Poitras East Community Development District
12051 Corporate Boulevard, Orlando, FL 32817; Phone: 407-723-5900 http://poitraseastcdd.com/

The following is the proposed agenda for the upcoming Meeting of the Board of Supervisors for the Poitras East Community Development District (“District”), scheduled to be held at 4:00 p.m. on Tuesday, November 10, 2020 at Courtyard Orlando Lake Nona, 6955 Lake Nona Blvd., Orlando, FL 32827. A quorum will be confirmed prior to the start of the meeting.

Please use the following information to join via the computer or the conference line:

Phone: 1-844-621-3956	Computer: pfmgroup.webex.com	Participant Code: 796 580 192#

BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Roll Call to Confirm Quorum
Public Comment Period
Swearing in Newly Elected Board Members
Consideration of the Minutes of the October 20, 2020 Board of Supervisors’ Meeting
Consideration of the Minutes of the November 3, 2020 Landowners’ Election Meeting
Consideration of Resolution 2021-01, Canvassing and Certifying the Results of the Landowners’ Election
Consideration of Resolution 2021-02, Election of Officers

Business Matters
Consideration of Resolution 2021-03, Adopting an Amended Budget for FY 2020 (Exhibit A provided under separate cover)
Consideration of Appraisal Report by The Appraisal Group of Central Florida, Inc.
Consideration of FY 2020 Audit Engagement Letter
Consideration of Agreement with City of Orlando for Alley Ways (Parcel N3) (provided under separate cover)
Ratification of Payment Authorization Nos. 84 – 85
Recommendation of Work Authorization/Proposed Services (if applicable)
Review of District’s Financial Position and Budget to Actual YTD

Other Business
Staff Reports
District Counsel
District Manager
District Engineer
Construction Supervisor
Supervisor Requests

Adjournment

Oath of Office

POITRAS EAST COMMUNITY DEVELOPMENT DISTRICT

BOARD OF SUPERVISORS OATH OF OFFICE

I, 	, A CITIZEN OF THE STATE OF FLORIDA AND OF THE UNITED STATES OF AMERICA, AND BEING EMPLOYED BY OR AN OFFICER OF POITRAS EAST COMMUNITY DEVELOPMENT DISTRICT AND A RECIPIENT OF PUBLIC FUNDS AS SUCH EMPLOYEE OR OFFICER, DO HEREBY SOLEMNLY SWEAR OR AFFIRM THAT I WILL SUPPORT THE CONSTITUTION OF THE UNITED STATES AND OF THE STATE OF FLORIDA.

Board Supervisor

ACKNOWLEDGMENT OF OATH BEING TAKEN

STATE OF FLORIDA COUNTY OF ORANGE

The  foregoing  oath  was  administered  before  me  this          day of 	, 2020, by 	, who personally appeared before me, and is personally known to me or has produced 		as identification, and is the person described in and who took the aforementioned oath as a Member of the Board of Supervisors of Poitras East Community Development District and acknowledged to and before me that he/she took said oath for the purposes therein expressed.

(NOTARY SEAL)

Notary Public, State of Florida

Print Name:  	

Commission No.: 	Expires:  	

Minutes of the October 20, 2020 Board of Supervisors’ Meeting

POITRAS EAST COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS’ MEETING MINUTES

FIRST ORDER OF BUSINESS

The Board of Supervisors’ Meeting for the Poitras East Community Development District was called to order on Tuesday, October 20, 2020, at 4:24 p.m. via telephonic conferencing due to the COVID-19 Executive Orders 20- 246.

Present via Speakerphone:

Richard Levey	Chairperson
Brent Schademan	Assistant Secretary
Julie Salvo	Assistant Secretary
Frank Paris	Assistant Secretary Also, attending via phone:
Jennifer Walden	PFM
Lynne Mullins	PFM
Kevin Plenzler	PFM
Tucker Mackie	Hopping Green & Sams
Deborah Sier	Hopping Green & Sams
Jeff Newton	Donald W. McIntosh Associates, Inc.
Larry Kaufmann	Construction Supervisor & Construction Committee Member
Dan Byrnes	Tavistock
Ralph Ireland	Tavistock

SECOND ORDER OF BUSINESS	Public Comment Period

Dr. Levey asked for any public comments. There were no comments at this time.

THIRD ORDER OF BUSINESS		Discussion Regarding Executive Order 20-246

Ms. Walden stated the Executive Order is included in the packet which states that the District is able to hold their meetings via telephonic conferencing due to the COVID-19 situation. Also included is a proof of the ad that notes the Executive Order as well as the telephonic conferencing information so the public can join.

Ms. Mackie added it is likely the Executive Order will not be extended past October 31, 2020, and the District will more than likely have to meet in a physical location for the November Meeting and District staff secured the Courtyard Marriott next to Tavistock offices for that meeting.

FOURTH ORDER OF BUSINESS		Consideration of the Minutes of the September 21, 2020, Board of Supervisors’ Meeting

Board Members reviewed the minutes from the September 21, 2020, Board of Supervisors’ Meeting.

On Motion by Mr. Paris, second by Ms. Salvo, with all in favor, the Board of Supervisors for the Poitras East Community Development District approved the Minutes of the September 21, 2020, Board of Supervisors Meeting.

FIFTH ORDER OF BUSINESS		Matters Pertaining to Local Alternative Mobility Network (“LAMN”)
Presentation Regarding LAMN
Presentation of Preliminary Operation and Maintenance Assessment	Methodology Report
Interlocal Agreement Among the Boggy Creek Improvement District, the
Myrtle Creek Improvement District, the Greeneway Improvement District and the Poitras
East Community Development District Regarding Maintenance of the Greenlink
Improvements within the Local Alternative Mobility Network

Mr. Ireland presented information regarding the LAMN (Minutes Exhibit A). Lake Nona and the four Districts are benefited by a $20,000,0000.00 Federal Grant that was awarded to Orange County and will help support development of a Local Alternative Mobility Network to benefit all of Lake Nona.

Mr. Plenzler presented the Preliminary Operation and Maintenance Assessment Methodology Report. Dr. Levey requested a motion to approve the Preliminary O&M Assessment Methodology Report.

On Motion by Mr. Schademan, second by Mr. Paris, with all in favor, the Board of Supervisors for the Poitras East Community Development District approved the Preliminary Operations and Maintenance Assessment Methodology Report.

Myrtle Creek Improvement District, the Greeneway Improvement District and the Poitras East Community Development District Regarding maintenance of the Greenlink Improvements within the Local Alternative Mobility Network.

On Motion by Mr. Schademan, second by Mr. Paris, with all in favor, the Board of Supervisors for the Poitras East Community Development District approved the Interlocal Agreement Among the Boggy Creek Improvement District, the Myrtle Creek Improvement District, the Greeneway Improvement District and the Poitras East Community Development District Regarding Maintenance of the Greenlink Improvements within the Local Alternative Mobility Network.

SIXTH ORDER OF BUSINESS		Matters Pertaining to District Construction
a) Authorization to Bid for Infrastructure Phase 1C and Street A & Lift Station C

Mr. Newton requested permission to advertise the Infrastructure Phase 1C and Street A & Lift Station C projects for bid because the end of the permitting process is drawing near and in order to get these under construction, the projects must be advertised for bid by the District’s prequalified list of Contractors. Funding is available in the District’s Capital Program. Dr. Levey requested a motion from the board to authorize bidding for Infrastructure Phase 1C and Street A & Lift Station C.

On Motion by Mr. Schademan, second by Mr. Paris, with all in favor, the Board of Supervisors for the Poitras East Community Development District authorized to bid for Infrastructure Phase 1C and Street A & Lift Station C.

SEVENTH ORDER OF BUSINESS		Consideration  of  Acquisition	of Luminary Blvd. Phase 1A

Ms. Mackie stated at the August meeting the Board approved the acquisition of right-of-way for Phase 1A of Luminary Blvd. at a not to exceed amount of $85,000.00 per acre or a total amount not to exceed $300,000.00, subject to the District’s receipt of an appraisal. The District received a preliminary draft of the appraisal and are working with The Appraisal Group of Florida to review some changes suggested by District Staff in conjunction with the methodology used in that appraisal and it will be brought back to the Board for ratification but it is expected the appraisal received will be in line with the $85,000.00 per acre previously approved by the Board. The acquisition of Luminary Blvd. Phase 1A is slated for the first part of November and Ms. Mackie is working with Developer’s Counsel in conjunction with the closing statement and the typical closing documents . The documents included in the agenda package today relate to the District’s operation of certain sewer utilities and reclaim utilities that run perpendicular to Luminary Blvd. Phase 1A and are necessary to secure in conjunction with the acquisition of the right-of-way as some of it will be on the plat that dedicates Phase 1A to the City, who is the ultimate owner of the right-of-way long term. Ms. Mackie reviewed several of the easements. Dr. Levey requested a motion to approve the easements as presented in conjunction with the acquisition of Luminary Blvd. Phase 1A.

On Motion by Mr. Schademan, second by Ms. Salvo, with all in favor, the Board of Supervisors for the Poitras East Community Development District approved the easements as presented in conjunction with the acquisition of Luminary Blvd. Phase 1A.

EIGHTH ORDER OF BUSINESS		Consideration of FY 2020 Audit Engagement Letter

District staff is still working with the Auditor to finalize the agreement so this item will be tabled until next month.

NINTH ORDER OF BUSINESS	Consideration of Agreement with City of Orlando for Alley Ways (Parcel N3)

Ms. Mackie explained this item needs to be tabled as it is still in development.

TENTH ORDER OF BUSINESS	Ratification	of	Payment Authorization Nos. 079 – 083

Dr. Levey noted these have been approved and paid and just need to be ratified by the Board.

On Motion by Mr. Paris, second by Mr. Schademan, with all in favor, the Board of Supervisors for the Poitras East Community Development District ratified Payment Authorization Nos. 079 – 083.

ELEVENTH ORDER OF BUSINESS	Recommendation	of	Work Authorization/Proposed Services

Mr. Kaufmann noted there are none for this District.

TWELFTH ORDER OF BUSINESS		Review	of	District’s	Financial Position and Budget to Actual YTD

The Board reviewed the financials through the end of September. The District has had total expenses of just over
$99,500.00 vs. an overall budget of $182,500.00. No action is required by the Board. The District has up to 60 days past the end of the Fiscal Year to incur expenses. So the District will have more updated numbers next month and will also need to adopt a revised budget for Fiscal Year 2020.

THIRTEENTH ORDER OF BUSINESS	Staff Reports

District Counsel –	No Report	

District Manager –	
Ms. Walden noted the next meeting will the second Tuesday of the month, which is November 10, 2020, at 4:00 p.m. and will be held in person at the Courtyard Orlando Lake Nona.	

District Engineer –	
Mr. Newton provided the Construction Status Memo (Exhibit B) and stated nothing that is under construction right now is an active District project. They are both Developer projects that the District will be acquiring in the future but there is no action required by the Board.	

Construction Supervisor –	
No Report	

FOURTEENTH ORDER OF BUSINESS		Supervisor and Audience Comments & Adjournment

There were no Supervisor requests or audience comments. Dr. Levey requested a motion to adjourn.

On Motion by Mr. Paris, second by Mr. Schademan, with all in favor, the October 20, 2020, meeting of the Board of Supervisors for the Poitras East Community Development District was adjourned.

Secretary/Assistant Secretary	Chair/Vice Chair

EXHIBIT A

LOCAL 
ALTERNATIVE MOBILITY 
NETWORK 

1

LAMN	Over view 
Lake Nona will be home to a first of its kind, robust Local Alternative Mobility Network (LAMN). The LAMN will tie into existing and future infrastructure and integrate multi-modal systems into a rapidly developing urban fabric.	Accommodating pedestrians, cyclists (both casual and commuter), electric assist personal vehicles, and a fleet of autonomous vehicles (AV), the project will both modify existing and create new infrastructure consisting of multi-use corridors, dedicated commuter ways, mobility hubs, and AV support infrastructure.	The LAMN will reduce automobile dependency and better connect residents, visitors, and students to employment, medical facilities, essential services, retail, education, and entertainment.

The LAMN will be at a scale and level of thoughtfulness that does not exist in any other  privately developed community and is only possible with the funding of key components such as the multimodal bridge over Lake Nona Blvd, the AV Shuttle Car Barn, and the Mobility Hub, in addition to a variety of new and upgraded infrastructure.

2

2

PRIMARY	COMPONENTS 

MOBILITY NETWORK	
GREENLINK	GREENLINK	
CAR BARN		
MOBILITY HUB	

Infrastructure	
A linear mobility	
Dedicated AV,	
•	
Storage,	
•	
Facility for recreational and commuters for all modes of personal micro- mobility transportation
Located in Town Center	
and amenities	park that replaces	bicycle, &		training course,			
required for	a traditional	pedestrian		and			
AV fleet,	vehicular roadway	bridge crossing		maintenance for			
bicycles and	with a water	Lake Nona Blvd		the AV fleet			
other micro- mobility personal	conveyance system
Connects the	Connects Town

Greenlink	•	Schematic design complete	

•		
vehicles, and	mixed-use district	Currently in					
pedestrians
Currently in	with Town Center
and Village Center	concept design			•	Currently in concept design	

schematic design

Currently in pre- construction

3

4

MICRO MO BIL ITY	N ETWO RK 
MICROMOBILITY NETWORK
Nearly 5 miles of dedicated micromobility commuter lanes
Enhancement of 25 miles of on- street dedicated bicycle lanes
6 additional miles of multi-use trails

D R I  V E	T I M E S
Orlando International Airport Downtown Orlando
Area Theme Parks Atlantic Coast Beaches Tampa
Gainesville Jacksonville Naples
Miami Tallahassee

PRO PO SED	AV	SH U TTLE	N ETWO R K

AV NETWORK
15.5 miles of shared right-of- way routes
Nearly 2 miles of dedicated AV shuttle lanes
Flexibility for future route changes and expansion

AV SHUTTLE STOPS W/	RECOVERY ZONES	COMBINED RECOVERY	
SHELTER	9 total planned Recovery Zones	ZONES W/ AV STOPS	
Of the 25 AV stops, 2 will be dedicated w/ shelter		Of the 9 Recovery Zones, 2 will be combined with AV stops	

Over 9000 LF linear park and mobility network
Includes dedicated micromobility commuter way and pedestrian paths
Introduces 9,000 LF of dedicated AV lanes:
4,500 LF E-W along the Greenlink to the Mobility Hub
4,500 LF N-S Lakeside Extension

G REEN LIN K	BRIDG E
Extends Greenlink approximately 700 LF, including a 200-foot span over LN Blvd into the Town Center

Provides a safe option for AV, pedestrian, and micro- mobility users to cross Lake Nona Blvd
Improves AV Shuttle route times
Substantially reduces at-grade conflicts on Lake Nona Boulevard

C A R	BA R N	(non - C D D )

9,600 SF conditioned space
10 interior & 10 outdoor AV charging stations
4 interior maintenance bays
Programming and calibration course

Mobility Hub

MO BILITY	H U B	(no n - CDD) 
Approx. 4,000 SF micro-mobility user services center
Connects different modes of transportation and serves as a town center AV stop
Serves micro-mobility users such as office commuters as well as visitors to Lake Nona
Includes limited access restrooms, showers, short and long term bicycle and micro- mobility storage, system wayfinding information, repair services, charging stations, and a small mobility retail opportunity

EXHIBIT B

MEMORANDUM

DONALD W. MCINTOSH ASSOCIATES, INC.

DATE: TO:

FROM:

RE:

October 20, 2020

Poitras East Community Development District Board of Supervisors

Donald W. McIntosh Associates, Inc. District Engineer

Construction Contract Status

Dear Board Members,

Please accept this correspondence as a current summary of our construction contract status. Listed below by project is a brief summary of recent contract activity.

CiVIL ENGINEERS

LAND P LANNERS

S URVEYORS

Infrastructure Phase lA-Jr. Davis Construction Compam·, Inc.
(note: this construction contract is between TDCP and JDC)

Construction Status: Off-site improvements on Narcoossee Road are nearing completion with force main tapping and trail construction underway. Curb and gutter and roadway.base on Luminary Boulevard have been constructed.

Infrastructure Phase 1B - Jr. Davis Construction Company, Inc.
(note:  this construction contract is between TDCP and JDC)

Construction Status:  Construction has not yet commenced.

Miscellaneous

Design and permitting oflnfrastructure Phases IC and ID, the first segment of Street A and  the off-site Narcoossee Road force main extension are underway. Environmental matters have been successfully resolved.

Should there be any questions, please do not hesitate to call. Tharik you.

2200 Park Ave. North

W int er P ar k, FL

32789-2355

End of memorandum. c:	Larry Kaufi:nann
Matt McDermott Chris Wilson Dan Young
.Tan,k Fahmy:

Fax 4 0 7 -6 4 4- 8 3 1 8

407-644-4068

\\dmadatas\dwmadata\Proj2017\17170\ENGadmin\C\ec019.docx

http://www.dwma.com

Poitras East Community Development District

Minutes of the November 3, 2020 Landowners’ Election Meeting

POITRAS EAST COMMUNITY DEVELOPMENT DISTRICT
LANDOWNER’S MEETING MINUTES

The Landowners Election of the Poitras East Community Development District was held on Tuesday, November 3, 2020 at 11:01 a.m. at Courtyard Orlando Lake Nona, 6955 Lake Nona Blvd., Orlando, FL 32827.

Lynne Mullins	Proxy Holder		
Deb Sier	Hopping Green & Sams, P.A.	(via phone)	
Tucker Mackie	Hopping Green & Sams, P.A.	(via phone)	

FIRST ORDER OF BUSINESS	Call to Order and Roll Call

The meeting was called to order at 11:01 a.m.

SECOND ORDER OF BUSINESS	Appointment	of	Meeting Chairman

Ms. Mullins, an employee of the District Management’s office, served as Chairman of the meeting.

THIRD ORDER OF BUSINESS	Identification	of	
	Landowners
Landowner’s	and/or
Proxy	
	Holder(s)		

Ms. Mullins stated she is the proxy holder for TDCP which owns 981.92 acres total which allows for 982 votes.

FOURTH ORDER OF BUSINESS		Call	for	Nominations, Election of Supervisors

Ms. Mullins cast her votes as per the Official Ballot:

Seat 3 – Julie Salvo– 981 votes
Seat 4 – Rob Adams – 982 votes
Seat 5 – Frank Paris – 980 votes

Ms. Mullins stated Ms. Salvo and Mr. Adams, will each serve a four-year term and Mr. Paris, will serve a two-year term.

FIFTH ORDER OF BUSINESS	Adjournment

The Landowner’s Election was adjourned.

Secretary/Assistant Secretary	Chair/Vice Chair

Poitras East Community Development District

Resolution 2021-01,
Canvassing and Certifying the Results of the Landowners’ Election

RESOLUTION 2021-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE POITRAS EAST COMMUNITY DEVELOPMENT DISTRICT CANVASSING AND CERTIFYING THE RESULTS OF THE LANDOWNERS ELECTION OF SUPERVISORS HELD PURSUANT TO SECTION 190.006(2), FLORIDA STATUTES, AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, the Poitras East 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 entirely within the City of Orlando, Orange County, Florida; and

WHEREAS, pursuant to Section 190.006(2), Florida Statutes, a landowners’ meeting is required to be held within 90 days of the District’s creation and every two years following the creation of the District for the purpose of electing supervisors of the District; and

WHEREAS, such landowners’ meeting was held on November 3, 2020, the Minutes of which are attached hereto as Exhibit A, and at which the below recited persons were duly elected by virtue of the votes cast in his/her favor; and

WHEREAS, the Board of Supervisors of the District, by means of this Resolution, desire to canvas the votes and declare and certify the results of said election.

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

Section 1. The following person is found, certified, and declared to have been duly elected as Supervisor of and for the District, having been elected by the votes cast in their favor as shown:

Seat 3 – Julie Salvo	Votes - 981

Seat 4 – Rob Adams	Votes - 982

Seat 5 – Frank Paris	Votes - 980

Section 2. In accordance with Section 190.006(2), Florida Statutes, and by virtue of the number of votes cast for the Supervisor, the above-named person is declared to have been elected for the following term of office:

Julie Salvo	4 Year Term

Rob Adams	4 Year Term

Frank Paris	2 Year Term

Section 3. This resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED THIS 10th DAY OF NOVEMBER, 2020.

Attest:	POITRAS EAST COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairman

EXHIBIT A

POITRAS EAST COMMUNITY DEVELOPMENT DISTRICT
LANDOWNER’S MEETING MINUTES

The Landowners Election of the Poitras East Community Development District was held on Tuesday, November 3, 2020 at 11:01 a.m. at Courtyard Orlando Lake Nona, 6955 Lake Nona Blvd., Orlando, FL 32827.

Lynne Mullins	Proxy Holder		
Deb Sier	Hopping Green & Sams, P.A.	(via phone)	
Tucker Mackie	Hopping Green & Sams, P.A.	(via phone)	

FIRST ORDER OF BUSINESS	Call to Order and Roll Call

The meeting was called to order at 11:01 a.m.

SECOND ORDER OF BUSINESS	Appointment	of	Meeting Chairman

Ms. Mullins, an employee of the District Management’s office, served as Chairman of the meeting.

THIRD ORDER OF BUSINESS	Identification	of	
	Landowners
Landowner’s	and/or
Proxy	
	Holder(s)		

Ms. Mullins stated she is the proxy holder for TDCP which owns 981.92 acres total which allows for 982 votes.

FOURTH ORDER OF BUSINESS		Call	for	Nominations, Election of Supervisors

Ms. Mullins cast her votes as per the Official Ballot:

Seat 3 – Julie Salvo– 981 votes
Seat 4 – Rob Adams – 982 votes
Seat 5 – Frank Paris – 980 votes

Ms. Mullins stated Ms. Salvo and Mr. Adams, will each serve a four-year term and Mr. Paris, will serve a two-year term.

FIFTH ORDER OF BUSINESS	Adjournment

The Landowner’s Election was adjourned.

Secretary/Assistant Secretary	Chair/Vice Chair

Poitras East Community Development District

Resolution 2021-02, Election of Officers

RESOLUTION 2021-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE POITRAS EAST COMMUNITY DEVELOPMENT DISTRICT ELECTING THE OFFICERS OF THE DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, the POITRAS EAST COMMUNITY DEVELOPMENT DISTRICT
(hereinafter the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes; and

WHEREAS, the Board of Supervisors of the District desires to elect the Officers of the District.

DISTRICT:		
Section 1.	 	 is elected Chair.	
Section 2.	 	 is elected Vice Chair.	
Section 3.	 	 is elected Secretary.	
	 	 is elected Assistant Secretary.	
	 	 is elected Assistant Secretary.	
	 	 is elected Assistant Secretary.	
	 	 is elected Assistant Secretary.	
Section 4.	 	 is elected Treasurer.	
Section 5.	 	 is elected as Assistant Treasurer.	
Section 6.	All Resolutions or parts of Resolutions in conflict herewith are hereby repealed to the extent of such conflict.	
Section 7.	This Resolution shall become effective immediately upon its adoption.	

NOW,	THEREFORE,	BE	IT	RESOLVED	BY	THE	BOARD	OF SUPERVISORS OF THE POITRAS EAST COMMUNITY DEVELOPMENT

PASSED AND ADOPTED THIS 10th DAY OF NOVEMBER, 2020. ATTEST:	POITRAS EAST COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chair/Vice-Chair

Poitras East Community Development District

Resolution 2021-03,
Adopting an Amended Budget for FY 2020
(Exhibit A provided under separate cover)

RESOLUTION 2021-03

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE POITRAS EAST COMMUNITY DEVELOPMENT DISTRICT ADOPTING AN AMENDED GENERAL FUND BUDGET FOR FISCAL YEAR 2019/2020, PROVIDING FOR APPROPRIATIONS; ADDRESSING CONFLICTS AND SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.

WHEREAS, on August 20, 2019, the Board of Supervisors of the Poitras East Community Development District (“Board”), adopted Resolution 2019-13 providing for the adoption of the District’s Fiscal Year 2019/2020 annual budget (“Budget”); and

WHEREAS, the District Manager, at the direction of the Board, has prepared an amended Budget, to reflect changes in the actual appropriations of the Budget; and

WHEREAS, Chapters 189 and 190, Florida Statutes, and Section 3 of Resolution 2019-13 authorize the Board to amend the Budget within sixty (60) days following the end of the Fiscal Year 2019/2020; and

WHEREAS, the Board finds that it is in the best interest of the District and its landowners to amend the Budget to reflect the actual appropriations; and

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

BUDGET AMENDMENT.

The Board has reviewed the District Manager’s proposed amended Budget, copies of which are on file with the office of the District Manager and at the District’s Records Office, and hereby approves certain amendments thereto, as shown in Section 2 below.

The amended Budget attached hereto as Exhibit A and incorporated herein by reference as further amended by the Board is hereby adopted in accordance with the provisions of sections 190.008(2)(a) and 189.016(6), Florida Statutes; provided, however, that the comparative figures contained in the amended Budget as adopted by the Board (together, “Adopted Annual Budget”) may be further revised as deemed necessary by the District Manager to further reflect actual revenues and expenditures for Fiscal Year 2019/2020.

The Adopted Annual Budget shall be maintained in the office of the District Manager and the District Records Office and identified as “The Adopted Budget for the Boggy Creek Improvement District for the fiscal year ending September 30, 2020, as amended and adopted by the Board of Supervisors effective November 10, 2020.”

APPROPRIATIONS. There is hereby appropriated out of the revenues of the Poitras East Community Development District, the fiscal year beginning October 1, 2019, and ending September 30, 2020, the sums set forth below, to be raised by special assessments, which sums are deemed by the Board of Supervisors to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated in the following fashion:

TOTAL GENERAL FUND	$

DEBT SERVICE FUND	$

TOTAL ALL FUNDS	$

CONFLICTS. This Resolution is intended to amend, in part, Resolution 2019-13, which remains in full force and effect except as otherwise provided herein. All terms of Resolution 2019-13 that are not amended by this Resolution apply to the Adopted Annual Budget as if those terms were fully set forth herein. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed.

SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

EFFECTIVE DATE. This Resolution shall take effect as of November 10,
2020.

Introduced, considered favorably, and adopted this 10th day of November, 2020.

ATTEST:	POITRAS EAST COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairperson, Board of Supervisors

Exhibit A
Amended Fiscal Year 2019/2020 Budget

Poitras East Community Development District

Appraisal Report by
The Appraisal Group of Central Florida, Inc.

APPRAISAL REPORT OF

THE POITRAS EAST PROPERTY CONTAINING
±1,005.11 ACRES,

LOCATED AT THE NORTHWEST QUADRANT OF NARCOOSSEE ROAD AND BOGGY CREEK ROAD, NEAR THE LAKE NONA PLANNED DEVELOPMENT
IN THE CITY OF ORLANDO, ORANGE COUNTY, AND UNICORPORATED OSCEOLA COUNTY, FLORIDA

WITH A PROPERTY ADDRESS OF

AT 13870 NARCOOSSEE ROAD ORLANDO, FLORIDA 32827

DATE OF VALUATION: SEPTEMBER 17, 2020

DATE OF REPORT: SEPTEMBER 23, 2020

PREPARED FOR:	PREPARED BY:
Poitras East Community Development District	Richard K. MacMillan, MAI, Pres. C/O Board of Supervisors	State-Certified General Real Estate 6900 Tavistock Lakes Boulevard, Suite #200		Appraiser #RZ353
Orlando, Florida 32827	THE APPRAISAL GROUP OF CENTRAL FLORIDA, INC.
378 CenterPointe Circle, Suite 1286 Altamonte Springs, Florida 32701

THE APPRAISAL GROUP OF CENTRAL FLORIDA, INC.
Real Estate Appraisers  Consultants
378 CenterPointe Circle  Suite 1286  Altamonte Springs, FL 32701 (407) 539-1288 FAX (407) 539-7004
Richard@tagcf.com

September 23, 2020

Poitras East Community Development District C/O Board of Supervisors
6900 Tavistock Lakes Boulevard, Suite #200
Orlando, Florida 32827

RE: Poitras East Property containing a total of ±1,005.11 acres  is  located  at  the  northwest quadrant of Narcoossee Road and Boggy Creek Road. The majority of the ±1,005.11 acre parent tract is located within the City of Orlando, in Orange County, Florida with a small portion of the subject containing 6.431 acres located within Osceola County. The property address is 13870 Narcoosee Road, Orlando, Florida 32827.

Dear Board of Supervisors:

In reference to your request, I have personally inspected and appraised the above parcel of the captioned project for the purposes of estimating the current market value of the unencumbered fee simple interest in the land known as Poitras East. The purpose of the appraisal report is to provide a per acre opinion of value for the Poitras East CDD (Community Development District), excluding the tract which has been sold to Pulte Homes. This appraisal is needed to establish a value for proposed right-of-way that will ultimately be sold to the CDD and ultimately dedicated to the City of Orlando.

The Poitras East CDD, excluding the Pulte property, contains 1,005.11 acres. It is our understanding that there is currently a PD in place that includes a mixed use development of single family, multifamily, commercial and institutional uses; however, the parent tract, which excludes the Pulte home portion is still vacant and has not been platted or subdivided. The Sales Comparison Approach for land only will be used to value the 1,005.11 acre parent tract based upon mixed use land transactions.

For the purposes of this analysis, market value is defined as the amount of money that a purchaser willing but not obligated to buy the property would pay an owner willing but not obligated to sell, taking into consideration all uses to which the property is adapted and might be applied in reason. Inherent in the willing buyer-willing seller test of the fair market value are the following:

A fair sale resulting from fair negotiations.
Neither party acting under compulsion of necessity (this eliminates forced liquidation or sale at auction). Economic pressure may be enough to preclude a sales use.
Both parties having knowledge of all relevant facts.
A sale without peculiar or special circumstances.
A reasonable time to find a buyer.

Page Two September 23, 2020

This appraisal report is intended to comply with the reporting requirements of the Uniform Standards of Professional Appraisal Practice.

According to Donald W. McIntosh Associates, Inc., the client’s engineering support team which assisted the appraiser with land size calculations for this appraisal, the land area of the Poitras East parent tract contains a total of ±1,005.11 acres, of which 663.14 acres are uplands and the remaining
341.97 acres are wetlands. A small portion of this ±1,005.11 acres containing 6.431 acres is located within Osceola County and the remaining property is located within Orange County. The scope of  the appraisal will provide a land value opinion of the parent tract. This appraisal format includes a value of the underlying land using the Sales Comparison Approach. There is no remainder analysis included. The appraisal is intended to comply with the reporting requirements of the Uniform Standards of Professional Appraisal Practice.

It is my considered opinion that the market value of the Poitras East parent tract containing
±1,005.11 acres, herein described as of September 17, 2020 was:

SEVENTY NINE MILLION FOUR HUNDRED FOUR THOUSAND AND NO/100 DOLLARS

($79,404,000)

Enclosed with the report is a complete description of the subject parent tract that includes photographs, sketches, and a land valuation analysis with comparable sales. Your attention is  directed to the Qualifying and Limiting Conditions included in this report.

Sincerely,

Richard K. MacMillan, MAI, President
State-Certified General Real Estate Appraiser #RZ353

CERTIFICATE OF VALUE

Project: Poitras East CDD
Property.: ±1,005.11 Ac Poitras East Parent Tract
I certify to the best of my knowledge and belief, that:
The statements of fact contained in this report are true and correct.

The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, unbiased, professional analyses, opinions, and conclusions.

I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved.

My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event.

My analyses, opinions, or conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice, and the provisions of Chapter 475, Part II, Florida Statutes.

I have made a personal inspection of the property that is the subject of this report. I have also made a personal field inspection of the comparable sales relied upon in making this appraisal. The subject and the comparable sales relied upon in making this appraisal were as represented by the photographs contained in this appraisal.

No persons other than those named herein provided significant professional assistance to the person signing this report.

I understand that the purpose of the appraisal report is to provide an opinion of value for the Poitras East CDD (Community Development District) land, excluding the tract which has been sold to Pulte Homes. This appraisal is needed to establish a value for proposed right-of-way that will ultimately be sold to the CDD and ultimately dedicated to the City of Orlando.

This appraisal has been made in conformity with the appropriate State laws, regulations, policies and procedures applicable to appraisal of right-of-way for transportation purposes; and, to the best of my knowledge, no portion of the property value entered on this certificate consists of items which are noncompensable under the established law of the State of Florida.

I have not revealed the findings or results of this appraisal to anyone other than client and I will not do so until so authorized by the client, or until I am required by due process of law, or until I am released from this obligation by having publicly testified as to such findings.

Regardless of any stated limiting condition or assumption, I acknowledge that this appraisal report and all maps, data, summaries, charts and other exhibits collected or prepared under this agreement shall become the property of the client without restriction or limitation on their use.

Statements supplemental to this certification required by membership or candidacy in a professional appraisal organization are described on an addendum to this certificate and, by reference, are made a part hereof.

I have performed no other services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

Based upon my independent appraisal and the exercise of my professional judgment, my opinion of the market value for property appraised as of the 17th day of September 2020, is: $ 79,404,000	.

Market value should be allocated as follows:

LAND	$ 	79,404,000		LAND AREA:	(Ac/SF) ±1,005.11 AC	
IMPROVEMENTS	$ 	0		LAND USE:	Mixed Use Land	

TOTAL	$ 	79,404,000	

September 23, 2020			 	 DATE		APPRAISER
Richard K. MacMillan, MAI, President
State-Certified General Real Estate Appraiser RZ 353

SUPPLEMENT TO CERTIFICATE OF VALUE

Professional Assistance

Thomas A. Riddle, MAI, State-Certified General Appraiser, #RZ1451 provided significant professional assistance including sales research, area data compilation and preparation of comparable sales information. Mr. Riddle also provided further assistance in the report writing of this appraisal.

The appraiser has relied upon a parent tract land size that was calculated by Donald W. McIntosh Associates, Inc., the client’s engineering support team.

Additional Certification

I certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.

I certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

As of the date of this report, I, Richard K. MacMillan, MAI, have completed the requirements of the continuing education program of the Appraisal Institute.

This appraisal report will consider the underlying land value for the subject property only. Competency Provision
The appraiser has the knowledge and expertise for this appraisal assignment. Richard K. MacMillan has been providing eminent domain appraisal assignments for over 35 years, including numerous commercial and residential properties.

September 23, 2020
Richard K. MacMillan, MAI	Date
State-Certified General Real Estate Appraiser #RZ353

110	TABLE OF CONTENTS

Letter of Transmittal Certification of Valuation Table of Contents
Page #
115	QUALIFYING AND LIMITING CONDITIONS	1
120	SUMMARY OF SALIENT FACTS AND CONCLUSIONS	3
130	TYPE OF APPRAISAL AND REPORT FORMAT	3
140	PURPOSE, INTENDED USE AND INTENDED USER OF THE APPRAISAL	4
150	DEFINITION OF MARKET VALUE	4
160	PROPERTY RIGHTS (INTEREST) APPRAISED	4
175	SCOPE (EXTENT OF PROCESS OF COLLECTING, CONFIRMING AND REPORTING DATA)	4
180	APPRAISAL PROBLEM	5
200	IDENTIFICATION OF PROPERTY AND LEGAL DESCRIPTION	5
220	DESCRIPTION OF AREA AND NEIGHBORHOOD	6
230	DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES	9
235	EXISTING TRANSPORTATION FACILITY DESCRIPTION	21
240	ZONING, LAND USE PLAN, CONCURRENCY	21
250	ASSESSED VALUE, TAXES AND SPECIAL ASSESSMENTS	24
260	HISTORY OF PROPERTY	24
270	EXPOSURE TIME	25
280	PUBLIC AND PRIVATE RESTRICTIONS	25
300	HIGHEST AND BEST USE ANALYSIS	25
302	HIGHEST AND BEST USE CONCLUSION	26
305	APPROACHES TO VALUE USED AND EXCLUDED	26
310	ESTIMATE OF PARENT TRACT LAND VALUE	27
355	INDICATED VALUE BY SALES COMPARISON APPROACH	33
390	RECONCILIATION OF VALUE INDICATIONS AND
FINAL VALUE ESTIMATE	34

ADDENDA

Subject Zoning Ordinance Area Map
Area Map and Analysis Land Sale Location Map Land Sales Data Sheets Appraiser Qualifications

115	QUALIFYING AND LIMITING CONDITIONS

Legal Matters:

The legal description used here by the appraiser to identify the subject property is presumed to be correct but it has not been confirmed by survey. The appraiser assumes no responsibility for  such a survey, or for encroachments or overlapping or other discrepancies that might be revealed thereby. Sketches and plot plans in the report are to assist the reader to visualize the property  and are not to be assumed as surveys unless they are specifically identified as such.

The appraiser renders no opinion of a legal nature, such as to ownership of the property or condition of title. The title of the property is assumed to be marketable. Unless stated to the contrary, the property is appraised as an unencumbered fee that does not exist in violation of applicable ordinances, statutes, or other governmental regulations.

Unapparent Conditions:

The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil or structural, which would render it more or less valuable than an otherwise apparently comparable property. The appraiser assumes no responsibility for such conditions or for engineering that might be required to discover such conditions.

Information and Data:

The information and data supplied to the appraiser by others, and considered in the valuation, are from sources believed to be reliable but no further responsibility is assumed for their accuracy.

The appraiser assumes that the subject property will be managed efficiently and maintained properly.

The appraiser considered all data of a conjectural nature such as the reasonable probability to rezone or to obtain variances.

Use of the Appraisal:

Disclosure of the contents of this report is governed by the By-Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected) shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communications, without the prior written consent and approval of the author.

All of the valuations in the report are applicable only under the stated program of highest and best use and are not necessarily applicable under other programs of use.

The distribution of the total valuation is applicable only as a part of the whole property. The  land value must not be used in conjunction with any other appraisal and is invalid if so used.

The appraiser is not required to give testimony or to appear in court by reason of this appraisal unless arrangements have previously been made with the undersigned appraiser.

120	SUMMARY OF SALIENT FACTS AND CONCLUSIONS Name(s) The Owner of Record –
The Poitras East parent tract containing 1,005.11 acres is under the following ownership names:
TDCP, LLC
Lake Nona Station, LLC
Lake Nona Station Property Owners’ Association, Inc.

Address of The Owner of Record
6900 Tavistock Lakes Boulevard, Suite 200
Orlando, Florida 32827-7099

Property Address – According to the Orange County Property Appraiser, the property address assigned to this vacant land is 13870 Narcoossee Road, Orlando, FL 32827.

Location Description – The property is located at the northwest quadrant of Narcoossee Road and Boggy Creek Road. The majority of the ±1,005.11 acre parent tract is located within the City of Orlando, in Orange County, Florida with a small portion of the subject containing 6.431 acres located within Osceola County.

Property Inspection Dates –September 17, 2020

Richard K. MacMillan, MAI and Thomas A. Riddle, MAI, inspected the property on September 17, 2020. The extent of the field inspection included a physical inspection  and photographing the parent tract.

Land Size - Parent Tract: ±1,005.11 Acres

Improvements – At the time of inspection, it appeared that a spine road from Narcoossee Road to be known as Luminary Boulevard was under construction; however, this appraisal is limited to the land only and any improvements will not be valued.

130	TYPE OF APPRAISAL AND REPORT FORMAT

For this analysis, we have prepared an appraisal report for valuing the underlying land only.

140	PURPOSE, INTENDED USE AND INTENDED USER OF THE APPRAISAL

The purpose of the appraisal is to estimate the market value of the unencumbered fee simple interest in the parent tract land, subject to the Qualifying and Limiting Conditions as discussed in Section 115 of this report. The appraisal report is to provide a per acre opinion of value for the Poitras East CDD (Community Development District), excluding the tract which has been sold to Pulte Homes.

The intended use of this appraisal establish a value for proposed right-of-way that will ultimately be sold to the CDD and subsequently dedicated to the City of Orlando. The intended user of this appraisal is our client and designated representatives.

150	DEFINITION OF MARKET VALUE

For the purposes of this analysis, market value is defined as the amount of money that a purchaser willing but not obligated to buy the property would pay an owner willing but not obligated to sell, taking into consideration all uses to which the property is adapted and might be applied in reason. Inherent in the willing buyer-willing seller test of the fair market value are the following:

A fair sale resulting from fair negotiations.
Neither party acting under compulsion of necessity (this eliminates forced liquidation or sale at auction). Economic pressure may be enough to preclude a sales use.
Both parties having knowledge of all relevant facts.
A sale without peculiar or special circumstances.
A reasonable time to find a buyer.

160	PROPERTY RIGHTS (INTEREST) APPRAISED

The property rights appraised are the unencumbered fee simple interest.

175	SCOPE (EXTENT OF PROCESS OF COLLECTING, CONFIRMING AND REPORTING DATA)

As mentioned, the subject is vacant land. For the purpose of this analysis, we have prepared an appraisal report in which we have valued the underlying land. We have utilized the Sales Comparison Approach for vacant land and have researched various comparable land sales which have occurred within the subject market area in Orange, Seminole, and Osceola County in order to estimate the land value of the subject.

These sales were verified with a least one knowledgeable party to the real estate sale transaction. All of the sales selected were considered to be the most comparable to the subject with respect to highest and best use, location, and size. A copy of the comparable land sales data is included in the Addenda section of this report.

180	APPRAISAL PROBLEM

As discussed, the parent tract contains ±1,005.11 acres. The Sales Comparison Approach for vacant land within the parent tract will be used to value the land and the appraisal will provide a value opinion of the parent tract. A remainder analysis will not be included.

200	IDENTIFICATION OF PROPERTY AND LEGAL DESCRIPTION

Property Address – According to the Orange County Property Appraiser, the property address assigned to this vacant land is 13870 Narcoossee Road, Orlando, FL 32827.

Location Description – The property is located at the northwest quadrant of Narcoossee Road and Boggy Creek Road. The majority of the ±1,005.11 acre parent tract is located within the City of Orlando, in Orange County, Florida with a small portion of the subject containing 6.431 acres located within Osceola County.

Legal Description – A legal description of the parent tract was not provided. As stated, the property is located on the west side of Narcoossee Road and the north side of Boggy Creek Road in the City of Orlando in Orange County and in unincorporated Osceola County. The parent tract consists of 11 Orange County tax parcels and one Osceola tax parcel:

31-24-31-0000-00-001
31-24-31-7790-00-001
31-24-31-7790-01-000
31-24-31-7790-01-001
31-24-31-7790-01-002
31-24-31-7790-02-000
31-24-31-7790-02-001
32-24-31-7791-00-001
32-24-31-7791-01-000
32-24-31-7791-01-001
32-24-31-7791-02-000
01-25-30-0000-0022-0000 (Osceola County)

According to Donald W. McIntosh Associates, Inc., the client’s engineering support team who assisted the appraiser with land size calculations for this appraisal, the land area within the parent tract contains ±1,005.11 acres.

The reader is directed to the sketch provided within this report for a visual depiction of the subject parent tract.

220	DESCRIPTION OF AREA AND NEIGHBORHOOD

Area Analysis

The Area Analysis has been included in the addenda of this report.

Neighborhood Analysis

A neighborhood can be defined as a group of complementary land uses which can be an entire community or a portion of a larger community, for which there is a homogeneous grouping of inhabitants, buildings, or business enterprises. A large number of shared features may be reflected in a neighborhood including a similarity of economic level, cultural backgrounds, building types and styles, population characteristics, and governmental and zoning regulations that affect land use. Neighborhood boundaries may consist of well-defined natural or manmade barriers, or they may be defined by social, economic, and governmental forces which may cause a distinct change in land use or in the character of the inhabitants.

220	DESCRIPTION OF AREA AND NEIGHBORHOOD (Continued)

The complementary land uses that comprise neighborhoods typically evolve through stages known as the life cycle. These stages include development and growth, stability, transition, decline, and revitalization. These stages should be used as guides to market trends; however, there is no set life expectancy for a neighborhood, and the life cycle stages are not always sequential.
The subject neighborhood is located in the southern central portion of Orange County. The neighborhood encompasses areas within the City of Orlando and within unincorporated Orange County. It is bordered on the west by the Orange Blossom Trail, on the east by Moss Park Road and Lake Mary Jane, on the north by SR 528 (Beach Line Expressway) and on the south by the Osceola/Orange county line. Access to the neighborhood is good. Major roads include the Beach Line Expressway and SR 417 (the Central Florida Greeneway), two limited access right of ways that provide easy access to many parts of the Orlando metro area and beyond. Major north/south roads include Heintzelman Boulevard, Boggy Creek Road and Narcoossee Road. East/west roads include Landstreet Road, Taft Vineland Road, Wetherbee Road and Dowden Road.
One of the major influences in the neighborhood is the Orlando International Airport located just south of SR 528, in the northern portion of the neighborhood. Orlando International Airport is the busiest airport in Florida, the 10th-busiest in the US and the 29th-busiest in the world for domestic origin and destination travelers. There are about 50 million people that pass through its terminals each year.
The other major influence is the Lake Nona DRI , just north of the subject. Lake Nona is a 7,000-acre master planned community within the city limits of Orlando, southeast of the Orlando International Airport that is the home to world-class education, medical and recreational facilities, a medical city, diverse workspaces, retail centers, entertainment choices and residential options for people seeking with all the conveniences of living within a dynamic, vibrant community. Lake Nona is being developed by Lake Nona Property Holdings, owned by Tavistock Group, a private investment company with a broad portfolio of assets around the world.
The health and life sciences cluster of the planned community is Lake Nona's Medical City which is located on about 650 acres. Lake Nona Medical City is an emerging biomedical research and educational hub which includes the University of Central Florida College of Medicine and Health Sciences Campus (which includes the university's College of Medicine, Burnett School of Biomedical Sciences, UCF Cancer Research and Treatment Facility), the Orlando VA Medical Center, Nemours Children's Hospital and a University of Florida Research and Academic Center.

220	DESCRIPTION OF AREA AND NEIGHBORHOOD (Continued)

The Lake Nona Region is also home to Lake Nona Golf & Country Club and an array of retail centers, recreational facilities, educational facilities and residential options. Lake Nona is among the top-selling U.S. master-planned communities with millions of residential and commercial construction planned. There are over 16,000 residents, which is an increase of more than 40% since 2015. Most of the newcomers here are very affluent and in the upper middle class, settling for the proximity to Orlando's emerging Medical City in Lake Nona. The median age is 36 and 84% of the population has the minimum of a four year degree and 60% have a combined household income of over
$100,000. More than 500 families move to Lake Nona each year and the average home price is about $500,000. There are A-rated public schools and private schools within the community and there are three colleges and universities. These colleges and universities include Valencia College at Lake Nona, UCF Academic Health Sciences campus, and the UF Research & Academic Center and College of Pharmacy.
There is large amounts of residential and commercial planned and approved in the neighborhood. Given the neighborhood access and highway linkage and its approved planned developments, it is the appraiser’s opinion that real estate values in this area will at least remain stable over the next five years.

230	DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES DESCRIPTION OF PROPERTY
Property Type – Vacant Mixed Use Land

Existing Use – Vacant Land

Land Size -	Parent Tract:	±1,005.11 Acres

Shape –	Irregular, see attached sketch

Ingress/Egress – The property has frontage along the west side of Narcoossee Road, the north side of Boggy Creek Road and the south side of Laureate Boulevard, providing good ingress and egress to the property.

Topography – Based upon a the topography maps from the US Fish & Wildlife Services website it appears that the property is near road grade and generally level. The uplands are about 79 to 81 feet above mean sea level.

Flood Plain Data - According to the Flood Insurance Rate Map for Orange County, Florida, Community Panel Numbers 12095C0650G and 1295C0675G, dated June 20, 2018, the subject parent tract is located within Flood Zone X, which denotes areas of minimal flooding determined to be outside the 500-year flood plain and within Zones A and AE, areas inundated by 1% annual chance flooding. The reader is directed to the Flood Map provided in this report for a visual interpretation.

Soil Characteristics – According to the USDA Web Soil Survey, the subject has multiple underlying soil types. These include Archbold fine sand; Basinger fine sand; Immokalee fine sand; Ona fine sand; Pomello fine sand; St. Johns fine sand; Samsula- Hontoon-Basinger association; Sanibel muck; Smyrna-Smyna, wet, fine sand; and Myakka fine sand. The reader is directed to the Soil Map provided in this report for a visual interpretation.

Uplands/Wetlands – According to Donald W. McIntosh Associates, Inc., the client’s engineering support team who assisted the appraiser with land size calculations for this appraisal, of the parent tracts ±1,005.11 acres, 663.14 acres are uplands and the remaining 341.97 acres are wetlands.

Drainage – Based upon our field inspection the subject uplands appear to be adequately drained. In addition, some storm-water management ponds are present on the property.

230	DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES (Continued)

Environmental Hazards - For this analysis we were not provided with any type of environmental survey or audit. The detection of any environmental hazards is beyond  our expertise. There were no signs of any above or underground storage tanks, nor were there any open or closed containers observed on the site at the time of our inspection, which could potentially contain hazardous materials.

Utilities Available – Electric, telephone, water and sewer service is available to the property.

Easements, Encroachments or Restrictions and their Effect or Limitations – No title work was provided for this assignment. There do not appear to be any encroachments, easements or restrictions on the property that would have an adverse influence on value. However, if title work is provided and there are any easements, encroachments or restrictions which affect the utility of the property, the appraiser reserves the right to revise the values, herein, if necessary.

Building(s) – There are no building improvements on the parent tract.

Other – At the time of the inspection, a portion of the northeast corner of the parent tract near the intersection of Narcoossee Road and Laureate Boulevard was under development. According to information from Jeffrey Newton P.E. with Donald W. McIntosh Associates, Inc., this portion of the parent tract property was being developed with Lake Nona Station and will consists of commercial and multifamily apartments. There were no building improvements as of the date of this appraisal. A spine road from Narcoossee Road to be known as Luminary Boulevard was under construction; however, as noted this appraisal is limited to the land only and any improvements will not be valued.

PHOTOGRAPHS

Easterly view of Laureate Boulevard.

Photograph taken on September 17, 2020 by Thomas A. Riddle, MAI

Westerly view of Laureate Boulevard.
Photograph taken on September 17, 2020 by Thomas A. Riddle, MAI

PHOTOGRAPHS

Southwesterly view of subject from Narcoossee Road and Laureate Boulevard intersection.

Photograph taken on September 17, 2020 by Richard K. MacMillan, MAI

Southwesterly view of subject from Narcoossee Road.
Photograph taken on September 17, 2020 by Richard K. MacMillan, MAI

PHOTOGRAPHS

Westerly view of subject from Narcoossee Road at Luminary Boulevard.

Photograph taken on September 17, 2020 by Richard K. MacMillan, MAI

Northwesterly view of subject from Narcoossee Road.
Photograph taken on September 17, 2020 by Richard K. MacMillan, MAI

PHOTOGRAPHS

Westerly view of Boggy Creek Road.

Photograph taken on September 17, 2020 by Thomas A. Riddle, MAI

Westerly view across subject from just north of Boggy Creek Road.
Photograph taken on September 17, 2020 by Thomas A. Riddle, MAI

Westerly view of Boggy Creek Road.

Photograph taken on September 17, 2020 by Thomas A. Riddle, MAI

Westerly view across subject just north of Boggy Creek Road.
Photograph taken on September 17, 2020 by Thomas A. Riddle, MAI

Easterly view of Boggy Creek Road.

Photograph taken on September 17, 2020 by Thomas A. Riddle, MAI

Northerly view of subject from Boggy Creek Road.
Photograph taken on September 17, 2020 by Thomas A. Riddle, MAI

National Wetland Inventory Map

USDA Natural Resources Conservation Service Soil Survey Map

Soil Map Legend

Flood Map

235	EXISTING TRANSPORTATION FACILITY DESCRIPTION

Narcoossee Road is a six lane, divided road with turn lanes, a bike lane and sidewalks in area of the subject property. Boggy Creek Road is a two lane road with a bike lane and sidewalks in area of the subject property and the Laureate Boulevard is a 2-4 lane road with a bike lane and sidewalks in the area of the subject property.

240 ZONING & LAND USE PLAN Zoning
As stated the majority of the subject is located in the City of Orlando. This portion within the City is zoned PD/AN, Planned Development with an Aircraft Noise overlay district, due to its proximity to the airport. The PD District is intended to provide a process for the evaluation of unique, individually planned developments which are not otherwise permitted in the zoning districts. The standards and procedures of this district are intended to promote flexibility of design and permit planned diversification and integration of uses and structures, while at the same time retaining in the City Council the absolute authority to establish such limitations and regulations as it deems necessary to protect the public health, safety and general welfare. A small portion of the subject containing 6.431 acres is located within Osceola County and is zoned AC, Agricultural Development and Conservation, by Osceola County.

Future Land Use

The future land use for the portion within Orange County is Urban Village and Conservation. The future land use for the portion within Osceola County is Rural Enclave.

The City of Orlando Council adopted Ordinance No. 2020-43 on September 8, 2020 which regulates the subject parent tract, as well as the land to the west, thus comprising the entire Poitras property. The subject parent tract, exclusive of the small portion within Osceola County is approved for residential uses, commercial uses, a school, a community park, and a fire station. This complete ordinance has been included in the addenda of this report. A following table for the entire Poitras property (including East and West individually) and the overall proposed development plan is as follows:

County: Orange

250 ASSESSED VALUE, TAXES AND SPECIAL ASSESSMENTS

The majority of the subject parent tract is assessed and taxed by Orange County. Eleven of the 12 tax parcels comprising the subject are located within Orange County. These tax parcels in Orange County are: 31-24-31-0000-00-001; 31-24-31-7790-00- 001;  31-24-31-7790-01-000;  31-24-31-7790-01-001;  31-24-31-7790-01-002; 31-24-
31-7790-02-000;  31-24-31-7790-02-001;  32-24-31-7791-00-001; 32-24-31-7791-01-
000; 32-24-31-7791-01-001; & 32-24-31-7791-02-000. Ten of these eleven are new tax parcels that were created in 2020. The small portion of the property located within Osceola County has a tax parcel of 01-25-30-0000-0022-0000. As of the date of this report, the County Property Appraisers have not set the assessed values for 2020.

In Orange County for 2019, the assessment and taxes appear to be identified under one tax parcel. The 2019 assessment and taxes by Orange and Osceola County are as follows:

	Orange	Osceola	
Tax ID No	31-24-31-0000-00-001	01-25-30-0000-0022-0000	
Land:	$78,556,849	$256,400	
Building Improvements:	$	0	$	0	
Misc. Improvements:	$	0	$	0	
Total Value:	$78,556,849	$256,400	
Exemptions:	$78,500,583	$255,000	
Total Assessed Value:	$	56,266	$	1,400	
Ad Valorem Total:	$	1,060.50	$	20.69	
Non-Ad Valorem:	$	0	$	0	
Total Gross Taxes	$	1,060.50	$	20.69	
For the portion within Orange County taxes in the amount of $1,018.08 were paid on November 26, 2019, with a discount received for early payment. For the portion within Osceola County taxes in the amount of $19.86 were paid on December 4, 2019, with a discount received for early payment. There are no outstanding or delinquent taxes on the subject property.

260	HISTORY OF PROPERTY

No title work was provided on the subject property for this assignment. However, according to the Orange County Property Appraiser records, the subject property, along with additional land comprising 1,146.755 acres sold on May 10, 2018 as recorded in Document No. 20180293628, of the Public Records of Orange County.

The entire Poitras ownership contained ±1,800 acres of land of which the subject was a part. It is the appraiser’s understanding that in 2017, the owner of the Poitras property entered into an agreement with a buyer for the sale of this property. The first closing was of 1,146.755 acres that included the subject land and additional land, as well. This was identified as the Poitras East property. The buyer was TDCP, LLC, the current owners, and the seller was the Greater Orlando Aviation Authority and the City of Orlando. The sale price for the 1,146.755 acres was $63,885,900.

260	HISTORY OF PROPERTY (continued)

Subsequent to this transfer, ±141.6 acres of the original Poitras East property containing 1,146.755 acres was sold to Pulte Homes on December 27, 2018 for residential subdivision development. Per the consulting engineer, the current size of the parent tract is ±1,005.11 acres, inclusive of 6.431 acres within Osceola County. Other than this, there have been no transactions involving the subject property in the past five years.

As stated, conceptual plans call for the subject property to have a commercial and residential uses, a school, a fire station, and a community park. However, at the time of the sale, this was the purchase of unentitled raw land.

270	EXPOSURE TIME

For this analysis we have reviewed the various sales within Orange County, as well as interviewed area brokers and market participants. It is our opinion that the subject property would have required an exposure time of approximately 1 year prior to the date of this appraisal.

280	PUBLIC AND PRIVATE RESTRICTIONS

No title work on the subject ownership was provided for this assignment. However, there do not appear to be any easements or encroachments located on the property that would affect or limit its utility.

300	HIGHEST AND BEST USE ANALYSIS

Definition: The definition of highest and best use is best defined as the reasonable, probable and legal use of vacant land and/or improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value.

The four criteria that must be met are physically possible, legally permissible, financially feasible, and maximally productive. An improved property must be analyzed both as vacant and improved with regards to its highest and best use.

“As If Vacant”

Physically Possible – Reference is made to the Description of Property section of this report, which describes the land area, shape, boundary, dimensions, topography, flood hazard data, drainage, soils, easements/encroachments, environmental hazards and utilities for the subject. To summarize, the subject is irregular in shape and contains about ±1,005.11 acres of gross land area, of which 663.14 acres are uplands. The property has frontage along the west side of Narcoossee Road, the north side of Boggy Creek Road and the south side of Laureate Boulevard. Electric, telephone, water and sewer service are available. From a physical standpoint, many types of uses would be possible.

300	HIGHEST AND BEST USE ANALYSIS (Continued)

Legally Permissible – The majority of the subject property is located in the City of Orlando. This portion within the City is zoned Planned Development with an Urban Village and Conservation future land use. A small portion of the subject containing
6.431 acres is located within Osceola County and is zoned AC, Agricultural Development and Conservation and has a future land use of Rural Enclave by Osceola County. On September 8, 2020, the City of Orlando Council adopted Ordinance No. 2020-43 on which regulates the subject parent tract, as well as the land to the west, thus comprising the entire Poitras property. The subject parent tract, exclusive of the small portion within Osceola County is approved for residential uses, commercial uses, a school, a community park, and a fire station.

Financially Feasible –From a financially feasible standpoint, the subject is positioned within a developing area in southeast Orange County with many approved DRI’s, and Planned Developments. The driving force in this area has been the on- going development of “Medical City” within the Lake Nona DRI located north of the subject. The Orlando International Airport is also within close proximity to the subject area and State Road 417 is located just north of the subject, which provides direct access to the Orlando International Airport and is a beltway around the Greater Orlando Area.

As discussed in the Neighborhood Analysis section of this report this area is seeing many changes. Although, there are some tracts of land that remain undeveloped, many have committed development programs (approved development plans), some of which are proposed as mixed-use. It is the appraisers opinion that the subject would most likely developed with future mixed use development, as demand dictates.

Maximally Productive – After reviewing the subject’s physical features, legally permitted uses, as well as considering the economic influences within the subject area, it is the appraiser’s opinion that the maximally productive use of the subject would be for mixed use development, as demand dictates.

302	HIGHEST AND BEST USE CONCLUSION:

It is the appraiser’s opinion that the maximally productive use of the subject would be for mixed use development, as demand dictates.

305	APPROACHES TO VALUE USED AND EXCLUDED:

We have utilized the Sales Comparison Approach methodology in valuing the land. The Sales Comparison Approach is considered to be the preferred method of valuing land when comparable sales are available, thus, allowing sales comparison to be directly applied to the land valuation. The Improved Sales Comparison Approach, Income Approach and Cost Approach were not considered appropriate for the scope of this assignment.

310	ESTIMATE OF PARENT TRACT LAND VALUE:

The Sales Comparison Approach is defined as the process of deriving a value indication for the subject property by comparing market information for similar properties with the property being appraised, identifying appropriate units of comparison and making qualitative comparisons with or quantitative adjustments to the sales prices (or unit prices, as appropriate) of the comparable properties based on relevant, market-derived elements of comparison.
[Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th Edition (Chicago: Appraisal  Institute, 2010), Page 255]

The Sales Comparison Approach utilizes the following methodology.

Locate properties that are similar to the subject that have recently sold.
Examine the conditions of the sale to include the bonafide nature, motivating forces, and terms of each transaction.
Compare each sale property to the subject to judge for any dissimilarities and their effect on the transaction.
Formulate a conclusion concerning the value of the subject property based upon the sales data.

Not all property transactions investigated by the appraiser will be used to form a value conclusion. A properly qualified, comparable sale need not be identical to the subject but should have the same highest and best use, should be physically similar to the subject in the factors affecting value, should be a recent transaction and should be a bonafide, arm's length transaction.

In summary, the comparable sale properties should conform to the market value definition and should be in the same market as the subject property. The appraiser typically  uses  the  Sales  Comparison  Approach  to  value vacant land.	The Sales Comparison Approach is considered to be the preferred method of valuing land when comparable sales are available, thus, allowing sales comparison to be directly applied to the land valuation.

310	ESTIMATE OF LAND VALUE BEFORE THE TAKING (Continued)

The Sales Comparison Approach is based upon the economic Principle of Substitution; that a buyer will pay no more for a property than the cost of acquiring one of equal attractiveness or utility. Because the value of a property tends to be established by the prices of similar properties, the market value of a property is estimated by observing the selling prices of other similar properties that have previously sold in the market place.

The reliability of this technique is dependent upon the degree of comparability of each sale to the subject, market conditions at the time of sale, verification of pertinent data, and the absence of unusual conditions that influence the sale. Based upon conversations with market participants, the size of the parent tract and its highest and best use, it was determined that the appropriate unit of measurement was the price per gross acre. Therefore, the following land sales and valuation analysis follows market practice and will be viewed on a price per gross acre basis.

As previously discussed, the subject parent tract contains ±1,005.11 acres of gross land area. A market search was conducted for sales of vacant sites similar to the subject property in highest and best use, physical characteristics and utilities. The subject neighborhood and surrounding competing neighborhoods were researched for vacant land sales with similar characteristics. The appraiser was able to locate three sales and one listing sufficiently similar to the subject allowing for similar mixed use development. These sales will be used to estimate the land value of the parent tract. These sales will be discussed and compared with the subject on the following pages. The unadjusted range in values for the sales was from $55,710 to $79,309 per acre of gross land area.

Sale 20190658393 is located on the east side of Boggy Creek Road, south of Lake Nona Boulevard at the Orange County/Osceola County line, in the City of Orlando, Orange County, Florida. On October 18, 2019, Greater Orlando Aviation Authority and The City of Orlando sold this property to TDCP, LLC for a sale price of
$49,354,400. According to the deed of record, the property contains ±708.35 gross acres. According to the information from McIntosh & Associates, Inc., engineers working for the Grantee, the upland/wetland ratio is about 72% of the land is uplands or ±510 acres and the remaining 28% or 198.35 acres are wetlands. The property is flag shaped with 100 feet of frontage on the east side of Boggy Creek Road. All utilities were available in the area including public sewer, water, electric and telephone.

310	ESTIMATE OF PARENT TRACT LAND VALUE (continued)

It is the appraiser’s understanding that this property was part of the original Poitras property that contained nearly ±1800 acres of land in total. In 2017, the seller of the entire Poitras property entered into an agreement with the buyer for this sale property and about ±1,146 acres of property to the east also known as Poitras East. The sale of the Poitras East property located east of this sale property occurred in May 2018.

This 708-acre sale is the execution the option for the remaining Poitras property and is known as Poitras West. This property along with the Poitras East parcel is an extension of the Lake Nona Development. In 2020, this property was approved for Village Centers including retail, high intensity airport support and residential uses. However, at the time of the sale, this was the purchase of unentitled land. The sale price of $49,354,400 reflects a unit price of $69,675 per gross acre.

Sale 20190133878 et. al. is located on the west side of Avalon Road, at its intersection with SR 429 (Western Beltway), in the Horizon’s West area of unincorporated Orange County, Florida. On March 1, 2019, Alex B. Veech, III et. al. sold this property to Jen Florida 36, LLC. This was an assemblage of eighteen tax parcels and recorded in six separate deed documents from multiple sellers to one buyer. According to the Orange County Property Appraiser, the assembled property contains ±528.03 gross acres and the total assembled sale price was $41,877,600. Per the Orange County Property Appraiser records ±85% of the land or ±448 acres are uplands and the remaining ±15% of the land or 80 acres are wetlands. The property is irregular in shape with frontage along the east and west sides of Avalon Road, the north side of Schofield Road and the west side of SR 429, a limited access road.

According to the verifying source, the land is entitled through the Horizon West Sector Plan for up to 1.5 million square feet of commercial use and about 2,300 residential dwellings; however stated this would not fit on the site and will have to be reduced. The verifying source estimates that to get a planned development and a preliminary subdivision plan approved will take 12-14 months. The sale price of
$41,877,600 reflects a unit price of $79,309 per gross acre.

310	ESTIMATE OF PARENT TRACT LAND VALUE (continued)

Sale 20180293628 - is located on the west side of Narcoossee Road, the north side of Boggy Creek Road and the south side of Laureate Boulevard at the Orange County/Osceola County line, in the City of Orlando, Orange County, Florida. A small portion of the property containing 6.431 acres is located within Osceola County and the remaining property is located within Orange County. This sale included what is the subject of this appraisal as well as additional land.

On May 10, 2018, Greater Orlando Aviation Authority and The City of Orlando, sold this property to TDCP, LLC for a sale price of $63,885,900. According to the deed of record, the property contains ±1,146.755 gross acres. Per the verifying source, 777.9 acres or ±68% of the land are uplands and the remaining 368.855 acres or ±32% of the land are wetlands. The property is irregular in shape with frontage on the west side of Narcoossee Road, the north side of Boggy Creek Road and the south side of Laureate Boulevard.

It is the appraiser’s understanding that this property was part of the original Poitras property that contained nearly ±1800 acres of land in total. In 2017, the seller of the entire Poitras property entered into an agreement with the buyer for this sale property and about ±708 acres of property to the west also known as Poitras West.

This property along with the Poitras West parcel is an extension of the Lake Nona Development. In 2020 the property was approved for Village Center uses, Neighborhood Center uses, Residential uses, a school, a fire station, and a community park. However, at the time of the sale, this was the purchase of unentitled land. The sale price of $63,885,900 reflects a unit price of $55,710 per gross acre of land area.

These three sales are summarized on the following market data grid.

Sale Number	SUBJECT	Sale 20190658393	Sale 20190133878 et. al.	Sale 20180293628	

Grantor/ Grantee	
N/A	GOAA & Orlando
/TDCP	Ford/Jen FL 36	GOAA & Orlando
/TDCP	
Sale Price	N/A	$49,354,400	$41,877,600	$63,885,900	
Property Rights	Fee Simple	Fee Simple	Fee Simple	Fee Simple	
Financing Terms	Cash to Seller	Cash to Seller	Cash to Seller	Cash to Seller	
Adjustment		Similar	Similar	Similar	
Conditions of Sale	Normal Market	Normal Market	Normal Market	Normal Market	
Adjustment		Similar	Similar	Similar	
Date of Sale		October 18, 2019	March 1, 2019	May 10, 2018	
Adjustment		Inferior	Inferior	Inferior	
Adj. Sale Price Gross/Ac	
N/A	$49,354,400
$69,675	$41,877,600
$79,309	$63,885,900
$55,710	

Location	NWQ of Narcoossee Rd. & Boggy Creek Rd., City of Orlando,
Orange Co. & Osceola County	E/S of Boggy Creek Rd., S of Lake Nona Blvd., in the City of Orlando	W/S of Avalon Rd., at SR 429, Horizons West, in Orange Co.	NWQ of Narcoossee Rd. & Boggy Creek Rd., City of Orlando, Orange Co. & Osceola County	
Adjustment		Similar	Similar	Similar	
Land Size	±1,005.11 AC	±708.35 AC	±528.03 AC	±1,146.755 AC	
Adjustment		Similar	Superior	Similar	
Uplands Percentage	± 663.14 AC (66%)	±510 AC (72%)	±448 AC (85%)	±777.9 AC (68%)	
Adjustment		Similar	Superior	Similar	

Zoning/FLU	PD/Urban Village
& AC/ Rural Enclave	No zoning/Urban Village	
A-1/Village	PD/Urban Village & AC/ Rural Enclave	
Adjustment		Similar	Similar	Similar	
Highest & Best Use	Mixed Use
Development	Mixed Use
Development	Mixed Use
Development	Mixed Use
Development	
Adjustment		Similar	Similar	Similar	
Utilities Available	Utilities Available	Utilities Available	Utilities Available	Utilities Available	
Adjustment		Similar	Similar	Similar	
Entitlements- Engineering/Land
Planning/Permitting	
Partial	
None	
Partial	
None	
Adjustment		Inferior	Similar	Inferior	
Overall
Comparability		Inferior	Similar	Inferior	

310	ESTIMATE OF PARENT TRACT LAND VALUE (Continued)

Adjustments - The elements of comparison for the three sales used to value the subject property will be discussed below. Any adjustments for dissimilarities between the sales and the subject will be addressed accordingly. All three vacant comparable land sales were transfers of the fee simple interest and were arms length transactions. Thus, no adjustments for these elements of comparison are considered appropriate.

Time (Market Conditions) – The sales relied upon occurred between May 2018 and October 2019. Current market conditions have increased demand for housing in the area and values are showing some increase. These sales are considered inferior to current market conditions.

Financing Concessions - All of the sales were cash to seller transactions, therefore, no adjustment has been made between the sales and the subject for this characteristic.

Location – Sale 20190658393 and Sale 20180293628 (which was part of the subject) are considered similar both being located within Lake Nona area. Sale 20190133878 et. al. is located within the fast growing area of Horizons West and  is considered to be in an area with similar characteristics.

Size – The subject parent tract contains ±1,005.11 acres. Sale 20190658393 containing ±708 acres and Sale 20180293628 containing ±1,146 acres are considered similar in land size. Sale 20190133878 et. al. containing ±528 or about one-half the size is considered superior to the subject. This is because, typically the larger the land, the lower price per unit value, since there are typically less market participants.

Uplands – The subject property contains ±1,005.11 acres, of which 663.14 AC or 66% are uplands. Sale 20190658393 and Sale 20180293628 have fairly similar percentage of uplands to the subject and no adjustment is needed. Sale 20190133878 et. al. contains about 85% uplands which is considered superior to the subject.

Zoning/FLU- The subject and sales were considered to have similar zoning and land use characteristics for mixed use development.

Highest and Best Use – All of the sales were purchased for mixed use development and for this analysis were considered similar to the subject.

310	ESTIMATE OF PARENT TRACT LAND VALUE (Continued)

Utilities – The subject and the sales had all utilities available in their vicinity and no adjustment is necessary.

Entitlements - The subject is approved for mixed use development. Although some engineering and land planning has occurred additional engineering, land planning and permitting would be required prior to development. Sale 20190658393 and Sale 20180293628 are considered inferior to the subject in this characteristic. Sale 20190133878 et. al. is considered similar and no adjustment was necessary.

Conclusion – The three sales range in value from a low of $55,710 per gross acre to a high of $79,309 per gross acre. An active listing was also considered in this analysis. This listing is located south of the subject on the west side of  Old Hickory Tree Road, south of US 192 in a fast growing area of St. Cloud. This 268 acre tract of land, of which 88% is uplands is approved for single family residential, multifamily, retail and office uses. The property has all utilities available. The asking price is $22,500,000 or $83,955 per gross acre.

Based upon the sales data available and the analysis and overall comparison of the subject and the sales, the market value opinion for the subject is $79,000 per gross acre.

The value of the subject is indicated below.

1,005.11 acres @ $79,000/AC =	$79,404,000 (R)

355	INDICATED VALUE BY SALES COMPARISON APPROACH

It is the appraiser’s opinion that the value of the subject by the Sales Comparison Approach is $79,404,000.

390	RECONCILIATION OF VALUE INDICATIONS AND FINAL VALUE ESTIMATE

Reconciliation is the final step in the valuation process in which alternate value indications are evaluated and the most meaningful, defensible conclusion is selected as a final value estimate. The approaches are examined for appropriateness, accuracy, and quantity of evidence. Any differences or inconsistencies in the analysis and conclusions are explained. The following value conclusions were indicated in the approaches to value.

Cost Approach	N/A
Sales Comparison Approach	$79,404,000 Income Approach		N/A

The only method utilized in the valuation of the subject was a Sales Comparison Approach. This approach is the most valid since it is the most understood and utilized by buyers and sellers of vacant land. Thus, the appraiser has formed an opinion that the market value of the subject as of September 17, 2020, was:

SEVENTY NINE MILLION FOUR HUNDRED FOUR THOUSAND AND NO/100 DOLLARS ($79,404,000)

Allocation:

At the request of the client for decision making purposes, the market value of $79,404,000 has been allocated on a price per acre between the uplands and wetlands. As noted, the property contains ±1,005.11 acres of gross land area, of which 663.14 acres are uplands (developable land) and 341.97 acres are wetlands. Based upon sales data contained in the appraiser’s file, the wetlands contribute $2,100 per acre or $718,150, rounded. The remaining $78,685,850 is attributable to the 663.14 acres of uplands or $118,656 per acre.

Market Value of Total Property:    1,005.11 acres @ $79,000/AC =     $79,404,000 (R) Less Wetlands:	341.97 acres @ $2,100/AC =	 $718,150 (R) Total Value of Uplands (developable land)	$78,685,850
Upland Acres	663.14 AC

Value of Uplands (developable land) per Acre	$118,656
Value of Wetlands per Acre	$2,100

ADDENDA

Subject Zoning Ordinance Area Map
Area Map and Analysis Land Sale Location Map Land Sales Data Sheets Appraiser Qualifications

The addenda are on file with the District Manager and can be provided upon request.

Poitras East Community Development District

FY 2020 Audit Engagement Letter

September 24, 2020

Poitras East Community Development District c/o PFM Group Consulting, LLC
12051 Corporate Blvd.
Orlando, FL, 32817

We are pleased to confirm our understanding of the services we are to provide Poitras East Community Development District for the year ended September 30, 2020. We will audit the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information, including the related notes to the financial statements, which collectively comprise the basic financial statements of Poitras East Community Development District as of and for the year ended September 30, 2020. Accounting standards generally accepted in the United States of America provide for certain required supplementary information (RSI), such as management’s discussion and analysis (MD&A), to supplement Poitras East Community Development District’s basic financial statements. Such information, 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. As part of our engagement, we will apply certain limited procedures to Poitras East Community Development District’s RSI in accordance with auditing standards generally accepted in the United States of America. These limited procedures will consist of inquiries of management regarding 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 will 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. The following RSI is required by
U.S. generally accepted accounting principles and will be subjected to certain limited procedures, but will not be audited:

Management’s Discussion and Analysis.
Budgetary Comparison Schedule.

Audit Objectives

The objective of our audit is the expression of opinions as to whether your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of the supplementary information referred to in the second paragraph when considered in relation to the financial statements as a whole. Our audit will be conducted in accordance with auditing standards generally accepted in the United States of America and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and will include tests of the accounting records of Poitras East Community Development District and other procedures we consider necessary to enable us to

express such opinions. We will issue a written report upon completion of our audit of Poitras East Community Development District’s financial statements. Our report will be addressed to the Board of Supervisors of Poitras East Community Development District. We cannot provide assurance that unmodified opinions will be expressed. Circumstances may arise in which it is necessary for us to modify our opinions or add emphasis‐of‐matter or other‐matter paragraphs. If our opinions are other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not formed opinions, we may decline to express opinions or issue reports, or may withdraw from this engagement.

We will also provide a report (that does not include an opinion) on internal control related to the financial statements and compliance with the provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a material effect on the financial statements as required by Government Auditing Standards. The report on internal control and on compliance and other matters will include a paragraph that states (1) that the purpose of the report is solely to describe the scope of 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 on compliance, and (2) that the report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. The paragraph will also state that the report is not suitable for any other purpose. If during our audit we become aware that Poitras East Community Development District is subject to an audit requirement that is not encompassed in the terms of this engagement, we will communicate to management and those charged with governance that an audit in accordance with U.S. generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards may not satisfy the relevant legal, regulatory, or contractual requirements.

Audit Procedures—General

An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We will plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the government or to acts by management or employees acting on behalf of the government. Because the determination of waste and abuse is subjective, Government Auditing Standards do not expect auditors to perform specific procedures to detect waste or abuse in financial audits nor do they expect auditors to provide reasonable assurance of detecting waste and abuse.

Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and because we will not perform a detailed examination of all transactions, an unavoidable risk exists that some material misstatements may exist and not be detected by us, even though the audit is properly planned and performed in accordance with U.S. generally accepted auditing standards and Government Auditing Standards. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct

and material effect on the financial statements. However, we will inform the appropriate level of management of any material errors, fraudulent financial reporting, or misappropriation of assets that comes to our attention. We will also inform the appropriate level of management of any violations of laws or governmental regulations that come to our attention, unless clearly inconsequential, and of any material abuse that comes to our attention. Our responsibility as auditors is limited to the period covered by our audit and does not extend to later periods for which we are not engaged as auditors.

Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will require certain written representations from you about your responsibilities for the financial statements; compliance with laws, regulations, contracts, and grant agreements; and other responsibilities required by generally accepted auditing standards.

Audit Procedures—Internal Control

Our audit will include obtaining an understanding of the government and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures. Tests of controls may be performed to test the effectiveness of certain controls that we consider relevant to preventing and detecting errors and fraud that are material to the financial statements and to preventing and detecting misstatements resulting from illegal acts and other noncompliance matters that have a direct and material effect on the financial statements. Our tests, if performed, will be less in scope than would be necessary to render an opinion on internal control and, accordingly, no opinion will be expressed in our report on internal control issued pursuant to Government Auditing Standards.

An audit is not designed to provide assurance on internal control or to identify significant deficiencies or material weaknesses. Accordingly, we will express no such opinion. However, during the audit, we will communicate to management and those charged with governance internal control related matters that are required to be communicated under AICPA professional standards and Government Auditing Standards.

Audit Procedures—Compliance

As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we will perform tests of Poitras East Community Development District’s compliance with the provisions of applicable laws, regulations, contracts, agreements, and grants. However, the objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion in our report on compliance issued pursuant to Government Auditing Standards.

Other Services

We will also assist in preparing the financial statements and related notes of Poitras East Community Development District in conformity with U.S. generally accepted accounting principles based on information provided by you. These nonaudit services do not constitute an audit under Government Auditing Standards and such services will not be conducted in accordance with Government Auditing Standards. We will perform the services in accordance with applicable professional standards. The other services are limited to the financial statement services previously defined. We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be construed as assuming management responsibilities.

We will also examine the District’s compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, as of September 30, 2020. Our examination will be conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Accordingly, it will include examining, on a test basis, your records and other procedures to obtain evidence necessary to enable us to express our opinion. Our report will be addressed to the Board of Supervisors of the District. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion. If our opinion is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the examination or are unable to form or have not formed an opinion, we may decline to express an opinion or may withdraw from this engagement.

Management Responsibilities

Management is responsible for designing, implementing, establishing, and maintaining effective internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, including evaluating and monitoring ongoing activities to help ensure that appropriate goals and objectives are met; following laws and regulations; and ensuring that management and financial information is reliable and properly reported. Management is also responsible for implementing systems designed to achieve compliance with applicable laws, regulations, contracts, and grant agreements. You are also responsible for the selection and application of accounting principles, for the preparation and fair presentation of the financial statements and all accompanying information in conformity with U.S. generally accepted accounting principles, and for compliance with applicable laws and regulations and the provisions of contracts and grant agreements.

Management is also responsible for making all financial records and related information available to us and for the accuracy and completeness of that information. You are also responsible for providing us with (1) access to all information of which you are aware that is relevant to the preparation and fair presentation of the financial statements, (2) additional information that we may request for the purpose of the audit, and (3) unrestricted access to persons within the government from whom we determine it necessary to obtain audit evidence.

Your responsibilities include adjusting the financial statements to correct material misstatements and for confirming to us in the written representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period

presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.

You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the government involving (1) management, (2) employees who have significant roles in internal control, and (3) others where the fraud could have a material effect on the financial statements. Your responsibilities include informing us of your knowledge of any allegations of fraud or suspected fraud affecting the government received in communications from employees, former employees, grantors, regulators, or others. In addition, you are responsible for identifying and ensuring that the government complies with applicable laws, regulations, contracts, agreements, and grants and for taking timely and appropriate steps to remedy fraud and noncompliance with provisions of laws, regulations, contracts or grant agreements that we report.

You are responsible for the preparation of the supplementary information, which we have been engaged to report on, in conformity with U.S. generally accepted accounting principles. You agree to include our report on the supplementary information in any document that contains and indicates that we have reported on the supplementary information. You also agree to include the audited financial statements with any presentation of the supplementary information that includes our report thereon. Your responsibilities include acknowledging to us in the written representation letter that
you are responsible for presentation of the supplementary information in accordance with GAAP;
you believe the supplementary information, including its form and content, is fairly presented in accordance with GAAP; (3) the methods of measurement or presentation have not changed from those used in the prior period (or, if they have changed, the reasons for such changes); and (4) you have disclosed to us any significant assumptions or interpretations underlying the measurement or presentation of the supplementary information.

Management is responsible for establishing and maintaining a process for tracking the status of audit findings and recommendations. Management is also responsible for identifying and providing report copies of previous financial audits, attestation engagements, performance audits or other studies related to the objectives discussed in the Audit Objectives section of this letter. This responsibility includes relaying to us corrective actions taken to address significant findings and recommendations resulting from those audits, attestation engagements, performance audits, or other studies. You are also responsible for providing management’s views on our current findings, conclusions, and recommendations, as well as your planned corrective actions, for the report, and for the timing and format for providing that information.

You agree to assume all management responsibilities relating to the financial statements and related notes and any other nonaudit services we provide. You will be required to acknowledge in the management representation letter our assistance with preparation of the financial statements and related notes and that you have reviewed and approved the financial statements and related notes prior to their issuance and have accepted responsibility for them. Further, you agree to oversee the nonaudit services by designating an individual, preferably from senior management, with suitable skill, knowledge, or experience; evaluate the adequacy and results of those services; and accept responsibility for them.

Engagement Administration, Fees, and Other

We understand that your employees will prepare all cash, accounts receivable, or other confirmations we request and will locate any documents selected by us for testing.

We will provide copies of our reports to the District; however, management is responsible for distribution of the reports and the financial statements. Unless restricted by law or regulation, or containing privileged and confidential information, copies of our reports are to be made available for public inspection.

The audit documentation for this engagement is the property of Carr, Riggs & Ingram, LLC and constitutes confidential information. However, subject to applicable laws and regulations, audit documentation and appropriate individuals will be made available upon request and in a timely manner to the Florida Auditor General or its designee, a federal agency providing direct or indirect funding, or the U.S. Government Accountability Office for purposes of a quality review of the audit, to resolve audit findings, or to carry out oversight responsibilities. We will notify you of any such request. If requested, access to such audit documentation will be provided under the supervision of CRI personnel. Furthermore, upon request, we may provide copies of selected audit documentation to the aforementioned parties. These parties may intend, or decide, to distribute the copies or information contained therein to others, including other governmental agencies.

Public Records. Auditor shall, pursuant to and in accordance with Section 119.0701, Florida Statutes, comply with the public records laws of the State of Florida, and specifically shall:

a.	Keep and maintain public records required by the District to perform the services or
work set forth in this Agreement; and	
b.	Upon the request of the District’s custodian of public records, provide the District with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes, or as otherwise provided by law; and	
c.	Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the Agreement if the Auditor does not transfer the records to the District; and	
d.	Upon completion of the Agreement, transfer, at no cost to the District, all public records in possession of the Auditor or keep and maintain public records required by the District to perform the service or work provided for in this Agreement. If the Auditor transfers all public records to the District upon completion of the Agreement, the Auditor shall destroy (except as required by regulation or professional standard to maintain such records) any duplicate public records that are exempt or confidential and exempt from public disclosure requirements. If the Auditor keeps and maintains public records upon completion of the Agreement, the Auditor shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the	

District, upon request from the District’s custodian of public records, in a format that is compatible with the information technology systems of the District.

Auditor acknowledges that any requests to inspect or copy public records relating to this Agreement must be made directly to the District pursuant to Section 119.0701(3), Florida Statutes. If notified by the District of a public records request for records not in the possession of the District but in possession of the Auditor, the Auditor shall provide such records to the District or allow the records to be inspected or copied within a reasonable time. Auditor acknowledges that should Auditor fail to provide the public records to the District within a reasonable time, Auditor may be subject to penalties pursuant to Section 119.10, Florida Statutes.

IF THE AUDITOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE AUDITOR’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT/CONTRACT, THE AUDITOR MAY CONTACT THE CUSTODIAN OF PUBLIC RECORDS FOR THE DISTRICT AT:

PFM Group Consulting, LLC 12051 Corporate Blvd.
Orlando, FL, 32817 TELEPHONE: (407)723‐5900
EMAIL: mullinsl@pfm.com

The audit documentation for this engagement will be retained for a minimum of five years after the report release date or for any additional period requested by the Florida Auditor General. If we are aware that a federal awarding agency or auditee is contesting an audit finding, we will contact the party(ies) contesting the audit finding for guidance prior to destroying the audit documentation.

We expect to begin our audit on approximately January 1, 2021 and will issue our reports no later than April 30, 2021. Alan Jowers is the engagement partner and is responsible for supervising the engagement and signing the reports or authorizing another individual to sign them.

Our fee for these services will be at our standard hourly rates except that we agree that our fee will not exceed $3,000. This agreement provides for a contract period of one (1) year with the option for one (1) one‐year extension. Our standard hourly rates vary according to the degree of responsibility involved and the experience level of the personnel assigned to your audit. This fee quote is based in part on the fact that the District has not yet issued bonds or other debt instruments to finance capital asset acquisition and construction. In the event the District issues such debt instruments, the audit fee will increase by an amount not to exceed $3,000. Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. Invoices will be provided in sufficient detail to demonstrate compliance with the terms discussed herein. In accordance with our firm policies, work may be suspended if your account becomes 30 days or more overdue and may not be resumed until your account is paid in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to have been completed upon written notification of termination, even if we have not completed our report. This agreement may be terminated at‐will by either party with 30 days’ written notice. The District will pay all invoices for services rendered prior to the date of the notice of termination. The above fee is based on anticipated cooperation from your personnel

and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate before we incur the additional costs.

Governing Law; Venue

This agreement and performance hereunder shall be governed by the laws of the State of Florida, without reference to any conflict of laws rules or principles. Any action or proceeding arising from or relating to this agreement must be brought in a state or federal court having jurisdiction in Orange County, Florida, and each party irrevocably submits to the jurisdiction and venue of any such court in any such action or proceeding and agrees to waive any defenses to venue and jurisdiction including forum non conveniens.

Electronic Data Communication and Storage and Use of Third Party Service Provider

In the interest of facilitating our services to your company, we may send data over the Internet, securely store electronic data via computer software applications hosted remotely on the Internet, or allow access to data through third‐party vendors’ secured portals or clouds. Electronic data that is confidential to your company may be transmitted or stored using these methods. We may use third‐ party service providers to store or transmit this data, such as, but not limited to, providers of tax return preparation software. In using these data communication and storage methods, our firm employs measures designed to maintain data security. We use reasonable efforts to keep such communications and data access secure in accordance with our obligations under applicable laws and professional standards. We also require our third‐party vendors to do the same.

To enhance our services to you, we will use a combination of remote access, secure file transfer, virtual private network or other collaborative, virtual workspace or other online tools or environments. Access through any combination of these tools allows for on‐demand and/or real‐time collaboration across geographic boundaries and time zones and allows CRI and you to share data, engagement information, knowledge, and deliverables in a protected environment. In order to use certain of these tools and in addition to execution of this acknowledgement and engagement letter, you may be required to execute a separate client acknowledgement or agreement and agree to be bound by the terms, conditions and limitations of such agreement. While we may back up your files to facilitate our services, you are solely responsible for the backup of your files and records; therefore, we recommend that you also maintain your own backup files of these records. In the event you suffer a loss of any files or records due to accident, inadvertent mistake, or Act of God, copies of which you have provided to us pursuant to this agreement, we shall not be responsible or obligated to provide you a copy of any such file or record which we may retain in our possession.

We appreciate the opportunity to be of service to Poitras East Community Development District and believe this letter accurately summarizes the terms of our engagement. This letter constitutes the complete and exclusive statement of the agreement between CRI and the District. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us.

Very truly yours,

CARR, RIGGS & INGRAM, LLC
Certified Public Accountants

RESPONSE:

This letter correctly sets forth the understanding of Poitras East Community Development District.

Management Signature: 	_	

Title:   	

Governance Signature: 	_	

Title:   	

Agreement with City of Orlando for Alley Ways (Parcel N3)
(provided under separate cover)

Payment Authorization Nos. 84 – 85

Payment Authorization #084

10/23/2020

Item	
Payee	
Invoice	
General	
Fiscal	
No.		Number	Fund	Year	

1	
Donald W McIntosh Associates				
	Engineering Services Through 09/30/2020	40317	$	250.00	FY 2020	
	Engineering Services 10/01/2020 Through 10/09/2020	40317	$	187.50	FY 2021	

2	
Orlando Sentinel
Legal Advertising: FY 2021 Meeting Schedule	

OSC26492888	

$	327.50	

 	FY 2021		
3	PFM Group Consulting
DM Fee: October 2020	
DM-10-2020-0032	
$ 2,916.67	

 	FY 2021		
4	Supervisor Fees - 10/20/2020 Meeting
Richard Levey	
--	
$	200.00	

 	FY 2021		

TOTAL	

$3,881.67	

250.00	FY 2020	
3,631.67	FY 2021	

Chairperson

Payment Authorization #085	
10/30/2020					
Item	Payee	Invoice	General	Fiscal	
No.		Number	Fund	Year	

1	Orlando Sentinel
Legal Advertising: Landowner's Meeting	OSC26787521	$	875.02		FY 2021	

TOTAL	$875.02

-	FY 2020	
875.02	FY 2021	

Chairperson

Work Authorization/Proposed Services
(if applicable)

District’s Financial Position and Budget to Actual YTD

Statement of Financial Position As of 10/31/2020

	General Fund	Debt Service Fund		Capital Projects Fund	
	
Assets			
Current Assets				
General Checking Account	$389.57			
Accounts Receivable - Due from Developer	2,643.50			
Series 2020 Debt Service Reserve	$33,773.46			
Series 2020 Interest	0.16			
Series 2020 Cost of Issuance			$0.29	
Total Current Assets	$3,033.07	$33,773.62		$0.29	

Investments				
Amount Available in Debt Service Funds				
Amount To Be Provided				
Total Investments	$0.00	$0.00		$0.00	
Total Assets	$3,033.07	$33,773.62		$0.29	

Liabilities and Net Assets			
Current Liabilities				
Accounts Payable	$8,384.90			
Deferred Revenue	2,643.50			
Total Current Liabilities	$11,028.40	$0.00		$0.00	

Long Term Liabilities				
Revenue Bonds Payable - Long-Term				
Total Long Term Liabilities	$0.00	$0.00		$0.00	
Total Liabilities	$11,028.40	$0.00		$0.00	

Net Assets				
Net Assets, Unrestricted	$3,192.36			
Current Year Net Assets, Unrestricted	(11,187.69)			
Net Assets, Unrestricted	$33,175.73			
Current Year Net Assets, Unrestricted	597.89			
Net Assets, Unrestricted			($5,934.21)	
Current Year Net Assets, Unrestricted			5,934.50	
Total Net Assets	($7,995.33)	$33,773.62		$0.29	
				
Total Liabilities and Net Assets	$3,033.07	$33,773.62		$0.29	

Long-Term Debt	Total Fund

$0.00		$389.57 2,643.50
33,773.46
0.16
0.29

$36,806.98	

$33,773.62 42,966,226.38

$43,000,000.00		

$33,773.62 42,966,226.38

$43,000,000.00	
$43,000,000.00		$43,036,806.98	

$0.00		

$8,384.90 2,643.50

$11,028.40	

$43,000,000.00

$43,000,000.00		

$43,000,000.00

$43,000,000.00	
$43,000,000.00		$43,011,028.40	

$0.00		

$3,192.36 (11,187.69)

33,175.73
597.89

(5,934.21)
5,934.50

$25,778.58	
			
$43,000,000.00		$43,036,806.98	

Statement of Activities As of 10/31/2020

	General Fund		Debt Service Fund		Capital Projects Fund		Long-Term Debt Fund		Total	

Revenues										
Debt Proceeds Debt Proceeds			$597.89		
$6,875.75				$597.89 6,875.75	
Total Revenues	

$0.00		

$597.89		

$6,875.75		

$0.00		

$7,473.64	
Expenses										
Supervisor Fees	$200.00								$200.00	
D&O Insurance	2,421.00								2,421.00	
Management	2,916.67								2,916.67	
Engineering	187.50								187.50	
Legal Advertising	1,202.52								1,202.52	
Web Site Maintenance	125.00								125.00	
Dues, Licenses, and Fees	175.00								175.00	
General Insurance	2,960.00								2,960.00	
Personnel Leasing Agreement	1,000.00								1,000.00	
Engineering					$777.50				777.50	
Legal Advertising					163.75				163.75	
Total Expenses	

$11,187.69		

$0.00		

$941.25		

$0.00		

$12,128.94	
Other Revenues (Expenses) & Gains (Losses)										
Total Other Revenues (Expenses) & Gains (Losses)	$0.00		$0.00		$0.00		$0.00		$0.00	
Change In Net Assets	($11,187.69)		$597.89		$5,934.50		$0.00		($4,655.30)	

Net Assets At Beginning Of Year	
$3,192.36		
$33,175.73		
($5,934.21)		
$0.00		
$30,433.88	

Net Assets At End Of Year	
($7,995.33)		
$33,773.62		
$0.29		
$0.00		
$25,778.58	

Poitras East CDD	
Budget to Actual	
For the Month Ending 10/31/2020	
Year To Date	
											FY 2021	
		Actual			Budget			Variance	Adopted	
											Budget	

Revenues												
Developer Contributions	$	-		$	30,102.08		$	(30,102.08)		$	361,225.00	
Net Revenues	$	-		$	30,102.08		$	(30,102.08)		$	361,225.00	
General & Administrative Expenses												
Supervisor Fees	$	200.00		$	400.00		$	(200.00)		$	4,800.00	
D&O Insurance		2,421.00			250.00			2,171.00			3,000.00	
Trustee Services		-			500.00			(500.00)			6,000.00	
Management		2,916.67			2,916.67			-			35,000.00	
Engineering		187.50			1,000.00			(812.50)			12,000.00	
Dissemination Agent		-			416.67			(416.67)			5,000.00	
District Counsel		-			2,083.33			(2,083.33)			25,000.00	
Assessment Administration		-			625.00			(625.00)			7,500.00	
Reamortization Schedules		-			41.67			(41.67)			500.00	
Audit		-			500.00			(500.00)			6,000.00	
Travel and Per Diem		-			41.67			(41.67)			500.00	
Telephone		-			8.33			(8.33)			100.00	
Postage & Shipping		-			41.67			(41.67)			500.00	
Copies		-			41.67			(41.67)			500.00	
Legal Advertising		1,202.52			833.33			369.19			10,000.00	
Miscellaneous		-			749.99			(749.99)			9,000.00	
Web Site Maintenance		125.00			225.00			(100.00)			2,700.00	
Dues, Licenses, and Fees		175.00			14.58			160.42			175.00	
Total General & Administrative Expenses	$	7,227.69		$	10,689.58		$	(3,461.89)		$	128,275.00	

Field Operations												
Electric Utility Services												
Electric	$	-		$	208.33		$	(208.33)		$	2,500.00	
Water-Sewer Combination Services												
Water Reclaimed		-			833.33			(833.33)			10,000.00	
Other Physical Environment												
General Insurance		2,960.00			266.67			2,693.33			3,200.00	
Property & Casualty Insurance		-			125.00			(125.00)			1,500.00	
Other Insurance		-			20.83			(20.83)			250.00	
Irrigation Repairs		-			833.33			(833.33)			10,000.00	
Landscaping Maintenance & Material		-			6,250.00			(6,250.00)			75,000.00	
Tree Trimming		-			416.67			(416.67)			5,000.00	
Flower & Plant Replacement		-			833.33			(833.33)			10,000.00	
Contingency		-			833.33			(833.33)			10,000.00	
Hurricane Cleanup		-			1,666.67			(1,666.67)			20,000.00	
Road & Street Facilities												
Entry and Wall Maintenance		-			250.00			(250.00)			3,000.00	
Hardscape Maintenance		-			416.67			(416.67)			5,000.00	
Streetlights		-			2,500.00			(2,500.00)			30,000.00	
Accent Lighting		-			41.67			(41.67)			500.00	
Alleyway Maintenance		-			833.33			(833.33)			10,000.00	
Parks & Recreation												
Personnel Leasing Agreement		1,000.00			1,000.00			-			12,000.00	
Reserves												
Infrastructure Capital Reserve		-			1,666.67			(1,666.67)			20,000.00	
Alleyway Reserve		-			416.67			(416.67)			5,000.00	
Total Field Operations Expenses	$	3,960.00		$	19,412.50		$	(15,452.50)	$ 232,950.00	

Total Expenses	
$	
11,187.69		
$	
30,102.08		
$	
(18,914.39)		
$	
361,225.00	
												
Net Income (Loss)	$	(11,187.69)		$	-		$	(11,187.69)		$	-	
		Page 1 of 1