up Agmt Eat Parcel (Landmark at Doral CDD)
Rev. 01-24-16
LENNAR HOMES LLC, a Florida limited
liability company
Witnesses:
Sign: _________________________
Print Name:____________________
By: ___________________________
Title: _________________________
Sign: _________________________
Print Name: ___________________
STATE OF FLORIDA
COUNTY OF MIAMI DADE
}
}ss:
}
_________________________, as ___________________________ of LENNAR HOMES, LLC, a
Florida limited liability company, who is personally known and/or produced _____________ as
identification.
____________________________________
Notary Public
9
Rev. 01-24-16
EXHIBIT “A”
EAST PARCEL
10
Rev. 01-24-16
Prepared by and return to:
Gerald L. Knight, Esq.
515 East Las Olas Blvd., Sixth Floor
Fort Lauderdale, FL 33301
SPACE ABOVE THIS LINE IS FOR RECORDER’S USE ONLY
COLLATERAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT RIGHTS
RELATING TO LANDMARK AT DORAL
This COLLATERAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT
RIGHTS RELATING TO LANDMARK AT DORAL (the “Assignment”) is made this ____
day of _____________, 2016, by LENNAR HOMES, LLC, a Florida limited liability company
(together with its successors, successors in title, and assigns, the “Developer” or “Assignor”), in
favor of the LANDMARK AT DORAL COMMUNITY DEVELOPMENT DISTRICT, a
local unit of special purpose government organized and created under the laws of the State of
Florida, located in unincorporated Miami-Dade County, Florida (together with its successors,
successors in title, and assigns, the “District” or “Assignee”).
RECITALS
WHEREAS, the District proposes to issue Special Assessment Improvement Bonds,
Series 2016 (the “Bonds”), to finance and refinance certain public infrastructure which will
provide special benefit to the residential lots (collectively, the “Lots” and individually, a “Lot”)
contained within certain lands owned by Assignor and described in Exhibit “A” attached hereto
(the “Subject Property”), which will be included in the residential community commonly
referred to as the “Landmark at Doral” (the “Development”), located within the geographical
boundaries of the District; and
WHEREAS, the security for the repayment of the Bonds is the special assessments
levied against the residential Lots within the Subject Property (the “Special Assessments”); and
WHEREAS, in the event of default in the payment of the Special Assessments securing
the Bonds, the District has certain remedies with respect to the lien of the Special Assessments as
more particularly set forth herein; and
WHEREAS, if the Special Assessments are direct billed, the sole remedy available to the
District would be an action in foreclosure and if the Special Assessments are collected pursuant
to Florida’s uniform method of collection, the sole remedy for non-payment of the Special
Assessments is the sale of tax-certificates (collectively, the “Remedial Rights”); and
WHEREAS, in the event the District exercises its Remedial Rights, the District will
require the assignment of certain Development Rights, as hereinafter defined, to complete the
Project to the extent that such Development Rights have not been previously assigned,
transferred or otherwise conveyed to (i) fully-developed Lots conveyed to unaffiliated
homebuilders or end-users, and developed [parcels sold to third parties for multi-family and
{00010444.DOC v.3}
commercial development, or (ii) any property which has been conveyed, or is in the future
conveyed to Miami-Dade County, Florida (the “County”), the State of Florida, the District, any
utility provider, any governmental or quasi-governmental entity, any applicable homeowners’ or
property owners’ association or other governing entity or association, as may be required by
applicable permits, plats, entitlements, or regulations affecting the District, if any, for the benefit
of the capital infrastructure improvements project to be financed or refinanced in part with the
Bonds (a “Prior Transfer”); and
WHEREAS, this Assignment is not intended to impair or interfere with the development
of the Subject Property and shall only be inchoate and shall become an effective and absolute
assignment and assumption of the Development Rights, as described below, upon failure of the
Assignor to pay the Special Assessments levied against the Subject Property owned by the
Assignor; provided, however, that such assignment shall only be effective and absolute to the
extent that this Assignment has not been terminated earlier pursuant to the term of this
Assignment or to the extent that a Prior Transfer has not already occurred with respect to the
Development Rights; and
WHEREAS, the rights assigned to the District hereunder shall be exercised in a manner
which will not materially affect the intended development of the Subject Property; and
WHEREAS, in the event of a transfer, conveyance or sale of any portion of the Subject
Property that is not a Prior Transfer, the successors-in-interest to the real property so conveyed
by the Developer shall be subject to this Assignment, which shall be recorded in the Official
Records of Miami-Dade County, Florida.
NOW, THEREFORE, in consideration of the above recitals which the parties hereby
agree are true and correct and are hereby incorporated by reference and other good and valuable
consideration, the sufficiency of which is acknowledged, Assignor and Assignee agree as
follows:
1.
Recitals. The foregoing recitals are true and correct and are incorporated herein
by reference.
2.
Collateral Assignment.
(A)
Assignor hereby collaterally assigns to Assignee, to the extent assignable and to
the extent that they are solely owned or controlled by Assignor, all of its development rights
relating to the Development (herein the “Development Rights”) as security for Assignor’s
payment and performance and discharge of its obligation to pay the Special Assessments levied
against the Subject Property. The Development Rights shall include the following as they
pertain to the Development, but shall specifically exclude any such portion of the Development
Rights which relate solely to the Lots or any property which has been conveyed to the County,
the District, any utility provider, any other homebuilder, any governmental or quasigovernmental entity, any applicable homeowner’s association or other governing entity or
association as may be required by applicable permits, approvals, plats, entitlements or
regulations affecting the Development, if any, or to end user residents (the “Excluded Lots”):
{00010444.DOC v.3}
2
(a)
Zoning approvals, density approvals and entitlements, concurrency and
capacity certificates, development agreements and homeowners’ or property owners’ association
covenants and documents.
(b)
Engineering and construction plans and specifications for grading,
roadways, site drainage, storm water drainage, signage, water distribution, waste water
collection, and other improvements.
(c)
Preliminary and final site plans.
(d)
Architectural plans and specifications for buildings and other
improvements to the assessable property within the District and the Subject Property (other than
residential dwelling unit plans).
(e)
Permits, approvals, resolutions, variances, licenses, and franchises granted
by governmental authorities, or any of their respective agencies, for or affecting the
Development and construction of improvements on and off-site to the extent improvements are
necessary or required to complete the development of the Subject Property.
(f)
Contracts with engineers, architects, land planners, landscape architects,
consultants, contractors, and suppliers for or relating to the construction of the Development or
the construction of improvements on the Subject Property.
(g)
Contracts and agreements with private utility providers to provide utility
services to the Subject Property.
(h)
mitigation credits.
All prepaid impact fees, impact fee credits, mobility fee credits, and
(i)
All future creations, changes, extensions, revisions, modifications,
substitutions, and replacements of any of the foregoing.
(B)
This Assignment is not intended to and shall not impair or interfere with the
development of the Subject Property, and shall only be inchoate and shall become an effective
and absolute assignment and assumption of the Development Rights, from time to time, only
upon the District’s exercise of its rights hereunder upon a failure of Developer to pay the Special
Assessments levied against the portion of Subject Property owned by Developer, failure of
Developer to satisfy a true-up obligation, a default or failure to perform under any of the Bond
Documents or Event of Default thereunder, which default or failure remains uncured after
passage of any applicable cure period. The District shall not be deemed to have assumed any
obligations associated with the Development Rights unless and until the District exercises its
rights under this Assignment, and then only to the extent of such exercise.
(C)
If this Assignment has not become absolute, it shall automatically terminate upon
the earliest to occur of the following events: (i) payment of the Bonds in full; (ii) Development
Completion which shall mean the issuance of certificates of occupancy for all residential units
and non-residential space; (iii) transfer of any Development Rights to the County, the State of
Florida, the District, any utility provider, any governmental or quasi-governmental entity; any
{00010444.DOC v.3}
3
homeowners’ or property owners’ association, but only to the extent of such transfer; or (iv)
transfer of fully developed Lots which have been conveyed to unaffiliated homebuilders or
residential or commercial end-users but only as to such Lots transferred, from time to time.
3.
Warranties by Assignor. Assignor represents and warrants to Assignee that:
(a)
Other than in connection with the sale or conveyance of Lots (completed
or otherwise) or property, or in connection with securing a construction loan from an institutional
lender to finance the development of the Subject Property, Assignor has made no assignment of
the Development Rights to any person other than Assignee.
(b)
Assignor is not prohibited under any agreement with any other person or
under any judgment or decree from the execution and delivery of this Assignment.
(c)
No action has been brought or threatened which would in any way
interfere with the right of Assignor to execute this Assignment and perform all of Assignor’s
obligations herein contained.
(d)
Any transfer, conveyance or sale of Lots shall subject any and all affiliated
entities or successors-in-interest or successors in title of the Assignor to the Assignment, except
to the extent of a conveyance described in Section 2 hereof relating to Excluded Lots.
4.
herein):
Covenants. Assignor covenants with Assignee that during the Term (as defined
(a)
Assignor will use reasonable, good faith efforts to: (i) fulfill, perform, and
observe each and every material condition and covenant of Assignor relating to the Development
Rights and (ii) give notice to Assignee of any claim of default relating to the Development
Rights given to or by Assignor, together with a complete copy of any such claim.
(b)
The Development Rights include all of Assignor’s right to modify the
Development Rights, and to waive or release the performance or observance of any obligation or
condition of the Development Rights.
(c)
Assignor agrees not to take any action that would decrease the
development entitlements to a level below the amount necessary to support the then outstanding
Bonds.
(d)
Assignor shall pay the Special Assessments levied against the portions of
the Subject Property owned by Assignor when due.
5.
Events of Default. Any breach of the Assignor’s warranties contained in Section
3 hereof or breach of covenants contained in Section 4 hereof will, after the giving of written
notice and an opportunity to cure (which cure period shall not be less than thirty (30) days unless
Assignee, in its sole discretion, agrees to a longer cure period) shall constitute an Event of
Default under this Assignment.
{00010444.DOC v.3}
4
6.
Remedies Upon Default. Upon an Event of Default, or the transfer of title to Lots
owned by Assignor pursuant to a judgment of foreclosure entered by a court of competent
jurisdiction in favor of Assignee (or its designee) or a deed in lieu of foreclosure to Assignee (or
its designee) (herein a “Transfer”), Assignee may, as Assignee’s sole and exclusive remedies
under this Assignment, take any or all of the following actions, at Assignee’s option:
(a)
Perform any and all obligations of Assignor relating to the Development
Rights and exercise any and all rights of Assignor therein as fully as Assignor could.
(b)
Initiate, appear in, or defend any action arising out of or affecting the
Development Rights.
(c)
Further assign any and all of the Development Rights to a third party
acquiring title to the Property so acquired or any portion thereof on the District’s or the
bondholders’ behalf.
7.
Authorization. In the Event of Default or Transfer, Assignor does hereby
authorize and shall direct any party to any agreement relating to the Development Rights to
tender performance thereunder to Assignee upon written notice and request from Assignee. Any
such performance in favor of Assignee shall constitute a full release and discharge to the extent
of such performance as fully as though made directly to Assignor, but not a release of Assignor
from any remaining obligations under this Agreement.
8.
Term and Termination. In the event this Assignment does not become an
effective and absolute assignment and assumption of the Development Rights, this Assignment
shall automatically terminate upon the earliest to occur of the following (the “Term”): (i)
payment of the Bonds, plus accrued interest in full; (ii) completion of the construction and sale
of all Lots within the Subject Property to end-users; or (iii) upon occurrence of a Prior Transfer,
but only to the extent that such Development Rights pertain solely to the Prior Transfer.
9.
Third Party Beneficiaries and Direction of Remedies Upon Default. This
Assignment shall inure to the benefit of U.S. Bank National Association, as Trustee for the
Bonds (the “Trustee”), and the bondholders and such parties are hereby deemed third party
beneficiaries of this Assignment. In the event of an Event of Default, the Trustee shall have the
right to direct the actions of the District and select the remedies in this Assignment. The District
hereby agrees that it shall not take any action under this Assignment without the prior written
consent of the Trustee, fail to take any action under this Assignment after direction from the
Trustee, or take any action under this Assignment inconsistent with any direction of the Trustee.
This Assignment may not be amended without the prior written consent of the Trustee. The
Trustee shall not be deemed to have assumed any obligations hereunder.
10.
Amendment. This Assignment may be modified in writing only by the mutual
agreement of all parties hereto and the prior written consent of the Trustee acting on behalf of
and at the directions of the bondholders owning a majority of the aggregate principal amount of
the Bonds then outstanding.
11.
Miscellaneous. Unless the context requires otherwise, whenever used herein, the
singular number shall include the plural, the plural the singular, and the use of any gender shall
{00010444.DOC v.3}
5
include all genders. The terms “person” and “party” shall include individuals, firms, associations,
joint ventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations,
and all other groups and combinations. Titles of paragraphs contained herein are inserted only as
a matter of convenience and for reference and in no way define, limit, extend, or describe the
scope of this Assignment or the intent of any provisions hereunder. This Assignment shall be
construed under Florida law.
IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment to be
executed and delivered on the day and year first written above.
ASSIGNOR:
liability company
By: _______________________________
Witnesses:
________________________________
________________________________
Print Name
By: ___________________________
Print Name: ____________________
Title: _________________________
________________________________
________________________________
Print Name
_____ day of ___________, 2016
STATE OF FLORIDA
}
}
The foregoing instrument was acknowledged before me this _____ day of ______________,
2016, by _____________________, as __________________ of LENNAR HOMES, LLC, a
Florida limited liability company, for and on behalf of LENNAR HOMES, LLC. She/He is
personally known to me or has produced _________________ as identification.
NOTARY STAMP:
Signature of Notary Public
Printed Name of Notary Public
{00010444.DOC v.3}
6
ASSIGNEE:
WITNESSES:
LANDMARK AT DORAL
DISTRICT
Witness Signature
Printed name:___________________
By:
Name: ______________________________
Title: Chair/Vice-Chair
Date: _______________, 2016
Witness Signature
Printed name: __________________
STATE OF FLORIDA
)
)
The foregoing instrument was acknowledged before me this ______ day of
________________, 2016, by __________________________, as Chair/Vice-Chair of the
Board of Supervisors of LANDMARK AT DORAL COMMUNITY DEVELOPMENT
DISTRICT, for and on behalf of the District. She/He is personally known to me or has produced
_________________ as identification.
NOTARY STAMP:
{00010444.DOC v.3}
7
EXHIBIT “A”
DESCRIPTION OF SUBJECT PROPERTY
{00010444.DOC v.3}
RETURN TO:
515 East Las Olas Boulevard, 6th Floor
Attn: Gerald L. Knight, Esq.
DECLARATION OF CONSENT TO JURISDICTION OF
THE LANDMARK AT DORAL COMMUNITY DEVELOPMENT DISTRICT
(IMPOSITION OF SPECIAL ASSESSMENTS,
AND IMPOSITION OF LIEN OF RECORD)
Lennar Homes, LLC, a Florida limited liability company (the "Landowner"), is the owner of
those certain lands described in Exhibit A attached hereto (the "Property") located within the
boundaries of the Landmark at Doral Community Development District (the "District"). The
Landowner, intending that it and its respective successors in interest and assigns shall be legally
bound by this Declaration, hereby declares, acknowledges and agrees as follows:
1.
The District is, and has been at all times, on and after September 2, 2005, a legally
created, duly organized, and validly existing community development district under the provisions
of Chapter 190, Florida Statutes, as amended (the "Act"). Without limiting the generality of the
foregoing, the Landowner acknowledges that: (a) the petition filed with the Board of County
Commissioners of Miami-Dade County, Florida (the “County Commission”), relating to the
creation of the District contained all matters required by the Act to be contained therein and was
filed in the manner and by the persons required by the Act; (b) Ordinance No. 05-153, effective
September 2, 2005, was duly adopted by the County Commission in compliance with all applicable
requirements of law; (c) all members of the Board of Supervisors of the District were duly and
properly designated pursuant to the Act to serve in their respective capacities and had the authority
and right to authorize, approve and undertake all actions of the District approved and undertaken
from September 2, 2005; and (d) the Landowner, on behalf of itself, its successors and assigns,
hereby confirms and agrees that the special assessments (the "Special Assessments") imposed by
Resolution Nos. 2016-1 and 2016-6, duly adopted by the Board of Supervisors of the District (the
"Board") on October 8, 2015, and November 12, 2015, respectively (the "Assessment Resolutions"),
and all proceedings undertaken by the District with respect thereto have been in accordance with
applicable Florida law, that the District has taken all action necessary to levy and impose the
Special Assessments, are legal, valid and binding first liens upon the Property co-equal with the lien
of all state, county, district and municipal taxes, superior in dignity to all other liens, titles and
claims, until paid.
2.
The Landowner, on behalf of itself and its successors and assigns hereby waives
the right granted in Chapter 170.09, Florida Statutes, to prepay the Special Assessments without
interest within thirty (30) days after the improvements are completed, in consideration of the rights
granted by the District to prepay the Special Assessments in full or in part at any time, but with
interest, under the circumstances set forth in the resolutions of the District levying the Special
Assessments.
{00010446.RTF v.2}
3.
The Landowner hereby expressly acknowledges, represents and agrees that (i) the
Special Assessments, the Assessment Resolutions, and the terms of the True-Up Agreement and the
Acquisition Agreement, which the Landowner will enter into with the District (herein, the
"Financing Documents") and which are related to the District's proposed issuance of its Special
Assessment Bonds, Series 2016, or securing payment thereof, are valid and binding obligations
enforceable in accordance with their terms; (ii) there are no claims or offsets whatsoever against, or
defenses or counterclaims whatsoever relating to payments of the Special Assessments or claims of
invalidity, deficiency or unenforceability of the Special Assessments and Financing Documents, the
Improvements and the benefit thereof to the Property, or any portions thereof (and the Landowner
hereby expressly waives any such claims, offsets, defenses or counterclaims); (iii) the Landowner
expressly waives and relinquishes any argument, claim or defense that foreclosure proceedings
cannot be commenced until one (1) year after the date of the Landowner's default, and agrees that (1)
the Expansion Area Special Assessments are not a "tax," and (2) immediate use of remedies in
Chapter 170, Florida Statutes, is an appropriate and available remedy, notwithstanding the
provisions of Section 190.026, Florida Statutes; and (iv) the Landowner expressly waives and
relinquishes any argument, claim or defense that the Landowner may have regarding the District’s
collection of the Special Assessments.
4.
This Declaration shall represent a lien of record for purposes of Chapter 197,
Florida Statutes, including, without limitation, Section 197.573, Florida Statutes. Other information
regarding the Special Assessments is available from Special District Services, Inc., 2501A Burns
Road, Palm Beach Gardens, FL 33410 (or any successor District Manager or Collection Agent).
THE DECLARATIONS, ACKNOWLEDGEMENTS, WAIVERS AND AGREEMENTS
CONTAINED HEREIN SHALL BE BINDING ON THE LANDOWNER AND ON ALL
PERSONS (INCLUDING CORPORATIONS, PARTNERSHIPS, LLCs, ASSOCIATIONS,
TRUSTS AND OTHER LEGAL ENTITIES) TAKING TITLE TO ALL OR ANY PART OF THE
PROPERTY, AND THEIR SUCCESSORS IN INTEREST, WHETHER OR NOT THE
PROPERTY IS PLATTED AT SUCH TIME. BY TAKING SUCH TITLE, SUCH PERSONS
SHALL BE DEEMED TO HAVE CONSENTED AND AGREED TO THE PROVISIONS OF
THIS DECLARATION TO THE SAME EXTENT AS IF THEY HAD EXECUTED IT AND BY
TAKING SUCH TITLE, SUCH PERSONS SHALL BE ESTOPPED FROM CONTESTING, IN
COURT OR OTHERWISE, THE VALIDITY, LEGALITY AND ENFORCEABILITY OF THIS
DECLARATION. NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED IN THIS
DECLARATION SHALL BE DEEMED TO BE A REPRESENTATION OR WARRANTY BY
ANY PARTY TO THIS DECLARATION AS TO THE TRUTH OR ACCURACY OF THE
MATTERS SET FORTH IN SECTIONS 1 OR 3(i) OF THIS DECLARATION.
[Remainder of page intentionally left blank.]
{00010446.RTF v.2}
2
Effective the ____ day of ____________, 2016.
liability company
By: _______________________________
Witnesses:
________________________________
________________________________
Print Name
By: ___________________________
Print Name: ____________________
Title: _________________________
________________________________
________________________________
Print Name
_____ day of ___________, 2016
STATE OF FLORIDA
}
}
The foregoing instrument was acknowledged before me this _____ day of ______________, 2016,
by _____________________, as __________________ of LENNAR HOMES, LLC, a Florida
limited liability company, for and on behalf of LENNAR HOMES, LLC.
She/He is personally
known to me or has produced _________________ as identification.
NOTARY STAMP:
{00010446.RTF v.2}
Exhibit A
PROPERTY
{00010446.RTF v.2}
THIS INSTRUMENT PREPARED
BY AND RETURN TO:
Gerald L. Knight, Esq.
Fort Lauderdale, FL 33301
ABOVE SPACE RESERVED FOR
RECORDING PURPOSES ONLY
LIEN OF RECORD OF
LANDMARK AT DORAL COMMUNITY DEVELOPMENT DISTRICT
Notice is hereby given that Landmark at Doral Community Development District (the
“District”), a unit of special purpose local government established pursuant to Chapter 190, Florida
Statutes, the Uniform Community Development District Act of 1980 (the “Act”), enjoys a
governmental lien of record on the property described in Exhibit “A” attached hereto. Such lien is
coequal with the lien of all state, county, district and municipal taxes, superior in dignity to all other
liens, titles, and claims until paid pursuant to the Act and other applicable law. The District’s lien
secures the payment of special assessments levied in accordance with the Act and other applicable
law, for the purpose of funding the District’s operating and maintenance expenses, and to pay the
District’s bond indebtedness for the purpose of funding various improvements incurred by the
District in connection with the issuance of the District’s $_________________ Special Assessment
Bonds, Series 2016. For information regarding the amount of the special assessments encumbering
the specified real property, contact the District at:
Wrathell, Hunt & Associates, LLC
2300 Glades Road, Suite 410W
Boca Raton, Florida 33431
Phone: (561)571-0010
THIS CONSTITUTES A LIEN OF RECORD FOR PURPOSES OF SECTION 190.021(3),
FLORIDA STATUTES, AND ALL OTHER APPLICABLE PROVISIONS OF THE
FLORIDA STATUTES AND ANY OTHER APPLICABLE LAW.
LANDMARK AT DORAL COMMUNITY
DEVELOPMENT DISTRICT
ATTEST:
By:
__________________________
Dated: _______________, 2016
{00010447.DOC v.2}
By: ___________________________
___________________________
Chairperson/Vice-Chairperson
STATE OF FLORIDA
}
}
The foregoing instrument was acknowledged before me this ______ day of _____________,
2016, by _______________ and ___________________________, the Chairperson/ViceChairperson and Secretary/Assistant Secretary of the Landmark at Doral Community Development
District, respectively, on behalf of the District. They are personally known to or have produced
_________________________________ as identification.
(SEAL)
{00010447.DOC v.2}
__________________________________________
Printed/Typed Name: _________________________
Notary Public-State of ________________________
Commission Number: _________________________
Exhibit “A”
LEGAL DESCRIPTION OF PROPERTY
{00010447.DOC v.2}
1
2
3
4
5
A Regular Meeting of the Landmark at Doral Community Development District’s Board
6
of Supervisors was held on Thursday, January 14, 2016, at 10:00 a.m., at the offices of
7
Lennar, 730 N.W. 107th Avenue, Suite 300, Miami, Florida 33172.
8
9
10
11
12
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MINUTES OF MEETING
LANDMARK AT DORAL
COMMUNITY DEVELOPMENT DISTRICT
For Landmark at Doral CDD:
Yadira Monzon
Steve Colamarino (via telephone)
Teresa Baluja
Jorge Ortiz
Vice Chair
Assistant Secretary
Assistant Secretary
Assistant Secretary
Also present were:
Craig Wrathell
Cindy Cerbone
Gerry Knight
Steve Sanford (via telephone)
District Manager
Wrathell, Hunt and Associates, LLC
District Counsel
Bond Counsel
FIRST ORDER OF BUSINESS
Call to Order/Roll Call
Mr. Wrathell called the meeting to order at 10:14 a.m., and noted, for the record, that
27
Supervisors Monzon, Baluja and Ortiz were present, in person. Supervisor Herrera was not
28
present. Supervisor Colamarino was attending via telephone.
29
30
31
32
SECOND ORDER OF BUSINESS
Public Comments
There being no public comments, the next item followed.
33
34
35
36
37
THIRD ORDER OF BUSINESS
Consideration of FMSbonds, Inc. Letter
of Intent for Underwriter Services
38
Rulemaking Board (MSRB) Rule G17, stating that FMS is not operating as a financial or
39
municipal advisor to the District; FMS is serving as underwriter for the series 2016 bonds. This
40
is a standard document which the Board is required to acknowledge and have executed by the
41
Chair or Vice Chair.
Mr. Wrathell explained the levels of disclosure required by the Municipal Securities
1
LANDMARK AT DORAL CDD
42
43
44
45
46
47
48
49
50
January 14, 2016
On MOTION by Mr. Ortiz and seconded by Ms. Monzon, with
all in favor, the FMSbonds, Inc. Letter of Intent for
Underwriter Services, was approved.
FOURTH ORDER OF BUSINESS
Consideration of East Parcel Special
Assessment Methodology Report
Mr. Wrathell recalled that, at the November 12, 2015 meeting, the assessment public
51
hearings were held. The methodology assumes financing 100% of the improvements. The last
52
page shows a maximum assessment of $2,028 per unit but the assessments will not reach that
53
level. Mr. Wrathell explained that the Board will approve the delegation resolution so that Mr.
54
Jon Kessler, of FMS, can proceed to market the bonds. At the February 11, 2016 meeting, the
55
Final Supplemental Methodology, with final figures, will be approved, as well as any other
56
documents, and the bond pre-closing will be held the same day. Mr. Ortiz asked if the bond
57
amount is $5 million. Mr. Wrathell responded that the amount will be lower than $5 million but
58
it will match the existing product type. Mr. Kessler will review the pricing and the final figures
59
will be provided at the February meeting.
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FIFTH ORDER OF BUSINESS
Consideration of Resolution 2016-7,
Authorizing the Issuance of Not
Exceeding $3,500,000 Landmark at Doral
Community Development District, Special
Assessment Bonds, Series 2016 (East
Parcel Project) (The “Bonds”) to Finance
Certain Public Infrastructure Within the
District; Determining the Need for a
Negotiated Limited Offering of the Bonds
and Providing for a Delegated Award of
Such Bonds; Appointing the Underwriter
for the Limited Offering of the Bonds;
Approving the Form of and Authorizing
the Execution and Delivery of a Bond
Purchase Contract With Respect to the
Bonds; Approving the Form of and
Authorizing the Execution and Delivery
of a Second Supplemental Trust
Indenture; Approving the Form and
Authorizing the Execution and Delivery
of an Amended and Restated Master
Trust Indenture; Approving the Form of
and Authorizing the Distribution of a
2
84
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89
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100
101
102
103
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105
106
107
108
109
110
111
112
January 14, 2016
Preliminary
Limited
Offering
Memorandum; Approving the Execution
and Delivery of a Final Limited Offering
Memorandum; Approving the Form of
and Authorizing the Execution and
Delivery of a Continuing Disclosure
Agreement,
and
Appointing
a
Dissemination Agent; Approving the
Application
of
Bond
Proceeds;
Authorizing Certain Modifications to the
Assessment Methodology Report and
Engineer’s Report; Making Certain
Declarations;
Providing
for
the
Registration of the Bonds Pursuant to the
DTC
Book-Entry
Only
System;
Designating the Bonds as “Qualified TaxExempt Obligations” Within the Meaning
of Section 265(B)(3)(B) of the Internal
Revenue Code of 1986, as Amended;
Authorizing the Proper Officials to Do All
Things Deemed Necessary in Connection
With the Issuance, Sale and Delivery of
the
Bonds;
and
Providing
for
Severability, Conflicts and an Effective
Date
Mr. Wrathell presented Resolution 2016-7 for the Board’s consideration. He introduced
Mr. Steve Sanford, Bond Counsel, who attended via telephone.
113
Mr. Sanford reported that the District issued $71.5 million of bonds in 2006, as an “A”
114
and “B” bond structure, to finance public infrastructure on much of the land within the District.
115
A portion of the land, the East Parcel, was not developed as a result of that bond issue. $75
116
million worth of bonds were validated; therefore, $3.5 million of validation capacity remains.
117
Authorization from the 2006 transaction would carry the new bond issue forward to 2016. The
118
delegation is to set forth certain parameters within the resolution that, if the bonds are priced and
119
sold within those parameters, the Chair or Vice Chair is authorized to sign the Bond Purchase
120
Contract without the need of a special meeting. Mr. Sanford explained that the Master Trust
121
Indenture, is between the District and U.S. Bank, is out of date; therefore, it was amended and
122
restated. These bonds will be governed by the Amended and Restated Master Trust Indenture,
123
along with a Supplemental Indenture, with the District and U.S. Bank. The Board is being asked
124
to approve the bonds with two indentures, as well as the Limited Offering Memorandum,
3
January 14, 2016
125
(LOM), Bond Purchase Contract, which the District will enter into with FMS, once the bonds are
126
sold, and the Continuing Disclosure Agreement between Lennar Homes, LLC and the District.
127
Wrathell, Hunt and Associates, LLC will be the dissemination agent. Because the total amount
128
of bonds being issued is under $10 million, the Board is designating the bonds as “bank
129
qualified”, which means the bank receives favorable tax treatment if they are the investors in
130
these bonds. It also authorizes the Board to make any amendments necessary concerning the
131
Methodology or Engineer’s Reports without the need of a special meeting.
132
recommended adoption of Resolution 2016-7.
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
On MOTION by Ms. Baluja and seconded by Mr. Ortiz, with
all in favor, Resolution 2016-7, Authorizing the Issuance of Not
Exceeding $3,500,000 Landmark at Doral Community
Development District, Special Assessment Bonds, Series 2016
(East Parcel Project) (The “Bonds”) to Finance Certain Public
Infrastructure Within the District; Determining the Need for a
Negotiated Limited Offering of the Bonds and Providing for a
Delegated Award of Such Bonds; Appointing the Underwriter
for the Limited Offering of the Bonds; Approving the Form of
and Authorizing the Execution and Delivery of a Bond
Purchase Contract With Respect to the Bonds; Approving the
Form of and Authorizing the Execution and Delivery of a
Second Supplemental Trust Indenture; Approving the Form
and Authorizing the Execution and Delivery of an Amended
and Restated Master Trust Indenture; Approving the Form of
and Authorizing the Distribution of a Preliminary Limited
Offering Memorandum; Approving the Execution and
Delivery of a Final Limited Offering Memorandum;
Approving the Form of and Authorizing the Execution and
Delivery of a Continuing Disclosure Agreement, and
Appointing a Dissemination Agent; Approving the Application
of Bond Proceeds; Authorizing Certain Modifications to the
Assessment Methodology Report and Engineer’s Report;
Making Certain Declarations; Providing for the Registration
of the Bonds Pursuant to the DTC Book-Entry Only System;
Designating the Bonds as “Qualified Tax-Exempt Obligations”
Within the Meaning of Section 265(B)(3)(B) of the Internal
Revenue Code of 1986, as Amended, Authorizing the Proper
Officials to All Things Deemed Necessary in Connection With
the Issuance, Sale and Delivery of the Bonds; and Providing
for Severability, Conflicts and an Effective Date, was adopted.
SIXTH ORDER OF BUSINESS
Approval of Minutes
4
Mr. Sanford
January 14, 2016
168
A.
November 12, 2015 Landowners’ Meeting
169
B.
November 12, 2015 Public Hearing and Regular Meeting
170
Mr. Wrathell presented the November 12, 2015 Landowners’ Meeting and the November
171
12, 2015 Public Hearing and Regular Meeting Minutes and asked for any additions, deletions or
172
corrections.
173
174
175
176
177
178
179
180
On MOTION by Ms. Monzon and seconded by Mr. Ortiz, with
all in favor, the November 12, 2015 Landowners’ Meeting and
the November 12, 2015 Public Hearing and Regular Meeting
Minutes, as presented, were approved.

Consideration of East Parcel Special Assessment Methodology Report
181
Discussion of this item resumed.
182
Mr. Wrathell presented the Special Assessment Methodology Report, dated October 7,
183
2015, which had not changed.
184
Mr. Wrathell reviewed the unit types and number of units, listed in Table 1, on Page 11.
185
The affected parcel has a bond assessment of $3,475,000, which will be assessed to 132 units.
186
Table 2, on Page 12, mirrored the improvements outlined in the Second Supplemental Engineer’s
187
Report. Table 3, on Page 13, was a financial modeling of those improvements and the related
188
financing. Table 4, on Page 14, reflected the total bond assessment of $3,475,000, the bond par
189
amount of $26,325.76, per unit, and the maximum annual debt service assessment of $2,028.71,
190
per unit.
191
192
193
194
195
196
197
198
199
On MOTION by Ms. Herrera and seconded by Ms. Monzon,
with all in favor, the Special Assessment Methodology Report,
dated October 7, 2015, in substantial form, was approved.
SEVENTH ORDER OF BUSINESS
Other Business
There being no other business, the next item followed.
200
201
202
203
204
EIGHTH ORDER OF BUSINESS
A.
Staff Reports
Attorney
There being no report, the next item followed.
5
205
B.
206
207
January 14, 2016
Engineer
There being no report, the next item followed.
C.
Manager
208
i.
Approval of Unaudited Financial Statements as of November 30, 2015
209
Mr. Wrathell presented the Unaudited Financial Statements as of November 30, 2015.
210
He pointed out the Debt Service Fund, showing the November 1, 2015 interest payment on the
211
bonds. The balance in the Capital Projects Fund reflected the proceeds of the purchase of the
212
parking garage. All assessments were collected.
213
214
215
216
217
218
219
ii.
220
Mr. Wrathell reported that the next meeting will be held on February 11, 2016, at this
221
On MOTION by Ms. Baluja and seconded by Mr. Ortiz, with
all in favor, the Unaudited Financial Statements as of
November 30, 2015, were approved.
NEXT MEETING DATE: February 11, 2016 at 10:00 A.M.
location.
222
223
224
225
Public Comments/Supervisors’ Requests
NINTH ORDER OF BUSINESS
There being no public comments, or Supervisors’ requests, the next item followed.
226
227
228
229
TENTH ORDER OF BUSINESS
Adjournment
There being no further business to discuss, the meeting adjourned
230
231
232
233
234
235
236
237
238
239
240
241
242
243
On MOTION by Ms. Baluja and seconded by Ms. Monzon,
with all in favor, the meeting adjourned at 10:26 a.m.
[SIGNATURES APPEAR ON THE FOLLOWING PAGE]
6
244
245
246
247
248
249
250
251
252
253
January 14, 2016
___________________________
____________________________
Chair/Vice Chair
7
LANDMARK AT DORAL
FINANCIAL STATEMENTS
UNAUDITED
DECEMBER 31, 2015
LANDMARK AT DORAL
BALANCE SHEET
GOVERNMENTAL FUNDS
DECEMBER 31, 2015
Major Funds
Debt
Service
General
ASSETS
Cash - SunTrust
Unreserved
Reserved for parking garage
Reserved for south parcel
Reserved for army corp of engineers
Investments
Revenue - series A
Reserve - series A
Construction - series A
Due from other funds
General
Due from North (Lennar)
Total assets
LIABILITIES
Liabilities
Due to other funds
Debt service
Accounts payable
Due to Lennar
Total liabilities
$
$
$
573,649
15
332
362
$
Total
Governmental
Funds
Capital
Projects
-
$
-
$
573,649
15
332
362
-
3,461
400,340
-
692,250
3,461
400,340
692,250
26,244
600,602
515,527
919,328
$ 692,250
515,527
26,244
$ 2,212,180
$
$
515,527
395
3,000
518,922
$
$
-
-
515,527
395
3,000
518,922
DEFERRED INFLOWS OF RESOURCES
Deferred receipts
Total deferred inflows of resources
26,244
26,244
-
-
26,244
26,244
Fund balances
Restricted for:
Debt service
Capital projects
Unassigned
Total fund balances
55,436
55,436
919,328
919,328
692,250
692,250
919,328
692,250
55,436
1,667,014
919,328
$ 692,250
$ 2,212,180
Total liabilities, deferred inflows of resources
and fund balances
$
600,602
$
1
LANDMARK AT DORAL
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
GENERAL FUND
FOR THE PERIOD ENDED DECEMBER 31, 2015
REVENUES
Assessment levy: on-roll
Assessment levy: off-roll
North (Lennar)*
South (EHOF Congress)
East (LDH)
Interest & miscellaneous
Total revenues
EXPENDITURES
Professional & administrative
Management/accounting/recording
Legal - general counsel
Billing, Cochran, Lyles, Mauro & Ramsey
Engineering
Audit
Accounting services - debt service
Assessment roll preparation
Arbitrage rebate calculation
Dissemination agent
Trustee
Postage & reproduction
Printing & binding
Legal advertising
Office supplies
Annual district filing fee
Insurance: general liability
Website
Contingencies
Property taxes
Total professional & administrative
Current
Month
Year to
Date
% of
Budget
Budget
$ 42,705
$ 42,985
$ 48,334
89%
6
42,711
18,756
7,102
17,979
12
86,834
57,146
28,410
17,876
151,766
33%
25%
101%
N/A
57%
3,340
10,020
40,080
25%
3,043
1,220
442
950
292
41
46
9,374
7,195
1,870
1,326
2,849
875
125
1,457
175
5,350
1,275
199
107
32,823
18,000
7,500
7,700
5,305
11,395
1,200
3,500
5,500
500
500
1,500
500
175
5,665
500
1,200
2,200
112,920
40%
25%
0%
25%
25%
0%
25%
0%
0%
25%
97%
0%
100%
94%
255%
17%
5%
29%
2
LANDMARK AT DORAL
GENERAL FUND
Current
Month
Field operations
Monitoring reports
Area management services
Fence repair
Groundwater sampling
Annual permits & plat
Vegetation control
Total field operations
Other fees and charges
Property appraiser
Tax collector
Total other fees and charges
Total expenditures
Excess/(deficiency) of revenues
over/(under) expenditures
Fund balance - beginning
Fund balance - ending
Year to
Date
% of
Budget
Budget
2,037
395
2,432
4,074
5,000
790
9,864
2,900
24,442
1,000
2,000
5,000
3,000
38,342
0%
17%
0%
0%
100%
26%
26%
11,806
42,687
252
252
504
151,766
0%
0%
0%
28%
30,905
44,147
-
24,531
$ 55,436
11,289
$ 55,436
$
7,051
7,051
* Prior year assessments collected
3
LANDMARK AT DORAL
DEBT SERVICE FUND SERIES 2006
Current
Month
REVENUES
Special assessments - on roll
Special assessments - off roll
Interest
Revenue - series A
Reserve - series A
Total revenues
$
Year to
Date
515,526
-
$
518,904
-
% of
Budget
Budget
$
583,280
813,621
89%
0%
8
515,534
1
24
518,929
1,396,901
N/A
N/A
37%
EXPENDITURES
Principal - series A
Interest - series A
Total expenditures
-
495,413
495,413
400,000
990,825
1,390,825
0%
50%
36%
Other fees and charges
Property appraiser
Tax collector
Total other fees and charges
Total expenditures
-
495,413
3,038
3,038
6,076
1,396,901
0%
0%
0%
35%
515,534
23,516
-
$
403,794
919,328
$
895,812
919,328
$
906,224
906,224
4
LANDMARK AT DORAL
CAPITAL PROJECTS FUND SERIES 2006
Current
Month
REVENUES
Interest & miscellaneous
Total revenues
$
EXPENDITURES
Total expenditures
$
Year to
Date
12
12
$
41
41
-
-
12
41
692,238
692,250
$
692,209
692,250
5
LANDMARK AT DORAL
SERIES 2006 AMORTIZATION SCHEDULE
Coupon: 5.500%
Principal
11/01/14
05/01/15
11/01/15
05/01/16
11/01/16
05/01/17
11/01/17
05/01/18
11/01/18
05/01/19
11/01/19
05/01/20
11/01/20
05/01/21
11/01/21
05/01/22
11/01/22
05/01/23
11/01/23
05/01/24
11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31
05/01/32
11/01/32
05/01/33
11/01/33
05/01/34
11/01/34
05/01/35
11/01/35
05/01/36
11/01/36
05/01/37
11/01/37
05/01/38
380,000
400,000
425,000
445,000
470,000
500,000
525,000
555,000
590,000
620,000
655,000
695,000
735,000
775,000
820,000
865,000
915,000
965,000
1,020,000
1,080,000
1,140,000
1,205,000
1,270,000
1,345,000
18,395,000
Interest
505,862.50
505,862.50
495,412.50
495,412.50
484,412.50
484,412.50
472,725.00
472,725.00
460,487.50
460,487.50
447,562.50
447,562.50
433,812.50
433,812.50
419,375.00
419,375.00
404,112.50
404,112.50
387,887.50
387,887.50
370,837.50
370,837.50
352,825.00
352,825.00
333,712.50
333,712.50
313,500.00
313,500.00
292,187.50
292,187.50
269,637.50
269,637.50
245,850.00
245,850.00
220,687.50
220,687.50
194,150.00
194,150.00
166,100.00
166,100.00
136,400.00
136,400.00
105,050.00
105,050.00
71,912.50
71,912.50
36,987.50
36,987.50
15,242,975.00
Debt Service
505,862.50
885,862.50
495,412.50
895,412.50
484,412.50
909,412.50
472,725.00
917,725.00
460,487.50
930,487.50
447,562.50
947,562.50
433,812.50
958,812.50
419,375.00
974,375.00
404,112.50
994,112.50
387,887.50
1,007,887.50
370,837.50
1,025,837.50
352,825.00
1,047,825.00
333,712.50
1,068,712.50
313,500.00
1,088,500.00
292,187.50
1,112,187.50
269,637.50
1,134,637.50
245,850.00
1,160,850.00
220,687.50
1,185,687.50
194,150.00
1,214,150.00
166,100.00
1,246,100.00
136,400.00
1,276,400.00
105,050.00
1,310,050.00
71,912.50
1,341,912.50
36,987.50
1,381,987.50
33,637,975.00
Bond
Balance
18,395,000
18,015,000
18,015,000
17,615,000
17,615,000
17,190,000
17,190,000
16,745,000
16,745,000
16,275,000
16,275,000
15,775,000
15,775,000
15,250,000
15,250,000
14,695,000
14,695,000
14,105,000
14,105,000
13,485,000
13,485,000
12,830,000
12,830,000
12,135,000
12,135,000
11,400,000
11,400,000
10,625,000
10,625,000
9,805,000
9,805,000
8,940,000
8,940,000
8,025,000
8,025,000
7,060,000
7,060,000
6,040,000
6,040,000
4,960,000
4,960,000
3,820,000
3,820,000
2,615,000
2,615,000
1,345,000
1,345,000
-
6

Agenda - Landmark at Doral CDD

Transcription

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