AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

COLLIER COUNTY REGULAR BOARD MEETING JULY 2, 2024
6:00 P.M.

Grand Hall at Del Webb, 6008 Del Webb Way Ave Maria, Florida 34142
www.avemariastewardshipcd.org DISTRICT MANAGER
Special District Services, Inc.
The Oaks Center 2501A Burns Road
Palm Beach Gardens, FL 33410

561.630.4922 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT REGULAR BOARD MEETING
July 2, 2024
6:00 p.m.
Grand Hall at Del Webb 6008 Del Webb Way
Ave Maria, Florida 34142
TO JOIN VIA ZOOM: https://us02web.zoom.us/j/85151231786 MEETING ID: 851 5123 1786 DIAL IN AT: 1-929-436-2866

Call to Order
Pledge of Allegiance
Invocation
Proof of Publication…	Page 1
Establish a Quorum
Additions or Deletions to Agenda
Powerpoint Presentation – Overview of District Items
Comments from the Public for District Items on the Agenda
Approval of Minutes
June 4, 2024 Regular Board Meeting Minutes	Page 2
June 19, 2024 Reconvened Regular Board Meeting Minutes…	Page 4
Consent Agenda
Consider Approval of Anthem Parkway Phase 5 & Earth Tech Change Order No. 3	Page 10
Consider Approval of Peninsula Engineering Work Authorization No. 2	Page 16
Old Business
AMSCD Projects Update	Page 19
New Business
Preliminary Presentation of Developer Contribution & Deficit Funding Agreement FY 2025	Page 21
Preliminary Presentation of Revised O&M Methodology…	Page 26
Presentation of Draft Reserve Study	Page 36
Consider Resolution No. 2024-05 – Adopting a Fiscal Year 2024/2025 Proposed Budget	Page 111
Consider Resolution No. 2024-06 – Adopting a Fiscal Year 2024/2025 Proposed Budget for
the Master Irrigation Utility System	Page 131
Consider Approval of Disaster Clean-Up Funding Agreement	Page 134
Presentation of District Engineer’s Recommendation for Construction Procurement
(Oil Well Berm)…	Page 139
Consider Approval of Construction Funding Agreement with Ave Maria Development
(Oil Well Berm)…	Page 140

Consider Resolution No. 2024-09 – Authorizing District Construction (Oil Well Berm)	Page 145
Administrative Matters
Legal Report
Engineer Report
Manager’s Report
Financials	Page 147
Final Public Comments
Board Members Comments
Adjourn

*Public Comment will be limited to three minutes (3:00) with no rebuttal

Publication Date 2024-06-25

Subcategory Miscellaneous Notices

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT NOTICE OF REGULAR BOARD MEETING
The Board of Supervisors (the Board) of the Ave Maria Stewardship Community District (the District) will hold a Regular Board Meeting (Meeting) at 6:00 p.m. on July 2, 2024, in the Grand Hall at Del Webb, 6008 Del Webb Way, Ave Maria, FL 34142. The Meeting will also be available for viewing utilizing communications media technology (Virtual Attendance) through the following login information, however public comment will only be available to those participating in person. The Zoom link below will allow for up to 1,000 individuals to view the meeting and all requests for public comment participation via Zoom must submitted by 5 p.m. July 1 in advance of the meeting to the District Manager, Allyson Holland, at aholland@sdsinc.org with the agenda item they wish to speak on noted. Virtual Attendance is offered for convenience only and in the event there are interruptions in internet service or other technical difficulties the Meeting will continue at the physical location regardless of availability of the Virtual Attendance option.
Join by URL for VIDEO ACCESS at: https://us02web.zoom.us/j/85151231786 Meeting ID: 851 5123 1786
Join by PHONE at: 1-929-436-2866 Meeting ID: 851 5123 1786
The purpose of the Meeting is for the Board to address District related items as noted on the Agenda. At such time the Board is so authorized and may consider any business that may properly come before it.
A copy of the agenda may be obtained at the offices of the District Manager, Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410 (561) 630-4922, during normal business hours, or by visiting the Districts website at www.avemariastewardshipcd.org seven (7) days prior to the meeting date.
The meeting is open to the public and will be conducted in accordance with the provisions of Florida law. The meeting may be continued to a date, time and place to be specified on the record at the meeting. There may be occasions when Board Supervisors or District Staff may participate by speaker telephone or other communications media technology.
Any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Managers Office at least forty-eight (48) hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY)/1-800-955-8770 (Voice), for aid in contacting the District Managers office.
Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that person will need a record of proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
www.avemariastewarshipcd.org  PUBLISH: NAPLES DAILY NEWS 06/25/24

Page 1

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT REGULAR BOARD MEETING
June 4, 2024
6:00 p.m.
Ave Maria Master Association 5080 Annunciation Circle, Unit 101 Ave Maria, Florida 34142
TO JOIN VIA ZOOM: https://us02web.zoom.us/j/85151231786 MEETING ID: 851 5123 1786 DIAL IN AT: 1-929-436-2866

Call to Order
The June 4, 2024 Regular Board Meeting of the Ave Maria Stewardship Community District (the “District”) was called to order at 6:00 p.m. in the Ave Maria Master Association located at 5080 Annunciation Circle, Unit 101 Ave Maria, Florida 34142. The meeting was also available via Zoom information indicated above.

Pledge of Allegiance
Invocation
Supervisor Klucik led the meeting in prayer.
Proof of Publication
Proof of publication was presented indicating that notice of the Regular Board Meeting had been published in the Naples Daily News on May 24, 2024, as legally required.

Establish a Quorum
A quorum was established with the following:
Board of Supervisors
Chairman	Thomas Peek	Present	
Vice Chair	Jay Roth	Present	
Supervisor	Jeff Sonalia	Present	
Supervisor	Tom DiFlorio	Present	
Supervisor	Robb Klucik	Present	

District Staff in attendance were:

District Manager	Todd Wodraska	Special District Services, Inc.	
District Manager	Andrew Karmeris	Special District Services, Inc.	
District Manager	Allyson Holland	Special District Services, Inc.	
Director of Operations	Sal D’Angelo	Special District Services, Inc.	
General Counsel	Alyssa Willson	Kutak Rock, LLP	
District Engineer	Ted Tryka	LJA Engineering, Inc.	
Owner Representative	David Genson	Barron Collier Companies	

Also present were the following:
Jaclyn Canerdy, Donny Diaz, Fire Chief Choate and approximately 60 members of the public.

There were also approximately 100 present via Zoom.

Additions or Deletions to Agenda
There were no additions or deletions to the agenda.

Comments from the Public for District Items on the Agenda
Mr. Klucik addressed the members of the public and explained the budget process for all those who were unfamiliar with it.

District residents Susan Turner, Jarret & Jose Diaz, Ronny Lambotte, Diane Alfonso, Angela Rivera, and Calvin Brainard all had comments regarding the potential increase in the district’s annual operations and maintenance assessment.

At this time, the physical location had reached it’s capacity as well as the online zoom capacity.

A motion was made by Mr. Klucik, seconded by Mr. DiFlorio and passed unanimously to recess the meeting and reconvene on June 19th at 6:00 p.m. at the Ave Maria University Auditorium if available and on zoom with a larger capacity. The board also clarified that a new advertisement would confirm the meeting location and that information would be sent out with the Association’s Friday flash emails.

The meeting was recessed at 6:15 p.m.

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT “RECONVENED”
REGULAR BOARD MEETING June 19, 2024
6:00 p.m.
Grand Hall at Del Webb 6008 Del Webb Way
Ave Maria, Florida 34142
TO JOIN VIA ZOOM: https://us02web.zoom.us/j/85151231786 MEETING ID: 851 5123 1786 DIAL IN AT: 1-929-436-2866

Call to Order
The June 19, 2024 Reconvened Regular Board Meeting of the Ave Maria Stewardship Community District (the “District”) was called to order at 6:00 p.m. in the Grand Hall at Del Webb located at 6008 Del Webb Way, Ave Maria, FL 34142. The meeting was also available via Zoom information indicated above.

Pledge of Allegiance
Invocation
Supervisor Klucik led the meeting in prayer.
Proof of Publication
Proof of publication was presented indicating that notice of the Regular Board Meeting had been published in the Naples Daily News on June 12, 2024, as legally required.

Establish a Quorum
A quorum was established with the following:
Board of Supervisors
Chairman	Thomas Peek	Present	
Vice Chair	Jay Roth	Present	
Supervisor	Jeff Sonalia	Present	
Supervisor	Tom DiFlorio	Present	
Supervisor	Robb Klucik	Present	

District Staff in attendance were:

District Manager	Todd Wodraska	Special District Services, Inc.	
District Manager	Allyson Holland	Special District Services, Inc.	
Director of Operations	Sal D’Angelo	Special District Services, Inc.	
General Counsel	Alyssa Willson	Kutak Rock, LLP	
District Engineer	Ted Tryka	LJA Engineering, Inc.	
Owner Representative	David Genson	Barron Collier Companies	

Also present were the following:

Jaclyn Canerdy, Donny Diaz, Monica Villa, Russ Weyer, Commissioner McDaniel and approximately 250 members of the public.

There were also approximately 200 present via Zoom.

Additions or Deletions to Agenda
District Staff (Todd Wodraska, David Genson, Alyssa Willson) presented a PowerPoint presentation to the Board and members of the public. The presentation discussed Special Districts, the creation of the AMCSD, ownership and responsibilities of AMSCD, benefits to residents, and introduction of District Staff. The presentation included roles and responsibilities of the Board. An explanation of the O&M and Debt Assessments including the methodology to determine the assessment amounts (i.e. buildout budget, trip generation, etc.) was provided. The presentation included a discussion on reserves and the need to start increasing the amount of reserves for future infrastructure improvements/replacement. Debt and O&M assessment comparisons with other local Special Districts were discussed, noting that AMSCD assessments are on the low end of the spectrum. The presentation concluded with the owner’s representative indicating that the developer proposes to increase the proposed assessments (both O&M and Debt) over three years, rather than one increase next fiscal year, but ultimately this will be the Board’s decision.

Comments from the Public for District Items on the Agenda
Public comments were moved to Item K.3. Comments followed staff presentation and were heard before the vote. 15 members of the public completed comment cards (John Lanham, Ronny Lambotte, Paula Phillips, Gregory Colkor, Diane Alfonso, David Altomare, Roger Howell, Victo Acquista, Will Hampton, Helen Kelley, Bea Sanford, Marilyn Cavanaugh, George Pirilla, Alex Ledesma, and Yolande). Four (4) of the members of the public decided to donate their time to speak to Gregory Colker, and some chose not to speak after hearing other public comments that addressed their concerns. Public comments were related to the proposed budget, reserves, and the proposed increase in assessments.

Approval of Minutes
May 7, 2024 Regular Board Meeting Minutes
The minutes of the May 7, 2024 Regular Board Meeting were presented for consideration.
A motion was made by Mr. Peek, seconded by Mr. Roth and passed unanimously approving the minutes of the May 7, 2024 Regular Board Meeting.

Consent Agenda
Consider Approval of Updated Traffic Study Agreement
Mr. DiFlorio questioned why the traffic study included areas outside of district roadways and if they will be reimbursed for those areas. Staff explained that roadways outside the district roadways contribute to traffic and could be included in order to ensure a comprehensive traffic study to best allow the District to plan and provide for its roadways.. A motion was made by Mr. Peek, seconded by Mr. DiFlorio and passed unanimously approving the consent agenda, as presented.
Old Business
AMSCD Projects Update
Staff reviewed the list briefly.

New Business
Consider Preliminary Approval of Developer Contribution & Deficit Funding Agreement FY 2025
Staff presented the agreement and advised it is for preliminary presentation only and would be presented again with the final budget and scheduled public hearing. Preliminarily the funding agreement is in substantially similar form to years’ past, provides developer will provide such amounts included in budget as developer contribution and provides a process for requesting additional funds in the event of non-budgeted or over budget items. Staff explained the developer is not legally obligated to contribute funds not outlined in the budget.

Consider Approval of Revised O&M Methodology
Russ Weyer with Real Estate Econometrics presented this item. He explained that this was the 3rd iteration of the O&M Methodology and that this includes the additional SRA lands. The methodology considers the 2024 buildout budget and the newest version of the Trip Generation.

Consider Resolution No. 2024-05 – Adopting a Fiscal Year 2024/2025 Proposed Budget
Todd Wodraska presented this item. He explained the assessments are based on the build out budget presented in the O&M Methodology. Sal D’Angelo presented the O&M portion of the budget. Sal explained that staff are reviewing the reserve study and that it will be presented at the July meeting. Staff fielded questions about the reserve study and how the cash balance will play out with $2M in reserves.

A lengthy discussion ensued regarding the proposed budget, the reserve study and amount currently in the reserves, and the developer contribution.

A motion was made by Mr. Klucik for not adopting the budget, seconded by Mr. Roth. After further discussion, Mr. Klucik withdrew his motion, and a motion was made by Mr. Peek to continue Items K.1, K.2, K.3. and K.4. to the July 2, 2024 meeting, seconded by Mr. Klucik, and passed unanimously to continue these items. Mr. Klucik requested that the staff presentation of the budget on July 2, 2024 needs to include all of the documents showing the 3-year incremental assessment increase and include a reserve study discussion.

Consider Resolution No. 2024-06 – Adopting a Fiscal Year 2024/2025 Proposed Budget for the Master Irrigation Utility System
This item was continued with Item K.3. above.
Consider Resolution No. 2024-07 – Designating a Landowners’ Meeting Date
Todd Wodraska presented this item. Mr. Klucik stated that the proposed meeting date will not work as November 5, 2024 is election day. A motion was made to hold the Landowner’s Meeting on November 12, 2024 at 6:00 p.m. by Mr. Peek, seconded by Mr. Klucik and passed unanimously approving Resolution No. 2024-07 – Designating a Landowners’ Meeting Date, as amended.

Consider Resolution No. 2024-08 – Directing the District Manager Appoint Additional Signatories
Todd Wodraska presented this item. Mr. Klucik asked what this includes and who can sign now. Staff explained that the Chairman is the only signatory currently, and that this will allow signing authority to the signatories included in the resolution. A motion was made by Mr. Roth, seconded by Mr. DeFlorio and passed unanimously approving Resolution No. 2024-08 – Directed the District Manager Appoint Additional Signatories, as presented.

Administrative Matters
Legal Report
Mrs. Willson reminded the board to file their Form ones and noted they were not impacted by the recent court ruling regarding the Form 6.
Engineer Report
Mr. Tryka had nothing further to report.
Manager’s Report
Financials
Mr. Klucik inquired about the expenditures for the remainder of the year and about securing shortfalls with the developer. Todd Wodraska explained that expenditures are tracking well and he’s unsure what shortfalls will be, but the overages will be paid by the developer.

Final Public Comments
No further public comments.
Board Members Comments
The Board unanimously agreed that the July 2, 2024 meeting is to be held at 6:00 p.m. at a location to be determined (Del Webb or University).

Adjourn
There being no further business to come before the Board, the reconvened Regular Board Meeting was adjourned at 9:15 p.m. by Chairman Peek. There were no objections.

Secretary/Assistant Secretary	Chair/Vice-Chairman

JUNE 2024

Project Name	Date
appeared on List	Start Date	End Date	Est. Cost	%
Complete	Responsible Party	Comments	
Anthem Parkway Phase 5A (Starts at North park to
Avalon)	06/07/2022	2nd Quarter 2023	01/13/2025	Est.
$10,264,854	65%	Andrew Karmeris (District)	Project underway – Ave Maria Blvd is near completion	
Anthem Parkway Phase 5B (Will include roundabout at
Pope John Paul)	06/07/2022	4th Quarter 2024	1st Quarter 2026	Est.
$8,394,852	0%	Andrew Karmeris (District)	Currently in design and permitting	
Massa Way Irrigation
Extension	05/07/2024	05/02/2024	01/15/2025	Est,
$734,741	60%	Andrew Karmeris
(District)	Directional Drill Complete, project is
underway	
Arthrex Commerce Park	05/07/2024	02/01/2024	01/15/2025	Est. TBD –
Pending Landscape
Bid	65%	Andrew Karmeris (District)	Currently under construction.	
Oil Well Berm Landscaping (Save existing palm clusters, add buffer trees and
irrigation)	05/07/2024	05/01/2024	10/01/2024	$421,705.8	0%	Andrew Karmeris (District)	Bids Received (Public bid opening scheduled for 6/13/24 at 1:30 p.m.)	

Apron at Owens roundabout & animal clinic handicap parking
spot	06/06/2023	Fall 2023	Late-Fall 2024	Est. Const.
$98,500	Design-100% Begin Const.
Phase	Ted Tryka (District)	Bid to prequalified contractors 1st week of June.	
Asset Management	11/01/2022	10/1/23	09/30/24	$75,000	FY24 – 90%	Sal DeAngelo (District)	Mapping of roadways, sidewalks, curbs, light poles are complete.
Budgeting for Fiscal Year 2024 to include site visits, mapping of additional assets such
as signs, fixtures, etc.	
Sign at Oil Well Road/ Lighting Project	10/03/2023	01/17/2024	11/12/2024	$544,758	47%	Ted Tryka (District	Signs complete. Light pole start installation 1st week of June.
Complete end of July.	

Date: To: Copy: From: Project: Subject:

June 20, 2024
Allyson Holland, District Manager Edward F. Tryka Ill, PE, District Engineer Peninsula Engineering
Anthem Parkway Phase SA
Earth Tech Enterprises, Inc. Change Order No. 3 Justification

Earth Tech Enterprises, Inc. issued Change Order No. 3 on May 215\ 2024 for the project Anthem Parkway Phase SA, based on a change order from its subcontractor Jensen Underground Utilities, Inc. for the installation of additional required project infrastructure.

Please note that costs for the revisions to the Potable Water, Force Main, and Effluent Main will be funded by Ave Maria Utility Company. All other costs will be funded by Ave Maria Stewardship Community District via proceeds of the 2023 Bonds in the Series 2023 Construction Account. A summary of cost responsibility is provided below:

Ave Maria Utility Company:	$196,381.44
 Ave Maria Stewardship Community District:	$174,849.98 Total Change Order Amount:	$371,231.42

This memo serves as an explanation and justification for the requested change order items, generally based on the below circumstances:

To facilitate the timely commencement of construction, the project was bid based on the REV00 set of construction plans, understanding that revisions to the plans were possible during the completion of project design and review by the governing permitting authorities. The change order is based in part on such revisions.
During construction, conflicts were discovered between proposed infrastructure and existing utility infrastructure, and revisions to the plans were necessitated for conflict resolution.
	Additional scope by Jensen Underground, Inc. was also requested to facilitate project construction as described further herein.

Please find below an explanation of the requested change orders per category:

Potable Water: At the direction of Collier County Fire Review, additional fire hydrants and piping were added to the project. The change order is for the additional required infrastructure.

Force Main: As requested by AMUC during construction, from STA 39+50 to the eastern termination at STA 42+40, the previously proposed 8" force main, tee, and valves were upsized to 12".
Irrigation Main: The irrigation main was extended from the north side of the road to the south side of the road at STA 17+16 to provide a stub-out for future connection to the Tennis and Aquatic Center, and an Air Release Valve was added to the irrigation main at STA 29+00.
Recharge Main: At the time of the original bid, the final design of the recharge main and well locations was not complete, and the plans reflected a draft design for both layout and pipe sizing. Final design for the recharge mains could only be performed after the irrigation wells were drilled and preliminary testing was performed, which occurred subsequent to the original contract. The final sizing of the recharge mains has since been designed by subconsultant Kimley-Horn and Associates, Inc., and the layout of the recharge main system has been finalized. The change order is for the revised infrastructure design.
Effluent Main: During construction, existing LCEC and Lumen infrastructure was discovered within the limits of the right-of-way which were in direct conflict with the proposed effluent main. The design for the effluent main was therefore revised to deflect below the LCEC and Lumen conduits from STA 7+85 to 9+80 to avoid conflict, which required the addition of an air release valve.
Sleeves: Please note that for the bulk of the project, American Infrastructure Services, Inc. ("AIS") is the intended contractor to install conduit and related infrastructure for LCEC, Comcast, and Lumen. That scope typically also includes the installation of "sleeves" for said utilities, and also for other required road crossings (including secondary irrigation, owner conduits, etc.). However, to facilitate the construction of Phase 1 of the project (Ave Maria Boulevard), and because the final designs by LCEC, Comcast, and Lumen were not completed in time for the sleeves for Phase 1 to be included in a future change order by AIS*, this change order covers the installation of the required sleeves by ETE's subcontractor Jensen Underground.
*Note: a change order by A/5 is currently being prepared to cover the installation of infrastructure based on the final designs by LCEC, Comcast, and Lumen, and including sleeving for Phase 2 of the project (i.e. the main Anthem Parkway portion of the project}, and will be submitted to the District under separate cover.

Change Order No. 3
Date of Issuance:   June 18, 2024	 Effective Date:  June 18, 2024	

Project: Anthem Parkway Phase 5A	Owner: Ave Maria Community District	Owner's Contract No.:	
Contract: Earthwork, Paving, Underground Utilities Construction at Anthem Parkway Phase 5A	Date of Contract: 11/17/2023	
Contractor: Earth Tech Enterprises, Inc.	Engineer's Project No.: P-AMD-037	

The Contract Documents are modified as follows upon execution of this Change Order:
Description: Additional project infrastructure required by subcontractor Jensen Underground Utilities.

Paving (Sleeves) Add: $23,190.33	Wastewater Add: 23,495.24	Effluent Add: $12,239.30
Potable Water Add: $160,646.90	Irrigation Add: $34,765.53	Recharge Mains Add: $108,680.84 Bond Premium & Insurance Add: $8,213.28
Attachments (documents supporting change): ETE CO dated 5/21/24 & Peninsula Eng Justification dated 6/17/24

CHANGE IN CONTRACT
PRICE:	CHANGE IN CONTRACT TIMES:
Original Contract Price:	Original	Calendar days Substantial completion (days or date):	365
$7,360,163.74	Ready for final payment (days or date):	60

[Increase] [Decrease] from previously approved Change Orders No. 	NA	 to No.  2 :

[Increase] [Decrease] from previously approved Change Orders
No. NA to No. 	:
Substantial completion (days): NA

$225,743.58	Ready for final payment (days): NA
Contract Price prior to this
Change Order:	Contract Times prior to this Change Order:
Substantial completion (days or date): 365
$7,585,907.32	Ready for final payment (days or date):60
Increase of this Change Order:	[Increase] [Decrease] of this Change Order:
Substantial completion (days or date): No change
$371,231.42	Ready for final payment (days or date): No change
Contract Price incorporating this
Change Order:	Contract Times with all approved Change Orders:
$7,957,138.74	Substantial completion (days or date): 365 Ready for final payment (days or date): 60

COMMENDED:

RE	ACCEPTED:	ACCEPTED:

:

By 		By: 		By: 	

Engineer

(Authorized

Owner (Authorized Signature)	Contractor (Authorized Signature)
Date: 		Date: 		Date: 	
Approved by Funding Agency (if applicable):
Date: 	

EJCDC C-941 Change Order
Prepared by the Engineers Joint Contract Documents Committee and endorsed by the Construction Specifications Institute.

Page 1 of 1

Page 12

Earth Tech Enterprises
9921 Interstate Commerce Dr Fort Myers, FL 33913
Phone:	(239) 774-1223
Fax:	(239) 774-1227

Change Order
C/0 Date:	5/21/2024

Quoted to: Ave Maria Steward Community Di 2501A Burns Road

Palm Beach Gardens, FL 33410

Regarding Job: Anthem Parkway Phase 5A
2356

C/0 No:	3	Comments	
Sequence:	0	roposal 25780 Water/FM/Irrigation	
Owner C/0 No:	3		

Description	Qty	U/M	Unit Price	Amount	

Proposal 25780 Water/FM/Irrigation	1.00	EA	363,018.14	363,018.14	
Insurance to Cover Jensen Additional Scope of Work 1% of Scope	1.00	LS	3,630.18	3,630.18	
Bond Premium to Cover Additional Scope	1.00	LS	4,583.10	4,583.10	

Original Contract	$	7,360,163.74		
Previous Change Orders	$	225,743.58		
Revised Contract	$	7,585,907.32		
Current Change Order	$	371,231.42		
New Contract Total	$	7,957,138.74		

Authorized by: 			Date: 	 Ave Maria Steward Community Di

Representative: 		Date: 	 Earth Tech Enterprises

We hereby propose to furnish the materials and perform the labor necessary for the completion of:

	PROPOSED CHANGE ORDER		
POTABLE WATER:
720 LF	
6" C-900 CL 200	
71.41	
51,415.20	
6 EA	6" Gate Valve	3988.07	23,928.42	
1 EA	Temporary Blow-Off (Not Including Valve)	7120.00	7,120.00	
7 EA	Fire Hydrant Assembly	11169.04	78,183.28	
	SUB-TOTAL		$160,646.90	
FORCE MAIN:
100 LF	
12" C-900 CL 150	
114.26	
11,426.00	
200 LF	12" C-900 CL 200	129.01	25,802.00	
2 EA	12" Plug Valve	6166.41	12,332.82	
-100 EA	8" C-900 CL 150	59.52	-5,952.00	
-200 EA	8" C-900 CL 200	65.82	-13,164.00	
-2 LF	8" Plug Valve	3474.79	-6,949.58	
	SUB-TOTAL		$23,495.24	
IRRIGATION MAIN:
160 LF	
6" C-900 CL 200	
85.38	
13,660.80	
2 EA	6" Gate Valve	3988.07	7,976.14	
1 EA	Temporary Blow-Off (Not Including Valve)	7120.00	7,120.00	
1 EA	12" Air Release Valve Assembly	6008.59	6,008.59	
	SUB-TOTAL		$34,765.53	
RECHARGE MAIN:
2020 LF	
10" C-900 CL 200	
116.85	
236,037.00	
-1 EA	10" Gate Valve	6511.99	-6,511.99	
2 EA	10" Air Release Valve Assembly	4423.41	8,846.82	
-1280 LF	8" C-900 CL 200	71.88	-92,006.40	
-2 EA	8" Gate Valve	5821.92	-11,643.84	
-540 LF	6" C-900 CL 200	44.58	-24,073.20	
-2 EA	6" Gate Valve	3988.07	-7,976.14	
1 EA	6" Air Release Valve Assembly	6008.59	6,008.59	
	SUB-TOTAL		$108,680.84	
EFFLUENT:
1 EA	
16" Air Release Valve Assembly	
12239.3	
12,239.30	
	SUB-TOTAL		$12,239.30	

SLEEVES:		
	980 LF	2" PVC (S/40)		1,599.75	
	40 LF	3" PVC (S/40)		132.92	
	600 LF	4" PVC (S/40)		2,623.50	
	300 LF	6" PVC (S/40)		2,413.62	
	260 LF	8" PVC (S/40)		$3,349.92	
	2 EA	Glue		210.51	
	2 EA	Cleaner		100.11	
	22 HRS	Foreman		3,300.00	
	22 HRS	JD 250 Trackhoe w/Operator		5,500.00	
	88 HRS	Pipelayer		3,960.00	
			SUB-TOTAL	$23,190.33	
			
CHANGE ORDER TOTAL	
$363,018.14	

EXCLUSIONS:
NOT RESPONSIBLE FOR PRIVATE UTILITIES NOT LOCATED BY THE RESPECTIVE OWNER.
THERE WILL BE AN ADDITIONAL CHARGE TO EXTRACT ROCK AND REMOVE ROCK FROM PROJECT SITE.
NO UNSUITABLE MATERIAL REMOVAL OR REPLACEMENT WITH ACCEPTABLE MATERIAL.
NO LAYOUT OR CERTIFIED AS-BUILTS.
NO DENSITY TESTING COST.
NO CONNECTION, INSPECTION, PERMITS OR IMPACT FEES.

All material is guaranteed to be as specified, and the above work to be performed in accordance with the drawings and specifications submitted for above work. Any alteration or deviation from above specifications involving extra costs, will be executed upon written orders, and will become an extra charge over the contract amount. Owner agrees to accept current insurance in place by Contractor @ time of bid. Owner agrees to bear any cost for changes or alterations in insurance coverage. This proposal may be withdrawn by us
if not accepted within 30 days. Payments to be made as follows: As work progresses, payment due within thirty (30) days of billing.

Respectfully submitted:	Kelly Edwards

JENSEN UNDERGROUND UTILITIES, INC.

Acceptance of Proposal: The above prices, specifications and conditions are satisfactory and are hereby accepted. You are hereby authorized to perform the work.

Date	Signature

Work Authorization

June 17, 2024

Ave Maria Stewardship Community District Collier County, Florida

Subject:	Work Authorization Number 2
Ave Maria Stewardship Community District

Dear Chairman, Board of Supervisors:

Peninsula Improvement Corporation d/b/a Peninsula Engineering (the "Consultant") is pleased to submit this work authorization to provide engineering, surveying, and landscape architect services for the Ave Maria Stewardship Community District (the "District"). We will provide these services pursuant to our current agreement dated April 2, 2024 (the "Agreement") as follows:

Scope of Work

District will engage Consultant to perform those services outlined below. Please note, scope items identified herein may be incorporated into combined design permitting efforts or may be separate and independent design and permitting efforts.
	Anthem Parkway Phase SA - Civil Engineering and Landscape Architecture consulting services to provide the completion of design, permitting and permit modification, construction observation, and construction management services throughout the duration of construction, and to provide certification services post-construction, for the completion of Anthem Parkway Phase 5A. This project is a main roadway in the Town of Ave Maria and requires consideration of master development planning and coordination of infrastructure supporting future development areas. Services also include Peninsula Engineering's Survey services for boundary surveys, platting, and field survey on an as­ needed basis.

	IPS #4 Irrigation Pond, Irrigation Pump Station, and AMUC Master Wastewater Lift Station - Civil Engineering and Landscape Architecture consulting services to provide design, permitting and permit modification, construction observation, and construction management services throughout the duration of construction, and to provide certification services post-construction, for the completion of the District Irrigation Lake and Irrigation Pump Station known as IPS #4, and the completion of the Ave Maria Utility Company (AMUC) Master Wastewater Lift Station located on the north side of Anthem Parkway Phase 5A; all being master infrastructure serving the Town of Ave Maria's existing and future development areas, and requiring master planning coordination and consideration. Services also include Peninsula Engineering's Survey services for boundary surveys, platting, and field survey on an as-needed basis.

	Anthem Parkway Phase SB and Pope John Paul II Blvd/Anthem Parkway Roundabout - Civil Engineering and Landscape Architecture consulting services to provide design, permitting, construction observation, and construction management services throughout the duration of construction, and to provide certification services post­ construction, for the completion of Anthem Parkway Phase 5B including the conversion of the intersection of Pope John II Blvd and Anthem Parkway to a roundabout. This project is a main roadway in the Town of Ave Maria and requires consideration of master development planning and coordination of infrastructure supporting future development areas. Services also include Peninsula Engineering's Survey services for boundary surveys, platting, and field survey on an as-needed basis.

	Public Utility Infrastructure Relocation - Civil Engineering consulting services and construction management services to facilitate the relocation of LCEC, Comcast, and Lumen public utility infrastructure that is in conflict with Anthem Parkway and related improvements, which may include installation of temporary overhead infrastructure and subsequent installation of permanent underground infrastructure in conjunction with the roadway construction efforts. Services include Peninsula Engineering's Survey services for field survey on an as-needed basis.

Special Consultant Services - Peninsula Engineering anticipates the need for Special Consultants for certain services related to the performance of the Scope of Work, pursuant to Article 5 of the agreement. Certain anticipated services are listed below followed by a related Special Consultant (if known or anticipated), however other Special Consultant services in addition to those listed may be required and which are also hereby authorized, and/or Special Consultants other than those listed may be contracted and which are also hereby authorized:

Traffic engineering and lighting design and consultation: Trebilcock Consulting Solutions, P.A.
Hydrogeological design and consultation: Kimley-Hom and Associates, Inc.
Geotechnical design and consultation: YPC Consulting Group, P.L.
Irrigation pump station design and consultation: Metro PSI
	Architectural and structural engineering design and consultation (irrigation pump station housing): (Unknown)
Recharge Well control panel design and consultation: (Unknown)

Fees

District will compensate Consultant pursuant to Article 3.(B) of the Agreement (Hourly Personnel Rates). For directly provided Consultant services (i.e. not Special Consultant services), the District will compensate the Consultant for 78% of the costs, and Ave Maria Utility Company, LLLP ("AMUC") will compensate the Consultant for 22% of the costs. For costs related to Special Consultant services, the cost share between the District and Ave Maria Utility Company, LLLP is evaluated individually.

Estimated Fees for the Scope of Work are provided below; however, because the Scope of Work requires consideration of master development planning and coordination of infrastructure supporting future development areas, and based on the variability of required effort during construction management of the various projects, additional fees in excess of the provided estimates may be required.

Estimated Fees:

1	Anthem Parkway Phase 5A	$104,400	
2	IPS #4 Irrigation Pond, Irrigation Pump Station, and AMUC Master Wastewater Lift Station	$91,450	
3	Anthem Parkway Phase 5B and Pope John Paul II Blvd/Anthem Parkway	$294,700	
4	Public Utility Infrastructure Relocation	$22,325	
5	Special Consultant Services	As-Needed	
	Direct Expenses	As-Needed	
	Total	$512,875 + As-
Needed	

This proposal, together with the Agreement, represents the entire understanding between the District and Consultant with regard to the referenced work authorization; and, this work authorization, once accepted, will supersede and supplement that contract between the Consultant and the District for Anthem Parkway Phase 5, assigned to the District effective November 2, 2021.

If you wish to accept this work authorization, please sign both copies where indicated, and return one complete copy to our office. Upon receipt, we will promptly schedule our services.

Thank you for considering Peninsula Engineering. We look forward to helping you create a quality project.

Sincerely,	APPROVED AND ACCEPTED

Peninsula Improvement Corp, d/b/a Peninsula Engineering
Daniel C. Hartley, P.E.
Vice President of Engineering

By: 	 Authorized Representative of Ave Maria Stewardship Community District
Date: 	_, 20	

JULY 2024

Project Name	Date
appeared on List	Start Date	End Date	Est. Cost	%
Complete	Responsible Party	Comments	
Anthem Parkway Phase 5A (Starts at North park to Avalon)	06/07/2022	2nd Quarter 2023	01/13/2025	Est.
$10,264,854	70%	Andrew Karmeris (District)	Project underway – Ave Maria Blvd is near completion. Temporary Overhead Utilities has
been installed.	
Anthem Parkway Phase 5B (Will include roundabout at
Pope John Paul)	06/07/2022	4th Quarter 2024	1st Quarter 2026	Est.
$8,394,852	0%	Andrew Karmeris (District)	Currently in design and permitting	
Massa Way Irrigation Extension	05/07/2024	05/02/2024	01/15/2025	Est,
$734,741	80%	Andrew Karmeris (District)	Utilities are 2 weeks from being completed and contractor will be commencing construction for site restoration in
approximately 2 weeks.	
Arthrex Commerce Park	05/07/2024	02/01/2024	01/15/2025	$2,402,283	65%	Andrew Karmeris
(District)	Lakes are currently being excavated,
received landscape bid.	
Oil Well Berm Landscaping	05/07/2024	05/01/2024	10/01/2024	$359,475.80	0%	Andrew Karmeris
(District)	Bids Received and being presented to the	

							Board at July Board
Meeting.	
Apron at Owens roundabout & animal clinic handicap parking
spot	06/06/2023	Fall 2023	Late-Fall 2024	Est. Const.
$98,500	Design-100% Begin Const.
Phase	Ted Tryka (District)	Bids sent to pre- qualified contractors. Present bid results at August Board Meeting	
Asset Management	11/01/2022	10/1/23	09/30/24	$75,000	FY24 – 85%	Sal DeAngelo (District)	Mapping of roadways, sidewalks, curbs, light poles are complete.
Budgeting for Fiscal Year 2024 to include site visits, mapping of additional assets such
as signs, fixtures, etc.	
Sign at Oil Well Road/ Lighting Project	10/03/2023	01/17/2024	11/12/2024	$544,758	56%	Ted Tryka (District)	Began light installation in early June. Project complete End
July/Early August.	

FY 2025 DEVELOPER CONTRIBUTION AND DEFICIT FUNDING AGREEMENT

THIS FY 2025 DEVELOPER CONTRIBUTION AND DEFICIT FUNDING AGREEMENT ("Agreement") is
made and entered into to be effective the 		day of 		2024, by and between:

Ave Maria Stewardship Community District, a local unit of special-purpose government established pursuant to Chapter 2004-461, Laws of Florida, (the "Act") and located in Collier County, Florida ("District"), and

Ave Maria Development, LLLP, a Florida limited liability limited partnership, the primary developer of lands within the boundary of the District, and whose address is 2600 Golden Gate Parkway, Naples, Florida 34105 ("Developer").

RECITALS

WHEREAS, the District was established for the purpose of planning, financing, constructing, operating and/or maintaining certain infrastructure; and

WHEREAS, the District, pursuant to the Act is authorized to levy such taxes, special assessments, fees and other charges as may be necessary in furtherance of the District's activities and services; and

WHEREAS, the Board of Supervisors ("Board") of the District has adopted the District's operations and maintenance budget ("O&M Budget") for the fiscal year ending September 30, 2025 ("FY 2025") and has levied special assessments ("O&M Assessments") to fund a portion of the O&M Budget a copy of which is attached hereto and made a part hereof as Exhibit A; and

WHEREAS, the Board has adopted the Ave Maria Master Irrigation Utility budget ("Utility Budget") for FY 2025 a copy of which is attached hereto and made a part hereof as Exhibit B; and

WHEREAS, in connection with the adoption of the O&M Budget and the levy of the O&M Assessments, and in consideration for the District not levying additional O&M Assessments, the Developer has agreed to pay the O&M Assessments levied on its properties, and additionally to fund any portion ("O&M Deficit") of the O&M Budget needed by the District above and beyond the amount of the O&M Assessments actually levied;

WHEREAS, in connection with the adoption of the Utility Budget, the Developer has agreed to pay the developer contribution outlined in the Utility Budget and fund any funding deficits;

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.

FUNDING OBLIGATION.
O&M Budget. The Developer agrees to make available to the District the monies necessary to fund any O&M Deficit for FY 2025, as detailed in the O&M Budget, within thirty (30) days of written

1

request by the District. The funds shall be placed in the District's general checking account and used to fund the actual administrative and operations expenses of the District's O&M Budget. The Developer agrees to fund any O&M Deficit for actual expenses of the District and up to the total amount of the O&M Budget; provided, however, that the Developer shall not be responsible for any O&M Deficit resulting from amendments to the O&M Budget, unless the Developer approves of such amendments. The Developer's payment of funds pursuant to this Agreement in no way affects Developer's obligation to pay O&M Assessments levied on lands it owns within the District. The District shall have no obligation to reimburse the Developer for any monies paid under this Agreement.

Utility Budget. The Developer agrees to make available to the District the monies necessary to fund any developer contributions for FY 2025, as detailed in the Utility Budget. Further, the Developer agrees to fund any utility funding deficit for actual expenses of the District. Developer agrees to provide such developer contributions and funding deficit within thirty {30) days of written request by the District. The funds shall be placed in the District's general checking account and used to fund the actual administrative and operations expenses of the District's Utility Budget. The District shall have no obligation to reimburse the Developer for any monies paid under this Agreement.

AMENDMENT. This instrument shall constitute the final and complete expression of the agreement between the parties relating to the subject matter of this Agreement. 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 of the parties hereto.

AUTHORITY. The execution of this Agreement has been duly authorized by the appropriate body or official of all parties hereto, each party has complied with all the requirements of law, and each party has full power and authority to comply with the terms and provisions of this instrument.

ASSIGNMENT. This Agreement may not be assigned, in whole or in part, by either party except upon the written consent of the other. Any purported assignment without such consent shall be void.

DEFAULT. A default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which shall include, but not be limited to, the right of damages, injunctive relief and specific performance.

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

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

2

APPLICABLE LAW; VENUE. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida. Venue for any action under this Agreement shall be in a state circuit court of competent jurisdiction in and for Collier County, Florida.

ARM'S LENGTH. This Agreement has been negotiated fully between the parties as an arm's length transaction. The parties participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, the parties are each deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any party.

IN WITNESS WHEREOF, the parties execute this Agreement the day and year first written above.

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

By	­
Its: 	

AVE MARIA DEVELOPMENT, LLLP

By:	_ Name: 			 Title: 		

EXHIBIT A: EXHIBITB:

O&M Budget with Assessment Schedule Utility Budget

3

EXHIBIT A
O&M Budget with Assessment Schedule

4

■

THIRD REVISED OPERATIONS & MAINTENANCE ASSESSMENT METHODOLOGY REPORT
FOR THE AVE MARIA STEWARDSHIP
COMMUNITY DISTRICT

July 2, 2024

Prepared for

Board of Supervisors

Ave Maria Stewardship Community District Prepared by

Real Estate Econometrics, Inc.

Real Estate Econometrics, Inc. Suite 100
707 Orchid Drive
Naples, Florida 34102
(239) 269-1341
Ree-i.Com

THIRD REVISED OPERATIONS & MAINTENANCE ASSESSMENTMETHODOLOGYREPORTFORTHE AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

Introduction

Purpose
This report (the "Third Revised O&M Assessment Methodology") amends the original Operations & Maintenance Assessment Methodology Report ("Original O&M Methodology") dated and approved July 5, 2007, the First Revised Operations & Maintenance Methodology Report dated and approved May 30, 2017, and the Second Revised Operations & Maintenance Methodology Report dated and approved June 23, 2021, by the Ave Maria Stewardship Community District ("District"). The Original O&M Methodology was designed to apply the annual Operations and Maintenance budget ("O&M Budget") incurred by the District to provide certain operating and maintenance services to properties in the District.

Since the adoption of the Original O&M Methodology, the Town of Ave Maria's ("Ave Maria") build out development program has changed from the original estimation to its current program due to evolving market conditions. Ave Maria has since added to the Ave Maria Stewardship Receiving Area ("Ave Maria SRA") through Collier County Ordinance 2023-119 as described in Section 1.2 of this report.

The District is updating the operations & maintenance proposed buildout budget through this methodology. The District has engaged Real Estate Econometrics, Inc. ("Consultant") to develop the revised methodology.

Background
The acreage contained within the Town of Ave Maria "Ave Maria" is completely within the boundaries of the District. Ave Maria is a mixed-use community in unincorporated Collier County ("County"), Florida. The Collier County Board of County Commissioners granted certain development rights for the anticipated development within the District.

Ave Maria has been under development for almost 20 years. When complete, Ave Maria will have a variety of multi-family and single-family product types, commercial/retail space, office space, schools, churches, a university and recreational opportunities.
On June 13, 2023, the Collier County Board of County Commissioners passed Resolution 2023-119 that amended Resolution Nos. 2004-89 and 2005-234A, making the following changes to the Ave Maria Stewardship Receiving Area ("SRA"):

Revised the existing University District and Neighborhood General District and added a new Town Center, Neighborhood General, and University District.

Expanded the Ave Maria SRA to include 325-acres (+/-) in the northwest and 540-acres (+/-) in the southeast at the intersection of Oil Well Road and Camp Keais Road.

Increased the Ave Maria SRA from 4,000 acres to 5,000 acres and did not increase the total number of residential units or commercial intensity.

Table 1 below outlines the Ave Maria build out development program that includes the 2023 SRA Revision development plan.
Table 1. The 2024 Revised Ave Maria Build Out Development Program

Land Use Residential* Apartments
Middlebrook - Affordable Housing ALF Apartments
Goods and Services
Mini Warehouse (Self Storage) Light Manufacturing
Hotel
Institutional - AM University Private K-12 School

Number of Units
10,350
602
48
275
1,078,943
40,400
711,000
300
2,000
900

*- Includes townhomes, attached villas, condominiums, duplexes, carriage homes, single family homes and detached villas.
Source: Developer

Use of Specific Numbers within the Tables of the O&M Budget Assessment Methodology
Great diligence has been used to define the components of the build out development program defined in Table 1 (the "Development Program"), the estimated O&M Budget shown in Table 2, and the Assessment Apportions shown in Tables 3 through 5. The Ave Maria build out Development Program, the O&M Budget, and the resulting allocations are subject to change. They are used within this report to illustrate the application of the algorithms and principles used in establishing this Third Revised O&M Assessment Methodology.

The District Operations & Maintenance Budget at Build Out

The District Manager and Master Developer have identified certain operations and maintenance budget items that may be provided by the District and has provided a cost estimate at the time of the Community's build out for each of those items to the Consultant. In order to establish the assessment methodology by which the benefiting properties will receive their apportioned assessment, the Consultant utilized the District's estimated O&M Budget at build out in its assessment methodology to determine the potential O&M Budget assessments at build out. Details of the District's O&M Budget at build out can be found in Table 2 on the next page.

(Rest of page left intentionally blank)

Table 2. District's 2024 Estimated O&M Budget at Build Out1

OPERATIONS AND MAINTENANCE	2024 Estimate	
		
Electric - Streetlights and Landscaping	300,000	
		
Roads - General Maintenance	0	
Roads - Street Sweeping	100,000	
Roads - Striping & Traffic Markings	350,000	
Roads - Street Light Maintenance	300,000	
Roads - Sidewalk/Curb Repairs	200,000	
Roads - Signage Repair	250,000	
		
Landscape - Maintenance Contracts	1,800,000	
Landscape - Tree Trimming	300,000	
Landscape - Plant Replacement	400,000	
Landscape - Mulch & Miscellaneous	350,000	
Landscape - Storm Cleanup	400,000	
		
Lakes - Maintenance & Littorals	200,000	
Lakes - Aerators	25,000	
Lakes - Aquatic Replacements	75,000	
		
Drainage - Storm Drain Cleaning	100,000	
		
Envirornmental - Preserves Maintenance	450,000	
Envirornmental - Mosquito Control	0	
Envirornmental - Pest/Rodent Control	40,000	
		
Utilities - Irrigation Water	225,000	
Utilities - Irrigation Repair	350,000	
Utilities - Entry Feature Water	10,000	
		
Maintenance - Operations Team (8 ppl)	995,000	
Maintenance - Vehicle Lease/Fuel Repairs	60,000	
Maintenance - Entry Fountain	175,000	
Maintenance - Equipment Repair	20,000	
Maintenance - Misc. Repairs	15,000	
Maintenance - Small Tools	20,000	
		
Admin - Management Team (5 ppl)	815,000	
Admin - Assessment Roll	30,000	
Admin -Website	25,000	
Admin - Payroll	63,000	
Admin - Maintenance Technicians	0	
Admin - Office Lease	30,000	
Admin - Office Utilities	27,500	
Admin - Administrative Supplies	10,000	
Admin - Insurance	250,000	
Admin - Taxes & Licenses	1,000	
Admin - Vehicle Lease/Fuel/Repairs	0	
		
Reserves		
Contingency	75,000	
		
TOTAL EXPENDITURES	$	8,836,500	
Source: District Manager and Master Developer
1 Note build out budget reflected herein does not include the area added to the District boundary in 2023 pursuant to Chapter 2023-333, Law of Florida.

O&M Estimated Budget at Build Out Assessment Methodology

Structure

The Operations and Maintenance Budget Assessment Methodology is a two-step process. First the District Manager and Master Developer determine the costs for the District's annual O&M Budget at build out (shown in Table 2 on the previous page) of the community and provides those costs to the Consultant. Second, the Consultant determines the special and peculiar benefits that flow from the operations and maintenance services from the District's O&M Budget to the benefiting properties within the District. The Consultant then determines the special and peculiar benefits that flow to the properties and their fair and reasonable allocation. The O&M Budget assessment methodology report detailed herein provides the mechanism by which the assessments from the District's O&M Annual Estimated Budget were allocated and the special and peculiar benefits were apportioned to the benefiting properties within the District for levy and collection. The District Board of Supervisors ("Board") makes the final determinations with regard to the special and peculiar benefits and the fair and reasonable allocation of the O&M Assessments.

Assessment Allocation

The District is undertaking the responsibility of providing the O&M Budget for its master infrastructure that supports vertical development within Ave Maria. As designed, the District infrastructure is an integrated system of improvements that confer special and peculiar benefits to the lands within the District. Logically, the O&M Budget supporting the District infrastructure also confers special and peculiar benefits to the lands within the District.

The Estimated O&M Budget Assessments at Build Out

The District shall allocate the costs to provide the operations and maintenance of its master infrastructure to the Development Program. In the case of the District's First Sub-Master Final Supplemental Assessment Methodology Report adopted by the AMSCD Board of Supervisors on December 20, 2006, the primary measurement is trip generation since the Ave Maria Capital Improvement Program described in the Master Engineer's Report dated May 2, 2006, (the "Capital Improvement Program") is heavily focused on the provision of transportation infrastructure and its related uses such as the master irrigation system parallel the transportation system. In addition, the roadway water is channeled through a series of drainage structures in the roads through pipes to the water management system. The Consultant therefore utilized the same methodology with regard to assessing the O&M Budget to the benefiting properties.

The Consultant utilized trip generation figures from the most recent Institute of Transportation Engineers ("ITE") trip generation book (11th Edition) as applied to the various land categories being developed within the District as noted in Table 3 below.
Table 3. Trip Generation Rates for District Land Use Types

Number of		Trips	Total Number Percent of Product Type	Units	ITE Code  Per Unit		of Trips	Total Trips
Residential*
Residential	
10,350	
210	
9.430	
97,601	
78.26%	
Apartments	602	220	5.440	3,275	2.63%	
Middlebrook - Affordable Housing	48	230	4.810	231	0.19%	
ALF Apartments	275	254	2.020	556	0.45%	
Commercial	
Goods and Services	1,078,943	710	0.011	11,868	9.52%	
Mini Warehouse (Self Storage)	40,400	151	0.001	59	0.05%	
Light Manufacturing	711,000	140	0.005	3,377	2.71%	
Hotel	300	310	7.990	2,397	1.92%	
Institutional - AM University	2,000	550	1.560	3,120	2.50%	
Private K-12 School	900	532	2.480	2,232	1.79%	
Totals				124,715	100.00%	
* - Includes townhomes, attached villas, condominiums, duplexes, carriage homes, single family homes and detached villas.
Source: Institute of Transportation Engineers 11th Edition

From there, the Consultant applied an internal trip generation discount that was used in the original bond issues and O&M methodology to the appropriate uses within the District where many of those trips will remain within each development node and will not have to go out to the main roadways within the District to get to services since Ave Maria is designed as a "walkable community". See Table 4 on the next page for external trip generation analysis.

(Rest of Page left intentionally blank)

Number of		Trips	Total Number External Trip Adjusted Trips Trip Generation Product Type	Units	ITE Code Per Unit		of Trips	Generation	Generated	Allocation %
Residential*
Residential	
10,350	
210	
9.430	
97,601	
50.00%	
48,800	
85.33%	
Apartments	602	220	5.440	3,275	75.00%	819	1.43%	
Middlebrook - Affordable Housing	48	230	4.810	231	80.00%	46	0.08%	
ALF Apartments
Commercial	275	254	2.020	556	75.00%	139	0.24%	
Goods and Services	1,078,943	710	0.011	11,868	80.00%	2,374	4.15%	
Mini Warehouse (Self Storage)	40,400	151	0.001	59	50.00%	29	0.05%	
Light Manufacturing	711,000	140	0.005	3,377	5.00%	3,208	5.61%	
Hotel	300	310	7.990	2,397	70.00%	719	1.26%	
Institutional - AM University	2,000	550	1.560	3,120	84.00%	499	0.87%	
Private K-12 School	900	532	2.480	2,232	75.00%	558	0.98%	
Totals				124,715		57,192	100.00%	
* - Includes townhomes, attached villas, condominiums, duplexes, carriage homes, single family homes and detached villas.
Source: Institute of Transportation Engineers 11th Edition and Consultant.

The Consultant calculated the percentage of trips that represent the portion of the special and peculiar benefit apportioned to the residential housing, assisted living units, apartments, the retail/entertainment/service component, professional office, light manufacturing/industrial, hotel, medical facilities, Ave Maria University and the K-12 school. The O&M Budget with and without the early payment discount was then allocated by the percentage of benefit received.

O&M Budget Allocation at Build Out
Based on the foregoing and this benefit analysis, each residential and non­ residential use that is developed within the District will have some benefit arising from the District's infrastructure and its related O&M Budget. Table 5 on the next page shows the combined O&M Budget benefit allocation at Build Out on a per unit basis for each unit within the Development Program. The table shows both the net and gross assessment per unit.

(Rest of Page left intentionally blank)

Number of
Product Type	Units	Total Benefit Allocation	Unit NetO&M Assessment	Revised Per Unit Gross O&M Assessment with 4% Discount	
Residential*
Residential	
10,350	
$7,539,968	
$728.50	
$787.57	
Apartments	602	$126,498	$210.13	$227.17	
Middlebrook - Affordable Housing	48	$7,135	$148.64	$160.69	
ALF Apartments
Commercial	275	$21,457	$78.03	$84.35	
Goods and Services	1,078,943	$366,749	$0.34	$0.37	
Mini Warehouse (Self Storage)	40,400	$4,526	$0.11	$0.12	
Light Manufacturing	711,000	$495,718	$0.70	$0.75	
Hotel	300	$111,106	$370.35	$400.38	
Institutional - AM University	2,000	$77,130	$38.56	$41.69	
Private K-12 School	900	$86,215	$95.79	$103.56	
Totals		$8,836,500			
* - Includes townhomes, attached villas, condominiums, duplexes, carriage homes, single family homes and detached villas.
Source: District Manager, Master Developer and Real Estate Econometrics, Inc.

The special benefits, use and enjoyment that flow from sustained quality maintenance and operations of the District are the same for each residential parcel of property regardless of size and land use.

Consumer Price Index Multiplier

In order to allow for price increases in services and parts, the Consultant recommends that the build out budget as shown in Table 2 be adjusted by a consumer price index multiplier so that the budget keeps up with inflation and other economic adjustments.

The Consultant recommends using the United States Bureau of Labor Statistics consumer price index for Urban Wage Earners and Clerical Workers in the Southeast Region. The March year over year CPI for that category should be used as the multiplier since it will allow for the calculation of the O&M Budget prior to the next fiscal year's preliminary budget approval meeting in May/June.

Reasonable and Fair Allocation of a special and peculiar benefit and Duty to Pay

A reasonable estimate of the proportion of special and peculiar benefits received from the District's O&M Budget is expressed in Table 5 above.
The determination has been made that the duty to pay the non-ad valorem special assessments and the determined O&M Budget special and peculiar benefits are fairly and reasonably apportioned because the special and peculiar benefits to the property deriving from the O&M Budget (and the concomitant responsibility for the payment of the resultant and allocated O&M Budget) have been apportioned to the property according to reasonable estimates of the special and peculiar benefits provided consistent with each land use category.
Accordingly, no acre or parcel of property within the boundary of the District will be assessed for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property.

The per unit allocation amounts in Table 5 represent the anticipated per unit O&M allocations assuming all anticipated land uses and units are built out in the proportions planned. If the anticipated amount of land uses and units were to change, then the allocations will change accordingly.

Clarifications and Amplifications

All assessments levied run with the land. It is the responsibility of the landowner of record to make or cause to be made any required payments due. The District will not release any liens on property for which payments are due until provision for such payment has been satisfactorily made.

The owner of record at the time the annual O&M Budget assessment roll is adopted and when assessments are due will have the responsibility to make the assessment payments. In all cases, payments must be made to enable the District to meet its O&M Budget obligations.

(Rest of Page left intentionally blank)

This report is being presented for preliminary discussion only and is subject to further revisions pending continued review of subject infrastructure and reserve funding options.

Ave Maria Stewardship Community District
March 18, 2024	•	Ave Maria, FL

FULL RESERVE STUDY

Page 36

Reserve Advisors, LLC 735 N. Water Street, Suite 175
Milwaukee, WI 53202

Ave Maria Stewardship Community District Ave Maria, Florida

Dear Board of Directors of Ave Maria Stewardship Community District:
At the direction of the Board that recognizes the need for proper reserve planning, we have conducted a Full Reserve Study of Ave Maria Stewardship Community District in Ave Maria, Florida and submit our findings in this report. The effective date of this study is the date of our visual, noninvasive inspection, March 18, 2024.
This Full Reserve Study exceeds the Association of Professional Reserve Analysts (APRA) standards fulfilling the requirements of a “Level I Full Reserve Study.”
An ongoing review by the Board and an Update of this Reserve Study are necessary to ensure an equitable funding plan since a Reserve Study is a snapshot in time. We recommend the Board budget for an Update to this Reserve Study in two- to three-years. We look forward to continuing to help Ave Maria Stewardship Community District plan for a successful future.
As part of our long-term thinking and everyday commitment to our clients, we are available to answer any questions you may have regarding this study.
Respectfully submitted on May 20, 2024 by
Reserve Advisors, LLC
Visual Inspection and Report by: Alexander G. J. Gould, RS1 Review by: Tamara S. Samhouri, RS, Quality Assurance Engineer Alan M. Ebert, RS, PRA2, Director of Quality Assurance

RS (Reserve Specialist) is the reserve provider professional designation of the Community Associations Institute (CAI) representing America's more than 300,000 condominium, cooperative and homeowners associations.
PRA (Professional Reserve Analyst) is the professional designation of the Association of Professional Reserve Analysts. Learn more about APRA at http://www.apra-usa.com.

Page 37

©2023 Reserve Advisors, LLC. All rights reserved.

Table of Contents
RESERVE STUDY EXECUTIVE SUMMARY	1.1
RESERVE STUDY REPORT	2.1
RESERVE EXPENDITURES and FUNDING PLAN	3.1
RESERVE COMPONENT DETAIL	4.1
Property Site Elements	4.1
Asphalt Pavement, Repaving	4.1
Asphalt Pavement, Repaving, Walking Paths	4.11
Bridges, Inspections and Capital Repairs	4.14
Catch Basins	4.17
Concrete Curbs and Gutters	4.18
Concrete Sidewalks	4.22
Irrigation System, Electrical Sitework	4.29
Irrigation System, Pumps	4.29
Landscape Irrigation, Partial Replacements	4.31
Lake Park	4.31
Light Poles and Fixtures	4.33
Ponds, Erosion Control	4.35
Ponds, Liners	4.39
Preserves	4.40
Railings, Aluminum	4.41
Signage, Entrance Monuments, Oil Well Road	4.41
Signage, Entrance Monuments, Camp Keais Road	4.44
Signage, Street and Traffic	4.46
Reserve Study Update	4.49
METHODOLOGY	5.1
CREDENTIALS	6.1
DEFINITIONS	7.1
PROFESSIONAL SERVICE CONDITIONS	8.1

RESERVE STUDY EXECUTIVE SUMMARY
Client: Ave Maria Stewardship Community District (Ave Maria Stewardship)
Location: Ave Maria, Florida
Reference: 234032

Property Basics: Ave Maria Stewardship Community District is a planned unit development which is responsible for the common elements shared by 5,000 units. The community was built in 2007.

Reserve Components Identified: 32 Reserve Components.
Inspection Date: March 18, 2024.

Funding Goal: The Funding Goal of this Reserve Study is to maintain reserves above an adequate, not excessive threshold during one or more years of significant expenditures. Our recommended Funding Plan recognizes these threshold funding years in 2028 due to the repaving of the asphalt pavement street system, in 2031 due to the replacement of the pond liners, and in 2048 due to the subsequent repaving of the asphalt pavement street system.

Methodology: We use the Cash Flow Method to compute the Reserve Funding Plan. This method offsets future variable Reserve Expenditures with existing and future stable levels of reserve funding. Our application of this method also considers:
Current and future local costs of replacement
2.0% anticipated annual rate of return on invested reserves
3.5% future Inflation Rate for estimating Future Replacement Costs
Sources for Local Costs of Replacement: Our proprietary database, historical costs and published sources, i.e., R.S. Means, Incorporated.
Unaudited Cash Status of Reserve Fund:
The District currently does not budget for reserves1
As of the date of our inspection, the District has $0 in Reserve monies
Project Prioritization: We note anticipated Reserve Expenditures for the next 30 years in the Reserve Expenditures tables and include a Five-Year Outlook table following the Reserve Funding Plan in Section 3. We recommend the Community Development District prioritize the following projects in the next five years based on the conditions identified:
Repaving due to noted deterioration
Replacement of the irrigation pumps
Renovations to the entrance monuments and associated infrastructure
Recommended Reserve Funding: We recommend the following in order to achieve a stable and equitable Cash Flow Methodology Funding Plan:
Increase to $3,450,000 in 2025
Inflationary increases from 2026 through 2028

1 The Fiscal Year (FY 2024) for Ave Maria Stewardship begins October 1, 2023 and ends September 30, 2024. For brevity, we refer to the Fiscal Year by its ending year, i.e. Fiscal Year 2023-24 is FY 2024 or simply 2024.

Decrease to $2,200,000 by 2029 due to fully funding for the repaving of the asphalt pavement street system
Inflationary increases from 2030 through 2033
Decrease to $1,980,000 by 2034 due to fully funding for replacement of the pond liners
Inflationary increases thereafter through 2054, the limit of this study's Cash Flow Analysis
Initial adjustment of $3,450,000 is equivalent to an increase of $57.50 in the 0ly contributions per owner.
Ave Maria Stewardship
Recommended Reserve Funding Table and Graph

Year	Reserve Contributions ($)	Reserve Balances ($)	
Year	Reserve Contributions ($)	Reserve Balances ($)	
Year	Reserve Contributions ($)	Reserve Balances ($)	
2025	3,450,000	3,223,163	2035	2,049,300	3,000,079	2045	2,890,700	14,414,123	
2026	3,570,800	5,725,171	2036	2,121,000	3,695,951	2046	2,991,900	15,463,757	
2027	3,695,800	8,396,637	2037	2,195,200	4,644,365	2047	3,096,600	15,873,041	
2028	3,825,200	2,095,640	2038	2,272,000	6,275,513	2048	3,205,000	3,207,244	
2029	2,200,000	2,290,306	2039	2,351,500	7,509,060	2049	3,317,200	5,571,536	
2030	2,277,000	1,094,031	2040	2,433,800	8,569,085	2050	3,433,300	8,211,371	
2031	2,356,700	2,778,172	2041	2,519,000	10,831,501	2051	3,553,500	11,325,412	
2032	2,439,200	1,095,158	2042	2,607,200	13,212,387	2052	3,677,900	13,271,551	
2033	2,524,600	1,220,848	2043	2,698,500	12,773,128	2053	3,806,600	7,761,524	
2034	1,980,000	2,618,194	2044	2,792,900	13,267,977	2054	3,939,800	10,648,614	
20000

15000

10000

5000

0

-5000

-10000

-15000

-20000

            
Reserve Expenditures
Recommended Reserve Contributions Year-End Reserve Balances

RESERVE STUDY REPORT
At the direction of the Board that recognizes the need for proper reserve planning, we have conducted a Full Reserve Study of
Ave Maria Stewardship Community District Ave Maria, Florida
and submit our findings in this report. The effective date of this study is the date of our
visual, noninvasive inspection, March 18, 2024.
We present our findings and recommendations in the following report sections and spreadsheets:
Identification of Property - Segregates all property into several areas of responsibility for repair or replacement
Reserve Expenditures - Identifies reserve components and related quantities, useful lives, remaining useful lives and future reserve expenditures during the next 30 years
Reserve Funding Plan - Presents the recommended
Reserve Contributions and year-end Reserve Balances for the next 30 years
Five-Year Outlook - Identifies reserve components and anticipated reserve expenditures during the first five years
Reserve Component Detail - Describes the reserve components, includes photographic documentation of the condition of various property elements, describes our recommendations for repairs or replacement, and includes detailed solutions and procedures for replacements for the benefit of current and future board members
Methodology - Lists the national standards, methods and procedures used to develop the Reserve Study
Definitions - Contains definitions of terms used in the Reserve Study, consistent with national standards
Professional Service Conditions - Describes Assumptions and Professional Service Conditions
Credentials and Resources

IDENTIFICATION OF PROPERTY

Our investigation includes Reserve Components or property elements as set forth in your Declaration or which were identified as part of your request for proposed services. The Expenditure tables in Section 3 list the elements contained in this study. Our analysis begins by segregating the property elements into several areas of responsibility for repair and replacement.
Our process of identification helps assure that future boards and the management team understand whether reserves, the operating budget or Owners fund certain replacements and assists in preparation of the annual budget. We derive these segregated classes of property from our review of the information provided by the Community Development District and through conversations with Management. These classes of property include:
Reserve Components
Long-Lived Property Elements
Operating Budget Funded Repairs and Replacements
Property Maintained by Owners
Property Maintained by Others
We advise the Board conduct an annual review of these classes of property to confirm its policy concerning the manner of funding, i.e., from reserves or the operating budget. Reserve Components are defined by CAI as property elements with:
Ave Maria Stewardship responsibility
Limited useful life expectancies
Predictable remaining useful life expectancies
Replacement cost above a minimum threshold
The following tables depict the items excluded from the Reserve Expenditure plan:

Excluded Components
for
Ave Maria Stewardship Community District Ave Maria, Florida

Operating Budget Components	
Repairs normally funded through the Operating Budget and Expenditures less than $10,000 (These relatively minor expenditures have a limited effect on the recommended Reserve Contributions.)
The operating budget provides money for the repair and replacement of certain Reserve Components. The Association may develop independent criteria for use of operating and reserve funds.	
Catch Basins, Landscape	
Irrigation System, Controls and Timers
Irrigation System, Main-Line Replacements¹	
Irrigation System, Pumps, Ongoing Maintenance
Irrigation System, Secondary Lines	
Landscape, Maintenance
Light Poles and Fixtures, Interim Bulb Replacements	
Paint Finishes, Touch Up, Monument Signage
Pump Stations, Exterior Façade, Interim Paint Finish Applications	
Signage, Street and Traffic, Interim Repairs and Replacements of the Signage
Storm Water Management System, Ongoing Maintenance and Silt Removal	
¹ Based on the historical practices of the Association	

Long-Lived Components	
These elements may not have predictable Remaining Useful Lives or their replacement may occur beyond the scope of this study. The operating budget should fund infrequent repairs. Funding untimely or unexpected replacements from reserves will necessitate increases to Reserve Contributions. Periodic updates of this Reserve Study will help determine the merits of adjusting the Reserve Funding Plan.	

Useful Life	

Estimated Cost	
Bridges	Indeterminate	N/A	
Inlet/Outlet Structures, Concrete, Storm Water Management System
Monument Signage, Foundation	Indeterminate
Indeterminate	N/A
N/A	
Pipes, Subsurface Utilities
Wells, Irrigation, Casing	to 85+
Indeterminate	N/A
N/A	

Owners Responsibility Components	
Certain items have been designated as the responsibility of the Owners to repair or replace at their cost, including items billed back.	
Homes and Lots	

Excluded Components
for
Ave Maria Stewardship Community District Ave Maria, Florida

Owners Responsibility Components (Continued)	

Others Responsibility Components	
Certain items have been designated as the responsibility of Others to repair or replace.	
Asphalt Pavement and Associated Infrastructure (Not Inlcuding the Asphalt Pavement displayed in the graphic in the report)¹	
Ave Maria University Campus Elements²
EMS Station³	
Gated Communities and Associated Elements within District¹
Light Poles and Fixtures (Excluding Light Pole and Fixtures in Study)⁴	
Playground and Waterpark⁵
Ponds (Exlcuding Ponds Under Consideration in Study)⁵	
Town Center Elements⁵	
¹ Separate Associations ² Ave Maria University
³ Separate Entitity
⁴ Lee County Electric Cooperative
⁵ Separate Entities	

RESERVE EXPENDITURES and FUNDING PLAN
The tables following this introduction present:

Reserve Expenditures
Line item numbers
Total quantities
Quantities replaced per phase (in a single year)
Reserve component inventory
Estimated first year of event (i.e., replacement, application, etc.)
Life analysis showing
useful life
remaining useful life
2024 local cost of replacement
Per unit
Per phase
Replacement of total quantity
Percentage of future expenditures anticipated during the next 30 years
Schedule of estimated future costs for each reserve component including inflation
Reserve Funding Plan
Reserves at the beginning of each year
Total recommended reserve contributions
Estimated interest earned from invested reserves
Anticipated expenditures by year
Anticipated reserves at year end
Predicted reserves based on current funding level
Five-Year Outlook
Line item numbers
Reserve component inventory of only the expenditures anticipated to occur within the first five years
Schedule of estimated future costs for each reserve component anticipated to occur within the first five years
The purpose of a Reserve Study is to provide an opinion of reasonable annual Reserve Contributions. Prediction of exact timing and costs of minor Reserve Expenditures typically will not significantly affect the 30-year cash flow analysis. Adjustments to the times and/or costs of expenditures may not always result in an adjustment in the recommended Reserve Contributions.
Financial statements prepared by your community development district, by you or others might rely in part on information contained in this section. For your convenience, we have provided an electronic data file containing the tables of Reserve Expenditures and Reserve Funding Plan.

Years 2024 to 2039
RESERVE EXPENDITURES	Explanatory Notes:
1)	3.5% is the estimated Inflation Rate for estimating Future Replacement Costs.
Ave Maria Stewardship	2)  FY2024 is Fiscal Year beginning October 1, 2023 and ending September 30, 2024.
Community District
	Ave Maria, Florida	
Estimated	Life Analysis 	Costs, $	 Percentage
Line	Total	Per Phase	1st Year of 	Years		Unit	Per Phase	Total	of Future	RUL = 0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
Item  Quantity  Quantity	Units	Reserve Component Inventory	Event	Useful Remaining	(2024)	(2024)	(2024)	Expenditures FY2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039
Property Site Elements

4.020	271,000	271,000 Square Yards	Asphalt Pavement, Patch Repairs and Striping	2033	3 to 5	9	0.70	189,700	189,700	1.8%		258,542	307,066		
4.040	238,900	238,900 Square Yards	Asphalt Pavement, Mill and Overlay, Streets (Incl. Paver Replacements)	2028	15 to 20	4	15.50	3,702,950	3,702,950	15.9%	4,249,220				
4.080	32,130	32,130 Square Yards	Asphalt Pavement, Walking Paths, Total Replacement	2028	15 to 20	4	25.50	819,315	819,315	3.5%	940,183				
4.090	3	3 Each	Bridges, Inspections and Capital Repairs	2028	15 to 20	4	25,000.00	75,000	75,000	0.3%	86,064				
4.100	2,300	460 Each	Catch Basins, Inspections and Capital Repairs, Phased	2028	15 to 20	4 to 20	950.00	437,000	2,185,000	6.9%	501,468	575,446	660,337			
4.110	168,600	21,080 Linear Feet	Concrete Curbs and Gutters, Partial	2028	to 65	4 to 30+	30.00	632,400	5,058,000	2.7%	725,694				
4.140	428,800	25,730 Square Feet	Concrete Sidewalks, Partial	2031	to 65	7 to 30+	12.00	308,760	5,145,600	2.0%	392,829			517,281	
4.400	1	1 Allowance	Irrigation System, Electrical Sitework, Partial Replacements	2029	to 8	5	600,000.00	600,000	600,000	5.7%	712,612	938,374			
4.410	1	1 Each	Irrigation System, Pump, 2006	2026	to 20	2	500,000.00	500,000	500,000	2.0%	535,613				
4.411	1	1 Each	Irrigation System, Pump, 2007	2027	to 20	3	500,000.00	500,000	500,000	2.1%	554,359				
4.412	1	1 Each	Irrigation System, Pump, 2015	2035	to 20	11	500,000.00	500,000	500,000	0.9%		729,985			
4.413	1	1 Allowance	Irrigation System, Pump, Mechanical Filter, 2006	2026	to 20	2	300,000.00	300,000	300,000	1.2%	321,368				
4.414	1	1 Allowance	Irrigation System, Pump, Mechanical Filter, 2007	2027	to 20	3	300,000.00	300,000	300,000	1.2%	332,615				
4.415	1	1 Allowance	Irrigation System, Pump, Mechanical Filter, 2015	2029	to 20	5	300,000.00	300,000	300,000	1.6%	356,306	437,991	453,321			
4.416	3	3 Each	Irrigation System, Pump Stations, Exterior Renovations (Incl. Asphalt Shingle Roof Replacement)	2026	12 to 18	2	7,500.00	22,500	22,500	0.1%	24,103				
4.500	1	1 Allowance	Landscape Irrigation, Partial Replacements	2025	ongoing	1	250,000.00	250,000	250,000	16.7%	258,750	267,806	277,179	286,881	296,922	307,314	318,070	329,202	340,724	352,650	364,992	377,767	390,989	404,674	418,837	
4.550	1	1 Allowance	Lake Park, Renovations (Incl. Walking Paths and Benches)	2028	15 to 20	4	275,000.00	275,000	275,000	1.2%	315,569				
4.551	115	115 Each	Lake Park, Renovations, Light Poles and Fixtures	2043	to 35	19	1,510.00	173,650	173,650	0.4%					
4.560	176	176 Each	Light Poles and Fixtures, Fiber Glass	2043	to 35	19	6,100.00	1,073,600	1,073,600	2.6%					
4.561	134	134 Each	Light Poles and Fixtures, Concrete	2048	to 40	24	5,500.00	737,000	737,000	2.1%					
4.562	168	168 Each	Light Poles and Fixtures, Galvanized	2033	to 30	9	7,960.00	1,337,280	1,337,280	2.3%		1,822,575			
4.710	55,390	2,770 Linear Feet	Ponds, Erosion Control, Partial	2030	to 5	6	47.00	130,190	2,603,330	1.5%	160,037	190,073			
4.720	674,340	224,780 Square Yards	Ponds, Liner, Phased	2028	to 25	4 to 8	11.00	2,472,580	7,417,740	19.8%	2,837,342	3,039,432	3,255,916				
4.730	1	1 Allowance	Preserves, Ongoing Maintenance	2029	to 15	5	385,000.00	385,000	385,000	1.5%	457,259	
4.731	575	575 Linear Feet	Railings, Aluminum, Bridges	2038	to 30	14	40.00	23,000	23,000	0.0%	37,230	
4.800	1	1 Allowance	Signage, Renovation, Oil Well Road, Fountain Equipment	2028	to 15	4	49,000.00	49,000	49,000	0.2%	56,229		
4.801	3,040	3,040 Square Feet	Signage, Renovation, Oil Well Road, Fountains, Finishes	2028	8 to 12	4	22.00	66,880	66,880	0.5%	76,746		
4.802	1	1 Allowance	Signage, Renovation, Oil Well Road, Monuments and Lighting	2028	15 to 20	4	48,800.00	48,800	48,800	0.2%	55,999		
4.803	1	1 Allowance	Signage, Renovation, Oil Well Road, Landscaping and Retaining Walls	2028	15 to 20	4	24,000.00	24,000	24,000	0.1%	27,541		
4.804	1	1 Allowance	Signage, Renovation, Camp Keais Road, Fountain Equipment	2028	to 15	4	30,000.00	30,000	30,000	0.1%	34,426		
4.805	1	1 Allowance	Signage, Renovation, Camp Keais Road (Incl. Fountain Renovations)	2028	15 to 20	4	32,000.00	32,000	32,000	0.1%	36,721		
4.810	475	119 Each	Signage, Replacement, Street and Traffic, Phased	2029	15 to 20  5 to 20	1,600.00	190,000	760,000	2.7%	225,660	268,014	318,316	
1 Allowance	Reserve Study Update with Site Visit	2026	to 2	2	8,500.00	8,500	8,500	0.0%		8,500				
	
Anticipated Expenditures, By Year ($79,875,867 over 30 years)							
0	
258,750	
1,157,389  1,164,154  10,230,082  2,048,759  3,506,783	710,899	4,160,564	
2,421,841	620,663	1,723,042  1,491,425  1,329,363	
748,970	
1,254,434	

RESERVE EXPENDITURES
Ave Maria Stewardship Community District
	Ave Maria, Florida	

Estimated	Life Analysis 	Costs, $	 Percentage

Years 2040 to 2054

Line	Total	Per Phase	1st Year of 	Years		Unit	Per Phase	Total	of Future
Item  Quantity  Quantity	Units	Reserve Component Inventory	Event	Useful Remaining	(2024)	(2024)	(2024)	Expenditures

Property Site Elements

16	17	18	19	20	21	22	23	24	25	26	27	28	29	30
2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	2050	2051	2052	2053	2054

4.020	271,000	271,000 Square Yards	Asphalt Pavement, Patch Repairs and Striping	2033	3 to 5	9	0.70	189,700	189,700	1.8%	364,699	514,443		
4.040	238,900	238,900 Square Yards	Asphalt Pavement, Mill and Overlay, Streets (Incl. Paver Replacements)	2028	15 to 20	4	15.50	3,702,950	3,702,950	15.9%	8,455,051			
4.080	32,130	32,130 Square Yards	Asphalt Pavement, Walking Paths, Total Replacement	2028	15 to 20	4	25.50	819,315	819,315	3.5%	1,870,765			
4.090	3	3 Each	Bridges, Inspections and Capital Repairs	2028	15 to 20	4	25,000.00	75,000	75,000	0.3%	171,250			
4.100	2,300	460 Each	Catch Basins, Inspections and Capital Repairs, Phased	2028	15 to 20	4 to 20	950.00	437,000	2,185,000	6.9%  757,752	869,538	997,815	1,145,015			
4.110	168,600	21,080 Linear Feet	Concrete Curbs and Gutters, Partial	2028	to 65	4 to 30+	30.00	632,400	5,058,000	2.7%	1,443,977			
4.140	428,800	25,730 Square Feet	Concrete Sidewalks, Partial	2031	to 65	7 to 30+	12.00	308,760	5,145,600	2.0%	681,160			
4.400	1	1 Allowance	Irrigation System, Electrical Sitework, Partial Replacements	2029	to 8	5	600,000.00	600,000	600,000	5.7%	1,235,659	1,627,127		
4.410	1	1 Each	Irrigation System, Pump, 2006	2026	to 20	2	500,000.00	500,000	500,000	2.0%	1,065,756			
4.411	1	1 Each	Irrigation System, Pump, 2007	2027	to 20	3	500,000.00	500,000	500,000	2.1%	1,103,057			
4.412	1	1 Each	Irrigation System, Pump, 2015	2035	to 20	11	500,000.00	500,000	500,000	0.9%				
4.413	1	1 Allowance	Irrigation System, Pump, Mechanical Filter, 2006	2026	to 20	2	300,000.00	300,000	300,000	1.2%	639,453			
4.414	1	1 Allowance	Irrigation System, Pump, Mechanical Filter, 2007	2027	to 20	3	300,000.00	300,000	300,000	1.2%	661,834			
4.415	1	1 Allowance	Irrigation System, Pump, Mechanical Filter, 2015	2029	to 20	5	300,000.00	300,000	300,000	1.6%				
4.416	3	3 Each	Irrigation System, Pump Stations, Exterior Renovations (Incl. Asphalt Shingle Roof Replacement)	2026	12 to 18	2	7,500.00	22,500	22,500	0.1%	44,770			
4.500	1	1 Allowance	Landscape Irrigation, Partial Replacements	2025	ongoing	1	250,000.00	250,000	250,000	16.7%  433,497	448,669	464,372	480,625	497,447	514,858	532,878	551,529	570,832	590,811	611,490	632,892	655,043	677,969	701,698	
4.550	1	1 Allowance	Lake Park, Renovations (Incl. Walking Paths and Benches)	2028	15 to 20	4	275,000.00	275,000	275,000	1.2%	627,915			
4.551	115	115 Each	Lake Park, Renovations, Light Poles and Fixtures	2043	to 35	19	1,510.00	173,650	173,650	0.4%	333,842			
4.560	176	176 Each	Light Poles and Fixtures, Fiber Glass	2043	to 35	19	6,100.00	1,073,600	1,073,600	2.6%	2,063,997			
4.561	134	134 Each	Light Poles and Fixtures, Concrete	2048	to 40	24	5,500.00	737,000	737,000	2.1%	1,682,813			
4.562	168	168 Each	Light Poles and Fixtures, Galvanized	2033	to 30	9	7,960.00	1,337,280	1,337,280	2.3%				
4.710	55,390	2,770 Linear Feet	Ponds, Erosion Control, Partial	2030	to 5	6	47.00	130,190	2,603,330	1.5%  225,748	268,117	318,439			
4.720	674,340	224,780 Square Yards	Ponds, Liner, Phased	2028	to 25	4 to 8	11.00	2,472,580	7,417,740	19.8%		6,705,335		
4.730	1	1 Allowance	Preserves, Ongoing Maintenance	2029	to 15	5	385,000.00	385,000	385,000	1.5%	766,069			
4.731	575	575 Linear Feet	Railings, Aluminum, Bridges	2038	to 30	14	40.00	23,000	23,000	0.0%				
4.800	1	1 Allowance	Signage, Renovation, Oil Well Road, Fountain Equipment	2028	to 15	4	49,000.00	49,000	49,000	0.2%	94,203			
4.801	3,040	3,040 Square Feet	Signage, Renovation, Oil Well Road, Fountains, Finishes	2028	8 to 12	4	22.00	66,880	66,880	0.5%  115,969	175,237			
4.802	1	1 Allowance	Signage, Renovation, Oil Well Road, Monuments and Lighting	2028	15 to 20	4	48,800.00	48,800	48,800	0.2%	111,426			
4.803	1	1 Allowance	Signage, Renovation, Oil Well Road, Landscaping and Retaining Walls	2028	15 to 20	4	24,000.00	24,000	24,000	0.1%	54,800			
4.804	1	1 Allowance	Signage, Renovation, Camp Keais Road, Fountain Equipment	2028	to 15	4	30,000.00	30,000	30,000	0.1%	57,675			
4.805	1	1 Allowance	Signage, Renovation, Camp Keais Road (Incl. Fountain Renovations)	2028	15 to 20	4	32,000.00	32,000	32,000	0.1%	73,067			
4.810	475	119 Each	Signage, Replacement, Street and Traffic, Phased	2029	15 to 20	5 to 20	1,600.00	190,000	760,000	2.7%	378,060	449,017		533,291	
1 Allowance	Reserve Study Update with Site Visit	2026	to 2	2	8,500.00	8,500	8,500	0.0%				
	
Anticipated Expenditures, By Year ($79,875,867 over 30 years)							
1,532,965	448,669	464,372	
3,395,041  2,555,884  2,018,634  2,238,087  2,997,580  16,059,711  1,039,828	929,929	632,892	1,975,295	
9,524,875	
1,234,989	

Reserve Advisors, LLC	Page 1 of 1

RESERVE FUNDING PLAN

CASH FLOW ANALYSIS
Ave Maria Stewardship

Ave Maria, Florida		FY2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	
Reserves at Beginning of Year	(Note 1)	0	0	3,223,163	5,725,171	8,396,637	2,095,640	2,290,306	1,094,031	2,778,172	1,095,158	1,220,848	2,618,194	3,000,079	3,695,951	4,644,365	6,275,513	
Total Recommended Reserve Contributions	(Note 2)	0	3,450,000	3,570,800	3,695,800	3,825,200	2,200,000	2,277,000	2,356,700	2,439,200	2,524,600	1,980,000	2,049,300	2,121,000	2,195,200	2,272,000	2,351,500	
Estimated Interest Earned, During Year	(Note 3)	0	31,913	88,597	139,820	103,884	43,425	33,508	38,339	38,350	22,931	38,010	55,626	66,297	82,577	108,118	136,481	
Anticipated Expenditures, By Year		0	(258,750)	(1,157,389)	(1,164,154)	(10,230,082)	(2,048,759)	(3,506,783)	(710,899)	(4,160,564)	(2,421,841)	(620,663)	(1,723,042)	(1,491,425)	(1,329,363)	(748,970)	(1,254,434)	

Community District	Individual Reserve Budgets & Cash Flows for the Next 30 Years

----------------- ----------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Anticipated Reserves at Year End	$0  $3,223,163	$5,725,171	$8,396,637	$2,095,640	$2,290,306	$1,094,031	$2,778,172	$1,095,158	$1,220,848	$2,618,194	$3,000,079	$3,695,951	$4,644,365	$6,275,513	$7,509,060
(NOTE 5)	(NOTE 5)

	2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	2050	2051	2052	2053	2054	
Reserves at Beginning of Year	7,509,060	8,569,085	10,831,501	13,212,387	12,773,128	13,267,977	14,414,123	15,463,757	15,873,041	3,207,244	5,571,536	8,211,371	11,325,412	13,271,551	7,761,524	
Total Recommended Reserve Contributions	2,433,800	2,519,000	2,607,200	2,698,500	2,792,900	2,890,700	2,991,900	3,096,600	3,205,000	3,317,200	3,433,300	3,553,500	3,677,900	3,806,600	3,939,800	
Estimated Interest Earned, During Year	159,190	192,085	238,058	257,282	257,833	274,080	295,821	310,265	188,914	86,919	136,464	193,433	243,534	208,248	182,279	
Anticipated Expenditures, By Year	(1,532,965)	(448,669)	(464,372)	(3,395,041)	(2,555,884)	(2,018,634)	(2,238,087)	(2,997,580)	(16,059,711)	(1,039,828)	(929,929)	(632,892)	(1,975,295)	(9,524,875)	(1,234,989)	

(continued)	Individual Reserve Budgets & Cash Flows for the Next 30 Years, Continued

----------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Anticipated Reserves at Year End	$8,569,085  $10,831,501  $13,212,387  $12,773,128  $13,267,977  $14,414,123  $15,463,757  $15,873,041	$3,207,244	$5,571,536	$8,211,371  $11,325,412  $13,271,551	$7,761,524  $10,648,614
(NOTE 5)	(NOTE 4)

Explanatory Notes:
Year 2024 ending reserves are as of September 30, 2024; FY2024 starts October 1, 2023 and ends September 30, 2024.
2025 is the first year of recommended contributions.
2.0% is the estimated annual rate of return on invested reserves
Accumulated year 2054 ending reserves consider the age, size, overall condition and complexity of the property.
Threshold Funding Years (reserve balance at critical point).

Reserve Advisors, LLC	*Refer to the Reserve Expenditures pages
for the full list of reserve elements

	FIVE-YEAR OUTLOOK		
	Ave Maria Stewardship Community District		
		Ave Maria, Florida			
Line		RUL = 0	1	2	3	4	5	
Item	Reserve Component Inventory	FY2024	2025	2026	2027	2028	2029	
	Property Site Elements							
4.040	Asphalt Pavement, Mill and Overlay, Streets (Incl. Paver Replacements)					4,249,220		
4.080	Asphalt Pavement, Walking Paths, Total Replacement					940,183		
4.090	Bridges, Inspections and Capital Repairs					86,064		
4.100	Catch Basins, Inspections and Capital Repairs, Phased					501,468		
4.110	Concrete Curbs and Gutters, Partial					725,694		
4.400	Irrigation System, Electrical Sitework, Partial Replacements						712,612	
4.410	Irrigation System, Pump, 2006			535,613				
4.411	Irrigation System, Pump, 2007				554,359			
4.413	Irrigation System, Pump, Mechanical Filter, 2006			321,368				
4.414	Irrigation System, Pump, Mechanical Filter, 2007				332,615			
4.415	Irrigation System, Pump, Mechanical Filter, 2015						356,306	
4.416	Irrigation System, Pump Stations, Exterior Renovations (Incl. Asphalt Shingle Roof Replacement)			24,103				
4.500	Landscape Irrigation, Partial Replacements		258,750	267,806	277,179	286,881	296,922	
4.550	Lake Park, Renovations (Incl. Walking Paths and Benches)					315,569		
4.720	Ponds, Liner, Phased					2,837,342		
4.730	Preserves, Ongoing Maintenance						457,259	
4.800	Signage, Renovation, Oil Well Road, Fountain Equipment					56,229		
4.801	Signage, Renovation, Oil Well Road, Fountains, Finishes					76,746		
4.802	Signage, Renovation, Oil Well Road, Monuments and Lighting					55,999		
4.803	Signage, Renovation, Oil Well Road, Landscaping and Retaining Walls					27,541		
4.804	Signage, Renovation, Camp Keais Road, Fountain Equipment					34,426		
4.805	Signage, Renovation, Camp Keais Road (Incl. Fountain Renovations)					36,721		
4.810	Signage, Replacement, Street and Traffic, Phased						225,660	

Reserve Study Update with Site Visit			

8,500				
	Anticipated Expenditures, By Year ($79,875,867 over 30 years)	0	258,750	1,157,389	1,164,154	10,230,082	2,048,759	

RESERVE COMPONENT DETAIL
The Reserve Component Detail of this Full Reserve Study includes enhanced solutions and procedures for select significant components. This section describes the Reserve Components, documents specific problems and condition assessments, and may include detailed solutions and procedures for necessary capital repairs and replacements for the benefit of current and future board members. We advise the Board use this information to help define the scope and procedures for repair or replacement when soliciting bids or proposals from contractors. However, the Report in whole or part is not and should not be used as a design specification or design engineering service.
Property Site Elements
 Asphalt Pavement, Repaving	
Line Items: 4.020 and 4.040
Quantity: Approximately 271,000 square yards of asphalt pavement which comprise asphalt pavement streets and asphalt pavement walking paths with approximately 238,900 square yards at the streets depicted in the following graphic:

History: The asphalt pavement is at varied ages, but original to construction without a history of significant repairs. During our inspection, a section of asphalt pavement in the north-east corner of the property was under construction. Future updates to this Reserve Study should consider additional quantities and conditions
Condition: Fair to poor overall with raveling, cracks (including alligator cracking), deterioration of the striping, damage, and slippage cracks evident

Ave Marie Blvd. – cracks evident	Ave Marie Blvd. – deterioration of the striping
evident

Ave Marie Blvd. – cracks evident	Ave Marie Blvd. – cracks and raveling evident

 
Ave Marie Blvd. – cracks and raveling evident	Ave Marie Blvd. – cracks and raveling evident

Ave Marie Blvd. – cracks and raveling evident	Ave Marie Blvd. – cracks and raveling evident

Ave Marie Blvd. – cracks and raveling evident	Ave Marie Blvd. – cracks and raveling evident

 
Ave Marie Blvd – deterioration evident	Ave Marie Blvd - overview

Ave Marie Blvd - overview	Ave Marie Blvd – deterioration evident

Ave Marie Blvd. – cracks and raveling evident	Ave Marie Blvd. - overview

 
Ave Marie Blvd. – cracks and raveling evident	Ave Marie Blvd. – cracks and raveling evident

Ave Marie Blvd	Ave Marie Blvd. – slippage cracks evident

Ave Marie Blvd. – slippage cracks evident	This is asphalt pavement that was under
construction during our inspection. Future updates to this Reserve Study should consider additional quantities and conditions.

 
Anthem Pkwy. - overview	Anthem Pkwy. - overview

Anthem Pkwy. - overview	Pope John Paul Junior Blvd. – deterioration
evident

Pope John Paul Junior Blvd. – deterioration evident

Pope John Paul Junior Blvd. – raveling evident

 
Pope John Paul Junior Blvd. – overview	Pope John Paul Junior Blvd. – overview

Pope John Paul Junior Blvd. – cracks and raveling evident

Pope John Paul Junior Blvd. – alligator cracking and raveling evident

Pope John Paul Junior Blvd. – alligator cracking and raveling evident

Pope John Paul Junior Blvd. – alligator cracking and raveling evident

 

Pope John Paul Junior Blvd. – cracks and top layer deterioration evident

Pope John Paul Junior Blvd. – overview

 
Pope John Paul Junior Blvd. – overview	Arthrex Commerce Dr. - overview

Arthrex Commerce Dr. - overview	Arthrex Commerce Dr. - overview

 
Seton St. – deterioration evident	Annunciation Cir. - overview

Anthem Pkwy. - overview	Anthem Pkwy. – deterioration evident

Anthem Pkwy. - overview	Anthem Pkwy. - overview
Useful Life: 15- to 20-years with the benefit of patch and striping events every three- to five-years

Component Detail Notes: The initial installation of asphalt uses at least two lifts, or two separate applications of asphalt, over the base course. The first lift is the binder course. The second lift is the wearing course. The wearing course comprises a finer aggregate for a smoother more watertight finish. The following diagram depicts the typical components although it may not reflect the actual configuration at Ave Maria Stewardship:

The manner of repaving is either a mill and overlay or total replacement. A mill and overlay is a method of repaving where cracked, worn and failed pavement is mechanically removed or milled until sound pavement is found. A new layer of asphalt is overlaid atop the remaining base course of pavement. Total replacement includes the removal of all existing asphalt down to the base course of aggregate and native soil followed by the application of two or more new lifts of asphalt. We recommend mill and overlayment on asphalt pavement that exhibits normal deterioration and wear. We recommend total replacement of asphalt pavement that exhibits severe deterioration, inadequate drainage, pavement that has been overlaid multiple times in the past or where the configuration makes overlayment not possible. Based on the apparent visual condition and configuration of the asphalt pavement, we recommend the mill and overlay method of repaving at Ave Maria Stewardship.
Preventative Maintenance Notes:	We note the following select recommended preventative maintenance activities to maximize the remaining useful life:
Annually:
Inspect for settlement, large cracks and trip hazards, and ensure proper drainage
Repair areas which could cause vehicular damage such as potholes
As needed:

Perform patching
Priority/Criticality: Defer only upon opinion of independent professional or engineer
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Our cost includes an allowance for patching of up to one percent (1%) of the pavement. Our cost for milling and overlayment includes area patching of up to ten percent (10%). Additionally, our estimate of cost includes a allowance for the replacement of the masonry pavers at the round-a-bouts.

 Asphalt Pavement, Repaving, Walking Paths	
Line Item: 4.080
Quantity: 32,130 square yards
History: Original
Condition: Fair to poor overall with cracks, damage, previous repairs, and uplift evident. The asphalt pavement walking paths along Anthem Parkway appear to generally be in good condition overall.

Deterioration of the pavement evident	Cracks evident

 
Cracks evident	Overview

Cracks evident	Deterioration of the pavement evident

Cracks evident	Cracks evident

 
Cracks and previous repairs evident	Overview – along Anthem Pkwy.

Overview – along Anthem Pkwy.	Overview – along Anthem Pkwy.

Overview – along Anthem Pkwy.	Overview – along Anthem Pkwy.
Useful Life: 15- to 20-years with the benefit of timely patching and the need to maintain a safe pedestrian surface
Priority/Criticality: Defer only upon opinion of independent professional or engineer

Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3.

 Bridges, Inspections and Capital Repairs	
Line Item: 4.090
Quantity: Three bridges throughout the community which the district is responsible for
History: No major history or repairs
Condition: Fair overall with cracks, deterioration of the finishes, and isolated vegetative growth evident

Railing connection - typical	Railing - typical

Vegetative growth evident – Seton St. bridge	Vegetative growth evident – Seton St. bridge

 
Railings – finish fade evident	Bridges – coating fade evident

Vegetative growth evident	Bridge – Oil Well Rd. entrance

Bridge – Oil Well Rd. entrance - railings	Bridge – Oil Well Rd. entrance – damaged
masonry evident

 
Bridge – Oil Well Rd. entrance	Bridge – Pope John Paul II Blvd.

Bridge – Pope John Paul II Blvd. - railings	Bridge – Pope John Paul II Blvd. – coating
deterioration evident

P Bridge – Pope John Paul II Blvd. – coating deterioration evident
Useful Life: Inspections and capital repairs every 15- to 20 -years
Priority/Criticality: Defer only upon opinion of independent professional or engineer

Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Our estimate of cost includes the following:
Repairs to the underlying structural concrete
Coating applications where applicable
Repairs to the railings

 Catch Basins	
Line Item: 4.100
Quantity: Approximately 2,300 catch basins1 based on review of information provided by the District
History: Original
Condition: Fair overall

Catch basin - typical	Catch basin - typical

1 We utilize the terminology catch basin to refer to all storm water collection structures including curb inlets.

 
Catch basin - typical	Catch basin - typical
Useful Life: The useful life of catch basins is up to 65 years. However, achieving this useful life usually requires interim capital repairs or partial replacements every 15- to 20- years.
Component Detail Notes: Erosion causes settlement around the collar of catch basins. Left unrepaired, the entire catch basin will shift and need replacement.
Preventative Maintenance Notes:	We note the following select recommended preventative maintenance activities to maximize the remaining useful life:
Annually:
Inspect and repair any settlement and collar cracks
Ensure proper drainage and inlets are free of debris
If property drainage is not adequate in heavy rainfall events, typically bi-annual cleaning of the catch basins is recommended
Priority/Criticality: Defer only upon opinion of independent professional or engineer
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. We depict capital repairs to the catch basins in a phased manner with approximately twenty percent (20%) of the total quantity per event.

 Concrete Curbs and Gutters	
Line Item: 4.110
Quantity: Approximately 168,600 linear feet
Condition: Good to fair overall with minor damage, deterioration of the concrete, and minor cracks evident

 
Concrete curbs and gutters - overview	Concrete curbs and gutters - overview

Concrete curbs and gutters - overview	Concrete curbs and gutters - overview

Concrete curbs and gutters - overview	Concrete curbs and gutters – deterioration of the
concrete evident

 

Concrete curbs and gutters – deterioration of the concrete evident

Concrete curbs and gutters – deterioration of the concrete evident

Concrete curbs and gutters – deterioration of the concrete evident

Concrete curbs and gutters - overview

 
Concrete curbs and gutters - overview	Concrete curbs and gutters - overview

 
Concrete curbs and gutters - overview	Concrete curbs and gutters – minor cracks
evident

Concrete curbs and gutters - overview	Concrete curbs and gutters - overview

Concrete curbs and gutters - overview
Useful Life: Up to 65 years although interim deterioration of areas is common

Preventative Maintenance Notes: We note the following select recommended preventative maintenance activities to maximize the remaining useful life:
Annually:
Inspect and repair major cracks, spalls and trip hazards
Mark with orange safety paint prior to replacement or repair
Repair or perform concrete leveling in areas in immediate need of repair or possible safety hazard
Priority/Criticality: Per Board discretion
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. We estimate that up to 42,160 linear feet of curbs and gutters, or twenty-five percent (25%) of the total, will require replacement during the next 30 years.

 Concrete Sidewalks	
Line Item: 4.140
Quantity: Approximately 428,800 square feet
Condition: Fair overall with repairs and partial replacements, cracks, damage, uplift, and trip hazards evident

Concrete sidewalks - overview	Concrete sidewalks - overview

 
Concrete sidewalks – patch repairs evident	Concrete sidewalks - overview

Concrete sidewalks - Ave Marie Blvd. – uplift evident

Concrete sidewalks - Ave Marie Blvd. – uplift evident

 
Concrete sidewalks - Ave Marie Blvd. – overview	Concrete sidewalks - Ave Marie Blvd. – previous
patch repairs evident

 

Concrete sidewalks - Ave Marie Blvd. – griding repairs evident

Concrete sidewalks - griding repairs evident

 
Concrete sidewalks - overview	Concrete sidewalks - overview

Concrete sidewalks - overview	Concrete sidewalks – grinding repairs evident

 

Concrete sidewalks – cracks and grinding repairs evident

Concrete sidewalks – grinding repairs evident

 
Concrete sidewalks – grinding repairs evident	Concrete sidewalks – grinding repairs evident

Concrete sidewalks – grinding repairs evident	Concrete sidewalks – overview

 

Concrete sidewalks – previous partial replacements evident

Concrete sidewalks – previous partial replacements evident

Concrete sidewalks – Anthem Parkway – grinding repairs evident

Concrete sidewalks – previous partial replacements evident

Concrete sidewalks – Anthem Parkway – grinding repairs evident

Concrete sidewalks – Anthem Parkway – partial replacements evident

 

Concrete sidewalks – Anthem Parkway – partial replacements evident

Concrete sidewalks – Pope John Paul II Blvd. – grinding repairs evident

Concrete sidewalks – Pope John Paul II Blvd. – uplift evident

Concrete sidewalks – Pope John Paul II Blvd. - overview

Concrete sidewalks – Pope John Paul II Blvd. – grinding repairs evident

Concrete sidewalks - Arthrex Commerce - overview

 

Concrete sidewalks - Arthrex Commerce - overview

Concrete sidewalks – grinding repairs evident

 
Concrete sidewalks – grinding repairs evident	Concrete sidewalks – grinding repairs evident
Useful Life: Up to 65 years although interim deterioration of areas is common
Preventative Maintenance Notes:	We note the following select recommended preventative maintenance activities to maximize the remaining useful life:
Annually:
Inspect and repair major cracks, spalls and trip hazards
Mark with orange safety paint prior to replacement or repair
Repair or perform concrete leveling in areas in immediate need of repair or possible safety hazard
Priority/Criticality: Per Board discretion
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. We estimate that up to 77,190 square feet of concrete sidewalks, or eighteen percent (18%) of the total, will require replacement during the next 30 years.

 Irrigation System, Electrical Sitework	
Line Item: 4.400
Condition: Reported satisfactory without operational deficiencies
Useful Life: At the request of the District, we include an allowance for partial replacements of the electrical conveyance wires and conduits through the community every eight years
Priority/Criticality: Defer only upon opinion of independent professional or engineer
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Our estimate of cost is based on historical information provided by the District.

 Irrigation System, Pumps	
Line Items: 4.410 through 4.416
Quantity: Three pump stations throughout the District
History: The three pumps stations were installed in 2006, 2007, and 2015
Condition: Reported satisfactory. We have included an allowance for the replacement of the mechanical filter at the pump house installed in 2015 in the near term.

Pumps - overview	Pumps - overview

 
Pumps - overview	Pumps – controls

Pump house exterior - overview	Pump house exterior – overview
Useful Life: Up to 20 years for the pumps and mechanical filters with exterior renovations to the buildings every 12- to 18 -years
Component Detail Notes: The irrigation pump components include the following:
Three pump assemblies which comprise 25-HP (horsepower) and 100-HP (horsepower) pumps
Pump houses with asphalt shingle roofs and paint finishes on the exterior walls
Preventative Maintenance Notes: The required preventative maintenance may vary in frequency and scope based on the unit’s age, operational condition, or changes in technology.
Priority/Criticality: Defer only upon opinion of independent professional or engineer
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Our estimate of cost for the replacement of the pumps as well as the mechanical filters is based on information provided by the District.

 Landscape Irrigation, Partial Replacements	
Line Item: 4.500
Useful Life:	At the request of the District, we include an allowance for partial replacements of the landscape irrigation annually.
Priority/Criticality: Per Board discretion
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3

 Lake Park	
Line Items: 4.550 and 4.551
History: The Lake Park is original to construction
Condition: The asphalt pavement walking paths are in fair condition with cracks and patch repairs evident

Asphalt pavement walking path – minor deterioration evident

Asphalt pavement walking path – minor deterioration evident

 
Asphalt pavement walking path - overview	Site furniture

Asphalt pavement walking path – cracks evident Asphalt pavement walking path – patch repairs
evident

Asphalt pavement walking path – patch repairs evident
Useful Life: Replacement of the walking paths and site furniture every 15- to 20 -years and replacement of the light poles and fixtures every 35 years

Component Detail Notes: The Lake Park is comprised of the following elements:
Approximately 10,600 square yards of asphalt pavement walking paths
Benches
Approximately 115 light poles and fixtures
Priority/Criticality: Defer only upon opinion of independent professional or engineer
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3

 Light Poles and Fixtures	
Line Items: 4.560 through 4.562
Quantity: The District maintains the following:
176 Fiber Glass light poles and fixtures
134 Concrete light poles and fixtures
168 Galvanized light poles and fixtures
History: Original
Condition: Good overall with isolated finish fade evident

Light poles and fixtures – galvanized - overview Light poles and fixtures – galvanized – finish fade
evident

 
Light poles and fixtures – galvanized - overview Light poles and fixtures – galvanized – finish fade
evident

Light poles and fixtures – fiber glass - overview  Light poles and fixtures – fiber glass – finish fade
evident

Light poles and fixtures – concrete - typical
Useful Life: We recommend the following useful lives for replacement:

Up to 35 years for the fiber glass light poles and fixtures
Up to 40 years for the concrete light poles and fixtures
Up to 30 years for the galvanized light poles and fixtures
Preventative Maintenance Notes:	We note the following select recommended preventative maintenance activities to maximize the remaining useful life:
As-needed:
Inspect and repair broken or dislodged fixtures, and leaning or damaged poles
Replaced burned out bulbs as needed
Priority/Criticality: Per Board discretion
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Our estimate of costs for the replacement of the light poles and fixtures is based on historical information provided by the District.

 Ponds, Erosion Control	
Line Item: 4.710
Quantity: 55,390 linear feet of shorelines. The following graphic depicts the ponds we included in our estimation of the shorelines:

History: Original
Condition: Good to fair overall with minor shoreline erosion and isolated locations of low water levels evident

 
Shorelines - overview	Shorelines - overview

Shorelines - overview	Shorelines – minor shoreline evident

Shorelines - overview	Ponds - overview

 
Shorelines - overview	Shorelines - overview

Shorelines - overview	Shorelines – minor shoreline erosion evident

Shorelines – minor shoreline erosion evident	Shorelines – low water levels evident

Shorelines – low water levels evident
Useful Life: Shorelines are subject to fluctuations in water levels, increased plant growth and migrating storm and ground water resulting in the need for erosion control measures up to every five years.
Component Detail Notes: The steep shoreline embankments are likely to exacerbate soil movement and erosion. The use and maintenance of landscape, natural vegetation and/or stone rip rap along the pond shorelines will help maintain an attractive appearance and prevent soil erosion.
Shoreline plantings are referred to as buffer zones. Buffer zones provide the following advantages:
Control insects naturally
Create an aesthetically pleasing shoreline
Enhance water infiltration and storage
Filter nutrients and pollutants
Increase fish and wildlife habitat
Reduce lawn maintenance
Stabilize shoreline and reduce erosion
Trap sediments
Priority/Criticality: Defer only upon opinion of independent professional or engineer
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. We recommend the Community Development District plan to install a combination of plantings and rip rap around the ponds along 2,770 linear feet, or approximately five percent (5%), of the shorelines per event.

 Ponds, Liners	
Line Item: 4.720

Quantity: Beneath approximately 674,340 square yards of water surface area. We are informed that one of the liners is comprised of clay and the remaining are HDPE membranes.
History: Original
Condition: We are informed that the clay liner is leaking. We have accelerated the initial phase of replacement of the liners to allocate monies in the near term in order replace the clay liner.
Useful Life: Up to 25 years.
Component Detail Notes: Synthetic pond liners prevent the exchange of nutrients from the bottom of a pond into the above water and therefore decrease the ability of algae to grow. A pond liner can trap air or other dissolved gases beneath the liner. This can cause the liner to float to the surface, although liners are available with pores for gas migration. The use of a pond liner offers good temporary control, but requires the periodic removal and clearing of any growth.
Priority/Criticality: Defer only upon opinion of independent professional or engineer
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. We depict replacements in a phased manner with replacement of up to thirty-three percent (33%) of the total quantity per event.

 Preserves	
Line Item: 4.730
History: No history of significant maintenance
Condition: Good to fair overall as reported by the District

Preserves - overview	Preserves - overview

Useful Life: Ongoing maintenance should be funded every fifteen years based on the historical practices of the District
Priority/Criticality: Defer only upon opinion of independent professional or engineer
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Our estimate of cost for ongoing maintenance is based on historical costs the District has provided.

 Railings, Aluminum	
Line Item: 4.731
Quantity: Approximately 575 linear feet of railings at the three bridges maintained by the District
History: Original
Condition: Good to fair overall with finish fade evident
Useful Life: Up to 30 years
Preventative Maintenance Notes:	We note the following select recommended preventative maintenance activities to maximize the remaining useful life:
Annually:
Inspect for damage, and excessive finish deterioration or corrosion
Test security of railings and inspect connection fasteners
Priority/Criticality: Per Board discretion
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3

 Signage, Entrance Monuments, Oil Well Road	
Line Items: 4.800 through 4.803
Quantity: The property identification signage includes the following elements:
Light fixtures
Letters
Plaster finishes at the fountains
Stone veneer
Paint finishes
Mechanical equipment and filters for the fountains
Fountain heads

Retaining wall for the landscaping
History: Original with a history of as-needed replacements of the mechanical equipment for the fountains
Condition: The fountain and monument structure appeared to be in good condition with ongoing issues with the mechanical equipment reported

Mechanical equipment - overview	Light fixtures

Fountain and monument signage	Fountain and monument signage

 
Fountian finishes	Thin stone veneer

Paint finishes	Mechanical equipment

Retaining wall and landscaping	Retaining wall and landscaping

Fountian finishes
Useful Life: We recommend the following useful lives:
Replacement of the fountain equipment every 15 years
Replacement of the fountain finishes every 8- to 12 -years
Repairs to the monument signage and replacement of the lighting every 15- to 20 -years
Replacement of the landscaping as well as inspections and capital repairs to the masonry retaining walls every 15- to 20 -years
Component Detail Notes: Community signage contributes to the overall aesthetic appearance of the property to owners and potential buyers. Renovation or replacement of community signs is often predicated upon the desire to "update" the perceived identity of the community rather than for utilitarian concerns. Therefore, the specific times for replacement or renovation are discretionary.
Preventative Maintenance Notes: We note the following select recommended preventative maintenance activities to maximize the remaining useful life:
Annually:
Inspect and repair damage, vandalism and loose components
Verify lighting is working properly
Touch-up paint finish applications if applicable
Priority/Criticality: Per Board discretion
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Our cost for renovation includes repairs to the stone veneer and the retaining walls and replacement of the remaining components listed above.

 Signage, Entrance Monuments, Camp Keais Road	
Line Items: 4.804 and 4.805

Quantity: The property identification signage includes the following elements:
Light fixtures
Letters
Plaster finishes at the fountains
Stone veneer
Paint finishes
Mechanical equipment and filters for the fountains
Fountain heads
History: Original
Condition: Fair overall with minor evidence of efflorescence at the stone veneer

Monument signage - overview	Fountain finishes

Stone veneer – typical	Stone veneer – minor efflorescence evident

 
Fountain finishes	Fountain finishes

Mechanical equipment	Light fixtures
Useful Life: We recommend the following useful lives:
Replacement of the fountain equipment every 15 years
Repairs to the monument signage and replacement of the lighting every 15- to 20 -years
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Our cost for renovation includes repairs to the stone veneer and replacement of the remaining components listed above.

 Signage, Street and Traffic	
Line Item: 4.810
Quantity: Approximately 475 traffic management signs
History: Varied ages due to a history of ongoing repairs

Condition:	Good to fair overall with damage, finish fade, signage deterioration, and isolated locations of leaning posts evident

Signage - typical	Signage - typical

Signage - typical	Signage - typical

Signage - typical	Signage – damage evident

 
Signage - typical	Signage – finish fade evident

Signage - typical	Signage – finish fade evident

Signage – damage evident	Signage – sign deterioration evident

Signage – leaning sign posts evident
Useful Life: 15- to 20-years
Component Detail Notes: The community signs contribute to the overall aesthetic appearance of the property to owners and potential buyers. Replacement of community signs is often predicated upon the desire to "update" the perceived identity of the community rather than for utilitarian concerns. Therefore, the specific time for replacement of the signs is discretionary.
Preventative Maintenance Notes:	We note the following select recommended preventative maintenance activities to maximize the remaining useful life:
Annually:
Inspect and repair damage, vandalism and loose components
Verify lighting is working properly if applicable
Touch-up paint finish applications if applicable
Priority/Criticality: Per Board discretion
Expenditure Detail Notes: Expenditure timing and costs are depicted in the Reserve Expenditures table in Section 3. Due to history of as-needed replacements, we depict replacements in a phased manner with replacement of up to twenty-five percent (25%) of the total quantity per event.

Reserve Study Update
An ongoing review by the Board and an Update of this Reserve Study are necessary to ensure an equitable funding plan since a Reserve Study is a snapshot in time. Many variables change after the study is conducted that may result in significant overfunding or underfunding the reserve account. Variables that may affect the Reserve Funding Plan include, but are not limited to:
Deferred or accelerated capital projects based on Board discretion
Changes in the interest rates on reserve investments
Changes in the local construction inflation rate

Additions and deletions to the Reserve Component Inventory
The presence or absence of maintenance programs
Unusually mild or extreme weather conditions
Technological advancements
Periodic updates incorporate these variable changes since the last Reserve Study or Update. The Community Development District can expense the fee for an Update with site visit from the reserve account. This fee is included in the Reserve Funding Plan. We base this budgetary amount on updating the same property components and quantities of this Reserve Study report. We recommend the Board budget for an Update to this Reserve Study every three years. Budgeting for an Update demonstrates the Board's objective to continue fulfilling its fiduciary responsibility to maintain the commonly owned property and to fund reserves appropriately.

METHODOLOGY
Reserves for replacement are the amounts of money required for future expenditures to repair or replace Reserve Components that wear out before the entire facility or project wears out. Reserving funds for future repair or replacement of the Reserve Components is also one of the most reliable ways of protecting the value of the property’s infrastructure and marketability.
Ave Maria Stewardship can fund capital repairs and replacements in any combination of the following:
Increases in the operating budget during years when the shortages occur
Loans using borrowed capital for major replacement projects
Level annual reserve assessments annually adjusted upward for inflation to increase reserves to fund the expected major future expenditures
Special assessments
We do not advocate special assessments or loans unless near term circumstances dictate otherwise. Although loans provide a gradual method of funding a replacement, the costs are higher than if the Community Development District were to accumulate reserves ahead of the actual replacement. Interest earnings on reserves also accumulate in this process of saving or reserving for future replacements, thereby defraying the amount of gradual reserve collections. We advocate the third method of Level Monthly Reserve Assessments with relatively minor annual adjustments. The method ensures that Owners pay their "fair share" of the weathering and aging of the commonly owned property each year. Level reserve assessments preserve the property and enhance the resale value of the homes.
This Reserve Study is in compliance with and exceeds the National standards1 set forth by the Association of Professional Reserve Analysts (APRA) fulfilling the requirements of a “Level I Full Reserve Study.” These standards require a Reserve Component to have a “predictable remaining Useful Life.” Estimating Remaining Useful Lives and Reserve Expenditures beyond 30 years is often indeterminate. Long-Lived Property Elements are necessarily excluded from this analysis. We considered the following factors in our analysis:
The Cash Flow Method to compute, project and illustrate the 30-year Reserve Funding Plan
Local2 costs of material, equipment and labor
Current and future costs of replacement for the Reserve Components
Costs of demolition as part of the cost of replacement
Local economic conditions and a historical perspective to arrive at our estimate of long-term future inflation for construction costs in Ave Maria, Florida at an annual inflation rate3. Isolated or regional markets of greater

1 Identified in the APRA “Standards - Terms and Definitions” and the CAI "Terms and Definitions".
2 See Credentials for additional information on our use of published sources of cost data.
3 Derived from Marshall & Swift, historical costs and the Bureau of Labor Statistics.

construction (development) activity may experience slightly greater rates of inflation for both construction materials and labor.
The past and current maintenance practices of Ave Maria Stewardship and their effects on remaining useful lives
Financial information provided by the Community Development District pertaining to the cash status of the reserve fund and budgeted reserve contribution
The anticipated effects of appreciation of the reserves over time in accord with a return or yield on investment of your cash equivalent assets. (We did not consider the costs, if any, of Federal and State Taxes on income derived from interest and/or dividend income).
The Funding Plan excludes necessary operating budget expenditures. It is our understanding that future operating budgets will provide for the ongoing normal maintenance of Reserve Components.
Updates to this Reserve Study will continue to monitor historical facts and trends concerning the external market conditions.

CREDENTIALS
HISTORY AND DEPTH OF SERVICE
Founded in 1991, Reserve Advisors is the leading provider of reserve studies, insurance appraisals, developer turnover transition studies, expert witness services, and other engineering consulting services. Clients include community associations, resort properties, hotels, clubs, non- profit organizations, apartment building owners, religious and educational institutions, and office/commercial building owners in 48 states, Canada and throughout the world.
The architectural engineering consulting firm was formed to take a leadership role in helping fiduciaries, boards, and property managers manage their property like a business with a long-range master plan known as a Reserve Study.
Reserve Advisors employs the largest staff of Reserve Specialists with bachelor’s degrees in engineering dedicated to Reserve Study services. Our founders are also founders of Community Associations Institute's (CAI) Reserve Committee that developed national standards for reserve study providers. One of our founders is a Past President of the Association of Professional Reserve Analysts (APRA). Our vast experience with a variety of building types and ages, on-site examination and historical analyses are keys to determining accurate remaining useful life estimates of building components.
No Conflict of Interest - As consulting specialists, our independent opinion eliminates any real or perceived conflict of interest because we do not conduct or manage capital projects.
TOTAL STAFF INVOLVEMENT
Several staff members participate in each assignment. The responsible advisor involves the staff through a Team Review, exclusive to Reserve Advisors, and by utilizing the experience of other staff members, each of whom has served hundreds of clients. We conduct Team Reviews, an internal quality assurance review of each assignment, including: the inspection; building component costing; lifing; and technical report phases of the assignment. Due to our extensive experience with building components, we do not have a need to utilize subcontractors.
OUR GOAL
To help our clients fulfill their fiduciary responsibilities to maintain property in good condition.
VAST EXPERIENCE WITH A VARIETY OF BUILDINGS
Reserve Advisors has conducted reserve studies for a multitude of different communities and building types. We've analyzed thousands of buildings, from as small as a 3,500-square foot day care center to a 2,600,000-square foot 98-story highrise. We also routinely inspect buildings with various types of mechanical systems such as simple electric heat, to complex systems with air handlers, chillers, boilers, elevators, and life safety and security systems.
We're familiar with all types of building exteriors as well. Our well-versed staff regularly identifies optimal repair and replacement solutions for such building exterior surfaces such as adobe, brick, stone, concrete, stucco, EIFS, wood products, stained glass and aluminum siding, and window wall systems.
OLD TO NEW
Reserve Advisors’ experience includes ornate and vintage buildings as well as modern structures. Our specialists are no strangers to older buildings. We're accustomed to addressing the unique challenges posed by buildings that date to the 1800's. We recognize and consider the methods of construction employed into our analysis. We recommend appropriate replacement programs that apply cost effective technologies while maintaining a building's character and appeal.

ALEXANDER G. J. GOULD
Responsible Advisor

CURRENT CLIENT SERVICES
Alexander Gould is an Associate Engineer for Reserve Advisors, LLC. Mr. Gould is responsible for the inspection and analysis of the condition of clients' property, and recommending engineering solutions to prolong the lives of the components. He also forecasts capital expenditures for the repair and/or replacement of the property components and prepares technical reports on assignments. He is responsible for conducting Life Cycle Cost Analysis and Capital Replacement Forecast services and the preparation of Reserve Study for condominiums, townhomes and homeowners associations.

The following is a partial list of clients served by Alexander Gould demonstrating his breadth of experiential knowledge of community associations in construction and related buildings systems.

Verona at Renaissance Homeowners’ Association, Inc. - Located in Sun City Center, Florida, this community consists of 244 residential units. The units are a mixture of single family homes and duplex units that are comprised of painted stucco exterior walls and asphalt shingle roofs.
Westbrook Estates Homeowners Association, Inc. - This homeowners’ association is located in Wesley Chapel, Florida features single family homes, multiple ponds, and a swimming pool with a pool house located at the center of the community.
Remington Reserve Condominium Association – This condominium association located in Naples, Florida was constructed in 2007. The community is comprised of 48 units in 12 buildings. The buildings are comprised of painted stucco exterior walls, concrete tile roofs, and balconies located on the front and sides of the buildings. Additionally the property has a clubhouse and a swimming pool.
Nottingham Villas at Kings Point Homeowners’ Association, Inc. – Located in Sun City Center, Florida, this community is comprised of duplex style homes that were constructed in 2013. The community shares the responsibility of the common areas of the community with a master association.
Arbor Ridge Homeowners’ Association of Apopka, Inc. - Located in Apopka, Florida, this property is comprised of 437 single family homes that were constructed in 2005. In addition to the single family homes, the property contains a swimming pool, ponds, and an extensive system of large masonry retaining walls.

PRIOR RELEVANT EXPERIENCE
Before joining Reserve Advisors, LLC, Mr. Gould was an Assistant Superintendent for a commercial construction firm that specialized in airport construction. He was responsible for the successful completion of large scale renovation projects of airport infrastructure while ensuring that the airport remained at a non-reduced operating capacity.

EDUCATION
University of South Florida - B.S. Civil Engineering

PROFESSIONAL AFFILIATIONS / DESIGNATIONS
Reserve Specialist (RS) - Community Association Institute (CAI)

PROFESSIONAL AFFILIATIONS / DESIGNATIONS
Reserve Specialist (RS) - Community Association Institute (CAI)

TAMARA S. SAMHOURI, E.I., RS

Southeast Quality Assurance Engineer

CURRENT CLIENT SERVICES
Tamara Samhouri, a Civil Engineer, is an Advisor for Reserve Advisors. Mrs. Samhouri is responsible for the inspection and analysis of the condition of clients' properties, and recommending engineering solutions to prolong the lives of the components. She also forecasts capital expenditures for the repair and/or replacement of the property components and prepares technical reports on assignments. She is responsible for conducting Life Cycle Cost Analyses and Capital Replacement Forecast services and the preparation of Reserve Study Reports for condominiums, townhomes and homeowner associations.

The following is a partial list of clients served by Tamara Samhouri demonstrating her breadth of experiential knowledge of community associations in construction and related buildings systems.

North Lake at Tarpon Springs Homeowners Association Located in Tarpon Springs, Florida, this single family development consists of 122 homes built in 1999. The Association maintains the asphalt pavement street systems, ponds, gates, signage, & a boardwalk and dock assembly.
Talon Bay Property Owners Association This Homeowners Association located in North Port, Florida is comprised of 233 single unit homes. The clubhouse in this community includes a fitness center, kitchen, rest rooms, and a patio leading to a pool deck. The clubhouse and gate house were constructed with stucco façade and a metal roof assembly. The Association maintains asphalt pavement street systems, tennis and shuffleboard courts, and gates.
Lake Highlander Resident Owned Association This Cooperative style development located in Dunedin, Florida is comprised of 293 homes built in the 1960s. The community maintains amenities, such as a laundry room, pool hall, library, office, and clubhouse. The Cooperative maintains the subsurface pipes, electric meter panels, and bridges throughout the community.
Royal Pointe at Majestic Palms Recreation Association and Condominium Associations The Recreation Association is responsible for the elements shared by five condominium buildings. The Recreation Association maintains the pool amenities & asphalt pavement street systems. The Condominium Associations are responsible for their building exteriors comprised of concrete tile roofs, balconies, breezeways, & staircases. The Condominium Associations maintain the building service elements, including life safety systems, & domestic water pumps.
PRIOR RELEVANT EXPERIENCE
Before joining Reserve Advisors, Mrs. Samhouri successfully completed the bachelors program in Civil Engineering from The University of South Florida. She has experience as a Transportation Planning Intern at AECOM, the world's premier infrastructure consulting firm, where she gained knowledge on the safety and design of specialized roadway networks. Mrs. Samhouri has an expertise in transportation and geotechnical engineering infrastructure.

EDUCATION
University of South Florida - B.S. Civil Engineering

PROFESSIONAL AFFILIATIONS / DESIGNATIONS
Engineering Intern (E.I.) – Florida, 2021-present
American Society of Civil Engineers (A.S.C.E.) – Florida, 2015-present Institute of Transportation Engineers (I.T.E.) – Florida, 2015-present Reserve Specialist (RS) - Community Association Institute (CAI)

ALAN M. EBERT, P.E., PRA, RS
Director of Quality Assurance

CURRENT CLIENT SERVICES

Alan M. Ebert, a Professional Engineer, is the Director of Quality Assurance for Reserve Advisors. Mr. Ebert is responsible for the management, review and quality assurance of reserve studies. In this role, he assumes the responsibility of stringent report review analysis to assure report accuracy and the best solution for Reserve Advisors’ clients.

Mr. Ebert has been involved with thousands of Reserve Study assignments. The following is a partial list of clients served by Alan Ebert demonstrating his breadth of experiential knowledge of community associations in construction and related buildings systems.

Brownsville Winter Haven Located in Brownsville, Texas, this unique
homeowners association contains 525 units. The Association maintains three pools and pool houses, a community and management office, landscape and maintenance equipment, and nine irrigation canals with associated infrastructure.
Rosemont Condominiums This unique condominium is located in Alexandria, Virginia and dates to the 1940's. The two mid-rise buildings utilize decorative stone and brick masonry. The development features common interior spaces, multi-level wood balconies and common asphalt parking areas.
Stillwater Homeowners Association Located in Naperville, Illinois, Stillwater Homeowners Association maintains four tennis courts, an Olympic sized pool and an upscale ballroom with commercial-grade kitchen. The community also maintains three storm water retention ponds and a detention basin.
Birchfield Community Services Association This extensive Association comprises seven separate parcels which include 505 townhome and single family homes. This Community Services Association is located in Mt. Laurel, New Jersey. Three lakes, a pool, a clubhouse and management office, wood carports, aluminum siding, and asphalt shingle roofs are a few of the elements maintained by the Association.
Oakridge Manor Condominium Association Located in Londonderry, New Hampshire, this Association includes 104 units at 13 buildings. In addition to extensive roads and parking areas, the Association maintains a large septic system and significant concrete retaining walls.
Memorial Lofts Homeowners Association This upscale high rise is located in Houston, Texas. The 20 luxury units include large balconies and decorative interior hallways. The 10-story building utilizes a painted stucco facade and TPO roof, while an on-grade garage serves residents and guests.

PRIOR RELEVANT EXPERIENCE
Mr. Ebert earned his Bachelor of Science degree in Geological Engineering from the University of Wisconsin-Madison. His relevant course work includes foundations, retaining walls, and slope stability. Before joining Reserve Advisors, Mr. Ebert was an oilfield engineer and tested and evaluated hundreds of oil and gas wells throughout North America.
EDUCATION
University of Wisconsin-Madison - B.S. Geological Engineering
PROFESSIONAL AFFILIATIONS/DESIGNATIONS
Professional Engineering License – Wisconsin, North Carolina, Illinois, Colorado
Reserve Specialist (RS) - Community Associations Institute
Professional Reserve Analyst (PRA) - Association of Professional Reserve Analysts

RESOURCES
Reserve Advisors utilizes numerous resources of national and local data to conduct its Professional Services. A concise list of several of these resources follows:

Association of Construction Inspectors, (ACI) the largest professional organization for those involved in construction inspection and construction project management. ACI is also the leading association providing standards, guidelines, regulations, education, training, and professional recognition in a field that has quickly become important procedure for both residential and commercial construction, found on the web at www.iami.org.

American Society of Heating, Refrigerating and Air-Conditioning Engineers, Inc., (ASHRAE) the American Society of Heating, Refrigerating and Air-Conditioning Engineers, Inc., devoted to the arts and sciences of heating, ventilation, air conditioning and refrigeration; recognized as the foremost, authoritative, timely and responsive source of technical and educational information, standards and guidelines, found on the web at www.ashrae.org. Reserve Advisors actively participates in its local chapter and holds individual memberships.

Community Associations Institute, (CAI) America's leading advocate for responsible communities noted as the only national organization dedicated to fostering vibrant, responsive, competent community associations. Their mission is to assist community associations in promoting harmony, community, and responsible leadership.

Marshall & Swift / Boeckh, (MS/B) the worldwide provider of building cost data, co-sourcing solutions, and estimating technology for the property and casualty insurance industry found on the web at www.marshallswift.com.

R.S. Means CostWorks, North America's leading supplier of construction cost information. As a member of the Construction Market Data Group, Means provides accurate and up-to-date cost information that helps owners, developers, architects, engineers, contractors and others to carefully and precisely project and control the cost of both new building construction and renovation projects found on the web at www.rsmeans.com.

Reserve Advisors’ library of numerous periodicals relating to reserve studies, condition analyses, chapter community associations, and historical costs from thousands of capital repair and replacement projects, and product literature from manufacturers of building products and building systems.

DEFINITIONS
Definitions are derived from the standards set forth by the Community Associations Institute (CAI) representing America's 305,000 condominium and homeowners associations and cooperatives, and the Association of Professional Reserve Analysts, setting the standards of care for reserve study practitioners.
Cash Flow Method - A method of calculating Reserve Contributions where contributions to the reserve fund are designed to offset the variable annual expenditures from the reserve fund. Different Reserve Funding Plans are tested against the anticipated schedule of reserve expenses until the desired funding goal is achieved.
Component Method - A method of developing a Reserve Funding Plan with the total contribution is based on the sum of the contributions for individual components.
Current Cost of Replacement - That amount required today derived from the quantity of a Reserve Component and its unit cost to replace or repair a Reserve Component using the most current technology and construction materials, duplicating the productive utility of the existing property at current local market prices for materials, labor and manufactured equipment, contractors' overhead, profit and fees, but without provisions for building permits, overtime, bonuses for labor or premiums for material and equipment. We include removal and disposal costs where applicable.
Fully Funded Balance - The Reserve balance that is in direct proportion to the fraction of life "used up" of the current Repair or Replacement cost similar to Total Accrued Depreciation.
Funding Goal (Threshold) - The stated purpose of this Reserve Study is to determine the adequate, not excessive, minimal threshold reserve balances.
Future Cost of Replacement - Reserve Expenditure derived from the inflated current cost of replacement or current cost of replacement as defined above, with consideration given to the effects of inflation on local market rates for materials, labor and equipment.
Long-Lived Property Component - Property component of Ave Maria Stewardship responsibility not likely to require capital repair or replacement during the next 30 years with an unpredictable remaining Useful Life beyond the next 30 years.
Percent Funded - The ratio, at a particular point of time (typically the beginning of the Fiscal Year), of the actual (or projected) Reserve Balance to the Fully Funded Balance, expressed as a percentage.
Remaining Useful Life  - The estimated remaining functional or useful time in  years  of  a
Reserve Component based on its age, condition and maintenance.
Reserve Component - Property elements with: 1) Ave Maria Stewardship responsibility; 2) limited Useful Life expectancies; 3) predictable Remaining Useful Life expectancies; and 4) a replacement cost above a minimum threshold.
Reserve  Component  Inventory  -  Line  Items  in  Reserve  Expenditures  that  identify  a
Reserve Component.
Reserve Contribution - An amount of money set aside or Reserve Assessment contributed to a
Reserve Fund for future Reserve Expenditures to repair or replace Reserve Components.
Reserve Expenditure - Future Cost of Replacement of a Reserve Component.
Reserve Fund Status - The accumulated amount of reserves in dollars at a given point in time, i.e., at year end.
Reserve Funding Plan - The portion of the Reserve Study identifying the Cash Flow Analysis and containing the recommended Reserve Contributions and projected annual expenditures, interest earned and reserve balances.
Reserve Study - A budget planning tool that identifies the current status of the reserve fund and a stable and equitable Funding Plan to offset the anticipated future major common area expenditures.
Useful Life - The anticipated total time in years that a Reserve Component is expected to serve its intended function in its present application or installation.

PROFESSIONAL SERVICE CONDITIONS
Our Services - Reserve Advisors, LLC (“RA”) performs its services as an independent contractor in accordance with our professional practice standards and its compensation is not contingent upon our conclusions. The purpose of our reserve study is to provide a budget planning tool that identifies the current status of the reserve fund, and an opinion recommending an annual funding plan, to create reserves for anticipated future replacement expenditures of the subject property. The purpose of our energy benchmarking services is to track, collect and summarize the subject property’s energy consumption over time for your use in comparison with other buildings of similar size and establishing a performance baseline for your planning of long-term energy efficiency goals.
Our inspection and analysis of the subject property is limited to visual observations, is noninvasive and is not meant to nor does it include investigation into statutory, regulatory or code compliance. RA inspects sloped roofs from the ground and inspects flat roofs where safe access (stairs or ladder permanently attached to the structure) is available. Our energy benchmarking services with respect to the subject property is limited to collecting energy and utility data and summarizing such data in the form of an Energy Star Portfolio Manager Report or any other similar report, and hereby expressly excludes any recommendations with respect to the results of such energy benchmarking services or the accuracy of the energy information obtained from utility companies and other third-party sources with respect to the subject property. The reserve report and any energy benchmarking report (i.e., any Energy Star Portfolio Manager Report) (including any subsequent revisions thereto pursuant to the terms hereof, collectively, the “Report”) are based upon a “snapshot in time” at the moment of inspection. RA may note visible physical defects in the Report. The inspection is made by employees generally familiar with real estate and building construction. Except to the extent readily apparent to RA, RA cannot and shall not opine on the structural integrity of or other physical defects in the property under any circumstances. Without limitation to the foregoing, RA cannot and shall not opine on, nor is RA responsible for, the property’s conformity to specific governmental code requirements for fire, building, earthquake, occupancy or otherwise.
RA is not responsible for conditions that have changed between the time of inspection and the issuance of the Report. RA does not provide invasive testing on any mechanical systems that provide energy to the property, nor can RA opine on any system components that are not easily accessible during the inspection. RA does not investigate, nor assume any responsibility for any existence or impact of any hazardous materials, such as asbestos, urea- formaldehyde foam insulation, other chemicals, toxic wastes, environmental mold or other potentially hazardous materials or structural defects that are latent or hidden defects which may or may not be present on or within the property. RA does not make any soil analysis or geological study as part of its services, nor does RA investigate vapor, water, oil, gas, coal, or other subsurface mineral and use rights or such hidden conditions, and RA assumes no responsibility for any such conditions. The Report contains opinions of estimated replacement costs or deferred maintenance expenses and remaining useful lives, which are neither a guarantee of the actual costs or expenses of replacement or deferred maintenance nor a guarantee of remaining useful lives of any property element.
RA assumes, without independent verification, the accuracy of all data provided to it. Except to the extent resulting from RA’s willful misconduct in connection with the performance of its obligations under this agreement, you agree to indemnify, defend, and hold RA and its affiliates, officers, managers, employees, agents, successors and assigns (each, an “RA Party”) harmless from and against (and promptly reimburse each RA Party for) any and all losses, claims, actions, demands, judgments, orders, damages, expenses or liabilities, including, without limitation, reasonable attorneys' fees, asserted against or to which any RA Party may become subject in connection with this engagement, including, without limitation, as a result of any false, misleading or incomplete information which RA relied upon that was supplied by you or others under your direction, or which may result from any improper use or reliance on the Report by you or third parties under your control or direction or to whom you provided the Report. NOTWITHSTANDING ANY OTHER PROVISION HEREIN TO THE CONTRARY, THE AGGREGATE LIABILITY (IF ANY) OF RA WITH RESPECT TO THIS AGREEMENT AND RA’S OBLIGATIONS HEREUNDER IS LIMITED TO THE AMOUNT OF THE FEES ACTUALLY RECEIVED BY RA FROM YOU FOR THE SERVICES AND REPORT PERFORMED BY RA UNDER THIS AGREEMENT, WHETHER ARISING IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE. YOUR REMEDIES SET FORTH HEREIN ARE EXCLUSIVE AND ARE YOUR SOLE REMEDIES FOR ANY FAILURE OF RA TO COMPLY WITH ITS OBLIGATIONS HEREUNDER OR OTHERWISE. RA SHALL NOT BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, ANY LOST PROFITS AND LOST SAVINGS, LOSS OF USE OR INTERRUPTION OF BUSINESS, HOWEVER CAUSED, WHETHER ARISING IN CONTRACT, TORT (INCLUDING NEGLIGENCE), BREACH OF WARRANTY, STRICT LIABILITY OR OTHERWISE, EVEN IF RA HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT WILL RA BE LIABLE FOR THE COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES. RA DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED OR OF ANY NATURE, WITH REGARD TO THE SERVICES AND THE REPORT, INCLUDING, WITHOUT LIMITATION, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
Report - RA will complete the services in accordance with the Proposal. The Report represents a valid opinion of RA’s findings and recommendations with respect to the reserve study and is deemed complete. RA will consider any additional information made available to RA within 6 months of issuing the Report and issue a revised Report based on such additional information if a timely request for a revised Report is made by you. RA retains the right to withhold a revised Report if payment for services was not tendered in a timely manner. All information received by RA and all files, work papers or documents developed by RA during the course of the engagement shall remain the property of

RA and may be used for whatever purpose it sees fit. RA reserves the right to, and you acknowledge and agree that RA may, use any data provided by you in connection with the services, or gathered as a result of providing such services, including in connection with creating and issuing any Report, in a de-identified and aggregated form for RA’s business purposes.
Your Obligations - You agree to provide us access to the subject property for an inspection. You agree to provide RA all available, historical and budgetary information, the governing documents, and other information that we request and deem necessary to complete the Report. Additionally, you agree to provide historical replacement schedules, utility bills and historical energy usage files that RA requests and deems necessary to complete the energy benchmarking services, and you agree to provide any utility release(s) reasonably requested by RA permitting RA to obtain any such data and/or information from any utility representative or other third party. You agree to pay actual attorneys’ fees and any other costs incurred to collect on any unpaid balance for RA’s services.
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RESOLUTION 2024-05

[FY 20242025 BUDGET APPROVAL RESOLUTION]
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE AVE MARIA STEWARDSHIP COMMUNITY DISTRICT APPROVING PROPOSED BUDGET(S) FOR FY 2024/2025; SETTING A PUBLIC HEARING THEREON AND DIRECTING PUBLICATON; ADDRESSING TRANSMITTAL AND POSTING REQUIREMENTS; ADDRESSING SEVERABILITY AND EFFECTIVE DATE.

WHEREAS, for the fiscal year beginning October 1, 2024, and ending September 30, 2025 (“FY 2024/2025”), the District Manager prepared and submitted to the Board of Supervisors (“Board”) of the Ave Maria Stewardship Community District (“District”) prior to July 15, 2024, the proposed budget(s) attached hereto as Exhibit A (“Proposed Budget”); and
WHEREAS, the Board now desires to set the required public hearing on the Proposed Budget.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE AVE MARIA STEWARDSHIP COMMUNITY DISTRICT:

PROPOSED BUDGET APPROVED. The Proposed Budget attached hereto as Exhibit A is hereby approved preliminarily.

SETTING A PUBLIC HEARING; DIRECTING PUBLICATION. A public hearing on said
approved Proposed Budget is hereby declared and set for the following date, time, and location, and District staff is directed to provide notice of the same in accordance with Florida law:
DATE:		, 2024
TIME:	9:00 A.M.
LOCATION:		

Ave Maria, Florida 34142	

TRANSMITTAL TO LOCAL GENERAL PURPOSE GOVERNMENT; POSTING OF PROPOSED
BUDGET. The District Manager is hereby directed to (i) submit a copy of the Proposed Budget to the applicable local general-purpose government(s) at least 60 days prior to its adoption, and (ii) post the approved Proposed Budget on the District’s website in accordance with Section 189.016, Florida Statutes.
SEVERABILITY; EFFECTIVE DATE. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof. This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED THIS 2nd DAY OF JULY, 2024.

ATTEST:	AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

Secretary / Assistant Secretary	Chair / Vice Chair, Board of Supervisors
Exhibit A:	Proposed Budget

Exhibit A
Proposed Budget

Ave Maria Stewardship Community District

Proposed Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2024/2025 BUDGET

TABLE OF CONTENTS

Budget Summary
Proposed Budget	3
Detailed Proposed Budget	4
Budget Comparison To Previous Year	5
Debt Service
Detailed Proposed Series 2019 (refi of 2006) Debt Service Fund Budget	6
Detailed Proposed Series 2022 (refi of 2012) Debt Service Fund Budget	7
Detailed Proposed Series 2021 (Master) Debt Service Fund Budget	8
Detailed Proposed Series 2023 (Master) Debt Service Fund Budget	9
Detailed Proposed Series 2015 (Maple Ridge) Debt Service Fund Budget	10
Detailed Proposed Series 2016 (Maple Ridge) Debt Service Fund Budget	11
Detailed Proposed Series 2018 (Maple Ridge) Debt Service Fund Budget	12
Detailed Proposed Series 2020 (Maple Ridge) Debt Service Fund Budget	13
Detailed Proposed Series 2022 (Maple Ridge) Debt Service Fund Budget	14
Detailed Proposed Series 2021 (Ave Maria National) Debt Service Fund Budget	15
Maintenance & Assessments Breakdown
Detailed Proposed Maintenance Budget	16
Assessment Breakdown	17
Assessment Comparison	18

23%

Assessments

77%

Developer Contributions

6%

6%

Administrative

32%

Maintenance

56%

Debt Payments

Discounts & Fees

Page 11$>age 3

PROPOSED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

Sources	Revenue	Percentage	
Assessments	$	9,545,197	77%	
Developer Contributions	$	2,813,780	23%	
Other	$	500	0%	
Total Revenue	$	12,359,477	100%	

Sources	Expenditures	Percentage	
Administrative	$	808,534	7%	
Maintenance	$	3,964,509	32%	
Debt Payments	$	6,870,544	56%	
Discounts & Fees	$	715,890	6%	
Total Expenditures	$	12,359,477	100%	

DETAILED BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

REVENUES	
FISCAL YEAR 2024/2025
BUDGET	
0 & M ASSESSMENTS	3,426,681	
DEBT ASSESSMENTS	6,118,516	
DEVELOPER CONTRIBUTION FOR O & M	1,602,863	
DEVELOPER CONTRIBUTION FOR DEBT	1,210,917	
OTHER REVENUES	0	
INTEREST	500	
BOND PREPAYMENTS	0	
BOND PREPAYMENTS PAID TO TRUSTEE	0	
		
TOTAL REVENUES	$	12,359,477	
		
EXPENDITURES		
		
ADMINISTRATIVE EXPENDITURES		
SUPERVISORS FEES	9,600	
PAYROLL TAX EXPENSE	734	
ENGINEERING	90,000	
MANAGEMENT	350,000	
LEGAL	100,000	
ASSESSMENT ROLL	25,000	
AUDIT FEES	18,300	
ARBITRAGE REBATE FEE	3,900	
TRAVEL & LODGING	10,000	
INSURANCE	120,000	
LEGAL ADVERTISING	8,000	
MISCELLANEOUS	10,000	
POSTAGE	3,000	
OFFICE SUPPLIES	3,500	
RENTS & LEASES	1,000	
DUES, LICENSE, & SUBSCRIPTIONS	500	
MISCELLANEOUS FILINGS, NOTICES, ETC.	500	
WEBSITE HOSTING FEES	2,500	
TRUSTEE FEES	40,000	
CONTINUING DISCLOSURE FEE	12,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	808,534	
		
MAINTENANCE EXPENDITURES		
MAINTENANCE	3,964,509	
		
TOTAL MAINTENANCE EXPENDITURES	$	3,964,509	
		
TOTAL EXPENDITURES	$	4,773,043	
		
EXCESS OR (SHORTFALL)	$	7,586,434	
		
BOND PAYMENTS	$	(6,870,544)	
		
BALANCE	$	715,890	
		
COUNTY APPRAISER & TAX COLLECTOR COST	(334,082)	
DISCOUNTS FOR EARLY PAYMENTS	(381,808)	
		
NET EXCESS/ (SHORTFALL)	$	

DETAILED BUDGET COMPARISON
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

REVENUES	
FISCAL YEAR 2022/2023
ACTUAL	
FISCAL YEAR 2023/2024
BUDGET	
FISCAL YEAR 2024/2025
BUDGET	

COMMENTS	
0 & M ASSESSMENTS	2,156,850	2,786,545	3,426,681	See Detail on Page 9	
DEBT ASSESSMENTS	4,577,197	6,118,516	6,118,516	See Detail on Page 9	
DEVELOPER CONTRIBUTION FOR O & M	2,146,961	1,563,580	1,602,863		
DEVELOPER CONTRIBUTION FOR DEBT	1,577,362	1,210,255	1,210,917		
OTHERREVENUES/FEMA	0	0	0		
INTEREST	31,328	399	500		
BOND PREPAYMENTS	8,769	0	0		
BOND PREPAYMENTS PAID TO TRUSTEE	(8,769)	0	0		
					
TOTAL REVENUES	$	10,489,698	$	11,679,296	$	12,359,477		
					
EXPENDITURES					
					
ADMINISTRATIVE EXPENDITURES					
SUPERVISORS FEES	7,600	9,600	9,600	No Change From Previous Budget	
PAYROLL TAX EXPENSE	581	734	734	Supervisor Fees* 7.65%	
ENGINEERING	90,442	85,000	90,000	$5,000 Increase From Previous Budget	
MANAGEMENT	79,662	108,000	350,000	Full time District Manager & Admin Services	
LEGAL	105,059	80,000	100,000	$20,000 Increase From Previous Budget	
ASSESSMENT ROLL	20,000	20,000	25,000	$5,000 Increase From Previous Budget	
AUDIT FEES	20,300	20,300	18,300	$2,000 Decrease From Previous Budget	
ARBITRAGE REBATE FEE	3,900	3,900	3,900	No Change From Previous Budget	
TRAVEL & LODGING	7,127	5,000	10,000	$5,000 Increase From Previous Budget	
INSURANCE	39,973	45,000	120,000	$75,000 Increase From Previous Budget	
LEGAL ADVERTISING	10,889	8,000	8,000	No Change From Previous Budget	
MISCELLANEOUS	945	6,000	10,000	$4,000 Increase From Previous Budget	
POSTAGE	2,939	2,000	3,000	$1,000 Increase From Previous Budget	
OFFICE SUPPLIES	5,529	3,500	3,500	No Change From Previous Budget	
RENTS & LEASES	0	0	1,000	$1,000 Increase From Previous Budget	
DUES, LICENSE, & SUBSCRIPTIONS	615	500	500	No Change From Previous Budget	
MISCELLANEOUS FILINGS, NOTICES, ETC.	0	500	500	No Change From Previous Budget	
WEBSITE HOSTING FEES	2,625	2,500	2,500	No Change From Previous Budget	
TRUSTEE FEES	39,272	35,000	40,000	$5,000 Increase From Previous Budget	
CONTINUING DISCLOSURE FEE	9,000	12,000	12,000	No Change From Previous Budget	
TOTAL ADMINISTRATIVE EXPENDITURES	$	446,459	$	447,534	$	808,534		
					
MAINTENANCE EXPENDITURES					
MAINTENANCE	3,681,170	3,694,000	3,964,509	Total Maintenance - See Detail On Page 16	
					
TOTAL MAINTENANCE EXPENDITURES	$	3,681,170	$	3,694,000	$	3,964,509		
					
TOTAL EXPENDITURES	$	4,127,629	$	4,141,534	$	4,773,043		
					
EXCESS OR (SHORTFALL)	$	6,362,069	$	7,537,762	$	7,586,434		
					
BOND PAYMENTS	(5,891,492)	$	(6,869,882)	$	(6,870,544)	2023 P & I Payments	
					
BALANCE	$	470,577	$	667,880	$	715,890		
					
COUNTY APPRAISER & TAX COLLECTOR COST	(82,581)	(311,677)	(334,082)	3.5% Of Total Roll (2% Appraiser, 1.5% Collector)	
DISCOUNTS FOR EARLY PAYMENTS	(257,356)	(356,202)	(381,808)	4% Of Total Tax Roll	
					
NET EXCESS / (SHORTFALL)	$	130,639	$	-	$		

REVENUES	FISCAL YEAR 2022/2023
ACTUAL	FISCAL YEAR 2023/2024
BUDGET	FISCAL YEAR 2024/2025
BUDGET	
Interest Income (19) (refi of 06)	31,510	500	500	
Net NAV Collection (19) (refi of 06)	1,393,004	1,368,371	1,368,371	
Developer Contribution (refi of 06)	0	0	0	
Prepaid Bonds (19) (refi of 06)	8,769	0	0	
Bond Proceeds	0	0	0	
				
Total Revenues	$	1,433,282	$	1,368,871	$	1,368,871	
				
EXPENDITURES				
Principal Payments (19) (refi of 06)	935,000	940,000	955,000	
Extraordinary Principal Pym! (19) (refi of 06)	0	-923	3,565	
Interest Payments (19) (refi of 06)	457,381	429,794	410,306	
Cost of Issuance	0			
				
Total Expenditures	$	1,392,381	$	1,368,871	$	1,368,871	
				
Net Excess/ (Shortfall)	$	40,901	$	-	$	

Series 2019 Bond Information (Refi of 2006)
Original Par Amount= Average Interest Rate= Issue Date=
Maturity Date=
Par Amount As Of 1/1/23 =

$20,310,000 2.725%
June 2019
May 2038
$17,640,000

Annual Principal Payments Due: May 1st
Annual Interest Payments Due: May 1st & November 1st

REVENUES	FISCAL YEAR 2022/2023
ACTUAL	FISCAL YEAR 2023/2024
BUDGET	FISCAL YEAR 2024/2025
BUDGET	
Interest Income (22) (refi of 12)	49,309	100	100	
Net NAV Collection (22) (refi of 12)	1,675,918	1,643,963	1,643,963	
Developer Contribution (22) (refi of 12)	0	0	0	
Prepaid Bonds (22) (refi of 12)	0	0	0	
				
Total Revenues	$	1,725,227	$	1,644,063	$	1,644,063	
				
EXPENDITURES				
Principal Payments (22) (refi of 12)	820,000	845,000	870,000	
Extraordinary Principal Pymt (22) (refi of 12)	0	3,822	3,475	
Interest Payments (22) (refi of 12)	830,963	795,241	770,588	
				
Total Expenditures	$	1,650,963	$	1,644,063	$	1,644,063	
				
Net Excess/ (Shortfall)	$	74,264	$	-	$	

Series 2022 Bond Information (Refi of 2012)
Original Par Amount= Average Interest Rate = Issue Date=
Maturity Date =
Par Amount As Of 1/1/23 =

$22,950,000 3.825%
February 2022
May 2042
$22,950,000

Annual Principal Payments Due: May 1st
Annual Interest Payments Due: May 1st & November 1st

REVENUES	FISCAL YEAR 2022/2023
ACTUAL	FISCAL YEAR 2023/2024
BUDGET	FISCAL YEAR 2024/2025
BUDGET	
Interest Income (21)	11,394	100	100	
Net NAV Collection (21)	116,719	640,319	640,319	
Developer Contribution (21)	320,645	0	0	
Capitalized Interest (21)	199,203	0	0	
				
Total Revenues	$	647,961	$	640,419	$	640,419	
				
EXPENDITURES				
Principal Payments (21)	240,000	250,000	255,000	
Extraordinary Principal Payments (21)	0	225	906	
Interest Payments (21)	398,406	390,194	384,513	
				
Total Expenditures	$	638,406	$	640,419	$	640,419	
				
Net Excess/ (Shortfall)	$	9,555	$	-	$	

Series 2021 Bond Information
Original Par Amount= Average Interest Rate= Issue Date=
Maturity Date=
Par Amount As Of 1/1/23 =

$11,610,000 3.691%
August 2021
May 2052
$11,610,000

Annual Principal Payments Due: May 1st
Annual Interest Payments Due: May 1st & November 1st

REVENUES	FISCAL YEAR 2022/2023
ACTUAL	FISCAL YEAR 2023/2024
BUDGET	FISCAL YEAR 2024/2025
BUDGET	
Interest Income (23)	3,774	100	100	
Net NAV Collection (23)	0	339,521	339,521	
Developer Contribution (23)	0	942,617	944,454	
Capitalized Interest (23)	0	0	0	
				
Total Revenues	$	3,774	$	1,282,238	$	1,284,075	
				
EXPENDITURES				
Principal Payments (23)	0	285,000	300,000	
Extraordinary Principal Payments (23)	0	0	0	
Interest Payments (23)	0	997,238	984,075	
				
Total Expenditures	$	-	$	1,282,238	$	1,284,075	
				
Net Excess/ (Shortfall)	$	3,774	$	-	$	

Note: Capitalized Interest Was Set-Up Through 11-1-2023

Series 2023 Bond Information		
Original Par Amount=	$19,150,000	Annual Principal Payments Due:	
Average Interest Rate=	5.384%	May 1st	
Issue Date=	8/2023	Annual Interest Payments Due:	
Maturity Date=	5/2053	May 1st & November 1st	
Par Amount As Of 8/3/23 =	$19,150,000		

REVENUES	FISCAL YEAR 2022/2023
ACTUAL	FISCAL YEAR 2023/2024
BUDGET	FISCAL YEAR 2024/2025
BUDGET	
Interest Income (15)	10,507	100	100	
Net NAV Collection (15)	166,831	163,890	163,890	
Developer Contribution (15)	0	0	0	
Prepaid Bonds (15)	0	0	0	
				
Total Revenues	$	177,338	$	163,990	$	163,990	
				
EXPENDITURES				
Principal Payments (15)	50,000	55,000	55,000	
Extraordinary Principal Payments (15)	0	-935	1,815	
Interest Payments (15)	113,800	109,925	107,175	
				
Total Expenditures	$	163,800	$	163,990	$	163,990	
				
Net Excess/ (Shortfall)	$	13,538	$	-	$	

Series 2015 Bond (Maple Ridge) Information
Original Par Amount= Interest Rate =
Issue Date= Maturity Date=
Par Amount As Of 1/1/23 =

$2,530,000 5.0% - 5.375%
February 2015
May 2045
$2,150,000

Annual Principal Payments Due: May 1st
Annual Interest Payments Due: May 1st & November 1st

REVENUES	FISCAL YEAR 2022/2023
ACTUAL	FISCAL YEAR 2023/2024
BUDGET	FISCAL YEAR 2024/2025
BUDGET	
Interest Income (16)	10,422	100	100	
Net NAV Collection (16)	230,899	226,663	226,663	
Developer Contribution (16)	0	0	0	
Prepaid Bonds (16)	0	0	0	
				
Total Revenues	$	241,322	$	226,763	$	226,763	
				
EXPENDITURES				
Principal Payments (16)	60,000	65,000	70,000	
Extraordinary Principal Payments (16)	0	2,819	1,363	
Interest Payments (16)	163,800	158,944	155,400	
				
Total Expenditures	$	223,800	$	226,763	$	226,763	
				
Net Excess/ (Shortfall)	$	17,522	$	-	$	

Series 2016 Bond (Maple Ridge) Information
Original Par Amount= Interest Rate =
Issue Date= Maturity Date=
Par Amount As Of 1/1/23 =

$3,390,000 5.250%
October 2016
May 2047
$3,120,000

Annual Principal Payments Due: May 1st
Annual Interest Payments Due: May 1st & November 1st

REVENUES	FISCAL YEAR 2022/2023
ACTUAL	FISCAL YEAR 2023/2024
BUDGET	FISCAL YEAR 2024/2025
BUDGET	
Interest Income (18)	6,103	100	100	
Net NAV Collection (18)	258,810	253,748	253,748	
Developer Contribution (18)	0	0	0	
Prepaid Bonds (18)	0	0	0	
				
Total Revenues	$	264,913	$	253,848	$	253,848	
				
EXPENDITURES				
Principal Payments (18)	65,000	65,000	70,000	
Extraordinary Principal Payments (18)	0	3,675	2,683	
Interest Payments (18)	189,950	185,173	181,165	
				
Total Expenditures	$	254,950	$	253,848	$	253,848	
				
Net Excess/ (Shortfall)	$	9,963	$	-	$	

Series 2018 Bond (Maple Ridge) Information
Original Par Amount= Interest Rate =
Issue Date= Maturity Date=
Par Amount As Of 1/1/23 =

$4,000,000 4.9% - 5.375%
June 2018
May 2049
$3,595,000

Annual Principal Payments Due: May 1st
Annual Interest Payments Due: May 1st & November 1st

REVENUES	FISCAL YEAR 2022/2023
ACTUAL	FISCAL YEAR 2023/2024
BUDGET	FISCAL YEAR 2024/2025
BUDGET	
Interest Income (20)	4,592	100	100	
Net NAV Collection (20)	211,869	207,616	207,616	
Developer Contribution (20)	0	0	0	
Capitalized Interest	0	0	0	
				
Total Revenues	$	216,461	$	207,716	$	207,716	
				
EXPENDITURES				
Principal Payments (20)	60,000	60,000	65,000	
Extraordinary Principal Payments (20)	0	4,283	1,659	
Interest Payments (20)	146,853	143,433	141,058	
				
Total Expenditures	$	206,853	$	207,716	$	207,716	
				
Net Excess/ (Shortfall)	$	9,609	$	-	$	

Note: Capitalized Interest Was Set-Up Through November 1, 2022

Series 2020 Bond (Maple Ridge) Information
Original Par Amount= Interest Rate=
Issue Date= Maturity Date=
Par Amount As Of 1/1/23 =

$3,440,000 3.8%-4.45%
July 2020
May 2052
$3,440,000

Annual Principal Payments Due: May 1st
Annual Interest Payments Due: May 1st & November 1st

REVENUES	FISCAL YEAR 2022/2023
ACTUAL	FISCAL YEAR 2023/2024
BUDGET	FISCAL YEAR 2024/2025
BUDGET	
Interest Income (22)	779	100	100	
Net NAV Collection (22)	71,681	444,361	444,361	
Developer Contribution (22)	221,712	0	0	
Capitalized Interest	148,423	0	0	
				
Total Revenues	$	442,594	$	444,461	$	444,461	
				
EXPENDITURES				
Principal Payments (22)	145,000	150,000	155,000	
Extraordinary Principal Payments (22)	0	4,216	3,791	
Interest Payments (22)	296,845	290,245	285,670	
				
Total Expenditures	$	441,845	$	444,461	$	444,461	
				
Net Excess/ (Shortfall)	$	749	$	-	$	

Note: Capitalized Interest Was Set-Up Through November 1, 2022

Series 2022 Bond (Maple Ridge) Information
Original Par Amount= Average Interest Rate= Issue Date=
Maturity Date=
Par Amount As Of 1/1/23 =

$7,775,000 3.00% - 4.00%
February 2022
May 2052
$7,775,000

Annual Principal Payments Due: May 1st
Annual Interest Payments Due: May 1st & November 1st

REVENUES	FISCAL YEAR 2022/2023
ACTUAL	FISCAL YEAR 2023/2024
BUDGET	FISCAL YEAR 2024/2025
BUDGET	
Interest Income (21)	12,093	0	0	
Net NAV Collection (21)	188,399	373,327	373,327	
Developer Contribution (21)	250,106	264,186	263,011	
Capitalized Interest	0	0	0	
				
Total Revenues	$	450,598	$	637,513	$	636,338	
				
EXPENDITURES				
Principal Payments (21)	230,000	235,000	240,000	
Extraordinary Principal Payments (21)	0	0	0	
Interest Payments (21)	411,548	402,513	396,338	
				
Total Expenditures	$	641,548	$	637,513	$	636,338	
				
Net Excess/ (Shortfall)	$	(190,949)	$	-	$	

Series 2021 Bond (Ave Maria National) Information
Original Par Amount= Interest Rate=
Issue Date= Maturity Date=
Par Amount As Of 1/1/23 =

$11,340,000 2.6%-4.0%
March 2021
May 2051
$11,115,000

Annual Principal Payments Due: May 1st
Annual Interest Payments Due: May 1st & November 1st

Page 12-;e 15

DETAILED MAINTENANCE BUDGET
AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

	FISCAL YEAR
2022/2023
ACTUAL	FISCAL YEAR
2023/2024
BUDGET	FISCAL YEAR
2024/2025
BUDGET	
MAINTENANCE EXPENDITURES				
				
IRRIGATION REPAIR	175,095	110,000	205,000	
MISCELLANEOUS MAINTENANCE	112,104	50,000	75,000	
PRESSURE WASHING	0	50,000	60,000	
ELECTRIC (STREETLIGHTS, LANDSCAPE)	117,030	89,250	150,000	
STREET SWEEPING	0	1,050	30,000	
STRIPING & TRAFFIC MARKINGS	187,838	150,000	250,000	
STREET LIGHT MAINTENANCE	151,267	120,000	140,000	
SIDEWALK/ CURB REPAIRS	175,850	157,500	200,000	
LANDSCAPE MAINT / ENHANCE (ROADWAY, ENTRIES):	0	31,500	0	
MAINTENANCE CONTRACTS	716,727	715,000	729,793	
TREE TRIMMING	123,463	153,300	160,000	
STORM CLEANUP	0	60,000	60,000	
STORM CLEANUP - ELECTRIC	0	26,250	26,250	
STORM CLEANUP - LANDSCAPING	61,420	26,250	26,250	
PLANT REPLACEMENT	182,816	100,000	200,000	
MULCH & MISCELLANEOUS	182,661	147,000	150,000	
WATER MANAGEMENT & DRAINAGE	3,600	4,200	0	
ENTRY FEATURE WATER	7,363	4,725	5,500	
IRRIGATION WATER	115,065	89,250	93,713	
FOUNTAIN MAINTENANCE	78,836	50,000	50,000	
RODENT/ PEST CONTROL	15,900	8,400	25,000	
EQUIPMENT REPAIR	2,308	8,400	8,400	
SIGNAGE REPAIR	32,990	15,750	20,000	
STORM DRAIN CLEANING	34,779	52,500	52,500	
DRAINAGE/ LAKE MAINTENANCE/ LITTORALS	53,512	78,750	81,113	
AERATORS	0	2,100	2,100	
PRESERVE MAINTENANCE	90,862	63,000	64,890	
SMALL TOOLS	11,001	3,675	7,500	
MISCELLANEOUS MAINTENANCE REPAIR	26,186	30,000	30,000	
VEHICLE LEASE/ FUEL/ REPAIRS (MAINT TECH)	23,139	21,000	35,000	
MOSQUITO CONTROL	358,833	525,000	0	
TEMP FIRE FACILITY OPERATING COSTS	80,000	9,650	0	
MAINTENANCE TECHNICIANS	33,749	0	0	
BASE MANAGEMENT FEE	21,483	23,000	23,000	
ADMIN PAYROLL	43,860	0	0	
ASSET MANAGER	56,470	75,000	139,000	
LANDSCAPING PH 2 CAPITAL PROJECT	195,294	0	0	
OPERATIONS TEAM SALARIES & BENEFITS	69,377	600,000	462,000	
PUBLIC SAFTEY PROJECTS	0	0	250,000	
CAPITAL ASSET PURCHASE	102,692	0	110,000	
TOTAL MAINTENANCE EXPENDITURES	$	3,643,570	$	3,651,500	$	3,922,009	
				
RESERVE FUND	27,500	27,500	27,500	
CONTINGENCY FUND	10,100	15,000	15,000	
				
TOTAL	$	3,681,170	$	3,694,000	$	3,964,509	

Page 128 16

Ave Maria Stewardship Community District Assessment Breakdown - Fiscal Year 2024-2025

	
Number of Total			
Category Total	
	Units Platted for		Per Unit Operation	Operation &	
	Fiscal Year 2024-		& Maintenance	Maintenance	
	2025	
Per	Assessment	Assessment	
Residential					
Multi Family I Attached	608	Unit	$	583.19	$  354,579.52	
Single Family I Detached	4,635	Unit

Per	$	583.19	$ 2,703,085.65	

Other Uses					
ALF Apartments	

48	Unit
Unit Unit	$	62.46
$	168.22
$	118.99		
Apartments					
MB Low Affordable Housing				$	5,711.52	
Goods and Services	202,875	Sq. Ft.	$	0.27	$	54,776.25	
Mini Warehouse (Self Storage)	50,440	Sq. Ft.	$	0.09	$	4,539.60	
Light Manufacturing	416,961	Sq. Ft.	$	0.56	$  233,498.16	
Hotel		Room	$	296.48		
Institutional - AM University	1,250	Student	$	30.87	$	38,587.50	
Private K-12 School	416	Student	$	76.69	$	31,903.04	
Total				$ 3,426,681.24	

583.19	$	$	583.19	0.00%	$	$	$	583.19	583.19	
583.19	$	$	583.19	0.00%	$	$	$	583.19	583.19	

62.46	

$	

$	62.46	

0.00%	

$	

$	

$	62.46	

62.46	
168.22	$	$	168.22	0.00%	$	$	$	168.22	168.22	
118.99	$	$	118.99	0.00%	$	$	$	118.99	118.99	
0.27	$	$	0.27	0.00%	$	$	$	0.27	0.27	
0.09	$	$	0.09	0.00%	$	$	$	0.09	0.09	
0.56	$	$	0.56	0.00%	$	$	$	0.56	0.56	
296.48	$	$	296.48	0.00%	$	$	$	296.48	296.48	
30.87	$	$	30.87	0.00%	$	$	$	30.87	30.87	
76.69	$	$	76.69	0.00%	$	$	$	76.69	76.69	

O&M Assessment	Reserve

TotalO&M +
Reserve

Year End March 2024 CPI Rate - No
CPI Increase in Year Amount of O&M	Amount of Reserve  New O&M

Before CPI	 Assessment Before Assessment Before 1 of New	 Assessment	Assessment	Assessment Adjustment	CPI Adjustment	CPI Adjustment	Methodology	Increase due to CPI Increase due to CPI Amoun1

New Reserve Assessment Amoun1

New Total O&M + Reserve Assessment Amoun

O&M Assessments*	Automatic CPI Increase Calculation
Debt Assessments *
Total Debt	Total Debt
Gross Units		Units	 Net Units	Series 2019	Series 2022	Series 2021	Series 2023	Series 2015 MR	Series 2016 MR	Series 2018 MR	Series 2020 MR  Series 2021 AMN  Series 2022 MR	Assessment Per	Assessment On Platted	Prepaid	Assessed		Bonds		Bonds		Bonds		Bonds		Bonds		Bonds		Bonds		Bonds	Bonds	Bonds		Unit		Roll	
Multi Family																
	166	(1)	165	$	403.00										$	403.00	66,495.00	
	92		92		$	495.00									$	495.00	45,540.00	
16 Unit Ver/ 30 Unit Ter	46		46		$	495.00							$	455.46		$	950.46	43,721.16	
	40		40			$	449.15								$	449.15	17,966.00	
Coach / 12 Unit Ver	40		40			$	449.15						$	530.29		$	979.44	39,177.60	
16 Unit Ver/ 30 Unit Tar	92		92			$	449.15						$	455.46		$	904.61	83,224.12	
	8		8				$	532.19							$	532.19	4,257.52	
Coach / 12 Unit Ver	48		48				$	532.19					$	530.29		$	1,062.48	50,999.04	
16 Unit Ver/ 30 Unit Ter	76		76				$	532.19					$	455.46		$	987.65	75,061.40	
Single Family																
	1167	(14)	1153	$	775.00										$	775.00	893,575.00	
	394		394	$	775.00				$	449.69						$	1,224.69	482,527.86	
	270		270	$	775.00					$	673.19					$	1,448.19	391,011.30	
	3		3	$	775.00						$	667.45				$	1,442.45	4,327.35	
	631	(2)	629		$	951.00									$	951.00	598,179.00	
	94		94		$	951.00				$	673.19					$	1,624.19	152,673.86	
	408		408		$	951.00					$	667.45				$	1,618.45	660,327.60	
	335		335		$	951.00						$	670.00			$	1,621.00	543,035.00	
	218		218		$	951.00							$	667.00		$	1,618.00	352,724.00	
	113		113		$	951.00								$	670.00	$	1,621.00	183,173.00	
	227		227			$	863.74								$	863.74	196,068.98	
	314		314			$	863.74							$	670.00	$	1,533.74	481,594.36	
	171		171			$	863.74						$	667.00		$	1,530.74	261,756.54	
	0		0				$	1,023.45							$	1,023.45	0.00	
	290	
	290				$	1,023.45						$	670.00	$	1,693.45	491,100.50	
Total	5,243	(17)	5,226												6,118,516.19	
* All Assessments Include the Follo\.\'ing :
4% Discount for Early Payments
1.5% County Tax Collector Administrative Cost 2% County Property Appraiser Administrative Cost

Page 17

Page 129

Ave Maria Stewardship Community District Total Assessment Comparison 2024-2025

Type	

Bonds Series	

Number of Platted Units	
FY 2023-2024
Per Unit Assessment	
FY 2024-2025
Per Unit Assessment	
Change-
Increase/ (Decrease)	

Multi Family	

2019	

166	

$883.88	

$986.19	

$102.31	
	2022	92	$975.88	$1,078.19	$102.31	
	2022 + 2021 AMN	46	$1,431.34	$1,533.65	$102.31	
	2021	40	$930.03	$1,032.34	$102.31	
	2021 + 2021 AMN	40	$1,460.32	$1,562.63	$102.31	
	2021 + 2021 AMN	92	$1,385.49	$1,487.80	$102.31	
	2023	8	$1,013.07	$1,115.38	$102.31	
	2023 + 2021 AMN	48	$1,543.36	$1,645.67	$102.31	
	2023 + 2021 AMN	76	$1,468.53	$1,570.84	$102.31	
Single Family	2019	1,167	$1,255.88	$1,358.19	$102.31	
	2019 + 2015 MR	394	$1,705.57	$1,807.88	$102.31	
	2019 + 2016 MR	270	$1,929.07	$2,031.38	$102.31	
	2019 + 2018 MR	3	$1,923.33	$2,025.64	$102.31	
	2022	631	$1,431.88	$1,534.19	$102.31	
	2022 + 2016 MR	94	$2,105.07	$2,207.38	$102.31	
	2022 + 2018 MR	408	$2,099.33	$2,201.64	$102.31	
	2022 + 2020 MR	335	$2,101.88	$2,204.19	$102.31	
	2022 + 2021 AMN	218	$2,098.88	$2,201.19	$102.31	
	2022 + 2022 MR	113	$2,101.88	$2,204.19	$102.31	
	2021	227	$1,344.62	$1,446.93	$102.31	
	2021 + 2022 MR	314	$2,014.62	$2,116.93	$102.31	
	2021 + 2021 AMN	171	$2,011.62	$2,113.93	$102.31	
	2023	0	$1,504.33	$1,606.64	$102.31	
	2023 + 2022 MR	290	$2,174.33	$2,276.64	$102.31	
ALF Apartments		0	$31.37	$62.46	$31.09	
Apartments		0	$113.68	$168.22	$54.54	
Low Affordable Housing		48	$72.19	$118.99	$46.80	
Goods and Services (sqft)		202,875	$0.55	$0.27	($0.28)	
Mini Warehouse (Self Storage) (sqft)		50,440	$0.35	$0.09	($0.26)	
Light Manufacturing (sqft)		416,961	$0.23	$0.56	$0.33	
Hotel (rooms)		0	$406.02	$296.48	($109.54)	
Institutional - AM University (students)		1,250	$24.65	$30.87	$6.22	
Private K-12 School (students)		416	$38.51	$76.69	$38.18	

Assessments Include the Following : 4% Discount for Early Payments
1.5% County Tax Collector Administrative Cost 2% County Property Appraiser Administrative Cost

Page 18

RESOLUTION NO. 2024-06

A RESOLUTION OF THE AVE MARIA STEWARDSHIP COMMUNITY DISTRICT ADOPTING A PROPOSED FISCAL YEAR 2024/2025 BUDGET FOR THE MASTER IRRIGATION UTILITY SYSTEM

WHEREAS, the Board of Supervisors of the Ave Maria Stewardship Community District (hereinafter called District) is empowered to charge customers for irrigation water from the District-Owned Master Irrigation Utility System; and,

WHEREAS, the District Manager has prepared a proposed fiscal year 2024/2025 budget for the Master Irrigation Utility System.

NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE AVE MARIA STEWARDSHIP COMMUNITY DISTRICT THAT:

Section 1.	The Proposed Budget for Fiscal Year 2024/2025 for the District’s Master Irrigation Utility System is attached hereto as Exhibit “A” is hereby approved and adopted.

Section 2.	The Secretary of the District is authorized to execute any and all necessary transmittals, certifications or other acknowledgements or writings, as necessary, to comply with the intent of this Resolution.

PASSED, ADOPTED and EFFECTIVE this 2nd day of July, 2024.

ATTEST:	AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

By:			By:		 Secretary/Assistant Secretary			Chairman/Vice Chairman

Ave Maria Master Irrigation Utility

Proposed Budget For	
Fiscal Year 2024/2025	
October 1, 2024 - September 30, 2025	

PROPOSED AVE MARIA MASTER IRRIGATION UTILITY BUDGET AVE MARIA STEWARDSHIP COMMUNITY DISTRICT
FISCAL YEAR 2024/2025 OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR	
FISCAL YEAR	
FISCAL YEAR	

COMMENTS	
	2022/2023	2023/2024	2024/2025		
	ACTUAL	BUDGET	BUDGET		

AMUC Revenue (Irrigation)	
1,482,017	
1,241,132	
1,760,626	
Irrigation	

Developer Contribution	
326,940	
375,971	
238,939	
Developer Contribution	

Connection Fees	
0	
7,180	
2,700	
Connection Fees	

Installations	
0	
148,967	
141,738	
Installations	

Miscellaneous / Carryover Revenue	
0	
9,180	
10,416	
Miscellaneous Revenue	

Peninsula True-Up Of Expenditures	
18,379	
0	
0	
Estimate Of True-Up Of Expenditures	

Total Revenues	
$	1,827,336	
$	1,782,430	
$	2,154,419		

EXPENDITURES					

Management Fee	
152,205	
153,680	
250,247	
Estimate of $12,806.7 per Month	

Electricity	
157,352	
243,812	
259,394	
Electricity	

Labor & Benefits	
401,587	
427,906	
590,163	
Labor & Benefits	

Chemicals	
1,500	
1,500	
1,500	
Chemicals	

Repairs & Maintenance	
157,640	
157,240	
167,565	
Repairs & Maintenance	

Testing	
1,200	
2,000	
1,500	
Testing	

Sludge Disposal	
0	
0	
0	
Sludge Disposal	

Plan Review	
0	
0	
0	
Plan Review	

Meter Purchase	
236,351	
159,700	
225,620	
Meter Purchase	

Meter Installation	
13,892	
6,785	
9,971	
Meter Installation	

Other Direct Costs	
248,120	
230,500	
216,330	
Other Direct Costs	

Administration Fee	
8,000	
8,000	
12,000		

AMUC Bulk Water Charge	
397,019	
391,306	
420,129	
Estimate of $37,572 per Month	

Other Expenses	
0	
0	
0		

Total Expenditures	
$	1,774,866	
$	1,782,430	
$	2,154,419		

Excess / (Shortfall)	
$	52,470	
$	-	
$	-		

HURRICANE CLEAN-UP FUNDING AGREEMENT BETWEEN THE AVE MARIA STEWARDSHIP COMMUNITY DISTRICT, AND AVE MARIA
DEVELOPMENT, LLLP

This Agreement (“Agreement”) is made and entered into this   day of July 2024, by and between:

AVE MARIA STEWARDSHIP COMMUNITY DISTRICT, a local unit of special-purpose government established pursuant to Chapter 2004-461, Laws of Florida, as amended, and located in Collier County, Florida (the “District”); and

AVE MARIA DEVELOPMENT, LLLP, a Florida limited liability limited partnership, an owner of certain lands within the boundaries of the District, whose address is 2600 Golden Gate Parkway, Naples, Florida 34105 (hereinafter “Developer” and together with the District, the “Parties”).

RECITALS

Whereas, the District was established for the purposes of planning, financing, constructing, acquiring, operating and/or maintaining certain infrastructure within and without the boundaries of the District; and

Whereas, the Developer is the owner and developer of certain parcels of land located within the boundaries of the District; and

Whereas, in anticipation of any hurricane or other natural disaster response to the effort (“Disaster”), the District desires to prepare a response plan and obtain funding commitment from the Developer; and

Whereas, in the event of a Disaster, the District shall take action to respond to any damage (the “District Response”) resulting from the Disaster on property owned by the District (the “District Property”) through any mechanisms available; and
Whereas, in order to proceed with any necessary District Response, the Developer has agreed to provide any additional funding, in excess of District’s budgeted amounts for storm cleanup, in order to allow the District to commence the District Response in a timely manner, in accordance with the terms set forth herein.

Now, therefore, in consideration of the recitals, agreements, and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows:

Incorporation of Recitals. The recitals stated above are true and correct and by this reference are incorporated herein as a material part of this Agreement.

Funding. Developer agrees District shall be the exclusive entity authorized to take any responsive action to Disaster on District Property and to make available to the District such monies in excess of District budgeted amounts for storm cleanup as are necessary to enable the District to proceed with, and expedite, any necessary District Response. Developer will make such funds available on a monthly basis, within fifteen (15) days of a written request by the District. The funds shall be placed in the District's depository as determined by the District.

Repayment. The parties agree that certain funds provided by the Developer pursuant to this Agreement may be properly reimbursable from proceeds of the Federal Emergency Management Agency’s (“FEMA”) Public Assistance Program or may be reimbursable pursuant to the District’s insurance coverage (“FEMA Reimbursement and/or Insurance Proceeds”), and such reimbursement funds may be available in the future. Developer acknowledges and agrees that the District may seek FEMA Reimbursement and/or Insurance Proceeds in its sole discretion and that, the determination of eligibility and the final amount, if any, of such FEMA Reimbursement and/or Insurance Proceeds are determined by third parties and, therefore, is not guaranteed. Within forty-five (45) days of receipt of any FEMA Reimbursement and/or Insurance Proceeds funds by the District in excess of the amount of District funds expended, the District shall reimburse Developer for the funds advanced under paragraph two (2) above; provided, however, that in the event the District determines that any such monies advanced or expenses incurred are not properly reimbursable due to federal restrictions imposed on FEMA Reimbursements, the District shall not be obligated to reimburse such monies advanced or expenses incurred. If upon completion of the FEMA Reimbursement and insurance claims processes, the District has not obtained any FEMA Reimbursement and Insurance Proceeds, and, thus does not reimburse the Developer for the funds advanced hereunder, then the parties agree that such funds shall be deemed paid in lieu of additional taxes, fees, or assessments which might have been levied or imposed by the District. Furthermore, Developer understands and acknowledges that FEMA may conduct audit assessments on FEMA Reimbursements and if determined that such FEMA Reimbursements improper, then FEMA may recover such payments identified as improper as required by the Improper Payments Elimination and Recovery Improvement Act (“IPERIA”). In the event that FEMA seeks to recover any FEMA Reimbursements previously provided from District to Developer, Developer agrees to remit such funds back to the District.

Default. A default by any party to this Agreement shall entitle the others to all remedies available at law or in equity, which may include, but not be limited to, the right of damages, injunctive relief and/or specific performance.
Enforcement of Agreement. In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the prevailing party shall be entitled to recover all fees and costs incurred, including reasonable attorneys' fees and costs for trial, alternative dispute resolution, or appellate proceedings.

Agreement. This instrument shall constitute the final and complete expression of this Agreement between the parties relating to the subject matter of this Agreement.

Amendments. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both of the parties hereto.

Authorization. The execution of this Agreement has been duly authorized by the appropriate body or official of all parties hereto, each party has complied with all of the requirements of law, and each party has full power and authority to comply with the terms and provisions of this instrument.

Notices. 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 overnight delivery service, to the parties, as follows:

If to the District:	Ave Maria Stewardship Community District
2501A Burns Road
Palm Beach Gardens, Florida 33410 Attn: District Manager

With a copy to:	Kutak Rock LLP
107 W. College Avenue Tallahassee, Florida 32301 Attn: Alyssa C. Willson

If to Developer:	Ave Maria Development, LLLP
2600 Golden Gate Parkway Naples, Florida 34105 Attn: David B. Genson, PE

Except as otherwise provided herein, any Notice shall be deemed received only upon actual delivery at the address set forth herein. Notices 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 or address to which Notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein.

Third Party Beneficiaries. This Agreement is solely for the benefit of the formal parties herein and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any third party not a formal party hereto. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Agreement or any provisions or conditions hereof; and all of the provisions, representations, covenants and conditions herein

contained shall inure to the sole benefit of and shall be binding upon the parties hereto and their respective representatives, successors and assigns.

Assignment. Neither party may assign this Agreement or any monies to become due hereunder without the prior written approval of the other party.

Controlling Law. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida.

Effective Date. The term of this Agreement commences upon execution by all parties hereto and continues through September 30, 2025. The term shall automatically renew for additional one (1) year periods after September 30, 2026, unless any party provides at least one- hundred and eighty (180) days written notice of its intent not to renew this Agreement.

Public Records. Developer understands and agrees that all documents of any kind provided to the District or to District Staff in connection with this Agreement are public records and are 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.

Counterparts; Electronic Signatures. 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. Additionally, the Parties acknowledge and agree that the Agreement may be executed by electronic signature, which shall be considered as an original signature for all purposes and shall have the same force and effect as an original signature. Without limitation, “electronic signature” shall include faxed versions of an original signature, electronically scanned and transmitted versions (e.g. via PDF) of an original signature, or signatures created in a digital format.

[Signatures on the following page]

In witness whereof, the parties execute this Agreement to be effective the day and year first written above.

Attest:	Ave Maria Stewardship Community District

Secretary/Assistant Secretary	Chairman/Vice Chairman

Witness:	Ave Maria Development, LLLP,
a Florida limited liability limited partnership

By: 	 Name: 		 Title: 			

MEMORANDUM

Date: Project: Subject: From: To:

June 21, 2024
Oil Well Road Berm Enhancements
Bid Results and Recommendation of Award of Contract Edward F. Tryka III, PE, District Engineer
Andrew Karmeris, District Manager Allyson Holland, PE, District Manager

All prequalified contractors in the landscaping category were contacted with an invitation to bid on May 2, 2024. Bids for the project were due on May 24, 2024.

One bid was received from O'Donnell Landscapes, Inc. for $359,475.80. The bid bond is included in the project total.

The bids were checked for mathematical errors, and none were found.

Based upon our review of the bid received it is our recommendation to the Board that it finds O'Donnell Landscapes, Inc. the lowest responsive bid submitted by a responsive bidder for the project. In accordance with District Rule of Procedure 3.5, the lowest responsive bid submitted by a responsive and responsible bidder in response to an Invitation to Bid shall be accepted.

We are not aware of any outstanding issues or problems with either O'Donnell Landscapes, Inc. that would prevent us from recommending their selection as the lowest responsive bids submitted by responsive and responsible bidders.

LJA Engineering, Inc. looks forward to working successfully with the selected bidders on this project.

CONSTRUCTION FUNDING AGREEMENT BETWEEN THE AVE MARIA STEWARDSHIP COMMUNITY DISTRICT AND AVE MARIA DEVELOPMENT, LLLP
[OIL WELL BERM ENHANCEMENTS]

This Agreement (the “Agreement”) is made and entered into this 	 day of
	, 2024, by and between:

Ave Maria Stewardship Community District, a local unit of special-purpose government established pursuant to Chapter 2004-461, Laws of Florida, (the “Act”) and located in Collier County, Florida, with a mailing address of 2501A Burns Road, Palm Beach Gardens, Florida 33410 (the “District”), and

Ave Maria Development, LLLP, a Florida limited liability limited partnership, the primary owner of certain lands within the boundaries of the District, whose address is 2600 Golden Gate Parkway, Naples, Florida 34105 (the “Landowner”, and together with the District, the “Parties”).

RECITALS

Whereas, the District was established for the purposes of planning, financing, constructing, acquiring, operating and/or maintaining certain infrastructure; and

Whereas, the Landowner is the owner of the lands located within the boundaries of the District; and

WHEREAS, the District will not have sufficient funds available to provide for the construction of anticipated improvements and facilities comprising the Oil Well Road Berm Enhancements that are a part of the District’s capital improvement plan (the “Project”) as more fully described in the Master Capital Improvement Program for Ave Maria Stewardship Community District, dated May 2, 2006, attached hereto as Exhibit A and, in order to proceed with construction, the Landowner has agreed to provide funding in order to allow the District to begin the Project, on the terms set forth herein;

Now, therefore, in consideration of the recitals, agreements, and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows:

Incorporation of Recitals. The recitals stated above are true and correct and by this reference are incorporated herein as a material part of this Agreement.

Funding. Landowner agrees to make available to the District such monies as are necessary to enable the District to proceed with, and expedite, the design, engineering, and construction of the Project. Landowner will make such funds available on a monthly basis, or as otherwise required to ensure timely payment of construction contracts or related costs including

but not limited to design, engineering and permitting, within fifteen (15) days of a written request by the District. The funds shall be placed in the District's depository as determined by the District.

Repayment. The parties agree that certain funds provided by Landowner pursuant to this Agreement may be properly reimbursable from proceeds of the District's issuance of tax- exempt bonds in the future. Within forty-five (45) days of receipt of sufficient funds by the District for the District's improvements and facilities and from the issuance of bonds, the District shall reimburse Landowner in full, exclusive of interest, for the funds advanced under paragraph two
(2) above; provided, however, that in the event the District’s bond counsel determines that any such monies advanced or expenses incurred are not properly reimbursable for any reason, including, but not limited to federal tax restrictions imposed on tax-exempt financing, the District shall not be obligated to reimburse such monies advanced or expenses incurred. If within three (3) years of the date of this Agreement, the District does not or cannot issue bonds, and, thus does not reimburse the Landowner for the funds advanced hereunder, then the parties agree that such funds shall be deemed paid in lieu of additional taxes, fees, or assessments which might have been levied or imposed by the District.

Default. A default by any party to this Agreement shall entitle the others to all remedies available at law or in equity, which may include, but not be limited to, the right of damages, injunctive relief and/or specific performance.

Enforcement of Agreement. In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the substantially prevailing party shall be entitled to recover all fees and costs incurred, including reasonable attorneys' fees, paralegal fees and expert witness fees and costs for trial, alternative dispute resolution, or appellate proceedings.

Agreement. This instrument shall constitute the final and complete expression of this Agreement between the parties relating to the subject matter of this Agreement.

Amendments. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both of the parties hereto.
Authorization. The execution of this Agreement has been duly authorized by the appropriate body or official of all parties hereto, each party has complied with all of the requirements of law, and each party has full power and authority to comply with the terms and provisions of this instrument.

Notices. 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 overnight delivery service, to the parties, as follows:

If to the District:	Ave Maria Stewardship Community District 2501A Burns Road Naples, Florida, 34102

Attn: District Manager

With a copy to:	Kutak Rock LLP
107 West College Avenue Tallahassee, Florida 32301 Attn: District Counsel

If to the Landowner:	Ave Maria Development, LLLP
2600 Golden Gate Parkway Naples, Florida 34105 Attn: 	

Except as otherwise provided herein, any Notice shall be deemed received only upon actual delivery at the address set forth herein. Notices 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 or address to which Notices shall be sent by providing the same on five (5) days’ written notice to the parties and addressees set forth herein.

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

Assignment. Neither party may assign this Agreement or any monies to become due hereunder without the prior written approval of the other party.
Controlling Law. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida.

Effective Date. The Agreement shall be effective after execution by all parties hereto and shall remain in effect unless terminated by any of the parties hereto.

Public Records. Landowner understands and agrees that all documents of any kind provided to the District or to District Staff in connection with this Agreement are public records and are treated as such in accordance with Florida law.

In witness whereof, the parties execute this Agreement to be effective the day and year first written above.

Attest:	Ave Maria Stewardship Community District

Secretary / Assistant Secretary	Chairperson, Board of Supervisors

Witness:	Ave Maria Development, LLLP, a
Florida limited liability limited partnership,

By: 	 Name: 		 Title: 		

Exhibit A:	Master Capital Improvement Program for Ave Maria Stewardship Community District, dated May 2, 2006

Exhibit A

Master Capital Improvement Program for Ave Maria Stewardship Community District, dated May 2, 2006

RESOLUTION 2024-09

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE AVE MARIA STEWARDSHIP COMMUNITY DISTRICT REGARDING THE AWARD OF A CONSTRUCTION CONTRACT AND EXECUTION OF APPLICABLE COST SHARES; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Ave Maria Stewardship Community District (the “District”), is a local unit of special-purpose government established pursuant to Chapter 2004-461, Laws of Florida to plan, construct, install, acquire, finance, manage and operate public improvements and community facilities for lands within the District; and

WHEREAS, the District has solicited bids from prequalified contractors interested in providing construction services related to the Oil Well Road Berm Enhancements project (the “Project”); and

WHEREAS, the District has received and evaluated bids from one (1) prequalified contractor interested in providing Landscaping services; and

WHEREAS, O’Donnell Landscape, Inc.. submitted a responsive bid for Landscaping/Irrigation services (the “Landscaping Contractor”); and

WHEREAS, in accordance with District Rules of Procedure Rules 3.4 and 3.5, the Board shall accept the lowest responsive bid submitted by a responsive and responsible prequalified contractor; and

WHEREAS, in the best interest of the District, the Board desires to award a contract to the Landscaping Contractor.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE AVE MARIA STEWARDSHIP COMMUNITY DISTRICT:
SECTION 1. All of the representations, findings and determinations contained within the recitals stated above are recognized as true and accurate and are expressly incorporated into this Resolution.

SECTION 2. The bid submitted by the Landscaping Contractor is the bid which best serves the interests of the District.

SECTION 3. The Contractor shall be awarded a contract for its construction services for the Project.

SECTION 4. The Chairman, or in the Chairman’s absence the Vice-Chairman, and District Staff are hereby authorized to give notice of this award to all bidders to the extent required by law and to proceed with the execution of a contract with the selected proposer. Furthermore, in the event necessary, the Chairman, or in the Chairman’s absence the Vice- Chairman, and District Staff are hereby authorized to execute necessary governmental applications or permitting items pertaining to the Project upon approval of District Engineer and District Counsel.

SECTION 5. If any provision of this Resolution is held to be illegal or invalid, the other provisions shall remain in full force and effect.

SECTION 6. This Resolution shall become effective upon its passage and shall remain in effect unless rescinded or repealed.

PASSED AND ADOPTED this 2nd day of July, 2024.

ATTEST:	BOARD OF SUPERVISORS OF THE AVE MARIA STEWARDSHIP COMMUNITY DISTRICT

Secretary / Assistant Secretary	Thomas Peek, Chairman

	Oct '23 - May 24		23/24 Budget		$ Over Budget		% of Budget	
Expenditures								
01-1130 • Payroll Tax Expense	413.10		734.00		-320.90		56.28%	
01-1131 • Supervisor Fees	5,400.00		9,600.00		-4,200.00		56.25%	
01-1310 • Engineering	59,660.25		85,000.00		-25,339.75		70.19%	
01-1311 • Management Fees	72,000.00		108,000.00		-36,000.00		66.67%	
01-1313 • Website Management	2,000.00		2,500.00		-500.00		80.0%	
01-1315 • Legal Fees	53,499.93		80,000.00		-26,500.07		66.88%	
01-1320 • Audit Fees	0.00		20,300.00		-20,300.00		0.0%	
01-1330 • Arbitrage Rebate Fee	2,600.00		3,900.00		-1,300.00		66.67%	
01-1441 • Travel & Lodging	15,253.01		5,000.00		10,253.01		305.06%	
01-1450 • Insurance	107,697.00		45,000.00		62,697.00		239.33%	
01-1480 • Legal Advertisements	3,888.64		8,000.00		-4,111.36		48.61%	
01-1512 • Miscellaneous	12,221.22		6,000.00		6,221.22		203.69%	
01-1513 • Postage and Delivery	975.64		2,000.00		-1,024.36		48.78%	
01-1514 • Office Supplies	2,186.25		3,500.00		-1,313.75		62.46%	
01-1540 • Dues, License & Subscriptions	175.00		500.00		-325.00		35.0%	
01-1541 • Misc Filing, Notices, etc.	0.00		500.00		-500.00		0.0%	
01-1733 • Trustee Fees	20,191.13		35,000.00		-14,808.87		57.69%	
01-1734 • Continuing Disclosure Fee	10,000.00		12,000.00		-2,000.00		83.33%	
01-1735 • Assessment Roll	0.00		20,000.00		-20,000.00		0.0%	
01-1801 • Landscaping - Miscellaneous	82,118.91		31,500.00		50,618.91		260.7%	
01-1808 • Irrigation Repair	246,942.85		110,000.00		136,942.85		224.49%	
01-1813 • Storm Cleanup - Electric	0.00		26,250.00		-26,250.00		0.0%	
01-1814 • Storm Cleanup	0.00		60,000.00		-60,000.00		0.0%	
01-1815 • Miscellaneous Maintenance	15,521.16		50,000.00		-34,478.84		31.04%	
01-1816 • Electric-Streetlights,Landscape	82,533.62		89,250.00		-6,716.38		92.48%	
01-1817 • Maintenance Street Sweeping	1,500.00		1,050.00		450.00		142.86%	
01-1818 • Striping & Traffic Markings	28,262.17		150,000.00		-121,737.83		18.84%	
01-1819 • Street Light Maintenance	89,848.58		120,000.00		-30,151.42		74.87%	
01-1820 • Maint Sidewalk/Curb Repairs	181,786.01		157,500.00		24,286.01		115.42%	
01-1830 • Maintenance Contracts	530,925.03		715,000.00		-184,074.97		74.26%	

	Oct '23 - May 24		23/24 Budget		$ Over Budget		% of Budget	
01-1831 • Tree Trimming	0.00		153,300.00		-153,300.00		0.0%	
01-1832 • Storm Cleanup - Landscaping	0.00		26,250.00		-26,250.00		0.0%	
01-1833 • Plant Replacement	191,012.92		100,000.00		91,012.92		191.01%	
01-1834 • Mulch	194,135.20		147,000.00		47,135.20		132.07%	
01-1838 • Water Management & Drain	3,700.00		4,200.00		-500.00		88.1%	
01-1839 • Entry Feature/Near Well Water	5,105.01		4,725.00		380.01		108.04%	
01-1841 • Maintenance Irrigation Water	80,204.22		89,250.00		-9,045.78		89.87%	
01-1842 • Maint Fountain/Repair	62,963.02		50,000.00		12,963.02		125.93%	
01-1843 • Maintenance Rodent Control	18,540.00		8,400.00		10,140.00		220.71%	
01-1844 • Maint Equipment Repair	0.00		8,400.00		-8,400.00		0.0%	
01-1845 • Maint Signage Repair	0.00		15,750.00		-15,750.00		0.0%	
01-1846 • Maint Storm Drain Cleaning	0.00		52,500.00		-52,500.00		0.0%	
01-1847 • Mnt Drainage/Lke Mnt/Littorals	35,359.00		78,750.00		-43,391.00		44.9%	
01-1848 • Maintenance Aerators	0.00		2,100.00		-2,100.00		0.0%	
01-1850 • Maint-Preserve Maintenance	79,103.50		63,000.00		16,103.50		125.56%	
01-1853 • Maintenance Small Tools	5,385.44		3,675.00		1,710.44		146.54%	
01-1854 • Maint Miscellaneous Repairs	146.55		30,000.00		-29,853.45		0.49%	
01-1855 • Maint Vehicle Lease/Fuel/Repair	2,182.70		21,000.00		-18,817.30		10.39%	
01-1856 • Maint Mosquito Control	602,869.56		525,000.00		77,869.56		114.83%	
01-1858 • Maint Temp EMS/Fire Facility	9,643.00		9,650.00		-7.00		99.93%	
01-1859 • Maint-Administrative Supplies	700.00		0.00		700.00		100.0%	
01-1863 • Maint Base Management Fee	13,681.47		23,000.00		-9,318.53		59.49%	
01-1864 • Maintenance Admin Payroll	2,851.64		0.00		2,851.64		100.0%	
01-1867 • Asset Manager	53,545.51		75,000.00		-21,454.49		71.39%	
01-1869 • Field Operations	375,466.80		600,000.00		-224,533.20		62.58%	
01-1871 • Verizon - Internet	866.52		0.00		866.52		100.0%	
01-1872 • Pressure Washing	78,246.13		50,000.00		28,246.13		156.49%	
01-1890 • Maint-Reserve Fund	0.00		27,500.00		-27,500.00		0.0%	
01-1891 • Maint Contingency	5,175.00		15,000.00		-9,825.00		34.5%	
Total Expenditures	3,448,482.69		4,141,534.00		-693,051.31		83.27%