CORDOVA PALMS
Community Development District
JULY 13, 2022

AGENDA
Cordova Palms Community Development District 475 West Town Place, Suite 114
St. Augustine, Florida 32092 www.CordovaPalmsCDD.com

July 6, 2022

Board of Supervisors
Cordova Palms Community Development District
Call in #: 1-913-227-1201 Code: 410226

Dear Board Members:

The Cordova Palms Community Development District Meeting is scheduled to be held Wednesday, July 13, 2022 at 10:00 a.m. at the offices of Governmental Management Services, LLC, 475 West Town Place, Suite 114, St. Augustine, Florida 32092.
Following is the agenda for the meeting:

Call to Order

Public Comment

Financing Matters for Series 2022 Bonds
Consideration of Resolution 2022-09, Approving Developer Agreements in Substantial Form and Authorizing the Chairman to Execute the Agreements
Amendment to Collateral Assignment (2021 Bonds)
Amendment to True-Up Agreement (2021 Bonds)
Amendment to Completion Agreement (2021 Bonds)
Acknowledgement of Acquisition Agreement (2021 Bonds)
Collateral Assignment Agreement (2022 Bonds
True-Up Agreement (2022 Bonds)
Declaration of Consent (2022 Bonds)

Consideration of Supplemental Assessment Resolution 2022-12 for Series 2022-1

Consideration of Supplemental Assessment Resolution 2022-13 for Series 2022-2

Approval of Minutes of the June 8, 2022 Meeting

Consideration of Resolution 2022-14, Designating Officers

Acceptance of the Fiscal Year 2021 Audit Report

Discussion on the Fiscal Year 2023 Budget
Staff Reports
District Counsel

District Engineer
Requisition Summary

Ratification of the Stormwater Needs Analysis Report

District Manager

Financial Reports
Financial Statements as of May 31, 2022

Consideration of Funding Request No. 14

Supervisor Requests and Audience Comments

Next Scheduled Meeting – August 10, 2022 at 10:00 a.m. at the offices of Governmental Management Services, LLC, 475 W. Town Place, Suite 114, St. Augustine, Florida 32092

Adjournment

THIRD ORDER OF BUSINESS

A.
RESOLUTION 2022-09

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT APPROVING IN SUBSTANTIAL FORM THE AMENDMENT TO COLLATERAL ASSIGNMENT AGREEMENT FOR 2021 BONDS, AMENDMENT TO TRUE-UP AGREEMENT FOR 2021 BONDS, AMENDMENT TO COMPLETION AGREEMENT FOR 2021 BONDS; ACKNOWLEDGEMENT OF ACQUISITION AGREEMENT FOR 2021 BONDS, COLLATERAL ASSIGNMENT AGREEMENT FOR 2022 BONDS, TRUE-UP AGREEMENT FOR 2022 BONDS; AUTHORIZING THE CHAIRPERSON TO EXECUTE THE AMENDMENT TO COLLATERAL ASSIGNMENT AGREEMENT FOR 2021 BONDS, AMENDMENT TO TRUE-UP AGREEMENT FOR 2021 BONDS, AMENDMENT TO COMPLETION AGREEMENT FOR 2021 BONDS; ACKNOWLEDGEMENT OF ACQUISITION AGREEMENT FOR 2021 BONDS, COLLATERAL ASSIGNMENT AGREEMENT FOR 2022 BONDS, TRUE-UP AGREEMENT FOR 2022 BONDS; PROVIDING GENERAL AUTHORIZATION; AND ADDRESSING CONFLICTS, SEVERABILITY, AND AN EFFECTIVE DATE

RECITALS

WHEREAS, the Cordova Palms Community Development District (“District”) is a local unit of special purpose government created and existing pursuant to Chapter 190, Florida Statutes, and situated within St. Johns County, Florida; and

WHEREAS, Chapter 190, Florida Statutes, authorizes the District to construct, install, operate, and/or maintain systems and facilities for certain basic infrastructure including, but not limited to, stormwater management system, roadway improvements, water and sewer utility systems, recreation improvements, and other improvements; and

WHEREAS, the District has adopted a report of its District Engineer, as may be amended and/or supplemented (“Engineer’s Report”), which sets forth the scope of the District’s capital improvement plan and the improvements which are to be constructed therewith (“Improvements”); and

WHEREAS, the District intends on financing a portion of the Improvements through the issuance of its special assessment revenue bonds as described in more detail in Resolution 2022- 08 (the “Bonds”); and

WHEREAS, in connection with the issuance of the Bonds, the District will enter into the Amendment to Collateral Assignment for 2021 Bonds, Amendment to True-Up Agreement for 2021 Bonds, Amendment to Completion Agreement for 2021 Bonds, Acknowledgement of Acquisition Agreement for 2021 Bonds, Collateral Assignment Agreement for 2022 Bonds, and
True-Up Agreement for 2022 Bonds (collectively the “Developer Agreements”), copies of which are attached hereto as Composite Exhibit A; and

WHEREAS, the Board has reviewed, considered and desires to approve forms of the Developer Agreements, and finds that the execution of the Developer Agreements is in the best interest of the District, its landowners and future residents; and

WHEREAS, the District desires to authorize the Chairperson, in connection with the recommendation of District Staff, to negotiate, finalize, and execute the Developer Agreements on the District’s behalf.

NOW THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT:

FINDINGS. The recitals as stated above are true and correct and by this reference are incorporated into and form a material part of this Resolution.

APPROVAL OF THE DEVELOPER AGREEMENTS.	The Developer
Agreements, attached hereto as Composite Exhibit A, are hereby approved in substantial form, subject to any further revisions that may be made by the District’s Chairperson, in consultation with District Staff.

EXECUTION OF DEVELOPER AGREEMENTS.	The Chairperson is
authorized to execute the Developer Agreements at a time to be determined by the Chairperson, in consultation with District Staff.

ADDITIONAL AUTHORIZATION. The Vice Chair shall be authorized to undertake any action herein authorized to be taken by the Chairperson, in the absence or unavailability of the Chairperson, and any Assistant Secretary shall be authorized to undertake any action herein authorized to be taken by the Secretary, in the absence or unavailability of the Secretary.

CONFLICTS. If any provision of this Resolution is held to be in conflict with another resolution of the District, the resolutions shall be read to harmony to the extent possible, and, otherwise, the terms of this Resolution shall control with respect to the subject matter addressed herein.

SEVERABILITY. If any provision of this Resolution is held to be illegal or invalid, the other provisions shall remain in full force and effect.

EFFECTIVE DATE. This Resolution shall become effective upon its passage and shall remain in effect unless rescinded or repealed.

PASSED AND ADOPTED this 13th day of July, 2022.
WITNESS:	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairperson/Vice Chairperson

Composite Exhibit A:	Developer Agreements

1.

FIRST AMENDMENT TO COLLATERAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT RIGHTS AGREEMENT (SERIES 2021 BONDS)

This First Amendment (“First Amendment”) is made and entered into this 15th day of July, 2022, by and between:

CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT, a local
unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, and whose mailing address is 475 West Town Place, Suite 114, St. Augustine, Florida 32092 (“District”); and

DREAM FINDERS HOMES, LLC, a Florida limited liability company, and the developer of lands within the District’s boundary, with a mailing address of 14701 Philips Highway, Suite 300, Jacksonville, Florida 32256 (“Developer”); and

VPDF CORDOVA, LLC, a Delaware limited liability company, and the primary owner of lands within the District’s boundary, with a mailing address of 901 Marquette Avenue South, Suite 3300, Minneapolis, Minnesota 55402 (“Landowner” and together with the Developer, “Assignor”); and

RECITALS

WHEREAS, the District and Assignor entered into that certain Collateral Assignment and Assumption of Development Rights Agreement (Series 2021 Bonds) dated December 17, 2021 (the “Original Agreement”), recorded in Official Records Book 5452, Page 852 of the Public Records of St. Johns County, Florida; and

Whereas, the District and Assignor desire to amend the Original Agreement as set forth in more detail herein; and

WHEREAS, the District is presently in the process of issuing $2,325,000 of Cordova Palms Community Development District (St. Johns County) Special Assessment Revenue Bonds, Series 2022-1 (Assessment Area One) (“Series 2022-1 Bonds”) and desires to enter into this First Amendment to address certain amendments to the Original Agreement; and
WHEREAS, the Original Agreement was entered into in connection with the District’s issuance of its $7,980,000 of Cordova Palms Community Development District Special Assessment Revenue Bonds, Series 2021 (the “Series 2021 Bonds”); and

Whereas, the Series 2021 Bonds were issued to fund the design, construction or acquisition of certain infrastructure improvements described in the Engineer’s Report, as such term is defined in the Original Agreement; and

WHEREAS, the Engineer’s Report was supplemented by that certain Cordova Palms Community Development District Second Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 3 and 4) dated May 23, 2022 (“Supplemental Engineer’s Report”) and the District and Assignor desire to amend the Original Agreement to define the 2021 Project as being described by both the Engineer’s Report and the Supplemental Engineer’s Report; and

Whereas, the Original Agreement contemplates certain rights that arise upon the failure to pay the “2021 Special Assessments,” which are defined as the assessments securing the repayment of the Series 2021 Bonds; and

Whereas, the District and Assignor desire to amend the Original Agreement for the purpose of treating a default in or a failure to pay the assessments securing the Series 2022-1 Bonds in the same fashion as a default in or failure to pay the 2021 Special Assessments with respect to rights arising under the Original Agreement as a result of such default or failure to pay; and

WHEREAS, Paragraph 9 of the Original Agreement provides that the Trustee, on behalf of the holders of the Series 2021 Bonds (“2021 Bondholders”), is a direct third-party beneficiary of the terms and conditions of the Original Agreement, and further provides certain rights the Trustee has to enforce the Original; and

Whereas, the District and Assignor desire to amend the Original Agreement for the purpose of identifying the holders of the Series 2022-1 Bonds as having co-equal rights with the 2021 Bondholders as it relates to the Original Agreement; and

Now, therefore, based upon good and valuable consideration and the mutual covenants of the District and Assignor, the receipt of which and sufficiency of which are hereby acknowledged, the District and Assignor agree as follows:

SECTION 1. The District and Assignor hereby agree that the defined term “2021 Project” as used in the Original Agreement shall be amended such that the 2021 Project shall be as described by both the Engineer’s Report and the Supplemental Engineer’s Report.

SECTION 2.  The District and Assignor herby agree to treat a default in or a failure to pay the assessments securing the Series 2022-1 Bonds in the same fashion as a default in or failure to pay the 2021 Special Assessments with respect to rights arising under the Original Agreement as a result of such default or failure to pay.
SECTION 3. The District and Assignor hereby agree that Paragraph 9 of the Original Agreement shall be replaced in its entirety with the following provision:

Third Party Beneficiaries. The Trustee for the Series 2021 Bonds and Series 2022-1, on behalf of the holders of the Series 2021 Bonds and the Series 2022-1 Bonds, shall be a direct third-party beneficiary of the terms and conditions of this Assignment and shall be entitled to cause the District to enforce the Assignor’s obligations hereunder. In the event that the District does not promptly take Trustee’s written direction under this Agreement, or the District is otherwise in default under the Indenture, the Trustee shall have the right to enforce the District’s rights hereunder directly. This Assignment is solely for the benefit of the parties set forth in this Section, and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any other third party. The Trustee shall not be deemed to have assumed any obligations hereunder.

SECTION 4. The Original Agreement is hereby affirmed and continues to constitute a valid and binding agreement between the parties, as to the portion of the Lands, which are described on Exhibit A to the Original Agreement, which remains subject to the Original Agreement as of the date of this First Amendment. Nothing in this First Amendment shall be deemed to encumber, create a lien or cloud or otherwise affect title to any portion of the Lands that may have been released as a Prior Transfer, as such term is defined in the Original Agreement, prior to the date of this Amendment. Any capitalized terms not specifically defined herein shall have the meaning set forth in the Original Agreement. Except as described in Sections 1, 2, and 3 of this First Amendment, nothing herein shall modify the rights and obligations of the parties under the Original Agreement. All of the remaining provisions remain in full effect and fully enforceable.

In Witness Whereof, the parties execute this First Amendment the day and year first written above.
[SIGNATURE PAGE: FIRST AMENDMENT]

IN WITNESS WHEREOF, District and Assignor have caused this First Amendment to be executed and delivered on the day and year first written above.

CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT

Witness

 	
Print Name
Louis Cowling
Chairman, Board of Supervisors

Witness

Print Name

STATE OF FLORIDA COUNTY OF 	

The foregoing instrument was acknowledged before me by means of [ ] physical presence or [ ] online notarization, this    day of 	, 2022, by Louis Cowling, as Chairman of the Cordova Palms Community Development District Board of Supervisors, who is personally known to me, and who Did [ ] or Did Not [ ] take an oath.

Notary Public, State of Florida
[SIGNATURE PAGE: FIRST AMENDMENT]

DREAM FINDERS HOMES, LLC

Witness

Print Name

Robert Riva Vice President

Witness

Print Name

STATE OF FLORIDA COUNTY OF 	

The foregoing instrument was acknowledged before me by means of [ ] physical presence or [ ] online notarization, this   day of 	, 2022, by Robert Riva, as Vice President of Dream Finders Homes, LLC, and is personally known to me, and who Did [ ] or Did Not [ ] take an oath.

Notary Public, State of Florida
[SIGNATURE PAGE: FIRST AMENDMENT]

WITNESSES:

Witness Signature
Printed Name:	

Witness Signature
Printed Name:	
VPDF CORDOVA LLC,
a Delaware limited liability company

By: VP Finders Holdings LLC,
a Delaware limited liability company, its Sole Member

By: Värde Partners, Inc.,
a Delaware corporation, its Manager

By: 	
Name: Brendan Bosman Its: Managing Director

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of ▢ physical presence or ▢ online notarization, this    day of 		, 2022parties, by Brendan Bosman, as Managing Director of Värde Partners, Inc., the Manager of VP Finders Holdings, LLC, which is the Sole Member of VPDF Cordova, LLC, on its behalf. He [  ] is personally known to me or [  ] produced 	 as identification.

Notary Public, State of Florida

2.

FIRST AMENDMENT TO TRUE-UP AGREEMENT (SERIES 2021 BONDS)

This First Amendment (“First Amendment”) is made and entered into this 15th day of July, 2022, by and between:

CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT, a local
unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, and whose mailing address is 475 West Town Place, Suite 114, St. Augustine, Florida 32092 (“District”); and

VPDF CORDOVA, LLC, a Delaware limited liability company, and the primary owner of lands within the District’s boundary, with a mailing address of 901 Marquette Avenue South, Suite 3300, Minneapolis, Minnesota 55402 (“Landowner”); and

RECITALS

WHEREAS, the District and Landowner entered into that certain True-Up Agreement (Series 2021 Bonds) dated December 17, 2021 (the “Original Agreement”), recorded in Official Records Book 5452, Page 864 of the Public Records of St. Johns County, Florida; and

Whereas, the District and Landowner desire to amend the Original Agreement as set forth in more detail herein; and

WHEREAS, the District is presently in the process of issuing $2,325,000 of Cordova Palms Community Development District (St. Johns County) Special Assessment Revenue Bonds, Series 2022-1 (Assessment Area One) (“Series 2022-1 Bonds”) and desires to enter into this First Amendment to address certain amendments to the Original Agreement; and

WHEREAS, the Original Agreement was entered into in connection with the District’s issuance of its $7,980,000 of Cordova Palms Community Development District Special Assessment Revenue Bonds, Series 2021 (the “Series 2021 Bonds”); and

Whereas, the Series 2021 Bonds were issued to fund the design, construction or acquisition of certain infrastructure improvements described in the Engineer’s Report, as such term is defined in the Original Agreement; and
WHEREAS, the Engineer’s Report was supplemented by that certain Cordova Palms Community Development District Second Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 3 and 4) dated May 23, 2022 (“Supplemental Engineer’s Report”) and the District and Landowner desire to amend the Original Agreement to define the 2021 Project as being described by both the Engineer’s Report and the Supplemental Engineer’s Report; and

WHEREAS, the Original Agreement defines the 2021 Assessments as those debt service assessments imposed by Resolutions 2021-27, 2021-28, 2021-35, and 2022-03 (the “Assessment Resolutions”); and

WHEREAS, in connection with the issuance of the Series 2022-01 Bonds, the District adopted Resolution 2022-12, which supplements the Assessment Resolutions for the purpose of levying and imposing the debt assessments that will secure the Series 2022-1 Bonds (the “Series 2022-1 Assessments”); and

Whereas, the parties desire to amend the Original Agreement such that the term 2021 Assessments includes the Series 2022-1 Assessments; and

Whereas, in connection with the amendment to “2021 Assessments,” the parties desire to increase the maximum debt per developable acre amount in section 4(B)(ii) of the Original Agreement from $58,385 to $75,395.08; and

Whereas, Paragraph 12 of the Original Agreement provides, in part, that the Trustee, acting at the direction of beneficial owners of a majority of the outstanding 2021 Bonds, shall have the right to directly enforce the provisions of the Original Agreement; and

Whereas, the Parties desire to amend the Original Agreement for the purpose of identifying the rights of the bondholders of the Series 2022-1 Bonds to give direction under the Original Agreement.

Now, therefore, based upon good and valuable consideration and the mutual covenants of the District and Landowner, the receipt of which and sufficiency of which are hereby acknowledged, the District and Landowner agree as follows:

SECTION 1. The District and Landowner hereby agree that the defined term “2021 Assessments” includes the Series 2022-1 Assessments.

Section 2.	The District and Landowner herby agree to amend section 4(B)(ii) of the Original Agreement to increase the maximum debt per developable acre amount from $58,385 to
$75,395.08.

Section 3.	The District and Landowner hereby agree that Paragraph 12 of the Original Agreement shall be replaced in its entirety with the following provision:
12.  THIRD PARTY BENEFICIARIES. Except as set forth below, this Agreement is solely for the benefit of the District and the Landowner and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Agreement. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the District and the Landowner any right, remedy, or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure to the sole benefit of and shall be binding upon the District and the Landowner and their respective representatives, successors, and assigns.

Notwithstanding the foregoing, the Trustee, acting at the direction of the beneficial owners of a majority of the outstanding Series 2021 Bonds and Series 2022-1 Bonds, shall have the right to directly enforce the provisions of this Agreement. The Trustee shall not be deemed to have assumed any obligations under this Agreement. This Agreement may not be materially amended or assigned (except as set forth in Section 6) without the consent of the Trustee, acting at the direction of the beneficial owners of a majority of the outstanding Series 2021 Bonds and Series 2022-1 Bonds, which consent shall not be unreasonably withheld. Should there be a conflict between the direction given by the 2021 Holders and the direction of given by the 2022- 1 Holders, those holders who hold a majority of the aggregate principal amount of the Series 2021 Bonds and the Series 2022-1 Bonds shall prevail.

SECTION 4. The Original Agreement is hereby affirmed and continues to constitute a valid and binding agreement between the parties. Any capitalized terms not specifically defined herein shall have the meaning set forth in the Original Agreement. Except as described in Sections 1 through 3 of this First Amendment, nothing herein shall modify the rights and obligations of the parties under the Original Agreement. All of the remaining provisions remain in full effect and fully enforceable.

In Witness Whereof, the parties execute this First Amendment the day and year first written above.
[SIGNATURE PAGE: FIRST AMENDMENT]

IN WITNESS WHEREOF, District and Landowner have caused this First Amendment to be executed and delivered on the day and year first written above.

CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT

Witness

 	
Print Name
Louis Cowling
Chairman, Board of Supervisors

Witness

Print Name

STATE OF FLORIDA COUNTY OF 	

The foregoing instrument was acknowledged before me by means of [ ] physical presence or [ ] online notarization, this   day of 	, 2022, by Louis Cowling, as Chairman of the Cordova Palms Community Development District Board of Supervisors, who is personally known to me, and who Did [ ] or Did Not [ ] take an oath.

Notary Public, State of Florida
[SIGNATURE PAGE: FIRST AMENDMENT]

WITNESSES:

Witness Signature
Printed Name:	

Witness Signature
Printed Name:	
VPDF CORDOVA LLC,
a Delaware limited liability company

By: VP Finders Holdings LLC,
a Delaware limited liability company, its Sole Member

By: Värde Partners, Inc.,
a Delaware corporation, its Manager

By: 	
Name: Brendan Bosman Its: Managing Director

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of ▢ physical presence or ▢ online notarization, this   day of 		, 2022parties, by Brendan Bosman, as Managing Director of Värde Partners, Inc., the Manager of VP Finders Holdings, LLC, which is the Sole Member of VPDF Cordova, LLC, on its behalf. He [  ] is personally known to me or [  ] produced 	 as identification.

Notary Public, State of Florida

3.
FIRST AMENDMENT TO AGREEMENT BETWEEN THE CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT AND DREAM FINDERS HOMES, LLC, REGARDING THE COMPLETION OF CERTAIN IMPROVEMENTS (SERIES 2021 BONDS)

This First Amendment (“First Amendment”) is made and entered into this 15th day of July, 2022, by and between:

CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT, a local
unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, and whose mailing address is 475 West Town Place, Suite 114, St. Augustine, Florida 32092 (“District”), and

DREAM FINDERS HOMES, LLC, a Florida limited liability company, whose address is 14701 Philips Highway, Suite 300, Jacksonville, Florida 32256 (“Developer” and, together with the District, the “Parties”).

RECITALS

WHEREAS, the Parties entered into that certain Agreement Between the Cordova Palms Community Development District and Dream Finders Homes, LLC, Regarding the Completion of Certain Improvements (Series 2021 Bonds) dated December 17, 2021 (the “Original Agreement”), attached hereto as Exhibit A; and

Whereas, Paragraph 6 of the Original Agreement contemplates that the Original Agreement may be amended by an instrument in writing which is executed by both the District and the Developer; and

WHEREAS, the District is presently in the process of issuing $2,325,000 of Cordova Palms Community Development District (St. Johns County) Special Assessment Revenue Bonds, Series 2022-1 (Assessment Area One) (“Series 2022-1 Bonds”) and $7,155,000 of Cordova Palms Community Development District (St. Johns County) Special Assessment Revenue Bonds, Series 2022-2 (Assessment Area Two) (“Series 2022-2 Bonds,” together with the Series 2022-1 Bonds, the “Series 2022 Bonds”) and desires to enter into this First Amendment to address certain amendments to the Original Agreement; and

WHEREAS, the Original Agreement was entered into in connection with the District’s issuance of its $7,980,000 Special Assessment Revenue Bonds, Series 2021 (the “Series 2021 Bonds”); and

WHEREAS, the Series 2021 Bonds were issued to fund the design, construction or acquisition of certain infrastructure improvements described in the Engineer’s Report, as such term is defined in the Original Agreement, as more specifically described in the Capital Improvement Plan, dated June 18, 2021 (the “Master Report”), as supplemented by the First Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 1 and 2), dated September 8, 2021 (the “2021 Supplemental Report”) and the project described therein, in the
estimated amount of $30,431,300, which was defined as the “2021 Project” in the Original Agreement; and

WHEREAS, the Engineer’s Report was supplemented by that certain Cordova Palms Community Development District Second Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 3 and 4) dated May 23, 2022 (“2022 Supplemental Engineer’s Report”) and the parties desire to amend the Original Agreement to define the 2021 Project such that: 1) the 2021 Project shall be as described by both the 2021 Supplemental Report and the 2022 Supplemental Report; and 2) the completion obligations in the Original Agreement shall extend to the $30,431,300 project described in the 2021 Supplemental Report and the $8,091,100 project described in the 2022 Supplemental Report; and

Whereas, Paragraph 10 of the Original Agreement provides, in part, that the Trustee for the Series 2021 Bonds shall be a direct third party beneficiary of the terms and conditions of the Original Agreement and that the Trustee, acting at the direction of and on behalf of the bondholders owning a majority of the aggregate principal amount of the Series 2021 Bonds outstanding, shall be entitled to cause the District to enforce the Developer’s obligations under the Original Agreement; and

Whereas, the Parties desire to amend the Original Agreement for the purpose of identifying the rights of the bondholders of the Series 2022 Bonds to give direction under the Original Agreement; and

Now, therefore, based upon good and valuable consideration and the mutual covenants of the parties, the receipt of which and sufficiency of which are hereby acknowledged, the District and Developer agree as follows:

SECTION 1.  The Parties hereby agree that the defined term “2021 Project” as used in the Original Agreement shall be amended such that: 1) the 2021 Project shall be as described by both the 2021 Supplemental Report and the 2022 Supplemental Report; and 2) the completion obligations in the Original Agreement shall extend to the $30,431,300 project described in the 2021 Supplemental Report and the $8,091,100 project described in the 2022 Supplemental Report.

SECTION 2.  The Parties hereby agree that Paragraph 10 of the Original Agreement shall be replaced in its entirety with the following provision:

Third Party  Beneficiaries.  This Agreement is solely for the benefit of the District and the Developer and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Agreement. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the District and the Developer any right, remedy, or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure
to the sole benefit of and shall be binding upon the District and the Developer and their respective representatives, successors, and assigns.

Notwithstanding anything in this Agreement to the contrary, the Trustee for the Series 2021 Bonds and Series 2022 Bonds (“Trustee”) shall be a direct third party beneficiary of the terms and conditions of this Agreement. The bondholders owning a majority of the aggregate principal amount of the Series 2021 Bonds outstanding (“2021 Holders”) and the bondholders owning a majority of the aggregate principal amount of the Series 2022 Bonds outstanding (“2022 Holders”) shall have coequal rights to direct the Trustee to cause the District to enforce the Developer’s obligations hereunder, and the Trustee shall be entitled to follow such direction. Should there be a conflict between the direction given by the 2021 Holders and the direction of given by the 2022 Holders, those holders who hold a majority of the aggregate principal amount of the Series 2021 Bonds and the Series 2022 Bonds shall prevail. The Trustee shall not be deemed to have assumed any obligations under this Agreement.

SECTION 3. The Original Agreement is hereby affirmed and continues to constitute a valid and binding agreement between the parties. Any capitalized terms not specifically defined herein shall have the meaning set forth in the Original Agreement. Except as described in Sections 1 and 2 of this First Amendment, nothing herein shall modify the rights and obligations of the parties under the Original Agreement. All of the remaining provisions remain in full effect and fully enforceable.

(SIGNATURES APPEAR ON FOLLOWING PAGE)
In Witness Whereof, the parties execute this First Amendment the day and year first written above.

Attest:	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT

By:	
Secretary/Assistant Secretary	Name: Louis Cowling
Title: Chairman, Board of Supervisors

Attest:	DREAM FINDERS HOMES, LLC,
a Florida limited liability company

Witness:	
By: 	
Name: Robert Riva Title:	Vice President

Exhibit A:	Original Agreement

4.
ACKNOWLEDGMENT OF THE CONTINUED EFFECTIVENESS OF THE AGREEMENT BETWEEN THE CORDOVA PALM COMMUNITY DEVELOPMENT DISTRICT AND DREAM FINDERS HOMES, LLC REGARDING THE ACQUISITION OF CERTAIN WORK PRODUCT, IMPROVEMENTS AND REAL PROPERTY (SERIES 2021 BONDS)

This Acknowledgment is entered into this 15th day of July, 2022 by and between:

Cordova Palms Community Development District, a local unit of special- purpose government established pursuant to Chapter 190, Florida Statutes, being situated in St. Johns County, Florida, and whose mailing address is 475 West Town Place, Suite 114, St. Augustine, Florida 32092 (“District”); and

Dream Finders Homes, LLC, a Florida limited liability company, the owner and primary developer of lands within the boundary of the District, and whose address is 14701 Philips Highway, Suite 300, Jacksonville, Florida 32256 (“Developer”).

RECITALS

WHEREAS, Developer is the owner and/or developer of certain lands located within the boundaries of the District (hereinafter the "Development"); and

WHEREAS, the District is a special district which was established to plan, construct, install, acquire, finance, manage and operate public improvements and community facilities for lands including the Development; and

WHEREAS, in conjunction with the issuance of the District’s $7,980,000 Cordova Palms Community Development District Special Assessment Revenue Bonds, Series 2021, the District and the Developer entered into that certain Agreement between the Cordova Palms Community Development District and Dream Finders Homes, LLC Regarding the Acquisition of Certain Work Product, Improvements and Real Property (Series 2021 Bonds) dated December 17, 2021 (the “Acquisition Agreement”); and

WHEREAS, the District and Developer desire to acknowledge the continued effectiveness of the Acquisition Agreement in relation to the District’s $2,325,000 of Cordova Palms Community Development District (St. Johns County) Special Assessment Revenue Bonds, Series 2022-1 (Assessment Area One) (“Series 2022-1 Bonds”) and $7,155,000 of Cordova Palms Community Development District (St. Johns County) Special Assessment Revenue Bonds, Series 2022-2 (Assessment Area Two) (“Series 2022-2 Bonds,” together with the Series 2022-1 Bonds, the “Series 2022 Bonds”).

NOW, THEREFORE, in consideration of the mutual understandings and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the District and Developer agree as follows:
Section 1. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Acknowledgment.

Section 2. Developer and District hereby agree that the Acquisition Agreement shall remain in full force and effect with respect to the issuance of the Series 2022 Bonds and the use of the proceeds of the Series 2022 Bonds to acquire certain work product, improvements and real property described in the Cordova Palms Community Development District Second Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 3 and 4) dated May 23, 2022, a copy of which is attached hereto as Exhibit A.

Section 3. This instrument may be executed in any number of counterparts, each of which when executed and delivered shall be an original, and such counterparts together shall constitute, but one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this document to physically form one document.

[Signatures appear on the following pages.]
WHEREFORE, the Parties execute this Agreement the day and year first written
above.

Attest:	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Louis Cowling, Chairperson

DREAM  FINDERS  HOMES,  LLC,  a
Florida limited liability company

Witness	Robert Riva, Vice President

Exhibit A:	Cordova Palms Community Development District Second Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 3 and 4) dated May 23, 2022

5.

COLLATERAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT RIGHTS AGREEMENT (SERIES 2022 BONDS)

This Collateral Assignment and Assumption Agreement (“Agreement”) is made and entered into this 15th day of July, 2022, by and between:

Cordova Palms Community Development District, a local unit of special- purpose government established pursuant to Chapter 190, Florida Statutes, being situated in St. Johns County, Florida, and whose mailing address is 475 West Town Place, Suite 114, St. Augustine, Florida 32092 (“District”); and

Dream Finders Homes, LLC, a Florida limited liability company, the developer of lands within the boundary of the District, and whose address is 14701 Philips Highway, Suite 300, Jacksonville, Florida 32256 (“Developer”); and

VPDF Cordova, LLC, a Delaware limited liability company, the primary owner of lands within the boundary of the District, and whose address is 901 Marquette Avenue S., Suite 3300, Minneapolis, Minnesota 55402 (“Landowner” and together with the Developer, “Assignor.”)

RECITALS

WHEREAS, the District proposes to issue its $7,155,000 of Cordova Palms Community Development District (St. Johns County) Special Assessment Revenue Bonds, Series 2022-2 (Assessment Area Two) (the “Series 2022 Bonds”) to finance certain public infrastructure which will provide special benefit to the developable lands (the “Lands”), as described in Exhibit A attached hereto, in the development (the “2022 Project”), which is located within the geographical boundaries of the District; and

WHEREAS, the security for the repayment of the Series 2022 Bonds are the special assessments levied against the Lands within the District (the “2022 Special Assessments”); and

WHEREAS, the purchasers of the Series 2022 Bonds anticipate that the Lands will be developed in accordance with the Cordova Palms Community Development District First Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 1 and 2), dated September 8, 2021 and the Cordova Palms Community Development District Second Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 3 and 4) dated May 23, 2022 (collectively the “Engineer’s Report) and the Master Special Assessment Methodology Report dated July 1, 2021 (the “Master Assessment Report”), as supplemented by
the Cordova Palms Community Development District Second Supplemental Special Assessment Methodology Report for the Special Assessment Revenue Bonds Series 2022 (Phases 3 and 4), dated June 24, 2022 (together, the “2022 Assessment Report”), which Lands are intended to ultimately be sold to third-party end-users within the District (the “Development Completion”); and

WHEREAS, the failure to achieve Development Completion may increase the likelihood that the purchasers of the Series 2022 Bonds will not receive the full benefit of their investment in the Series 2022 Bonds; and

WHEREAS, during the period in which the Lands are being developed and the 2022 Project has yet to reach Development Completion, there is an increased likelihood that adverse changes to local or national economic conditions may result in a default in the payment of the 2022 Special Assessments securing the Series 2022 Bonds; and

WHEREAS, in the event of default in the payment of the 2022 Special Assessments securing the Series 2022 Bonds, the District has certain remedies with respect to the lien of the 2022 Special Assessments as more particularly set forth herein; and
WHEREAS, if the 2022 Special Assessments are directly billed, the sole remedy available to the District would be an action in foreclosure; if the 2022 Special Assessments are collected pursuant to Florida’s uniform method of collection, the sole remedy for non-payment of the 2022 Special Assessments is the sale of tax certificates (collectively, the “Remedial Rights”); and

WHEREAS, in the event the District exercises its Remedial Rights, the District will require the assignment of certain Development & Contract Rights (defined below), to complete development of the Lands to the extent that such Development & Contract Rights have not been previously assigned, transferred, or otherwise conveyed to a homebuilder resulting from the sale of certain Lands in the ordinary course of business, St. Johns County, the District, any applicable homeowner’s association or other governing entity or association for the benefit of the 2022 Project (a “Prior Transfer”); and

WHEREAS, this Assignment is not intended to impair or interfere with the development of the 2022 Project and shall only be inchoate until becoming absolute assignment and assumption of the Development & Contract Rights, as defined below, upon failure of the Landowner to pay the 2022 Special Assessments levied against the Lands owned by the Landowner; provided, however, that such assignment shall only be absolute to the extent that this Assignment has not been terminated earlier pursuant to the terms of this Assignment or to the extent that a Prior Transfer has not already occurred with respect to the Development & Contract Rights; and

WHEREAS, in the event of a transfer, conveyance or sale of any portion of the Lands (excluding the conveyance of any portion of the Lands to a homebuilder or end-user, including any homebuyer, or any Prior Transfer), any and all affiliated entities or successors-in-interest to the Landowner’s Lands shall be subject to this Assignment, which shall be recorded in the Official Records of St. Johns County, Florida; and
WHEREAS, the rights assigned to the District hereunder shall be exercised in a manner which will not materially affect the intended development of the 2022 Project; and

WHEREAS, absent this Assignment becoming absolute, it shall automatically terminate upon the earliest to occur of the following: (i) payment of the Series 2022 Bonds in full; (ii) Development Completion; or (ii) upon occurrence of a Prior Transfer, but only to the extent that such Development and Contract Rights are subject to the Prior Transfer (herein, the “Term”).

NOW, THEREFORE, in consideration of the above recitals which the parties hereby agree are true and correct and are hereby incorporated by reference and other good and valuable consideration, the sufficiency of which is acknowledged, Assignor and Assignee agree as follows:

Collateral Assignment. Assignor hereby collaterally assigns to Assignee, to the extent assignable and to the extent that they are solely owned or controlled by Assignor at execution of this Agreement or acquired in the future, all of Assignor’s development rights and contract rights relating to the 2022 Project (herein the “Development & Contract Rights”) as security for Landowner’s payment and performance and discharge of its obligation to pay the 2022 Special Assessments levied against the Lands. This assignment shall become absolute upon failure of the Landowner to pay the 2022 Special Assessments levied against the Lands owned by the Landowner. The Development & Contract Rights shall include the following as they pertain to the 2022 Project, but shall specifically exclude any such portion of the Development & Contract Rights which are subject to a Prior Transfer and any sales contracts between the Developer and home purchasers that were entered into on or before any failure on the part of the Landowner to pay the 2022 Special Assessments:

Any declaration of covenants of a homeowner’s association governing the Lands, as recorded in the Official Records of St. Johns County, Florida, and as the same may be amended and restated from time to time, including, without limitation, all of the right, title, interest, powers, privileges, benefits and options of the “Developer” or “Declarant” thereunder.

Engineering and construction plans and specifications for grading, roadways, site drainage, stormwater drainage, signage, water distribution, wastewater collection, and other improvements.

Preliminary and final site plans.

Architectural plans and specifications for public buildings and other public improvements to the Lands within the District, but solely to the extent construction of such public buildings and public improvements has commenced.
Permits, approvals, resolutions, variances, licenses, impact fees and franchises granted by governmental authorities, or any of their respective agencies, for or affecting the 2022 Project and construction of improvements thereon including, but not limited to, the following:
Any and all approvals, extensions, amendments, rezoning, and development orders rendered by governmental authorities, including St. Johns County relating to the 2022 Project.
Any and all service agreements relating to utilities, water and/or wastewater, together with all warranties, guaranties and indemnities of any kind or nature associated therewith.

Permits, more particularly described in the Engineer’s Report attached hereto.

Permit fees, impact fees, deposits and other assessments and impositions paid by Assignor to any governmental authority or utility and capacity reservations, impact fee credits and other credits due to Assignor from any governmental authority or utility provider, including credit for any dedication or contribution of Lands by Assignor in connection with the development of the Lands or the construction of improvements thereon.

Contracts with engineers, architects, land planners, landscape architects, consultants, contractors, and suppliers for or relating to the construction of the 2022 Project or the construction of improvements thereon, together with all warranties, guaranties and indemnities of any kind or nature associated therewith.
Notwithstanding anything contained herein to the contrary, contracts and agreements with private utility providers to provide utility services to the 2022 Project, including the lots.

All future creations, changes, extensions, revisions, modifications, substitutions, and replacements of any of the foregoing and any guarantees of performance of obligations to Assignor arising thereunder by any means, including, but not limited to, pursuant to governmental requirements, administrative or formal action by third parties, or written agreement with governmental authorities or third parties.

Warranties by Assignor. Assignor represents and warrants to Assignee that:

Other than in connection with Prior Transfers, Assignor has made no assignment of the Development & Contract Rights to any person other than Assignee.

To the actual knowledge of Assignor, Assignor has not done any act or omitted to do any act which will prevent Assignee from, or limit Assignee in, acting under any of the provisions hereof.
To the actual knowledge of Assignor, there is no material default under the terms of the existing contracts, agreements, and other documents relating to the Development & Contract Rights, which now or hereafter affect the Lands and the 2022 Project (collectively, the “Contract Documents”), subject to any notice and cure periods, and all such Contract Documents remain in full force and effect.
Any transfer, conveyance or sale of the Lands (excluding conveyance of a portion of the Lands to a homebuilder or end-user, including any homebuyer), shall subject any and all affiliated entities or successors-in-interest of the Landowners (other than in connection with a Prior Transfer) to this Assignment.

Assignor is not prohibited under agreement with any other person or under any judgment or decree from the execution and delivery of this Assignment.

No action has been brought or threatened which would in any way interfere with the right of Assignor to execute this Assignment and perform all of Assignor’s obligations herein contained.
Covenants. Assignor covenants with Assignee that during the Term (as defined above):

Assignor will use reasonable, good faith efforts to fulfill, perform, and observe each and every material condition and covenant of Assignor relating to the Development & Contract Rights. Upon an Event of Default by Assignor, Assignor will use reasonable, good faith efforts to give notice to Assignee of any claim of default relating to the Development & Contract Rights given to or by Assignor, together with a complete copy of any such claim.

The Development & Contract Rights include all of Assignor’s right to modify the Development & Contract Rights, to terminate the Development & Contract Rights, and to waive or release the performance or observance of any obligation or condition of the Development & Contract Rights; provided that no such modification, termination, waiver or release affects any of the Development & Contract Rights which pertain to lands outside of the District not relating to development of the Lands. Upon an Event of Default, the rights as outlined within this Section 3(b) shall be included as part of the Development & Contract Rights assigned to Assignee.

In the event of the institution of any involuntary bankruptcy, reorganization or insolvency proceedings against the Assignor or the appointment of a receiver or a similar official with respect to all or a substantial part of the properties of the Assignor, Assignor shall endeavor in good faith to have such proceedings dismissed or such appointment vacated within a period of one hundred twenty (120) days.

Assignee Obligations. Nothing herein shall be construed as an obligation on the part of the Assignee to accept any liability for all or any portion of the Development and Contract Rights unless it chooses to do so in its sole discretion. Nor shall any provision hereunder be construed to place any liability or obligation on Assignee for compliance with the terms and provisions of all or any portion of the Development and Contract Rights.

Events of Default. Any breach of the Assignor’s warranties contained in Section 2 hereof or breach of covenants contained in Section 3 hereof will, after the giving of notice and an opportunity to cure (which cure period shall be at least sixty (60) days) shall constitute an Event of Default under this Assignment.
Remedies Upon Event of Default. Upon an Event of Default, Assignee or its designee may, as Assignee’s sole and exclusive remedies, take any or all of the following actions, at Assignee’s option:
Perform any and all obligations of Assignor relating to the Development & Contract Rights and exercise any and all rights of Assignor therein as fully as Assignor could.
Initiate, appear in, or defend any action arising out of or affecting the Development & Contract Rights.
Authorization. Upon the occurrence and during the continuation of an Event of Default, Assignor does hereby authorize and shall direct any party to any agreement relating to the Development & Contract Rights to tender performance thereunder to Assignee or its designee upon written notice and request from Assignee. Any such performance in favor of Assignee or its designee shall constitute a full release and discharge to the extent of such performance as fully as though made directly to Assignor.
Miscellaneous. Unless the context requires otherwise, whenever used herein, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. The terms “person” and “party” shall include individuals, firms, associations, joint ventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups and combinations. Titles of paragraphs contained herein are inserted only as a matter of convenience and for reference and in no way define, limit, extend, or describe the scope of this Assignment or the intent of any provisions hereunder. This Assignment shall be construed under Florida law.

Third Party Beneficiaries. The Trustee for the Series 2022 Bonds, on behalf of the bondholders, shall be a direct third-party beneficiary of the terms and conditions of this Assignment and shall be entitled to cause the District to enforce the Assignor’s obligations hereunder. In the event that the District does not promptly take Trustee’s written direction under this Agreement, or the District is otherwise in default under the Indenture, the Trustee shall have the right to enforce the District’s rights hereunder directly. This Assignment is solely for the benefit of the parties set forth in this Section, and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any other third party. The Trustee shall not be deemed to have assumed any obligations hereunder.

[remainder of page left intentionally blank]
IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment to be executed and delivered on the day and year first written above.

ASSIGNORS:

WITNESSES:

Witness Signature
Printed Name:	
DREAM FINDERS HOMES, LLC

By: 	
Name: Robert Riva Title: Vice President

Witness Signature
Printed Name:	

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of ▢ physical presence or ▢ online notarization, this    day of 		, 2022, by Robert Riva, as Vice President of Dream Finders Homes, LLC, on its behalf. He [  ] is personally known to me or [  ] produced 	 as identification.

Notary Public, State of Florida
WITNESSES:

Witness Signature
Printed Name:	

Witness Signature
Printed Name:	
VPDF CORDOVA LLC,
a Delaware limited liability company

By: VP Finders Holdings LLC,
a Delaware limited liability company, its Sole Member

By: Värde Partners, Inc.,
a Delaware corporation, its Manager

By: 	
Name: Brendan Bosman Its: Managing Director

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of ▢ physical presence
or ▢ online notarization, this 	
day of
, 2022, by Brendan Bosman, as
Managing Director of Värde Partners, Inc., the Manager of VP Finders Holdings, LLC, which is
the Sole Member of VPDF Cordova, LLC, on its behalf. He [	] is personally known to me or

[	] produced 	 as identification.

Notary Public, State of Florida
ATTEST:	ASSIGNEE:

WITNESSES:	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT

Witness Signature
Printed Name:	

By:		
Name: Louis Cowling Title:	Chairman

Witness Signature
Printed Name:	

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of ▢ physical presence or ▢ online notarization, this   day of 	, 2022, by Louis Cowling, as Chairman of the Cordova Palms Community Development District, on its behalf. He [  ] is personally known to me or [  ] produced 		 as identification.

Notary Public, State of Florida

EXHIBIT A: Legal Description
Exhibit A

April 1, 2022	Work Order No. 22-166.00
Page 1 of 2	File No. 128G-07.00A

Cordova Palms Phase 3 & 4

A portion of Sections 10 and 15, and a portion of Section 50 of the Pablo Sabate Grant, Township 6 South, Range 29 East, St. Johns County, Florida, being a portion of Parcel 9, as described and recorded in Official Records Book 5134, page 1442, of the Public Records of said county, being more particularly described as follows:

For a Point of Reference, commence at the Southwesterly corner of said Section 15; thence North 00°53’21” West, along the Westerly line of said Section 15, a distance of 2658.88 feet to the Point of Beginning.

From said Point of Beginning, thence continue North 00°53’21” West, along said Westerly line of Section 15, a distance of 2659.81 feet to the Southwest corner of said Section 10; thence North 01°59’46” West, along the Westerly line of said Section 10, a distance of 2509.17 feet to the Southerly most corner of those lands described and recorded in Official Records Book 5425, page 182, of said Public Records; thence North 41°53’21” East, departing said Westerly line and along the Southeasterly line of said Official Records Book 5425, page 182, a distance of 538.62 feet to the Easterly most corner thereof, said corner lying on the Southwesterly right of way line of the Florida East Coast Railroad, a 100 foot right of way as presently established; thence South 37°52’52” East, along said Southwesterly right of way line, 2679.65 feet; thence South 52°07’08” West, departing said Southwesterly right of way line, 256.56 feet to a point on a non- tangent curve concave Southwesterly having a radius of 215.00 feet; thence Northwesterly along the arc of said curve, through a central angle of 21°53’33”, an arc length of 82.15 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 35°40’35” West, 81.65 feet; thence South 43°22’38” West, along a non-tangent line, 285.36 feet; thence South 77°09’08” West, 624.45 feet; thence South 05°20’59” East, 299.16 feet; thence South 37°20’11” East, 120.50 feet to a point on a non-tangent curve concave Southeasterly having a radius of 525.00 feet; thence Southwesterly along the arc of said curve, through a central angle of 06°40’23”, an arc length of 61.14 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 43°31’59” West, 61.11 feet; thence South 40°11’48” West, 27.12 feet to the point of curvature of a curve concave Northerly having a radius of 25.00 feet; thence Westerly along the arc of said curve, through a central angle of 83°37’14”, an arc length of 36.49 feet to a point of reverse curvature, said arc being subtended by a chord bearing and distance of South 82°00’25” West, 33.33 feet; thence Northwesterly along the arc of a curve concave Southwesterly having a radius of 425.00 feet, through a central angle of 02°30’21”, an arc length of 18.59 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 57°26’08” West, 18.58 feet; thence South 31°18’42” West, along a non-tangent line, 324.23 feet; thence
April 1, 2022	Work Order No. 22-166.00
Page 2 of 2	File No. 128G-07.00A

Cordova Palms Phase 3 & 4 (continued)

South 22°40’28” East, 1033.01 feet; thence South 13°01’35” West, 149.39 feet to a point on a non-tangent curve concave Westerly having a radius of 735.00 feet; thence Southerly along the arc of said curve, through a central angle of 09°25’43”, an arc length of 120.95 feet to a point on said curve, said arc being subtended by a chord bearing and distance of South 13°36’54” East,
120.82 feet; thence South 83°02’55” West, along a non-tangent line, 96.53 feet to the point of curvature of a curve concave Northeasterly having a radius of 25.00 feet; thence Northwesterly along the arc of said curve, through a central angle of 85°31’09”, an arc length of 37.31 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 54°11’30” West, 33.95 feet; thence South 78°34’04” West, along a non-tangent line, 50.00 feet to a point on a non-tangent curve concave Westerly having a radius of 565.00 feet; thence Southerly along the arc of said curve, through a central angle of 02°20’53”, an arc length of
23.15 feet to a point on said curve, said arc being subtended by a chord bearing and distance of South 10°15’29” East, 23.15 feet; thence South 80°54’57” West, along a non-tangent line,
120.00 feet to a point on a non-tangent curve concave Westerly having a radius of 445.00 feet; thence Southerly along the arc of said curve, through a central angle of 03°25’21”, an arc length of 26.58 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 07°22’23” East, 26.58 feet; thence South 05°39’42” East, 247.77 feet to the point of curvature of a curve concave Easterly having a radius of 855.00 feet; thence Southerly along the arc of said curve, through a central angle of 12°29’11”, an arc length of
186.33 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 11°54’17” East, 185.96 feet; thence South 18°08’53” East, 215.68 feet to the point of curvature of a curve concave Westerly having a radius of 155.00 feet; thence Southerly along the arc of said curve, through a central angle of 22°39’47”, an arc length of
61.31 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 06°48’59” East, 60.91 feet; thence South 04°30’54” West, 92.66 feet; thence North 85°29’06” West, 20.72 feet; thence South 04°30’54” West, 50.00 feet; thence South 85°29’06” East, 45.29 feet; thence South 04°30’54” West, 149.52 feet to a point lying on the Northerly line of those lands described and recorded in Official Records Book 1905, page 268, of said Public Records; thence South 89°13’09” West, along said Northerly line, 894.07 feet to the Point of Beginning.

Containing 130.16 acres, more or less.

6.

TRUE-UP AGREEMENT (SERIES 2022 BONDS)

THIS TRUE-UP AGREEMENT (SERIES 2022 BONDS) (“Agreement”) is made and
entered into as of July 15, 2022, by and between:

Cordova Palms Community Development District, a local unit of special- purpose government established pursuant to Chapter 190, Florida Statutes, being situated in St. Johns County, Florida, and whose mailing address is 475 West Town Place, Suite 114, St. Augustine, Florida 32092 (“District”); and

VPDF Cordova, LLC, a Delaware limited liability company, the primary owner of lands within the boundary of the District, and whose address is 901 Marquette Avenue S., Suite 3300, Minneapolis, Minnesota 55402 (“Landowner.”)

RECITALS

WHEREAS, the District was established by ordinance enacted by the Board of County Commissioners in and for St. Johns County, Florida, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (“Act”), and is validly existing under the Constitution and laws of the State of Florida; and

WHEREAS, the Act authorizes the District to issue bonds for the purpose, among others, of planning, financing, constructing, operating and/or maintaining certain infrastructure, including but not limited to roadway improvements, stormwater management systems, potable water distribution systems, wastewater collection systems, reuse water distribution systems, entry features, landscaping, amenity facilities, and other infrastructure projects within or without the boundaries of the District; and

WHEREAS, the Landowner is currently the owner and developer of the lands within the District, which are described in Exhibit A attached hereto (“Property”); and

WHEREAS, for the benefit of the Property, the District presently intends to finance the planning, design, acquisition, construction, and installation of certain infrastructure improvements, facilities, and services known as the “2022 Project;” and

WHEREAS, the 2022 Project is described in the Cordova Palms Community Development District First Supplemental Engineer’s Report to the Capital Improvement Plan
(Phases 1 and 2), dated September 8, 2021 and the Cordova Palms Community Development District Second Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 3 and 4) dated May 23, 2022 (collectively the “Engineer’s Report”); and

WHEREAS, the District intends to finance a portion of the 2022 Project through the use of proceeds from the anticipated sale of $7,155,000 of Cordova Palms Community Development District (St. Johns County) Special Assessment Revenue Bonds, Series 2022-2 (Assessment Area Two) (“2022 Bonds”); and

WHEREAS, pursuant to Resolution Nos. 2021-27, 2021-28, 2021-35, and 2022-13 (together, “Assessment Resolutions”), the District has taken certain steps necessary to impose debt service special assessment lien(s) (“2022 Assessments”) on the Property pursuant to Chapters 170, 190 and 197, Florida Statutes, to secure repayment of the 2022 Bonds; and

WHEREAS, as part of the Assessment Resolutions, the District adopted the Master Special Assessment Methodology Report dated July 1, 2021 (the “Master Assessment Report”), as supplemented by the Second Supplemental Special Assessment Methodology Report for the Special Assessment Revenue Bonds Series 2022, dated June 24, 2022 (the “Supplemental Assessment Report” and together with the Master Assessment Report, the “Assessment Report”), which is on file with the District and expressly incorporated herein by this reference; and

WHEREAS, Landowner agrees that the Property benefits from the timely design, construction, or acquisition of the 2022 Project; and

WHEREAS, Landowner agrees that the 2022 Assessments, which were imposed on the Property, have been validly imposed and constitute valid, legal, and binding liens upon the lands that comprise the Property; and

WHEREAS, the Assessment Resolutions together with the Assessment Report provide that as the lands within the District are platted, the allocation of the amounts assessed to and constituting a lien upon the lands within the Property would be calculated based upon certain density assumptions relating to the number of each type of residential unit to be constructed on the developable acres within the Property, which assumptions were provided by Landowner; and

WHEREAS, Landowner intends to plat and develop the Property based on then-existing market conditions, and the actual densities developed may be at some density less than the densities assumed in the Assessment Report; and

WHEREAS, the Assessment Resolutions and the Assessment Report anticipates a “true- up” mechanism by which the Landowner shall make certain payments to the District in order to satisfy, in whole or in part, the assessments allocated and the liens imposed pursuant to the Assessment Resolutions, with the amount of such payments being determined generally by a calculation of the principal amount of assessments to be assigned under the Assessment Report as compared to the amount able to be assigned as reconfigured.
NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties, the receipt of which and sufficiency of which are hereby acknowledged, the parties agree as follows:

RECITALS. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Agreement.

VALIDITY OF ASSESSMENTS. Landowner agrees that the Assessment Resolutions have been duly adopted by the District. Landowner further agrees that the 2022 Assessments imposed as liens by the District are legal, valid, and binding liens on the land against which assessed until paid, coequal with the liens of all state, county, district, and municipal taxes, and superior in dignity to all other non-federal tax liens, titles, and claims. Landowner waives any defect in notice or publication or in the proceedings to levy, impose, and collect the 2022 Assessments on the lands within the District, and further waives and relinquishes any rights it may have to challenge, object to or otherwise fail to pay such 2022 Assessments. Landowner further agrees that to the extent Landowner fails to timely pay all 2022 Assessments collected by mailed notice of the District, said unpaid 2022 Assessments (including True-Up Payments) may be placed on the tax roll by the District for collection by the County Tax Collector pursuant to Section 197.3632, Florida Statutes, in any subsequent year.

WAIVER OF PREPAYMENT RIGHT. Landowner waives any rights it may have under Section 170.09, Florida Statutes, to prepay the 2022 Assessments without interest within thirty (30) days of completion of the improvements.

SPECIAL ASSESSMENT REALLOCATION; TRUE-UP PAYMENTS.

Assumptions as to the 2022 Assessments. As of the date of the execution of this Agreement, Landowner has informed the District that Landowner anticipates that a total of 253 single-family residential dwelling units, comprised of 8 43-foot lots and 245 53-foot lots, will be constructed within the Property.

Process for Reallocation of Assessments. The 2022 Assessments will be reallocated as lands within the Property are platted (a “Reallocation”). In connection with such platting of acreage, the 2022 Assessments imposed on the acreage being platted will be allocated based upon the precise number of units within each product type being platted. In furtherance thereof, at such time as acreage is to be platted, Landowner covenants that such plat shall be presented to the District. The District shall allocate the 2022 Assessments to the product types being platted and the remaining property in accordance with the Assessment Report and cause such Reallocation to be recorded in the District’s Improvement Lien Book.

It is an express condition of the lien established by the Assessment Resolutions that any and all plats containing any portion of the lands within the Property, shall be presented to the District for review, approval and allocation of the 2022 Assessments to the product types being platted and the remaining property in accordance with the Assessment Report. Landowner covenants to comply, or cause others to comply, with this requirement for the Reallocation.  The District agrees that no further
action by the Board shall be required. The District’s review of the plats shall be limited solely to the Reallocation of the 2022 Assessments, the enforcement of the District’s assessment lien and the enforcement of the Landowner's true-up obligations hereunder. Nothing herein shall in any way operate to or be construed as providing any other plat and plan approval or disapproval powers to the District.

As acreage within the Property is platted (each such date being a “True- Up Date”), the District shall determine if the debt per developable acre remaining on the unplatted lands within the Property exceeds the maximum debt per developable acre of
$54,970.81, as described in more detail in Section 5.5 of the Supplemental Assessment Report, and if it is, a debt reduction payment in the amount of such excess debt per developable acre (the “True-Up Payment”) shall become immediately due and payable by Landowner that tax year in accordance with the Assessment Report, in addition to the regular assessment installment payable for lands owned by the Landowner. The District will ensure collection of such amounts in a timely manner in order to meet its debt services obligations, and in all cases, Landowner agrees that such payments shall be made in order to ensure the District’s timely payments of the debt services obligations on the 2022 Bonds. The District shall record all True-Up Payments in its Improvement Lien book.

(iii).  The foregoing is based on the District's understanding with Landowner that the maximum debt per developable acre within the Property is $58,385. If the strict application of the true-up methodology to any Reallocation for any plat pursuant to this section would result in assessments collected in excess of the District's total debt service obligation for the 2022 Bonds, the District agrees to take appropriate action by resolution to equitably reallocate the assessments.

(iv)  All 2022 Assessments levied run with the land, and such assessment liens include any True-Up Payments. The District will not release any liens on property for which True-Up Payments are due, until payment has been satisfactorily made. Further, upon the District’s review of the final plat for the developable acres within the District, any unallocated 2022 Assessments shall become due and payable and must be paid prior to the District’s approval of that plat. This true-up process applies for both plats and/or re-plats.

ENFORCEMENT. This Agreement is intended to be an additional method of enforcement of Landowner’s obligation to pay the 2022 Assessments and to abide by the requirements of the reallocation of 2022 Assessments, including the making of the True-Up Payment, as set forth herein and in the Assessment Resolutions. A default by either party under this Agreement shall entitle any other party to all remedies available at law or in equity, which shall include, but not be limited to, the right of damages, injunctive relief, and specific performance. Prior to commencing any action for a default hereunder, the party seeking to commence such action shall first provide notice to the defaulting party of the default and an opportunity to cure such default within 30 days.
ASSIGNMENT. This Agreement shall constitute a covenant running with title to the Property, binding upon Landowner and its successors and assigns as to the Property or portions thereof, and any transferee of any portion of the Property as set forth in this Section. Landowner shall not transfer any portion of the Property to any third party, without first satisfying any True-Up Payment that results from any true-up determinations made by the District. Regardless of whether the conditions of this subsection are met, any transferee shall take title subject to the terms of this Agreement and with respect to the portion of the Property so transferred. As a point of clarification, and provided that any True-Up Payment is first made (which may be confirmed from an estoppel letter issued by the District through its District Manager), any platted lot conveyed to an end user with a home that has received a certificate of occupancy is automatically and forever released from the terms and conditions of this Agreement. Also provided that any True-Up Payment is first made (which may be confirmed from an estoppel letter issued by the District through its District Manager), any platted lot that is restricted from re-platting and is conveyed to a homebuilder or end user is automatically and forever released from the terms and conditions of this Agreement, provided however that such platted lot is not in fact re-platted.

ATTORNEYS’ FEES AND COSTS. In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the parties agree that the prevailing party shall be entitled to recover from the other all fees and costs incurred, including reasonable attorneys’ fees and costs for trial, alternative dispute resolution, or appellate proceedings.

AMENDMENTS. Subject to Section 12, amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both the District and the Landowner.

AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of the District and the Landowner; both the District and the Landowner have complied with all the requirements of law; and both the District and the Landowner have full power and authority to comply with the terms and provisions of this instrument.

NOTICE. All notices, requests, consents, and other communications hereunder (“Notices”) shall be in writing and shall be delivered, mailed by First Class Mail, postage prepaid, or telecopied or hand delivered to the parties, at the addresses first set forth above. Except as otherwise provided herein, any Notice shall be deemed received only upon actual delivery at the address set forth herein. If mailed as provided above, Notices shall be deemed delivered on the third business day unless actually received earlier. Notices hand delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non-business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the parties may deliver Notice on behalf of the parties. Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees of any change in name, address or telecopy number to
which Notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein. Notwithstanding the foregoing, to the extent Florida law requires notice to enforce the collection of assessments placed on property by the District, then the provision of such notice shall be in lieu of any additional notice required by this Agreement.

ARM’S LENGTH TRANSACTION. This Agreement has been negotiated fully between the District and the Landowner as an arm’s length transaction. Both parties participated fully in the preparation of this Agreement and received the advice of counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, both parties are deemed to have drafted, chosen, and selected the language, and the doubtful language will not be interpreted or construed against either the District or the Landowner.

THIRD PARTY BENEFICIARIES. Except as set forth below, this Agreement is solely for the benefit of the District and the Landowner and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Agreement. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the District and the Landowner any right, remedy, or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure to the sole benefit of and shall be binding upon the District and the Landowner and their respective representatives, successors, and assigns.

Notwithstanding the foregoing, the Trustee, acting at the direction of the beneficial owners of a majority of the outstanding 2022 Bonds, shall have the right to directly enforce the provisions of this Agreement. The Trustee shall not be deemed to have assumed any obligations under this Agreement. This Agreement may not be materially amended or assigned (except as set forth in Section 6) without the consent of the Trustee, acting at the direction of the beneficial owners of a majority of the outstanding 2022 Bonds, which consent shall not be unreasonably withheld.

APPLICABLE LAW AND VENUE. This Agreement and the provisions contained herein shall be construed, interpreted, and controlled according to the laws of the State of Florida. Each party consents that the venue for any litigation arising out of or related to this Agreement shall be in St. Johns County, Florida.

PUBLIC RECORDS. The Landowner understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records and treated as such in accordance with Florida law.

SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part of this Agreement not held to be invalid or unenforceable.

LIMITATIONS ON GOVERNMENTAL LIABILITY.	Nothing in this
Agreement shall be deemed as a waiver of immunity or limits of liability of the District beyond
any statutory limited waiver of immunity or limits of liability which may have been adopted by the Florida Legislature in Section 768.28, Florida Statutes, or other law, and nothing in this Agreement shall inure to the benefit of any third party for the purpose of allowing any claim which would otherwise be barred by sovereign immunity or by other operation of law.

HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this Agreement are for convenience only and shall not control nor affect the meaning or construction of any of the provisions of this Agreement.

COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute, but one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this document to physically form one document.

EFFECTIVE DATE. This Agreement shall be effective as of the date first written above.

[THIS SPACE INTENTIONALLY LEFT BLANK]
WITNESSES:	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT

Witness Signature
Printed Name:	

By:		
Name: Louis Cowling Title:	Chairman

Witness Signature
Printed Name:	

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of ▢ physical presence or ▢ online notarization, this   day of 	, 2022, by Louis Cowling, as Chairman of the Cordova Palms Community Development District, on its behalf. He [  ] is personally known to me or [  ] produced 		 as identification.

Notary Public, State of Florida
WITNESSES:

Witness Signature
Printed Name:	

Witness Signature
Printed Name:	
VPDF CORDOVA LLC,
a Delaware limited liability company

By: VP Finders Holdings LLC,
a Delaware limited liability company, its Sole Member

By: Värde Partners, Inc.,
a Delaware corporation, its Manager

By: 	
Name: Brendan Bosman Its: Managing Director

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of ▢ physical presence
or ▢ online notarization, this 	 day of
, 2022, by Brendan Bosman, as Managing
Director of Värde Partners, Inc., the Manager of VP Finders Holdings, LLC, which is the Sole
Member of VPDF Cordova, LLC, on its behalf. He [	] is personally known to me or [	]

produced 	 as identification.

Notary Public, State of Florida

EXHIBIT A: Legal Description
EXHIBIT A
April 1, 2022	Work Order No. 22-166.00
Page 1 of 2	File No. 128G-07.00A

Cordova Palms Phase 3 & 4

A portion of Sections 10 and 15, and a portion of Section 50 of the Pablo Sabate Grant, Township 6 South, Range 29 East, St. Johns County, Florida, being a portion of Parcel 9, as described and recorded in Official Records Book 5134, page 1442, of the Public Records of said county, being more particularly described as follows:

For a Point of Reference, commence at the Southwesterly corner of said Section 15; thence North 00°53’21” West, along the Westerly line of said Section 15, a distance of 2658.88 feet to the Point of Beginning.

From said Point of Beginning, thence continue North 00°53’21” West, along said Westerly line of Section 15, a distance of 2659.81 feet to the Southwest corner of said Section 10; thence North 01°59’46” West, along the Westerly line of said Section 10, a distance of 2509.17 feet to the Southerly most corner of those lands described and recorded in Official Records Book 5425, page 182, of said Public Records; thence North 41°53’21” East, departing said Westerly line and along the Southeasterly line of said Official Records Book 5425, page 182, a distance of 538.62 feet to the Easterly most corner thereof, said corner lying on the Southwesterly right of way line of the Florida East Coast Railroad, a 100 foot right of way as presently established; thence South 37°52’52” East, along said Southwesterly right of way line, 2679.65 feet; thence South 52°07’08” West, departing said Southwesterly right of way line, 256.56 feet to a point on a non- tangent curve concave Southwesterly having a radius of 215.00 feet; thence Northwesterly along the arc of said curve, through a central angle of 21°53’33”, an arc length of 82.15 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 35°40’35” West, 81.65 feet; thence South 43°22’38” West, along a non-tangent line, 285.36 feet; thence South 77°09’08” West, 624.45 feet; thence South 05°20’59” East, 299.16 feet; thence South 37°20’11” East, 120.50 feet to a point on a non-tangent curve concave Southeasterly having a radius of 525.00 feet; thence Southwesterly along the arc of said curve, through a central angle of 06°40’23”, an arc length of 61.14 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 43°31’59” West, 61.11 feet; thence South 40°11’48” West, 27.12 feet to the point of curvature of a curve concave Northerly having a radius of 25.00 feet; thence Westerly along the arc of said curve, through a central angle of 83°37’14”, an arc length of 36.49 feet to a point of reverse curvature, said arc being subtended by a chord bearing and distance of South 82°00’25” West, 33.33 feet; thence Northwesterly along the arc of a curve concave Southwesterly having a radius of 425.00 feet, through a central angle of 02°30’21”, an arc length of 18.59 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 57°26’08” West, 18.58 feet; thence South 31°18’42” West, along a non-tangent line, 324.23 feet; thence
April 1, 2022	Work Order No. 22-166.00
Page 2 of 2	File No. 128G-07.00A

Cordova Palms Phase 3 & 4 (continued)

South 22°40’28” East, 1033.01 feet; thence South 13°01’35” West, 149.39 feet to a point on a non-tangent curve concave Westerly having a radius of 735.00 feet; thence Southerly along the arc of said curve, through a central angle of 09°25’43”, an arc length of 120.95 feet to a point on said curve, said arc being subtended by a chord bearing and distance of South 13°36’54” East,
120.82 feet; thence South 83°02’55” West, along a non-tangent line, 96.53 feet to the point of curvature of a curve concave Northeasterly having a radius of 25.00 feet; thence Northwesterly along the arc of said curve, through a central angle of 85°31’09”, an arc length of 37.31 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 54°11’30” West, 33.95 feet; thence South 78°34’04” West, along a non-tangent line, 50.00 feet to a point on a non-tangent curve concave Westerly having a radius of 565.00 feet; thence Southerly along the arc of said curve, through a central angle of 02°20’53”, an arc length of
23.15 feet to a point on said curve, said arc being subtended by a chord bearing and distance of South 10°15’29” East, 23.15 feet; thence South 80°54’57” West, along a non-tangent line,
120.00 feet to a point on a non-tangent curve concave Westerly having a radius of 445.00 feet; thence Southerly along the arc of said curve, through a central angle of 03°25’21”, an arc length of 26.58 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 07°22’23” East, 26.58 feet; thence South 05°39’42” East, 247.77 feet to the point of curvature of a curve concave Easterly having a radius of 855.00 feet; thence Southerly along the arc of said curve, through a central angle of 12°29’11”, an arc length of
186.33 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 11°54’17” East, 185.96 feet; thence South 18°08’53” East, 215.68 feet to the point of curvature of a curve concave Westerly having a radius of 155.00 feet; thence Southerly along the arc of said curve, through a central angle of 22°39’47”, an arc length of
61.31 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 06°48’59” East, 60.91 feet; thence South 04°30’54” West, 92.66 feet; thence North 85°29’06” West, 20.72 feet; thence South 04°30’54” West, 50.00 feet; thence South 85°29’06” East, 45.29 feet; thence South 04°30’54” West, 149.52 feet to a point lying on the Northerly line of those lands described and recorded in Official Records Book 1905, page 268, of said Public Records; thence South 89°13’09” West, along said Northerly line, 894.07 feet to the Point of Beginning.

Containing 130.16 acres, more or less.

7.
Prepared By and Return To:

Wesley S. Haber Kutak Rock LLP
107 West College Avenue Tallahassee, Florida 32301

DECLARATION OF CONSENT TO JURISDICTION OF CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT
AND TO IMPOSITION OF SPECIAL ASSESSMENTS (“DECLARATION”)

The undersigned, being a duly authorized representative of Dream Finders Homes, LLC, a Florida limited liability company, as the owner of those lands described in Exhibit A attached hereto (the “Property”), located within the boundaries of Cordova Palms Community Development District (the “District”), intends that it and its respective successors in interest and assigns (collectively the “Landowner”) shall be legally bound by this Declaration, hereby declares, acknowledges and agrees as follows:

Landowner acknowledges that the District is, and has been at all times, on and after May 20, 2021, a legally created, duly organized, and validly existing community development district under the provisions of Chapter 190, Florida Statutes, as amended (the “Act”). Without limiting the generality of the foregoing, the Landowner acknowledges that: (a) the petition filed with St. Johns County, Florida (“County”), relating to the creation of the District contained all matters required by the Act to be contained therein and was filed in the manner and by the persons required by the Act; (b) Ordinance No. 2021-30, effective as of May 20, 2021, was duly and properly adopted by the County in compliance with all applicable requirements of law; and (c) the members of the Board of Supervisors of the District (the “Board”) were duly and properly designated pursuant to the Act to serve in their respective capacities and had the authority and right to authorize, approve and undertake all actions of the District approved and undertaken from May 20, 2021, to and including the date of this Declaration.

The Landowner acknowledges and agrees, that the special assessments imposed by Resolution Nos. 2021-27, 2021-28, 2021-35 and 2022-12, duly adopted by the Board on July 14,
2021, September 9, 2021 and July 13, 2022, respectively (collectively, the “Assessment Resolutions”), and all proceedings undertaken by the District with respect thereto have been in accordance with applicable Florida law, that the District has taken all action necessary to levy and impose the special assessments, and the special assessments are legal, valid and binding first liens upon the Property co-equal with the lien of all state, county, district and municipal taxes, superior in dignity to all other liens, titles and claims, until paid.

The Landowner hereby waives, for itself and its successors and assigns, the right granted in Chapter 170.09, Florida Statutes, to prepay the special assessments without interest within thirty (30) days after the improvements are completed, in consideration of the rights granted by
the District to prepay special assessments in full or in part at any time, but with interest, under the circumstances set forth in the Assessment Resolutions.

The Landowner hereby expressly, for itself and its successors and assigns, (i) agrees that the special assessments, the Assessment Resolutions, and the terms of the financing documents related to the District’s issuance of the Cordova Palms Community Development District Special Assessment Revenue Bonds, Series 2022-1 (the “2022-1 Bonds”) or securing payment thereof (the “Financing Documents”) are valid and binding obligations enforceable in accordance with their terms; (ii) represents that the Landowner has no claims or offsets whatsoever against, or defenses or counterclaims whatsoever to, payments of the special assessments and Financing Documents (and the Landowner hereby expressly waives any such claims, offsets, defenses or counterclaims); and (iii) waives and relinquishes any argument, claim or defense that foreclosure proceedings cannot be commenced until one (1) year after the date of the Landowner’s default and agrees that, immediate use of remedies in Chapter 170, Florida Statutes, is an appropriate and available remedy, notwithstanding the provisions of Section 190.026, Florida Statutes.

This Declaration shall represent a lien of record for purposes of Chapter 197, Florida Statutes, including, without limitation, Section 197.573, Florida Statutes. Other information regarding the special assessments is available from District Manager, 475 West Town Place, Suite 114, St. Augustine, Florida 32092.

THE DECLARATIONS, ACKNOWLEDGEMENTS AND AGREEMENTS CONTAINED HEREIN SHALL RUN WITH THE LAND DESCRIBED IN EXHIBIT A HERETO AND SHALL BE BINDING ON THE LANDOWNER AND ON ALL PERSONS (INCLUDING CORPORATIONS, ASSOCIATIONS, TRUSTS AND OTHER LEGAL ENTITIES) TAKING TITLE TO ALL OR ANY PART OF THE PROPERTY, AND THEIR SUCCESSORS IN INTEREST, WHETHER OR NOT THE PROPERTY IS PLATTED AT SUCH TIME. BY TAKING SUCH TITLE, SUCH PERSONS SHALL BE DEEMED TO HAVE CONSENTED AND AGREED TO THE PROVISIONS OF THIS DECLARATION TO THE SAME EXTENT AS IF THEY HAD EXECUTED IT AND BY TAKING SUCH TITLE, SUCH PERSONS SHALL BE ESTOPPED FROM CONTESTING, IN COURT OR OTHERWISE, THE VALIDITY, LEGALITY AND ENFORCEABILITY OF THIS DECLARATION.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
Effective the 15th day of July, 2022

WITNESSES:

Witness Signature
Printed Name:	
DREAM FINDERS HOMES, LLC

By: 	
Name: Robert Riva Title: Vice President

Witness Signature
Printed Name:	

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of ▢ physical presence or ▢ online notarization, this    day of 		, 2022, by Robert Riva, as Vice President of Dream Finders Homes, LLC, on its behalf. He [  ] is personally known to me or [  ] produced 	 as identification.

Notary Public, State of Florida

Exhibit A: Legal Description
Exhibit A

Lots 153, 154, 156-177, 181, 182, 185-188, 190-193, 201-224, and 393-400 Cordova Palms
Phase One, according to the plat thereof, recorded in Map Book 155, page 25 through 41 of the public records of St. Johns County, Florida.

Prepared By and Return To:

Wesley S. Haber Kutak Rock LLP
107 West College Avenue Tallahassee, Florida 32301

DECLARATION OF CONSENT TO JURISDICTION OF CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT
AND TO IMPOSITION OF SPECIAL ASSESSMENTS (“DECLARATION”)

The undersigned, being a duly authorized representative of VPDF Cordova, LLC, a Delaware limited liability company, as the owner of those lands described in Exhibit A attached hereto (the “Property”), located within the boundaries of Cordova Palms Community Development District (the “District”), intends that it and its respective successors in interest and assigns (collectively the “Landowner”) shall be legally bound by this Declaration, hereby declares, acknowledges and agrees as follows:

Landowner acknowledges that the District is, and has been at all times, on and after May 20, 2021, a legally created, duly organized, and validly existing community development district under the provisions of Chapter 190, Florida Statutes, as amended (the “Act”). Without limiting the generality of the foregoing, the Landowner acknowledges that: (a) the petition filed with St. Johns County, Florida (“County”), relating to the creation of the District contained all matters required by the Act to be contained therein and was filed in the manner and by the persons required by the Act; (b) Ordinance No. 2021-30, effective as of May 20, 2021, was duly and properly adopted by the County in compliance with all applicable requirements of law; and (c) the members of the Board of Supervisors of the District (the “Board”) were duly and properly designated pursuant to the Act to serve in their respective capacities and had the authority and right to authorize, approve and undertake all actions of the District approved and undertaken from May 20, 2021, to and including the date of this Declaration.

The Landowner acknowledges and agrees, that the special assessments imposed by Resolution Nos. 2021-27, 2021-28, 2021-35, 2022-12, and 2022-13, duly adopted by the Board
on July 14, 2021, September 9, 2021 and July 13, 2022, respectively (collectively, the “Assessment Resolutions”), and all proceedings undertaken by the District with respect thereto have been in accordance with applicable Florida law, that the District has taken all action necessary to levy and impose the special assessments, and the special assessments are legal, valid and binding first liens upon the Property co-equal with the lien of all state, county, district and municipal taxes, superior in dignity to all other liens, titles and claims, until paid.

The Landowner hereby waives, for itself and its successors and assigns, the right granted in Chapter 170.09, Florida Statutes, to prepay the special assessments without interest within thirty (30) days after the improvements are completed, in consideration of the rights granted by
the District to prepay special assessments in full or in part at any time, but with interest, under the circumstances set forth in the Assessment Resolutions.

The Landowner hereby expressly, for itself and its successors and assigns, (i) agrees that the special assessments, the Assessment Resolutions, and the terms of the financing documents related to the District’s issuance of the Cordova Palms Community Development District Special Assessment Revenue Bonds, Series 2022-1 and Cordova Palms Community Development District Special Assessment Revenue Bonds, Series 2022-2 (together, the “2022 Bonds”) or securing payment thereof (the “Financing Documents”) are valid and binding obligations enforceable in accordance with their terms; (ii) represents that the Landowner has no claims or offsets whatsoever against, or defenses or counterclaims whatsoever to, payments of the special assessments and Financing Documents (and the Landowner hereby expressly waives any such claims, offsets, defenses or counterclaims); and (iii) waives and relinquishes any argument, claim or defense that foreclosure proceedings cannot be commenced until one (1) year after the date of the Landowner’s default and agrees that, immediate use of remedies in Chapter 170, Florida Statutes, is an appropriate and available remedy, notwithstanding the provisions of Section 190.026, Florida Statutes.

This Declaration shall represent a lien of record for purposes of Chapter 197, Florida Statutes, including, without limitation, Section 197.573, Florida Statutes. Other information regarding the special assessments is available from District Manager, 475 West Town Place, Suite 114, St. Augustine, Florida 32092.

THE DECLARATIONS, ACKNOWLEDGEMENTS AND AGREEMENTS CONTAINED HEREIN SHALL RUN WITH THE LAND DESCRIBED IN EXHIBIT A HERETO AND SHALL BE BINDING ON THE LANDOWNER AND ON ALL PERSONS (INCLUDING CORPORATIONS, ASSOCIATIONS, TRUSTS AND OTHER LEGAL ENTITIES) TAKING TITLE TO ALL OR ANY PART OF THE PROPERTY, AND THEIR SUCCESSORS IN INTEREST, WHETHER OR NOT THE PROPERTY IS PLATTED AT SUCH TIME. BY TAKING SUCH TITLE, SUCH PERSONS SHALL BE DEEMED TO HAVE CONSENTED AND AGREED TO THE PROVISIONS OF THIS DECLARATION TO THE SAME EXTENT AS IF THEY HAD EXECUTED IT AND BY TAKING SUCH TITLE, SUCH PERSONS SHALL BE ESTOPPED FROM CONTESTING, IN COURT OR OTHERWISE, THE VALIDITY, LEGALITY AND ENFORCEABILITY OF THIS DECLARATION.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
Effective the 15th day of July, 2022

WITNESSES:

Witness Signature
Printed Name:	

Witness Signature
Printed Name:	
VPDF CORDOVA LLC,
a Delaware limited liability company

By: VP Finders Holdings LLC,
a Delaware limited liability company, its Sole Member

By: Värde Partners, Inc.,
a Delaware corporation, its Manager

By: 	
Name: Brendan Bosman Its: Managing Director

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of ▢ physical presence or ▢ online notarization, this   day of 		, 2022, by Brendan Bosman, as Managing Director of Värde Partners, Inc., the Manager of VP Finders Holdings, LLC, which is the Sole Member of VPDF Cordova, LLC, on its behalf. He [  ] is personally known to me or [  ] produced 	 as identification.

Notary Public, State of Florida

Exhibit A: Legal Description
Exhibit A

April 1, 2022	Work Order No. 22-166.00
Page 1 of 2	File No. 128G-07.00A

Cordova Palms Phase 3 & 4

A portion of Sections 10 and 15, and a portion of Section 50 of the Pablo Sabate Grant, Township 6 South, Range 29 East, St. Johns County, Florida, being a portion of Parcel 9, as described and recorded in Official Records Book 5134, page 1442, of the Public Records of said county, being more particularly described as follows:

For a Point of Reference, commence at the Southwesterly corner of said Section 15; thence North 00°53’21” West, along the Westerly line of said Section 15, a distance of 2658.88 feet to the Point of Beginning.

From said Point of Beginning, thence continue North 00°53’21” West, along said Westerly line of Section 15, a distance of 2659.81 feet to the Southwest corner of said Section 10; thence North 01°59’46” West, along the Westerly line of said Section 10, a distance of 2509.17 feet to the Southerly most corner of those lands described and recorded in Official Records Book 5425, page 182, of said Public Records; thence North 41°53’21” East, departing said Westerly line and along the Southeasterly line of said Official Records Book 5425, page 182, a distance of 538.62 feet to the Easterly most corner thereof, said corner lying on the Southwesterly right of way line of the Florida East Coast Railroad, a 100 foot right of way as presently established; thence South 37°52’52” East, along said Southwesterly right of way line, 2679.65 feet; thence South 52°07’08” West, departing said Southwesterly right of way line, 256.56 feet to a point on a non- tangent curve concave Southwesterly having a radius of 215.00 feet; thence Northwesterly along the arc of said curve, through a central angle of 21°53’33”, an arc length of 82.15 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 35°40’35” West, 81.65 feet; thence South 43°22’38” West, along a non-tangent line, 285.36 feet; thence South 77°09’08” West, 624.45 feet; thence South 05°20’59” East, 299.16 feet; thence South 37°20’11” East, 120.50 feet to a point on a non-tangent curve concave Southeasterly having a radius of 525.00 feet; thence Southwesterly along the arc of said curve, through a central angle of 06°40’23”, an arc length of 61.14 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 43°31’59” West, 61.11 feet; thence South 40°11’48” West, 27.12 feet to the point of curvature of a curve concave Northerly having a radius of 25.00 feet; thence Westerly along the arc of said curve, through a central angle of 83°37’14”, an arc length of 36.49 feet to a point of reverse curvature, said arc being subtended by a chord bearing and distance of South 82°00’25” West, 33.33 feet; thence Northwesterly along the arc of a curve concave Southwesterly having a radius of 425.00 feet, through a central angle of 02°30’21”, an arc length of 18.59 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 57°26’08” West, 18.58 feet; thence South 31°18’42” West, along a non-tangent line, 324.23 feet; thence
April 1, 2022	Work Order No. 22-166.00
Page 2 of 2	File No. 128G-07.00A

Cordova Palms Phase 3 & 4 (continued)

South 22°40’28” East, 1033.01 feet; thence South 13°01’35” West, 149.39 feet to a point on a non-tangent curve concave Westerly having a radius of 735.00 feet; thence Southerly along the arc of said curve, through a central angle of 09°25’43”, an arc length of 120.95 feet to a point on said curve, said arc being subtended by a chord bearing and distance of South 13°36’54” East,
120.82 feet; thence South 83°02’55” West, along a non-tangent line, 96.53 feet to the point of curvature of a curve concave Northeasterly having a radius of 25.00 feet; thence Northwesterly along the arc of said curve, through a central angle of 85°31’09”, an arc length of 37.31 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 54°11’30” West, 33.95 feet; thence South 78°34’04” West, along a non-tangent line, 50.00 feet to a point on a non-tangent curve concave Westerly having a radius of 565.00 feet; thence Southerly along the arc of said curve, through a central angle of 02°20’53”, an arc length of
23.15 feet to a point on said curve, said arc being subtended by a chord bearing and distance of South 10°15’29” East, 23.15 feet; thence South 80°54’57” West, along a non-tangent line,
120.00 feet to a point on a non-tangent curve concave Westerly having a radius of 445.00 feet; thence Southerly along the arc of said curve, through a central angle of 03°25’21”, an arc length of 26.58 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 07°22’23” East, 26.58 feet; thence South 05°39’42” East, 247.77 feet to the point of curvature of a curve concave Easterly having a radius of 855.00 feet; thence Southerly along the arc of said curve, through a central angle of 12°29’11”, an arc length of
186.33 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 11°54’17” East, 185.96 feet; thence South 18°08’53” East, 215.68 feet to the point of curvature of a curve concave Westerly having a radius of 155.00 feet; thence Southerly along the arc of said curve, through a central angle of 22°39’47”, an arc length of
61.31 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 06°48’59” East, 60.91 feet; thence South 04°30’54” West, 92.66 feet; thence North 85°29’06” West, 20.72 feet; thence South 04°30’54” West, 50.00 feet; thence South 85°29’06” East, 45.29 feet; thence South 04°30’54” West, 149.52 feet to a point lying on the Northerly line of those lands described and recorded in Official Records Book 1905, page 268, of said Public Records; thence South 89°13’09” West, along said Northerly line, 894.07 feet to the Point of Beginning.

Containing 130.16 acres, more or less. AND TOGETHER WITH:
July 7, 2021	Work Order No. 21-271.00
Page 1 of 3	File No. 128A-27.00A

Cordova Palms Parcel

A portion of Sections 10 and 15, and a portion of Section 50 of the Pablo Sebate Grant, Township 6 South, Range 29 East, St. Johns County, Florida, being a portion of those lands described and recorded in Official Records Book 4658, page 1207, of the Public Records of said county, being more particularly described as follows:

For a Point of Reference, commence at the Southwesterly corner of said Section 15; thence North 89°47’16” East, along the Southerly line of said Section 15, a distance of 1339.93 feet to the Southeasterly corner of Parcel 1, as described and recorded in Official Records Book 1905, page 268, of said Public Records, and the Point of Beginning.

From said Point of Beginning, thence North 00°53’35” West, departing said Southerly line of Section 15 and along the Easterly line of said Parcel 1, a distance of 2672.18 feet to the Northeasterly corner thereof; thence South 89°13’09” West, along the Northerly line of said Parcel 1, a distance of 445.58 feet; thence North 04°30’54” East, departing said Northerly line,
149.52 feet; thence North 85°29’06” West, 45.29 feet; thence North 04°30’54” East, 50.00 feet; thence South 85°29’06” East, 20.72 feet; thence North 04°30’54” East, 92.66 feet to the point of curvature of a curve concave Westerly having a radius of 155.00 feet; thence Northerly along the arc of said curve, through a central angle of 22°39’47”, an arc length of 61.31 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of North 06°48’59” West, 60.91 feet; thence North 18°08’53” West, 215.68 feet to the point of curvature of a curve concave Easterly having a radius of 855.00 feet; thence Northerly along the arc of said curve, through a central angle of 12°29’11”, an arc length of 186.33 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of North 11°54’17” West, 185.96 feet; thence North 05°39’42” West, 247.77 feet to the point of curvature of a curve concave Westerly having a radius of 445.00 feet; thence Northerly along the arc of said curve, through a central angle of 03°25’21”, an arc length of 26.58 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 07°22’23” West, 26.58 feet; thence North 80°54’57” East, along a non-tangent line, 120.00 feet to a point on a non-tangent curve concave Westerly having a radius of 565.00 feet; thence Northerly along the arc of said curve, through a central angle of 02°20’53”, an arc length of 23.15 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 10°15’29” West, 23.15 feet; thence North 78°34’04” East, along a non-tangent line, 50.00 feet to a point on a non-tangent curve concave Northeasterly having a radius of 25.00 feet; thence Southeasterly along the arc of said
July 7, 2021	Work Order No. 21-271.00
Page 2 of 3	File No. 128A-27.00A

Cordova Palms Parcel (continued)

curve, through a central angle of 85°31’09”, an arc length of 37.31 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 54°11’30” East,
33.95 feet; thence North 83°02’55” East, 96.53 feet to a point on a non-tangent curve concave Westerly having a radius of 735.00 feet; thence Northerly along the arc of said curve, through a central angle of 09°25’43”, an arc length of 120.95 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 13°36’54” West, 120.82 feet; thence North 13°01’35” East, along a non-tangent line, 149.39 feet; thence North 22°40’28” West, 1033.01 feet; thence North 31°18’42” East, 324.23 feet to a point on a non-tangent curve concave Southwesterly having a radius of 425.00 feet; thence Southeasterly along the arc of said curve, through a central angle of 02°30’21”, an arc length of 18.59 feet to a point of reverse curvature, said arc being subtended by a chord bearing and distance of South 57°26’08” East, 18.58 feet; thence Easterly along the arc of a curve concave Northerly having a radius of 25.00 feet, through a central angle of 83°37’14”, an arc length of 36.49 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of North 82°00’25” East, 33.33 feet; thence North 40°11’48” East, 27.12 feet to the point of curvature of a curve concave Southeasterly having a radius of 525.00 feet; thence Northeasterly along the arc of said curve, through a central angle of 06°40’23”, an arc length of 61.14 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 43°31’59” East, 61.11 feet; thence North 37°20’11” West, along a non-tangent line, 120.50 feet; thence North 05°20’59” West,
299.16 feet; thence North 77°09’08” East, 624.45 feet; thence North 43°22’38” East, 285.36 feet to a point on a non-tangent curve concave Southwesterly having a radius of 215.00 feet; thence Southeasterly along the arc of said curve, through a central angle of 21°53’33”, an arc length of
82.15 feet to a point on said curve, said arc being subtended by a chord bearing and distance of South 35°40’35” East, 81.65 feet; thence North 52°07’08” East, along a non-tangent line, 256.56 feet to a point lying on the Southwesterly right of way line of Florida East Coast Railroad, a 100 foot right of way as presently established; thence South 37°52’52” East, along said Southwesterly right of way line, 2597.44 feet to the Northerly most corner of Parcel No. 133, as described and recorded in Official Records Book 4658, page 1203, of said Public Records; thence Southwesterly along the Northwesterly line of said Parcel No. 133 the following 8 courses: Course 1, thence South 40°33’16” West, departing said Southwesterly right of way line,
841.41 feet; Course 2, thence South 55°04’55” West, 597.98 feet to a point on a non-tangent curve concave Northeasterly having a radius of 435.00 feet; Course 3, thence Northwesterly along the arc of said curve, through a central angle of 16°45’00”, an arc length of 127.17 feet to a point on said curve, said arc being subtended by a chord bearing and distance of North 35°35’26” West, 126.72 feet; Course 4, thence South 67°19’37” West, along a non-tangent line,
99.25 feet to a point on a non-tangent curve concave Northeasterly having a radius of 565.00 feet; Course 5, thence Southeasterly along the arc of said curve, through a central angle of 18°26’58”, an arc length of 181.93 feet to a point on said curve, said arc being subtended by a chord bearing and distance of South 28°28’27” East, 181.15 feet; Course 6, thence South 21°51’34” West, along a non-tangent line, 634.69 feet to a point on a non-tangent curve concave
July 7, 2021	Work Order No. 21-271.00
Page 3 of 3	File No. 128A-27.00A

Cordova Palms Parcel (continued)

Easterly having a radius of 4734.00 feet; Course 7, thence Southerly along the arc of said curve, through a central angle of 25°45’17”, an arc length of 2127.95 feet to the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 18°56’50” West, 2110.08 feet; Course 8, thence South 06°04’11” West, 397.92 feet to the Southwesterly corner thereof, said corner lying on said Southerly line of Section 15; thence South 89°47’16” West, along said Southerly line, 10.17 feet to the Point of Beginning.

Less and Except from the above described lands all of those lands described and recorded in Official Records Book 5135, page 455, of the Public Records of St. Johns County, Florida.

Containing 136.68 acres, more or less.

LESS AND EXCEPT:

Lots 153, 154, 156-177, 181, 182, 185-188, 190-193, 201-224, and 393-400 Cordova Palms
Phase One, according to the plat thereof, recorded in Map Book 155, page 25 through 41 of the public records of St. Johns County, Florida.

B.
RESOLUTION 2022-12

[SERIES 2022-1 BONDS]

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT MAKING CERTAIN FINDINGS; APPROVING THE SUPPLEMENTAL ASSESSMENT REPORT; SETTING FORTH THE TERMS OF THE SERIES 2022-1 BONDS; CONFIRMING THE MAXIMUM ASSESSMENT LIEN SECURING THE SERIES 2022-1 BONDS; LEVYING AND ALLOCATING ASSESSMENTS SECURING SERIES 2022-1 BONDS; ADDRESSING COLLECTION OF THE SAME; PROVIDING FOR THE APPLICATION OF TRUE-UP PAYMENTS; PROVIDING FOR A SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR THE RECORDING OF A NOTICE OF SPECIAL ASSESSMENTS; AND PROVIDING FOR CONFLICTS, SEVERABILITY, AND AN EFFECTIVE DATE.

WHEREAS, the Cordova Palms Community Development District (“District”) has previously indicated its intention to undertake, install, establish, construct, or acquire certain public infrastructure improvements and to finance such public infrastructure improvements through the imposition of special assessments on benefitted property within the District and the issuance of bonds; and

WHEREAS, the District’s Board of Supervisors (“Board”) has previously adopted, after notice and public hearing, Resolution 2021-35, relating to the imposition, levy, collection, and enforcement of such special assessments; and

WHEREAS, pursuant to and consistent with the terms of Resolution 2021-35, this Resolution shall set forth the terms of bonds to be actually issued by the District and apply the adopted special assessment methodology to the actual scope of the project to be completed with such series of bonds and the terms of the bond issue; and

WHEREAS, on June 24, 2022, the District entered into a Bond Purchase Agreement whereby it agreed to sell its $2,325,000 Cordova Palms Community Development District Special Assessment Revenue Bonds, Series 2022-1 (Assessment Area One) (the “Series 2022-1 Bonds”) (the “Series 2022-1 Bonds”); and

WHEREAS, pursuant to and consistent with Resolution 2021-35, the District desires to set forth the particular terms of the sale of the Series 2022-1 Bonds and confirm the levy of special assessments securing the Series 2022-1 Bonds (the “Series 2022-1 Assessments”).

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT AS FOLLOWS:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Florida law, including without limitation Chapters 170, 190, and 197, Florida Statutes, and Resolution 2021-35.

SECTION 2. MAKING CERTAIN FINDINGS; APPROVING THE ENGINEER’S REPORT AND
SUPPLEMENTAL ASSESSMENT REPORT.	The Board of Supervisors of the Cordova Palms Community Development District hereby finds and determines as follows:

On September 8, 2021, the District, after due notice and public hearing, adopted Resolution 2021-35, which, among other things, equalized, approved, confirmed, and levied special assessments on property benefitting from the infrastructure improvements authorized by the District. That Resolution provided that as each series of bonds were issued to fund all or any portion of the District’s infrastructure improvements a supplemental resolution would be adopted to set forth the specific terms of the bonds and to certify the amount of the lien of the special assessments securing any portion of the bonds, including interest, costs of issuance, the number of payments due, the true-up amounts, and the application of receipt of true-up proceeds.

The First Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 1 and 2), dated September 8, 2021 and the Second Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 3 and 4) dated May 23, 2022, attached to this Resolution as Composite Exhibit A (collectively the “Engineer’s Report”), identify and describe the presently expected components of the improvements to be financed in part with the Series 2022-1 Bonds (the “2022 Project”). The District hereby confirms that the improvements serve a proper, essential, and valid public purpose. The use of the Engineer’s Report in connection with the sale of the Series 2022-1 Bonds is hereby ratified.

The Supplemental Special Assessment Methodology Report for the Special Assessment Revenue Bonds, Series 2022, dated June 24, 2022, attached to this Resolution as Exhibit B (the “Supplemental Assessment Report”), applies the adopted Master Special Assessment Methodology Report dated July 1, 2021 (the “Master Assessment Report”), to the 2022 Project and the actual terms of the Series 2022-1 Bonds. The Supplemental Assessment Report is hereby approved, adopted, and confirmed. The District ratifies its use in connection with the sale of the Series 2022-1 Bonds.

The 2022 Project will specially benefit all developable property within the District, including Phases 1 and 2 of the District, as set forth in the Supplemental Assessment Report. It is reasonable, proper, just, and right to assess the portion of the costs of the 2022 Project financed with the Series 2022-1 Bonds to the specially benefitted properties within the District as set forth in Supplemental Assessment Report, Resolution 2021-35 and this Resolution.

SECTION 3. SETTING FORTH THE TERMS OF THE SERIES 2022-1 BONDS; CONFIRMING THE MAXIMUM ASSESSMENT LIEN SECURING THE SERIES 2022-1 BONDS.  As provided in
Resolution 2021-35, this Resolution is intended to set forth the terms of the Series 2022-1 Bonds
and the final amount of the lien of the Series 2022-1 Assessments securing those bonds. The Series 2022-1 Bonds, in an aggregate par amount of $2,325,000, shall bear such rates of interest and mature on such dates as shown on Exhibit C attached hereto. The sources and uses of funds of the Series 2022-1 Bonds shall be as set forth in Exhibit D. The debt service due on the Series 2022-1 Bonds is set forth on Exhibit E attached hereto. The lien of the Series 2022-1 Assessments securing the Series 2022-1 Bonds shall be the principal amount due on the Series 2022-1 Bonds, together with accrued but unpaid interest thereon, and together with the amount by which the annual assessments shall be grossed up to include early payment discounts required by law and costs of collection.

SECTION 4. LEVYING AND ALLOCATING THE SERIES 2022-1 ASSESSMENTS SECURING THE SERIES 2022-1 BONDS; ADDRESSING COLLECTION OF THE SAME.

The Series 2022-1 Assessments securing the Series 2022-1 Bonds shall be levied and allocated in accordance with Exhibit B. The Supplemental Assessment Report is consistent with the District’s Master Assessment Report. The Supplemental Assessment Report, considered herein, reflects the actual terms of the issuance of the Series 2022-1 Bonds. The estimated costs of collection of the Series 2022-1 Assessments for the Series 2022-1 Bonds are as set forth in the Supplemental Assessment Report.

To the extent that land is added to the District, the District may, by supplemental resolution at a regularly noticed meeting and without the need for a public hearing on reallocation, determine such land to be benefitted by the 2022 Project and reallocate the Series 2022-1 Assessments securing the Series 2022-1 Bonds in order to impose Series 2022-1 Assessments on the newly added and benefitted property.

Taking into account capitalized interest and earnings on certain funds and accounts as set forth in the Master Trust Indenture and Second Supplemental Trust Indenture, the District shall begin annual collection of Series 2022-1 Assessments using the methods available to it by law. The Series 2022-1 Bonds include an amount for capitalized interest through November 1, 2023.

The District hereby certifies the Series 2022-1 Assessments for collection and directs staff to take all actions necessary to meet the time and other deadlines imposed for collection by St. Johns County and other Florida law. The District’s Board each year shall adopt a resolution addressing the manner in which the Series 2022-1 Assessments shall be collected for the upcoming fiscal year. The decision to collect Series 2022-1 Assessments by any particular method – e.g., on the tax roll or by direct bill – does not mean that such method will be used to collect Series 2022-1 Assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices.
SECTION 5. CALCULATION AND APPLICATION OF TRUE-UP PAYMENTS.
The terms of Resolution 2021-35 addressing True-Up Payments, as defined therein and as described in more detail in the Supplemental Assessment Report and True-Up Agreement between the District and the landowner, shall continue to apply in full force and effect.

SECTION 6. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this Resolution, the Series 2022-1 Assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s Improvement Lien Book. The Series 2022-1 Assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcels until paid and such lien shall be coequal with the lien of all state, county, district, municipal, or other governmental taxes and superior in dignity to all other liens, titles, and claims.

SECTION 7. ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a Notice of Series 2022-1 Assessments securing the Series 2022-1 Bonds in the Official Records of St. Johns County, Florida, or such other instrument evidencing the actions taken by the District.

SECTION 8. CONFLICTS. This Resolution is intended to supplement Resolution 2021-35, which remains in full force and effect. This Resolution and Resolution 2021-35 shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed.

SECTION 9. SEVERABILITY. If any section or part of a section of this Resolution be declared invalid or unconstitutional, the validity, force, and effect of any other section or part of a section of this Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.
SECTION 10. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.
APPROVED and ADOPTED, this 13th day of July, 2022.

ATTEST:	CORDOVA PALMS COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chair/Vice Chair Board of Supervisors
Composite Exhibit A:	Engineer’s Report
Exhibit B:	Supplemental Assessment Report
Exhibit C:	Maturities and Coupon of Series 2022-1 Bonds
Exhibit D:	Sources and Uses of Funds for Series 2022-1 Bonds
Exhibit E:	Annual Debt Service Payment Due on Series 2022-1 Bonds
COMPOSITE EXHIBIT A
Engineer’s Report

CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT
SECOND SUPPLEMENTAL ENGINEER’S REPORT TO THE CAPITAL IMPROVEMENT PLAN (PHASES 3 AND 4)

Prepared for

Board of Supervisors Cordova Palms
Community Development District

Prepared by
England-Thims & Miller, Inc. 14775 Old St. Augustine Road Jacksonville, Florida 32258
904-642-8990

E 22-117	May 23, 2022
BACKGROUND
The Cordova Palms Community Development District (the “District”) is a 293± acre community development district located in St. Johns County, Florida. (See Plate 1, Location Map). The land within the District is currently under development and within the Cordova Palms PUD. The authorized land uses within the District include residential development as well as open space and recreational amenities. The full development within the District’s boundaries is as depicted in Table 1.

TABLE 1 DEVELOPMENT SUMMARY

Plate 2 depicts the District boundary, and Plate 3 provides the legal description of the District. Plate 4 provides the legal description for Phases 3 and 4 of the development program.
The proposed development program for the District is presented in Table 2. The proposed development for Phases 3 and 4 is also presented in Table 2. The current Master Plan is depicted on Plate 9.
TABLE 2

UNIT TYPE	TOTAL
PLANNED UNITS	PHASES 3 AND 4
PLANNED UNITS	
SF 43’ (to be assessed debt)	145	8	
SF 43’ (to not be assessed debt)	150	0	
SF 53’	438	245	
TOTALS	733	253	

To serve the residents of the District, the District has developed this Capital Improvement Plan (the “Plan”) to allow it to finance and construct certain utility, stormwater management, amenity and transportation infrastructures necessary for development within the District. Summaries of the proposed Plan for Phases 3 and 4 and corresponding cost estimates follow in Table 3. A detailed description and basis of costs for each improvement is included in this report.

The Plan contained in this report reflects the current intentions of the District. However, the Plan may be subject to modification in the future. The implementation of any improvement as outlined within the Plan requires final approval by the District’s Board of Supervisors.
Design and permitting for the improvements described in this Plan is ongoing, and a tentative schedule is provided below:

ITEM	ESTIMATED AGENCY APPROVAL DATE	
		
1. U.S. Army Corps of Engineers	Issued for entire project	
2. SJRWMD	Issued for entire project	
3. City of St. Augustine (COSA)	Phase 3: 6/22; Phase 4: 8/22	
4. FDEP – Sewer and Water	Phase 3: 6/22; Phase 4: 8/22	
5. SJC DRC	Phase 3: 6/22; Phase 4: 8/22	

A jurisdictional wetland delineation for the entire property within the District has been completed and approved by the St. Johns River Water Management District (SJRWMD) and U.S. Army Corps of Engineers (USACE). A SJRWMD permit has been obtained for all phases. SJRWMD permit modifications will be obtained for the Cordova Palm subsequent phases. Construction plan approvals from St. Johns County will be obtained for the residential development portions of the property by phases, which is currently anticipated to total 733 residential units; approval of Phase 3 has been obtained. Construction of these improvements began in February, 2021. There is a reasonable expectation that the remaining required permits for the District improvements are obtainable, however, all permits are subject to final agency action.

Cost estimates contained in this report are based upon year 2021 dollars and have been prepared based upon the best available information, but in some cases without benefit of final engineering design and environmental permitting. England, Thims & Miller, Inc. believes the estimates to be accurate based upon the available information, however, actual costs will vary based on final engineering, planning and approvals from regulatory agencies.

TABLE 3
RESIDENTIAL INFRASTRUCTURE SUMMARY OF COSTS
(Phases 3 and 4)

Improvement Description	Estimated Cost	
RESIDENTIAL MASTER INFRASTRUCTURE		
Neighborhood Roads	$ 3,946,195	
Stormwater Management System	$ 1,086,525	
Water Distribution and Sanitary Sewer Collection Systems	$ 3,058,380	
NEIGHBORHOOD INFRASTRUCTURE TOTAL	$8,091,100.00	

PROJECT PHASING

The overall Project will be built in a series of phases. The phasing of the project allows the clearing, earthwork, stormwater management systems, roadways, utilities, entry features, recreational areas, landscaping, sidewalks and paths to be constructed as needed throughout the build-out of the District. The Project has been designed in such a manner so that Phases 3 and 4 can be developed and be self-sufficient.
STATUS OF PHASE 1 AND PHASE 2 IMPROVEMENTS

SR 313 is substantially complete and awaiting FDOT acceptance. The Emergency Access Road and the Phase 1 Collector Road are also substantially complete, and will be accepted with the Phase 1 Residential Master Infrastructure. The Master Utility Improvements are approximately 84% complete. Construction has not yet commenced on the Amenities, Entry Feature and Landscaping. The Phase 1 Residential Master Infrastructure is over 65% complete as of 4/1/22. Clearing and stripping and earthwork has commenced for the Phase 2 Residential Master Infrastructure. Refer to Table 4A and 4B below for additional detail.

TABLE 4A
MASTER INFRASTRUCTURE SUMMARY OF COSTS
(Phases 1 and 2)

Improvement Description	Estimated Cost	Amount Paid By Developer	Amount Paid by District	Percent Complete	
S.R. 313	$ 4,299,100	$ 2,731,136.97		64	
Collector Road and Emergency Access Road	$ 2,738,100	$  941,589.49	$401,365.40	49	
Master Utility Improvements	$	784,800	$  376,635.80	$283,392.66	84	
Amenities, Entry Feature and Landscaping	$ 7,800,000				
MASTER INFRASTRUCTURE TOTAL	$15,622,000	$4,049,362.26	$684,758.06	30	

TABLE 4B
RESIDENTIAL INFRASTRUCTURE SUMMARY OF COSTS
(Phases 1 and 2)

Improvement Description	Estimated Cost	Amount Paid By Developer	Amount Paid by District	Percent Complete	
RESIDENTIAL MASTER INFRASTRUCTURE					
Neighborhood Roads	$ 7,222,800	$1,194,004.62	$2,268,168.11	48	
Stormwater Management System	$ 1,988,800	$  328,769.51	$  624,540.72	48	
Water Distribution & Sanitary Sewer Collection Systems	$ 5,597,700	$  925,358.54	$1,757,809.70	48	

NEIGHBORHOOD INFRASTRUCTURE TOTAL	
$14,809,300	
$2,448,132.67	
$4,650,518.53	
48	
MASTER/NEIGHBORHOOD INFRASTRUCTURE TOTAL	
$30,431,300	
$6,497,494.93	
$5,335,276.59	
39	
RESIDENTIAL INFRASTRUCTURE IMPROVEMENTS

The District currently intends to finance, design and construct certain infrastructure improvements for the residential development within the District boundaries. The improvements include complete construction of the basic infrastructure for each neighborhood, including but not limited to: clearing and grubbing, earthwork, water and sewer underground utility construction, drainage, stormwater management, grassing, sodding, FPL underground electrical conduit and neighborhood street lighting. These items have been grouped into the three broader categories listed in Table 3, as appropriate. Refer to Plates 5-8 for the Phases 3 and 4 Neighborhood Infrastructure Improvements.

The cost estimate for the roadways included for the residential master infrastructure improvements is based upon curb and gutter section roadways with variable pavement widths, within variable width rights-of-way. The clearing, grubbing and earthwork estimates include all work necessary for the complete right-of-way area, and include utility easements for underground electrical conduit for roadway street lighting. Disturbed areas within the rights-of-way, which are outside of the paved areas, will be sodded and/or seeded and grassed in order to provide erosion and sediment control in accordance with St Johns County standards.

Stormwater management cost estimates included in the residential master infrastructure improvements provide for the attenuation and treatment of stormwater runoff from the project in accordance with St. Johns River Water Management District and St. Johns County standards. Costs include detention pond construction, outfall control structures, and any site fill required to provide a complete stormwater management system.

Water, sewer and reuse cost estimates included in the residential master infrastructure improvements consist of the underground water and reuse transmission systems and wastewater (sewer) collection system serving the development. Costs include piping, manholes, valves, services, and all appurtenances required in order to construct the system in accordance with COSA and Florida Department of Environmental Protection standards.

The residential master infrastructure improvements shall be designed and constructed to St. Johns County, COSA, Florida Department of Environmental Protection, and St. Johns River Water Management District standards. Roadways shall be owned and maintained by the St. Johns County. Water, reuse and sewer facilities shall be owned and maintained by COSA. The neighborhood street lighting shall be owned and operated by FPL, and the cost to operate them is presently expected to be paid by the District. The District shall maintain stormwater management improvements.
BASIS OF COST ESTIMATE FOR RESIDENTIAL INFRASTRUCTURE IMPROVEMENTS

The following is the basis for the residential master infrastructure cost estimates:

Costs utilized were obtained from recent bids.

Water and Sewer Facilities are designed in accordance with COSA and FDEP standards.

The stormwater management system are designed pursuant to SJRWMD and St. Johns County standards and the cost estimate has been developed from recent bids.

The engineering, permitting, construction inspection and other soft cost fees have been included in the estimated cost.

For the purpose of this report, a 10% contingency factor has been included for neighborhood master infrastructure.

Cost estimates contained in this report are based upon year 2021 dollars and have been prepared based upon the best available information, but in some cases, without benefit of final engineering design and environmental permitting. England-Thims & Miller, Inc. believes the enclosed estimates to be accurate based upon the available information, however, actual costs will vary based upon final engineering, planning and approvals from regulatory authorities.

Costs have been included for street lighting and electrical conduit on all roadways in accordance with FPL standards.
APPENDIX
Description

Plate No.

Location Map
District Boundary
District Legal Description
Phases 3 and 4 Legal Description
Water Distribution System (Phases 3 and 4)
Sanitary Sewer Collection System (Phases 3 and 4)
Stormwater Management System (Phases 3 and 4)
Neighborhood Roads (Phases 3 and 4)
Master Plan
!'.
-V,

0
::;;
>'
al
;;{
<(
ce,
a

N N 0 N
;;,
.c
:C;J
:::;;
0
w
I=
0_,
a.

,,,.,.......
...

,I' ;
(
I
/

TOLOMATO RIVER
SEAPLANE BASE

C

.D5u

LIN£ TABLE			
LINE	BEARING	LENGTH	
LI	506'04'1/"W	397.92'(R&M)	

$40'3.J'16"W
1426.04'
z------

.c
0
0
:a
0w
>­
>- 0
...J

R:47J4.00'
:25'45'16" L-2127.94'
CB-518'56'49"W
CH:2110.07'.-----------.L	=======--k
N00'5.J'J5"W  2672. IB'(M)

POINT OF B£GINNING SE:.ly CORN£R OF
0.R.8. 1.905, PG. 268

-·- N41·53'2 I"£
538.62'  1/
f'
<o  ,0;,,
oi  ,,.,
g

ro
:C, :
0
CD
t,
-
0
Noo·53'21"w 2659.Bl'(M)

PHASE3

POINT OF_ REFERENCE

:.s
c"5'
N
1:
0
0:
/
0
N	0
$
ro
!1::::: ;;;;; ;;;; ;;;; ; ;::::::;:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::;:::::::::::::::::::::::::::::::::i :0
I	VISION• EXPERIENCE• RESULTS
14775 t  u;1 ' !d	! 1j1	L32258
DISTRICT BOUNDARY
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT

ETM NO. 22-117 DRAWN BY: MAJ DATE: APRIL 2022
'i:
;;X,
"
I N N
/
N N C,
TEL: 't';._4)_ 6ci aittl-i 9g66o i -9485	ST JOHNS COUNTY, FLORIDA	PLATE NO.	2	/
N
<.... _	.............;;;;Ft2'	,
,;; --L-------
,;;..;..;;;; ;;;.:;.:.::.::.:.:..:..z..:..:.::.:::::::...
...i.;..:.;.;.; ;,;
..:....
_J	,:..:

SURVEYOR'S DESCRIPTION: PARCEL 9:
Work Order No. 20-306.00 File No. 127E-13.00A

A PORTION OF SECTIONS 10 AND 15, AND A PORTION OF SECTION 50 OF THE PABLO SABATE GRANT, TOWNSHIP 6 SOUTH, RANGE 29 EAST, ST. JOHNS COUNTY, FLORIDA, ALSO BEING A PORTION OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4658, PAGE 1207, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF REFERENCE, COMMENCE AT THE SOUTHWESTERLY CORNER OF SAID SECTION 15; THENCE NORTH 89"47'16" EAST, ALONG THE SOUTHERLY LINE OF SAID SECTION 15, A DISTANCE OF 1339.9.3 FEET TO THE SOUTHEASTERLY CORNER OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 1905, PAGE 268, OF SAID PUBLIC RECORDS, AND THE POINT OF BEGINNING.

FROM SAID POINT OF BEGINNING, THENCE NORTH 00"53'35" WEST, DEPARTING SAID SOUTHERLY LINE OF SECTION 15 AND ALONG THE EASTERLY LINE OF SAID OFFICIAL RECORDS BOOK 1905, PAGE 268, A DISTANCE OF 2672.18 FEET TO THE NORTHEASTERLY CORNER THEREOF; THENCE SOUTH 89'1.3'09" WEST, ALONG THE NORTHERLY LINE OF SAID OFFICIAL RECORDS BOOK 1905, PAGE 268, A DISTANCE OF 1339.65 FEET TO A POINT LYING ON THE WESTERLY LINE OF SAID SECTION 15; THENCE NORTH 00·53'21•· WEST, ALONG SAID WESTERLY LINE, 2659.81 FEET TO THE SOUTHWEST CORNER OF SAID SECTION 10; THENCE NORTH 01·59'45" WEST, ALONG THE WESTERLY LINE OF SAID SECTION 10, A DISTANCE OF 2601.17 FEET TO THE NORTHERLY MOST CORNER OF SAID SECTION 10, SAID CORNER LYING ON THE WESTERLY LINE OF SAID SECTION 50 OF THE PABLO SABA TE GRANT; THENCE NORTH 30"16' 44" WEST, ALONG SAID WESTERLY LINE OF SECTION 50, A DISTANCE OF 3599.14 FEET TO ITS INTERSECTION WITH THE SOUTHWESTERLY RIGHT OF WAY LINE OF THE FLORIDA EAST COAST RAILROAD, A 100 FOOT RIGHT OF WAY AS
PRESENTLY ESTABLISHED; THENCE SOUTH 37"52'52" EAST, DEPARTING SAID WESTERLY LINE AND ALONG SAID SOUTHWESTERLY RIGHT OF WAY LINE, 8823.47 FEET TO THE NORTHERLY MOST CORNER OF SAID OFFICIAL RECORDS BOOK 4658, PAGE 120.3, OF SAID PUBLIC RECORDS; THENCE SOUTHWESTERLY ALONG THE NORTHWESTERLY LINE OF SAID OFFICIAL RECORDS BOOK 4658, PAGE 1203 THE FOLLOWING 8 COURSES: COURSE 1, THENCE SOUTH 40".3.3'16" WEST, DEPARTING SAID SOUTHWESTERLY RIGHT OF WAY LINE, 841.41 FEET; COURSE 2, THENCE SOUTH 55·04'55" WEST, 597.98 FEET TO A POINT ON A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 4.35.00 FEET; COURSE .3, THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE, THROUGH
A CENTRAL ANGLE OF 16"45'00", AN ARC LENGTH OF 127.17 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH .35·35'25" WEST, 126.72 FEET; COURSE 4, THENCE SOUTH 67"19'.37" WEST, 99.25 FEET TO A POINT ON A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 565.00 FEET; COURSE 5, THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 18'26'58", ANO ARC LENGTH OF 181.9.3 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 28"28'27" EAST, 181.15 FEET; COURSE 6, THENCE SOUTH 21·51'.34" WEST, 6.34.59 FEET TO A POINT ON A CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 4734.00 FEET, COURSE 7, THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 25"45'17", AN ARC LENGTH OF 2127.95 FEET TO THE POINT OF TANGENCY OF SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 15·55'50" WEST, 2110.08 FEET; COURSE 8, THENCE SOUTH 06"04'11"
WEST, CONTINUING ALONG SAID NORTHWESTERLY LINE, .397.92 FEET TO THE SOUTHWESTERLY CORNER THEREOF, SAID CORNER LYING ON SAID SOUTHERLY LINE OF SECTION 15; THENCE SOUTH 89"47'16" WEST, ALONG SAID SOUTHERLY LINE, 10.17 FEET TO THE POINT OF BEGINNING.

LESS AND EXCEPT FROM THE LANDS DESCRIBED ABOVE THE FOLL0Vv1NG:

A PORTION OF SECTION 10, AND A PORTION OF SECTION 50 OF THE PABLO SABATE GRANT, TOWNSHIP 6 SOUTH, RANGE 29 EAST, ST. JOHNS COUNTY, FLORIDA, BEING A PORTION OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4658, PAGE 1207, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF REFERENCE, COMMENCE AT THE SOUTHWEST CORNER OF SAID SECTION 10; THENCE NORTH 01·59'45" WEST, ALONG THE WESTERLY LINE OF SAID SECTION 10, A DISTANCE OF
g	2509.17 FEET TO THE POINT OF BEGINNING.
$!	FROM SAID POINT OF BEGINNING, THENCE CONTINUE NORTH 01'59'46" WEST, ALONG SAID WESTERLY LINE, 92.00 FEET TO THE NORTHERLY MOST CORNER OF SAID SECTION 10, SAID CORNER LYING ON THE WESTERLY LINE OF SAID SECTION 50 OF THE PABLO SABA TE GRANT; THENCE NORTH 30·15'44" WEST, ALONG SAID WESTERLY LINE OF SECTION 50, A DISTANCE OF 3599.14
FEET TO ITS INTERSECTION WITH THE SOUTHWESTERLY RIGHT OF WAY LINE OF THE FLORIDA EAST COAST RAILROAD, A 100 FOOT RIGHT OF WAY AS PRESENTLY ESTABLISHED; THENCE SOUTH
$		37"52'52" EAST, DEPARTING SAID WESTERLY LINE AND ALONG SAID SOUTHWESTERLY RIGHT OF WAY LINE, 3546.38 FEET; THENCE SOUTH 41"5.3'21" WEST, DEPARTING SAID SOUTHWESTERLY RIGHT OF WAY LINE, 538.62 FEET TO THE POINT OF BEGINNING.
i	CONTAINING 292.89 ACRES, MORE OR LESS.

0
ci

..c
2
:0:e
0
w
t­
ol­
a--.'

;:
'O
-"<-V''
:
0
6::
M	0
/u
ETm	i
DRAWN BY;  MAJ	1
;!:	VISION• EXPERIENCE• RESULTS	1------------------------------------------it	l
14775  tA! u;tin 1 !:.	; ill  fl 32258	CORDOVA  PALMS COMMUNITY  DEVELOPMENT  DISTRICT  1--DA_T_E_:	2 0 2 2
--T-EL_,_' - -4 _6_i _a_:_ - -F_t _,_J9_ - - -i _-_94_8_5 	s_T_J_o_H_N_s_c_o_u_N_TY,_F_L_o_R_1_o_A	
P_L_A_r_E_N_o_.
3	?

CORDOVA PALMS PHASES 3 & 4
A portion of Sections 10 and 15, and a portion of Section 50 of the Pablo Sabate Gron!, Township 6 South, Range 29 East, St. Johns County, Florido, being o portion of Parcel 9, as described and recorded in Official Records Book 5134, page 1442, of the Public Records of said county, being more particularly described as follows:
2
-,
-"'
0
::,

1
1..,.
M

.c
..,.

For o Point of Reference, commence at the Southwesterly corner of said Section 15; thence North 00'53'21" West, along the Westerly line of said Section 15, o distance of 2658.88 feet to the Point of Beginning.

From said Point of Beginning, thence continue North 00'5.3'21" West, along said Westerly line of Section 15, o distance of 2659.81 feet to the Southwest corner of said Section 10; thence North 01·59'45" West, along the Westerly line of said Section 10, a distance of 2509.17 feet to the Southerly most corner of those lands described and recorded in Official Records Book 5425, page 182, of said Public Records; thence North 41'53'21" East, departing said Westerly line and along the Southeasterly line of said Official Records Book 5425, page 182, a distance of 538.62 feet to the Easterly most corner thereof, said corner lying on the Southwesterly right of way line of the Florido East Coast Railroad, o 100 foot right of way as presently established; thence South 37'52'52'' East, along said Southwesterly right of way line, 2679.65 feet; thence South 52'07'08" West, deporting said Southwesterly right of way line, 256.56 feet to o point on o non-tangent curve concave Southwesterly having a radius of 215.00 feet; thence Northwesterly along the arc of said curve, through o central angle of 21·53·33", on ore length of 82.15 feet to a point on said curve, said ore being subtended by o chord bearing and distance of North 35'40'.35" West, 81.65 feet; thence South 43'22'38" West, along a
nan-tangent line, 285.36 feet; thence South 77'09'08" West, 624.45 feet; thence South 05'20'59" East, 299.16 feel; thence South 37'20'11" East, 120.50 feet lo a point on a
non-tangent curve concave Southeasterly having o radius of 525.00 feet; thence Southwesterly along the ore of said curve, through o central angle of 06'40'23", on ore length of 61.14 fee\ to the point of tangency of said curve, said ore being subtended by a chord bearing and distance of South 43'31'59" West, 61.11 feet; thence South 40'11'48" West, 27.12 feet to the point of curvature of a curve concave Northerly having a radius of 25.00 feet; thence Westerly along the arc of said curve, through a central angle of 83'37'14", on ore length of 36.49 feet to o point of reverse curvature, said arc being subtended by a chord bearing and distance of South 82'00'25" West, 33.33 feet; thence Northwesterly along the arc of o curve
concave Southwesterly having a radius of 425.00 feet, through a central angle of 02'30'21", an arc length of 18.59 feet to a point on said curve, said ore being subtended by a chord bearing and distance of North 57'26'08" Wes\, 18.58 feet; thence South 31'18'42" Wes\, along a non-tangent line, 324.2.3 feet; thence South 22'40'28" East, 10.3.3.01 feet; thence South 1.3"01'.35" West, 149.39 feet to a point on o non-tangent curve concave Westerly having o radius of 735.00 feet; thence Southerly along the ore of said curve, through a central angle of 09'25'43'', on ore length of 120.95 feet \a o point on soid curve, said ore being subtended by o chord bearing and distance of South 13'36'54" East, 120.82 feet; thence South 8.3'02'55" West, along o non-tangent line, 96.53 feet to the point of curvature of o curve concave Northeasterly having o radius of 25.00 feet; thence Northwesterly along the ore of said curve,
through a central angle of 85'31'09", on arc length of 37.31 feet to a point on said curve, said ore being subtended by a chord bearing and distance of North 54·11'30" West, 33.95 feet; thence South 78'34'04" West, along a non-tangent line, 50.00 feet to o point on o non-tangent curve concave Westerly having a radius of 565.00 feet; thence Southerly along the ore of said curve, through o central angle of 02'20'5.3", on arc length of 23.15 feet to o point on said curve, said ore being subtended by a chord bearing and distance of South 10'15'29" East,
23.15 feet; thence South 80'54'57" West, along o non-tangent line, 120.00 feet to o point on o non-tangent curve concave Westerly having a radius of 445.00 feet; thence Southerly along the ore of said curve, through a central angle of 03'25'21", on ore length of 26.58 feel to the point of tangency of said curve, said arc being subtended by o chord bearing and distance of South 07'22'23" East, 26.58 feet; thence South 05'39'42" East, 247.77 feet to the point of curvature of o curve concave Easterly having a radius of 855.00 feet; thence Southerly along the ore of said curve, through a central angle of 12'29'11", on arc length of 186..33 feet to the point of tangency of said curve, said arc being subtended by o chord bearing and distance of South 11·54'17" East, 185.96 feet; \hence South 18'08'53" East, 215.68 feet to the point of curvature of a curve concave Westerly having a radius of 155.00 feel;
\hence Southerly along the ore of said curve, through o central angle of 22'39'47", on arc length of 61.31 feet lo the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 06'48'59" East, 60.91 feet; thence South 04'30'54" West, 92.66 feet; \hence North 85'29'06" West, 20.72 feet; \hence South 04'30'54" West, 50.00 feet; thence South 85'29'06" East, 45.29 feet; thence South 04'30'54" West, 149.52 feet to a point lying on the Northerly line of those lands described and recorded in Official Records Book 1905, page 268, of said Public Records; thence South 89'13'09" West, along said Northerly line, 894.07 feet to the Point of Beginning.

Containing 130.16 acres, more or less.

N N 0 N
.,:

0w
f­
f-
0
...J
Q.

,..,i.,
I"ll' 0
.c
Q.
..,.
2
D

/
0
0u
/
1  ETm

PHASES 3 & 4 LEGAL DESCRIPTION

ETM NO.

22 117
-

_2_
1
:c	DRAWN BY: MAJ
!	s 1	: ;;;L ! : .
1---------------------------------------------------------------
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT 1-D_A_T_E_: _A_P_R_IL_2_0_2_2	t
§ ...14775 Old St. Augustine Rood, Jacksonville, FL 32258	N

PHASE 4

-:r	 u s..  •.1. _:_ :·,':,;;;;;;;,;:.;._=_-"""-...;;;;;;;;.)';...r=:a:;:.._,_._;co•'--- -....,....;;;;.,.;;;---..:;;;;..-,,;..,_	
  .......  Witl··:::=:---- ----...._,..

:;..:
<ll

c:i

..J
a.

11)

3
0
i  ETm	!

VISION -EXPERIENCE -RESULTS
1	W_A_T_E_R_D_IS_T_R_I_B_U_T_1o_N_s_v_s_T_E_M
----t-:_::_:_N°_·BY_n_
0
_ :

2 02 2
-	II
_';!-
gj	ENGLAND-rHiMs&MILLER,iNc.	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT .... _A_T_E:_A_P_Ri_L	8
;;:;-  14775 Old St Augustine Road, Jacksonville, FL 32258	N
N	TEL: (904) 642-8990, FAX: (904) 646-9485	ST JOHNS COUNTY, FLORIDA	PLATE NO.	5	/c.·
,_ 	CA  -  00002584 LC -  0000316	

u.s. 1
>-'
<D
::i
Q.
cno
.:,:

-,·,,

0
w
,-
0
_J
Q.

'
. . .. ..
.. .. .. .. .. ..
\  1,	•	•  ..

E
i"'
l/1
C

u
,'!'
0u
,":'
cu
l/1
.s
'i:
0
l/1

2
0
/
0
co	0
I ETm
2
2 1 1

VISION· EXPERIENCE· RESULTS
0	2 02 2	/
14775 t"';. u;IT,, 1  !:	! :,	L32258	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT _ A_T_E_: _A_P_R_IL_ _ _ 	
N	TEL: (904) 642-899D, FAX: (9D4) 646-9485	PLATE NO.	6	.,.
CA - 0D002584 LC - 0000316
I-

cwi
t=
0
a J

c,,
3:
u

ill
r--
0"'
/
00
u
I ETm
/
2	1 1 	i
s_T_O_R_M_W_A_T_E_R_M_A_N_A_G_E_M_E_N_T_s_v_s_T_E_M
:_::_:_N°_·B:_: -_M A_ ;
VISION -EXPERIENCE -RESULTS
0	2 02 2
,'.)-
14775	t  u tin ' !d	! ill  L 32258	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT _ _AT_E_:_A_P_R_IL	8
-.-.TEL_,_( - - s_; _ _:_i_F_ -'5- - - -; --9-48_5_	,    
s_T_J_o_H_N_s_c_o_u_N_TY,_F_L_o_R_1_o_A	

P_L_A_T_E_N_0_.
7	_.?

u.s.1

- '""'	- :.;:::::--:.-	,s-- I!-,	 '""	 ]l
/	i fi'l''Lri''fi i':,--	IL,:.I	b\J
,.,	- '1
;1',.	,_,_,,	'I
j' 1  ti rj.!fIL I ,

-"'
0
:::;
c>o'
;i
.a,,..
.;,:

0"'
'"
.<; 0
::;
ci
w
.>...­.
0
...J
'	, ,	r
'	..J.1'- ,,	)'-,-4
-,rrrr ,-,./ • J..iJ.,.
-- ,: l T]TT '	\I1 1illLl,l(JJ-I1 1f·l.1,_' ;'!lit7-I1	•	I
,	-	u11 1 ru;,.7	-J
1	.,..,-17--	,.	•
1111	= ·	1·	..••••
T7TT
1U\1.l.\.lI.LJI, '/ -··-- ' -	• •• • •
- -
I	"'-"

PHASE3
cl
V)

0
0
0

G
w
z
f
6
ETm	NEIGHBORH00
., .'
'•,	I

,	I.	1',!.
,..,	I, 

D ROADS

DENOTES NEIGHBORHOOD ROADWAYS

ETM NO. 22-117
DRAWN BY:  MAJ

o,
?:
'O
vi
0
<(
0
ll:
0
0
0:c
ll: 0
:cco
(.'.)
z
OJ

o

0

12
5-
I'
r-	VISION• EXPERIENCE• RESULTS	1
+	IN
::;:	ENGLAND-THrMs&MILLER,rNc.	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT ....0_A_T_E:_AP_R_iL_2_0_2_2 	--1
14775 Old St. Augustine Rood, Jocksonville, FL 32258	N
TE-L: ( -4l_-5ci-at-iii-4Frt -_-(9g-66-o i --9485	S-T-J-OH-N-S -CO-U-N-TY-, F-L-OR-ID-A	PL-AT-E -NO-.	8
....1::-

t
0
:::;;
:;..:
OJ

N
co
0
N

ci
:w::
0
_j
Q_

-ci

43' LOTS -	(8 - PHASE 3)
"3 '
"O

<(
_j
Q.
w
1--
ifj
ei
z	53' LOTS -
( 245 - PHASES 3&4)	I-
(253 PHASES 3&4 TOTAL)

I-	0
<(	/
0
0
u
6Et
I i
ETm

2
MASTER PLAN	ETM NO. 22-117	i
DRAWN BY: MAJ
.. I

N;:
VISION· EXPERIENCE· RESULTS	t-----------------------------------4	1
ENGLAND-THIMS&MILLER,INC.	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT I--DA_T_E:_AP_R_IL_2O_2_2
14775 Old St. Augustine Rood, Jacksonville, FL 32258	N
TEL: ( 4l_665iilfJJi.Fi t ' _(9	9485	ST JOHNS COUNTY, FLORIDA	 PLATE NO.	9	 :;
EXHIBIT B
Supplemental Assessment Report

6

Cordova Palms Community Development District

Second Supplemental Special Assessment Methodology Report
for the
Special Assessment Revenue Bonds, Series 2022

June 24, 2022

   Governmental Management Services, LLC
Table of Contents

1.0	Introduction
Purpose	1
Scope of the Report	2
Special and General Benefits	2
Organization of this Report	2
Development Program for Cordova Palms CDD
Overview	3
The Development Program	3
The Capital Improvement Plan for Cordova Palms CDD
Engineering Report	3
Capital Improvement Plan	4
Financing Plan for Cordova Palms CDD
Overview	4
Series 2022 Bonds	5
5.0	Assessment Methodology
Overview	5
Assigning Debt	6
Lienability Test: Special and Peculiar Benefit to the Property	7
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay	8
True-Up Mechanism	8
Additional Stipulations	9

6.0	Appendix
Table 1	 Development Program Table 2	Benefit Analysis
Table 3	Infrastructure Cost Estimates
Table 4	Bond Series 2022 Sources and Uses of Funds
Table 5	Par Debt & Debt Service Allocation Series 2021 and 2022 Bonds Table 6	Developer Contribution
Table 7	Preliminary Assessment Roll
Exhibit – Legal Description of Phases 1 through 4
1.0	Introduction

Purpose

This report supplements the Master Assessment Methodology Report dated July 1, 2021 (the “Master Assessment Report”) which provides the methodology for allocating the benefit of the proposed debt to be incurred by the Cordova Palms Community Development District (“Cordova Palms CDD” or “District”) to benefitting properties within the District and for allocating the par amount of bonds being issued by the District to fund a portion of the infrastructure improvements described in the District Engineer’s Report developed by England- Thims & Miller, Inc. dated June 18, 2021 as supplemented for Phases 1 and 2 on September 8, 2021 and for Phase 3 and 4 on May 16, 2022 (collectively the “Engineer’s Report”) .

The development plan is for 733 single-family lots to be developed in phases. The District’s debt will fund infrastructure improvements that benefit all property within the District and will allow the development of a portion of the property in the District. This Second Supplemental Assessment Methodology Report allocates the debt associated with the Series 2022 Bonds (as defined herein) to properties within Phases 1 through 4 based upon the special benefits the property receives from the infrastructure program (the “Supplemental Report”). In this case the property located within the District includes approximately
292.89 acres located in St. Johns County Florida of which 162.73 acres are within Phases 1 and 2 (“Assessment Area 1”) and 130.16 acres are
within Phases 3 and 4 (“Assessment Area 2”).

This Supplemental Report is designed to conform to the requirements of Chapters 190,197 and 170, Florida Statutes with respect to special assessments and is consistent with our understanding of the case law on this subject. This Supplemental Report supplements the Master Assessment Report as well as the Supplemental Special Assessment Methodology Report for the Special Assessment Revenue Bonds, Series 2021 Phases 1 and 2 dated December 13, 2021.
Scope of the Report

This Supplemental Report presents the projections for financing a portion of the District’s capital requirements necessary to provide the community infrastructure improvements described in the Engineer’s Report. This Supplemental Report also describes the apportionment of benefits and special assessments resulting from the provision of improvements to the lands within the benefited area.

Special Benefits and General Benefits

Improvements undertaken by the District create special and peculiar benefits to the property, different in kind and degree than general benefits, for properties within its borders as well as general benefits to the public at large.

However, as discussed in Master Assessment Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits, which accrue to property within the District. The “Capital Improvement Plan” or “CIP” enables properties within the District’s boundaries to be developed. Without the Capital Improvement Plan, there would be no infrastructure to support development of land within the District. Without these improvements, state law would prohibit development of property within the District.

There is no doubt that the general public, property owners, and property outside the District will benefit from the provision of the Capital Improvement Plan. However, these are incidental to the Capital Improvement Plan, which is designed solely to provide special benefits peculiar to property within the District. Properties outside the District do not depend upon the Capital Improvement Plan to obtain, or to maintain their development entitlements. This fact alone clearly distinguishes the special benefits which District properties receive compared to those lying outside of the District’s boundaries. Even though the exact value of the benefits provided by the Capital Improvement Plan is difficult to estimate at this point, it is nevertheless greater than the costs associated with providing same.

Organization of this Report

Section One describes the purpose of the report along with the scope and benefits of the Capital Improvement Plan.
Section Two describes the development program as proposed by the Developer.

Section Three provides a summary of the Capital Improvement Plan for the District as determined by the District Engineer.

Section Four discusses the financing program for the District.

Section Five introduces the 2022 Supplemental Special Assessment Methodology.

.0	Development Program for Cordova Palms CDD

Overview

The Cordova Palms CDD consists of approximately 292.89 acres in St. Johns County and the development is designed as a residential project. The proposed land use within the District is consistent with the St. Johns County, Florida Land Use and Comprehensive Plans.

The Development Program

The planned development program will consist of 733 single family residential units located within St. Johns County. Phases 1 and 2 of the development will consist of 480 lots comprising 162.73 acres. Phases 3 and 4 of the development will consist of 253 lots comprising
130.16 acres. As a result of a contribution of infrastructure, described in the Series 2021 Special Assessment Methodology and herein, 26.05 of the acres and 150 lots included within Phases 1 and 2 (the “Excluded Parcel”) are not subject to debt assessments.

.0	The Capital Improvement Plan for Cordova Palms CDD

Engineering Report

The public infrastructure costs to be funded by the Cordova Palms CDD were determined by the District Engineer. The Engineer’s Report describes the Capital Improvement Plan including a description of the planned improvements and associated cost estimates. Only
public infrastructure improvements that qualify for tax-exempt bond financing by the District under Chapter #190, Florida Statutes, were included in these cost estimates.

Capital Improvement Plan

As described in more detail in the Engineer’s Report, the Capital Improvement Plan consists of certain onsite and offsite roadway improvements, stormwater improvements, utility improvements, entry features, and amenities/landscaping features. The Capital Improvement Plan represents a system of improvements that, irrespective of the phase for which the improvements are being constructed and certain exceptions described further in Section 5.1 of this Report, will provide benefits to all lands within the District. Table
2 provides for the cost estimates of the 2022 Project, which is described in more detail in that certain Cordova Palms Community Development District Second Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 3 and 4) and includes infrastructure improvements that benefit all phases of the development.

The total costs for the 2022 Project are calculated by adding to the construction costs, the costs for design, permitting, construction management and contingencies, a total of $8,091,100.

.0	Financing Program for Cordova Palms CDD

Overview

As noted above, the District is embarking on its Capital Improvement Plan, which will facilitate the development of a portion of lands within the District. Construction of certain improvements of the Capital Improvement Plan may be funded by the Developer and acquired by the District under an agreement between the District and the Developer or may be funded directly by the District.

The District financed a portion of its CIP for Phases 1 and 2 with the issuance of Special Assessment Revenue Bonds Series 2021 (the “Series 2021 Bonds”) in the principal amount of $7,980,000. The District plans to finance a portion of the next phase of the CIP with the
issuance of Special Assessment Revenue Bonds, Series 2022 (the “Series 2022 Bonds”) in the principal amount of $9,480,000 benefitting all phases within the District as shown in Table 4.

Series 2022 Bonds

The Series 2022 Bonds have an issuance date of July 15, 2022. The Series 2022 Bonds will be for a thirty-year term, with an average coupon interest rate of 5.58% with interest paid semiannually every November and May 1. Capitalized interest will run through November 1, 2023. The Series 2022 Bonds will mature on May 1, 2053. The Series 2022 Bonds will be issued in two series. The Series 2022-1 Bonds will initially be secured by all lands within Assessment Area 1 on a per acre basis. As the lots benefiting from the Series 2022-1 Bonds are platted, the assessments associated with the Series 2022-1 Bonds will be assigned to platted lots while the remaining bond debt will be allocated to the remaining unplatted lands within Assessment Area 1.

The Series 2022-2 Bonds will initially be secured by all lands within Assessment Area 2 on a per acre basis. As the lots benefiting from the Series 2022-2 Bonds are platted, the assessments associated with the Series 2022-2 Bonds will be assigned to platted lots while the remaining bond debt will be allocated to the remaining unplatted lands within Assessment Area 2.

The  Series  2022  Bonds  will  provide  for  construction  funds  of
$8,051,829.16. The maximum annual debt service for the Series 2022 Bonds is $653,920.

The difference between the par amount of bonds and the construction funds is comprised of costs of issuance including underwriter’s discount, professional fees associated with debt issuance, a debt service reserve fund equal to one half of the maximum annual debt service, and capitalized interest to November 1, 2023.

The sources and uses of funds for the Series 2021 and the Series 2022 Bonds are presented in Table 4 in the Appendix.
.0	Assessment Methodology

Overview

The Series 2022 Bonds provide the District with funds to construct a portion of the CIP outlined in Section 3.2. These improvements lead to special / peculiar and general benefits, with special and peculiar benefits accruing generally to the properties within the boundaries of the District and general benefits accruing to areas outside the District and being only incidental in nature. The debt incurred in financing a portion of the CIP will be paid by assessing properties that derive special and peculiar benefits from the proposed projects. With the exception of the Excluded Parcel, all properties that receive special and peculiar benefits from the Capital improvement Plan will be assessed.

Assigning Debt

The current development plan for the District provides construction of a portion of the infrastructure which will allow development of approximately 733 single family residential units.

As described in more detail in the Engineer’s Report, the Capital Improvement Plan includes onsite and offsite roadway improvements, stormwater improvements, utility improvements, amenities, and landscape/entry features. All development within the District will benefit from all Infrastructure improvement categories as the improvements provide basic infrastructure to all lands within the District and benefit all lands within the District as an integrated system of improvements.

As the provision of the Capital Improvement Plan will make the lands within the District developable, the land will become more valuable to their owners. The increase in the value of the land provides the logical benefit of the Capital Improvement Plan that accrues to the developable parcels within the District.

As described in that certain Cordova Palms Community Development District Supplemental Special Assessment Methodology Report for the Special Assessment Revenue Bonds Series 2021, Phase 1 and 2 dated December 13, 2021, the assessments securing the Series 2021 Bonds were allocated to only
Assessment Area 1. The assessments securing the Series 2022 Bonds will be allocated to both Assessment Area 1 and Assessment Area 2. Specifically, $2,325,000 in par debt of the Series 2022-1 Bonds will be allocated to Assessment Area 1 (excluding the Excluded Parcel) and
$7,155,000 in par debt of the Series 2022-2 Bonds will be allocated to Assessment Area 2. Table 5 illustrates the par debt per unit for both assessment areas as well as the annual assessment levels.

The debt incurred by the District to fund the CIP is allocated to the properties receiving special benefits on the basis of development intensity and density. The responsibility for the repayment of the District’s debt through assessments will ultimately be distributed in proportion to the special benefit peculiar to the land within the District, as it may be classified within each of the land use categories. For the purpose of determining the special benefit accruing to the lands within District, the projected public Capital Improvement Plan costs have been allocated to each residential unit on an Equivalent Residential Unit (“ERU”) basis.

The District reserves the right to adjust the allocation of outstanding assessments to ensure a fair and reasonable allocation across all benefitted properties. The allocation described herein is intended to maximize the ability of the District to achieve favorable financing terms and will continue to fairly and reasonably allocate all debt assessments across benefitted properties consistent with the finding that the Capital Improvement Plan functions as a system of improvements benefitting all developable property within the District.

Lienability Test: Special and Peculiar Benefit to the Property

As first discussed in Section 1.3, Special Benefits and General Benefits, improvements undertaken by the District create special and peculiar benefits to certain properties within the District.

Improvements undertaken by the District can be shown to be creating special and peculiar benefits to the property. The special and peculiar benefits resulting from each improvement undertaken by the District are:

Roadway Improvements result in special and peculiar benefits such as the added use of the property, added enjoyment of the property, and likely increased marketability of the property.
Stormwater Improvements result in special and peculiar benefits such as the added use of the property, added enjoyment of the property, and likely increased marketability of the property.
Utility – Potable Water/Wastewater/Reuse Improvements result in special and peculiar benefits such as the added use of the property, added enjoyment of the property, and likely increased marketability and value of the property.
Amenity improvements result in special and peculiar benefits such as the added use of the property, added enjoyment of the property, and likely increased marketability of the property.
	Landscape and Entry Feature improvements result in special and peculiar benefits such as the added use of the property, added enjoyment of the property, and likely increased marketability of the property.

These special and peculiar benefits are real and ascertainable, but not yet capable of being calculated and assessed in terms of numerical value, however, each is more valuable than either the cost of, or the actual assessment levied for the improvement or debt allocated to the parcel of land.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay

A reasonable estimate of the proportion of special and peculiar benefits received from the CIP is delineated in Table 5 (expressed as Allocation of Total Par Debt).

The determination has been made that the duty to pay the non-ad valorem special assessments is fairly and reasonably apportioned because the special and peculiar benefits to the property derived from the acquisition and or construction of the CIP (and the concomitant responsibility for the payment of the resultant and allocated debt) have been apportioned to the property according to reasonable estimates of the special and peculiar benefits provided consistent with the land use.

Accordingly, no acre or parcel of property within the boundaries of the District will be liened for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property. Further, the debt allocation will not be affected.
In accordance with the benefit allocation in Table 2, Total Par Debt has been calculated on an Equivalent Residential Unit basis in Table 5.

For the 150 units within the Excluded Parcel, the Developer will be contributing $1,056,818.18 of contributed capital infrastructure to the Capital Improvement Plan, which reflects the anticipated debt of
$7,045.45 per 43’ unit as contained in Table 6

True-Up Mechanism

In order to assure that the District’s debt will not build up on the unsold acres within the District and to assure that the requirements that the non-ad valorem special assessments will be constitutionally lienable on the property will continue to be met, the District shall determine the following:

To assure that there will always be sufficient development potential remaining in the property that has not been sold and assigned development rights or platted and to assure payment of debt service after a plat or site plan approval, the following test will be applied. The test is that the debt per acre remaining on the unplatted developable land unsold is never allowed to increase above its maximum debt per acre level. Initially, the maximum level of debt per acre is calculated as the total amount of debt for the Capital Improvement Plan divided by the number of developable acres in the District. In this case, for Assessment Area 1, it is $10,305,000 divided by 136.68 assessable acres equaling $75,395.08 maximum debt per acre. For Assessment Area 2, it is $7,155,000 divided by 130.16 acres equaling $54,970.81 maximum debt per acre. These amounts are preliminary and subject to change.

Concurrent with the recording of each plat for of a portion of the 330 lots in Assessment Area 1, the developable lands remaining in Assessment Area 1 will be reviewed and the true-up amount per acre will be calculated to reflect the remaining developable acres. Should the true-up calculation determine that a density reduction payment is due, it will be remitted to the District within 30 days of plat recording.

Concurrent with the recording of each plat for a portion of the
253 lots in Assessment Area 2, the developable lands remaining in Assessment Area 2 will be reviewed and the true-up amount per acre will be calculated to  reflect the remaining developable acres.
Should the true-up calculation determine that a density reduction payment is due, it will be remitted to the District within 30 days of plat recording.

Every time land is sold with development rights assigned or a site plan approval is presented within each Assessment Area, the debt on the land remaining after the sale or site plan or plat approval must remain at or below maximum debt per acre. If not, then in order for the Developer to receive a site plan or plat approval from St Johns County, the Developer agrees that the District will require a density reduction payment so that the maximum debt per acre debt level is not exceeded. Additionally, as the sales of parcels occur with assigned development rights, the new landowners will be subject to a true-up obligation requiring a true-up payment if such lands are not developed to the extent of the development rights assigned. Such true-up payment shall be in an amount equal to the principal amount of debt, plus any accrued interest for the number of developed units that are below the assigned development rights.

5.6.	Additional Stipulations

Certain financing, development, and engineering data was provided by members of District staff and/or the Developer. The allocation methodology described herein was based on information provided by those professionals. Governmental Management Services, LLC makes no representations regarding said information transactions beyond restatement of the factual information necessary for compilation of this report. For further information about the Bonds, please refer to the related Trust Indentures.
TABLE 1	
CORDOVA PALMS CDD	
DEVELOPMENT PROGRAM	

Land Use:	
ERU Factor	Phases 1 and 2
(Assessment Area 1)	Phases 3 and 4
(Assessment Area 2)	
Total ERUs	
43' Lots (Excluded Parcel)*	0.80	150		120	

43' Lots	0.80	137	8	116	
53' Lots	1.00	193	245	438	

Total Lots	480	253	674	

Total Units Subject to Bond Debt

* There will be Developer contributed infrastructure in lieu of issuing Series 2021 and Series 2022	
Bond debt on 150 lots encompassing 26.05 acres in Phases 1 and 2. See Table 6	

PREPARED BY GOVERNMENTAL MANAGEMENT SERVICES, LLC	Table 1 Units

TABLE 2	
CORDOVA PALMS CDD	
BENEFIT ANALYSIS	

Assessment Area 1 (Phases 1 and 2)

Land Use:	

Planned Units	

ERU Factor	

Total ERUs	

Master Benefit per Unit (1)	
Series 2021 Par Debt Per Unit	Series
2022 Par
Debt Per Unit	Total Series
2021-2022
Par Debt Per Unit	
Residential Single Family								
43' Lots (Excluded Parcel)	150	0.8	120	62,825	-	-	-	

43' Lots	137	0.80	109.6	62,825	21,097	7,045	28,143	
53' Lots	193	1.00	193	78,531	26,371	7,045	33,417	

Total	480	422.6	

Total Subject to Bond Debt	330	302.6	

Assessment Area 2 (Phases 3 and 4)

Land Use:	

Planned Units	

ERU Factor	

Total ERUs	
Master Benefit per Unit (1)	Series 2022
Par Debt Per Unit	
Residential Single Family
43' Lots	
8	
0.80	
6.4	
62,825	
24,189	
53' Lots	245	1.00	245	78,531	28,414	

Totals	253	251.4	

(1) Based on the Master Assessment Methodology Report dated July 1, 2021.

Benefit is based on ERUs. Assessments are a not to exceed target in an amount less than calculated	
benefit.	

PREPARED BY GOVERNMENTAL MANAGEMENT SERVICES, LLC	Table 2 Benefit
TABLE 3	
CORDOVA PALMS CDD	
ENGINEER'S OPINION OF PROBABLE COST - 2022 PROJECT	

Master Infrastructure Improvements:

Roadway Infrastructure	7,037,200	7,037,200

Utilities/Electrical	784,800	784,800

Amenities, Entry Feature and Landscaping	7,800,000	7,800,000

Neighborhood Infrastructure Improvements:

Roadways

Stormwater Management

Utilities / Electrical	5,597,700	5,597,700 Water Distribution and Sewer Systems
Contingency	-	- Total Estimated Cost*

This is a system of improvements, benefiting all the property based on the ERU	
allocations in Table 1, and being constructed in phases, with two Series of Bonds	
financing the entire project.	
* Only a portion of the total estimated cost will be financed by the Series 2021 and 2022	
Bonds.	
Information provided by England, Thims & Miller, Inc. -	
(1) Engineers Report for the Series 2021 Project dated September 8, 2021.	
(2) Engineers Report for the Series 2022 Project dated May 10, 2022	

PREPARED BY GOVERNMENTAL MANAGEMENT SERVICES, LLC	Table 3 Costs
TABLE 4	
CORDOVA PALMS CDD	
SPECIAL ASSESSMENT BONDS, SERIES 2022	
SOURCES & USES OF FUNDS	

Assessment Area 1	Assessment Area 2			
Series 2021
(Phases 1 and 2)	Series 2022-1
(Phases 1 and 2)	Series 2022-2
(Phases 3 and 4)	Total Series 2022
(Phases 1-4)	
Sources

Total Sources

Uses

Total Uses

Principal Amortization Installments	30	30	30	30	
Average Coupon	3.667%	5.751%	5.526%	5.582%	
Par Amount	7,980,000	2,325,000	7,155,000	9,480,000	
Maximum Annual Debt Service	438,700.00	164,767.50	490,797.50	653,920.00	
Maturity	5/1/2052	5/1/2053	5/1/2053	5/1/2053	
Capitalized Interest Through	11/1/2022	11/1/2023	11/1/2023	11/1/2023	

Provided by MBS Capital Markets
TABLE 5	
CORDOVA PALMS CDD	
SPECIAL ASSESSMENT BONDS, SERIES 2022	
ALLOCATION OF PAR DEBT AND ANNUAL DEBT SERVICE	

ASSESSMENT AREA 1								
Phase 1 and 2								

Land Use:	

Planned Units	

Total ERUs	

Series 2021 Par Debt	
Series 2021 Par Debt Per Unit	
Series 2021 Annual Net Assessment	
Series 2021 Per Unit Annual Net Assessment	Series 2021 Annual Gross Assessment Per
Unit (1)	

43' Lots	137	109.6	2,890,310.64	21,097.16	158,894.65	1,159.81	1,233.81	
53' Lots	193	193	5,089,689.36	26,371.45	279,805.35	1,449.77	1,542.26	

330	302.6	7,980,000.00	438,700.00	

Phase 1 and 2								

Land Use:	

Planned Units	

Total ERUs	

Series 2022-1 Par Debt	
Series 2022-1 Par Debt Per Unit	
Series 2022-1 Annual Net Assessment	
Series 2022-1 Per Unit Annual Net Assessment	Series 2022-1 Annual Gross Assessment Per
Unit (1)	

43' Lots	137	109.6	965,227.27	7,045.45	68,500.00	500.00	531.90	
53' Lots	193	193	1,359,772.73	7,045.45	96,500.00	500.00	531.90	

330	302.6	2,325,000.00	165,000.00	

Total Phase 1 and 2								
							Total Series	
				Total Series	Total Series	Total Series 2021-	2021-2022-1	
				2021-2022-1	2001-2022-1	2022-1 Per Unit	Annual Gross	
			Total Series 2021	Par Debt Per	Annual Net	Annual Net	Assessment Per	
Land Use:	Planned Units	Total ERUs	2022-1 Par Debt	Unit	Assessment	Assessment	Unit (1)	

43' Lots	137	109.6	3,855,537.91	28,142.61	227,394.65	1,659.81	1,765.71	
53' Lots	193	193	6,449,462.09	33,416.90	376,305.35	1,949.77	2,074.16	

330	302.6	10,305,000.00	603,700.00	

ASSESSMENT AREA 2								
Phase 3 and 4								

Land Use:	

Planned Units	

Total ERUs	

Series 2022-2 Par Debt	
Series 2022-2 Par Debt Per Unit	
Series 2022-2 Annual Net Assessment	
Series 2022-2 Per Unit Annual Net Assessment	Series 2022-2 Annual Gross Assessment Per
Unit (1)	

43' Lots	8	6.4	193,508.34	24,188.54	13,280.00	1,660.00	1,765.91	
53' Lots	245	245	6,961,491.66	28,414.25	477,750.00	1,950.00	2,074.41	

253	251.4	7,155,000.00	491,030.00	

Gross Annual Assessment per Unit includes collection costs (2%) and discounts allowed by Florida Law for early payment (4%), which may vary and could be subject to change.
TABLE 6	
CORDOVA PALMS CDD	
NON-ASSESSABLE LOTS	
DEVELOPER CONTRIBUTION CALCULATION	

Note: Developer Contribution for 2022 Project equal to the net proceeds for the 2022 Bond	
Series for a 43' lot (see below).	

Phases 1 and 2						

Land Use:	

Planned Units	

Net Proceeds	Net Proceeds
Per Lot	Non-Bond Financed Per
43' Lot	Calculation of Contributed
Capital	

43' Lots (Excluded Parcel)*	150	-	-	5,935.49	890,323.50	

43' Lots	137	813,162	5,935.49	-	-	
53' Lots	193	1,145,550	5,935.49	-	-	

Total	480	1,958,710	890,323.50	

TABLE 7	
CORDOVA PALMS CDD	
SPECIAL ASSESSMENT BONDS, SERIES 2022	
PRELIMINARY ASSESSMENT ROLL	

PARCEL ID	

OWNER	

ACRES	

AREA	
BOND ISSUE	

PAR DEBT	
PAR DEBT PER ACRE	
MAX ANNUAL DEBT SERVICE	
MAX ANNUAL DEBT SERVICE PER ACRE	

ASSESSMENT AREA 1
072570-0001	VPDF CORDOVA LLC

136.68

1	2021	7,980,000	58,384.55	438,700	3,209.69

ASSESSMENT AREA 2									
072570-0001	VPDF CORDOVA LLC	130.16	2	2022-2	7,155,000	54,970.81	491,030	3,772.51	

TOTAL	266.84	17,460,000	1,094,730

PREPARED BY GOVERNMENTAL MANAGEMENT SERVICES, LLC	Table 7 Acres
EXHIBIT C
Maturities and Coupon of Series 2022-1 Bonds

EXHIBIT D
Sources and Uses of Funds for Series 2022-1 Bonds

EXHIBIT E
Annual Debt Service Payment Due on Series 2022-1 Bonds

C.
RESOLUTION 2022-13

[SERIES 2022-2 BONDS]

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT MAKING CERTAIN FINDINGS; APPROVING THE SUPPLEMENTAL ASSESSMENT REPORT; SETTING FORTH THE TERMS OF THE SERIES 2022-2 BONDS; CONFIRMING THE MAXIMUM ASSESSMENT LIEN SECURING THE SERIES 2022-2 BONDS; LEVYING AND ALLOCATING ASSESSMENTS SECURING SERIES 2022-2 BONDS; ADDRESSING COLLECTION OF THE SAME; PROVIDING FOR THE APPLICATION OF TRUE-UP PAYMENTS; PROVIDING FOR A SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR THE RECORDING OF A NOTICE OF SPECIAL ASSESSMENTS; AND PROVIDING FOR CONFLICTS, SEVERABILITY, AND AN EFFECTIVE DATE.

WHEREAS, the Cordova Palms Community Development District (“District”) has previously indicated its intention to undertake, install, establish, construct, or acquire certain public infrastructure improvements and to finance such public infrastructure improvements through the imposition of special assessments on benefitted property within the District and the issuance of bonds; and

WHEREAS, the District’s Board of Supervisors (“Board”) has previously adopted, after notice and public hearing, Resolution 2021-35, relating to the imposition, levy, collection, and enforcement of such special assessments; and

WHEREAS, pursuant to and consistent with the terms of Resolution 2021-35, this Resolution shall set forth the terms of bonds to be actually issued by the District and apply the adopted special assessment methodology to the actual scope of the project to be completed with such series of bonds and the terms of the bond issue; and

WHEREAS, on June 24, 2022, the District entered into a Bond Purchase Agreement whereby it agreed to sell its $7,155,000 Cordova Palms Community Development District Special Assessment Revenue Bonds, Series 2022-2 (Assessment Area Two) (the “Series 2022-2 Bonds”) (the “Series 2022-2 Bonds”); and

WHEREAS, pursuant to and consistent with Resolution 2021-35, the District desires to set forth the particular terms of the sale of the Series 2022-2 Bonds and confirm the levy of special assessments securing the Series 2022-2 Bonds (the “Series 2022-2 Assessments”).

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT AS FOLLOWS:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Florida law, including without limitation Chapters 170, 190, and 197, Florida Statutes, and Resolution 2021-35.

SECTION 2. MAKING CERTAIN FINDINGS; APPROVING THE ENGINEER’S REPORT AND
SUPPLEMENTAL ASSESSMENT REPORT.	The Board of Supervisors of the Cordova Palms Community Development District hereby finds and determines as follows:

On September 8, 2021, the District, after due notice and public hearing, adopted Resolution 2021-35, which, among other things, equalized, approved, confirmed, and levied special assessments on property benefitting from the infrastructure improvements authorized by the District. That Resolution provided that as each series of bonds were issued to fund all or any portion of the District’s infrastructure improvements a supplemental resolution would be adopted to set forth the specific terms of the bonds and to certify the amount of the lien of the special assessments securing any portion of the bonds, including interest, costs of issuance, the number of payments due, the true-up amounts, and the application of receipt of true-up proceeds.

The First Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 1 and 2), dated September 8, 2021 and the Second Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 3 and 4) dated May 23, 2022, attached to this Resolution as Composite Exhibit A (collectively the “Engineer’s Report”), identify and describe the presently expected components of the improvements to be financed in part with the Series 2022-2 Bonds (the “2022 Project”). The District hereby confirms that the improvements serve a proper, essential, and valid public purpose. The use of the Engineer’s Report in connection with the sale of the Series 2022-2 Bonds is hereby ratified.

The Supplemental Special Assessment Methodology Report for the Special Assessment Revenue Bonds, Series 2022, dated June 24, 2022, attached to this Resolution as Exhibit B (the “Supplemental Assessment Report”), applies the adopted Master Special Assessment Methodology Report dated July 1, 2021 (the “Master Assessment Report”), to the 2022 Project and the actual terms of the Series 2022-2 Bonds. The Supplemental Assessment Report is hereby approved, adopted, and confirmed. The District ratifies its use in connection with the sale of the Series 2022-2 Bonds.

The 2022 Project will specially benefit all developable property within the District, including Phases 3 and 4 of the District, as set forth in the Supplemental Assessment Report. It is reasonable, proper, just, and right to assess the portion of the costs of the 2022 Project financed with the Series 2022-2 Bonds to the specially benefitted properties within the District as set forth in Supplemental Assessment Report, Resolution 2021-35 and this Resolution.

SECTION 3. SETTING FORTH THE TERMS OF THE SERIES 2022-2 BONDS; CONFIRMING THE MAXIMUM ASSESSMENT LIEN SECURING THE SERIES 2022-2 BONDS.  As provided in
Resolution 2021-35, this Resolution is intended to set forth the terms of the Series 2022-2 Bonds
and the final amount of the lien of the Series 2022-2 Assessments securing those bonds. The Series 2022-2 Bonds, in an aggregate par amount of $7,155,000, shall bear such rates of interest and mature on such dates as shown on Exhibit C attached hereto. The sources and uses of funds of the Series 2022-2 Bonds shall be as set forth in Exhibit D. The debt service due on the Series 2022-2 Bonds is set forth on Exhibit E attached hereto. The lien of the Series 2022-2 Assessments securing the Series 2022-2 Bonds shall be the principal amount due on the Series 2022-2 Bonds, together with accrued but unpaid interest thereon, and together with the amount by which the annual assessments shall be grossed up to include early payment discounts required by law and costs of collection.

SECTION 4. LEVYING AND ALLOCATING THE SERIES 2022-2 ASSESSMENTS SECURING THE SERIES 2022-2 BONDS; ADDRESSING COLLECTION OF THE SAME.

The Series 2022-2 Assessments securing the Series 2022-2 Bonds shall be levied and allocated in accordance with Exhibit B. The Supplemental Assessment Report is consistent with the District’s Master Assessment Report. The Supplemental Assessment Report, considered herein, reflects the actual terms of the issuance of the Series 2022-2 Bonds. The estimated costs of collection of the Series 2022-2 Assessments for the Series 2022-2 Bonds are as set forth in the Supplemental Assessment Report.

To the extent that land is added to the District, the District may, by supplemental resolution at a regularly noticed meeting and without the need for a public hearing on reallocation, determine such land to be benefitted by the 2022 Project and reallocate the Series 2022-2 Assessments securing the Series 2022-2 Bonds in order to impose Series 2022-2 Assessments on the newly added and benefitted property.

Taking into account capitalized interest and earnings on certain funds and accounts as set forth in the Master Trust Indenture and Third Supplemental Trust Indenture, the District shall begin annual collection of Series 2022-2 Assessments using the methods available to it by law. The Series 2022-2 Bonds include an amount for capitalized interest through November 1, 2023.

The District hereby certifies the Series 2022-2 Assessments for collection and directs staff to take all actions necessary to meet the time and other deadlines imposed for collection by St. Johns County and other Florida law. The District’s Board each year shall adopt a resolution addressing the manner in which the Series 2022-2 Assessments shall be collected for the upcoming fiscal year. The decision to collect Series 2022-2 Assessments by any particular method – e.g., on the tax roll or by direct bill – does not mean that such method will be used to collect Series 2022-2 Assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices.
SECTION 5. CALCULATION AND APPLICATION OF TRUE-UP PAYMENTS.
The terms of Resolution 2021-35 addressing True-Up Payments, as defined therein and as described in more detail in the Supplemental Assessment Report and True-Up Agreement between the District and the landowner, shall continue to apply in full force and effect.

SECTION 6. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this Resolution, the Series 2022-2 Assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s Improvement Lien Book. The Series 2022-2 Assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcels until paid and such lien shall be coequal with the lien of all state, county, district, municipal, or other governmental taxes and superior in dignity to all other liens, titles, and claims.

SECTION 7. ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a Notice of Series 2022-2 Assessments securing the Series 2022-2 Bonds in the Official Records of St. Johns County, Florida, or such other instrument evidencing the actions taken by the District.

SECTION 8. CONFLICTS. This Resolution is intended to supplement Resolution 2021-35, which remains in full force and effect. This Resolution and Resolution 2021-35 shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed.

SECTION 9. SEVERABILITY. If any section or part of a section of this Resolution be declared invalid or unconstitutional, the validity, force, and effect of any other section or part of a section of this Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.
SECTION 10. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.
APPROVED and ADOPTED, this 13th day of July, 2022.
ATTEST:	CORDOVA PALMS COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chair/Vice Chair Board of Supervisors
Composite Exhibit A:	Engineer’s Report
Exhibit B:	Supplemental Assessment Report
Exhibit C:	Maturities and Coupon of Series 2022-2 Bonds
Exhibit D:	Sources and Uses of Funds for Series 2022-2 Bonds
Exhibit E:	Annual Debt Service Payment Due on Series 2022-2 Bonds
COMPOSITE EXHIBIT A
Engineer’s Report

CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT
SECOND SUPPLEMENTAL ENGINEER’S REPORT TO THE CAPITAL IMPROVEMENT PLAN (PHASES 3 AND 4)

Prepared for

Board of Supervisors Cordova Palms
Community Development District

Prepared by
England-Thims & Miller, Inc. 14775 Old St. Augustine Road Jacksonville, Florida 32258
904-642-8990

E 22-117	May 23, 2022
BACKGROUND
The Cordova Palms Community Development District (the “District”) is a 293± acre community development district located in St. Johns County, Florida. (See Plate 1, Location Map). The land within the District is currently under development and within the Cordova Palms PUD. The authorized land uses within the District include residential development as well as open space and recreational amenities. The full development within the District’s boundaries is as depicted in Table 1.

TABLE 1 DEVELOPMENT SUMMARY

Plate 2 depicts the District boundary, and Plate 3 provides the legal description of the District. Plate 4 provides the legal description for Phases 3 and 4 of the development program.
The proposed development program for the District is presented in Table 2. The proposed development for Phases 3 and 4 is also presented in Table 2. The current Master Plan is depicted on Plate 9.
TABLE 2

UNIT TYPE	TOTAL
PLANNED UNITS	PHASES 3 AND 4
PLANNED UNITS	
SF 43’ (to be assessed debt)	145	8	
SF 43’ (to not be assessed debt)	150	0	
SF 53’	438	245	
TOTALS	733	253	

To serve the residents of the District, the District has developed this Capital Improvement Plan (the “Plan”) to allow it to finance and construct certain utility, stormwater management, amenity and transportation infrastructures necessary for development within the District. Summaries of the proposed Plan for Phases 3 and 4 and corresponding cost estimates follow in Table 3. A detailed description and basis of costs for each improvement is included in this report.

The Plan contained in this report reflects the current intentions of the District. However, the Plan may be subject to modification in the future. The implementation of any improvement as outlined within the Plan requires final approval by the District’s Board of Supervisors.
Design and permitting for the improvements described in this Plan is ongoing, and a tentative schedule is provided below:

ITEM	ESTIMATED AGENCY APPROVAL DATE	
		
1. U.S. Army Corps of Engineers	Issued for entire project	
2. SJRWMD	Issued for entire project	
3. City of St. Augustine (COSA)	Phase 3: 6/22; Phase 4: 8/22	
4. FDEP – Sewer and Water	Phase 3: 6/22; Phase 4: 8/22	
5. SJC DRC	Phase 3: 6/22; Phase 4: 8/22	

A jurisdictional wetland delineation for the entire property within the District has been completed and approved by the St. Johns River Water Management District (SJRWMD) and U.S. Army Corps of Engineers (USACE). A SJRWMD permit has been obtained for all phases. SJRWMD permit modifications will be obtained for the Cordova Palm subsequent phases. Construction plan approvals from St. Johns County will be obtained for the residential development portions of the property by phases, which is currently anticipated to total 733 residential units; approval of Phase 3 has been obtained. Construction of these improvements began in February, 2021. There is a reasonable expectation that the remaining required permits for the District improvements are obtainable, however, all permits are subject to final agency action.

Cost estimates contained in this report are based upon year 2021 dollars and have been prepared based upon the best available information, but in some cases without benefit of final engineering design and environmental permitting. England, Thims & Miller, Inc. believes the estimates to be accurate based upon the available information, however, actual costs will vary based on final engineering, planning and approvals from regulatory agencies.

TABLE 3
RESIDENTIAL INFRASTRUCTURE SUMMARY OF COSTS
(Phases 3 and 4)

Improvement Description	Estimated Cost	
RESIDENTIAL MASTER INFRASTRUCTURE		
Neighborhood Roads	$ 3,946,195	
Stormwater Management System	$ 1,086,525	
Water Distribution and Sanitary Sewer Collection Systems	$ 3,058,380	
NEIGHBORHOOD INFRASTRUCTURE TOTAL	$8,091,100.00	

PROJECT PHASING

The overall Project will be built in a series of phases. The phasing of the project allows the clearing, earthwork, stormwater management systems, roadways, utilities, entry features, recreational areas, landscaping, sidewalks and paths to be constructed as needed throughout the build-out of the District. The Project has been designed in such a manner so that Phases 3 and 4 can be developed and be self-sufficient.
STATUS OF PHASE 1 AND PHASE 2 IMPROVEMENTS

SR 313 is substantially complete and awaiting FDOT acceptance. The Emergency Access Road and the Phase 1 Collector Road are also substantially complete, and will be accepted with the Phase 1 Residential Master Infrastructure. The Master Utility Improvements are approximately 84% complete. Construction has not yet commenced on the Amenities, Entry Feature and Landscaping. The Phase 1 Residential Master Infrastructure is over 65% complete as of 4/1/22. Clearing and stripping and earthwork has commenced for the Phase 2 Residential Master Infrastructure. Refer to Table 4A and 4B below for additional detail.

TABLE 4A
MASTER INFRASTRUCTURE SUMMARY OF COSTS
(Phases 1 and 2)

Improvement Description	Estimated Cost	Amount Paid By Developer	Amount Paid by District	Percent Complete	
S.R. 313	$ 4,299,100	$ 2,731,136.97		64	
Collector Road and Emergency Access Road	$ 2,738,100	$  941,589.49	$401,365.40	49	
Master Utility Improvements	$	784,800	$  376,635.80	$283,392.66	84	
Amenities, Entry Feature and Landscaping	$ 7,800,000				
MASTER INFRASTRUCTURE TOTAL	$15,622,000	$4,049,362.26	$684,758.06	30	

TABLE 4B
RESIDENTIAL INFRASTRUCTURE SUMMARY OF COSTS
(Phases 1 and 2)

Improvement Description	Estimated Cost	Amount Paid By Developer	Amount Paid by District	Percent Complete	
RESIDENTIAL MASTER INFRASTRUCTURE					
Neighborhood Roads	$ 7,222,800	$1,194,004.62	$2,268,168.11	48	
Stormwater Management System	$ 1,988,800	$  328,769.51	$  624,540.72	48	
Water Distribution & Sanitary Sewer Collection Systems	$ 5,597,700	$  925,358.54	$1,757,809.70	48	

NEIGHBORHOOD INFRASTRUCTURE TOTAL	
$14,809,300	
$2,448,132.67	
$4,650,518.53	
48	
MASTER/NEIGHBORHOOD INFRASTRUCTURE TOTAL	
$30,431,300	
$6,497,494.93	
$5,335,276.59	
39	
RESIDENTIAL INFRASTRUCTURE IMPROVEMENTS

The District currently intends to finance, design and construct certain infrastructure improvements for the residential development within the District boundaries. The improvements include complete construction of the basic infrastructure for each neighborhood, including but not limited to: clearing and grubbing, earthwork, water and sewer underground utility construction, drainage, stormwater management, grassing, sodding, FPL underground electrical conduit and neighborhood street lighting. These items have been grouped into the three broader categories listed in Table 3, as appropriate. Refer to Plates 5-8 for the Phases 3 and 4 Neighborhood Infrastructure Improvements.

The cost estimate for the roadways included for the residential master infrastructure improvements is based upon curb and gutter section roadways with variable pavement widths, within variable width rights-of-way. The clearing, grubbing and earthwork estimates include all work necessary for the complete right-of-way area, and include utility easements for underground electrical conduit for roadway street lighting. Disturbed areas within the rights-of-way, which are outside of the paved areas, will be sodded and/or seeded and grassed in order to provide erosion and sediment control in accordance with St Johns County standards.

Stormwater management cost estimates included in the residential master infrastructure improvements provide for the attenuation and treatment of stormwater runoff from the project in accordance with St. Johns River Water Management District and St. Johns County standards. Costs include detention pond construction, outfall control structures, and any site fill required to provide a complete stormwater management system.

Water, sewer and reuse cost estimates included in the residential master infrastructure improvements consist of the underground water and reuse transmission systems and wastewater (sewer) collection system serving the development. Costs include piping, manholes, valves, services, and all appurtenances required in order to construct the system in accordance with COSA and Florida Department of Environmental Protection standards.

The residential master infrastructure improvements shall be designed and constructed to St. Johns County, COSA, Florida Department of Environmental Protection, and St. Johns River Water Management District standards. Roadways shall be owned and maintained by the St. Johns County. Water, reuse and sewer facilities shall be owned and maintained by COSA. The neighborhood street lighting shall be owned and operated by FPL, and the cost to operate them is presently expected to be paid by the District. The District shall maintain stormwater management improvements.
BASIS OF COST ESTIMATE FOR RESIDENTIAL INFRASTRUCTURE IMPROVEMENTS

The following is the basis for the residential master infrastructure cost estimates:

Costs utilized were obtained from recent bids.

Water and Sewer Facilities are designed in accordance with COSA and FDEP standards.

The stormwater management system are designed pursuant to SJRWMD and St. Johns County standards and the cost estimate has been developed from recent bids.

The engineering, permitting, construction inspection and other soft cost fees have been included in the estimated cost.

For the purpose of this report, a 10% contingency factor has been included for neighborhood master infrastructure.

Cost estimates contained in this report are based upon year 2021 dollars and have been prepared based upon the best available information, but in some cases, without benefit of final engineering design and environmental permitting. England-Thims & Miller, Inc. believes the enclosed estimates to be accurate based upon the available information, however, actual costs will vary based upon final engineering, planning and approvals from regulatory authorities.

Costs have been included for street lighting and electrical conduit on all roadways in accordance with FPL standards.
APPENDIX
Description

Plate No.

Location Map
District Boundary
District Legal Description
Phases 3 and 4 Legal Description
Water Distribution System (Phases 3 and 4)
Sanitary Sewer Collection System (Phases 3 and 4)
Stormwater Management System (Phases 3 and 4)
Neighborhood Roads (Phases 3 and 4)
Master Plan
!'.
-V,

0
::;;
>'
al
;;{
<(
ce,
a

N N 0 N
;;,
.c
:C;J
:::;;
0
w
I=
0_,
a.

,,,.,.......
...

,I' ;
(
I
/

TOLOMATO RIVER
SEAPLANE BASE

C

.D5u

LIN£ TABLE			
LINE	BEARING	LENGTH	
LI	506'04'1/"W	397.92'(R&M)	

$40'3.J'16"W
1426.04'
z------

.c
0
0
:a
0w
>­
>- 0
...J

R:47J4.00'
:25'45'16" L-2127.94'
CB-518'56'49"W
CH:2110.07'.-----------.L	=======--k
N00'5.J'J5"W  2672. IB'(M)

POINT OF B£GINNING SE:.ly CORN£R OF
0.R.8. 1.905, PG. 268

-·- N41·53'2 I"£
538.62'  1/
f'
<o  ,0;,,
oi  ,,.,
g

ro
:C, :
0
CD
t,
-
0
Noo·53'21"w 2659.Bl'(M)

PHASE3

POINT OF_ REFERENCE

:.s
c"5'
N
1:
0
0:
/
0
N	0
$
ro
!1::::: ;;;;; ;;;; ;;;; ; ;::::::;:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::;:::::::::::::::::::::::::::::::::i :0
I	VISION• EXPERIENCE• RESULTS
14775 t  u;1 ' !d	! 1j1	L32258
DISTRICT BOUNDARY
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT

ETM NO. 22-117 DRAWN BY: MAJ DATE: APRIL 2022
'i:
;;X,
"
I N N
/
N N C,
TEL: 't';._4)_ 6ci aittl-i 9g66o i -9485	ST JOHNS COUNTY, FLORIDA	PLATE NO.	2	/
N
<.... _	.............;;;;Ft2'	,
,;; --L-------
,;;..;..;;;; ;;;.:;.:.::.::.:.:..:..z..:..:.::.:::::::...
...i.;..:.;.;.; ;,;
..:....
_J	,:..:

SURVEYOR'S DESCRIPTION: PARCEL 9:
Work Order No. 20-306.00 File No. 127E-13.00A

A PORTION OF SECTIONS 10 AND 15, AND A PORTION OF SECTION 50 OF THE PABLO SABATE GRANT, TOWNSHIP 6 SOUTH, RANGE 29 EAST, ST. JOHNS COUNTY, FLORIDA, ALSO BEING A PORTION OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4658, PAGE 1207, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF REFERENCE, COMMENCE AT THE SOUTHWESTERLY CORNER OF SAID SECTION 15; THENCE NORTH 89"47'16" EAST, ALONG THE SOUTHERLY LINE OF SAID SECTION 15, A DISTANCE OF 1339.9.3 FEET TO THE SOUTHEASTERLY CORNER OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 1905, PAGE 268, OF SAID PUBLIC RECORDS, AND THE POINT OF BEGINNING.

FROM SAID POINT OF BEGINNING, THENCE NORTH 00"53'35" WEST, DEPARTING SAID SOUTHERLY LINE OF SECTION 15 AND ALONG THE EASTERLY LINE OF SAID OFFICIAL RECORDS BOOK 1905, PAGE 268, A DISTANCE OF 2672.18 FEET TO THE NORTHEASTERLY CORNER THEREOF; THENCE SOUTH 89'1.3'09" WEST, ALONG THE NORTHERLY LINE OF SAID OFFICIAL RECORDS BOOK 1905, PAGE 268, A DISTANCE OF 1339.65 FEET TO A POINT LYING ON THE WESTERLY LINE OF SAID SECTION 15; THENCE NORTH 00·53'21•· WEST, ALONG SAID WESTERLY LINE, 2659.81 FEET TO THE SOUTHWEST CORNER OF SAID SECTION 10; THENCE NORTH 01·59'45" WEST, ALONG THE WESTERLY LINE OF SAID SECTION 10, A DISTANCE OF 2601.17 FEET TO THE NORTHERLY MOST CORNER OF SAID SECTION 10, SAID CORNER LYING ON THE WESTERLY LINE OF SAID SECTION 50 OF THE PABLO SABA TE GRANT; THENCE NORTH 30"16' 44" WEST, ALONG SAID WESTERLY LINE OF SECTION 50, A DISTANCE OF 3599.14 FEET TO ITS INTERSECTION WITH THE SOUTHWESTERLY RIGHT OF WAY LINE OF THE FLORIDA EAST COAST RAILROAD, A 100 FOOT RIGHT OF WAY AS
PRESENTLY ESTABLISHED; THENCE SOUTH 37"52'52" EAST, DEPARTING SAID WESTERLY LINE AND ALONG SAID SOUTHWESTERLY RIGHT OF WAY LINE, 8823.47 FEET TO THE NORTHERLY MOST CORNER OF SAID OFFICIAL RECORDS BOOK 4658, PAGE 120.3, OF SAID PUBLIC RECORDS; THENCE SOUTHWESTERLY ALONG THE NORTHWESTERLY LINE OF SAID OFFICIAL RECORDS BOOK 4658, PAGE 1203 THE FOLLOWING 8 COURSES: COURSE 1, THENCE SOUTH 40".3.3'16" WEST, DEPARTING SAID SOUTHWESTERLY RIGHT OF WAY LINE, 841.41 FEET; COURSE 2, THENCE SOUTH 55·04'55" WEST, 597.98 FEET TO A POINT ON A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 4.35.00 FEET; COURSE .3, THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE, THROUGH
A CENTRAL ANGLE OF 16"45'00", AN ARC LENGTH OF 127.17 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH .35·35'25" WEST, 126.72 FEET; COURSE 4, THENCE SOUTH 67"19'.37" WEST, 99.25 FEET TO A POINT ON A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 565.00 FEET; COURSE 5, THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 18'26'58", ANO ARC LENGTH OF 181.9.3 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 28"28'27" EAST, 181.15 FEET; COURSE 6, THENCE SOUTH 21·51'.34" WEST, 6.34.59 FEET TO A POINT ON A CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 4734.00 FEET, COURSE 7, THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 25"45'17", AN ARC LENGTH OF 2127.95 FEET TO THE POINT OF TANGENCY OF SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 15·55'50" WEST, 2110.08 FEET; COURSE 8, THENCE SOUTH 06"04'11"
WEST, CONTINUING ALONG SAID NORTHWESTERLY LINE, .397.92 FEET TO THE SOUTHWESTERLY CORNER THEREOF, SAID CORNER LYING ON SAID SOUTHERLY LINE OF SECTION 15; THENCE SOUTH 89"47'16" WEST, ALONG SAID SOUTHERLY LINE, 10.17 FEET TO THE POINT OF BEGINNING.

LESS AND EXCEPT FROM THE LANDS DESCRIBED ABOVE THE FOLL0Vv1NG:

A PORTION OF SECTION 10, AND A PORTION OF SECTION 50 OF THE PABLO SABATE GRANT, TOWNSHIP 6 SOUTH, RANGE 29 EAST, ST. JOHNS COUNTY, FLORIDA, BEING A PORTION OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4658, PAGE 1207, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF REFERENCE, COMMENCE AT THE SOUTHWEST CORNER OF SAID SECTION 10; THENCE NORTH 01·59'45" WEST, ALONG THE WESTERLY LINE OF SAID SECTION 10, A DISTANCE OF
g	2509.17 FEET TO THE POINT OF BEGINNING.
$!	FROM SAID POINT OF BEGINNING, THENCE CONTINUE NORTH 01'59'46" WEST, ALONG SAID WESTERLY LINE, 92.00 FEET TO THE NORTHERLY MOST CORNER OF SAID SECTION 10, SAID CORNER LYING ON THE WESTERLY LINE OF SAID SECTION 50 OF THE PABLO SABA TE GRANT; THENCE NORTH 30·15'44" WEST, ALONG SAID WESTERLY LINE OF SECTION 50, A DISTANCE OF 3599.14
FEET TO ITS INTERSECTION WITH THE SOUTHWESTERLY RIGHT OF WAY LINE OF THE FLORIDA EAST COAST RAILROAD, A 100 FOOT RIGHT OF WAY AS PRESENTLY ESTABLISHED; THENCE SOUTH
$		37"52'52" EAST, DEPARTING SAID WESTERLY LINE AND ALONG SAID SOUTHWESTERLY RIGHT OF WAY LINE, 3546.38 FEET; THENCE SOUTH 41"5.3'21" WEST, DEPARTING SAID SOUTHWESTERLY RIGHT OF WAY LINE, 538.62 FEET TO THE POINT OF BEGINNING.
i	CONTAINING 292.89 ACRES, MORE OR LESS.

0
ci

..c
2
:0:e
0
w
t­
ol­
a--.'

;:
'O
-"<-V''
:
0
6::
M	0
/u
ETm	i
DRAWN BY;  MAJ	1
;!:	VISION• EXPERIENCE• RESULTS	1------------------------------------------it	l
14775  tA! u;tin 1 !:.	; ill  fl 32258	CORDOVA  PALMS COMMUNITY  DEVELOPMENT  DISTRICT  1--DA_T_E_:	2 0 2 2
--T-EL_,_' - -4 _6_i _a_:_ - -F_t _,_J9_ - - -i _-_94_8_5 	s_T_J_o_H_N_s_c_o_u_N_TY,_F_L_o_R_1_o_A	
P_L_A_r_E_N_o_.
3	?

CORDOVA PALMS PHASES 3 & 4
A portion of Sections 10 and 15, and a portion of Section 50 of the Pablo Sabate Gron!, Township 6 South, Range 29 East, St. Johns County, Florido, being o portion of Parcel 9, as described and recorded in Official Records Book 5134, page 1442, of the Public Records of said county, being more particularly described as follows:
2
-,
-"'
0
::,

1
1..,.
M

.c
..,.

For o Point of Reference, commence at the Southwesterly corner of said Section 15; thence North 00'53'21" West, along the Westerly line of said Section 15, o distance of 2658.88 feet to the Point of Beginning.

From said Point of Beginning, thence continue North 00'5.3'21" West, along said Westerly line of Section 15, o distance of 2659.81 feet to the Southwest corner of said Section 10; thence North 01·59'45" West, along the Westerly line of said Section 10, a distance of 2509.17 feet to the Southerly most corner of those lands described and recorded in Official Records Book 5425, page 182, of said Public Records; thence North 41'53'21" East, departing said Westerly line and along the Southeasterly line of said Official Records Book 5425, page 182, a distance of 538.62 feet to the Easterly most corner thereof, said corner lying on the Southwesterly right of way line of the Florido East Coast Railroad, o 100 foot right of way as presently established; thence South 37'52'52'' East, along said Southwesterly right of way line, 2679.65 feet; thence South 52'07'08" West, deporting said Southwesterly right of way line, 256.56 feet to o point on o non-tangent curve concave Southwesterly having a radius of 215.00 feet; thence Northwesterly along the arc of said curve, through o central angle of 21·53·33", on ore length of 82.15 feet to a point on said curve, said ore being subtended by o chord bearing and distance of North 35'40'.35" West, 81.65 feet; thence South 43'22'38" West, along a
nan-tangent line, 285.36 feet; thence South 77'09'08" West, 624.45 feet; thence South 05'20'59" East, 299.16 feel; thence South 37'20'11" East, 120.50 feet lo a point on a
non-tangent curve concave Southeasterly having o radius of 525.00 feet; thence Southwesterly along the ore of said curve, through o central angle of 06'40'23", on ore length of 61.14 fee\ to the point of tangency of said curve, said ore being subtended by a chord bearing and distance of South 43'31'59" West, 61.11 feet; thence South 40'11'48" West, 27.12 feet to the point of curvature of a curve concave Northerly having a radius of 25.00 feet; thence Westerly along the arc of said curve, through a central angle of 83'37'14", on ore length of 36.49 feet to o point of reverse curvature, said arc being subtended by a chord bearing and distance of South 82'00'25" West, 33.33 feet; thence Northwesterly along the arc of o curve
concave Southwesterly having a radius of 425.00 feet, through a central angle of 02'30'21", an arc length of 18.59 feet to a point on said curve, said ore being subtended by a chord bearing and distance of North 57'26'08" Wes\, 18.58 feet; thence South 31'18'42" Wes\, along a non-tangent line, 324.2.3 feet; thence South 22'40'28" East, 10.3.3.01 feet; thence South 1.3"01'.35" West, 149.39 feet to a point on o non-tangent curve concave Westerly having o radius of 735.00 feet; thence Southerly along the ore of said curve, through a central angle of 09'25'43'', on ore length of 120.95 feet \a o point on soid curve, said ore being subtended by o chord bearing and distance of South 13'36'54" East, 120.82 feet; thence South 8.3'02'55" West, along o non-tangent line, 96.53 feet to the point of curvature of o curve concave Northeasterly having o radius of 25.00 feet; thence Northwesterly along the ore of said curve,
through a central angle of 85'31'09", on arc length of 37.31 feet to a point on said curve, said ore being subtended by a chord bearing and distance of North 54·11'30" West, 33.95 feet; thence South 78'34'04" West, along a non-tangent line, 50.00 feet to o point on o non-tangent curve concave Westerly having a radius of 565.00 feet; thence Southerly along the ore of said curve, through o central angle of 02'20'5.3", on arc length of 23.15 feet to o point on said curve, said ore being subtended by a chord bearing and distance of South 10'15'29" East,
23.15 feet; thence South 80'54'57" West, along o non-tangent line, 120.00 feet to o point on o non-tangent curve concave Westerly having a radius of 445.00 feet; thence Southerly along the ore of said curve, through a central angle of 03'25'21", on ore length of 26.58 feel to the point of tangency of said curve, said arc being subtended by o chord bearing and distance of South 07'22'23" East, 26.58 feet; thence South 05'39'42" East, 247.77 feet to the point of curvature of o curve concave Easterly having a radius of 855.00 feet; thence Southerly along the ore of said curve, through a central angle of 12'29'11", on arc length of 186..33 feet to the point of tangency of said curve, said arc being subtended by o chord bearing and distance of South 11·54'17" East, 185.96 feet; \hence South 18'08'53" East, 215.68 feet to the point of curvature of a curve concave Westerly having a radius of 155.00 feel;
\hence Southerly along the ore of said curve, through o central angle of 22'39'47", on arc length of 61.31 feet lo the point of tangency of said curve, said arc being subtended by a chord bearing and distance of South 06'48'59" East, 60.91 feet; thence South 04'30'54" West, 92.66 feet; \hence North 85'29'06" West, 20.72 feet; \hence South 04'30'54" West, 50.00 feet; thence South 85'29'06" East, 45.29 feet; thence South 04'30'54" West, 149.52 feet to a point lying on the Northerly line of those lands described and recorded in Official Records Book 1905, page 268, of said Public Records; thence South 89'13'09" West, along said Northerly line, 894.07 feet to the Point of Beginning.

Containing 130.16 acres, more or less.

N N 0 N
.,:

0w
f­
f-
0
...J
Q.

,..,i.,
I"ll' 0
.c
Q.
..,.
2
D

/
0
0u
/
1  ETm

PHASES 3 & 4 LEGAL DESCRIPTION

ETM NO.

22 117
-

_2_
1
:c	DRAWN BY: MAJ
!	s 1	: ;;;L ! : .
1---------------------------------------------------------------
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT 1-D_A_T_E_: _A_P_R_IL_2_0_2_2	t
§ ...14775 Old St. Augustine Rood, Jacksonville, FL 32258	N

PHASE 4

-:r	 u s..  •.1. _:_ :·,':,;;;;;;;,;:.;._=_-"""-...;;;;;;;;.)';...r=:a:;:.._,_._;co•'--- -....,....;;;;.,.;;;---..:;;;;..-,,;..,_	
  .......  Witl··:::=:---- ----...._,..

:;..:
<ll

c:i

..J
a.

11)

3
0
i  ETm	!

VISION -EXPERIENCE -RESULTS
1	W_A_T_E_R_D_IS_T_R_I_B_U_T_1o_N_s_v_s_T_E_M
----t-:_::_:_N°_·BY_n_
0
_ :

2 02 2
-	II
_';!-
gj	ENGLAND-rHiMs&MILLER,iNc.	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT .... _A_T_E:_A_P_Ri_L	8
;;:;-  14775 Old St Augustine Road, Jacksonville, FL 32258	N
N	TEL: (904) 642-8990, FAX: (904) 646-9485	ST JOHNS COUNTY, FLORIDA	PLATE NO.	5	/c.·
,_ 	CA  -  00002584 LC -  0000316	

u.s. 1
>-'
<D
::i
Q.
cno
.:,:

-,·,,

0
w
,-
0
_J
Q.

'
. . .. ..
.. .. .. .. .. ..
\  1,	•	•  ..

E
i"'
l/1
C

u
,'!'
0u
,":'
cu
l/1
.s
'i:
0
l/1

2
0
/
0
co	0
I ETm
2
2 1 1

VISION· EXPERIENCE· RESULTS
0	2 02 2	/
14775 t"';. u;IT,, 1  !:	! :,	L32258	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT _ A_T_E_: _A_P_R_IL_ _ _ 	
N	TEL: (904) 642-899D, FAX: (9D4) 646-9485	PLATE NO.	6	.,.
CA - 0D002584 LC - 0000316
I-

cwi
t=
0
a J

c,,
3:
u

ill
r--
0"'
/
00
u
I ETm
/
2	1 1 	i
s_T_O_R_M_W_A_T_E_R_M_A_N_A_G_E_M_E_N_T_s_v_s_T_E_M
:_::_:_N°_·B:_: -_M A_ ;
VISION -EXPERIENCE -RESULTS
0	2 02 2
,'.)-
14775	t  u tin ' !d	! ill  L 32258	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT _ _AT_E_:_A_P_R_IL	8
-.-.TEL_,_( - - s_; _ _:_i_F_ -'5- - - -; --9-48_5_	,    
s_T_J_o_H_N_s_c_o_u_N_TY,_F_L_o_R_1_o_A	

P_L_A_T_E_N_0_.
7	_.?

u.s.1

- '""'	- :.;:::::--:.-	,s-- I!-,	 '""	 ]l
/	i fi'l''Lri''fi i':,--	IL,:.I	b\J
,.,	- '1
;1',.	,_,_,,	'I
j' 1  ti rj.!fIL I ,

-"'
0
:::;
c>o'
;i
.a,,..
.;,:

0"'
'"
.<; 0
::;
ci
w
.>...­.
0
...J
'	, ,	r
'	..J.1'- ,,	)'-,-4
-,rrrr ,-,./ • J..iJ.,.
-- ,: l T]TT '	\I1 1illLl,l(JJ-I1 1f·l.1,_' ;'!lit7-I1	•	I
,	-	u11 1 ru;,.7	-J
1	.,..,-17--	,.	•
1111	= ·	1·	..••••
T7TT
1U\1.l.\.lI.LJI, '/ -··-- ' -	• •• • •
- -
I	"'-"

PHASE3
cl
V)

0
0
0

G
w
z
f
6
ETm	NEIGHBORH00
., .'
'•,	I

,	I.	1',!.
,..,	I, 

D ROADS

DENOTES NEIGHBORHOOD ROADWAYS

ETM NO. 22-117
DRAWN BY:  MAJ

o,
?:
'O
vi
0
<(
0
ll:
0
0
0:c
ll: 0
:cco
(.'.)
z
OJ

o

0

12
5-
I'
r-	VISION• EXPERIENCE• RESULTS	1
+	IN
::;:	ENGLAND-THrMs&MILLER,rNc.	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT ....0_A_T_E:_AP_R_iL_2_0_2_2 	--1
14775 Old St. Augustine Rood, Jocksonville, FL 32258	N
TE-L: ( -4l_-5ci-at-iii-4Frt -_-(9g-66-o i --9485	S-T-J-OH-N-S -CO-U-N-TY-, F-L-OR-ID-A	PL-AT-E -NO-.	8
....1::-

t
0
:::;;
:;..:
OJ

N
co
0
N

ci
:w::
0
_j
Q_

-ci

43' LOTS -	(8 - PHASE 3)
"3 '
"O

<(
_j
Q.
w
1--
ifj
ei
z	53' LOTS -
( 245 - PHASES 3&4)	I-
(253 PHASES 3&4 TOTAL)

I-	0
<(	/
0
0
u
6Et
I i
ETm

2
MASTER PLAN	ETM NO. 22-117	i
DRAWN BY: MAJ
.. I

N;:
VISION· EXPERIENCE· RESULTS	t-----------------------------------4	1
ENGLAND-THIMS&MILLER,INC.	CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT I--DA_T_E:_AP_R_IL_2O_2_2
14775 Old St. Augustine Rood, Jacksonville, FL 32258	N
TEL: ( 4l_665iilfJJi.Fi t ' _(9	9485	ST JOHNS COUNTY, FLORIDA	 PLATE NO.	9	 :;
EXHIBIT B
Supplemental Assessment Report

6

Cordova Palms Community Development District

Second Supplemental Special Assessment Methodology Report
for the
Special Assessment Revenue Bonds, Series 2022

June 24, 2022

   Governmental Management Services, LLC
Table of Contents

1.0	Introduction
Purpose	1
Scope of the Report	2
Special and General Benefits	2
Organization of this Report	2
Development Program for Cordova Palms CDD
Overview	3
The Development Program	3
The Capital Improvement Plan for Cordova Palms CDD
Engineering Report	3
Capital Improvement Plan	4
Financing Plan for Cordova Palms CDD
Overview	4
Series 2022 Bonds	5
5.0	Assessment Methodology
Overview	5
Assigning Debt	6
Lienability Test: Special and Peculiar Benefit to the Property	7
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay	8
True-Up Mechanism	8
Additional Stipulations	9

6.0	Appendix
Table 1	 Development Program Table 2	Benefit Analysis
Table 3	Infrastructure Cost Estimates
Table 4	Bond Series 2022 Sources and Uses of Funds
Table 5	Par Debt & Debt Service Allocation Series 2021 and 2022 Bonds Table 6	Developer Contribution
Table 7	Preliminary Assessment Roll
Exhibit – Legal Description of Phases 1 through 4
1.0	Introduction

Purpose

This report supplements the Master Assessment Methodology Report dated July 1, 2021 (the “Master Assessment Report”) which provides the methodology for allocating the benefit of the proposed debt to be incurred by the Cordova Palms Community Development District (“Cordova Palms CDD” or “District”) to benefitting properties within the District and for allocating the par amount of bonds being issued by the District to fund a portion of the infrastructure improvements described in the District Engineer’s Report developed by England- Thims & Miller, Inc. dated June 18, 2021 as supplemented for Phases 1 and 2 on September 8, 2021 and for Phase 3 and 4 on May 16, 2022 (collectively the “Engineer’s Report”) .

The development plan is for 733 single-family lots to be developed in phases. The District’s debt will fund infrastructure improvements that benefit all property within the District and will allow the development of a portion of the property in the District. This Second Supplemental Assessment Methodology Report allocates the debt associated with the Series 2022 Bonds (as defined herein) to properties within Phases 1 through 4 based upon the special benefits the property receives from the infrastructure program (the “Supplemental Report”). In this case the property located within the District includes approximately
292.89 acres located in St. Johns County Florida of which 162.73 acres are within Phases 1 and 2 (“Assessment Area 1”) and 130.16 acres are
within Phases 3 and 4 (“Assessment Area 2”).

This Supplemental Report is designed to conform to the requirements of Chapters 190,197 and 170, Florida Statutes with respect to special assessments and is consistent with our understanding of the case law on this subject. This Supplemental Report supplements the Master Assessment Report as well as the Supplemental Special Assessment Methodology Report for the Special Assessment Revenue Bonds, Series 2021 Phases 1 and 2 dated December 13, 2021.
Scope of the Report

This Supplemental Report presents the projections for financing a portion of the District’s capital requirements necessary to provide the community infrastructure improvements described in the Engineer’s Report. This Supplemental Report also describes the apportionment of benefits and special assessments resulting from the provision of improvements to the lands within the benefited area.

Special Benefits and General Benefits

Improvements undertaken by the District create special and peculiar benefits to the property, different in kind and degree than general benefits, for properties within its borders as well as general benefits to the public at large.

However, as discussed in Master Assessment Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits, which accrue to property within the District. The “Capital Improvement Plan” or “CIP” enables properties within the District’s boundaries to be developed. Without the Capital Improvement Plan, there would be no infrastructure to support development of land within the District. Without these improvements, state law would prohibit development of property within the District.

There is no doubt that the general public, property owners, and property outside the District will benefit from the provision of the Capital Improvement Plan. However, these are incidental to the Capital Improvement Plan, which is designed solely to provide special benefits peculiar to property within the District. Properties outside the District do not depend upon the Capital Improvement Plan to obtain, or to maintain their development entitlements. This fact alone clearly distinguishes the special benefits which District properties receive compared to those lying outside of the District’s boundaries. Even though the exact value of the benefits provided by the Capital Improvement Plan is difficult to estimate at this point, it is nevertheless greater than the costs associated with providing same.

Organization of this Report

Section One describes the purpose of the report along with the scope and benefits of the Capital Improvement Plan.
Section Two describes the development program as proposed by the Developer.

Section Three provides a summary of the Capital Improvement Plan for the District as determined by the District Engineer.

Section Four discusses the financing program for the District.

Section Five introduces the 2022 Supplemental Special Assessment Methodology.

.0	Development Program for Cordova Palms CDD

Overview

The Cordova Palms CDD consists of approximately 292.89 acres in St. Johns County and the development is designed as a residential project. The proposed land use within the District is consistent with the St. Johns County, Florida Land Use and Comprehensive Plans.

The Development Program

The planned development program will consist of 733 single family residential units located within St. Johns County. Phases 1 and 2 of the development will consist of 480 lots comprising 162.73 acres. Phases 3 and 4 of the development will consist of 253 lots comprising
130.16 acres. As a result of a contribution of infrastructure, described in the Series 2021 Special Assessment Methodology and herein, 26.05 of the acres and 150 lots included within Phases 1 and 2 (the “Excluded Parcel”) are not subject to debt assessments.

.0	The Capital Improvement Plan for Cordova Palms CDD

Engineering Report

The public infrastructure costs to be funded by the Cordova Palms CDD were determined by the District Engineer. The Engineer’s Report describes the Capital Improvement Plan including a description of the planned improvements and associated cost estimates. Only
public infrastructure improvements that qualify for tax-exempt bond financing by the District under Chapter #190, Florida Statutes, were included in these cost estimates.

Capital Improvement Plan

As described in more detail in the Engineer’s Report, the Capital Improvement Plan consists of certain onsite and offsite roadway improvements, stormwater improvements, utility improvements, entry features, and amenities/landscaping features. The Capital Improvement Plan represents a system of improvements that, irrespective of the phase for which the improvements are being constructed and certain exceptions described further in Section 5.1 of this Report, will provide benefits to all lands within the District. Table
2 provides for the cost estimates of the 2022 Project, which is described in more detail in that certain Cordova Palms Community Development District Second Supplemental Engineer’s Report to the Capital Improvement Plan (Phases 3 and 4) and includes infrastructure improvements that benefit all phases of the development.

The total costs for the 2022 Project are calculated by adding to the construction costs, the costs for design, permitting, construction management and contingencies, a total of $8,091,100.

.0	Financing Program for Cordova Palms CDD

Overview

As noted above, the District is embarking on its Capital Improvement Plan, which will facilitate the development of a portion of lands within the District. Construction of certain improvements of the Capital Improvement Plan may be funded by the Developer and acquired by the District under an agreement between the District and the Developer or may be funded directly by the District.

The District financed a portion of its CIP for Phases 1 and 2 with the issuance of Special Assessment Revenue Bonds Series 2021 (the “Series 2021 Bonds”) in the principal amount of $7,980,000. The District plans to finance a portion of the next phase of the CIP with the
issuance of Special Assessment Revenue Bonds, Series 2022 (the “Series 2022 Bonds”) in the principal amount of $9,480,000 benefitting all phases within the District as shown in Table 4.

Series 2022 Bonds

The Series 2022 Bonds have an issuance date of July 15, 2022. The Series 2022 Bonds will be for a thirty-year term, with an average coupon interest rate of 5.58% with interest paid semiannually every November and May 1. Capitalized interest will run through November 1, 2023. The Series 2022 Bonds will mature on May 1, 2053. The Series 2022 Bonds will be issued in two series. The Series 2022-1 Bonds will initially be secured by all lands within Assessment Area 1 on a per acre basis. As the lots benefiting from the Series 2022-1 Bonds are platted, the assessments associated with the Series 2022-1 Bonds will be assigned to platted lots while the remaining bond debt will be allocated to the remaining unplatted lands within Assessment Area 1.

The Series 2022-2 Bonds will initially be secured by all lands within Assessment Area 2 on a per acre basis. As the lots benefiting from the Series 2022-2 Bonds are platted, the assessments associated with the Series 2022-2 Bonds will be assigned to platted lots while the remaining bond debt will be allocated to the remaining unplatted lands within Assessment Area 2.

The  Series  2022  Bonds  will  provide  for  construction  funds  of
$8,051,829.16. The maximum annual debt service for the Series 2022 Bonds is $653,920.

The difference between the par amount of bonds and the construction funds is comprised of costs of issuance including underwriter’s discount, professional fees associated with debt issuance, a debt service reserve fund equal to one half of the maximum annual debt service, and capitalized interest to November 1, 2023.

The sources and uses of funds for the Series 2021 and the Series 2022 Bonds are presented in Table 4 in the Appendix.
.0	Assessment Methodology

Overview

The Series 2022 Bonds provide the District with funds to construct a portion of the CIP outlined in Section 3.2. These improvements lead to special / peculiar and general benefits, with special and peculiar benefits accruing generally to the properties within the boundaries of the District and general benefits accruing to areas outside the District and being only incidental in nature. The debt incurred in financing a portion of the CIP will be paid by assessing properties that derive special and peculiar benefits from the proposed projects. With the exception of the Excluded Parcel, all properties that receive special and peculiar benefits from the Capital improvement Plan will be assessed.

Assigning Debt

The current development plan for the District provides construction of a portion of the infrastructure which will allow development of approximately 733 single family residential units.

As described in more detail in the Engineer’s Report, the Capital Improvement Plan includes onsite and offsite roadway improvements, stormwater improvements, utility improvements, amenities, and landscape/entry features. All development within the District will benefit from all Infrastructure improvement categories as the improvements provide basic infrastructure to all lands within the District and benefit all lands within the District as an integrated system of improvements.

As the provision of the Capital Improvement Plan will make the lands within the District developable, the land will become more valuable to their owners. The increase in the value of the land provides the logical benefit of the Capital Improvement Plan that accrues to the developable parcels within the District.

As described in that certain Cordova Palms Community Development District Supplemental Special Assessment Methodology Report for the Special Assessment Revenue Bonds Series 2021, Phase 1 and 2 dated December 13, 2021, the assessments securing the Series 2021 Bonds were allocated to only
Assessment Area 1. The assessments securing the Series 2022 Bonds will be allocated to both Assessment Area 1 and Assessment Area 2. Specifically, $2,325,000 in par debt of the Series 2022-1 Bonds will be allocated to Assessment Area 1 (excluding the Excluded Parcel) and
$7,155,000 in par debt of the Series 2022-2 Bonds will be allocated to Assessment Area 2. Table 5 illustrates the par debt per unit for both assessment areas as well as the annual assessment levels.

The debt incurred by the District to fund the CIP is allocated to the properties receiving special benefits on the basis of development intensity and density. The responsibility for the repayment of the District’s debt through assessments will ultimately be distributed in proportion to the special benefit peculiar to the land within the District, as it may be classified within each of the land use categories. For the purpose of determining the special benefit accruing to the lands within District, the projected public Capital Improvement Plan costs have been allocated to each residential unit on an Equivalent Residential Unit (“ERU”) basis.

The District reserves the right to adjust the allocation of outstanding assessments to ensure a fair and reasonable allocation across all benefitted properties. The allocation described herein is intended to maximize the ability of the District to achieve favorable financing terms and will continue to fairly and reasonably allocate all debt assessments across benefitted properties consistent with the finding that the Capital Improvement Plan functions as a system of improvements benefitting all developable property within the District.

Lienability Test: Special and Peculiar Benefit to the Property

As first discussed in Section 1.3, Special Benefits and General Benefits, improvements undertaken by the District create special and peculiar benefits to certain properties within the District.

Improvements undertaken by the District can be shown to be creating special and peculiar benefits to the property. The special and peculiar benefits resulting from each improvement undertaken by the District are:

Roadway Improvements result in special and peculiar benefits such as the added use of the property, added enjoyment of the property, and likely increased marketability of the property.
Stormwater Improvements result in special and peculiar benefits such as the added use of the property, added enjoyment of the property, and likely increased marketability of the property.
Utility – Potable Water/Wastewater/Reuse Improvements result in special and peculiar benefits such as the added use of the property, added enjoyment of the property, and likely increased marketability and value of the property.
Amenity improvements result in special and peculiar benefits such as the added use of the property, added enjoyment of the property, and likely increased marketability of the property.
	Landscape and Entry Feature improvements result in special and peculiar benefits such as the added use of the property, added enjoyment of the property, and likely increased marketability of the property.

These special and peculiar benefits are real and ascertainable, but not yet capable of being calculated and assessed in terms of numerical value, however, each is more valuable than either the cost of, or the actual assessment levied for the improvement or debt allocated to the parcel of land.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay

A reasonable estimate of the proportion of special and peculiar benefits received from the CIP is delineated in Table 5 (expressed as Allocation of Total Par Debt).

The determination has been made that the duty to pay the non-ad valorem special assessments is fairly and reasonably apportioned because the special and peculiar benefits to the property derived from the acquisition and or construction of the CIP (and the concomitant responsibility for the payment of the resultant and allocated debt) have been apportioned to the property according to reasonable estimates of the special and peculiar benefits provided consistent with the land use.

Accordingly, no acre or parcel of property within the boundaries of the District will be liened for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property. Further, the debt allocation will not be affected.
In accordance with the benefit allocation in Table 2, Total Par Debt has been calculated on an Equivalent Residential Unit basis in Table 5.

For the 150 units within the Excluded Parcel, the Developer will be contributing $1,056,818.18 of contributed capital infrastructure to the Capital Improvement Plan, which reflects the anticipated debt of
$7,045.45 per 43’ unit as contained in Table 6

True-Up Mechanism

In order to assure that the District’s debt will not build up on the unsold acres within the District and to assure that the requirements that the non-ad valorem special assessments will be constitutionally lienable on the property will continue to be met, the District shall determine the following:

To assure that there will always be sufficient development potential remaining in the property that has not been sold and assigned development rights or platted and to assure payment of debt service after a plat or site plan approval, the following test will be applied. The test is that the debt per acre remaining on the unplatted developable land unsold is never allowed to increase above its maximum debt per acre level. Initially, the maximum level of debt per acre is calculated as the total amount of debt for the Capital Improvement Plan divided by the number of developable acres in the District. In this case, for Assessment Area 1, it is $10,305,000 divided by 136.68 assessable acres equaling $75,395.08 maximum debt per acre. For Assessment Area 2, it is $7,155,000 divided by 130.16 acres equaling $54,970.81 maximum debt per acre. These amounts are preliminary and subject to change.

Concurrent with the recording of each plat for of a portion of the 330 lots in Assessment Area 1, the developable lands remaining in Assessment Area 1 will be reviewed and the true-up amount per acre will be calculated to reflect the remaining developable acres. Should the true-up calculation determine that a density reduction payment is due, it will be remitted to the District within 30 days of plat recording.

Concurrent with the recording of each plat for a portion of the
253 lots in Assessment Area 2, the developable lands remaining in Assessment Area 2 will be reviewed and the true-up amount per acre will be calculated to  reflect the remaining developable acres.
Should the true-up calculation determine that a density reduction payment is due, it will be remitted to the District within 30 days of plat recording.

Every time land is sold with development rights assigned or a site plan approval is presented within each Assessment Area, the debt on the land remaining after the sale or site plan or plat approval must remain at or below maximum debt per acre. If not, then in order for the Developer to receive a site plan or plat approval from St Johns County, the Developer agrees that the District will require a density reduction payment so that the maximum debt per acre debt level is not exceeded. Additionally, as the sales of parcels occur with assigned development rights, the new landowners will be subject to a true-up obligation requiring a true-up payment if such lands are not developed to the extent of the development rights assigned. Such true-up payment shall be in an amount equal to the principal amount of debt, plus any accrued interest for the number of developed units that are below the assigned development rights.

5.6.	Additional Stipulations

Certain financing, development, and engineering data was provided by members of District staff and/or the Developer. The allocation methodology described herein was based on information provided by those professionals. Governmental Management Services, LLC makes no representations regarding said information transactions beyond restatement of the factual information necessary for compilation of this report. For further information about the Bonds, please refer to the related Trust Indentures.
TABLE 1	
CORDOVA PALMS CDD	
DEVELOPMENT PROGRAM	

Land Use:	
ERU Factor	Phases 1 and 2
(Assessment Area 1)	Phases 3 and 4
(Assessment Area 2)	
Total ERUs	
43' Lots (Excluded Parcel)*	0.80	150		120	

43' Lots	0.80	137	8	116	
53' Lots	1.00	193	245	438	

Total Lots	480	253	674	

Total Units Subject to Bond Debt

* There will be Developer contributed infrastructure in lieu of issuing Series 2021 and Series 2022	
Bond debt on 150 lots encompassing 26.05 acres in Phases 1 and 2. See Table 6	

PREPARED BY GOVERNMENTAL MANAGEMENT SERVICES, LLC	Table 1 Units

TABLE 2	
CORDOVA PALMS CDD	
BENEFIT ANALYSIS	

Assessment Area 1 (Phases 1 and 2)

Land Use:	

Planned Units	

ERU Factor	

Total ERUs	

Master Benefit per Unit (1)	
Series 2021 Par Debt Per Unit	Series
2022 Par
Debt Per Unit	Total Series
2021-2022
Par Debt Per Unit	
Residential Single Family								
43' Lots (Excluded Parcel)	150	0.8	120	62,825	-	-	-	

43' Lots	137	0.80	109.6	62,825	21,097	7,045	28,143	
53' Lots	193	1.00	193	78,531	26,371	7,045	33,417	

Total	480	422.6	

Total Subject to Bond Debt	330	302.6	

Assessment Area 2 (Phases 3 and 4)

Land Use:	

Planned Units	

ERU Factor	

Total ERUs	
Master Benefit per Unit (1)	Series 2022
Par Debt Per Unit	
Residential Single Family
43' Lots	
8	
0.80	
6.4	
62,825	
24,189	
53' Lots	245	1.00	245	78,531	28,414	

Totals	253	251.4	

(1) Based on the Master Assessment Methodology Report dated July 1, 2021.

Benefit is based on ERUs. Assessments are a not to exceed target in an amount less than calculated	
benefit.	

PREPARED BY GOVERNMENTAL MANAGEMENT SERVICES, LLC	Table 2 Benefit
TABLE 3	
CORDOVA PALMS CDD	
ENGINEER'S OPINION OF PROBABLE COST - 2022 PROJECT	

Master Infrastructure Improvements:

Roadway Infrastructure	7,037,200	7,037,200

Utilities/Electrical	784,800	784,800

Amenities, Entry Feature and Landscaping	7,800,000	7,800,000

Neighborhood Infrastructure Improvements:

Roadways

Stormwater Management

Utilities / Electrical	5,597,700	5,597,700 Water Distribution and Sewer Systems
Contingency	-	- Total Estimated Cost*

This is a system of improvements, benefiting all the property based on the ERU	
allocations in Table 1, and being constructed in phases, with two Series of Bonds	
financing the entire project.	
* Only a portion of the total estimated cost will be financed by the Series 2021 and 2022	
Bonds.	
Information provided by England, Thims & Miller, Inc. -	
(1) Engineers Report for the Series 2021 Project dated September 8, 2021.	
(2) Engineers Report for the Series 2022 Project dated May 10, 2022	

PREPARED BY GOVERNMENTAL MANAGEMENT SERVICES, LLC	Table 3 Costs
TABLE 4	
CORDOVA PALMS CDD	
SPECIAL ASSESSMENT BONDS, SERIES 2022	
SOURCES & USES OF FUNDS	

Assessment Area 1	Assessment Area 2			
Series 2021
(Phases 1 and 2)	Series 2022-1
(Phases 1 and 2)	Series 2022-2
(Phases 3 and 4)	Total Series 2022
(Phases 1-4)	
Sources

Total Sources

Uses

Total Uses

Principal Amortization Installments	30	30	30	30	
Average Coupon	3.667%	5.751%	5.526%	5.582%	
Par Amount	7,980,000	2,325,000	7,155,000	9,480,000	
Maximum Annual Debt Service	438,700.00	164,767.50	490,797.50	653,920.00	
Maturity	5/1/2052	5/1/2053	5/1/2053	5/1/2053	
Capitalized Interest Through	11/1/2022	11/1/2023	11/1/2023	11/1/2023	

Provided by MBS Capital Markets
TABLE 5	
CORDOVA PALMS CDD	
SPECIAL ASSESSMENT BONDS, SERIES 2022	
ALLOCATION OF PAR DEBT AND ANNUAL DEBT SERVICE	

ASSESSMENT AREA 1								
Phase 1 and 2								

Land Use:	

Planned Units	

Total ERUs	

Series 2021 Par Debt	
Series 2021 Par Debt Per Unit	
Series 2021 Annual Net Assessment	
Series 2021 Per Unit Annual Net Assessment	Series 2021 Annual Gross Assessment Per
Unit (1)	

43' Lots	137	109.6	2,890,310.64	21,097.16	158,894.65	1,159.81	1,233.81	
53' Lots	193	193	5,089,689.36	26,371.45	279,805.35	1,449.77	1,542.26	

330	302.6	7,980,000.00	438,700.00	

Phase 1 and 2								

Land Use:	

Planned Units	

Total ERUs	

Series 2022-1 Par Debt	
Series 2022-1 Par Debt Per Unit	
Series 2022-1 Annual Net Assessment	
Series 2022-1 Per Unit Annual Net Assessment	Series 2022-1 Annual Gross Assessment Per
Unit (1)	

43' Lots	137	109.6	965,227.27	7,045.45	68,500.00	500.00	531.90	
53' Lots	193	193	1,359,772.73	7,045.45	96,500.00	500.00	531.90	

330	302.6	2,325,000.00	165,000.00	

Total Phase 1 and 2								
							Total Series	
				Total Series	Total Series	Total Series 2021-	2021-2022-1	
				2021-2022-1	2001-2022-1	2022-1 Per Unit	Annual Gross	
			Total Series 2021	Par Debt Per	Annual Net	Annual Net	Assessment Per	
Land Use:	Planned Units	Total ERUs	2022-1 Par Debt	Unit	Assessment	Assessment	Unit (1)	

43' Lots	137	109.6	3,855,537.91	28,142.61	227,394.65	1,659.81	1,765.71	
53' Lots	193	193	6,449,462.09	33,416.90	376,305.35	1,949.77	2,074.16	

330	302.6	10,305,000.00	603,700.00	

ASSESSMENT AREA 2								
Phase 3 and 4								

Land Use:	

Planned Units	

Total ERUs	

Series 2022-2 Par Debt	
Series 2022-2 Par Debt Per Unit	
Series 2022-2 Annual Net Assessment	
Series 2022-2 Per Unit Annual Net Assessment	Series 2022-2 Annual Gross Assessment Per
Unit (1)	

43' Lots	8	6.4	193,508.34	24,188.54	13,280.00	1,660.00	1,765.91	
53' Lots	245	245	6,961,491.66	28,414.25	477,750.00	1,950.00	2,074.41	

253	251.4	7,155,000.00	491,030.00	

(1) Gross Annual Assessment per Unit includes collection costs (2%) and discounts allowed by Florida Law for early payment (4%), which may vary and could be subject to change.
TABLE 6	
CORDOVA PALMS CDD	
NON-ASSESSABLE LOTS	
DEVELOPER CONTRIBUTION CALCULATION	

Note: Developer Contribution for 2022 Project equal to the net proceeds for the 2022 Bond	
Series for a 43' lot (see below).	

Phases 1 and 2						

Land Use:	

Planned Units	

Net Proceeds	Net Proceeds
Per Lot	Non-Bond Financed Per
43' Lot	Calculation of Contributed
Capital	

43' Lots (Excluded Parcel)*	150	-	-	5,935.49	890,323.50	

43' Lots	137	813,162	5,935.49	-	-	
53' Lots	193	1,145,550	5,935.49	-	-	

Total	480	1,958,710	890,323.50	

TABLE 7	
CORDOVA PALMS CDD	
SPECIAL ASSESSMENT BONDS, SERIES 2022	
PRELIMINARY ASSESSMENT ROLL	

PARCEL ID	

OWNER	

ACRES	

AREA	
BOND ISSUE	

PAR DEBT	
PAR DEBT PER ACRE	
MAX ANNUAL DEBT SERVICE	
MAX ANNUAL DEBT SERVICE PER ACRE	

ASSESSMENT AREA 1
072570-0001	VPDF CORDOVA LLC

136.68

1	2021	7,980,000	58,384.55	438,700	3,209.69

ASSESSMENT AREA 2									
072570-0001	VPDF CORDOVA LLC	130.16	2	2022-2	7,155,000	54,970.81	491,030	3,772.51	

TOTAL	266.84	17,460,000	1,094,730

PREPARED BY GOVERNMENTAL MANAGEMENT SERVICES, LLC	Table 7 Acres
EXHIBIT C
Maturities and Coupon of Series 2022-2 Bonds

EXHIBIT D
Sources and Uses of Funds for Series 2022-2 Bonds

EXHIBIT E
Annual Debt Service Payment Due on Series 2022-2 Bonds

FOURTH ORDER OF BUSINESS
MINUTES OF MEETING
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Cordova Palms Community Development District was held on Wednesday, June 8, 2022 at 10:00 a.m. at the offices of Governmental Management Services, LLC, 475 West Town Place, Suite 114, St. Augustine, Florida 32092.

Present and constituting a quorum were:

Louis Cowling	Chairman
Don Guillon	Vice Chairman (by phone)
Andrew Charlson	Supervisor
Ken Brown	Supervisor

Also present were:

Daniel Laughlin	District Manager
Wes Haber	District Counsel (by phone)
Scott Wild	District Engineer (by phone)
Rhonda Mossing	MBS Capital Markets (by phone)

The following is a summary of the discussions and actions taken at the June 8, 2022 meeting. An audio copy of the proceedings can be obtained by contacting the District Manager.

FIRST ORDER OF BUSINESS	Roll Call
Mr. Laughlin called the meeting to order at 10:00 a.m.

SECOND ORDER OF BUSINESS	Public Comment
There being no members of the public present, the next item followed.

THIRD ORDER OF BUSINESS	Financing Matters for Series 2022 Bonds
Consideration of Resolution 2022-09, Approving Developer Agreements in Substantial Form and Authorizing the Chairman to Execute the Agreements
Mr. Haber informed the Board that approval of resolution 2022-09 will be tabled until the next meeting as the pre-closing was delayed.

FOURTH ORDER OF BUSINESS	Approval of Minutes of the May 11, 2022
Meeting
There were no comments on the minutes.
June 8, 2022	Cordova Palms CDD

FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-10,
Approving the Proposed Budget for Fiscal Year 2023 and Setting a Public Hearing Date
Mr. Laughlin informed the Board the public hearing will be set for August 10, 2022 to align with the regular board meeting. He also noted that since the previous meeting the budget has been revised to add field expenditures into the budget, bringing the total expenditures to
$333,018.

SIXTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-11,
Authorizing Issuance of a Request for Proposals for the Phase III Infrastructure Improvement Project
Mr. Wild informed the Board that the construction plans for Phase III were approved by the County and asked for approval by the Board to begin the proposal process.
Mr. Haber noted resolution 2022-11 approves the evaluation criteria that the Board would use to review the responses to the RFP, as well as the form of notice that would be published in the newspaper. Lastly, it grants authority to the Chair to work with staff to finalize the RFP package.

SEVENTH ORDER OF BUSINESS	Staff Reports
District Counsel
Mr. Haber stated that a discussion needs to be had regarding the method in which the budget will be funded, whether by levy of operations and maintenance assessments, developer
June 8, 2022	Cordova Palms CDD

funding agreement, or some sort of hybrid approach. If O&M assessments are to be levied, there are mailed and published notices that will need to be issued.

District Engineer
Requisition Summary
Mr. Wild provided the Board a brief overview of the requisition summary, which includes requisition numbers 23 and 24 to be ratified, totaling $435,312.41. Requisition numbers 25 through 29 total $444,451.84 and were presented for consideration.

Ratification of Work Authorization No. 3 for Preparation of a Stormwater Needs Analysis Report
Mr. Wild presented work authorization number three for England Thims & Miller to prepare the stormwater needs analysis report at an amount not to exceed $10,000, which is a requirement of the State.

Stormwater Management Plan
Mr. Wild presented a stormwater management plan to assist in the preparation of the stormwater needs analysis report.

District Manager
There being nothing to report, the next item followed.

EIGHTH ORDER OF BUSINESS	Financial Reports
Financial Statements as of April 30, 2022
June 8, 2022	Cordova Palms CDD

Copies of the financial statements were included in the agenda package for the board’s
review.

Consideration of Funding Request No. 13
Mr. Laughlin noted funding request number thirteen totals $4,578.56.

NINTH ORDER OF BUSINESS	Supervisor	Requests	and	Audience
Comments
There being none, the next item followed.

TENTH ORDER OF BUSINESS	Next Scheduled Meeting – July 13, 2022 at
10:00 a.m. at the offices of Governmental Management Services, LLC, 475 West Town Place, Suite 114, St. Augustine, Florida 32092

ELEVENTH ORDER OF BUSINESS	Adjournment

Secretary/Assistant Secretary	Chairman/Vice Chairman

FIFTH ORDER OF BUSINESS
RESOLUTION 2022-14

A RESOLUTION OF THE BOARD OF SUPERVISORS OF CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT DESIGNATING THE OFFICERS OF THE DISTRICT, AND PROVIDING FOR AN EFFECTIVE DATE.

Whereas, Cordova Palms Community Development District (the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within St. Johns, Florida; and

Whereas, the Board of Supervisors of the District desires to designate the Officers of the District.

Now, therefore, be it resolved by the Board of Supervisors of Cordova Palms Community Development District:

Section 1.		 is appointed Chairman.

Section 2.		 is appointed Vice Chairman.

Section 3.		 is appointed Secretary and Treasurer.

	 is appointed Assistant Secretary.

	 is appointed Assistant Secretary.

	 is appointed Assistant Secretary.

Darrin Mossing, Marilee Giles & Jim Oliver is appointed Assistant Treasurer.

Darrin Mossing, Marilee Giles & Jim Oliver is appointed Assistant Secretary.

Section 4.	This Resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED THIS 13TH DAY OF JULY, 2022.

ATTEST	OTC COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairman/Vice Chairman

SIXTH ORDER OF BUSINESS

CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT
ST. JOHNS COUNTY, FLORIDA FINANCIAL REPORT
FOR THE PERIOD FROM INCEPTION MAY 20, 2021 TO SEPTEMBER 30, 2021
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT ST. JOHNS COUNTY, FLORIDA

TABLE OF CONTENTS

	  Page		
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-5	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	6	
Statement of Activities	7	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	8	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
9	
Notes to Financial Statements	10-15	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund	
16	
Notes to Required Supplementary Information	17	
OTHER INFORMATION		
Data Elements Required by Florida Statute 218.39(3)(c)	18	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

19-20	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

21	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
22-23	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Cordova Palms Community Development District St. Johns County, Florida
951 Yamato Road ▪ Suite 280
Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities and each major fund of Cordova Palms Community Development District, St. Johns County, Florida (“District”) as of and for the period from inception May 20, 2021 to September 30, 2021, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2021, and the respective changes in financial position thereof for the period from inception May 20, 2021 to September 30, 2021 in accordance with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District’s basic financial statements. The information for compliance with FL Statute 218.39
(c) is not a required part of the basic financial statements. The information for compliance with FL Statute 218.39 (3) (c) has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 7, 2022, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

June 7, 2022
MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Cordova Palms Community Development District, St. Johns County, Florida (“District”) provides a narrative overview of the District’s financial activities for the period from inception May 20, 2021 to September 30, 2021. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

This information is being presented to provide additional information regarding the activities of the District and to meet the disclosure requirements of Government Accounting Standards Board Statement (“GASB”) No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments issued June 1999. Comparative information between the current year and the prior year is required to be presented in the Management’s Discussion and Analysis (“MD&A”). However, because this is the first period of operations of the District, comparative information is excluded in this report. Subsequent reports will include the comparative information.

FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($13,536).

The change in the District’s total net position in comparison with the prior fiscal year was ($13,536), a decrease. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2021, the District’s governmental funds reported combined ending fund balance of ($13,536), a decrease of ($13,536), in comparison with the prior fiscal year. The fund balance is non spendable for prepaids, and the remainder is unassigned deficit fund balance.

OVERVIEW OF FINANCIAL STATEMENTS

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

Government-Wide Financial Statements

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

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

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

The government-wide financial statements include all governmental activities that are principally supported by Developer contributions. The District does not have any business-type activities. The governmental activities of the District include the general government (management) function.
OVERVIEW OF FINANCIAL STATEMENTS (Continued)

Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

Governmental Funds

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

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

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

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

Notes to the Financial Statements

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

GOVERNMENT-WIDE FINANCIAL ANALYSIS

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

Key components of the District’s net position are reflected in the following table:
NET POSITION SEPTEMBER 30,
2021
Current and other assets	$	16,265	
Total assets	16,265	
Current liabilities	29,801	
Total liabilities	29,801	
Net position
Unrestricted	(13,536)

Total net position	$	(13,536)

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

The District’s net position decreased during the most recent fiscal year.

Key elements of the change in net position are reflected in the following table:
CHANGES IN NET POSITION
FOR THE PERIOD FROM INCEPTION MAY 20, 2021 TO SEPTEMBER 30,

Revenues:
Program revenues
Operating grants and contributions
	2021	

 $	26,913 
Total revenues		26,913  Expenses:
General government		40,449 	
Total expenses		40,449 	
Change in net position		(13,536) 	
Net position - beginning		-		
Net position - ending	 $	(13,536) 	

As noted above and in the statement of activities, the cost of all governmental activities during the period from inception May 20, 2021 to September 30, 2021 was $40,449. The costs of the District’s activities were funded by program revenues which were comprised of Developer contributions.

GENERAL BUDGETING HIGHLIGHTS

An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the period from inception May 20, 2021 to September 30, 2021.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS

Subsequent to fiscal year end, the District issued $7,980,000 of Series 2021 Bonds, consisting of multiple term bonds with due dates ranging from May 1, 2026 - May 1, 2052 and fixed interest rates ranging from 2.40% to 4.00%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

If you have questions about this report or need additional financial information, contact the Cordova Palms Community Development District’s Finance Department at 475 West Town Place, Suite 114, St. Augustine, Florida, 32092.
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT ST. JOHNS COUNTY, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2021

	Governmental
	Activities		
ASSETS		
Cash and cash equivalents	$	7,860	
Due from Developer	3,405	
Prepaid items		5,000 	
Total assets		16,265 	
LIABILITIES		
Accounts payable		29,801 	
Total liabilities		29,801 	
NET POSITION		
Unrestricted		(13,536) 	
Total net position	 $	(13,536) 	

See notes to the financial statements
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT ST. JOHNS COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE PERIOD FROM INCEPTION MAY 20, 2021 TO SEPTEMBER 30, 2021

Program
Net (Expense) Revenue and Changes in Net
		Revenues	Position	 Operating Grants
and	Governmental
Functions/Programs		Expenses	Contributions	Activities	 Primary government:
Governmental activities:
General government	 $	40,449	$	26,913	$	(13,536) 
Total governmental activities		40,449	26,913	(13,536) 

Change in net position	(13,536)
Net position - beginning		-	
Net position - ending	 $	(13,536) 

See notes to the financial statements
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT ST. JOHNS COUNTY, FLORIDA
BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2021

	Major Funds	
Capital
Total Governmental
General
Projects
Funds
ASSETS			
Cash and cash equivalents	$	7,860	$	-	$	7,860	
Due from Developer	3,405	-	3,405	
Prepaid items	5,000	-	5,000	
Total assets	$	16,265	$	-	$	16,265	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	16,265	$	13,536	$	29,801	
Total liabilities	16,265	13,536	29,801	

Fund balances:
Nonspendable:
Prepaid items		5,000		-		5,000	
Unassigned		(5,000)		(13,536)		(18,536)	
Total fund balances		-		(13,536)		(13,536)	

Total liabilities and fund balances	
$	
16,265	
$	
-	
$	
16,265	

See notes to the financial statements
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT ST. JOHNS COUNTY, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE PERIOD FROM INCEPTION MAY 20, 2021 TO SEPTEMBER 30, 2021

	Major Funds		Total

General
Capital Projects
Governmental Funds
REVENUES							
Developer contributions	$	26,913	$	-	$	26,913					
Total revenues	26,913	-	26,913					

EXPENDITURES
Current:							
General government		26,913		13,536		40,449	
Total expenditures		26,913		13,536		40,449	

Excess (deficiency) of revenues over (under) expenditures		

-		

(13,536)		

(13,536)	
Fund balances - beginning		-		-		-	

Fund balances - ending	
$	
-	
$	
(13,536)	
$	
(13,536)	

See notes to the financial statements
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT ST. JOHNS COUNTY, FLORIDA
NOTES TO FINANCIAL STATEMENTS

NOTE 1 - NATURE OF ORGANIZATION AND REPORTING ENTITY

Cordova Palms Community Development District (the "District") was established by the Board of Commissioners of St. Johns County’s approval of Ordinance No. 2021-30 effective on May 20, 2021 pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.

The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. The Board exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes. As of September 30, 2021, three of the Board members are affiliated with Dream Finders Homes, LLC (“Developer”).

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

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

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.

The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.

The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment; operating- type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

Assessments
Assessments are non-ad valorem assessments on benefited property within the District. Operating and maintenance assessments are based upon the adopted budget and levied annually at a public hearing of the District. Debt service assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection under Florida Statutes. Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by the County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the debt service assessments on their property subject to various provisions in the Bond documents.

Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The District reports the following major governmental funds:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.

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

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.

When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity (Continued)

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

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:

The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.

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

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
The District does not have any capital assets as of September 30, 2021. Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but
not yet earned.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity (Continued)

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

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

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

In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

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

The District can establish limitations on the use of fund balance as follows:

Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.

Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity (Continued)

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

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

Other Disclosures

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

NOTE 3 - BUDGETARY INFORMATION

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

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

NOTE 4 – DEPOSITS

The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.
NOTE 5 – CAPITAL ASSETS

The District intends on issuing bonds in order to finance the construction and acquisition of infrastructure improvements. The infrastructure intended to serve the District has been estimated at a total cost of approximately $38,237,000. The infrastructure will include roadways, potable water and wastewater systems, a stormwater management system and other improvements. In addition, the project will include amenities, an entry feature, and landscaping. A portion of the project costs is expected to be financed with the proceeds from the issuance of Bonds with the remainder to be funded by the Developer or additional bond issuances. Certain improvements will be conveyed to other governmental entities upon completion of the project.

NOTE 6 - DEVELOPER TRANSACTIONS

The Developer has agreed to fund the general operations of the District. In connection with that agreement, Developer contributions to the general fund were $26,913 as of September 30, 2021, which includes a receivable of $3,405 as of September 30, 2021.

NOTE 7 - CONCENTRATION

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

NOTE 8 - MANAGEMENT COMPANY

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

NOTE 9 - RISK MANAGEMENT

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

NOTE 10 – SUBSEQUENT EVENTS

Subsequent to fiscal year end, the District issued $7,980,000 of Series 2021 Bonds, consisting of multiple term bonds with due dates ranging from May 1, 2026 - May 1, 2052 and fixed interest rates ranging from 2.40% to 4.00%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. During the current fiscal year, District incurred certain bond issuance costs which are expected to be reimbursed with the issuance of the Bonds.
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT ST. JOHNS COUNTY, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND
FOR THE PERIOD FROM INCEPTION MAY 20, 2021 TO SEPTEMBER 30, 2021

	
Budgeted
	Amounts	 Original and Final	

Actual Amounts	Variance with Final Budget - Positive
(Negative)	

REVENUES
Developer Contributions	

$	55,474	

$	26,913	

$	(28,561)	
Total revenues	55,474	26,913	(28,561)	

EXPENDITURES
Current:
General government	48,010	26,913	21,097	
Total expenditures	48,010	26,913	21,097	

Excess (deficiency) of revenues over (under) expenditures	

7,464	

-	

(7,464)	

OTHER FINANCING SOURCES (USES)
Carry forward	

723	

-	

(723)	
Total other financing sources (uses)	723	-	(723)	

Net change in fund balances	
  $	8,187 	
-	
 $	(8,187) 	
Fund balance - beginning			-			
Fund balance - ending		 $	-			

See notes to required supplementary information
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT ST. JOHNS COUNTY, FLORIDA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

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

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the period from inception May 20, 2021 to September 30, 2021.
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT ST. JOHNS COUNTY, FLORIDA
OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FLORIDA STATUTE 218.39(3)(C) UNAUDITED

Number of district employees compensated at 9/30/2021	0		
			
Number of independent contractors compensated in September 2021	1		
			
Employee compensation FYE 9/30/21 (paid/accrued)	$0.00		
			
Independent contractor compensation for FYE 9/30/21	$15,520.53		
			
Construction projects to begin on or after October 1, ($65,000)		no construction project	
			
		Actual did not go over	
Budget variance report	see page 16	original adopted budget.	
		See 9/30/21 financials	
		on the server	
			
Non Ad valorem special assessments:			
Special assessment rate FYE 9/30/21			
NO BONDS ISSUED			
			
Special assessment collected FYE 9/30/21			
NO BONDS ISSUED			
			
Outstanding Bonds:			
NO BONDS ISSUED			
951 Yamato Road ▪ Suite 280
Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
Cordova Palms Community Development District St. Johns County, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Cordova Palms Community Development District, St. Johns County, Florida (“District”) as of and for the period from inception May 20, 2021 to September 30, 2021, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated June 7, 2022.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

June 7, 2022
951 Yamato Road ▪ Suite 280
Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

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

To the Board of Supervisors
Cordova Palms Community Development District St. Johns County, Florida

We have examined Cordova Palms Community Development District, St. Johns County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the period from inception May 20, 2021 to September 30, 2021. Management is responsible for District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance based on our examination.

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

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the period from inception May 20, 2021 to September 30, 2021.

This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Supervisors of Cordova Palms Community Development District, St. Johns County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 7, 2022
951 Yamato Road ▪ Suite 280
Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA

To the Board of Supervisors
Cordova Palms Community Development District St. Johns County, Florida

Report on the Financial Statements

We have audited the accompanying basic financial statements of Cordova Palms Community Development District, St. Johns County, Florida ("District") as of and for the period from inception May 20, 2021 to September 30, 2021, and have issued our report thereon dated June 7, 2022.

Auditor’s Responsibility

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

Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June 7, 2022, should be considered in conjunction with this management letter.

Purpose of this Letter

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

Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.

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

We wish to thank Cordova Palms Community Development District, St. Johns County, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

June 7, 2022
REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS

None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

N/A

COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.

N/A, first year audit.

Any recommendations to improve the local governmental entity's financial management.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the period from inception May 20, 2021 to September 30, 2021.

Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the period from inception May 20, 2021 to September 30, 2021.

The name or official title and legal authority of the District are disclosed in the notes to the financial statements.

The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.

We applied financial condition assessment procedures and no deteriorating financial conditions were noted as of September 30, 2021. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 18.

SEVENTH ORDER OF BUSINESS

Cordova Palms
Community Development District

Approved Budget
FY 2023
Cordova Palms
Community Development District

TABLE OF CONTENTS

General Fund
Budget	Page 1-2
Narrative	Page 3-5

SE 2021 Debt Service Fund
Summary of Revenues and Expenses	Page 6
Amortization Schedule	Page 7-8

Cordova Palms
Community Development District
General Fund
Approved Operating Budget

	Adopted
Budget	Actuals
as of	Projected
Next 3	Total
Projected	Approved
Budget	
Description	FY 2022	6/30/22	Months	9/30/22	FY 2023	

Revenues						
Assessments/Developer Contributions	$  118,393	$	48,412	$	42,972	$	91,385	$	333,018	
Total Revenues	$ 118,393	$	48,412	$	42,972	$	91,385	$	333,018	
Expenditures						
Administrative						
Supervisors Fees	$	12,000	$	-	$	3,000	$	3,000	$	12,000	
FICA Expense	$	918	$	-	$	230	$	230	$	918	
Engineering	$	12,000	$	2,063	$	1,500	$	3,563	$	12,000	
Arbitrage	$	-	$	-	$	600	$	600	$	800	
Attorney	$	25,000	$	3,530	$	2,500	$	6,030	$	25,000	
Annual Audit	$	-	$	3,200	$	-	$	3,200	$	3,400	
Assessment Administration	$	5,000	$	-	$	5,000	$	5,000	$	5,000	
Trustee Fees	$	-	$	-	$	5,000	$	5,000	$	5,000	
Dissemination	$	-	$	2,500	$	1,667	$	4,167	$	5,000	
Management Fees	$	45,000	$	33,750	$	11,250	$	45,000	$	47,250	
Website Creation/ADA Compliance	$	-	$	1,750	$	-	$	1,750	$	-	
Website Maintenance	$	1,200	$	900	$	300	$	1,200	$	1,500	
Information Technology	$	1,800	$	1,350	$	450	$	1,800	$	2,250	
Telephone	$	500	$	96	$	279	$	375	$	500	
Postage	$	1,500	$	28	$	800	$	828	$	1,500	
Insurance	$	5,500	$	5,000	$	-	$	5,000	$	5,625	
Printing & Binding	$	1,200	$	962	$	870	$	1,832	$	2,000	
Legal Advertising	$	5,000	$	772	$	1,100	$	1,872	$	2,000	
Other Current Charges	$	600	$	351	$	120	$	471	$	600	
Office Supplies	$	1,000	$	78	$	215	$	293	$	500	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$ 118,393	$	56,505	$	34,880	$	91,385	$	133,018	

Cordova Palms
Community Development District
General Fund
Approved Operating Budget

	Adopted
Budget	Actuals
as of	Projected
Next 3	Total
Projected	Approved
Budget	
Description	FY 2022	6/30/22	Months	9/30/22	FY 2023	

Grounds Maintenance						

Landscape - Maintenance	$	-	$	-	
$	-	
$	-	
$	80,000			
Landscape - Contingency	$	-	$	-	$	-	$	-	$	5,000			
Landscape - Pond Banks	$	-	$	-	$	-	$	-	$	40,000			
Lake Maintenance	$	-	$	-	$	-	$	-	$	10,000			
Electric	$	-	$	-	$	-	$	-	$	3,000			
Water/Sewer/Irrigation	$	-	$	-	$	-	$	-	$	30,000			
Repairs & Maintenance	$	-	$	-	$	-	$	-	$	10,000			
Irrigation Repairs	$	-	$	-	$	-	$	-	$	10,000			
Pest Control	$	-	$	-	$	-	$	-	$	2,000			
Other Repairs and Maintenance	$	-	$	-	$	-	$	-	$	10,000			
Total Grounds Maintenance	$	-	$	-	$	-	$	-	$	200,000			
						
Total Expenditures	$ 118,393	$	56,505	$	34,880	$	91,385	$	333,018			
	$	34,880					
Excess Revenues (Expenditures)
$	-	$
(8,092)
$  8,092.15	$	-	$	-

Cordova Palms
Community Development District
General Fund Budget FY 2023

REVENUES:

Assessments/Developer Contributions

The District will levy a non ad-valorem special assessment on all taxable property within the District to fund all of the General Operating Expenditures for the fiscal year and collect from Developer remaining assessments for O&M portion.

EXPENDITURES:

Administrative:

Supervisors Fees

The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon five supervisors attending the estimated 12 annual meetings.

FICA Expense

These expenses represent the Employer's share of Social Security and Medicare taxes withheld from the Board of Supervisors checks.

Engineering

The District's engineering firm will be providing general engineering services to the District including attendance and preparation for monthly board meetings, review invoices, etc. England, Thims & Miller serves as the District’s engineering firm.

Arbitrage

The District is required to annually have an arbitrage rebate calculation on the District’s Series 2021 Bonds. Grau and Associates, CPAs, serves as the District’s independent certified public accounting firm to calculate the rebate liability and submit reports to the District.

Attorney

The District's legal counsel will be providing general legal services to the District including attendance and preparation for monthly meetings, review operating and maintenance contracts, etc. Kutak Rock LLP serves as the District’s legal counsel.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Grau and Associates currently serves as the District’s Independent Auditor.

Assessment Administration

Governmental Management Services, LLC serves as the District’s collection agent and certifies the District’s non-ad valorem assessments with the county tax collector.
Cordova Palms
Community Development District
General Fund Budget FY 2023

Trustee Fees

The amount of the trustee fees is based on the agreement between The Bank of New York Mellon and the District for the Special Assessment Bond Series 2021.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements the District’s Special Assessment Bond Series 2021. It has contracted with Governmental Management Services, LLC to provide this service.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Website Maintenance

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

Information Technology

Represents costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc.

Telephone

The cost of telephone and fax machine service.

Postage

Mailing of agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District's General Liability & Public Officials Liability Insurance policy is with Florida Property Alliance Preferred (FPA). FPA specializes in providing insurance coverage to governmental agencies.

Printing & Binding

Printing and binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, and etc. in a newspaper of general circulation.
Cordova Palms
Community Development District
General Fund Budget FY 2023

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Grounds Maintenance:

Landscape Maintenance

Estimated costs related to maintain the common areas of the District.

Landscape Contingency

Estimated costs for other landscape maintenance incurred by the District.

Landscape Pond Banks

Estimated costs to maintain ponds in the District.

Lake Maintenance

Estimated costs to maintain ponds throughout the District.

Electric

Estimated costs for electric billed to the District by Clay County Electric.

Water/Sewer/Irrigation

Estimated costs for irrigation by the district for water, sewer and irrigation.

Repairs and Maintenance

Any costs related to miscellaneous repairs and maintenance that occur during the fiscal year.

Irrigation Repairs

Estimated miscellaneous irrigation maintenance and repair costs.

Pest Control

Estimated costs for pest control service incurred by the District.

Other Repairs and Maintenance

Estimated costs for other repairs and maintenance incurred by the district.
Cordova Palms
Community Development District Series 2021 Debt Service Fund Approved Budget

	Proposed
Budget	Actuals
as of	Projected
Next 3	Total
Projected	Approved
Budget					
Description	FY 2021	06/30/22	Months	9/30/22	FY 2023					

Revenues										
Special Assessments	$	-	$	-	$	-	$	-	$	438,770					
Interest Income	$	25	$	103	$	35	$	138	$	200					
Bond Proceeds	$	266,903	$	266,903	$	-	$	266,903	$	-					
Net Premium on Bond	$	189,831	$	189,831	$	-	$	189,831	$	-					
Carry Forward Surplus	$	-	$	-	$	-	$	-	$	136,214	
Total Revenues	$	456,759	$	456,837	$	35	$	456,872	$	575,184				

Expenditures										
Series 2021
Interest Expense 5/1	
$	104,304	
$	101,304	
$	-		
$	101,304	
$	-				
Interest Expense 11/1	$	-	$	-	$	-	$	-	$	136,080									
Principal Expense 5/1	$	-	$	-	$	-	$	-	$	165,000									
Interest Expense 5/1	$	-	$	-	$	-	$	-	$	136,080									
Total Expenditures	$	104,304	$	101,304	$	-	$	101,304	$	437,160					
										
Excess Revenues/(Expenditures)	$	352,455	$	355,533	$	35	$	355,568	$	138,024					

11/1/23 Interest Payment	
$	
134,100								

Assessments per unit for FY 2023
Lot
Size	Unit
Count	Net Per
Unit	Gross Per
Unit	Gross
Assessments (1)	
43'	137	$1,160	$1,234	$169,064	
53'	193	$1,450	$1,543	$297,713	
Gross Annual Assessm	ent			$466,776	
Less Discount 4% + Collections 2%	($28,007)

include 4% provision for early payment discount and 2% collection costs for St.Johns County
Cordova Palms
Community Development District Special Assessment Revenue Bonds, Series 2021

Period		Interest		Debt	Annual Debt	Bond	
Ending	Principal	Rate	Interest	Service	Service	Balance	

11/1/22		2.400%	$  136,080	$	136,080	$	437,160		
5/1/23	165,000	2.400%	$  136,080	$	301,080		$	7,815,000	
11/1/23		2.400%	$  134,100	$	134,100	$	438,200	$	-	
5/1/24	170,000	2.400%	$  134,100	$	304,100		$	7,645,000	
11/1/24		2.400%	$  132,060	$	132,060	$	439,120	$	-	
5/1/25	175,000	2.400%	$  132,060	$	307,060		$	7,470,000	
11/1/25		2.400%	$  129,960	$	129,960	$	439,920	$	-	
5/1/26	180,000	2.400%	$  129,960	$	309,960		$	7,290,000	
11/1/26		2.400%	$  127,800	$	127,800	$	440,600	$	-	
5/1/27	185,000	2.800%	$  127,800	$	312,800		$	7,105,000	
11/1/27		2.800%	$  125,210	$	125,210	$	440,420	$	-	
5/1/28	190,000	2.800%	$  125,210	$	315,210		$	6,915,000	
11/1/28		2.800%	$  122,550	$	122,550	$	440,100	$	-	
5/1/29	195,000	2.800%	$  122,550	$	317,550		$	6,720,000	
11/1/29		2.800%	$  119,820	$	119,820	$	439,640	$	-	
5/1/30	200,000	2.800%	$  119,820	$	319,820		$	6,520,000	
11/1/30		2.800%	$  117,020	$	117,020	$	439,040	$	-	
5/1/31	205,000	2.800%	$  117,020	$	322,020		$	6,315,000	
11/1/31		2.800%	$  114,150	$	114,150	$	438,300	$	-	
5/1/32	210,000	3.000%	$  114,150	$	324,150		$	6,105,000	
11/1/32		3.000%	$  111,000	$	111,000	$	442,000	$	-	
5/1/33	220,000	3.000%	$  111,000	$	331,000		$	5,885,000	
11/1/33		3.000%	$  107,700	$	107,700	$	440,400	$	-	
5/1/34	225,000	3.000%	$  107,700	$	332,700		$	5,660,000	
11/1/34		3.000%	$  104,325	$	104,325	$	438,650	$	-	
5/1/35	230,000	3.000%	$  104,325	$	334,325		$	5,430,000	
11/1/35		3.000%	$  100,875	$	100,875	$	441,750	$	-	
5/1/36	240,000	3.000%	$  100,875	$	340,875		$	5,190,000	
11/1/36		3.000%	$	97,275	$	97,275	$	439,550	$	-	
5/1/37	245,000	3.000%	$	97,275	$	342,275		$	4,945,000	
11/1/37		3.000%	$	93,600	$	93,600	$	442,200	$	-	
5/1/38	255,000	3.000%	$	93,600	$	348,600		$	4,690,000	
11/1/38		3.000%	$	89,775	$	89,775	$	439,550	$	-	
5/1/39	260,000	3.000%	$	89,775	$	349,775		$	4,430,000	
11/1/39		3.000%	$	85,875	$	85,875	$	441,750	$	-	
5/1/40	270,000	3.000%	$	85,875	$	355,875		$	4,160,000	
11/1/40		3.000%	$	81,825	$	81,825	$	438,650	$	-	
5/1/41	275,000	3.000%	$	81,825	$	356,825		$	3,885,000	
11/1/41		3.000%	$	77,700	$	77,700	$	440,400	$	-	
5/1/42	285,000	4.000%	$	77,700	$	362,700		$	3,600,000	
11/1/42		4.000%	$	72,000	$	72,000	$	444,000	$	-	
5/1/43	300,000	4.000%	$	72,000	$	372,000		$	3,300,000	
11/1/43		4.000%	$	66,000	$	66,000	$	442,000	$	-	
5/1/44	310,000	4.000%	$	66,000	$	376,000		$	2,990,000	
11/1/44		4.000%	$	59,800	$	59,800	$	444,600	$	-	
5/1/45	325,000	4.000%	$	59,800	$	384,800		$	2,665,000	
11/1/45		4.000%	$	53,300	$	53,300	$	441,600	$	-	
5/1/46	335,000	4.000%	$	53,300	$	388,300		$	2,330,000	
11/1/46		4.000%	$	46,600	$	46,600	$	443,200	$	-	
Cordova Palms
Community Development District Special Assessment Revenue Bonds, Series 2021

Period		Interest		Debt	Annual Debt	Bond	
Ending	Principal	Rate	Interest	Service	Service	Balance	

5/1/47	350,000	4.000%	$	46,600	$	396,600		$	1,980,000	
11/1/47		4.000%	$	39,600	$	39,600	$	444,200	$	-	
5/1/48	365,000	4.000%	$	39,600	$	404,600		$	1,615,000	
11/1/48		4.000%	$	32,300	$	32,300	$	444,600	$	-	
5/1/49	380,000	4.000%	$	32,300	$	412,300		$	1,235,000	
11/1/49		4.000%	$	24,700	$	24,700	$	444,400	$	-	
5/1/50	395,000	4.000%	$	24,700	$	419,700		$	840,000	
11/1/50		4.000%	$	16,800	$	16,800	$	443,600	$	-	
5/1/51	410,000	4.000%	$	16,800	$	426,800		$	430,000	
11/1/51		4.000%	$	8,600	$	8,600	$	447,200	$	-	
5/1/52	430,000	4.000%	$	8,600	$	438,600		$	-	

	7,980,000 
 $ 5,256,800 
 $ 13,236,800 
 $ 13,236,800 

EIGHTH ORDER OF BUSINESS

B.

1.

REQUISITION SUMMARY					

CORDOVA PALMS CDD					
BOND SERIES:
2021 ACQUISITION AND CONSTRUCTION ACCOUNT
Wednesday, July 13, 2022					
					
Date	Req #	Payee	Description of Payment	Amount	
TO BE RATIFIED					
6/14/2022	30	Smith Trucking Company	Cordova Phase 1 Emergency Access-Application for Payment No. 7 (Feb 2022)	$	93,295.00	
6/14/2022	31	Smith Trucking Company	Cordova Phase 2 Collector Road-Application for Payment No. 2 (Mar 2022)	$	10,100.50	
6/14/2022	32	Smith Trucking Company	Cordova Phase 1 West of Collector Road - Application for Payment No. 7 (Jan 2022)	$	24,379.05	
TOTAL AMOUNT TO BE RATIFIED	$	127,774.55				
					
TO BE APPROVED					
6/22/2022	33	Vallencourt	Cordova Palms Phase 1 - Eastern Lots – Contractor Payment Application 8045-11 (June 2022)	$	109,845.64	
6/22/2022	34	Vallencourt	Cordova Palms Phase 1 - Western Lots and Connector – Contractor Payment Application 8044-11 (June 2022)	$	105,670.04	
6/23/2022	35	Smith Trucking Company	Cordova Phase 2 Lot Development - Application for Payment No. 6 (June 2022)	$	140,971.55	
7/1/2022	36	Vallencourt	Cordova Palms Phase 2 - Application for Payment 8070-1 (June 2022)	$	276,546.98	
7/5/2022	37	Smith Trucking Company	Cordova Phase 1 Collector Road-Application for Payment No. 4 (June 2022)	$	630.00	
7/5/2022	38	Smith Trucking Company	Cordova Phase 1 West of Collector Road - Application for Payment No. 8 (June 2022)	$	77,408.86	
7/5/2022	39	Smith Trucking Company	Cordova Phase 1 East of Collector Road - Contractor Application for Payment No. 8 (June 2022)	$	71,004.58	
7/5/2022	40	Smith Trucking Company	Cordova Emergency Access Road - Application for Payment No. 8 (June 2022)	$	27,407.70	
7/5/2022	41	Smith Trucking Company	Cordova Phase 1 Collector Road-Application for Payment (Retainage)	$	637.70	
7/5/2022	42	Smith Trucking Company	Cordova Phase 1 West of Collector Road - Application for Payment (Retainage)	$	79,060.84	
7/9/2022	43	Smith Trucking Company	Cordova Phase 2 Collector Road-Application for Payment No. 4 (June 2022)	$	1,101.60	
7/9/2022	44	Smith Trucking Company	Cordova Phase 2 Collector Road-Application for Payment (Retainage) (June 2022)	$	2,253.40	
7/9/2022	45	Smith Trucking Company	Cordova Phase 2 Lot Development - Application for Payment (Retainage) (June 2022)	$	127,342.14	
7/11/2022	46	ETM	Amenity Center and Dog Park (WA#1) Invoice 201313 (Jan 2022)	$	5,137.50	
7/11/2022	47	ETM	Amenity Center and Dog Park (WA#1) Invoice 202169 (Mar 2022)	$	17,981.25	
7/11/2022	48	ETM	Amenity Center and Dog Park (WA#1) Invoice 202627 (Apr 2022)	$	18,508.00	
7/11/2022	49	ETM	Amenity Center and Dog Park (WA#1) Invoice 203055 (May 2022)	$	10,755.35	
7/11/2022	50	ETM	Amenity Center and Dog Park (WA#1) Invoice 203503 (June 2022)	$	5,245.79	
7/11/2022	51	ETM	Cordova Palms Phase 2 CEI Services (WA#2) Invoice 202174 (Mar 2022)	$	2,691.50	
7/11/2022	52	ETM	Cordova Palms Phase 2 CEI Services (WA#2) Invoice 202634 (Apr 2022)	$	3,854.00	
7/11/2022	53	ETM	Cordova Palms Phase 2 CEI Services (WA#2) Invoice 203542 (June 2022)	$	2,797.39	
7/11/2022	54	ETM	Cordova Palms Phase 3 Proposal Documents & RFP Process (WA#5) Invoice 203103 (May 2022)	$	1,118.00	
7/11/2022	55	ETM	Cordova Palms Phase 3 Proposal Documents & RFP Process (WA#5) Invoice 203509 (June 2022)	$	2,450.00	
TOTAL AMOUNT TO BE APPROVED	$	1,090,419.81				
AMOUNT TO BE APPROVED JULY 13, 2022 $	1,218,194.36

2.
TEMPLATE FOR LOCAL GOVERNMENTS AND SPECIAL DISTRICTS FOR PERFORMING A STORMWATER NEEDS
ANALYSIS PURSUANT TO SECTION 5 OF SECTION 403.9302, FLORIDA STATUTES	

INTRODUCTION	

As part of the 2021 regular session, the Legislature recognized the need for a long-term planning process for stormwater and wastewater. Section 403.9302, Florida Statutes, requires a 20-year needs analysis from the local governments providing stormwater services. Because this planning document is forward-looking, it will necessarily include a large number of assumptions about future actions. These assumptions should be based on any available information coupled with best professional judgment of the individuals completing the document.	
Completing this template by June 30, 2022, will fulfill the statutory requirements for the first round of 20-year needs analyses for stormwater. The template was generated by EDR in cooperation with local governments, Special Districts, the Florida Department of Environmental Protection (DEP), the Water Management Districts, the Florida Stormwater Association, private consultants, and others. Use of this tool will help ensure that information is compiled consistently for the Office of Economic & Demographic Research’s (EDR) report to the Legislature.	
For the purposes of this document, a stormwater management program and a stormwater management system are as defined in statute (s. 403.031(15) and (16), F.S., respectively; language provided here: https://www.flsenate.gov/Laws/Statutes/2021/403.031). Plainly speaking, the “program” is the institutional framework whereby stormwater management activities (MS4 NPDES permit activities, and other regulatory activities, construction, operation and maintenance, etc. ) are carried out by the public authority. The “system” comprises the physical infrastructure that is owned and/or operated by the local government or special district that specifically is intended to control, convey or store stormwater runoff for treatment and flood protection purposes.	

For the purposes of this document, the following guiding principles have been adopted:	
Stormwater systems or facilities owned and operated by any of the following are excluded from reporting
requirements for local governments and special districts:	
Private entities or citizens
Federal government
State government, including the Florida Department of Transportation (FDOT)
Water Management Districts
School districts
State universities or Florida colleges	
Local government expenditures associated with routine operation and maintenance are fully funded prior to
commencing new projects and initiatives.	

Local government submissions will include the activities of dependent special districts. Only independent special districts report separately. For a list of all special districts in the state and their type (i.e., dependent or independent), please see the Department of Economic Opportunity’s Official List of Special Districts at the following link: http://specialdistrictreports.floridajobs.org/webreports/alphalist.aspx.	
With respect to federal and state statutes and rulemaking, current law and current administration prevails
throughout the 20-year period. In other words, the state’s present legal framework (i.e., the status quo) continues throughout the period.	
	
GENERAL INSTRUCTIONS FOR USING THE TEMPLATE 	
Instructions for submitting the template are still under development. Additional information regarding submission and answers to frequently asked questions will be posted on EDR’s website, along with other useful
materials, here: http://edr.state.fl.us/Content/natural-resources/stormwaterwastewater.cfm	
The statutory language forms the titles for each part. This template asks that you group your recent and
projected expenditures in prescribed categories. A detailed list of the categories is provided in part 5.0.	
The same project should not appear on multiple tables in the jurisdiction’s response unless the project’s
expenditures are allocated between those tables. All expenditures should be reported in $1,000s (e.g., five hundred thousand dollars should be reported as $500).	
For any jurisdiction that is contracting with another jurisdiction where both could be reporting the same expenditure, please contact EDR for additional guidance. In situations where a reporting jurisdiction contracts with a non-reporting jurisdiction, (i.e., FDOT, the water management districts, the state or federal government),
the reporting jurisdiction should include the expenditures.	
When reporting cost information, please only include the expenditures that have flowed, are flowing, or will
likely flow through your jurisdiction’s budget. While necessary to comply with the statute, the concept of “future expenditures” should be viewed as an expression of identified needs.	
These projections are necessarily speculative and do not represent a firm commitment to future budget
actions by the jurisdiction.	

This Excel workbook contains three worksheets for data entry. (Along the bottom of the screen, the three tabs are highlighted green.) Empty cells with visible borders are unlocked for data entry. In the first tab, titled "Background through Part 4," the information requested is either text, a dropdown list (e.g., Yes or No), or a checkbox. The next tab, "Part 5 through Part 8," contains tables for expenditure or revenue data as well as some
follow-up questions that may have checkboxes, lists, or space for text.	

In Part 5 and Part 6, the expenditure tables have space for up to 5 projects. More projects can be listed in the "Additional Projects" tab. This tab contains a table with space for up to 200 additional projects. In order for these additional projects and expenditures to be correctly classified and included in the final totals, each project must be assigned a Project Type and Funding Source Type the from the dropdown lists in columns B and C.	

Links to Template Parts:	
Background Information	
Part 1	
Part 2	
Part 3	
Part 4	
Part 5	
Part 6	
Part 7	
Part 8	
Additional Projects - This table contains additional rows for projects that do not fit into the main tables in 
Parts 5 and 6	

Indicate the type of local government:		

	Municipality	
	County	
	Independent Special District	

On a scale of 1 to 5, with 5 being the highest, please indicate the importance of each of the following goals for your program:							
0	1	2	3	4	5		

 					

 		 	 		

 					

 						Drainage & flood abatement (such as flooding events associated with rainfall and hurricanes)						
	Water quality improvement (TMDL Process/BMAPs/other)						
	Reduce vulnerability to adverse impacts from flooding related to increases in frequency and duration of rainfall events, storm surge and sea level rise						
	Other:						
	St. Johns River Water Management District and St. Johns County Permit Complaince						

							

●

●

●

If Yes:			
	How many years does the plan(s) cover?	Life of the Project	
	Are there any unique features or limitations that are necessary to understand what the plan does or does
not address?		
	
N/A		

●

If Yes, does it include 100% of your facilities?		
If your AM includes less than 100% of your facilities, approximately what percent of your
facilities are included?		
●

●

●

Please provide answers to the following questions regarding your stormwater system inventory. Enter zero (0) if your system does
not include the component.				
	Number	Unit of
Measurement		
	Estimated feet or miles of buried culvert:	12,000.00	Feet	
	Estimated feet or miles of open ditches/conveyances (lined and unlined) that are maintained by the
stormwater program:		
Feet	
	Estimated number of storage or treatment basins (i.e., wet or dry ponds):	8		
	Estimated number of gross pollutant separators including engineered sediment traps such as baffle
boxes, hydrodynamic separators, etc. :	
0		
	Number of chemical treatment systems (e.g., alum or polymer injection):	0		
	Number of stormwater pump stations:	0		
	Number of dynamic water level control structures (e.g., operable gates and weirs that control canal
water levels):	
0		
	Number of stormwater treatment wetland systems:	0		
	Other:			

				

				

Other B

Asset management system		
GIS program		
MS4 permit application		
Aerial photos		
Past or ongoing budget investments		
Water quality projects		
Other(s):		

Engineering Plans and Permits	

Independent Special Districts:		
	If an independent special district’s boundaries are completely aligned with a county or a municipality, identify that
jurisdiction here:	

Given the volume of services, jurisdictions should use the template’s service groupings rather than reporting the current and projected cost of each individual service.
Therefore, for the purposes of this document, “services” means:		
1.

2.	Routine operation and maintenance (inclusive of the items listed in Part 1.3 of this document, ongoing administration, and non-structural programs)	
	Expansion (that is, improvement) of a stormwater management system.	

Expansion means new work, new projects, retrofitting, and significant upgrades. Within the template, there are four categories of expansion projects.		
1.
2.

3.

4.	Flood protection, addressed in parts 5.2 and 5.3… this includes capital projects intended for flood protection/flood abatement	
	Water quality, addressed in part 5.2 and 5.3… this includes stormwater projects related to water quality improvement, such as BMAPs; projects to benefit
natural systems through restoration or enhancement; and stormwater initiatives that are part of aquifer recharge projects	
	Resiliency, addressed in part 5.4… this includes all major stormwater initiatives that are developed specifically to address the effects of climate change, such
as sea level rise and increased flood events	
	End of useful life replacement projects, addressed in part 6.0… this includes major expenses associated with the replacement of aging infrastructure	

Routine Operation and Maintenance	Expenditures (in $thousands)
	LFY 2021-2022	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
Operation and Maintenance Costs	8	43	48	54	60	
Brief description of growth greater than 15% over any 5-year period:						
Operation and Maintenance Costs were projected with a speadsheet provided by the EDR with growth rates and other assumptions						

Expansion Projects with a Committed Funding Source
Flood Protection

Expenditures (in $thousands)
Project Name	LFY 2021-2022	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
N/A						

						
						
Water Quality	Expenditures (in $thousands)
Project Name (or, if applicable, BMAP Project
Number or ProjID)	LFY 2021-2022	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
N/A						

						

Expansion Projects with No Identified Funding Source
Flood Protection

Expenditures (in $thousands)
Project Name	LFY 2021-2022	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
N/A						

						
						
Water Quality	Expenditures (in $thousands)
Project Name (or, if applicable, BMAP Project
Number or ProjID)	LFY 2021-2022	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
N/A						

						
						
Please indicate which resources or documents you used to complete table 5.3 (check all that apply).						

	Stormwater Master Plan					
	Basin Studies or Engineering Reports					
	Adopted BMAP					
	Adopted Total Maximum Daily Load					
	Regional or Basin-specific Water Quality Improvement Plan or Restoration Plan					
	Specify:					
	Other(s):	SJRWMD and SJC Approved Engineering Plans and Permits				

Resiliency Projects with a Committed Funding Source	Expenditures (in $thousands)
Project Name	LFY 2021-2022	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
N/A						

						
						
Resiliency Projects with No Identified Funding Source	Expenditures (in $thousands)
Project Name	LFY 2021-2022	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
N/A						

						

●

●

End of Useful Life Replacement Projects with a Committed Funding Source
Expenditures (in $thousands)
Project Name	LFY 2021-2022	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
N/A						

						
						
End of Useful Life Replacement Projects with No Identified Funding Source
Expenditures (in $thousands)
Project Name	LFY 2021-2022	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
N/A						

						

Note that for this table:		

	Expenditures for local fiscal year 2020-21 can be estimated based on the most current information if final data is not yet available.	
	Current Year Revenues include tax and fee collections budgeted for that fiscal year as well as unexpended balances from the prior year (balance forward or
carry-over) unless they are earmarked for the rainy day or a dedicated reserve as explained in the following bullets.	
	Bond proceeds should reflect only the amount expended in the given year.	
	A reserve is a dedicated account to accumulate funds for a specific future expenditure.	
	An all-purpose rainy day fund is a type of working capital fund typically used to address costs associated with emergencies or unplanned events.	

Routine O&M
	Total	Funding Sources for Actual Expenditures							
	
Actual Expenditures	Amount Drawn
from Current Year Revenues	Amount Drawn
from Bond Proceeds	Amount Drawn
from Dedicated Reserve	Amount Drawn
from All-Purpose Rainy Day Fund		Contributions to Reserve Account	Balance of Reserve Account	
2016-17	N/A								
2017-18	N/A								
2018-19	N/A								
2019-20	N/A								
2020-21	N/A								

Expansion
	Total	Funding Sources for Actual Expenditures							
	
Actual Expenditures	Amount Drawn
from Current Year Revenues	Amount Drawn
from Bond Proceeds	Amount Drawn
from Dedicated Reserve	Amount Drawn
from All-Purpose Rainy Day Fund		Contributions to Reserve Account	Balance of Reserve Account	
2016-17	N/A								
2017-18	N/A								
2018-19	N/A								
2019-20	N/A								
2020-21	N/A								

Resiliency
	Total	Funding Sources for Actual Expenditures							
	
Actual Expenditures	Amount Drawn
from Current Year Revenues	Amount Drawn
from Bond Proceeds	Amount Drawn
from Dedicated Reserve	Amount Drawn
from All-Purpose Rainy Day Fund		Contributions to Reserve Account	Balance of Reserve Account	
2016-17	N/A								
2017-18	N/A								
2018-19	N/A								
2019-20	N/A								
2020-21	N/A								

Replacement of Aging Infrastructure
	Total	Funding Sources for Actual Expenditures							
	
Actual Expenditures	Amount Drawn
from Current Year Revenues	Amount Drawn
from Bond Proceeds	Amount Drawn
from Dedicated Reserve	Amount Drawn
from All-Purpose Rainy Day Fund		Contributions to Reserve Account	Balance of Reserve Account	
2016-17	N/A								
2017-18	N/A								
2018-19	N/A								
2019-20	N/A								
2020-21	N/A								

Committed Funding Source	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
Maintenance	43	48	54	60	
Expansion	0	0	0	0	
Resiliency	0	0	0	0	
Replacement/Aging Infrastructure	0	0	0	0	
Total Committed Revenues (=Total Committed Projects)	43	48	54	60	

No Identified Funding Source	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
Maintenance	0	0	0	0	
Expansion	0	0	0	0	
Resiliency	0	0	0	0	
Replacement/Aging Infrastructure	0	0	0	0	
Projected Funding Gap (=Total Non-Committed Needs)	0	0	0	0	

Strategies for New Funding Sources	2022-23 to
2026-27	2027-28 to
2031-32	2032-33 to
2036-37	2037-38 to
2041-42	
N/A					

					
					
Total	0	0	0	0	

Remaining Unfunded Needs	0	0	0	0	
Cordova Palms Community Development District (District) Storm Water Management Plan
Revised: 6-22-2022

The intent of this plan is to adhere to the rules and regulations stated in the St. Johns River Water Management District Environmental Resource Permits and the St. Johns County Development Services Permits for this project.

All permitted Storm Water Management Facilities (SMFs) will be maintained as required. Maintenance includes routine mowing of the SMFs, the repair and maintenance of the outfall control structures, removal of debris that may clog the outfall systems and other related maintenance that may be required from time to time.

At least once every two years, the storm water management facilities including outfall control structures shall be reviewed by the Engineer of Record and may be performed during annual review by the District. If there are deficiencies, repairs are other matters that need attention, the Engineer of Record shall notify the District of the issues together with options (if available) to repair or mitigate for these deficiencies. The date of field review and name of field representative(s) shall be recorded as part as part of the report to the District.

Lands within Conservation Easements will be maintained by the District (see attached Master Site Plan). Maintenance shall include, but not be limited to removing dead trees as may be required to provide a safe environment.

Preserved wetlands and conservations areas, storm water management facilities and other areas shall be protected from erosion and siltation, scouring, dewatering or excessive turbidity, resulting from all construction activities including home building.
Cordova Palms CDD Storm Water Need Analysis - Limitations and Assumptions

Project Name:	Cordova Palms Community Development District	Date: 6/22/2022
Project Location:	Sandridge Road at First Coast Expressway (FCE)	Etm Job No.	E 22-140 Project City / State:	St. Johns County, Florida

Storm Water Need Analysis Limitations and Assumptions:

England, Thims & Miller, Inc. (ETM) drafted a portion of the storm water need analysis based on limited information. This information includes ,when available, approved Engineering Plans and Permits that were issued by St. Johns County Development Services and the St. Johns River Water Management District. Since, this is a Community Development District (CDD) that was phased there are numerous approved Plans and Permits.

ETM did not conduct an exhaustive search of the regulating documents for this project due to a limited scope and budget. The intent is to provide estimates sufficient to respond to the Storm Water Need Analysis as required by the State of Florida's Office of Economic & Demographic Research. This level of accuracy was confirmed during the State of Florida's Webinars regarding the Storm Water Need Analysis.

Due to the nature of the analysis for this project, there are many assumptions and limitations required.
It should be noted that the intent is to provide the State of Florida with a proposed budget for Storm Water Needs
for the next 20 years. Due to the assumptions and limitations, this analysis should not be relied upon for any use other than the fulfillment by the CDD to fill out the State of Florida's Storm Water Need Analysis forms.

Assumptions / Limitations:
Generally there will be no major replacements required of storm water infrastructure that exceeds 5% of the maintenance budget in any given year.
The CDD Boundary will not be revised or expanded during the 20 year period designated in this analysis.
Maintenance budget figures are as provided by the District Manager.
No survey or field work was performed to determine the details of the storm water management system; including lengths of culverts or ditches.
Generalized data were obtained from various engineering plans that were prepared for the development of the CDD infrastructure.
Projections of the maintenance budget numbers based on optional growth rate schedules speadsheet provided by the State of Florida Department of Economic and Demographic Research.

14775 Old St. Augustine Rd., Jacksonville, Fl. 32258 Phone (904) 265-3163 Reg No: 2584
1

NINTH ORDER OF BUSINESS

A.

Cordova Palms
Community Development District
Unaudited Financial Reporting May 31, 2022
Cordova Palms
Community Development District
Combined Balance Sheet
May 31, 2022

Governmental Fund Types

	General Fund			Debt
	Service			Capital
	Projects			Totals
(Memorandum Only)	

ASSETS:								
Cash	$6,587		---		---		$6,587	
Due from Developer	$15,639		---		---		$15,639	
Due from Capital
Series 2021
Reserve	$13,662

---		---

$219,355		---

---		$13,662

$219,355	
Interest	---		$1				$1	
Cap Interest	---		$136,097		---		$136,097	
Acquisition & Construction	---		---		$1,042,523		$1,042,523	
TOTAL ASSETS		$35,888 			$355,454 			$1,042,523 			$1,433,865 	

LIABILITIES:								
Due to Developer	$13,664		---		---		$13,664	
Due to General Fund	---		---		$13,662		$13,662	
FUND BALANCES:
Unrestricted	
$22,224		
$355,454		
$1,028,862		
$1,406,539	
TOTAL LIABILITIES & FUND EQUITY		$35,888 			$355,454 			$1,042,523 			$1,433,865 	
Cordova Palms
Community Development District
GENERAL FUND
Statement of Revenues & Expenditures For The Period Ending
May 31, 2022

REVENUES:

Developer Contributions	$118,393	$48,412	$48,412	$0	
TOTAL REVENUES	$118,393	$48,412	$48,412	$0	
EXPENDITURES:					
ADMINISTRATIVE:					
Supervisors Fees	$12,000	$8,000	$0	$8,000	
FICA Expense	$918	$612	$0	$612	
Engineering	$12,000	$8,000	$1,022	$6,978	
Attorney	$25,000	$16,667	$2,786	$13,880	
Assessment Administration	$5,000	$3,333	$0	$3,333	
Dissemination	$0	$0	$1,667	($1,667)	
Management Fees	$45,000	$30,000	$26,250	$3,750	
Website Creation/ADA Compliance	$0	$0	$1,750	($1,750)	
Website Maintenance	$1,200	$800	$700	$100	
Information Technology	$1,800	$1,200	$1,050	$150	
Telephone	$500	$333	$83	$250	
Postage	$1,500	$1,000	$27	$973	
Insurance	$5,500	$5,500	$5,000	$500	
Printing & Binding	$1,200	$800	$789	$11	
Legal Advertising	$5,000	$3,333	$673	$2,660	
Other Current Charges	$600	$400	$314	$86	
Office Supplies	$1,000	$667	$78	$588	
Dues, Licenses & Subscriptions	$175	$175	$175	$0	
TOTAL EXPENDITURES	$118,393	$80,820	$42,365	$38,455	
					
EXCESS REVENUES (EXPENDITURES)	$0		$6,047		
					
FUND BALANCE - Beginning	$0		$16,177		
					
FUND BALANCE - Ending	$0		$22,224		
Cordova Palms
Community Development District General Fund
Month By Month Income Statement

	October	November	December	January	February	March	April	May	Total	

REVENUES										
Developer Contributions	$5,000	$10,360	$0	$10,937	$6,476	$0	$11,061	$4,579	$48,412	
TOTAL REVENUES	$5,000	$10,360	$0	$10,937	$6,476	$0	$11,061	$4,579	$48,412	

EXPENDITURES										
Supervisors Fees	$0	$0	$0	$0	$0	$0	$0	$0	$0	
FICA Expense	$0	$0	$0	$0	$0	$0	$0	$0	$0	
Engineering	$0	$0	$0	$0	$1,022	$0	$0	$0	$1,022	
Attorney	$0	$0	$1,922	$184	$680	$0	$0	$0	$2,786	
Assessment Administration	$0	$0	$0	$0	$0	$0	$0	$0	$0	
Dissemination	$0	$0	$0	$417	$417	$417	$417	$0	$1,667	
Management Fees	$3,750	$3,750	$3,750	$3,750	$3,750	$3,750	$3,750	$0	$26,250	
Website Creation/ADA Compliance	$0	$0	$1,750	$0	$0	$0	$0	$0	$1,750	
Website Maintenance	$100	$100	$100	$100	$100	$100	$100	$0	$700	
Information Technology	$150	$150	$150	$150	$150	$150	$150	$0	$1,050	
Telephone	$3	$17	$9	$21	$21	$0	$12	$0	$83	
Postage	$1	$21	$1	$0	$3	$0	$1	$0	$27	
Insurance	$5,000	$0	$0	$0	$0	$0	$0	$0	$5,000	
Printing & Binding	$155	$68	$229	$284	$2	$52	$0	$0	$789	
Legal Advertising	$94	$94	$197	$99	$0	$0	$188	$0	$673	
Other Current Charges	$44	$48	$47	$33	$34	$33	$36	$38	$314	
Office Supplies	$21	$15	$15	$15	$12	$0	$0	$0	$78	
Dues, Licenses & Subscriptions	$175	$0	$0	$0	$0	$0	$0	$0	$175	
TOTAL EXPENDITURES	$9,493	$4,264	$8,171	$5,052	$6,192	$4,502	$4,654	$38	$42,365	
										
EXCESS REVENUES (EXPENDITURES)	($4,493)	$6,096	($8,171)	$5,885	$285	($4,502)	$6,406	$4,540	$6,047	
Cordova Palms
Community Development District
2021 Debt Service Fund
Statement of Revenues & Expenditures For The Period Ending
May 31, 2022

Revenues

Assessments-Tax Collector	$0	$0	$0	$0	
Assessments-Direct	$0	$0	$0	$0	
Interest Income	$0	$0	$24	$24	
Total Revenues	$0	$0	$24	$24	

Expenditures					
Series 2021
Interest Expense - 11/1	
$0	
$0	
$0	
$0	
Principal Expense - 5/1	$0	$0	$0	$0	
Interest Expence - 5/1	$0	$0	$101,304	($101,304)	
Total Expenditures	$0	$0	$101,304	($101,304)	

Other Sources/(Uses)					
Bond Proceeds	$0	$0	$266,903	($266,903)	
Net Premium on Bond	$0	$0	$189,831	($189,831)	
Total Other	$0	$0	$456,734	($456,734)	
					
Excess Revenues (Expenditures)	$0		$355,454		
					
Fund Balance - Beginning	$0		$0		
					
Fund Balance - Ending	$0		$355,454		
Cordova Palms					
Community Development District					
Capital Projects Fund
Statement of Revenues & Expenditures For The Period Ending
May 31, 2022					
	Series
2021				

Revenues:					
Interest	$196				
Total Revenues	$196				

Expenditures					
Capital Outlay	$6,351,318				
Cost of Issuance	$173,513				
Underwriters Discount	$159,600				
Total Expenditures	$6,684,431				

Other Sources/(Uses)					
Bond Proceeds	$7,713,097				
Total Other	$7,713,097				
					
Excess Revenues (Expenditures)	$1,028,862				
					
Fund Balance - Beginning	$0				
					
Fund Balance - Ending	$1,028,862				
Cordova Palms
Community Development District Long Term Debt Report

Series 2021 Special Assessment Bonds		
Interest Rate:	2.4% - 4.0%	
Maturity Date:	5/1/2052	
Reserve Fund Definition:	50% MADS	
Reserve Fund Requirement:	$219,350	
Reserve Fund Balance:	$219,355	
Bonds outstanding - 2/17/2021	$7,980,000	
Current Bonds Outstanding	$7,980,000	
Cordova Palms
Community Development District
Developer Contributions/Due from Developer

Funding Request
#	Date Prepared	Date Payment
Received	Check Amount	Total Funding
Request	General Fund
Portion FY 21	General Fund
Portion FY 22	Capital Project
Portion	Over and (short)
Balance Due	

5	
10/1/21	
11/5/21	
$12,472.45	
$12,472.45	
$5,046.95	
$5,000.00	
$2,425.50	
$0.00	
6	11/1/21	1/7/22	$8,832.66	$8,832.66	$	-	$5,409.66	$3,423.00	$0.00	
7	11/29/21	1/7/22	$12,637.53	$12,637.53	$	-	$4,950.33	$7,687.20	$0.00	
8	1/3/22	4/27/22	$6,102.16	$6,102.16	$	-	$6,102.16	$0.00	$0.00	
9	1/31/22	4/27/22	$4,834.80	$4,834.80	$	-	$4,834.80	$0.00	$0.00	
10	2/23/22	4/27/22	$6,604.40	$6,602.40	$	-	$6,476.40	$126.00	$2.00	
11	4/4//22			$6,538.57	$	-	$6,538.57	$0.00	($6,538.57)	
12	5/3/22			$4,521.98	$	-	$4,521.98	$0.00	($4,521.98)	
13	5/27/22			$4,578.56	$	-	$4,578.56	$0.00	($4,578.56)	
Due from Developer	$51,484.00	$67,121.11	$5,046.95	$48,412.46	$13,661.70	($15,637.11)			
									
Total Developer Contributions FY22		 $ 48,412.46 							

B.
Cordova Palms
Community Development District	Funding Request #14
July 5, 2022

	GENERAL	
PAYEE	FUND FY 22	

1	Governmental Management Services
Inv # 15 - Management Fees -June 2022	

$4,535.80	
Inv # 16 - Management Fees -July 2022	$4,498.10	
2	The St. Augustine Record
Inv # I034164-10 - Notice of Meeting - 5/25/22	
$98.73	
3	Kutak Rock LLP
Inv # 3064342- General Counsel - 6/7/22	
$743.50	
4	Grau and Associates
Inv # 22645 - Audit FYE 9/30/2021	
$3,200.00	
5	England, Thims & Miller, Inc.
Inv # '0203102- Professional Service thru May, 2022	
$1,041.00	

	$14,117.13 

$14,117.13

Please make check payable to:
Cordova Palms CDD
475 W Town Place Suite 114 Saint Augustine, FL 32092

Signature:
Chairman/Vice Chairman

Signature:

Secretary/Asst. Secretary

`
Governmental Management Services, LLC
1001 Bradford Way Kingston, TN 3n63
Invoice

BillTo:
Cordova Palms COD 475 West Town Place Suite 114
St. Augustine, FL 32092

RECEIVED JUNO i 20'l1
Invoice#: 15
Invoice Date: 6/1/22
Due Date: 6/1/22
Caee:
P.O. Number:

DNcrtptlon
Rate
Amount

Management Fees - June 2022 Website Administration - June 2022 Information Technology - June 2022
Dlssemlnalion Agent Services - June 2022 Office Supplies
Postage. Coples Telephone		3,750.00
100.00
150.00
416.87
0.06
1.06
104.55
13.46	3,,7o5o0..o0o0
150.00
416.67
0.06
1.06
104.55
13.46	

Total	$4,535.80	
Paymenta/Credlts	$0.00	
Balance Due	$4,535.80	

Governmental Management Services, LLC
1001 Bradford Way
Kingston, TN 37763
Invoice

BIii To:
Cordova Palms COD 475 West Town Place Suite 114
St. Augustine, FL 32092
Invoice #: 16
Invoice Date: 7/1122 Due Date: 7/1/22
Case:
P.O. Number:

r	Dncriptlon	H Hours/Qty	Rate	Amount

Total	$4,498.10

Payments/Credits		$0.00 Balance Due	$4,498.1o

04/30		Balance Forward					$188.48	
05/25 05/25	103416410-0525202-2	NOTICE OF MEETING OF THE BOARD OF SUPERVISORS OF THE	SA SI AIJgustine Record	1.00 X 5.5000	5.5	$8.98	$49.39	
		CORDOVA PALMS COMMUNITY						
		DEVELOPMENT DISTRICT The						
		Board of Supervisors (Board) of the						
		Cordova Palms Communl						
05/25 05/25	103416410-05252022	NOTICE OF MEETING OF THE	SA SI Aug Record Online	1.00 X 5.5000	5.5	$8.97	S49.34	
		BOARD OF SUPERVISORS OF THE						
		CORDOVA PALMS COMMUNITY						
		DEVELOPMENT DISTRICT The						
		Board of Supervisors (Board) of the						
		Cordova Palms Commun!						

PREVIOUS AMOUNT OWED:	
$188.48							
NEW CHARGES THIS PERIOD:	$98.73							
CASH THIS PERIOD:	SD.00							
DEBIT ADJUSTMENTS THIS PERIOD:	$0.00							
CREDIT ADJUSTMENTS THIS PERIOD:	$0.00							

INVOICE AND STATEMENT OF ACCOUNT	AGIHO OF PAST DUE ACCOUKTS
UNAPPLIED AMOUNTS ARE INCLUDED IN TOTAL AMOUNT OUE	sar"

MAKE CHECKS PAYABLE TO

The St. Augustine Record

The SI. Augustine Record Dept 1261 PO Box 121261
Dallas, TX 75312-1261

Payment Is due upon receipt

PLEASE DETACH AND RETURN LOWER PORTION WITH YOUR REMITTANCE

The St. Augustine Record Dept 1261 PO Box 121261
Dallas. TX 75312-1261
ADVERTISING INVOICE and STATEMENT

BILLINOACCOUNT NAME.AllD AOOIIES8

ffi
CORDOVA PALMS COO
ij	475 W TOWN PL STE 114
SAINT AUGUSTINE FL 32092-3649
•11111i-l11I11111111111111111111111111111111111I 1111111111•1•II11

REMITTANCE ADDRESS

The St. Augustine Record
Dept 1261
PO Box 121261
Dallas, TX 75312-1261
Wed, May 25. 202 8:17:13AM
Legal Ad Invoice
The St. Augustine Record
Send Payments to:
The St. Augustine Record Dept 1261 PO BOX 121261
Dallas, TX 75312-1261
Acct: Phone: E-Mail:
56621
9048193436
Name:	CORDOVA PALMS COD
Address:  475 W. TOWN PLACE. SUITE 114
Client:

Ad Number:
Start:
CORDOVA PALMS COD

0003416410-01
05/25/2022
City:  SAINT AUGUSTINE

Caller:	Courtney Hogge
Issues:	1
State:

Paytype:
Stop:
FL	Zip:	32092

BILL 05/25/2022
Placement: Copy Line:

Lines
SA Legals	Rep:	Derek !SC-Lindberg
NOTICE OF MEETING OF THE BOARD OF SUPERVISORS OF THE CORDOVA PALMS COMMUNITY DEVELOPMENT C
'NOTICE 01' ME.bTl'NG Ol'THE
BOARD OFSL'l'IDt\/'lSORll01'

Depth Columns

Price
64
5.50

$98.73
TH£ CORDOVA PAUIS COMJ\IIJNl1Y OE\fELOl'MEll<'T
DISTRICT
*Ot	ofSuptn'i!flJD l"l:kAnJ'"") oflhc
Dis,- u 11d::1	ut· t.
;o OO" ':t 1  :fd: :::!ena.'
ta.I MMA rut:nt Serv11.u, LLC. 4iJ Wc,ot Town M ""• Sult• 1H S1., AUJ!UJ• 1lnc, 1urid; !1W92 Th< (fllrp<I>(' uftl1• Ql(ll·Un)C it LO Ml)flt\.l\t" 1	ptt budget thr f.i.sc.i V"'ar 2011, rt'\i.Cw mun1bly tlna.naal reports. >taff "'11""-' and, to conduct IU'I\ othn- bu._qnCi.'S I hat m•y come	11,o 8oAnl. A copv ol lhc Ag<nda may bo obraincd Ii-om Go\· cmmo1ca.l M..n '1Dt'nt S<-,,; LI£ 475\\ e.\t TO\'-'rt i"lut,. Su1tr H♦. St. J\u gustin..-, Florida :1209:l. Ph: (•m ) 9'40-
s.,o. and cn,olJ dlaud,lln(,o gm,nf.,vm
("IA,1not Mu,,all"r'• OOitt"l. .u,d i, """
a,·aUliblc ou lh(--01str1n's wt"h&iu; Y>ww.
Cordu,...Vt.lm.CDO.rom
'":.ii'i: J:.,;ri\u'o.!;' c, g
Ll1 P"""''iorb of Floiidn low, 'Mltl m1't'llng RIA) bt., ronOnl.14-d lb tt datr1 tinlf'. aud ,,1..., It> bo •l"'Ciflc<l nn 1hr R.."l'Ul'd at m..-.·tlng. J11en- ma) hr 11c, iltim when lk>lutl Sul)(:nl."'l.>1" ,n l>l.¥ triel SIAIT will ""'1idp•h· b) '{l(·•kt-r 1'k'f)hon•.
Any per•m rN1uin 'fll'C-lal	,tnmo•
d.atJOtlt 11 lhu mm.tug beau	dla· ability •Jr ph}"Jk.tl impainnenl ,honkl
<vnUU't thr Ui•lrici M1ui:..g:trr Ofrt<'r al
lt:,«t rort)-.:lght (♦ ) h0t,,... p,lor I(• ,h,,
rtK"l."tlng. If you ilNl h ri"' or -cl, lmJ>Offl'd. pi..u., runw. 1J1c l'lond• 1u lay &,n.;c b- diallnx 7+1. or 1-800· 115 • 771 (TIY)  /  l-fjOO- - S-11770
(Volre). tor old ln ront11,1i11,r 1bt Ob,.
ln<t M•,,.....• Off"'"'  •
A I"""'" whll dccld"" W appcnJ iln\ d<ci·
,ri1n, n1,'td1• b) th 6-n.-rd "ilh n-,IIM.'C.1 In "''} m.ui,•r con,kll!n'd •t th, mt'Ollng ll Mh'!Sru trull this IADIC person will n. t
r«on:I of the prococdinp &0d t!w ...
"""1Jni.ly, Ibo Jl('n(ll1 ma,n,..,.J wen•
SUJ'l' I hat II \'r,'batim l'ffoi-d of Lhc pn,•
<-1inll" i. nw.k-. lorlud1ng tho lesli• mo, indC'-klcm«. upon whl,!h rbt: ap
peal .. "'""bo.w.
IJ,uucl 1.AJ11(hhn OiArld•l1t.oag1..-r 00034111410 M•i•u, 2022

'ct.;EIVEfl
MAY 31 2022
.

-

THE ST. AUGUSTINE RECORD
Affidavit of Publication

CORDOVA PALMS CDD
475 W. TOWN PLACE, SUITE 114 SAINT AUGUSTINE, FL 32092

ACCT: 56621
AD# 0003416410-01
PO#
PUBLISHED EVERY MORNING SUNDAY THROUGH SATURDAY ST. AUGUSTINE AND ST. JOHNS COUNTY, FLORIDA

STATE OF FLORIDA COUNTY OF ST. JOHNS
Before the undersigned authority personally appeared MELISSA RHINEHART who on oath says he/she is an Employee of the St. Augustine Record, a daily newspaper published at St. Augustine in St. Johns Coun1y, Florida; that the attached copy of advcnisemcnl being a NOTICE OF MEETING in the matter of BOS REG MTG 6/8/22 was published in said newspaper in the issue dalCd 05/25/2022.

Affiant further says that the St. Augustine Record is a newspaper published at St. Augustine, in St. Johns County, Florida, and that the said newspaper heretofore has been continuously published in said SL Johns County, florida each day and bas been entered as second class mail maner al the post office in the City of St. Augustine, in said St. Johns County, Florida for a period of one year preceding the first publication of the attached copy of advertisement; and affiant further says the he/she has neither paid nor promised any person, firm or corporation any discount, rebate, commission, or refund for the purpose of securing this advertisement for publication in said newspaper.

Sworn to (or affirmed) and subscribed before me by means of
0  physical presence or
[ ] online notarization
MAY 2 5 2022

NO'nCE ()F MEEl'ING OFTHlill ·•
BOAJ\0 OF SlTPERVISORS Ol<Ol,
THECOROOVAPALMS	\'
COMMUNTIY OEVELOrl\1ENT DISTRICT

·n,e llo:,rd oCSop,rvtsors ("Bo•rd") ofw,, , Cordon Palms Cnmnll,l111ty Ucvdof""'-> mcnt t>islrict Yo'lll hokt • reg:ulAr me.es-,, in  on WeJnoid•y. Junt B. 2022 at '
10:<lO •.m. at the ofllc:u of Goffi'runom••	,
tAI M•nat, nent St,mces, 1.1.C.. "1,
\Vest Town Pl,to, Suite ti♦ SL Augus-•,, ttne, Florid• 32092. Th• pufl)Ost c&h•
.,,.,.tin  la to	the  proi-,d,	•
budget for ist.\l Yur 2023, ,...;,w ,,
monthly linand•I reports, ,ulT _,.	,
and. lO c.owlud .u1y other buslne0i that	I I
may come heron: the lloAl'd.. A Ul\'t ofi 1M :,gentla may be obt&i!lffl Cmm, G<,,-,
ill  :\: acn u	'
g,1Stine, Florida ,'l.2092. Ph: (904) !IJI••
4850, and emoil dl•u hlfn@,;tti.-rtC..,m , ("District M•nager'•	"). •nJ iS llbO, , available on the Dinriet"-seblite.,•-, CordcwaPalmiCDD.<lOUI.

11":tl;\d .,:'.'dntn'° :nb:	•
the provitlons of Florida. law.  Im:
meeting may be cuntlnued tu a	• tlrnc,, anrl pl&<t to be specified on tllo N'COrd 111 meeting. Tlu,re m11y be occa, e:lon,111 when Board Supcrvison ar o;..
mot Staff 1<111 pmidl"'te by ._her
1tlt:phot,,,
Ad!J.::°a': J: :1: n: .:c:,• 7:!:•
l.bflity or phyoi<.,I impairment should. cunlllCt the District M...,.g.-r·s Off 111V l t  forty-<ight (.S) houn; prior to 111'1 m•eting. I( you .,.. htaring or spe<clt imp,tlr,:J. plc:uc: contoct th• Florida R.,. lsy S.,mc,, by dialing 7+1, o.r 1-600- 95!1·8771 (l"li') / 1·800-955•8770'
(Voic;c), for aid in con111e1ln the Oi>­ trict MA.ml •• Offic:e_
A e-,son who doc!Jcs  appeal any Jeo•
51M nuodo by the Beard "'hh ....peel IO	•i
any ma= consklerod •• the 1,-tlnJ!.lo udvued th,u thii.,..,,. n	will nii,,d
reoord of the proceedings and th&t ...,.
rr n d D O p:: ettdinp "' mom,. t11duding th,,- ll!!lrl· Ulll...;J-		,.. which tboup,,
peal .. to be based.
OAniel IJlughlin Ol$trlct M•n"lltr
0003 1 t0May 25,202.2

Tl
1.his	day of 	

byk		who is personally known to me or who bas produced as identification

KUTAK ROCK LLP
TALLARASSEE,FLORIDA
Telephone 404-222-4600
Facsimile 404-222-4654

Federal ID 47-0597598

June 7, 2022

Check Remit To: Kutak Rock LLP PO Box 30057
Omaha, NE 68103-1157

Wire Transfer Remit To:
ABA #104000016
First National Bank of Omaha
Kulak Rock LLP
A/C # 24690470
Reference: Invoice No. 3064342 Client Matter No. 4823-1
RECEIVED JUNO 8 2022

Mr. Jim Perry Cordova Palms CDD
Governmental Management Services - North Florida Suite 114
475 West Town Place
St. Augustine, FL 32092	Invoice No. 3064342
4823-1

Re:	General Counsel
For Professional Legal Services Rendered

04/01/22	K. Jusevitch	0.30	43.50	Prepare amended  prompt payment	
				resolution; correspond with district	

04/06/22	
W. Haber	
0.20	
70.00	manager
Review draft agenda	
04/12/22	W. Haber	0.30	105.00	Prepare for Board meeting	
04/13/22	W. Haber	0.40	140.00	Prepare for and participate in Board	

05/1l/22	
K. Buchanan	
0.80	
280.00	meeting
Prepare for and attend board meeting	
05/20/22	W. Haber	0.30	105.00	Review and revise May minutes	

TOTAL HOURS	2.30

PR.IVILEGED AND CONFIDENTIAL
ATIORNEY-CLIENTCOMMUNICATION AND/OR WORX PRODUCT

KUTAK ROCK LLP
Cordova Palms CDD		
June 7, 2022		
Client Matter No. 4823-1		
Invoice No. 3064342
Page 2		
TOTAL FOR SERVfCES RENDERED	$743.50	
TOTAL CURRENT AMOUNT DUE	$743.50	
UNPAID INVOICES:		
April 30, 2022	Invoice No. 3029050	184.00	
TOTAL DUE	$927.50	

PRIVILEGED ANO CONFIDENTIAL
ATTORNEY-CLIENTCOMMUNJCATION ANO/OR WORK PRODUCT
Grau and Associates
951 W. Yamato Road, Suite 280 Boca Raton, FL 33431- www.graucpa.com

Phone: 561-994-9299	Fax: 561-994-5823

Cordova Palms Community Development District 475 West Town Place. Suite 114
St. Augustine, FL 32092

Invoice No.	 22645 Date	06/01i2022

SERVICE	AMOUNT

Audit FYE 09/30/2021

Current Amount Due
$	3)00.00

$	3 200 00

RECElVED JUNO 6102l

•a.;

0-30	31- 60	61 - 90	91 - 120	Over 120	Balance	
3,200.00	0.00	0.00	0.00	0.00	3,200.00	
Payment due upon receipt.

Cordova Palms Community Development District	June 06, 2022		
c/o GMS, LLC	Project No:	22217.00000	
Town Center 1 at World Golf Village	Invoice No:	0203102	
475 West Town Place, Suite 114			
St. Augustine, FL 32092			

Project	22217.00000	Cordova Palms COD (WA#4) General Consulting Engineering Services (2022/2023)
Professional Services rendered through May 31, 2022 	.
Task	01	Professional Services
Professional Personnel

Vice President	Hours	Rate	Amount		
Wild, Scott	5/14/2022	3.00	257.00	771.00		
Adminstrative Support					
Blair, Shelley	2/12/2022	.50	90.00	45.00		
Blair, Shelley	3/26/2022	.50	90.00	45.00		
Blair, Shelley	5/7/2022	1.25	90.00	112.50		
Blair, Shelley	5/21/2022	.75	90.00	67.50		
Totals	6.00		1,041.00		
Total Labor				1,041.00	
	Current	Prior	To-Date		
Total Billings	1,041.00	0.00	1,041.00		
Contract Limit			12,000.00		
Remaining			10,959.00		
Total this Task	$1,041.00
-Ta-sk------X-P-----E-xp-e-nse-s	--·
Total this Task	0.00

Invoice Total this Period	$1,041.00
;:=::===::::!::::::!::::::::===

England-Thim)&fllillar,lnc.
iliGIIE'IIS•PUIIERS•-•GIS•-»£AIICICIM!
llr71Qo!l	Acal•--!r12!1•0l-•lu­
C,\- lC«lll)l\t