Eagle Hammock Community Development District
Continued Meeting Agenda July 7, 2022

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Eagle Hammock
Community Development District

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

June 30, 2022

Board of Supervisors Eagle Hammock
Community Development District

Dear Board Members:

A continued meeting of the Board of Supervisors of the Eagle Hammock Community Development District will be held on Thursday, July 7, 2022, at 3:30 PM at 4900 Dundee Road, Winter Haven, FL 33884.

Zoom Video Join Link: https://us06web.zoom.us/j/87279899712
Call-In Information: 1-646-876-9923
Meeting ID: 872 7989 9712

Following is the advance agenda for the meeting:

Board of Supervisors Meeting

Roll Call
Public Comment Period (1Speakers will fill out a card and submit it to the District Manager prior to the beginning of the meeting)
Consideration of Resolution 2022-39 Supplemental Assessment Resolution
Staff Reports
Attorney
Engineer
District Manager’s Report
Other Business
Supervisors Requests and Audience Comments
Adjournment

1 Comments will be limited to three (3) minutes

Section III

RESOLUTION 2022-39

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT SETTING FORTH THE SPECIFIC TERMS OF THE DISTRICT’S SPECIAL ASSESSMENT BONDS, SERIES 2022 (SERIES 2022 PROJECT); CONFIRMING THE DISTRICT’S PROVISION OF IMPROVEMENTS; CONFIRMING THE ENGINEER’S REPORT AND ASSESSMENT METHODOLOGY REPORT; CONFIRMING, ALLOCATING AND AUTHORIZING THE COLLECTION OF SPECIAL ASSESSMENTS SECURING THE SERIES 2022 BONDS; PROVIDING FOR THE APPLICATION OF TRUE-UP PAYMENTS; PROVIDING FOR THE SUPPLEMENTATION OF THE IMPROVEMENT LIEN BOOK; PROVIDING FOR THE RECORDING OF A NOTICE OF ASSESSEMENT AREA TWO SPECIAL ASSESSMENTS; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN EFFECTIVE DATE.

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

WHEREAS, the District’s Board of Supervisors (“Board”) has previously adopted, after notices and public hearings, Resolution No. 2022-35, relating to the imposition, levy, collection and enforcement of such special assessments; and

WHEREAS, pursuant to and consistent with the terms of Resolution No. 2022-35, this Resolution shall set forth the terms of bonds actually issued by the District, and apply the adopted special assessment methodology to the actual scope of the project to be completed with such series of bonds and the terms of the bond issue; and

WHEREAS, on June 15, 2022, the District entered into a Bond Purchase Contract, whereby it agreed to sell $3,800,000 of its Special Assessment Bonds, Series 2022 (Series 2022 Project) (the “Series 2022 Bonds”); and

WHEREAS, pursuant to and consistent with Resolution No. 2022-35, the District desires to set forth the particular terms of the sale of the Series 2022 Bonds and to confirm the liens of the levy of special assessments securing the Series 2022 Bonds.

NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT AS FOLLOWS:

SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Florida law, including Chapters 170, 190 and 197, Florida Statutes, and Resolution 2022-35.

SECTION 2.	FINDINGS.	The Board of Supervisors of the Eagle Hammock Community Development District hereby finds and determines as follows:

On May 11, 2022, the District, after due notice and public hearing, adopted Resolution 2022-35 which, among other things, equalized, approved, confirmed and levied special assessments on property benefiting from the improvements authorized by the District. Each Resolution provides that as each series of bonds is issued to fund all or any portion of the District’s improvements, a supplemental resolution will be adopted to set forth the specific terms of each series of the bonds and certifying the amount of the liens of the special assessments securing any portion of the bonds, including interest, costs of issuance, the number of payments due, any True-Up amounts and the application of receipt of any True-Up proceeds.

The Eagle Hammock Community Development District Engineer’s Report for Capital Improvements, dated May 24, 2022 (the “Engineer’s Report”), attached to this Resolution as Exhibit A, identifies and describes the presently expected components of the infrastructure improvements for District’s lands (“Series 2022 Project”), to be financed all or in part with the Series 2022 Bonds (the “Improvements”), and indicates the estimated costs of the Series 2022 Project as $3,800,000. The District hereby confirms that the Series 2022 Project serves a proper, essential and valid public purpose. The Engineer’s Report is hereby approved, adopted, and confirmed. The District ratifies its use in connection with the sale of the Series 2022 Bonds.

The Master Assessment Methodology for Eagle Hammock Community Development District, dated March 16, 2022 (the “Master Methodology”), as supplemented by the Supplemental Assessment Methodology for Eagle Hammock Community Development District dated June 15, 2022 (“Supplemental Methodology”, and together with the Master Methodology, the “Assessment Report”), attached to this Resolution as Composite Exhibit B, applies the Assessment Report to the Improvements and the actual terms of the Series 2022 Bonds. The Assessment Report is hereby approved, adopted and confirmed. The District ratifies its use in connection with the sale of the Series 2022 Bonds.

The Series 2022 Project will specially benefit all property within the District (“Series 2022 Assessment Area”), the legal description of the assessable property therein is attached hereto as Exhibit C. It is reasonable, proper, just and right to assess the portion of the costs of the Series 2022 Project financed with the Series 2022 Bonds, the specially benefited properties within the District as set forth in Resolution 2022-35, and this Resolution.

SECTION 3. SETTING FORTH THE TERMS OF THE SERIES 2022 BONDS; CONFIRMATION OF MAXIMUM ASSESSMENT LIEN FOR SERIES 2022 BONDS. As
provided in Resolution 2022-35, this Resolution is intended to set forth the terms of the Series 2022 Bonds and the final amount of the liens of the special assessments securing those bonds.

The Series 2022 Bonds, in a par amount of $3,800,000, shall bear such rates of interest and maturity as shown on Exhibit D, attached hereto. The final payment on the Series 2022 Bonds shall be due on November 1, 2052. The estimated sources and uses of funds of the

Series 2022 Bonds shall be as set forth in Exhibit E. The debt service due on the Series 2022 Bonds is set forth on Exhibit F attached hereto.

The lien of the special assessments securing the Series 2022 Bonds on Series 2022 Assessment Area (the “Series 2022 Special Assessments”), shall be the principal amount due on the Series 2022 Bonds, together with accrued but unpaid interest thereon, and together with the amount by which annual assessments are grossed up to include early payment discounts required by law and costs of collection. The Series 2022 Bonds are secured solely by the Series 2022 Assessment Area Pledged Revenues (as defined in the Indenture (hereinafter defined)), which is comprised in part by the lien against Series 2022 Assessment Area.

SECTION 4. ALLOCATION OF ASSESSMENTS SECURING THE SERIES 2022 BONDS; ADDRESSING COLLECTION OF THE SAME.

The special assessments for the Series 2022 Bonds shall be allocated in accordance with Composite Exhibit B, which allocation shall initially be on an acreage basis and further allocated as lands are platted. The Supplemental Methodology is consistent with the District’s Master Methodology. The Supplemental Methodology, considered herein, reflects the actual terms of the issuance of the District’s Series 2022 Bonds. The estimated costs of collection of the special assessments for the Series 2022 Bonds are as set forth in the Supplemental Methodology.

The lien of the special assessments securing the Series 2022 Bonds includes all property within Series 2022 Assessment Area, and as such land is ultimately defined and set forth in any plats, certificates of occupancy or other designations of developable acreage.

Taking into account capitalized interest and earnings on certain funds and accounts as set forth in the Assessment Report, the District shall, for Fiscal Year 2022/2023, begin annual collection of special assessments for the Series 2022 Bonds debt service payments due starting November 1, 2022, using the methods available to it by law. Debt service payments, including semi-annual installments of interest, are reflected on Exhibit F for Series 2022 Assessment Area.

The Series 2022 Special Assessments may be paid in not more than thirty (30) substantially equal consecutive annual installments of principal and interest. Series 2022 Special Assessments may be paid in full without interest at any time within thirty (30) days after the completion of the Improvements and the adoption by the Board of a resolution accepting the Improvements; provided, however, that the Board shall at any time make such adjustments by resolution, at a noticed meeting of the Board, to that payment schdule as may be necessary and in the best interests of the District to account for changes in long and short term debt as actually issued by the District. All impact fee credits received shall be applied against the outstanding indebtedness of any debt issuance that funded the improvement giving rise to the credits which application may be addressed by such resolutions. At any time subsequent to thirty (30) days after the Improvements have been completed and a resolution accepting the Improvements has been adopted by the Board, the Series 2022 Special Assessments may be prepaid in full including interest amounts to the next succeeding interest payment date or to the second succeeding interest payment date if such a prepayment is made within forty-five (45) calendar

days before an interest payment date (or such other time as set forth in the supplemental indenture for the applicable series of bonds secured by the debt assessment in question). The owner of property subject to Series 2022 Special Assessments may prepay the entire remaining balance of the Series 2022 Special Assessments at any time, or a portion of the remaining balance of the Series 2022 Special Assessments one time if there is also paid, in addition to the prepaid principal balance of the Series 2022 Special Assessments, an amount equal to the interest that would otherwise be due on such prepaid amount on the next succeeding interest payment date, or, if prepaid during the forty-five day period preceding such interest payment date, to the interest payment date following such next succeeding interest payment date (or such other time as set forth in the supplemental indenture for the applicable series of bonds secured by the debt assessment in question). Prepayment of Series 2022 Special Assessments does not entitle the property owner to any discounts for early payment.

The District hereby certifies the Series 2022 Special Assessments for collection and directs staff to take all actions necessary to meet the time and other deadlines imposed by Polk County and Florida law for collection. The District intends, to the extent possible and subject to entering into the appropriate agreements with the Polk County Tax Collector and Polk County Property Appraiser (or other appropriate Polk County, Florida officials) to collect the Series 2022 Special Assessments on platted lands contained within a plat or certificate of occupancy using the Uniform Method in Chapter 197, Florida Statutes. The District intends, to the extent possible, to directly bill, collect and enforce the Series 2022 Special Assessments on lands not included within an approved plat or certificate of occupancy unless in any year, the District determines it to be in its best interest to collect such assessments using the Uniform Method in Chapter 197, Florida Statutes. The District Manager shall prepare or cause to be prepared each year an assessment roll for purposes of effecting the collection of the Series 2022 Special Assessments and present same to the District Board as required by law. The District Manager is further directed and authorized to take all actions necessary to collect special assessments on property using methods available to the District authorized by Florida law in order to provide for the timely payment of debt service.

SECTION 5. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this Resolution, these special assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s Improvement Lien Book. The special assessment or assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims.

SECTION 6. OTHER PROVISIONS REMAIN IN EFFECT.	This Resolution is
intended to supplement Resolution 2022-35, both of which remain in full force and effect. This Resolution and Resolution 2022-35 shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed.

SECTION 7. ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a Notice of Series 2022 Special Assessments securing the Series 2022 Bonds, in the

Official Records of Polk County, Florida, or such other instrument evidencing the actions taken by the District.

SECTION 8. SEVERABILITY. If any section or part of a section of this Resolution be declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

SECTION 9. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

[Remainder of page intentionally left blank]

APPROVED AND ADOPTED this 7th day of July 2022.

ATTEST:	EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairperson, Board of Supervisors

Exhibit A:	Eagle Hammock Community Development District Engineer’s Report for Capital Improvements, dated May 24, 2022
Comp. Exhibit B: Master Assessment Methodology for Eagle Hammock Community Development District, dated March 16, 2022; Supplemental Assessment Methodology for Eagle Hammock Community Development District dated June 15, 2022
Exhibit C:	Legal Description of Series 2022 Assessment Area Exhibit D:	Maturities and Coupons of Series 2022 Bonds Exhibit E:	Sources and Uses of Funds for Series 2022 Bonds Exhibit F:	Debt Service for Series 2022 Bonds

Composite Exhibit A:

EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT

ENGINEER’S REPORT
FOR CAPITAL IMPROVEMENTS

Prepared for:

BOARD OF SUPERVISORS EAGLE HAMMOCK
COMMUNITY DEVELOPMENT DISTRICT

Prepared by:

GADD & ASSOCIATES, LLC 1925 US HWY 98 S.
LAKELAND, FL 33801
PH: 863-940-9979

May 24, 2022

EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT

TABLE OF CONTENTS
INTRODUCTION	4
PURPOSE AND SCOPE	5
THE DEVELOPMENT	6
THE CAPITAL IMPROVEMENTS	6
CAPITAL IMPROVEMENT PLAN COMPONENTS	7
Stormwater Management Facilities	7
Public Roadways	8
Water, Reclaim, and Wastewater Facilities	9
Off-site Improvements	10
Amenities and Parks…	10
Electric and Lighting…	10
Entry Features, Landscaping, & Irrigation…	11
Miscellaneous	11
PERMITTING	11
RECOMMENDATION.	13
REPORT MODIFICATION	13
CONCLUSION	14

LIST OF EXHIBITS

EXHIBIT 1- Location Map EXHIBIT 2- Legal Description EXHIBIT 3- Zoning Map EXHIBIT 4- Future Land Use Map
EXHIBIT 5- Drainage Flow Pattern Map EXHIBIT 6 - Water & Wastewater Extension Map
EXHIBIT 7 - Summary of Opinion of Probable Costs EXHIBIT 8 - Summary of Proposed District Facilities EXHIBIT 9 - Overall Site Plan

ENGINEER’S REPORT EAGLE HAMMOCK
COMMUNITY DEVELOPMENT DISTRICT

INTRODUCTION

The Eagle Hammock Community Development District (the “District” or “CDD”) is generally east of Hwy 17, and immediately north of Wright Rd. within Eagle Lake, Florida (the “City”). The District currently contains approximately 108.8 acres and is expected to consist of approximately 263 single family lots, recreation/amenity areas, and associated infrastructure.

The CDD was established by City Ordinance No. 	which was approved by the City Commission on 	. The District will own and operate the public roadways and stormwater management facilities, as well as the landscape, irrigation, signage, and recreational facilities within the development.

Public improvements and facilities financed, acquired, and/or constructed by the District will be designed and constructed to conform to regulatory criteria from the City, Polk County, Florida (the “County”), Southwest Florida Water Management District (SWFWMD), and other applicable agencies with regulatory jurisdiction over the development, defined below. Any public improvements or facilities acquired by the District will be at the lesser of actual cost of construction or fair market value. An overall estimate of probable cost of the public improvements is provided in Exhibit 7 of this report.

This “Engineer’s Report for Capital Improvements” or “Report” reflects the present intentions of the District and the landowners. It should be noted that the location of proposed facilities and improvements may be adjusted during the final design, permitting, and implementation phases. It should also be noted that these modifications

are not expected to diminish the benefits received by the developable land within the District. The District reserves the right to make reasonable adjustments to this Report to meet applicable regulatory requirements of agencies with jurisdiction over the development, while maintaining comparable levels of benefit to the developable lands served by the improvements. Changes and modifications are expected as changes in regulatory criteria are implemented.

Implementation of any proposed facilities or improvements outlined in this Report requires written approval from the District’s Board of Supervisors. Estimated costs outlined in this Report are based on best available information, which includes but is not limited to previous experience with similar projects. Actual costs could be different than estimates because final engineering and specific field conditions may affect construction costs.

All roadway improvements including sidewalks in the right-of-way and storm drainage collection systems (from the curb inlets to their connection to the stormwater ponds) within the development, with the exception of all improvements to be included within the proposed Eagle Lake Loop Rd. right-of-way, will be maintained by the District. Water distribution, wastewater collection systems (gravity lines, force mains, and lift stations), and all improvements within the proposed Eagle Lake Loop Rd. right-of-way will, upon completion, be dedicated to the City for ownership and maintenance.

PURPOSE AND SCOPE

The purpose of this Report is to provide engineering support to fund improvements in the District. This Report will identify the proposed public infrastructure to be constructed or acquired by the District along with an opinion of probable cost.

Contained within this Report is a brief description of the public infrastructure to be constructed or acquired by the District. The District will finance, construct, acquire,

operate, and maintain all or specific portions of the proposed public infrastructure. An assessment methodology consultant has been retained by the District, who will develop the assessment and financing methodology to be applied using this Report.

The predominant portion of this Report provides descriptions of the proposed public infrastructure improvements, determination of estimated probable construction costs, and the corresponding benefits associated with the implementation of the described improvements. Detailed site construction plans and specifications have not yet been completed and permitted for the improvements described herein. The engineer has considered, and in specific instances has relied upon, the information and documentation prepared or supplied by others, and information that may have been provided by public entities, public employees, the landowner, site construction contractors, other engineering professionals, land surveyors, and the District Board of Supervisors, including its staff and consultants.

THE DEVELOPMENT

The development will consist of 263 single family homes and associated infrastructure. The development is a planned residential community located east of Hwy 14 and north of Wright Road within the City. The property in the City has a land use designation of LDR (Low Density Residential) and will have a zoning of PD-H (Planned Development
- Housing). The development will be constructed in a single phase.

THE CAPITAL IMPROVEMENTS

The Capital Improvement Plan, (the “CIP”), consists of public infrastructure necessary to support residential development. The primary portions of the CIP will entail stormwater pond construction, roadways built to an "urban" typical section, water and sewer facilities and off-site improvements (including turn lanes / intersection improvements and extension of water and sewer mains to serve the development).

There will also be stormwater structures and conveyance culverts within the CIP which will outfall into the on-site retention ponds. These structures and pond areas comprise the overall stormwater facilities of the CIP. Installation of the water/reclaim distribution and wastewater collection system will occur as needed. Below ground installation of telecommunications and cable TV will occur but will not be funded by the District.

As a part of the recreational component of the CIP, a public park/amenity center will be constructed within the development. The public park/amenity center will have connectivity via sidewalks to each portion of the District. The public park/amenity center will be accessed by the public roadways and sidewalks.

CAPITAL IMPROVEMENT PLAN COMPONENTS

The Capital Improvement Plan includes the following:

Stormwater Management Facilities

Stormwater management facilities consisting of storm conveyance systems and retention ponds are contained within the District boundaries. Stormwater will runoff via roadway curb and gutter to storm inlets. Storm culverts convey the runoff into the proposed retention ponds for water quality treatment and attenuation. The proposed stormwater systems will utilize a combination of wet and dry retention for biological pollutant assimilation to achieve water quality treatment. The design criteria for the District’s stormwater management systems is regulated by the City, the County, and the SWFWMD. There are existing jurisdictional wetlands within the District.

Federal Emergency Management Agency Flood Insurance Rate Map (FEMA FIRM) Panel No. 12105C0530G demonstrates that the property is located within Flood Zone X and AE. Based on this information and the site topography, floodplain compensation will be required and is proposed.

During the construction of stormwater management facilities, utilities and roadway improvements, the District or its contractors will be required to adhere to a Stormwater Pollution Prevention Plan (SWPPP) as required by Florida Department of Environmental Protection (FDEP) as delegated by the Environmental Protection Agency (EPA). The SWPPP will be prepared to depict for the contractor the proposed locations of required erosion control measures and staked turbidity barriers specifically along the down gradient side of any proposed construction activity. The site contractor will be required to provide the necessary reporting on various forms associated with erosion control, its maintenance and any rainfall events that occur during construction activity

Public Roadways

The “internal” proposed public roadway sections are to be 50’ rights-of-way with 20’ of asphalt and Miami curb and gutter on both sides. The proposed roadway section will consist of stabilized subgrade, lime rock, crushed concrete or cement treated base and asphalt wearing surface. The proposed curb is to be 2’ wide and placed along the edge of the proposed roadway section for purposes of protecting the integrity of the pavement and also to provide stormwater runoff conveyance to the proposed stormwater inlets.

Water and Wastewater Facilities

A potable water system inclusive of water main, gate valves, fire hydrants and appurtenances will be installed for the development. The water service provider will be the City of Eagle Lake Public Utilities. These facilities will be installed within the proposed public rights-of-way within the District and within existing public right-of- ways adjacent to the District. This water will provide potable (domestic) and fire protection services which will serve the lands within the District.

A domestic wastewater collection system inclusive of gravity sanitary sewer mains and sewer laterals will be installed. The gravity sanitary sewer mains will be 8" diameter PVC. The gravity sanitary sewer lines will be placed inside of the proposed public rights- of-way, under the proposed paved roadways. Branching off from these sewer lines will

be laterals to serve the individual lots. No District Bonds will be used to finance sewer laterals serving private lots. A single lift station will transport wastewater flow from the lift stations, via a 6” force main to connect to the existing system along Eagle Lake Loop Rd.

Off-Site Improvements

The District will provide funding for the anticipated turn lane(s) and offsite roadway improvements necessary at the development entrance. Anticipated improvements include a left and right turn lane at the project’s entrance. Upon completion of these improvements, inspection/certifications will be obtained from the SWFWMD; the Polk County Health Department (water distribution system), Florida Department of Environmental Protection (FDEP) (wastewater collection) and the City/County.

Amenities and Parks

The District will provide funding for an Amenity Center to include the following: parking area, amenity building with restrooms, pool, and walking trails. All paths, parks, etc. discussed in this paragraph are available to the general public.

Electric and Lighting

The electric distribution system serving the development is currently planned to be underground. The District presently intends to fund and construct the electric conduit, transformer/cabinet pads, and electric manholes required by TECO to underground such systems on public right of way. Electric facilities funded by the District will be owned and maintained by the District, with TECO providing underground electrical service to the development. The CDD presently intends to purchase and install the street lighting along the internal roadways within the CDD. These lights are presently anticipated to be owned, operated, and maintained by the District. Alternatively, the District may fund and install the necessary electrical conduit and enter into an agreement with TECO for the street lights.

Entry Feature, Landscaping, and Irrigation

Landscaping, irrigation, entry features and walls at the entrances and along the outside boundary of the development will be provided by the District. The irrigation system will utilize potable water or wells. Landscaping for the roadways will consist of sod, perennial flowers, shrubs, ground cover and trees for the internal roadways within the development. These items will be funded, owned and maintained by the CDD.

Miscellaneous

The stormwater improvements, landscaping and irrigation, recreational improvements, street lighting, and certain permits and professional fees as described in this report, are being financed by the District with the intention for benefiting all of the developable real property within the District. The construction and maintenance of the proposed public improvements will benefit the development for the intended use as a single-family planned development.

PERMITTING

Construction permits for all phases are required and include the SWFWMD Environmental Resource Permit (ERP), Polk County Health Department, Florida Department of Environmental Protection (FDEP), Polk County Level II, and City construction plan approval.

Following is a summary of required permits obtained and pending for the construction of the public infrastructure improvements for the District:

Permits / Approvals	Approval / Expected Date	
Zoning Approval	September 2021	
SWFWMD ERP	September 2021	
Construction Permits (City)	October 2021	
Polk County Health Department Water	September 2021	
FDEP Sewer	September 2021	
FDEP NOI	January 2022	

RECOMMENDATION

As previously described within this Report, the public infrastructure as described is necessary for the development and functional operation as required by the City. The site planning, engineering design and construction plans for the infrastructure are in accordance with the applicable requirements of the City, and the SWFWMD. It should be noted that the infrastructure will provide its intended use and function so long as the construction and installation is in substantial conformance with the design construction plans and regulatory permits.

Items utilized in the Opinion of Probable Costs for this report are based upon proposed plan infrastructure as shown on construction drawings incorporating specifications in the most current SWFWMD and the City regulations.

REPORT MODIFICATION

During development and implementation of the public infrastructure improvements as described for the District, it may be necessary to make modifications and/or deviations for the plans. However, if such deviations and/or revisions do not change the overall primary objective of the plan for such improvements, then the costs differences would not materially affect the proposed cost estimates.

CONCLUSION

It is our professional opinion that the public infrastructure costs for the CIP provided in this Report are reasonable to complete the construction of the public infrastructure improvements. Furthermore, the public infrastructure improvements will benefit and add value to lands within the District at least equal to the costs of such improvements.

The Opinion of Probable Costs of the public infrastructure improvements is only an estimate and is not a guaranteed maximum price. The estimated costs are based upon unit prices currently experienced on an ongoing and similar basis for work in the County. However, labor market, future costs of equipment, materials, changes to the regulatory permitting agencies activities, and the actual construction processes employed by the chosen site contractor are beyond the engineer’s control. Due to this inherent opportunity for changes (upward or downward) in the construction costs, the total, final construction cost may be more or less than this estimate.

Based upon the presumption that the CIP construction continues in a timely manner, it is our professional opinion that the proposed public infrastructure improvements when constructed and built in substantial conformance with the approved plans and specifications, can be completed and used for their intended function. Be advised that we have utilized historical costs and direct unit costs from site contractors and consultants in the County, which we believe to be necessary in order to facilitate accuracy associated with the Opinion of Probable Costs. Based upon the information above, it is our professional opinion that the acquisition and construction costs of the proposed CIP can be completed at the cost as stated.

0	200  400	800

SCALE: 1" = 800'

CAMERON ROAD

5

PROPOSED CDD DISTRICT

GRAY ROAD

5

1

2	4	4

3

EAGLE LAKE LOOP ROAD

PARCEL TABLE PARCEL	PARCEL ID#	
1	262907676000010500	
2	262907676000010601	
3	262907676000010801	
4	262908685500000100	
5	262908686000000750	

1925 US HWY 98 S, SUITE 201
LAKELAND, FL 33801
PHONE:(863) 940-9979
Certificate of Authorization #30194 www.GaddCivil.com

EXHIBIT 1
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT
1065 EAGLE LAKE LOOP ROAD EAGLE LAKE, FL 33839
LOCATION MAP

LEGAL DESCRIPTION
(BY SURVEYOR)

EAGLE HAMMOCK CDD POLK COUNTY, FLORIDA LEGAL DESCRIPTION

A PARCEL OF LAND LYING IN SECTIONS 7 AND 8, TOWNSHIP 29 SOUTH, RANGE 26 EAST, POLK COUNTY, FLORIDA AND CONTAINING ALL OR PARTS OF LOTS 75, 78, 79, 101, 102, 103, 105, 106, 107, AND 108, AND CERTAIN PLATTED, UNOPENED RIGHTS-OF-WAY AROUND AND BETWEEN SAID LOTS, ALL OF WAHNETA FARMS AS RECORDED IN PLAT BOOK 1, PAGES 82A AND 82B OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA, AND CONTAINING ALL OF LOTS 1, 2, 3, AND 4, AND CERTAIN PLATTED, UNOPENED RIGHTS-OF-WAY AROUND AND BETWEEN SAID LOTS, ALL OF J.A. JOHNSON'S SUBDIVISION AS RECORDED IN PLAT BOOK 2, PAGE 103, OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE SOUTHWEST CORNER OF THE NORTHWEST 1/4 OF SAID SECTION 8, THE SAME ALSO BEING THE SOUTHEAST CORNER OF THE NORTHEAST 1/4 OF THE AFOREMENTIONED SECTION 7; THENCE NORTH 00°15'06" WEST ALONG THE WEST BOUNDARY OF THE NORTHWEST 1/4 OF SAID SECTION 8, AND THE EAST BOUNDARY OF THE NORTHEAST 1/4 OF SAID SECTION 7, A DISTANCE OF 1992.22 FEET TO THE INTERSECTION WITH THE WESTERLY EXTENSION OF THE NORTH LINE OF THE AFOREMENTIONED LOT 75, WAHNETA FARMS; THENCE NORTH 89°40'06" EAST, ALONG SAID EXTENSION AND THE NORTH LINE OF SAID LOT 75, A DISTANCE OF 660.70 FEET TO THE EAST LINE THEREOF; THENCE SOUTH 00°07'26" EAST ALONG SAID EAST LINE, A DISTANCE OF 667.66 FEET TO THE CENTERLINE OF THAT PLATTED, UNOPENED RIGHT-OF-WAY LYING NORTH OF THE AFOREMENTIONED LOT 79; THENCE NORTH 89°40'41" EAST ALONG SAID CENTERLINE, A DISTANCE OF
661.86 FEET TO THE INTERSECTION WITH THE NORTHERLY EXTENSION OF THE EAST LINE OF THE AFORESAID LOT 79; THENCE SOUTH
00°12'51" EAST ALONG SAID EXTENSION AND THE SAID EAST LINE OF LOT 79, A DISTANCE OF 674.79 FEET TO THE INTERSECTION WITH THE SOUTH LINE OF THE NORTH 15.00 FEET OF THE AFOREMENTIONED LOT 101; THENCE NORTH 89°52'46" EAST ALONG SAID SOUTH LINE OF THE NORTH 15.00 FEET OF LOT 101, A DISTANCE OF 659.19 FEET TO A POINT ON THE EAST LINE OF SAID LOT 101; THENCE SOUTH 00°41'43" EAST ALONG THE EAST LINE OF SAID LOT 101, A DISTANCE OF 655.14 FEET TO THE SOUTH BOUNDARY OF THE AFOREMENTIONED NORTHWEST 1/4 OF SECTION 8; THENCE SOUTH 89°53'50" WEST ALONG SAID SOUTH BOUNDARY, A DISTANCE OF 665.40 FEET TO THE EAST LINE OF THE AFOREMENTIONED LOT 1, J.A. JOHNSON'S SUBDIVISION; THENCE SOUTH 00°19'33" EAST ALONG THE EAST LINE OF SAID LOT 1 AND THE EAST LINE OF THE AFOREMENTIONED LOT 4 OF J.A. JOHNSON'S SUBDIVISION, A DISTANCE OF 605.95 FEET TO A POINT WHICH LIES 54.58 FEET NORTH OF THE SOUTHEAST CORNER OF SAID LOT 4; THENCE DEPARTING SAID EAST LINE, SOUTH 24°19'20" WEST, A DISTANCE OF 59.95 FEET TO THE INTERSECTION WITH THE SOUTH LINE OF SAID LOT 4 AT A POINT WHICH LIES 25.00 FEET WEST OF THE AFOREMENTIONED SOUTHEAST CORNER OF LOT 4; THENCE SOUTH 89°53'44" WEST ALONG THE SOUTH LINE OF SAID LOT 4 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 3 OF J.A. JOHNSON'S SUBDIVISION, A DISTANCE OF 1295.69 FEET TO THE INTERSECTION WITH THE EAST LINE OF THE AFOREMENTIONED LOT 108 OF WAHNETA FARMS; THENCE SOUTH 00°11'56" EAST ALONG THE EAST LINE OF SAID LOT 108, A DISTANCE OF 50.00 FEET TO THE SOUTH LINE OF THE NORTH 50 FEET OF SAID LOT 8; THENCE NORTH 89°53'07" WEST ALONG SAID SOUTH LINE OF THE NORTH 50 FEET, A DISTANCE OF 645.01 FEET TO THE WEST LINE OF THE EAST 645 FEET OF THE NORTH 50 FEET OF SAID LOT 108; THENCE NORTH 00°11'56" WEST ALONG SAID WEST LINE, A DISTANCE OF 50.00 FEET TO THE NORTH LINE OF SAID LOT 108 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 107, WAHNETA FARMS; THENCE NORTH 89°53'07" WEST ALONG THE SOUTH LINE OF SAID LOT 107 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 106, A DISTANCE OF 50.61 FEET; THENCE DEPARTING THE SOUTH LINE OF SAID LOT 106, NORTH 00°07'56" EAST, A DISTANCE OF 20.00 FEET; THENCE NORTH 89°53'07" WEST, 20.00 FEET NORTH OF AND PARALLEL TO THE AFORESAID SOUTH LINE OF LOT 106, A DISTANCE OF 195.93 FEET TO THE NORTHERLY MAINTAINED RIGHT-OF-WAY OF EAGLE LAKE LOOP ROAD AS RECORDED IN MAP BOOK 4, PAGE 223 OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA; THENCE NORTHWESTERLY ALONG SAID RIGHT-OF-WAY LINE THE FOLLOWING SEVEN (7) COURSES: 1.) NORTH 40°28'10" WEST, 77.36 FEET; THENCE 2.) NORTH 44°06'55" WEST, 109.56 FEET; THENCE 3.) NORTH
45°00'53" WEST, 100.56 FEET; THENCE 4.) NORTH 48°32'46" WEST, 100.10 FEET; THENCE 5.) NORTH 50°22'41" WEST, 100.01 FEET; THENCE 6.) NORTH 53°15'12" WEST, 102.85 FEET; THENCE 7.) NORTH 61°07'59" WEST, 4.86 FEET TO THE WEST LINE OF THE AFORESAID LOT 106 OF WAHNETA FARMS; THENCE DEPARTING SAID RIGHT-OF-WAY LINE, NORTH 00°01'42" EAST ALONG THE WEST LINE OF SAID LOT 106 AND THE WEST LINE OF THE AFOREMENTIONED LOT 105, A DISTANCE OF 908.42 FEET TO THE NORTHWEST CORNER OF SAID LOT 105; THENCE SOUTH 89°39'01" EAST ALONG THE NORTH LINE OF SAID LOT 105, A DISTANCE OF 654.79 FEET TO THE NORTHEAST CORNER THEREOF; THENCE SOUTH
00°06'38" EAST ALONG THE EAST LINE OF SAID LOT 105, A DISTANCE OF 663.31 FEET TO THE SOUTH LINE OF THE NORTHEAST 1/4 OF SAID SECTION 7; THENCE SOUTH 89°34'42" EAST ALONG THE SOUTH LINE OF THE NORTHEAST 1/4 OF SECTION 7, A DISTANCE OF 668.79 FEET RETURNING TO THE POINT OF BEGINNING.

CONTAINING: 108.77 ACRES, MORE OR LESS.

1925 US HWY 98 S, SUITE 201
LAKELAND, FL 33801
PHONE:(863) 940-9979
Certificate of Authorization #30194 www.GaddCivil.com

EXHIBIT 2
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT
1065 EAGLE LAKE LOOP ROAD EAGLE LAKE, FL 33839
LEGAL DESCRIPTION

0	200  400	800

SCALE: 1" = 800'

CAMERON ROAD

RS-2

RG

		GRAY ROAD

PD-H

PD-H

LAKE MCLEOD	EAGLE LAKE LOOP ROAD		

RS-2

1925 US HWY 98 S, SUITE 201
LAKELAND, FL 33801
PHONE:(863) 940-9979
Certificate of Authorization #30194 www.GaddCivil.com

EXHIBIT 3
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT
1065 EAGLE LAKE LOOP ROAD EAGLE LAKE, FL 33839
ZONING MAP

0	200  400	800

SCALE: 1" = 800'

CAMERON ROAD

MDR

LDR

PUBLIC / INSTITUTIONAL

MDR

		GRAY ROAD

LDR

LDR

EAGLE LAKE LOOP ROAD

LDR

LDR MDR

LEGEND
LOW DENSITY RESIDENTIAL MID DENSITY RESIDENTIAL

1925 US HWY 98 S, SUITE 201
LAKELAND, FL 33801
PHONE:(863) 940-9979
Certificate of Authorization #30194 www.GaddCivil.com

EXHIBIT 4
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT
1065 EAGLE LAKE LOOP ROAD EAGLE LAKE, FL 33839
FUTURE LAND USE MAP

0	200  400	800

SCALE: 1" = 800'

CAMERON ROAD

PROPOSED CDD DISTRICT

GRAY ROAD

ZONE 'AE'

ZONE 'AE'

ZONE 'X'

ZONE 'X'

EAGLE LAKE LOOP ROAD

LEGEND

FLOW DIRECTION

1925 US HWY 98 S, SUITE 201
LAKELAND, FL 33801
PHONE:(863) 940-9979
Certificate of Authorization #30194 www.GaddCivil.com

EXHIBIT 5
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT
1065 EAGLE LAKE LOOP ROAD EAGLE LAKE, FL 33839
DRAINAGE MAP

0	200  400	800

SCALE: 1" = 800'

CAMERON ROAD

PROPOSED CDD DISTRICT

GRAY ROAD

WATER & SEWER POINT OF CONNECTION

EAGLE LAKE LOOP ROAD

10 WM

10 FM

LEGEND
EXISTING 10" WATER MAIN EXISTING 10" FORCE MAIN

1925 US HWY 98 S, SUITE 201
LAKELAND, FL 33801
PHONE:(863) 940-9979
Certificate of Authorization #30194 www.GaddCivil.com

EXHIBIT 6
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT
1065 EAGLE LAKE LOOP ROAD EAGLE LAKE, FL 33839
WATER & WASTEWATER MAP

Composite Exhibit 7 Eagle Hammock CDD
SUMMARY OF OPINION OF PROBABLE COSTS

Number of Lots	263	
Infrastructure (1)		
Offsite Road Improvements (5) (6)	$	364,250	
Stormwater Management (2)(3)(5)(6)	$	1,897,500	
Utilities (Water, Sewer, Elect. & Street Lighting) (5)(6)	$	2,076,500	
Internal Roadways (4)(5)(6)	$	1,072,500	
Entry Feature & Signage(6)(7)	$	200,000	
Park and Recreational Facilities (6)	$	550,000	
Contingency	$	616,075	
TOTAL	$	6,776,825	

Notes:

Infrastructure consists of public roadway improvements, stormwater management facilities, master sanitary sewer lift station and utilities, entry feature, landscaping and signage, and parks and recreational facilities.
Excludes grading of each lot both for initial pad construction and in conjunction with home construction, which will be provided by developer or homebuilder.
Includes stormwater pond excavation. Costs do not include transportation to or placement of fill on private property.
Includes sub‐grade, base, asphalt paving, curbing, and civil/site engineering.
Includes subdivision infrastructure and civil/site engineering.
Estimates are based on 2021 cost
Includes entry features, signage, hardscape, landscape, irrigation and buffer fencing.
CDD will enter into a Lighting Agreement with Tampa Electric for the street light poles and lighting service. Only the incremental cost of undergrounding of wire in public right‐of‐way and on District land is included.
Internal Sidewalk shall be constructed along common areas only
All improvements will be on land that upon acquisition of the improvements by the District, is owned by, or subject to permanent easement in favor of, the district or another government entity.

Composite Exhibit 8
Eagle Hammock Community Development District
Summary of Proposed District Facilities

District Infrastructure	Construction	Ownership	Capital Financing*	Operation and Maintenance	
Offsite Improvements	District	Polk County	District Bonds	Polk County	
Stormwater Facilities	District	District	District Bonds	District	
Lift Stations/Water/Sewer	District	City of Eagle Lake	District Bonds	City of Eagle Lake	
Street Lighting/Conduit	District	**District	District Bonds	**District	
Onsite Road Construction	District	District	District Bonds	District	
Entry Feature & Signage	District	District	District Bonds	District	
Parks and Recreational Facilities	District	District	District Bonds	District	

*Costs not funded by bonds will be funded by the developer.
** Street lighting/conduit shall be owned and maintained by the District or the District shall enter into a lease with Tampa Electric Company.

N.T.S.

1925 US HWY 98 S, SUITE 201
LAKELAND, FL 33801
PHONE:(863) 940-9979
Certificate of Authorization #30194 www.GaddCivil.com

EXHIBIT 9
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT
1065 EAGLE LAKE LOOP ROAD EAGLE LAKE, FL 33839
OVERALL SITE PLAN

Composite Exhibit B:

8

MASTER
ASSESSMENT METHODOLOGY

FOR
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT

Date: March 16, 2022

Prepared by

Governmental Management Services – Central Florida, LLC 219 E. Livingston Street
Orlando, FL 32801

Table of Contents

Introduction	3
Purpose	3
Background	3
Special Benefits and General Benefits	4
Requirements of a Valid Assessment Methodology	5
Special Benefits Exceed the Costs Allocated	5
Assessment Methodology	5
Overview	5
Allocation of Debt	6
Allocation of Benefit	6
Lienability Test: Special and Peculiar Benefit to the Property	6
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments	7
True-Up Mechanism	8
Assessment Roll	8
Appendix	9
Table 1: Development Program	9
Table 2: Infrastructure Cost Estimates	10
Table 3: Bond Sizing	11
Table 4: Allocation of Benefit	12
Table 5: Allocation of Benefit/Total Par Debt to Each Product Type	13
Table 6: Par Debt and Annual Assessments	14
Table 7: Preliminary Assessment Roll	15
GMS-CF, LLC does not represent Eagle Hammock Community Development District as a Municipal Advisor or Securities Broker nor is GMS-CF, LLC registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, GMS-CF, LLC does not provide Eagle Hammock Community Development District with financial advisory services or offer investment advice in any form.

Introduction

Eagle Hammock Community Development District is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes (the “District”), as amended. The District plans to issue up to $8,960,000 of tax exempt bonds in one or more series (the “Bonds”) for the purpose of financing certain infrastructure improvements within the District, more specifically described in the Master Engineer’s Report dated February 24, 2022 prepared by GADD & Associates, LLC as may be amended and supplemented from time to time (the “Engineer’s Report”). The District anticipates the construction of public infrastructure improvements consisting of improvements that benefit property owners within the District.

Purpose

This Master Assessment Methodology Report (the “Assessment Report”) provides for an assessment methodology for allocating the debt to be incurred by the District to benefiting properties within the District. This Assessment Report allocates the debt to properties based on the special benefits each receives from the District’s capital improvement plan (“CIP”). This Assessment Report will be supplemented with one or more supplemental methodology reports to reflect the actual terms and conditions at the time of the issuance of each series of Bonds. This Assessment Report is designed to conform to the requirements of Chapters 190 and 170, Florida Statutes with respect to special assessments and is consistent with our understanding of case law on this subject.

The District intends to impose non ad valorem special assessments on the benefited lands within the District based on this Assessment Report. It is anticipated that all of the proposed special assessments will be collected through the Uniform Method of Collection described in Chapter 197.3632, Florida Statutes or any other legal means of collection available to the District. It is not the intent of this Assessment Report to address any other assessments, if applicable, that may be levied by the District, a homeowner’s association, or any other unit of government.

Background

The District currently includes approximately 108.77 acres within the City of Eagle Lake, located in Polk County, Florida. The development program currently envisions approximately 263 residential lots (herein the “Development”). The proposed Development program is depicted in Table 1. It is recognized that such land use plan may change, and this Assessment Report will be modified accordingly.

The public improvements contemplated by the District in the CIP will provide facilities that benefit certain property within the District. The CIP is delineated in the Engineer’s Report. Specifically, the District will construct and/or acquire certain offsite road improvements, stormwater management, utilities, internal roadways, entry feature and signage, park and recreational facilities, and contingency. The acquisition and construction costs are summarized in Table 2.

The assessment methodology is a four-step process.

The District Engineer must first determine the public infrastructure improvements that may be provided by the District and the costs to implement the CIP.
The District Engineer determines the assessable acres that benefit from the District’s CIP.
A calculation is made to determine the funding amounts necessary to acquire and/or construct CIP.
This amount is initially divided equally among the benefited properties on a prorated gross acreage basis. Ultimately, as land is platted, this amount will be assigned to each of the benefited properties based on the number of platted units.

Special Benefits and General Benefits

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

However, as discussed within this Assessment Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits, which accrue to the assessable property within the District. The implementation of the CIP enables properties within its boundaries to be developed. Without the District’s CIP, there would be no infrastructure to support development of land within the District. Without these improvements, development of the property within the District would be prohibited by law.

There is no doubt that the general public and property owners outside the District will benefit from the provision of the District’s CIP. However, these benefits will be incidental to the District’s CIP, which is designed solely to meet the needs of property within the District. Properties outside the District boundaries do not depend upon the District’s CIP. The property owners within the District are therefore receiving special benefits not received by those outside the District’s boundaries.

Requirements of a Valid Assessment Methodology

There are two requirements under Florida law for a valid special assessment:

The properties must receive a special benefit from the improvements being paid for.
The assessments must be fairly and reasonably allocated to the properties being assessed.

Florida law provides for a wide application of special assessments that meet these two characteristics of special assessments.

Special Benefits Exceed the Costs Allocated

The special benefits provided to the property owners within the District are greater than the costs associated with providing these benefits. The District Engineer estimates that the District’s CIP that is necessary to support full development of property will cost approximately $6,776,825. The District’s Underwriter projects that financing costs required to fund the infrastructure improvements, including project costs, the cost of issuance of the Bonds, the funding of debt service reserves and capitalized interest, will be approximately $8,960,000. Additionally, funding required to complete the CIP which is not financed with Bonds will be funded by Developer. Without the CIP, the property would not be able to be developed and occupied by future residents of the community.

2.0	Assessment Methodology

Overview

The District is planning to issue up to $8,960,000 in Bonds to fund all or a portion of the District’s CIP, provide for capitalized interest, a debt service reserve account and cost of issuance. It is the purpose of this Assessment Report to allocate the $8,960,000 in debt to the properties benefiting from the CIP.

Table 1 identifies the proposed land uses as identified by the Developer. The District has relied on the Engineer’s Report to develop the costs of the CIP needed to support the Development, these construction costs are outlined in Table 2. The improvements needed to support the Development are described in detail in the Engineer’s Report and are estimated to cost $6,776,825. Based on the estimated costs, the size of the bond

issue under current market conditions needed to generate funds to pay for the CIP and
related costs was determined by the District’s Underwriter to total approximately
$8,960,000. Table 3 shows the breakdown of the bond sizing.

Allocation of Debt

Allocation of debt is a continuous process until the development plan is completed. The CIP funded by District Bonds benefits all developable acres within the District.

The initial assessments will be levied on an equal basis to all acres within the District. A fair and reasonable methodology allocates the debt incurred by the District proportionately to the properties receiving the special benefits. At this point all of the lands within the District are benefiting from the improvements.

Once platting or the recording of declaration of condominium, (“Assigned Properties”) has begun, the assessments will be levied to the Assigned Properties based on the benefits they receive. The Unassigned Properties, defined as property that has not been platted, assigned development rights or subjected to a declaration of condominium, will continue to be assessed on a per acre basis (“Unassigned Properties”). Eventually the development plan will be completed and the debt relating to the Bonds will be allocated to the planned 263 residential units within the District, which are the beneficiaries of the CIP, as depicted in Table 5 and Table 6. If there are changes to the development plan, a true up of the assessment will be calculated to determine if a debt reduction or true-up payment from the Developer is required. The process is outlined in Section 3.0

The assignment of debt in this Assessment Report sets forth the process by which debt is apportioned. As mentioned herein, this Assessment Report will be supplemented from time to time.

Allocation of Benefit

The CIP consists of offsite road improvements, stormwater management, utilities, internal roadways, entry feature and signage, park and recreational facilities, and contingency. There is One residential product type within the planned development. The single family home has been set as the base unit and has been assigned one equivalent residential unit (“ERU”). Table 4 shows the allocation of benefit to the particular land uses. It is important to note that the benefit derived from the improvements on the particular units exceeds the cost that the units will be paying for such benefits.

Lienability Test: Special and Peculiar Benefit to the Property

Construction and/or acquisition by the District of its proposed CIP will provide several types of systems, facilities and services for its residents. These include offsite road improvements, stormwater management, utilities, internal roadways, entry feature and signage, park and recreational facilities, and contingency. These improvements accrue in differing amounts and are somewhat dependent on the type of land use receiving the special benefits peculiar to those properties, which flow from the logical relationship of the improvements to the properties.

Once these determinations are made, they are reviewed in the light of the special benefits peculiar to the property, which flow to the properties as a result of their logical connection from the improvements in fact actually provided.

For the provision of CIP, the special and peculiar benefits are:

the added use of the property,
added enjoyment of the property, and
the probability of increased marketability and value of the property.

These special and peculiar benefits are real and ascertainable but are not yet capable of being calculated as to value with mathematical certainty. However, each is more valuable than either the cost of, or the actual non-ad valorem special assessment levied for the improvement or the debt as allocated.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments

A reasonable estimate of the proportion of special and peculiar benefits received from the public improvements described in the Engineer’s Report is delineated in Table 5 (expressed as Allocation of Par Debt per Product Type).

The determination has been made that the duty to pay the non-ad valorem special assessments is fairly and reasonably apportioned because the special and peculiar benefits to the property derived from the acquisition and/or construction of the District’s CIP have been apportioned to the property according to reasonable estimates of the special and peculiar benefits provided consistent with the land use categories.

Accordingly, no acre or parcel of property within the boundaries of the District will have a lien for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property and therefore, the debt allocation will not be increased more than the debt allocation set forth in this Assessment Report.

In accordance with the benefit allocation suggested for the product types in Table 4, a total debt per unit and an annual assessment per unit have been calculated for each

product type (Table 6). These amounts represent the preliminary anticipated per unit debt allocation assuming all anticipated units are built and sold as planned, and the entire proposed CIP is developed or acquired and financed by the District.

True Up Mechanism

Although the District does not process plats, declaration of condominiums, site plans or revisions thereto for the Developer, it does have an important role to play during the course of platting and site planning. Whenever a plat, declaration of condominium or site plan is processed, the District must allocate a portion of its debt to the property according to this Assessment Report outlined herein. In addition, the District must also prevent any buildup of debt on Unassigned Property. Otherwise, the land could be fully conveyed and/or platted without all of the debt being allocated. To preclude this, at the time Unassigned Properties become Assigned Properties, the District will determine the amount of anticipated assessment revenue that remains on the Unassigned Properties, taking into account the proposed plat, or site plan approval. If the total anticipated assessment revenue to be generated from the Assigned and Unassigned Properties is greater than or equal to the maximum annual debt service then no adjustment is required. In the case that the revenue generated is less than the required amount then a debt reduction or true-up payment by the landowner in the amount necessary to reduce the par amount of the outstanding Bonds plus accrued interest to a level that will be supported by the new net annual debt service assessments will be required.

Assessment Roll

The District will initially distribute the liens across the property within the District boundaries on a gross acreage basis. As Assigned Property becomes known with certainty, the District will refine its allocation of debt from a per acre basis to a per unit basis as shown in Table 6. If the land use plan changes, then the District will update Table 6 to reflect the changes. As a result, the assessment liens are neither fixed nor are they determinable with certainty on any acre of land in the District prior to the time final Assigned Properties become known. At this time the debt associated with the District’s CIP will be distributed evenly across the acres within the District. As the development process occurs, the debt will be distributed against the Assigned Property in the manner described in this Assessment Report. The current assessment roll is depicted in Table 7.

TABLE 1
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT DEVELOPMENT PROGRAM
MASTER ASSESSMENT METHODOLOGY

Product Types	No. of Units *	Totals	ERUs per Unit (1)	Total ERUs	
Single Family 40'	150	150	0.8	120	
Single Family 50'	113	113	1.00	113	
Total Units	263	263		233	

(1) Benefit is allocated on an ERU basis; based on density of planned development, with a Single Family unit equal to 1 ERU

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 2
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE COST ESTIMATES
MASTER ASSESSMENT METHODOLOGY

Capital Improvement Plan ("CIP")	(1)	Total Cost Estimate	
Offsite Road Improvements		$364,250	
Stormwater Management		$1,897,500	
Utilities		$2,076,500	
Internal Roadways		$1,072,500	
Entry Feature and Signage		$200,000	
Park and Recreational Facilities		$550,000	
Contingency		$616,075	

	$6,776,825 

(1) A detailed description of these improvements is provided in the Master Engineer's Report dated February 24, 2022

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 3
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT BOND SIZING
MASTER ASSESSMENT METHODOLOGY		
		
Description	Total	
Construction Funds	$6,776,825	
Debt Service Reserve	$677,683	
Capitalized Interest	$1,075,200	
Underwriters Discount	$179,200	
Cost of Issuance	$250,000	
Rounding	$1,093	
Par Amount*	$8,960,000	
Bond Assumptions:		
Average Coupon	6.00%	
Amortization	30 years	
Capitalized Interest	24 months	
Debt Service Reserve	Max Annual D/S	
Underwriters Discount	2%	

* Par amount is subject to change based on the actual terms at the sale of the Bonds

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 4
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT ALLOCATION OF BENEFIT
MASTER ASSESSMENT METHODOLOGY

Total
Improvements
Product Types	No. of
Units *	ERU
Factor	Total
ERUs	% of Total
ERUs	Costs Per Product
Type	Improvement
Costs Per Unit	
Single Family 40'	150	0.8	120	51.50%	$3,490,210	$23,268	
Single Family 50'	113	1.0	113	48.50%	$3,286,615	$29,085	
Totals	263		233	100.00%	$6,776,825		

* Unit mix is subject to change based on marketing and other facto

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 5
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT ALLOCATION OF TOTAL BENEFIT/PAR DEBT TO EACH PRODUCT TYPE MASTER ASSESSMENT METHODOLOGY

Product Types	
No. of Units *	Total Improvements Costs Per Product Type	Allocation of Par Debt Per Product Type	
Par Debt Per Unit	
Single Family 40'	150	$3,490,210	$4,614,592	$30,764	
Single Family 50'	113	$3,286,615	$4,345,408	$38,455	
Totals	263	$6,776,825	$8,960,000		

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 6
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT
PAR DEBT AND ANNUAL ASSESSMENTS FOR EACH PRODUCT TYPE MASTER ASSESSMENT METHODOLOGY

Product Types	
No. of Units *	
Allocation of Par Debt Per Product Type	
Total Par Debt Per Unit	
Maximum Annual Debt Service	Net Annual Debt Assessment Per Unit	
Gross Annual Debt Assessment Per Unit (1)	
Single Family 40'	150	$4,614,592	$30,764	$349,021	$2,327	$2,502	
Single Family 50'	113	$4,345,408	$38,455	$328,661	$2,909	$3,127	
Totals	263	$8,960,000		$677,683			

(1) This amount includes collection fees and early payment discounts when collected on the County Tax Bill

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 7
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY ASSESSMENT ROLL
MASTER ASSESSMENT METHODOLOGY

Owner	
Property*	
Acres	Total Par Debt Allocation Per Acre	
Total Par Debt Allocated	Net Annual Debt Assessment Allocation	Gross Annual Debt Assessment Allocation (1)	
Eagle Hammock of Eagle Lake LLC Eagle Hammock CDD	108.77	$82,376	$8,960,000	$677,683	$728,691	
Totals	108.77		$8,960,000	$677,683	$728,691	

(1) This amount includes 7% to cover collection fees and early payment discounts when collected utilizing the uniform method.

Annual Assessment Periods
Average Coupon Rate (%) Maximum Annual Debt Service

30
6.00%
$677,683

* - See Metes and Bounds, attached as Exhibit A

Prepared by: Governmental Management Services - Central Florida, LLC

Exhibit A
LEGAL DESCRIPTION
(BY SURVEYOR)

EAGLE HAMMOCK CDD POLK COUNTY, FLORIDA LEGAL DESCRIPTION

A PARCEL OF LAND LYING IN SECTIONS 7 AND 8, TOWNSHIP 29 SOUTH, RANGE 26 EAST, POLK COUNTY, FLORIDA AND CONTAINING ALL OR PARTS OF LOTS 75, 78, 79, 101, 102, 103, 105, 106, 107, AND 108, AND CERTAIN PLATTED, UNOPENED RIGHTS-OF-WAY AROUND AND BETWEEN SAID LOTS, ALL OF WAHNETA FARMS AS RECORDED IN PLAT BOOK 1, PAGES 82A AND 82B OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA, AND CONTAINING ALL OF LOTS 1, 2, 3, AND 4, AND CERTAIN PLATTED, UNOPENED RIGHTS-OF-WAY AROUND AND BETWEEN SAID LOTS, ALL OF J.A. JOHNSON'S SUBDIVISION AS RECORDED IN PLAT BOOK 2, PAGE 103, OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE SOUTHWEST CORNER OF THE NORTHWEST 1/4 OF SAID SECTION 8, THE SAME ALSO BEING THE SOUTHEAST CORNER OF THE NORTHEAST 1/4 OF THE AFOREMENTIONED SECTION 7; THENCE NORTH 00°15'06" WEST ALONG THE WEST BOUNDARY OF THE NORTHWEST 1/4 OF SAID SECTION 8, AND THE EAST BOUNDARY OF THE NORTHEAST 1/4 OF SAID SECTION 7, A DISTANCE OF 1992.22 FEET TO THE INTERSECTION WITH THE WESTERLY EXTENSION OF THE NORTH LINE OF THE AFOREMENTIONED LOT 75, WAHNETA FARMS; THENCE NORTH 89°40'06" EAST, ALONG SAID EXTENSION AND THE NORTH LINE OF SAID LOT 75, A DISTANCE OF 660.70 FEET TO THE EAST LINE THEREOF; THENCE SOUTH 00°07'26" EAST ALONG SAID EAST LINE, A DISTANCE OF 667.66 FEET TO THE CENTERLINE OF THAT PLATTED, UNOPENED RIGHT-OF-WAY LYING NORTH OF THE AFOREMENTIONED LOT 79; THENCE NORTH 89°40'41" EAST ALONG SAID CENTERLINE, A DISTANCE OF
661.86 FEET TO THE INTERSECTION WITH THE NORTHERLY EXTENSION OF THE EAST LINE OF THE AFORESAID LOT 79; THENCE SOUTH
00°12'51" EAST ALONG SAID EXTENSION AND THE SAID EAST LINE OF LOT 79, A DISTANCE OF 674.79 FEET TO THE INTERSECTION WITH THE SOUTH LINE OF THE NORTH 15.00 FEET OF THE AFOREMENTIONED LOT 101; THENCE NORTH 89°52'46" EAST ALONG SAID SOUTH LINE OF THE NORTH 15.00 FEET OF LOT 101, A DISTANCE OF 659.19 FEET TO A POINT ON THE EAST LINE OF SAID LOT 101; THENCE SOUTH 00°41'43" EAST ALONG THE EAST LINE OF SAID LOT 101, A DISTANCE OF 655.14 FEET TO THE SOUTH BOUNDARY OF THE AFOREMENTIONED NORTHWEST 1/4 OF SECTION 8; THENCE SOUTH 89°53'50" WEST ALONG SAID SOUTH BOUNDARY, A DISTANCE OF 665.40 FEET TO THE EAST LINE OF THE AFOREMENTIONED LOT 1, J.A. JOHNSON'S SUBDIVISION; THENCE SOUTH 00°19'33" EAST ALONG THE EAST LINE OF SAID LOT 1 AND THE EAST LINE OF THE AFOREMENTIONED LOT 4 OF J.A. JOHNSON'S SUBDIVISION, A DISTANCE OF 605.95 FEET TO A POINT WHICH LIES 54.58 FEET NORTH OF THE SOUTHEAST CORNER OF SAID LOT 4; THENCE DEPARTING SAID EAST LINE, SOUTH 24°19'20" WEST, A DISTANCE OF 59.95 FEET TO THE INTERSECTION WITH THE SOUTH LINE OF SAID LOT 4 AT A POINT WHICH LIES 25.00 FEET WEST OF THE AFOREMENTIONED SOUTHEAST CORNER OF LOT 4; THENCE SOUTH 89°53'44" WEST ALONG THE SOUTH LINE OF SAID LOT 4 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 3 OF J.A. JOHNSON'S SUBDIVISION, A DISTANCE OF 1295.69 FEET TO THE INTERSECTION WITH THE EAST LINE OF THE AFOREMENTIONED LOT 108 OF WAHNETA FARMS; THENCE SOUTH 00°11'56" EAST ALONG THE EAST LINE OF SAID LOT 108, A DISTANCE OF 50.00 FEET TO THE SOUTH LINE OF THE NORTH 50 FEET OF SAID LOT 8; THENCE NORTH 89°53'07" WEST ALONG SAID SOUTH LINE OF THE NORTH 50 FEET, A DISTANCE OF 645.01 FEET TO THE WEST LINE OF THE EAST 645 FEET OF THE NORTH 50 FEET OF SAID LOT 108; THENCE NORTH 00°11'56" WEST ALONG SAID WEST LINE, A DISTANCE OF 50.00 FEET TO THE NORTH LINE OF SAID LOT 108 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 107, WAHNETA FARMS; THENCE NORTH 89°53'07" WEST ALONG THE SOUTH LINE OF SAID LOT 107 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 106, A DISTANCE OF 50.61 FEET; THENCE DEPARTING THE SOUTH LINE OF SAID LOT 106, NORTH 00°07'56" EAST, A DISTANCE OF 20.00 FEET; THENCE NORTH 89°53'07" WEST, 20.00 FEET NORTH OF AND PARALLEL TO THE AFORESAID SOUTH LINE OF LOT 106, A DISTANCE OF 195.93 FEET TO THE NORTHERLY MAINTAINED RIGHT-OF-WAY OF EAGLE LAKE LOOP ROAD AS RECORDED IN MAP BOOK 4, PAGE 223 OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA; THENCE NORTHWESTERLY ALONG SAID RIGHT-OF-WAY LINE THE FOLLOWING SEVEN (7) COURSES: 1.) NORTH 40°28'10" WEST, 77.36 FEET; THENCE 2.) NORTH 44°06'55" WEST, 109.56 FEET; THENCE 3.) NORTH
45°00'53" WEST, 100.56 FEET; THENCE 4.) NORTH 48°32'46" WEST, 100.10 FEET; THENCE 5.) NORTH 50°22'41" WEST, 100.01 FEET; THENCE 6.) NORTH 53°15'12" WEST, 102.85 FEET; THENCE 7.) NORTH 61°07'59" WEST, 4.86 FEET TO THE WEST LINE OF THE AFORESAID LOT 106 OF WAHNETA FARMS; THENCE DEPARTING SAID RIGHT-OF-WAY LINE, NORTH 00°01'42" EAST ALONG THE WEST LINE OF SAID LOT 106 AND THE WEST LINE OF THE AFOREMENTIONED LOT 105, A DISTANCE OF 908.42 FEET TO THE NORTHWEST CORNER OF SAID LOT 105; THENCE SOUTH 89°39'01" EAST ALONG THE NORTH LINE OF SAID LOT 105, A DISTANCE OF 654.79 FEET TO THE NORTHEAST CORNER THEREOF; THENCE SOUTH
00°06'38" EAST ALONG THE EAST LINE OF SAID LOT 105, A DISTANCE OF 663.31 FEET TO THE SOUTH LINE OF THE NORTHEAST 1/4 OF SAID SECTION 7; THENCE SOUTH 89°34'42" EAST ALONG THE SOUTH LINE OF THE NORTHEAST 1/4 OF SECTION 7, A DISTANCE OF 668.79 FEET RETURNING TO THE POINT OF BEGINNING.

CONTAINING: 108.77 ACRES, MORE OR LESS.

1925 US HWY 98 S, SUITE 201
LAKELAND, FL 33801
PHONE:(863) 940-9979
Certificate of Authorization #30194 www.GaddCivil.com

EXHIBIT 2
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT
1065 EAGLE LAKE LOOP ROAD EAGLE LAKE, FL 33839
LEGAL DESCRIPTION

SUPPLEMENTAL ASSESSMENT METHODOLOGY

FOR

EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT

Date: June 15, 2022

Prepared by

Governmental Management Services – Central Florida, LLC 219 E. Livingston St
Orlando, FL 32801

Table of Contents

1.0 Introduction	3
Purpose	3
Background	3
Special Benefits and General Benefits	4
Requirements of a Valid Assessment Methodology	5
Special Benefits Exceed the Costs Allocated	5
2.0 Assessment Methodology	5
Overview	5
Allocation of Debt	6
Allocation of Benefit	6
Lienability Test: Special and Peculiar Benefit to the Property	6
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments	7
True-Up Mechanism	8
Assessment Roll	8
Appendix	9
Table 1: Development Program	9
Table 2: Capital Improvement Cost Estimates	10
Table 3: Bond Sizing	11
Table 4: Allocation of Improvement Costs	12
Table 5: Allocation of Total Par Debt to Each Product Type	13
Table 6: Par Debt and Annual Assessments	14
Table 7: Preliminary Assessment Roll	15
GMS-CF, LLC does not represent the Eagle Hammock Community
Development District as a Municipal Advisor or Securities Broker nor is GMS-CF, LLC registered to provide such services as described in Section 15B of the
Securities and Exchange Act of 1934, as amended. Similarly, GMS-CF, LLC does not provide the Eagle Hammock Community Development District with financial
advisory services or offer investment advice in any form.

1.0	Introduction

The Eagle Hammock Community Development District (the “District”) is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes, as amended. The District will issue on July 8, 2022, $3,800,000 of tax exempt bonds (the “Bonds”) for the purpose of financing certain infrastructure improvements (the “Capital Improvement Plan” or “CIP”) within the District specifically described in the Engineer’s Report dated May 24, 2022, prepared by GADD & Associates, LLC as may be amended and supplemented from time to time (the “Engineer’s Report”). The District anticipates the construction of public infrastructure improvements consisting of improvements that benefit property owners within the District.

Purpose

This Supplemental Assessment Methodology (the “Supplemental Report”) which supplements the Master Assessment Methodology dated March 16, 2022 (the “Master Report”) provides for an assessment methodology that allocates the debt to be incurred by the District to benefiting properties within the District. This Supplemental Report allocates the debt to properties within the District based on the special benefits received from the CIP. This Supplemental Report may be supplemented with one or more supplemental methodology reports to reflect the actual terms and conditions at the time of the issuance of each series of Bonds issued to finance all or a portion of the CIP. This Supplemental Report is designed to conform to the requirements of Chapters 190 and 170, Florida Statutes as amended, with respect to special assessments and is consistent with our understanding of case law on this subject.

The District has imposed non ad valorem special assessments on the benefited lands within the District based on this Supplemental Report. It is anticipated that upon platting all of the proposed special assessments will be collected through the Uniform Method of Collection described in Chapter 197.3632, Florida Statutes, as amended. It is not the intent of this Supplemental Report to address any other assessments, if applicable, that may be levied by the District, a homeowner’s association, or any other unit of government.

Background

The District currently includes approximately 108.77 acres within the City of Eagle Lake, located in Polk County, Florida. The development program for the District currently envisions approximately 263 residential units. The proposed development program is depicted in Table 1. It is recognized that such land use plan may change, and this Supplemental Report will be modified or supplemented accordingly. The improvements contemplated by the District for the CIP will provide facilities that benefit the assessable property within the District. Specifically, the District will construct  and/or  acquire  certain  offsite  road  improvements,  stormwater

management, utilities, internal roadways, entry feature and signage, park and recreational facilities, and contingency. The acquisition and construction costs are summarized in Table 2.

The assessment methodology is a four-step process.

The District Engineer must first determine the expected public infrastructure improvements to be provided by the District and the costs to implement the CIP.
The District Engineer determines the assessable acres that benefit from the District’s CIP.
A calculation is made to determine the funding amounts necessary to acquire and/or construct the CIP.
This amount is initially divided equally among the benefited properties within the District on a prorated assessable acreage basis. Ultimately, as land is platted, this amount will be assigned to each of the benefited properties based on the number of platted units.

Special Benefits and General Benefits

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

However, as discussed within this Supplemental Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits, which accrue to property within the District. The implementation of the CIP enables properties within the District to be developed. Without the District’s CIP, there would be no infrastructure to support development of land within the District. Without these improvements, development of the property within the District would be prohibited by law.

There is no doubt that the general public and property owners outside of the District will benefit from the provision of the CIP. However, these benefits will be incidental for the purpose of the CIP, which is designed solely to meet the needs of property within the District. Properties outside of the District boundaries do not depend upon the District’s CIP. The property owners within the District are therefore receiving special benefits not received by those outside the District’s boundaries.

Requirements of a Valid Assessment Methodology

There are two requirements under Florida law for a valid special assessment:

The properties must receive a special benefit from the improvements being paid for and constructed.
The assessments must be fairly and reasonably allocated to the properties being assessed based on the special benefit such properties receive.

Florida law provides for a wide application of special assessments that meet these two characteristics of special assessments.

Special Benefits Exceed the Costs Allocated

The special benefits provided to the property owners within the District will be greater than the costs associated with providing these benefits. The District Engineer estimates that the District’s CIP that is necessary to support full development of property within the District will cost approximately $6,776,825. FMSbonds, Inc. as the District’s underwriter (the “Underwriter”) has projected that financing costs required to fund a portion of the CIP, the cost of issuance of the Bonds, and the funding of a debt service reserve account will be $3,800,000. Without the CIP, the property within the District would not be able to be developed and occupied by future residents of the community.

2.0	Assessment Methodology

Overview

The District will issue on July 8, 2022, $3,800,000 in Bonds to fund a portion of the District’s CIP, a debt service reserve account and pay cost of issuance. It is the purpose of this Supplemental Report to allocate the $3,800,000 in debt to the properties within the District benefiting from the CIP.

Table 1 identifies the land uses as identified by the developer within the District. The District Engineer’s Report includes estimated construction costs for the CIP needed to support the development of the District, which construction costs are outlined in Table
2. The improvements needed to support the development of the District are described in detail in the Engineer’s Report and are estimated to cost $6,776,825. Based on the estimated costs, the size of the bond issue under current market conditions needed to generate funds to pay for a portion of the CIP and related costs was determined by the Underwriter to total $3,800,000. Table 3 shows the breakdown of the bond sizing.

Allocation of Debt

Allocation of debt is a continuous process until the development plan for the District is completed. Until the platting process occurs, the CIP funded by District bonds benefits all acres within the District.

The initial assessments will be levied on an equal basis to all gross acreage within the District. A fair and reasonable methodology allocates the debt incurred by the District proportionately to the properties receiving the special benefits. At this point all of the lands within the District are benefiting from the improvements.

Once platting or the recording of a declaration of condominium of any portion of the District into individual lots or units (“Assigned Properties”) has begun, the assessments will be levied to the Assigned Properties based on the benefits they receive, on a first platted, first assigned basis. The “Unassigned Properties” defined as property that has not been platted or subjected to a declaration of condominium, will continue to be assessed on a per acre basis. Eventually the development plan will be completed and the debt relating to the bonds will be allocated to the platted units of the District, which are the beneficiaries of the CIP, as depicted in Table 5 and Table
6. If there are changes to development plan, a true up of the assessment will be calculated to determine if a debt reduction or true-up payment from the developer is required. The process is outlined in Section 3.0.

The assignment of debt in this Supplemental Report sets forth the process by which debt is apportioned. As mentioned herein, this Supplemental Report may be supplemented from time to time if the number of planned units should change.

Allocation of Benefit

The CIP consists of offsite road improvements, stormwater management, utilities, internal roadways, entry feature and signage, park and recreational facilities, and contingency. There are two product types within the planned development. The single family 50’ home has been set as the base unit and has been assigned one equivalent residential unit (“ERU”). Table 4 shows the allocation of benefit to the particular land uses. It is important to note that the benefit derived from the CIP exceeds the cost that the units will be paying for such benefits.

Lienability Test: Special and Peculiar Benefit to the Property

Construction and/or acquisition by the District of its proposed CIP will provide several types of systems, facilities and services for its residents. These include offsite road improvements, stormwater management, utilities, internal roadways, entry feature and signage, park and recreational facilities, and contingency. These improvements accrue in differing amounts and are somewhat dependent on the type

of land use receiving the special benefits peculiar to those properties, which flow from the logical relationship of the improvements to the properties.

Once these determinations are made, they are reviewed in the light of the special benefits peculiar to the property, which flow to the properties as a result of their logical connection from the improvements in fact actually provided.

For the provision of the CIP, the special and peculiar benefits are:

the added use of the property,
added enjoyment of the property, and
the probability of increased marketability and value of the property.

These special and peculiar benefits are real and ascertainable, but are not yet capable of being calculated as to value with mathematical certainty. However, each is more valuable than either the cost of, or the actual non-ad valorem special assessment levied for the improvement or the debt as allocated.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments

A reasonable estimate of the proportion of special and peculiar benefits received from the public improvements described in the Engineer’s Report is delineated in Table 5 (expressed as Allocation of Par Debt per Product Type). This is also shown on Table 7 depicting Allocation of Par Debt per Product Type.

The determination has been made that the duty to pay the non-ad valorem special assessments is fairly and reasonably apportioned because the special and peculiar benefits to the property derived from the acquisition and/or construction of the CIP have been apportioned to the property within the District according to reasonable estimates of the special and peculiar benefits provided consistent with the land use categories.

Accordingly, no acre or parcel of property within the boundaries of the District will have a lien for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property and therefore, the debt allocation will not be increased more than the debt allocation set forth in this Supplemental Report.

In accordance with the benefit allocation suggested for the product types in Table 4, a total debt per unit and an annual assessment per unit have been calculated for each product type (Table 6). These amounts represent the preliminary anticipated per unit debt allocation assuming all anticipated units are built and sold as planned, and the entire proposed CIP is constructed.

True Up Mechanism

Although the District does not process plats, declaration of condominiums, site plans or revisions thereto for the developer, it does have an important role to play during the course of platting and site planning. Whenever a plat, declaration of condominium or site plan is processed, the District must allocate a portion of its debt to the property according to this Supplemental Report outlined herein. In addition, the District must also prevent any buildup of debt on Unassigned Properties. Otherwise, the land could be fully conveyed and/or platted without all of the debt being allocated. To preclude this, when platting for 25%, 50%, 75% and 100% of the units planned for platting has occurred within the District, the District will determine the amount of anticipated assessment revenue that remains on the Unassigned Properties, taking into account the full development plan of the District. If the total anticipated assessment revenue to be generated from the Assigned and Unassigned Properties is greater than or equal to the maximum annual debt service then no debt reduction or true-up payment is required. In the case that the revenue generated is less then the required amount then a debt reduction or true-up payment by the landowner in the amount necessary to reduce the par amount of the outstanding bonds plus accrued interest to a level that will be supported by the new net annual debt service assessments will be required.

If a true-up payment is made less than 45 days prior to an interest payment date, the amount of accrued interest will be calculated to the next succeeding interest payment date.

Assessment Roll

The District will initially distribute the liens across the property within the District boundaries on a gross acreage basis. As Assigned Properties becomes known with certainty, the District will refine its allocation of debt from a per acre basis to a per unit basis as shown in Table 6. If the land use plan changes, then the District will update Table 6 to reflect the changes as part of the foregoing true-up process. As a result, the assessment liens are neither fixed nor are they determinable with certainty on any acre of land within the District prior to the time final Assigned Properties become known. The current assessment roll is attached as Table 7.

TABLE 1
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT DEVELOPMENT PROGRAM
SUPPLEMENTAL ASSESSMENT METHODOLOGY

Product Types	No. of Units *	Totals	ERUs per Unit (1)	Total ERUs	
Single Family 40'	150	150	0.8	120	
Single Family 50'	113	113	1.0	113	
Total Units	263	263		233	

(1) Benefit is allocated on an ERU basis; based on density of planned development, with a Single Family 50' unit equal to 1 ERU

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 2
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE COST ESTIMATES
SUPPLEMENTAL ASSESSMENT METHODOLOGY

Capital Improvement Plan ("CIP")	(1)	Total Cost Estimate	
Offsite Road Improvements		$364,250	
Stormwater Management		$1,897,500	
Utilities		$2,076,500	
Interal Roadways		$1,072,500	
Entry Feature and Signage		$200,000	
Park and Recreational Facilities		$550,000	
Contingency		$616,075	
Total		$6,776,825	

(1) A detailed description of these improvements is provided in the Engineer's Report dated May 24, 2022

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 3
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT BOND SIZING
SUPPLEMENTAL ASSESSMENT METHODOLOGY

Description	Total
Construction Funds	$3,393,190
Debt Service Reserve	$127,873
Capitalized Interest	$0
Underwriters Discount	$76,000
Cost of Issuance	$202,937

Par Amount*	$3,800,000

Bond Assumptions:

Average Coupon
Amortization Capitalized Interest Debt Service Reserve Underwriters Discount

5.34%
30 years
None 50% Max Annual D/S
2%

* Par amount is subject to change based on the actual terms at the sale of the Bonds

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 4
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT ALLOCATION OF BENEFIT
SUPPLEMENTAL ASSESSMENT METHODOLOGY

Total
Improvements
Product Types	No. of
Units *	ERU
Factor	Total
ERUs	% of Total
ERUs	Costs Per Product
Type	Improvement
Costs Per Unit	
Single Family 40'	150	0.8	120	51.50%	$3,490,210	$23,268	
Single Family 50'	113	1.0	113	48.50%	$3,286,615	$29,085	
Totals	263		233	100.00%	$6,776,825		

* Unit mix is subject to change based on marketing and other facto

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 5
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT ALLOCATION OF TOTAL BENEFIT/PAR DEBT TO EACH PRODUCT TYPE SUPPLEMENTAL ASSESSMENT METHODOLOGY

Product Types	
No. of Units *	Total Improvements Costs Per Product Type	Allocation of Par Debt Per Product Type	
Par Debt Per Unit	
Single Family 40'	150	$3,490,210	$1,957,082	$13,047	
Single Family 50'	113	$3,286,615	$1,842,918	$16,309	
Totals	263	$6,776,825	$3,800,000		

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 6
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT
PAR DEBT AND ANNUAL ASSESSMENTS FOR EACH PRODUCT TYPE SUPPLEMENTAL ASSESSMENT METHODOLOGY

Product Types	
No. of Units *	Allocation of Par Debt Per Product Type	
Total Par Debt Per Unit	
Maximum Annual Debt Service	
Net Annual Debt Assessment Per Unit	Gross Annual Debt Assessment Per Unit (1)	
Single Family 40'	150	$1,957,082	$13,047	$131,715	$878	$944	
Single Family 50'	113	$1,842,918	$16,309	$124,032	$1,098	$1,180	
Totals	263	$3,800,000		$255,747			

(1) This amount includes collection fees and early payment discounts when collected on the County Tax Bill

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 7
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY ASSESSMENT ROLL
SUPPLEMENTAL ASSESSMENT METHODOLOGY

Owner	
Property*	
Acres	Total Par Debt Allocation Per Acre	
Total Par Debt Allocated	Net Annual Debt Assessment Allocation	Gross Annual Debt Assessment Allocation (1)	
Eagle Hammock of Eagle Lake LLC Eagle Hammock CDD	108.77	$34,936	$3,800,000	$255,747	$274,997	
Totals	108.77		$3,800,000	$255,747	$274,997	

(1) This amount includes 7% to cover collection fees and early payment discounts when collected utilizing the uniform method.

Annual Assessment Periods
Average Coupon Rate (%) Maximum Annual Debt Service

30
5.34%
$255,747

* - See Metes and Bounds, attached as Exhibit A

Prepared by: Governmental Management Services - Central Florida, LLC

Exhibit A
LEGAL DESCRIPTION
(BY SURVEYOR)

EAGLE HAMMOCK CDD POLK COUNTY, FLORIDA LEGAL DESCRIPTION

A PARCEL OF LAND LYING IN SECTIONS 7 AND 8, TOWNSHIP 29 SOUTH, RANGE 26 EAST, POLK COUNTY, FLORIDA AND CONTAINING ALL OR PARTS OF LOTS 75, 78, 79, 101, 102, 103, 105, 106, 107, AND 108, AND CERTAIN PLATTED, UNOPENED RIGHTS-OF-WAY AROUND AND BETWEEN SAID LOTS, ALL OF WAHNETA FARMS AS RECORDED IN PLAT BOOK 1, PAGES 82A AND 82B OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA, AND CONTAINING ALL OF LOTS 1, 2, 3, AND 4, AND CERTAIN PLATTED, UNOPENED RIGHTS-OF-WAY AROUND AND BETWEEN SAID LOTS, ALL OF J.A. JOHNSON'S SUBDIVISION AS RECORDED IN PLAT BOOK 2, PAGE 103, OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE SOUTHWEST CORNER OF THE NORTHWEST 1/4 OF SAID SECTION 8, THE SAME ALSO BEING THE SOUTHEAST CORNER OF THE NORTHEAST 1/4 OF THE AFOREMENTIONED SECTION 7; THENCE NORTH 00°15'06" WEST ALONG THE WEST BOUNDARY OF THE NORTHWEST 1/4 OF SAID SECTION 8, AND THE EAST BOUNDARY OF THE NORTHEAST 1/4 OF SAID SECTION 7, A DISTANCE OF 1992.22 FEET TO THE INTERSECTION WITH THE WESTERLY EXTENSION OF THE NORTH LINE OF THE AFOREMENTIONED LOT 75, WAHNETA FARMS; THENCE NORTH 89°40'06" EAST, ALONG SAID EXTENSION AND THE NORTH LINE OF SAID LOT 75, A DISTANCE OF 660.70 FEET TO THE EAST LINE THEREOF; THENCE SOUTH 00°07'26" EAST ALONG SAID EAST LINE, A DISTANCE OF 667.66 FEET TO THE CENTERLINE OF THAT PLATTED, UNOPENED RIGHT-OF-WAY LYING NORTH OF THE AFOREMENTIONED LOT 79; THENCE NORTH 89°40'41" EAST ALONG SAID CENTERLINE, A DISTANCE OF
661.86 FEET TO THE INTERSECTION WITH THE NORTHERLY EXTENSION OF THE EAST LINE OF THE AFORESAID LOT 79; THENCE SOUTH
00°12'51" EAST ALONG SAID EXTENSION AND THE SAID EAST LINE OF LOT 79, A DISTANCE OF 674.79 FEET TO THE INTERSECTION WITH THE SOUTH LINE OF THE NORTH 15.00 FEET OF THE AFOREMENTIONED LOT 101; THENCE NORTH 89°52'46" EAST ALONG SAID SOUTH LINE OF THE NORTH 15.00 FEET OF LOT 101, A DISTANCE OF 659.19 FEET TO A POINT ON THE EAST LINE OF SAID LOT 101; THENCE SOUTH 00°41'43" EAST ALONG THE EAST LINE OF SAID LOT 101, A DISTANCE OF 655.14 FEET TO THE SOUTH BOUNDARY OF THE AFOREMENTIONED NORTHWEST 1/4 OF SECTION 8; THENCE SOUTH 89°53'50" WEST ALONG SAID SOUTH BOUNDARY, A DISTANCE OF 665.40 FEET TO THE EAST LINE OF THE AFOREMENTIONED LOT 1, J.A. JOHNSON'S SUBDIVISION; THENCE SOUTH 00°19'33" EAST ALONG THE EAST LINE OF SAID LOT 1 AND THE EAST LINE OF THE AFOREMENTIONED LOT 4 OF J.A. JOHNSON'S SUBDIVISION, A DISTANCE OF 605.95 FEET TO A POINT WHICH LIES 54.58 FEET NORTH OF THE SOUTHEAST CORNER OF SAID LOT 4; THENCE DEPARTING SAID EAST LINE, SOUTH 24°19'20" WEST, A DISTANCE OF 59.95 FEET TO THE INTERSECTION WITH THE SOUTH LINE OF SAID LOT 4 AT A POINT WHICH LIES 25.00 FEET WEST OF THE AFOREMENTIONED SOUTHEAST CORNER OF LOT 4; THENCE SOUTH 89°53'44" WEST ALONG THE SOUTH LINE OF SAID LOT 4 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 3 OF J.A. JOHNSON'S SUBDIVISION, A DISTANCE OF 1295.69 FEET TO THE INTERSECTION WITH THE EAST LINE OF THE AFOREMENTIONED LOT 108 OF WAHNETA FARMS; THENCE SOUTH 00°11'56" EAST ALONG THE EAST LINE OF SAID LOT 108, A DISTANCE OF 50.00 FEET TO THE SOUTH LINE OF THE NORTH 50 FEET OF SAID LOT 8; THENCE NORTH 89°53'07" WEST ALONG SAID SOUTH LINE OF THE NORTH 50 FEET, A DISTANCE OF 645.01 FEET TO THE WEST LINE OF THE EAST 645 FEET OF THE NORTH 50 FEET OF SAID LOT 108; THENCE NORTH 00°11'56" WEST ALONG SAID WEST LINE, A DISTANCE OF 50.00 FEET TO THE NORTH LINE OF SAID LOT 108 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 107, WAHNETA FARMS; THENCE NORTH 89°53'07" WEST ALONG THE SOUTH LINE OF SAID LOT 107 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 106, A DISTANCE OF 50.61 FEET; THENCE DEPARTING THE SOUTH LINE OF SAID LOT 106, NORTH 00°07'56" EAST, A DISTANCE OF 20.00 FEET; THENCE NORTH 89°53'07" WEST, 20.00 FEET NORTH OF AND PARALLEL TO THE AFORESAID SOUTH LINE OF LOT 106, A DISTANCE OF 195.93 FEET TO THE NORTHERLY MAINTAINED RIGHT-OF-WAY OF EAGLE LAKE LOOP ROAD AS RECORDED IN MAP BOOK 4, PAGE 223 OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA; THENCE NORTHWESTERLY ALONG SAID RIGHT-OF-WAY LINE THE FOLLOWING SEVEN (7) COURSES: 1.) NORTH 40°28'10" WEST, 77.36 FEET; THENCE 2.) NORTH 44°06'55" WEST, 109.56 FEET; THENCE 3.) NORTH
45°00'53" WEST, 100.56 FEET; THENCE 4.) NORTH 48°32'46" WEST, 100.10 FEET; THENCE 5.) NORTH 50°22'41" WEST, 100.01 FEET; THENCE 6.) NORTH 53°15'12" WEST, 102.85 FEET; THENCE 7.) NORTH 61°07'59" WEST, 4.86 FEET TO THE WEST LINE OF THE AFORESAID LOT 106 OF WAHNETA FARMS; THENCE DEPARTING SAID RIGHT-OF-WAY LINE, NORTH 00°01'42" EAST ALONG THE WEST LINE OF SAID LOT 106 AND THE WEST LINE OF THE AFOREMENTIONED LOT 105, A DISTANCE OF 908.42 FEET TO THE NORTHWEST CORNER OF SAID LOT 105; THENCE SOUTH 89°39'01" EAST ALONG THE NORTH LINE OF SAID LOT 105, A DISTANCE OF 654.79 FEET TO THE NORTHEAST CORNER THEREOF; THENCE SOUTH
00°06'38" EAST ALONG THE EAST LINE OF SAID LOT 105, A DISTANCE OF 663.31 FEET TO THE SOUTH LINE OF THE NORTHEAST 1/4 OF SAID SECTION 7; THENCE SOUTH 89°34'42" EAST ALONG THE SOUTH LINE OF THE NORTHEAST 1/4 OF SECTION 7, A DISTANCE OF 668.79 FEET RETURNING TO THE POINT OF BEGINNING.

CONTAINING: 108.77 ACRES, MORE OR LESS.

1925 US HWY 98 S, SUITE 201
LAKELAND, FL 33801
PHONE:(863) 940-9979
Certificate of Authorization #30194 www.GaddCivil.com

EXHIBIT 2
EAGLE HAMMOCK COMMUNITY DEVELOPMENT DISTRICT
1065 EAGLE LAKE LOOP ROAD EAGLE LAKE, FL 33839
LEGAL DESCRIPTION

Exhibit C
LEGAL DESCRIPTION OF SERIES 2022 ASSESSMENT AREA EAGLE HAMMOCK

A PARCEL OF LAND LYING IN SECTIONS 7 AND 8, TOWNSHIP 29 SOUTH, RANGE 26 EAST, POLK COUNTY, FLORIDA AND CONTAINING ALL OR PARTS OF LOTS 75, 78, 79, 101, 102, 103, 105, 106, 107, AND 108, AND CERTAIN PLATTED, UNOPENED RIGHTS-OF-WAY AROUND AND BETWEEN SAID LOTS, ALL OF WAHNETA FARMS AS RECORDED IN PLAT BOOK 1, PAGES 82A AND 82B OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA, AND CONTAINING ALL OF LOTS 1, 2, 3, AND 4, AND CERTAIN PLATTED, UNOPENED RIGHTS-OF-WAY AROUND AND BETWEEN SAID LOTS, ALL OF J.A. JOHNSON'S SUBDIVISION AS RECORDED IN PLAT BOOK 2, PAGE 103, OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE SOUTHWEST CORNER OF THE NORTHWEST 1/4 OF SAID SECTION 8, THE SAME ALSO BEING THE SOUTHEAST CORNER OF THE NORTHEAST 1/4 OF THE AFOREMENTIONED SECTION 7; THENCE NORTH 00°15'06" WEST ALONG THE WEST BOUNDARY OF THE NORTHWEST 1/4 OF SAID SECTION 8, AND THE EAST BOUNDARY OF THE NORTHEAST 1/4 OF SAID SECTION 7, A DISTANCE OF 1992.22 FEET TO THE INTERSECTION WITH THE WESTERLY EXTENSION OF THE NORTH LINE OF THE AFOREMENTIONED LOT 75, WAHNETA FARMS; THENCE NORTH 89°40'06" EAST, ALONG SAID EXTENSION AND THE NORTH LINE OF SAID LOT 75, A DISTANCE OF 660.70 FEET TO THE EAST LINE THEREOF; THENCE SOUTH 00°07'26" EAST ALONG SAID EAST LINE, A DISTANCE OF 667.66 FEET TO THE CENTERLINE OF THAT PLATTED, UNOPENED RIGHT-OF-WAY LYING NORTH OF THE AFOREMENTIONED LOT 79; THENCE NORTH 89°40'41" EAST ALONG SAID CENTERLINE, A DISTANCE OF
661.86 FEET TO THE INTERSECTION WITH THE NORTHERLY EXTENSION OF THE EAST LINE OF THE AFORESAID LOT 79; THENCE SOUTH 00°12'51" EAST ALONG SAID EXTENSION AND THE SAID EAST LINE OF LOT 79, A DISTANCE OF 674.79 FEET TO THE INTERSECTION WITH THE SOUTH LINE OF THE NORTH
15.00 FEET OF THE AFOREMENTIONED LOT 101; THENCE NORTH 89°52'46" EAST ALONG SAID SOUTH LINE OF THE NORTH 15.00 FEET OF LOT 101, A DISTANCE OF 659.19 FEET TO A POINT ON THE EAST LINE OF SAID LOT 101; THENCE SOUTH 00°41'43" EAST ALONG THE EAST LINE OF SAID LOT 101, A DISTANCE OF 655.14 FEET TO THE SOUTH BOUNDARY OF THE AFOREMENTIONED NORTHWEST 1/4 OF SECTION 8; THENCE SOUTH 89°53'50" WEST ALONG SAID SOUTH BOUNDARY, A DISTANCE OF 665.40 FEET TO THE EAST LINE OF THE AFOREMENTIONED LOT 1, J.A. JOHNSON'S SUBDIVISION; THENCE SOUTH 00°19'33" EAST ALONG THE EAST LINE OF SAID LOT 1 AND THE EAST LINE OF THE AFOREMENTIONED LOT 4 OF J.A. JOHNSON'S SUBDIVISION, A DISTANCE OF 605.95 FEET TO A POINT WHICH LIES 54.58 FEET NORTH OF THE SOUTHEAST CORNER OF SAID LOT 4; THENCE DEPARTING SAID EAST LINE, SOUTH 24°19'20" WEST, A DISTANCE OF 59.95 FEET TO THE INTERSECTION WITH THE SOUTH LINE OF SAID LOT 4 AT A POINT WHICH LIES 25.00 FEET WEST OF THE AFOREMENTIONED SOUTHEAST CORNER OF LOT 4; THENCE SOUTH 89°53'44" WEST ALONG THE SOUTH LINE OF SAID LOT 4 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 3 OF J.A. JOHNSON'S SUBDIVISION, A DISTANCE OF 1295.69 FEET TO THE INTERSECTION WITH THE EAST LINE OF THE AFOREMENTIONED LOT 108 OF WAHNETA FARMS; THENCE SOUTH 00°11'56" EAST ALONG THE EAST LINE OF SAID LOT 108, A DISTANCE OF 50.00 FEET TO THE SOUTH LINE OF THE NORTH 50 FEET OF SAID LOT 8; THENCE NORTH 89°53'07" WEST ALONG SAID SOUTH LINE OF THE NORTH 50 FEET, A DISTANCE OF 645.01 FEET TO THE WEST LINE OF THE EAST 645 FEET OF THE NORTH 50 FEET OF SAID LOT 108; THENCE NORTH 00°11'56" WEST ALONG SAID WEST LINE, A DISTANCE OF 50.00 FEET TO THE NORTH LINE OF SAID LOT 108 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 107, WAHNETA FARMS; THENCE NORTH 89°53'07" WEST ALONG THE SOUTH LINE OF SAID LOT 107 AND THE SOUTH LINE OF THE AFOREMENTIONED LOT 106, A DISTANCE OF 50.61 FEET; THENCE DEPARTING THE SOUTH LINE OF SAID LOT 106, NORTH 00°07'56" EAST, A DISTANCE OF

20.00 FEET; THENCE NORTH 89°53'07" WEST, 20.00 FEET NORTH OF AND PARALLEL TO THE AFORESAID SOUTH LINE OF LOT 106, A DISTANCE OF 195.93 FEET TO THE NORTHERLY MAINTAINED RIGHT-OF-WAY OF EAGLE LAKE LOOP ROAD AS RECORDED IN MAP BOOK 4, PAGE 223 OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA; THENCE NORTHWESTERLY ALONG SAID RIGHT-OF-WAY LINE THE FOLLOWING SEVEN
(7) COURSES: 1.) NORTH 40°28'10" WEST, 77.36 FEET; THENCE 2.) NORTH 44°06'55" WEST, 109.56 FEET;
THENCE 3.) NORTH 45°00'53" WEST, 100.56 FEET; THENCE 4.) NORTH 48°32'46" WEST, 100.10 FEET;
THENCE 5.) NORTH 50°22'41" WEST, 100.01 FEET; THENCE 6.) NORTH 53°15'12" WEST, 102.85 FEET; THENCE 7.) NORTH 61°07'59" WEST, 4.86 FEET TO THE WEST LINE OF THE AFORESAID LOT 106 OF WAHNETA FARMS; THENCE DEPARTING SAID RIGHT-OF-WAY LINE, NORTH 00°01'42" EAST ALONG THE WEST LINE OF SAID LOT 106 AND THE WEST LINE OF THE AFOREMENTIONED LOT 105, A DISTANCE OF
908.42 FEET TO THE NORTHWEST CORNER OF SAID LOT 105; THENCE SOUTH 89°39'01" EAST ALONG THE NORTH LINE OF SAID LOT 105, A DISTANCE OF 654.79 FEET TO THE NORTHEAST CORNER THEREOF; THENCE SOUTH 00°06'38" EAST ALONG THE EAST LINE OF SAID LOT 105, A DISTANCE OF 663.31 FEET TO THE SOUTH LINE OF THE NORTHEAST 1/4 OF SAID SECTION 7; THENCE SOUTH 89°34'42" EAST ALONG THE SOUTH LINE OF THE NORTHEAST 1/4 OF SECTION 7, A DISTANCE OF 668.79 FEET RETURNING TO THE POINT OF BEGINNING.
CONTAINING: 108.77 ACRES, MORE OR LESS.

Exhibit D: Maturities and Coupons of Series 2022 Bonds

Exhibit E: Sources and Uses of Funds for Series 2022 Bonds

Exhibit F: Annual Debt Service Payment Due on Series 2022 Bonds