Gardens at Hammock Beach Community Development District

Agenda June 18, 2024

Agenda

June 11, 2024

Gardens at Hammock Beach
Community Development District
219 East Livingston Street, Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526

Board of Supervisors Gardens at Hammock Beach
Community Development District

Dear Board Members:

The meeting of the Board of Supervisors of Gardens at Hammock Beach Community Development District will be held Tuesday, June 18, 2024 at 9:30 AM at the Hilton Garden Inn Palm Coast/Town Center, 55 Town Center Blvd., Palm Coast, Florida. PLEASE NOTE THE DATE AND TIME OF THE MEETING. Following is the advance agenda for the meeting:

Roll Call
Public Comment Period
Approval of Minutes of the May 17, 2024 Meeting
Review and Acceptance of Fiscal Year 2023 Audit Report
Financing Matters – Phase 1-3 Tract
Consideration of Supplemental Engineer’s Report – Phase 1-3 Tract
Consideration of Amended and Restated Master Assessment Methodology Report for the Phase 1-3 Tract
Consideration of Final Supplemental Assessment Methodology for the Phase 1- 3 Tract
Consideration of Resolution 2024-07 Finalizing the Series 2024-1 Bonds
Consideration of Resolution 2024-08 Finalizing the Series 2024-2 Bonds
Consideration of Acquisition of Completed Improvements for Assessment Area One –
Under Separate Cover
Consideration of Series 2024 Bonds Requisition #1 – Under Separate Cover
Consideration of Revised Proposed Fiscal Year 2025 Budget
Consideration of Resolution 2024-09 Designating Assistant Secretary
Staff Reports
Attorney
Engineer and Maintenance Report
District Manager's Report
Balance Sheet and Income Statement
Ratification of Funding Request #32
Other Business
Supervisor's Requests
Adjournment

The balance of the agenda will be discussed at the meeting. In the meantime, if you should have any questions, please do not hesitate to contact me.

Sincerely,

Jeremy LeBrun
Jeremy LeBrun District Manager

Enclosures

Minutes

MINUTES OF MEETING GARDENS AT HAMMOCK BEACH
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Gardens at Hammock Beach Community Development District was held on Friday, May 17, 2024 at 9:00 a.m. at the Hilton Garden Inn Palm Coast, 55 Town Center Boulevard, Palm Coast, Florida.
Present and constituting a quorum were:

Clint Smith	Chairman
David Lusby	Vice Chairman
David Root	Assistant Secretary Also present was:
George Flint	District Manager
Jeremy LeBrun	GMS
Vincent Sullivan	District Counsel
Michael Chiumento III	District Counsel Parker Mynchenberg (via phone)	District Engineer Ken Belshe	Sunbelt
Danielle Ferguson	Sunbelt
Sara Zare (via phone)	MBS Capital Markets
Kendall Bulleit (via phone)	MBS Capital Markets
Lo Etienne (via phone)	Bryant Miller Olive

The following is a summary of the discussions and actions taken at the May 17, 2024 Gardens at Hammock Beach Community Development District’s Meeting.

FIRST ORDER OF BUSINESS	Roll Call
Mr. Flint called the meeting to order at 9:00 a.m. A quorum was present.

SECOND ORDER OF BUSINESS	Public Comment Period
There being no comments, the next item followed.

THIRD ORDER OF BUSINESS	Approval of Minutes of the March 22, 2024
Meeting
Mr. Flint presented the minutes of the March 22, 2024 meeting, which were included in the agenda package. The Board had no changes to the minutes.

On MOTION by Mr. Livingston seconded by Mr. Root with all in favor the Minutes of the July 23, 2023 Meeting were approved, as presented.

FOURTH ORDER OF BUSINESS	Financing Matters – Phase 1-3 Tract
Consideration of Amended and Restated Master Engineer’s Report – Phase 1-3 Tract
Mr. Flint reported that the District Engineer prepared a Master Engineer’s Report, which was included in the agenda package. The Board went through the assessment process, based on this report and defined the assessment area, which was the Phase 1 through 3 Tract area, in Assessment Area 1. However, the structure of the bond issue changed and there were now two assessment areas. As a result, for purposes of clarity, the District Engineer was asked to modify the Master Engineers Report. The costs were not modified, so it did not impact the assessment process that they went through but eliminated the references to Assessment Area 1 and implemented the Phase 1 through 3 Tract terminology. Mr. Mynchenberg confirmed that the Master Engineer’s Report was updated with the Phase 1 through 3 Tract.

On MOTION by Mr. Root seconded by Mr. Livingston with all in favor the Amended and Restated Master Engineer’s Report dated April 2024 for Phase 1-3 Tract was approved.

Consideration of Supplemental Engineer’s Report – Phase 1-3 Tract
Mr. Flint reported that the District Engineer was also asked to prepare a Supplemental Engineers Report for the Phase 1 through 3 Tract, in order to update the costs, phasing terminology and timing permit status. Mr. Mynchenberg indicated that there were now some actual costs, since the Phase 1 through 3 Tract was constructed and as a result, the Phasing Plan and other documents for the Phase 1 through 3 Tract, were updated.

On MOTION by Mr. Livingston seconded by Mr. Smith with all in favor the Supplemental Engineer’s Report dated April, 2024 for the Phase 1-3 Tract was approved.

Consideration of Preliminary Supplemental Assessment Methodology Report for Phase 1-3 Tract
Mr. Flint presented the Preliminary Supplemental Assessment Methodology Report for the Phase 1 through 3 Tract, using the Supplemental Engineer’s Report, which would also be used by the Underwriter for purposes of marketing the bonds. Table 1, on Page 9 of the

Preliminary Supplemental Assessment Methodology Report, showed two assessment areas. Assessment Area One was for the Phase 1 through 3 Tract and there were 50-, 60- and 80-foot products, totaling 211 units. Equivalent Residential Unit (ERU) factors were based on the product type. In Assessment Area Two, there were 124 60-foot units planned for Phase 2. Table 2 show the construction cost estimates that were taken from the Engineer's Report, which was broken out by phase and assessment area. Table 3 has the preliminary bond sizing, breaking out Assessment Area 1 and Assessment Area 2, based on the conservative bond assumptions, which were listed at the bottom of that table. A par amount of $4,650,000 was projected for the Assessment Area 1 bonds and of that, $400,000 would be construction funds. For Assessment Area 2, there would be an $8.3 million par amount, with about $6.66 million in construction funds. The total of those two series would be a par amount of $12,000,950. The structure of the deal proposed two separate series of bonds, one for Assessment Area 1 and one for Assessment Area 2. There was a desire by the developer to have level assessments in Assessment Area 1 for all units, regardless of lot size, but in order to do so, Table five on Page 13, recognized developer contributions to equalize the par debt per unit on the different product types. The developer would not need to write a check for $1.5 million; however, they would have to document that there was $1.5 million in infrastructure, when proceeding with the acquisition and conveyances of the infrastructure. Once the Underwriter prices and markets the bonds, the Preliminary Supplemental Assessment Methodology Report would be updated to reflect the final terms, interest rates, etc. and these numbers will change based on the actual pricing. However, this was preliminary for purposes of marketing the bonds.
Mr. Smith asked if the developer was going to redeem $5.5 million, as stated in Table 6 of the report, as the Preliminary Limited Offering Memorandum (PLOM) reflected $5.7 million. Ms. Zare confirmed that this number was updated, but this was preliminary until they priced the bonds. This comment was provided to counsel last night to modify the current numbers and the next PLOM would include these numbers. Mr. Belshe voiced concern about the developer’s reduction of the $5.5 million and asked if it would come across all of the bonds, which would then reduce the yearly debt service for each lot, in a manner that reduced the yearly debt service. In other words, there was one debt service payment on each lot, before the developer paid the
$5.5 million, but when that $5.5 million comes off, Mr. Belshe questioned whether it would reduce the yearly debt service to $1,750. Ms. Zare explained that it does, but after the

prepayment of $5.5 million was made, it would reduce the special assessment for each lot to
$1,750 in Phase 2. Mr. Root pointed out that it was a due on sale. Mr. Livingston was hoping that it was a due on sale, but there was no expectation that the yearly debt service per lot, would remain the same, as it was prior to the $5.5 million contribution. Mr. Flint pointed out that it would be reduced to $1,750 going forward, as noted in the footnote on the bottom of Table 14 and in the PLOM. Mr. Belshe appreciated the clarification. Ms. Ferguson asked if Table 7 would be updated to reflect the current ownership, as four or five lots were showing under Palm Coast Intracoastal, that have since sold and were not yet reflected. Mr. Flint confirmed that it could be updated to the point where they issue the final after the pricing; however, they already went through the assessment process and mailed notices were sent, but there would either be on-roll assessments or direct bills for the Phase 1 and 3 lots, in the October timeframe. If it was on the Tax Bill, it would be on the November 24th Tax Bill and there would just be a question of whether the Flagler County Property Appraiser and Tax Collector would recognize it and allow for it to be included on the Tax Roll. However, if they closed on it, they would want to have the most up to date information and requested that Ms. Ferguson provide those corrections, so it could be updated when the report was finalized. Ms. Ferguson asked if they could make those adjustments, if it was not yet showing on the Property Appraiser website. Mr. Flint confirmed that adjustments could be made if the lots were sold and evidence was provided. Ms. Ferguson pointed out that the deeds were already recorded. Mr. Flint requested that they provide the deeds.

On MOTION by Mr. Livingston seconded by Mr. Root with all in favor approval of the Preliminary Supplemental Assessment Methodology Report for the Phase 1-3 Tract, subject to revision of the preliminary assessment was approved.

Consideration of Resolution 2024-02 Delegation Resolution for Assessment Area One (Series 2024-1)
Exhibit A: Form of First Supplemental Trust Indenture
Exhibit B: Form of Contract of Purchase
Exhibit C: Form of Preliminary Limited Offering Memorandum
Exhibit D: Form of Continuing Disclosure Agreement
Mr. Flint indicated that there were two Delegation Resolutions: one for each assessment area. Ms. Zare reported that they were establishing two assessment areas to facilitate the development and financing of the initial phases of this project. Assessment Area 1 was known as the A-bonds to correlate with the various product types and units in Phase one and Phase three,

for a total of about 211 custom estate home sites. Assessment Area 2 correlated with the product types and units in Phase 2, which had a total of 124 residential lots. It was intent for the landowner in Phase 2, to prepay a portion of those assessments to redeem about $5.5 million in par, which would reduce the special assessment down to about $1,750 for each Phase 2 lot. These were two separate trust estates and various provisions for each of the assessment areas, which Ms. Lo Etienne would present. Ms. Lo Etienne of BMO, presented Resolution 2024-02, relating to the Assessment Area 1 issuance, which authorized the District to issue assessment bonds in an amount that exceeds $7 million. It also authorized the application of the bond, whereby the proceeds of the bonds, would be used to pay a portion of the cost of the 2024 project, which was outlined in the Engineer’s Report, to pay capitalized interest through November 1, 2024, fund the debt service reserve account and pay the cost of issuance of the 2024 bonds. Additionally, it appointed MBS Capital Markets (MBS) as Underwriter, US Bank as Trustee, and GMS as Disclosure Representative. Attached to the Resolution was the First Supplemental Trust Indenture, which listed the various accounts that the monies would get deposited through prepayment provisions relating to the bond. There was also a Purchase Contract, which contained the terms of the sale of the bond, a PLOM, which MBS would use to market the bonds and a Continuing Disclosure Agreement, which had certain positions that the developer was required to provide, including the status of the project, annual reports and things of that nature. Lastly, the resolution authorized the Chair and Board Members to execute various documents, including certificates that would close the bond issue.

On MOTION by Mr. Root seconded by Mr. Smith with all in favor Resolution 2024-02 Authorizing the Issuance of Not to Exceed
$7,000,000 Aggregate Principal Amount of Special Assessment Bonds for Assessment Area One, in One or More Series, for Series 2024-1, the Negotiated Sale of the Series 2024-1 Bonds, Appointing the Underwriter, Approving the Form of and Authorizing the Execution and Delivery of a Contract of Purchase with Respect to the Series 2024-1 Bonds and Awarding the Series 2024-1 Bonds to the Underwriter Named Therein Pursuant to the Parameters Set Forth in the Resolution, Approving the Form of and Authorizing the Distribution of the Preliminary Limited Offering Memorandum and its Use by the Underwriter in Connection with the Offering for Sale of the Series 2024-1 Bonds and Approving the Execution and Delivery of a Final Limited Offering Memorandum, Appointing a Dissemination Agent, Authorizing the Execution and Delivery of a

Continuing Disclosure Agreement and Providing for the Application of the Series 2024-1 Bond Proceeds, Authorizing the Proper officials to Do All Things Deemed Necessary in Connection with the Issuance, Sale and Delivery of the Series 2024- 1 Bonds, Making Certain Declarations, Providing for the Registration of the Series 2024-1 Bonds Pursuant to the DTC Book-Entry System and Providing an Effective Date and for Other Purposes was approved.

Consideration of Resolution 2024-03 Authorizing the District to Enter into Agreements Related to the Series 2024-1 Bond Issuance
Mr. Sullivan presented Resolution 2024-03, authorizing the District to enter into ancillary documents for the Series 2024-1 bond issuance in Phase 1. It included a Collateral Assignment Agreement, which provided the landowners assignment of their rights to develop the property to the District, should the developer or landowner default on any of their obligations to the District. There was also a Completion Agreement, which was the landowners guarantee to complete construction of the project and acknowledge that the bonds that were issued, were insufficient for the total value of the construction. Then there was a Declaration of Consent, which was signed by the landowners, agreeing and verifying that the Board had the authority to enter into these resolutions and agreements, to levy bonds against the property and issue liens against the property and collect the repayment funds by the method of a certified tax loan for the Tax Collector. There was also a notice of imposition of special assessments, which was a recorded notice to any future title owner, that the properties were burdened by bond debt. Lastly, there was an Acquisition Agreement with the landowners, which was the guarantee and certification by both the District Engineer and the landowners that the infrastructure was complete and met the standards of build and quality and the District had the right to rely on their certifications and on the construction of this project and facilities, such as water, roads and things of that nature.

On MOTION by Mr. Root seconded by Mr. Smith with all in favor Resolution 2024-03 Authorizing the Proper Officials to Approve the Form of and Authorize the Execution and Delivery of a Completion Agreement, Collateral Assignment and Assumption of Development Rights Relating to the Property, Declaration of Consent to Jurisdiction of the District and Imposition of Special Assessments and Agreement for the Acquisition of Certain Work Product, Materials and Infrastructure and Providing an Effective date and for other Purposes was approved.

Consideration of Resolution 2024-04 Delegation Resolution for Assessment Area Two (Series 2024-2)
Exhibit A: Form of Second Supplemental Trust Indenture
Exhibit B: Form of Contract of Purchase
Exhibit C: Form of Preliminary Limited Offering Memorandum
Exhibit D: Form of Continuing Disclosure Agreement
Ms. Lo Etienne presented Resolution 2024-02, relating to Assessment Area Two, which authorized the issuance of bonds in an amount that exceeds $11 million. It was similar to the last resolution as it also provided for the use of bond proceeds, to fund the Assessment Area Two project, pay the capitalized interest, but for Assessment Area Two, capitalized interest would be through November 1, 2025. It would fund the debt service reserve account and pay the cost of issuance of the 2024 Assessment Area Two bonds. It also appointed MBS as Underwriter, US Bank as Trustee, and GMS as Disclosure Representative. Attached to the Resolution was the Second Supplemental Trust Indenture, as there were two separate trust estates and therefore, there must be two separate indentures. However, there would be one purchase contract, one PLOM, with respect to the Assessment Area Two bond. The resolution also authorized two separate Continuing Disclosure Agreements for the Assessment Area Two project and for the Board to sign and execute all documents related to the bond issuance.

On MOTION by Mr. Root seconded by Mr. Smith with all in favor Resolution 2024-04 Authorizing the Issuance of Not to Exceed
$11,000,000 Aggregate Principal Amount of Special Assessment Bonds for Assessment Area Two, in One or More Series, for Series 2024-2, Determining Certain Details of the Series 2024-2 Bonds, the Negotiated Sale of the Series 2024-1 Bonds, Approving the Form of and Authorizing the Execution and Delivery of a Second Supplemental Trust Indenture, Authorizing the Negotiated Sale of the Series 2024-2 Bonds, Appointing the Underwriter, Approving the Form of and Authorizing the Execution and Delivery of a Contract of Purchase with Respect to the Series 2024-2 Bonds and Awarding the Series 2024-2 Bonds to the Underwriter Named Therein Pursuant to the Parameters Set Forth in the Resolution, Approving the Form of and Authorizing the Distribution of the Preliminary Limited Offering Memorandum and its Use by the Underwriter in Connection with the Offering for Sale of the Series 2024-2 Bonds and Approving the Execution and Delivery of a Final Limited Offering Memorandum, Appointing a Dissemination Agent, Authorizing the Execution and Delivery of a Continuing Disclosure Agreement and Providing for the Application of the Series 2024-2 Bond Proceeds, Authorizing the Proper officials to Do All Things Deemed Necessary in

Connection with the Issuance, Sale and Delivery of the Series 2024- 2 Bonds, Making Certain Declarations, Providing for the Registration of the Series 2024-2 Bonds Pursuant to the DTC Book-Entry System and Providing an Effective Date and for Other Purposes was approved.

Consideration of Resolution 2024-05 Authorizing the District to Enter into Agreements Related to the Series 2024-2 Bond Issuance
Mr. Sullivan presented Resolution 2024-04, which authorized the District to enter into ancillary documents for the bond issuance for Series 2024-2. These were the same documents as Assessment Area One, but the only difference with Assessment Area Two, was there would be a True-Up Agreement. Originally, when undeveloped land was assessed, the total amount of the debt that was being floated against the property, would be on an even per acre basis. Obviously, that would change once it turned into plaited lots and they must reassess it, which was how GMS used the Supplemental Assessment Methodology, to come up with the ERU calculations. There were triggering events during the conversion of unplatted lots to platted lots and they have to make sure that each lot was appropriately burdened by the debt. Therefore, unlike Assessment Area Two, where all of the lots were already platted, Assessment Area One, did not need to have a True-Up Agreement. However, one was required in this case, because it was going from unplatted real property to platted property. It was a developer's agreement that all the bond debt leveled against the properties, when it converted from unplatted to platted, the bond debt was going to be even, based on the benefit received for each property. If it breaks the threshold or the test of more than it should have debt per acre, the developer and landowner were agreeing to make a payment to level out the bonds to bring it back within tolerance. Mr. Flint explained if 124 units were planned and for some reason, the developer ended up only planning 120 units, this True-Up Agreement would be used to pay down the principal associated with the four units that were not ultimately platted, because they could not go back and reallocate the debt from those four units across the other 120 units. Therefore, the True-Up Agreement would obligate the developer to pay the debt down. Mr. Livingston asked what would happen if they platted 150 lots. Mr. Flint explained if 150 lots were platted, they would bring everyone's assessment down. It could be lowered, but not increased.

On MOTION by Mr. Livingston seconded by Mr. Smith with all in favor Resolution 2024-05 Authorizing the Proper Officials to Approve the Form of and Authorize the Execution and Delivery of a  True-Up  Agreement,  Completion  Agreement,  Collateral

Assignment and Assumption of Development Rights Relating to the Property, Declaration of Consent to Jurisdiction of the District and Imposition of Special Assessments and Agreement for the Acquisition of Certain Work Product, Materials and Infrastructure and Providing an Effective date and for other Purposes was approved.

Mr. Flint thanked Ms. Zare and Ms. Etienne for all of their hard work.
FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2024-06
Approving the Conveyance of Real Property and Improvements
Mr. Sullivan presented Resolution 2024-06, approving the conveyance of real property and improvements. It was a multifaceted resolution, which meant that the landowner, Palm Coast Intracoastal, LLC, the landowner and developer, had already constructed some infrastructure improvements, which were utility lift stations. The CDD would be acting as more or less of a pass-through entity. This resolution would be authorizing District staff, to enter into agreements with Palm Coast Intracoastal in the City of Flagler Beach. The CDD would be taking ownership briefly, probably before the next Board meeting, two parcels of property that had lift stations on it. In connection with that conveyance, Palm Coast Intracoastal would be providing a Bill of Sale, showing that there were no liens or warranties and it was constructed in an appropriate manner. They were also agreeing that Palm Coast Intracoastal was going to pay any property taxes that the Tax Collector may assess against the property, based on ownership prior to the CDD taking ownership. After that closing happens and the CDD becomes the owner of the property, the resolution also authorized District staff, to work with the City of Flagler Beach, who was the ultimate utility provider on this project, to convey the lift stations to the City of Flagler beach to maintain and own them. The District would also be entering into a Bill of Sale Agreement to the City of Flagler Beach, based on the Bill of Sale provided by Palm Coast Intracoastal. Ms. Ferguson asked if it included the pipes and anything associated with it. Mr. Sullivan confirmed that it was the pipes and everything associated with the lift station.

On MOTION by Mr. Smith seconded by Mr. Lusby with all in favor Resolution 2024-06 Approving the Conveyance of Real Property and Improvements from Palm Coast Intracoastal, LLC. to the District and from the District to the City of Flagler Beach, Florida, Authorizing District Staff and the Chairman to Review, Execute and Accept all Documents to Effectuate such Conveyance, Providing for Severability and an Effective Date was approved.

SIXTH ORDER OF BUSINESS	Staff Reports
Attorney
There being no comments, the next item followed.

Engineer
Mr. Mynchenberg reported that they were finalizing the infrastructure for Assessment Area One and all of the permits were in hand.

District Manager’s Report
Balance Sheet and Income Statement
Mr. Flint presented the Unaudited Financials through April 30, 2024, which were included in the agenda package. Some of it may have changed since the end of April. No action was required by the Board.

Ratification of Funding Requests #30 - #31
Mr. Flint presented Funding Request #30 through #31, which were included in the agenda package. Funding Request #30 included District management, District Counsel and auditing costs and Funding Request #31 included District Counsel, Board attendance compensation and legal advertising costs. These were provided to the developer under the Developer Funding Agreement.

On MOTION by Mr. Livingston seconded by Mr. Root with all in favor Funding Requests #30 - #31 were ratified.

Presentation of Number of Registered Voters – 0
Mr. Flint reported that the District was required to announce, each year, the number of registered voters as of April 15, 2024. There were no registered voters in the District, according to the Flagler County Supervisor of Elections. No action was required by the Board. Once the District was in existence for six years and had 250 registered voters, the Board would transition to a General Election process. The District met the threshold for six years, but not the threshold for 250 registered voters; however, once it was met, two seats would transition and in two years, two more seats would transition and two years after that, the last seat would transition.
Designation of November 15, 2024 as the Landowners’ Meeting Date

Mr. Flint requested that the Board designate a Landowner meeting date for November, as Mr. Livingston and Mr. Lusby’s seats were expiring and recommended November 15th. It would be a separate meeting; however, it could be in conjunction with a Board meeting, but it was not necessary. Mr. Livingston asked if it would be a Board meeting that would be in consistent with their regular meeting. Mr. Flint noted that the District did not have regular monthly meetings and the Landowners’ meeting would include him or Mr. LeBrun, landowners or proxy holders.

On MOTION by Mr. Livingston seconded by Mr. Smith with all in favor designating November 15, 2024 as the Landowners’ Meeting Date was approved.

Mr. Flint indicated that a sample agenda, proxy and ballot, were included in the agenda package and would reach out to major landowners, to remind them about the Landowners’ election. Mr. Smith questioned how the number of votes would work, since they now had lot owners. Mr. Flint explained that it was based on a one vote per acre or part of an acre. For example, if they owned a 0.9-acre lot, they would get one vote, but if they owned 1.1 acres, they would get two votes. Mr. Smith questioned if someone owned 0.1 acres, whether they would still receive one vote. Mr. Flint confirmed that any fraction of an acre, was considered one vote and if an owner had 200.1 acres, they would be allowed to have 201 votes. Mr. Sullivan asked if the District would be reimbursing the developer periodically, for the Series 2024-2 bonds, as improvements were completed, it would require periodic meetings or they could wait until the end and purchase the improvements. Mr. Flint was informed this week, that there was a desire to have Operation and Maintenance (O&M) assessments in place in November; however, the current Proposed Budget that was approved, had developer funding. Since the public hearing for the budget was scheduled for July 19th, there would need to be another meeting before June 19th, as well as another meeting related to closing on these bonds. The timing works out, but because there was a need to amend the Proposed Budget and they need to do a mailed notice, before the meeting was adjourned, a special meeting must be scheduled, the week of June 19th. Depending on whether the developer wants to assign their contracts to the District and purchase the materials, it must be approved at the June meeting.
Ms. Flint understood the Assessment Area One improvements, were mostly completed and the District would likely acquire those at the closing on the bonds. A call was scheduled on Monday to discuss this. For the Assessment Area Two improvements, they could either assign

the contracts, pay the developer for their costs, up to that point and then we process pay applications as the contractor completes the work or they could acquire completed improvements. If they acquired completed improvements, the contract would not be assigned. They would just acquire it when it was completed and did not have to wait until the end, as portions of the completed project, could be acquired as they go. From an administrative standpoint, it was easier to acquire completed improvements from a cash flow standpoint for the developer. They get their money sooner, if the District assigned the contracts. Mr. Livingston asked if there were tax advantages, if any material needed to be purchased. Mr. Flint explained that there was a sales tax advantage, to the extent that materials still needed to be purchased and the contract could be assigned to the District, in order for the District to acquire the materials, as the District was exempt from sales tax. Mr. Belshe confirmed that for this phase, they had all of the pipes, which was a considerable amount of money. Mr. Flint suggested having a resolution that the Board could consider on the direct purchase of materials and then there would be an assignment of contract and the District would take the project over from the developer and the developer could manage and build it out, but the contract would be in the District’s name.
Mr. Belshe indicated that the property was under contract to Toll Brothers and they had a deadline to deliver the finished lot and he wanted to ensure that they did not inadvertently enter into something that was going to delay them in some way that they were not aware of. Mr. Flint did not think it would change how they managed the project, as there would be a Funding Agreement, because the bond funding was not adequate to pay the entire cost and the developer would still have to pay for whatever portion the developer still had to contribute. Mr. Belshe asked if they signed the contract, if the payment would be directly from the CDD or if it was a pass through that the developer had to pay. Mr. Flint confirmed that if the District entered into a Funding Agreement before the bonds were issued, the developer would provide a Funding Request that the District would pay, but since there was bond money, the District Engineer would prepare a requisition with the pay out and it would be submitted to the Trustee, so that the Trustee could pay the contractor. Mr. Sullivan explained in that situation, the developer’s cash would not come in until the bond proceeds were exhausted. Mr. Flint felt this was the correct way to go, as the developer would have the benefit of having sales tax savings, but it required more administrative work. Mr. Belshe agreed that it would be worth it. Mr. Flint stated at the June meeting, they would include an agenda item for the direct purchase, assignment of contract

and approval of the Funding Agreements as well as the Proposed Budget amendment. In the meantime, staff would meet with Mr. Belshe and Ms. Ferguson to determine what areas would be maintained and come up with some cost estimates. Mr. Flint recommended that the Board hold a special meeting on either June 17th, 18th or 19th, in order to meet the mailed notice requirement, for the purpose of considering the direct purchase, assignment of contract, Funding Agreements and Proposed Budget amendment.

On MOTION by Mr. Livingston seconded by Mr. Root with all in favor scheduling a special meeting for June 18, 2024 at 9:30 a.m. at this location, to discuss consideration of the direct purchase, assignment of contract, Funding Agreements and Proposed Budget amendment was approved.

SEVENTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

EIGHTH ORDER OF BUSINESS	Supervisor’s Request
There being no comments, the next item followed.

NINTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Livingston seconded by Mr. Root with all in favor the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman

Section IV

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT FLAGLER COUNTY, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT FLAGLER COUNTY, FLORIDA

TABLE OF CONTENTS

	  Page		
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-5	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	6	
Statement of Activities	7	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	8	
Reconciliation of the Balance Sheet – Governmental Funds		
to the Statement of Net Position	9	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
10	
Notes to Financial Statements	11-16	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund	
17	
Notes to Required Supplementary Information	18	
OTHER INFORMATION		
Data Elements required by FL Statute 218.39 (3) (c)	19	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

20-21	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

22	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
23-24	

INDEPENDENT AUDITOR’S REPORT
To the Board of Supervisors
Gardens at Hammock Beach Community Development District Flagler County, Florida

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

Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and the major fund of Gardens at Hammock Beach Community Development District, Flagler County, Florida (“District”) as of and for the fiscal year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and the major fund of the District as of September 30, 2023, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The District’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated May 28, 2024, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

May 28, 2024

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Gardens at Hammock Beach Community Development District, Flagler County, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2023. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.
FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($32,776).

The change in the District’s total net position in comparison with the prior fiscal year was ($393), a decrease. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2023, the District’s governmental fund reported combined ending fund balance of $887, a decrease of ($393) in comparison with the prior fiscal year. The fund balance is unassigned fund balance.
OVERVIEW OF FINANCIAL STATEMENTS

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

Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.
The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

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

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

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

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

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

The District maintains one governmental fund for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, which is considered a major fund.

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

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

GOVERNMENT-WIDE FINANCIAL ANALYSIS

As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, liabilities exceeded assets at the close of the most recent fiscal year.
Key components of the District’s net position are reflected in the following table:
NET POSITION
SEPTEMBER	30,
2023	
2022	
Current and other assets	$	4,743	$	7,153	
Total assets	4,743	7,153	
Current liabilities	3,856	5,873	
Long-term liabilities	33,663	33,663	
Total liabilities	37,519	39,536	
Net position
Net investment in capital assets	
(33,663)	
(33,663)	
Unrestricted	887	1,280	
Total net position	$	(32,776)	$	(32,383)	

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

Key elements of the change in net position are reflected in the following table:
CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
	2023	2022	
Revenues:
Program revenues
Operating grants and contributions	

$	54,048	

$	34,730	
Total revenues	54,048	34,730	
Expenses:
General government	
54,441	
34,274	
Total expenses	54,441	34,274	
Change in net position	(393)	456	
Net position - beginning	(32,383)	(32,839)	
Net position - ending	$	(32,776)	$	(32,383)	
As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2023 was $54,441. The costs of the District’s activities were funded by program revenues which were comprised of Developer contributions.
GENERAL BUDGETING HIGHLIGHTS

An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2023.

CAPITAL DEBT
At September 30, 2023, the District had $33,663 in Developer liabilities for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND OTHER EVENTS
For the subsequent fiscal year, the District anticipates that the cost of general operations will remain fairly constant. The Board is in discussion to issue Bonds in order to fund the construction and acquisition of infrastructure improvements.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Gardens at Hammock Beach Community Development District’s Finance Department at 219 E. Livingston Street, Orlando, Florida, 32801.

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT FLAGLER COUNTY, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2023

	Governmental
	Activities		
ASSETS		
Cash and cash equivalents	$	1,515	
Due from Developer		3,228 	
Total assets		4,743 	
LIABILITIES		
Accounts payable	3,254	
Due to Developer	602	
Non-current liabilities:		
Due in more than one year		33,663 	
Total liabilities		37,519 	
NET POSITION		
Net investment in capital assets	(33,663)	
Unrestricted		887 	
Total net position	 $	(32,776)	

See notes to the financial statements

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT FLAGLER COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

Program

Net (Expense) Revenue and Changes in Net

		Revenues	Position	 Operating Grants
and	Governmental
Functions/Programs		Expenses	Contributions	Activities	 Primary government:
Governmental activities:
General government	 $	54,441	$	54,048	$	(393)
Total governmental activities		54,441	54,048	(393)

Change in net position	(393)	
Net position - beginning		(32,383)	
Net position - ending	 $	(32,776)	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2023

	 Major Funds 

General	Total Governmental
Funds	
ASSETS
Cash and cash equivalents	
$	1,515	
$	1,515	
Due from Developer	3,228	3,228	
Total assets	$	4,743	$	4,743	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	3,254	$	3,254	
Due to Developer	602	602	
Total liabilities	3,856	3,856	
Fund balances: Unassigned		

887		

887	
Total fund balances		887		887	

Total liabilities and fund balances	
$	
4,743	
$	
4,743	

See notes to the financial statement

RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2023

Fund balance - governmental funds	$	887
Amounts reported for governmental activities in the statement of net position are different because:
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Developer advances		(33,663)
Net position of governmental activities	$	(32,776)

See notes to the financial statement

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

	 Major Funds 

General	Total Governmental
Funds	
REVENUES
Developer contributions	
$	54,048	
$	54,048	
Total revenues	54,048	54,048	

EXPENDITURES
Current:
General government	

54,441	

54,441	
Total expenditures	54,441	54,441	

Excess (deficiency) of revenues over (under) expenditures	

(393)	

(393)	
Fund balances - beginning	1,280	1,280	

Fund balances - ending	
$	887	
$	887	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 - NATURE OF ORGANIZATION AND REPORTING ENTITY

Gardens at Hammock Beach Community Development District (the "District") was established by the Board of Commissioners of Flagler County’s approval of Ordinance No. 2006-21 effective on October 9, 2006 pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

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

The District is governed by the Board of Supervisors ("Board"), which is composed of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. The Board exercises all powers granted to the District pursuant to Chapter 190, Florida Statutes. As of September 30, 2023, all of the Board members are affiliated with Palm Coast Intracoastal, LLC (“Developer”).

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

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

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment; operating- type special assessments for maintenance and debt service are treated as charges for services and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

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

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.
Assessments
Assessments are non-ad valorem assessments on benefited property within the District. Operating and maintenance assessments are based upon the adopted budget and levied annually at a public hearing of the District. Debt service assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the uniform method of collection under Florida Statutes. Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by the County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the debt service assessments on their property subject to various provisions in the Bond documents.

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

The District reports the following major governmental fund:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.
When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

Assets, Liabilities and Net Position or Equity
Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.

Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).
The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:
The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.
Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.
Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.
Capital Assets
Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
The District does not have any capital assets as of September 30, 2023. Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but
not yet earned.

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

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

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

In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.
Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.

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

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

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

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

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

NOTE 3 - BUDGETARY INFORMATION

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

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

NOTE 4 – DEPOSITS

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

The infrastructure intended to serve the District has been estimated at a total cost of approximately
$20,185,000. The infrastructure will include roadways, potable water and wastewater systems, and land improvements, including wetland mitigation areas. In addition, the project will include irrigation, parks, and recreational facilities that will be constructed and operated by others. A portion of the project costs is expected to be financed with the proceeds from the issuance of Bonds with the remainder to be funded by the Developer and conveyed to the District. Upon completion, certain improvements are to be conveyed to others for ownership and maintenance responsibilities.
NOTE 6 – LONG-TERM LIABILITIES

Developer Advances
In a prior fiscal year, the Developer advanced $33,663 to the District in order to fund costs associated with the anticipated issuance of Bonds. The advanced amounts are expected to be repaid to the Developer with proceeds from a future Bond issuance.

Long-term Debt Activity
Changes in long-term liability activity for the fiscal year ended September 30, 2023 were as follows:

Governmental activities

Beginning Balance

Additions	Reductions

Ending Balance

Due Within One Year

Developer advances	$	33,663	$	-	$	-	$	33,663	$	-	
Total	$	33,663	$	-	$	-	$	33,663	$	-	

NOTE 7 - DEVELOPER TRANSACTIONS

The Developer has agreed to fund the general operations of the District. In connection with that agreement, Developer contributions to the general fund were $54,048 as of September 30, 2023, which includes a receivable of $3,228 as of September 30, 2023.

NOTE 8 - CONCENTRATION

The District’s activity is dependent upon the continued involvement of the Developer and major landowners, the loss of which could have a material adverse effect on the District’s operations.
NOTE 9 - MANAGEMENT COMPANY

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

NOTE 10 - RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023

	
Budgeted
	Amounts	 Original and Final	

Actual Amounts	Variance with Final Budget - Positive
(Negative)	

REVENUES
Developer Contributions	

$	80,048	

$	54,048	

$	(26,000)	
Total revenues	80,048	54,048	(26,000)	

EXPENDITURES
Current:
General government	80,048	54,441	25,607	
Total expenditures	80,048	54,441	25,607	

Excess (deficiency) of revenues over (under) expenditures	

 $	-		

(393)  $	(393)	
Fund balance - beginning			1,280 	
Fund balance - ending		 $	887 	

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

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

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2023.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 UNAUDITED

Element	Comments
Number of District employees compensated in the last pay period of the
District’s fiscal year being reported.	0	
Number of independent contractors compensated to w hom nonemployee compensation w as paid in the last month of the District’s fiscal year being
reported.	
2	
Employee compensation	0	
Independent contractor compensation	$53,368.43	
Construction projects to begin on or after October 1; ($65K)	Not applicable	

Budget variance report	See the Schedule of Revenues, Expenditures
and Changes in Fund Balance - Budget and Actual - General Fund	
Ad Valorem taxes	Not applicable	
		
Non ad valorem special assessments	Not applicable	
Outstanding Bonds:	Not applicable	

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

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

To the Board of Supervisors
Gardens at Hammock Beach Community Development District Flagler County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of Gardens at Hammock Beach Community Development District, Flagler County, Florida (“District”) as of and for the fiscal year ended September 30, 2023, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated May 28, 2024.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

May 28, 2024

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Gardens at Hammock Beach Community Development District Flagler County, Florida
We have examined Gardens at Hammock Beach Community Development District, Flagler County, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2023. Management is responsible for District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements.
We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.
In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2023.
This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Supervisors of Gardens at Hammock Beach Community Development District, Flagler County, Florida and is not intended to be and should not be used by anyone other than these specified parties.

May 28, 2024

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Gardens at Hammock Beach Community Development District Flagler County, Florida
Report on the Financial Statements

We have audited the accompanying basic financial statements of Gardens at Hammock Beach Community Development District, Flagler County, Florida ("District") as of and for the fiscal year ended September 30, 2023, and have issued our report thereon dated May 28, 2024.
Auditor’s Responsibility

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

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated May 28, 2024, should be considered in conjunction with this management letter.
Purpose of this Letter

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

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

We wish to thank Gardens at Hammock Beach Community Development District, Flagler County, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

May 28, 2024

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None

COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.
There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2022.
Any recommendations to improve the local governmental entity's financial management.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2023.
Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance.
There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2023.
The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.
We applied financial condition assessment procedures and no deteriorating financial conditions were noted as of September 30, 2023. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 19.

Section V

Section A

Gardens at Hammock Beach Community Development District
Supplemental Engineer’s Report – Phase 1-3 Tract
Prepared for Gardens at Hammock Beach Community Development District Flagler County Florida
April 2024
SUBMITTED BY:
Parker Mynchenberg & Associates, Inc.
1729 Ridgewood Ave. Holly Hill, Florida 32117 386-677-6891

TABLE OF CONTENTS
TABLE OF CONTENTS	2
EXHIBITS	2
INTRODUCTION	3
Description of the Phase 1-3 Tract	3
Assessment Areas	3
Phase 1-3 Capital Improvement Program	5
PERMITTING STATUS UPDATE	5
ENGINEER’S CERTIFICATION	6
EXHIBITS
EXHIBIT A	Location Map – Phase 1-3 Tract
EXHIBIT B	Site Plan/Phasing Plan – Phase 1-3 Tract
EXHIBIT C	Legal Description – Assessment Area One
EXHIBIT D.	Legal Description – Assessment Area Two

Gardens at Hammock Beach Community Development District–Supplemental Engineer’s Report–Phase 1 -3 Tract

Gardens at Hammock Beach Community Development District
Supplemental Engineer’s Report

INTRODUCTION
Description of the Phase 1-3 Tract

This document is a supplement (“First Supplement”) to the Master Engineer’s Report prepared by Parker Mynchenberg dated July 12, 2022 (“Master Engineer’s Report”), as amended and restated in [April 2024] (“First Supplement,” together with the Master Engineer’s Report, the “Engineer’s Report”). The Master Engineer’s Report and the First Supplement identify the infrastructure necessary to support development of the Phase 1-3 Tract (the “Phase 1-3 CIP”) and intended to be funded in part by the Gardens of Hammock Beach Community Development District (the “District”).

Veranda Bay (the “Development”) is an intracoastal waterfront community located within the boundaries of the District, which encompasses 953.37 gross acres. The Phase 1-3 Tract encompasses approximately 248.93 gross acres and is planned to include 335 single-family residential units comprising the first three (3) phases of the Development located just east off the main entry of the Development at John Anderson Highway. This First Supplement does not add any additional infrastructure to the Phase 1-3 CIP but does adjust the costs for the Phase 1-3 Tract infrastructure based on price escalation. The Series 2024-1 Bonds and Series 2024-2 Bonds (together, the “Series 2024 Bonds”) will be issued to construct and/or acquire a portion of the Phase 1-3 CIP.

Assessment Areas

The first three (3) phases of the Development include 335 lots and is divided into various sections including (i) Phase 1, 122 direct intracoastal and intracoastal view custom estate homesites that front the Intracoastal Waterway (ii) Phase 2, 124 homes situated just east off the main entry road of the Development and (iii) Phase 3, an additional eighty-nine (89) custom estate homesites situated just west off the main entry road of the Development. The site plan/phasing plan can be seen in Exhibit B.

Proceeds of the Series 2024 Bonds will fund a portion of the Phase 1-3 CIP. To date, two (2) assessment areas have been established to facilitate the development and financing of the initial phases of the Development, including (i) Assessment Area One, comprising the 211-custom estate homesites in Phases 1 and 3, see Exhibit C legal description and (ii) Assessment Area Two, see Exhibit D legal description comprising the 124 homes in Phase 2. The portion of the Phase 1-3 CIP expected to be funded, in part, by the Series 2024-1 Bonds, is referred to as the “Assessment Area One CIP” and generally corresponds with the development of Assessment Area One. Further, the portion of the Phase 1-3 CIP expected to be funded, in part, by the Series 2024-2 Bonds, is referred to as the “Assessment Area Two CIP” and generally corresponds with the development of Assessment Area Two. A summary of the Assessment Areas has been presented in Table 1.

Gardens at Hammock Beach Community Development District–Supplemental Engineer’s Report–Phase 1 -3 Tract

TABLE 1 – Assessment Areas	Units	
Assessment Area One		
Phase 1 (Intracoastal Direct & View)	122	
Phase 3 (Estate Lots)	89	
Sub-Total	211	
Assessment Area Two		
Phase 2, (Estate Lots)	124	
Sub-Total	124	
Total	335	

Further, an inventory of the phasing has been presented in Table 2 and Table 3 together with the proposed unit mix of the single- family residential units for the Phase 1-3 Tract.

TABLE 2 – PHASE 1-3 TRACT - PHASING SUMMARY			
PHASE	SINGLE
FAMILY	AREA (AC.)	
Phase 1			
Sub-phase 1A (Intracoastal Direct & View)	56	90.4	
Sub-phase 2A (Intracoastal Direct & View)	66	75.13	
Phase 2			
Sub-phase 2B (Estate Lots)	65	21.8	
Sub-phase 2C (Estate Lots)	59	16.9	
Phase 3			
Sub-phase 1B (Estate Lots)	54	18.0	
Sub-phase 1C (Estate Lots)	35	26.7	
TOTAL – Phase 1-3 Tract	335	248.93	

TABLE 3 - LOT TYPES				
PHASE	SINGLE FAMILY
50’	60’	70’	80’	NO. UNITS	AREA (AC.)	
Phase 1 - Sub-phase 1A	38			18	56	90.4	
Phase 1 - Sub-phase 2A	42	16	8		66	75.13	
Phase 2 - Sub-phase 2B		65			65	21.8	
Phase 2 - Sub-phase 2C		59			59	16.9	
Phase 3 - Sub-phase 1B				54	54	18.0	
Phase 3 - Sub-phase 1C				35	35	26.7	
TOTAL – Phase 1-3 Tract	80	140	8	107	335	248.93	

Gardens at Hammock Beach Community Development District–Supplemental Engineer’s Report–Phase 1 -3 Tract

Phase 1-3 Capital Improvement Program

The overall capital improvement plan for the Phase 1-3 Tract will be built in a series of phases. Table 4 presents a summary of the costs for the Phase 1-3 Tract infrastructure including roads, drainage, water, sewer, reuse, landscaping, entry feature, and electrical service (underground). As referenced herein, the Assessment Area One CIP” generally corresponds with the development of Phases 1 and 3 of the Development and Assessment Area Two CIP” and generally corresponds with the development of Phase 2 of the Development.

TABLE 4 – Construction Costs – Phase 1-3 Tract	
Improvement	Phase 1	Phase 2	Phase 3	Total	
Utilities Systems					
Water System	$1,059,606	$900,881	$461,906	$2,422,393	
Sanitary Sewer System	$1,512,611	$1,316,738	$675,127	$3,504,477	
Reuse Water System	$1,128,544	$959,500	$491,962	$2,580,006	
Stormwater Management System	$609,867	$517,621	$264,013	$1,391,501	
Electric Service	$181,300	$154,143	$79,033	$414,477	
Conservation Mitigation	$220,907	$317,252	$161,021	$699,180	
Onsite Public Roadway Systems	$2,668,542	$2,261,671	$1,148,538	$6,078,752	
Offsite Public Roadway Systems	$468,578	$398,390	$204,265	$1,071,233	
Landscaping/Hardscaping/Irrigation	$257,566	$218,985	$112,280	$588,831	
Recreational Areas	$117,153	$99,605	$51,070	$267,828	
Professional Fees	$170,069	$172,857	$124,067	$466,994	
Inspection Survey Testing	$151,230	$128,577	$65,925	$345,732	
Miscellaneous	$325,914	$276,201	$140,231	$742,346	
Subtotal Costs	$8,871,887	$7,722,422	$3,979,439	$20,573,750	
Contingency (10%)		$772,242	$397,944	$1,170,186	
Total Estimated Costs	$8,871,887	$8,494,665	$4,377,383	$21,743,936	

PERMITTING STATUS UPDATE
The Gardens at Hammock Beach CDD is located within Flagler County. The District is currently approved by the County as a Planned Unit Development. The District is within the City of Flagler Beach Utilities service area for the sanitary sewer service, water distribution, and reuse water service.

The District is also located within the St Johns River Water Management District (SJRWMD) for stormwater management approvals.

Gardens at Hammock Beach Community Development District–Supplemental Engineer’s Report–Phase 1 -3 Tract

The Developer has obtained permit approvals for the following:

FDEP Water Permit (#0080281-030-DSGP)
FDEP Wastewater Permit (#0018857-024-DWC)
SJRWMD ERP Permit (#80599-8)
ACOE Permit (#SAJ-1996-00918)

Further, Flagler County previously approved a Planned Unit Development, Preliminary Plat and Construction Plans for Sub- phases 1A, 1B, 1C, 2A, 2B, and 2C and Final Plat for Phase 1A, 1B, 1C and 2A, for the community. The Developer anticipates a phased approach and received approvals for Sub-phase 1A, Sub-phase 1B, Sub-phase 1C, Sub-phase 2A, Sub-phase 2B, Sub-phase 2C, which, in total, will consist of 335 single-family lots. The District Engineer certifies that all designs, permits and authorizations necessary to complete the Phase 1-3 Tract have been obtained.

ENGINEER’S CERTIFICATION
It is our opinion that the costs of the Phase 1-3 Tract improvements proposed represent a system of improvements benefitting all developable property located within the District, are fair and reasonable and that the District-funded improvements are assessable improvements within the meaning of Chapter 190, F.S. We have no reason to believe that the Master Project cannot be constructed at the cost described in this report. We expect the improvements to be constructed or acquired by the District with bond proceeds, as indicated within this report. We believe that the District will be well served by the improvements discussed in this report.

I hereby certify that the foregoing is a true and correct copy of the Engineer’s Report for Gardens at Hammock Beach Community Development District.

 04-26-2024

Parker Mynchenberg, P.E. Florida License No. 32645

Gardens at Hammock Beach Community Development District–Supplemental Engineer’s Report–Phase 1 -3 Tract

GRAPHIC SCALE
0	1500	3000	6000

SCALE: 1" = 3000'

THE GARDENS
LOCATION MAP - PHASE 1-3 TRACT
PARKER MYNCHENBERG
& ASSOCIATES, INC.
PROFESSIONAL ENGINEERS * LANDSCAPE ARCHITECTS
1729 RIDGEWOOD AVENUE	HOLLY HILL, FLORIDA	32117
{386) 677-6891	FAX {386) 677-2114	E-MAIL: info@porkermynchenberg.com CERTIFICATE OF AUTHORIZATON NUMBER 00003910

EXHIBIT A
4/22/2024

GRAPHIC SCALE
0	500	1000	2000

SCALE: 1" = 1000'

PHASE #3
-
I !
PHASE #1

ASSESSMENT AREA #2

ASSESSMENT AREA #1

PHASE #2

OUT PARCEL :.:.

THE GARDENS
SITE PLAN/PHASING PLAN - PHASE 1-3 TRACT
PARKER MYNCHENBERG
& ASSOCIATES, INC.
PROFESSIONAL ENGINEERS * LANDSCAPE ARCHITECTS	EXHIBIT B
1729 RIDGEWOOD AVENUE	HOLLY HILL, FLORIDA	32117

(386) 677-6891	FAX (386) 677-2114	E-MAIL: info0parkerm)11chenberg.com CERTIFICATE OF AUTHORIZATON NUMBER 00003910

04/22/2024

PHASE 1
PHASE 1A
A PORTION OF SECTIONS 13,14 AND 38, T0'ftNSHIP 12 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOl.l0WS: FOR A POINT OF BEGINNING, COMMENCE AT THE INTERSECTION OF THE EAST RIGHT OF WAY LINE OF JOHN ANDERSON HIGHWAY (STATE ROAD 201) AND THE NORTH LINE OF SAID SECTION 38; THENCE NORTH 181520" WEST ALONG SAID EAST RIGHT OF WAY LINE, A DISTANCE OF 228.50 FEET; THENCE NORTH 71'44'40" EAST, DEPARTING FROM SAID RIGHT OF WAY LINE, A DISTANCE OF 225.00 FEET; THENCE SOUTH 181520" EAST, A DISTANCE OF 85.01 FEET; THENCE NORTH 71'5456" EAST, A DISTANCE OF 50.00 FEET TO A POINT ON CURVE OF A CURVE CONCAVE TO THE NORTHEAST AND HAI/ING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 89'54'30'; THENCE SOUTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE OF 39.23 FEET AND SUBTENDED BY A CHORD BEARING OF SOUTH 631259" EAST AND A CHORD DISTANCE OF 35.33 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE NORTH 71'49'46" EAST, A DISTANCE OF 445.00 FEET TO THE POINT OF CURVE OF A CURVE CONCAVE THE NORTHWEST AND HAI/ING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 90'0407: THENCE NORTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE OF 39.30 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 26'47'43" EAST AND A CHORD DISTANCE OF 35.38 FEET TO A POINT ON SAID CURVE; THENCE NORTH 71'44'40" EAST, A DISTANCE OF 50.00 FEET; THENCE SOUTH 181520" EAST, A DISTANCE OF 20.14 FEET TO THE POINT OF CURVE OF A CURVE CONCAVE TO THE NORTHEAST AND HAI/ING A RADIUS OF 25.00 FEET AND A
CENTRAL ANGLE OF 11'2707'; THENCE SOUTHEASTERLY ALONG SAID CURVE AN ARC DISTANCES OF 5.00 FEET AND SUBTENDED BY A CHORD BEARING OF SOUTH 23'5854" EAST AND A CHORD DISTANCE OF 4.99 FEET TO
A POINT ON SAID CURVE; THENCE NORTH 71'49"46" EAST, A DISTANCE OF 139.50 FEET; THENCE NORTH 181520" WEST, A DISTANCE OF 260.49 FEET; THENCE SOUTH 71'44'40" WEST, A DISTANCE OF 140.00 FEET; THENCE NORTH 181520" WEST, A DISTANCE OF 20.00 FEET; THENCE NORTH 71'44'40" EAST, A DISTANCE OF 140.00 FEET; THENCE NORTH 181520" WEST, A DISTANCE 960.00 FEET; THENCE SOUTH 71'44"40" WEST, A DISTANCE OF 140.00 FEET; THENCE NORTH 181520" WEST, A DISTANCE OF 20.00 FEET; THENCE NORTH 71'44'40" EAST, A DISTANCE OF 140.00 FEET; THENCE NORTH 181520" WEST, A DISTANCE OF 244.38 FEET; THENCE SOUTH 78'0328" WEST, A DISTANCE OF 137.96 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE EAST AND HAI/ING A RADIUS OF 475.00 FEET AND A CENTRAL ANGLE OF 10'4720'; THENCE NORTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE OF 89.44 FEET AND BEING SUBTENDED BY A CHORD BEARING OF NORTH 06'3252" WEST; AND CHORD DISTANCE OF 89.31 FEET TO A POINT ON SAID CURVE; THENCE NORTH 86'59"44" EAST, A DISTANCE OF 140.07 FEET; THENCE NORTH 01'0912" WEST, A DISTANCE OF 568.36 FEET; THENCE NORTH 88'50'48" EAST, A DISTANCE OF 63.62 FEET; THENCE NORTH 01'0710" WEST, A DISTANCE OF 161.55 FEET; THENCE NORTH 88'5424" EAST, A DISTANCE OF 176.36 FEET; THENCE NORTH 11'5210" EAST, A DISTANCE OF 25.29 FEET; THENCE NORTH 1313'08. EAST, A DISTANCE OF 0.37 FEET; TO THE INTERSECTION 'MTH THE NORTH LINE OF SAID SECTION 13 AND SAID LINE ALSO BEING THE NORTHERLY LINE OF THOSE LANDS AS DESCRIBED IN OFFIOAL RECORDS BOOK 2281 PAGE 1643 AND RECORDED IN THE PUBLIC
RECORDS OF SAID COUNTY; THENCE NORTH 88'5424" EAST, ALONG SAID NORTHERLY LINE, A DISTANCE OF 1304.54 FEET TO THE POINT ON THE WEST RIGHT OF WAY LINE OF FLORIDA INTRAC0ASTAL WATERWAY; THENCE ALONG SAID WEST RIGHT OF WAY LINE SOUTH 13'5825" EAST, A DISTANCE OF 1950.55 FEET; THENCE SOUTH 71"49'48" WEST, DEPARTING FROM SAID RIGHT OF WAY LINE, A DISTANCE OF 334.12 FEET; THENCE NORTH 181012" WEST, A DISTANCE OF 3.02 FEET TO THE POINT OF CURVE OF A CURVE CONCAVE TO THE SOUTHWEST AND HAI/ING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 90'0002'; THENCE NORTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 39.27 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 631013" WEST AND A CHORD DISTANCE OF 35.36 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE SOUTH 71'49'46" WEST, A DISTANCE OF 149.59 FEET; THENCE SOUTH 181014" EAST, A DISTANCE OF 50.00 FEET; THENCE SOUTH 71'49'46" WEST, A DISTANCE OF 50.00 FEET; THENCE NORTH 181014" WEST, A DISTANCE OF 50.00 FEET; THENCE SOUTH 71'49'46" WEST, A DISTANCE OF 134.59 FEET TO THE POINT OF CURVE OF A CURVE CONCAVE TO THE SOUTHEAST AND HAI/ING A RADIUS OF 25.00 FEET AND A

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CENTRAL ANGLE OF 90'0000'; THENCE SOUTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 39.27 FEET AND BEING SUBTENDED BY A CHORD BEARING OF SOUTH 26'49'46" WEST AND A CHORD DISTANCE OF 35.36 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 71'49"46" WEST, A DISTANCE OF 70.00 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE SOUTHWEST AND HAI/ING A RADIUS OF 5.00 FEET AND A CENTRAL ANGLE OF 90'0000'; THENCE NORTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 7.85 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 631014" WEST AND A CHORD DISTANCE OF 7.07 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE SOUTH 71'49"46" WEST, A DISTANCE OF 557.17 FEET; THENCE SOUTH 181014" EAST, A DISTANCE OF 40.00 FEET; THENCE SOUTH 71'49'46" WEST, A DISTANCE OF 25.00 FEET; THENCE NORTH 181014" WEST, A DISTANCE 40.00 FEET; THENCE SOUTH 71'49'46" WEST, A DISTANCE OF 337.90 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE SOUTHEAST AND HAI/ING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 11'3214: THENCE SOUTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 5.03 FEET AND SUBTENDED BY A CHORD BEARING OF SOUTH 12'2408" EAST AND A CHORD DISTANCE OF 5.03 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE SOUTH 181014" EAST, A DISTANCE OF 20.01 FEET; THENCE SOUTH 71'49'46" WEST, A DISTANCE OF 50.00 FEET; THENCE SOUTH 181014" EAST, A DISTANCE OF 325.00 FEET; THENCE SOUTH 71'49'46" WEST, A DISTANCE OF	FEET TO THE INTERSECTION 'MTH THE AFOREMENTIONED WEST RIGHT OF WAY LINE OF JOHN ANDERSON HIGHWAY; THENCE NORTH 181014" WEST, ALONG SAID RIGHT OF WAY LINE, A DISTANCE OF 331.23 FEET TO THE POINT OF BEGINNING. CONTAINING 90.40 ACRES, MORE OR LESS.

THE GARDENS
LEGAL DESCRIPTION • ASSESSMENT AREA ONE
PARKER MYNCHENBERG
& ASSOCIATES, INC.

PROFESSIONAL ENGINEERS * LANDSCAPE ARCHITECTS
1729 RIDGEWOOD AVENUE	HOLLY HILL, FLORIDA	32117
(386) 677-6891	FAX (386) 677-2114	E-MAIL: infoClparkermynchenberg.com CERTIFICATE OF AUTHORIZATON NUMBER 00003910

EXHIBIT C
1 OF 3
04/22/2024

PHASE 1
PHASE 2A
A PORTION	SECTIONS 13 AND 38, TO'IINSHIP 12 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, ANO BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE INTERSECTION	THE EAST RIGHT
WAY LINE	JOHN ANDERSON HIGHWAY (STATE ROAD 201 ANO A 100 FOOT RIGHT OF WAY) ANO THE NORTH LINE	SAID SECTION 38; THENCE SOUTH 181014" EAST ALONG SAID EAST RIGHT WAY LINE, A DISTANCE	2131.23 FEET; TO THE POINT	BEGINNING; THENCE NORTH 71'49'46" EAST, DEPARTING FROM SAID RIGHT	WAY LINE, A DISTANCE	225.00 FEET; THENCE SOUTH 181014" EAST, A DISTANCE	87.31 FEET; THENCE NORTH 721112" EAST, A DISTANCE	50.00 FEET TO A POINT ON A CURVE	A CURVE CONCAVE TO THE NORTHEAST ANO HAI/ING A RADIUS	25.00 FEET ANO A CENTRAL ANGLE	10'5526: HENCE SOUTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE OF 4.n FEET AND SUBTIENDED BY A CHORD BEARING OF SOUTH 23'3758" EAST AND A CHORD DISTANCE	4.76 FEET TO A POINT ON A CURVE		A CURVE CONCAVE TO SOUTH ANO HAI/ING A RADIUS	495.00 FEET ANO A CENTRAL ANGLE OF 14'3252 THENCE EASTERLY ALONG SAID CURVE AN ARC DISTANCE	125.68 FEET ANO SUBTENDED BY A CHORD BEARING OF NORTH 781807" EAST ANO A CHORD DISTANCE	125.35 FEET TO A POINT ON SAID CURVE; THENCE NORTH 181014" WEST, A DISTANCE	106.49 FEET; THENCE NORTH 71"49'46" EAST, A DISTANCE OF
80.00 FEET; THENCE SOUTH 181014' EAST, A DISTANCE	50.30 FEET; THENCE SOUTH 02'0207" WEST, A DISTANCE OF n.22 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE SOUTH ANO HAI/ING A RADIUS	495.00 FEET AND A CENTRAL ANGLE OF 16'2329 THENCE EASTERLY ALONG SAID CURVE AN ARC DISTANCE OF 141.61 FEET AND SUBTENDED BY A CHORD BEARING	SOUTH 79"4617" EAST ANO A CHORD DISTANCE		141.13 FEET TO A POINT ON SAID CURVE ANO ALSO ON A CURVE	A CURVE CONCAVE TO THE NORTHWEST ANO HAI/ING A RADIUS	25.00 FEET ANO A CENTRAL ANGLE	11'55'36'; THENCE NORTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE OF 5.20 FEET AND SUBTIENDED BY A CHORD BEARING OF NORTH 22'3424" EAST ANO A CHORD DISTANCE	5.19 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 73'28'41" EAST, A DISTANCE 50.00 FEET TO A POINT ON A CURVE A CURVE CONCAVE TO THE EAST ANO HAI/ING A RADIUS 25.00 FEET ANO A CENTRAL ANGLE 11'3213'; THENCE SOUTHERLY ALONG SAID CURVE AN ARC DISTANCE	5.03 ANO SUBTIENDED BY A CHORD BEARING	 SOUTH 10'5029" WEST AND A CHORD DISTANCE	5.03 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 73'2324" EAST, A
DISTANCE	139.49 FEET; THENCE NORTH 16'36'36" EAST, A DISTANCE OF 18.72 FEET TO A POINT ON A CURVE	A CURVE CONCAVE WESTERLY ANO HAI/ING A RADIUS OF 365.00 FEET ANO A CENTRAL ANGLE 34"4650 THENCE NORTHERLY ALONG SAID CURVE AN ARC DISTANCE	221.57 FEET ANO SUBTENDED BY A CHORD BEARING	NORTH 00"46'49" WEST ANO A CHORD DISTANCE	218.18 FEET TO THE POINT TANGENCY SAID CURVE; THENCE NORTH 181014" WEST, A DISTANCE	24.44 FEET; THENCE SOUTH 71"49'46" WEST, A DISTANCE	140.00 FEET; THENCE NORTH 181014" WEST, A DISTANCE OF 20.00 FEET; THENCE NORTH 71"49'46" EAST, A DISTANCE	 140.00 FEET; THENCE NORTH 181014" WEST, A DISTANCE OF 935.73 FEET; THENCE NORTH 01"3226" WEST, A DISTANCE	384.95 FEET; THENCE SOUTH 88'27'34" WEST, A DISTANCE	140.00 FEET; THENCE NORTH 01'3226" WEST, A DISTANCE	 20.00 FEET; THENCE NORTH 88'27'34" EAST, A DISTANCE	 140.00 FEET; THENCE NORTH 01'3226" WEST, A DISTANCE	49.29 FEET; THENCE NORTH 181014" WEST, A DISTANCE	809.39 FEET THENCE NORTH 71"49'46" EAST, A DISTANCE	218.41 FEET; THENCE SOUTH 181014' EAST, A DISTANCE OF 40.00 FEET; NORTH 71"49'46" EAST, A DISTANCE
25.00 FEET; THENCE NORTH 181014" WEST, A DISTANCE	40.00 FEET; THENCE NORTH 71"49'46" EAST, A DISTANCE	557.17 FEET TO THE POINT OF CURVE	A CURVE CONCAVE TO THE SOUTHWEST ANO HAI/ING A RADIUS	5.00 FEET AND A CENTRAL ANGLE	90'0000) THENCE SOUTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE	7.85 FEET ANO SUBTENDED BY A CHORD BEARING	SOUTH 631014" EAST ANO A CHORD DISTANCE		7.07 FEET TO A POINT ON SAID CURVE; THENCE NORTH 71"49'46" EAST, A DISTANCE	70.00 FEET TO A POINT ON A CURVE	A CURVE CONCAVE TO THE SOUTHEAST ANO HAI/ING A RADIUS	25.00 ANO A CENTRAL ANGLE 90'0000) THENCE NORTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE 39.27 FEET ANO SUBTENDED BY A CHORD BEARING OF NORTH 26"49'46" EAST AND A CHORD DISTANCE
35.36 FEET TO THE POINT OF TANGENCY	 SAID CURVE; THENCE NORTH 71"49'46" EAST, A DISTANCE	134.59 FEET; THENCE SOUTH 181014" EAST, A DISTANCE OF 50.00 FEET; THENCE NORTH 71"49'46" EAST, A DISTANCE	50.00 FEET; THENCE NORTH 181014" WEST, A DISTANCE	50.00 FEET; THENCE NORTH 71"49'46" EAST, A DISTANCE	149.59 FEET TO THE POINT OF CURVE	A CURVE CONCAVE TO THE SOUTHWEST ANO HAI/ING A RADIUS	25.00 FEET ANO A CENTRAL ANGLE OF 90'0002'; THENCE SOUTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE OF 39.27 FEET ANO SUBTENDED BY A CHORD BEARING		SOUTH 631013" EAST AND A CHORD DISTANCE OF 35.36 FEET TO THE POINT TANGENCY OF SAID CURVE; THENCE SOUTH 181012" EAST A DISTANCE	3.02 FEET; THENCE NORTH 71"49'48" EAST, A DISTANCE	334.12 FEET TO A POINT ON THE WEST RIGHT OF WAY LINE	FLORIDA INTRACOASTAL WATERWAY; THENCE ALONG SAID WEST RIGHT OF WAY LINE THE FOLLO\ltlNG THREE COURSES: SOUTH 13'5825" EAST, A DISTANCE OF 799.39 FEET; THENCE SOUTH 211755" EAST, A DISTANCE	1265.37 FEET; THENCE SOUTH 03'54'39" WEST, A DISTANCE	90.51 FEET; THENCE SOUTH 69'0058" WEST, DEPARTING FROM SAID WEST RIGHT	WAY LINE, A DISTANCE	 250.79 FEET TO THE POINT CURVE	A CURVE CONCAVE TO THE NORTHEAST ANO HAI/ING A RADIUS	65.00 FEET ANO A CENTRAL ANGLE OF 140'24'30'; THENCE NORTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE	159.29 FEET AND SUBTIENDED BY A CHORD BEARING OF NORTH 411628" WEST AND A CHORD DISTANCE OF 122.32 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 69'0006" WEST, A DISTANCE
85.08 FEET; THENCE NORTH 20'5452" WEST, A DISTANCE OF 180.00 FEET; THENCE SOUTH 69'0006" WEST, A DISTANCE	503.11 FEET TO THE POINT CURVE OF A CURVE CONCAVE TO THE SOUTHEAST ANO HAI/ING A RADIUS		5.00 FEET AND A CENTRAL ANGLE	90'0000 THENCE SOUTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 7.85 FEET AND SUBTIENDED BY A CHORD BEARING OF SOUTH 24'0006" WEST ANO A CHORD DISTANCE	7.07 FEET TO THE POINT OF TANGENCY	SAID CURVE; THENCE SOUTH 20'5954" EAST, A DISTANCE	822.65 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE NORTHEAST ANO HAI/ING A RADIUS	25.00 FEET ANO A CENTRAL ANGLE OF 111011) THENCE SOUTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE	4.87 FEET AND SUBTIENDED BY A CHORD BEARING	NORTH 74'5714" EAST ANO A CHORD DISTANCE OF 4.87 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 21'2156" EAST, A DISTANCE	50.00 FEET TO A POINT ON A CURVE	A CURVE CONCAVE TO THE SOUTHEAST ANO HAI/ING A RADIUS	25.00 FEET ANO A CENTRAL ANGLE OF 90'2202'; THENCE SOUTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE	39.43 FEET AND SUBTIENDED BY A CHORD BEARING OF SOUTH 241107" WEST ANO A CHORD DISTANCE	35.47 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 69"4410" WEST, A DISTANCE	50.00 FEET TO A POINT ON A CURVE	A CURVE TO THE SOUTHWEST ANO HAI/ING A RADIUS OF 25.00 FEET ANO A CENTRAL ANGLE 111011) THENCE NORTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE 4.87 FEET AND SUBTIENDED BY A CHORD BEARING NORTH 26'3459" WEST AND A CHORD DISTANCE
4.87 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 69'2208" WEST, A DISTANCE	129.58 FEET; THENCE SOUTH 20'51'44" EAST, A DISTANCE	115.00 FEET; THENCE SOUTH 69'2208" WEST, A DISTANCE
232.49 FEET; THENCE SOUTH 24'3013" EAST, A DISTANCE OF 127.26 FEET; THENCE SOUTH 10"41'45" WEST, A DISTANCE 133.22 FEET; THENCE SOUTH 40"4212" WEST, A DISTANCE 202.16 FEET; THENCE NORTH
32'58'38" WEST, A DISTANCE	357.54; THENCE NORTH 12'24'49" WEST, A DISTANCE OF 43.38 FEET; THENCE SOUTH 71"49'46" WEST, A DISTANCE	68.04 FEET; THENCE NORTH 181014" WEST, A DISTANCE
152.62 FEET; THENCE NORTH 16'36'36" EAST, A DISTANCE	82.23 FEET; THENCE NORTH 73'2324" WEST, A DISTANCE	139.49 FEET TO A POINT ON A CURVE	A CURVE CONCAVE TO THE SOUTHEAST ANO HAI/ING A RADIUS	25.00 FEET ANO A CENTRAL ANGLE OF 11'3213 THENCE SOUTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE	5.03 FEET ANO SUBTIENDED BY A CHORD BEARING	SOUTH 22'22'42" WEST ANO A CHORD DISTANCE	5.03 FEET TO A POINT ON SAID CURVE; THENCE NORTH 73'2324" WEST, A DISTANCE	50.00 FEET TO A POINT ON A CURVE	A CURVE CONCAVE TO THE WEST AND HAI/ING A RADIUS	25.00 FEET ANO A CENTRAL ANGLE	11'3213) THENCE NORTHERLY ALONG SAID CURVE AN ARC DISTANCE	5.03 ANO SUBTIENDED BY A CHORD BEARING	NORTH 10'5029" EAST ANO A CHORD DISTANCE	5.03 FEET TO A POINT ON SAID CURVE; THENCE NORTH 73'2324" WEST, A DISTANCE	139.49 FEET; THENCE SOUTH 16'36'36" WEST, A DISTANCE	62.75 FEET; THENCE SOUTH 71"49'46" WEST, A DISTANCE	190.07 FEET; THENCE NORTH 181014" WEST, A DISTANCE	150.73 FEET TO A POINT ON A CURVE CONCAVE TO THE SOUTH ANO HAI/ING A RADIUS	355.00 FEET ANO A CENTRAL ANGLE	04'50'36'; THENCE WESTERLY ALONG SAID CURVE AN ARC DISTANCE		30.01 FEET ANO SUBTENDED BY A CHORD BEARING	SOUTH 741504" WEST AND A CHORD DISTANCE		30.00 FEET TO THE POINT OF TANGENCY	SAID CURVE; THENCE SOUTH 71"49'46" WEST, A DISTANCE	94.52 FEET TO A POINT ON A CURVE	A CURVE CONCAVE TO THE EAST ANO HAI/ING A RADIUS	25.00 FEET ANO A CENTRAL ANGLE	SOUTH 11'3208" EAST; THENCE SOUTHERLY ALONG SAID CURVE AN ARC DISTANCE OF 5.03 FEET AND SUBTIENDED BY A CHORD BEARING OF SOUTH 12'2405" EAST AND A CHORD DISTANCE	5.02 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 71"49'46" WEST, A DISTANCE	50.00 FEET ; THENCE SOUTH 181014" EAST, A DISTANCE	67.00 FEET; THENCE SOUTH 71"49'46" WEST, A DISTANCE  225.00 FEET TO THE INTERSECTION \ltlTH THE AFOREMENTIONED EAST RIGHT WAY LINE  JOHN ANDERSON HIGHWAY; THENCE NORTH 181014" WEST, ALONG SAID RIGHT WAY LINE, A DISTANCE  304.31 FEET; TO THE POINT BEGINNING.
CONTAINING 97.66 ACRES, MORE OR LESS

Less and except the following described lands:
A portion of Sections 13 and 38, Township 12 South, Range 31 East. Flagler County, Florida, and being more particularly described as follows: Commence at the intersection of the East right of way line of John Anderson Highway (State Road 201 and 100 foot right of way) and the North line of said Section 38; thence North 18"15'20" West along said East right of way line, a distance of 68.78 feet; thence North 71"49'46" East, departing from said right of way line, a distance of 1745.68 feet; thence South 18"10i2· Eost, a distance of 55.02 feet to the Point of Beginning; thence
North 71"49'46" East, a distance of 70.00 feet; thence South 18°10,2• East, a distance of 148.42 feet; thence North 71"49'48" East, a distance of
209.59 feet; thence South 18"10i2· East, a distance of 502.20 feet; thence South 20"54'52" East, a distance of 814.45 feet; thence South 69"05'08" West, a distance of 125.41 feet; thence South 20"54'33" East, a distance of 320.03 feet; thence South 69"00'06" West, a distance of 366.35 feet; thence South 71"51'35" West. a distance of 50.81 feet ta a paint on a curve of a curve cancave Easterly and having a radius of 900.00 feet and having a central angle of 02"51'29"; thence Southerly along said curve an arc distance of 44.90 feet and subtended by a chord bearing of South 19"34'09" East and a chord distance of 44.89 feet to the point a tangency of said curve; thence South 20"59'54" East, a distance of 850.17 feet to the point of curve of a curve concave Westerly and having a radius of 25.00 feet and a central angle of 11"54i5"; thence Southerly along said curve an arc distance of 5.19 feet and subtended by a chord bearing of South 15"02'46" East and a chord distance of 5.18 feet to a point on said curve; thence South 69"22'08" West, a distance of 129.47 feet; thence North 20"59'54" West, a distance of 449.86 feet; thence South 73"36'50" West, a distance of 20.06 feet; thence North 20"59'54" West, a distance of 507.49 feet; thence North 09"38'09" West, a distance of 1286.08 feet; thence North 47"26"49" East, a distance of 5.96 feet; thence North 09"38'09" West, a distance of 191.11 feet; thence North 11"08'27" West, a distance of
92.64 feet; thence North 01"46'27" East, a distance of 6.94 feet; thence North 76"19'23" East, a distance of 122.43 feet to a point on a curve of a
curve concave Westerly and having a radius of 955.00 feet and a central angle of 03"20i 6"; thence Northerly along said curve an arc distance of
55.63 feet and subtended by a chord bearing of North 16"30'04" West and a chord distance of 55.62 feet to the point of tangency of said curve; thence North 18"10i2• West, a distance of 148.42 feet to the Point of Beginning. Containing 22.64 acres, more or less.

THE GARDENS
LEGAL DESCRIPTION • ASSESSMENT AREA ONE
PARKER MYNCHENBERG
& ASSOCIATES, INC.

PROFESSIONAL ENGINEERS * LANDSCAPE ARCHITECTS
1729 RIDGEWOOD AVENUE	HOLLY HILL, FLORIDA	32117
(386) 677-6891	FAX (386) 677-2114	E-MAIL: info@porkermynchenberg.com CERTIFICATE OF AUTHORIZA TON NUMBER 00003910

EXHIBIT C
2 OF 3
04/22/2024

PHASE 3
PHASE 18
A PORTION OF SECTIONS 13, TOWNSHIP 12 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE INTERSECTION OF THE EAST RIGHT OF WAY LINE OF JOHN ANDERSON HIGHWAY (STATE ROAD 201 AND 100 FOOT RIGHT OF WAY) AND THE SOUTH LINE OF SECTION 14 OF SAID TOWNSHIP 12 SOUTH, RANGE 31 EAST,; THENCE NORTH 18"15'20" WEST ALONG SAID EAST RIGHT OF WAY LINE, A DISTANCE OF 228.50 FEET; THENCE NORTH 71'44"40" EAST, DEPARTING FROM SAID RIGHT OF WAY LINE, A DISTANCE OF 225.00 FEET; THENCE SOUTH 18'15'20" EAST, A DISTANCE OF 85.01 FEET; THENCE NORTH 71'54'56" EAST, A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE NORTHEAST AND HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 89"54'30"; THENCE SOUTHEASTERLY ALONG SAID CURVE AN ARC DISTANCE OF 39.23 FEET AND SUBTENDED BY A CHORD BEARING OF SOUTH
63"12'59" EAST AND A CHORD DISTANCE OF 35.33 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE NORTH 71"49'46" EAST, A DISTANCE OF 330.04 FEET TO THE POINT OF BEGINNING; THENCE NORTH 18"15'20" WEST, A DISTANCE OF 259.99 FEET; THENCE NORTH 71"44'40" EAST, A DISTANCE OF 140.00 FEET; THENCE NORTH 18"15'20" WEST, A DISTANCE OF 20.00 FEET; THENCE SOUTH 71"44'40" WEST, A DISTANCE OF
140.00 FEET; THENCE NORTH 18"15'20" WEST, A DISTANCE OF 960.00 FEET; THENCE NORTH 71'44'40" EAST, A DISTANCE OF 140.00 FEET; THENCE NORTH 18"15'20" WEST, A DISTANCE 20.00 FEET; THENCE SOUTH 71"44'40" WEST, A DISTANCE OF 140.00 FEET; THENCE NORTH 18'15'20" WEST, A DISTANCE OF 309.49 FEET; THENCE NORTH 11"30'49" WEST, A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE SOUTHERLY AND HAVING A RADIUS OF 325.00 FEET AND A CENTRAL ANGLE OF 02'07"45"; THENCE EASTERLY ALONG SAID CURVE AN ARC DISTANCE OF 12.08 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 79"33'04" EAST AND A CHORD DISTANCE OF 12.08 FEET TO A POINT ON SAID CURVE; THENCE NORTH 06"55'48-WEST, A DISTANCE OF 122.14 FEET; THENCE NORTH 01"0912" WEST, ALONG THE EASTERLY LINE AND IT'S SOUTHERLY PROLONGATION OF SAID LANDS AS DESCRIBED IN OFFICIAL RECORDS BOOK 927, PAGE 1938 OF THE PUBLIC RECORDS OF SAID COUNTY AND ALSO ALONG THE EASTERLY LINE OF THOSE LANDS AS DESCRIBED IN OFFICIAL RECORDS BOOK 801, PAGE 1414 OF SAID PUBLIC RECORDS, A DISTANCE OF 685.12 FEET TO THE NORTHEAST CORNER OF SAID LANDS AND SAID POINT ALSO BEING THE NORTHWEST CORNER OF THOSE LANDS AS DESCRIBED IN OFFICIAL RECORDS BOOK 2281, PAGE 1643 OF SAID PUBLIC RECORDS AND SAID POINT ALSO BEING ON THE NORTH LINE OF SAID SECTION 13; THENCE NORTH 88°54'24" EAST, ALONG SAID NORTHERLY LINE OF SAID SECTION 13 AND ALSO ALONG THE NORTHERLY LINE OF SAID LANDS AS DESCRIBED IN OFFICIAL RECORDS BOOK 2281, PAGE 1643, A DISTANCE OF 585.86 FEET; THENCE NORTH 13"3'08" EAST, DEPARTING FROM SAID SECTION 13, A DISTANCE OF 0.37 FEET; THENCE SOUTH 11"5210" WEST, A DISTANCE OF 25.29 FEET; THENCE SOUTH 88'54'24" WEST, A DISTANCE OF 176.36 FEET; THENCE SOUTH 01"07'10" EAST, A DISTANCE OF 161.55  FEET; THENCE SOUTH 88°50'48"  WEST, A DISTANCE OF 63.62 FEET; THENCE SOUTH 01'0912" EAST, A DISTANCE OF 568.36 FEET; THENCE SOUTH 86"59'44" WEST, A DISTANCE OF 140.07 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE EAST AND HAVING A RADIUS OF 475.00 FEET AND HAVING A CENTRAL ANGLE OF 10"47'20"; THENCE SOUTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 89.44 FEET AND SUBTENDED BY A CHORD BEARING OF SOUTH 06"32'52" EAST AND A CHORD DISTANCE OF 89.31 FEET TO A POINT ON SAID CURVE; THENCE NORTH 78"03'28" EAST, A DISTANCE OF 137.95 FEET; THENCE SOUTH 18"15'20" EAST, A DISTANCE OF 244.38 FEET; THENCE SOUTH 71"44'40" WEST, A DISTANCE OF 140.00 FEET;	THENCE SOUTH 18"15'20" EAST, A DISTANCE OF 20.00 FEET; THENCE NORTH 71"44'40" EAST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 18"15'20" EAST, A DISTANCE OF 960.00 FEET; THENCE SOUTH 71"44'40" WEST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 18"15'20" EAST, A DISTANCE OF 20.00 FEET; THENCE NORTH 71"44'40" EAST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 18"15'20" EAST, A DISTANCE OF 260.48 FEET; THENCE SOUTH 71"49'46" WEST, A DISTANCE OF 139.50 FEET TO THE POINT OF CURVE OF A CURVE CONCAVE TO THE EAST AND HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 11"26'00"; THENCE NORTHERLY ALONG SAID CURVE AN ARC DISTANCE OF 4.99 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 23°59'27" WEST AND A CHORD DISTANCE OF 4.98 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE NORTH 18"15'20" WEST, A DISTANCE OF 20.15 FEET; THENCE SOUTH 71'44"40" WEST, A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE NORTHWEST AND HAVING A RADIUS OF 25.00 FEET AND HAVING A CENTRAL ANGLE OF 90"04'06"; THENCE SOUTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 39.30 FEET AND BEING SUBTENDED BY A CHORD BEARING OF SOUTH 26"47'43" WEST AND A CHORD DISTANCE OF 35.38 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE SOUTH 71"49'46" WEST, A DISTANCE OF 114.96 FEET TO THE POINT OF BEGINNING.
CONTAINING 18.02 ACRES, MORE OR LESS.
PHASE 1C
A PORTION OF SECTIONS 13, AND 14, TOWNSHIP 12 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE INTERSECTION OF THE EAST RIGHT OF WAY LINE OF JOHN ANDERSON HIGHWAY (STATE ROAD 201 AND 100 FOOT RIGHT OF WAY) AND THE SOUTH LINE OF SAID SECTION 14; THENCE NORTH 18"15'20" WEST ALONG SAID EAST RIGHT OF WAY LINE, A DISTANCE OF 228.50 FEET TO THE POINT OF BEGINNING; THENCE CONTINUE NORTH 18"15'20" WEST ALONG SAID EAST RIGHT OF WAY LINE, A DISTANCE OF 1858.74 FEET TO THE SOUTHWEST CORNER OF THOSE LANDS AS DESCRIBED IN OFFICIAL RECORDS BOOK 927, PAGE 1938 OF THE PUBLIC RECORDS OF SAID COUNTY AND SAID POINT ALSO BEING A NORTHWEST CORNER OF THOSE LANDS IN OFFICIAL RECORDS BOOK 2281, PAGE 1643 OF SAID PUBLIC RECORDS; THENCE NORTH 88"47'24" EAST, ALONG THE SOUTHERLY LINE OF SAID LANDS AS DESCRIBED IN OFFICIAL RECORDS BOOK 927, PAGE 1938 AND ALSO ALONG A NORTHERLY LINE OF SAID LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 2281, PAGE 1643, A DISTANCE OF 710.39 FEET TO THE SOUTHEAST CORNER OF SAID LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 927, PAGE 1938; THENCE SOUTH 01"0912" EAST, A DISTANCE OF 25.00 FEET; THENCE SOUTH 06"55'48" EAST, A DISTANCE OF 122.14 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE SOUTHERLY AND HAVING A RADIUS OF 325.00 FEET AND A CENTRAL ANGLE OF 02"07'45"; THENCE WESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 12.08 FEET AND SUBTENDED BY A CHORD BEARING OF SOUTH 79"33'04" WEST AND A CHORD DISTANCE OF 12.08 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 11·30•49· EAST, A DISTANCE OF 50.00 FEET; THENCE  SOUTH 18"15'20"
EAST, A DISTANCE OF 309.49 FEET; THENCE NORTH 71"44"40" EAST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 18"15'20" EAST, A DISTANCE OF 20.00 FEET;	THENCE SOUTH 71"44'40' WEST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 18"15'20" EAST, A DISTANCE OF 960.00 FEET; THENCE NORTH 71"44'40" EAST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 18"15'20" EAST, A DISTANCE OF 20.00 FEET; THENCE SOUTH 71"44'40" WEST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 18"15'20" EAST, A DISTANCE OF 259.99 FEET; THENCE SOUTH 71"49'46" WEST, A DISTANCE OF 330.04 FEET TO THE POINT OF CURVE OF A CURVE CONCAVE TO THE NORTHEAST AND HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 89"55'04"; THENCE NORTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 39.23 FEET AND BEING SUBTENDED BY A
CHORD BEARING OF NORTH 63°12'41" WEST AND A CHORD DISTANCE OF 35.33 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 71"54'56" WEST, A DISTANCE OF 50.00 FEET; THENCE NORTH 18"15'20" WEST, A DISTANCE OF 85.0lFEET; THENCE SOUTH 71"44'40" WEST, A DISTANCE OF 225.00 FEET TO THE POINT OF BEGINNING.
CONTAINING 26.73 ACRES, MORE OR LESS.

THE GARDENS
LEGAL DESCRIPTION • ASSESSMENT AREA ONE
PARKER MYNCHENBERG
& ASSOCIATES, INC.

PROFESSIONAL ENGINEERS * LANDSCAPE ARCHITECTS
1729 RIDGEWOOD AVENUE	HOLLY HILL, FLORIDA	32117
{386) 677-6891	FAX {386) 677-2114	E-MAIL: infoClparkermynchenberg.com CERTIFICATE OF AUTHORIZATON NUMBER 00003910

EXHIBIT C
3 OF 3
04/22/2024

PHASE 2
PHASE 28
A PORTION OF SECTIONS 13 AND 38, TOWNSHIP 12 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE INTERSECTION OF THE EAST RIGHT OF WAY LINE OF JOHN ANDERSON HIGHWAY (STATE ROAD 201 AND A 100 FOOT RIGHT OF WAY) AND THE NORTH LINE OF SAID SECTION 38; THENCE SOUTH 18°10'14• EAST ALONG SAID EAST RIGHT OF WAY LINE, A DISTANCE OF 331.23 FEET; THENCE NORTH 71·49•45• EAST, DEPARTING FROM SAID RIGHT OF WAY LINE, A DISTANCE OF 400.00 FEET TO THE POINT OF BEGINNING; THENCE CONTINUE NORTH 71°49'46• EAST, A DISTANCE OF 370.00 FEET; THENCE NORTH 18°10'14• WEST, A DISTANCE OF 325.00 FEET; THENCE NORTH 71°49'46• EAST, A DISTANCE OF 50.00 FEET; THENCE NORTH 18°10'14• WEST, A DISTANCE OF 20.01 FEET TO THE POINT OF CURVE OF A CURVE CONCAVE TO THE EAST AND HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 11°3214"; THENCE NORTHERLY ALONG SAID CURVE AN ARC DISTANCE OF 5.03 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 12°24'08• WEST AND A CHORD DISTANCE OF 5.03 FEET TO A POINT ON SAID CURVE; THENCE NORTH 71•49•45• EAST, A DISTANCE OF 119.50 FEET; THENCE SOUTH
18°10'14· EAST, A DISTANCE OF 809.39 FEET; THENCE SOUTH 01°32'26· WEST, A DISTANCE OF 49.29 FEET; THENCE SOUTH aa·27•34• WEST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 01°32'26· EAST, A DISTANCE OF 20.00 FEET; THENCE NORTH aa·27•34• EAST, A DISTANCE 140.00 FEET; THENCE SOUTH 01°32'26• EAST, A DISTANCE OF 384.95 FEET; SOUTH 18°1014• EAST, A DISTANCE OF 935.73 FEET; THENCE SOUTH 71°49'46• WEST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 18°10'14• EAST, A DISTANCE OF 20.00 FEET; THENCE NORTH 71°49' 45• EAST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 18°1014• EAST, A DISTANCE OF 24.44 FEET TO THE POINT OF CURVE OF A CURVE CONCAVE TO THE WEST AND HAVING A RADIUS OF 365.00 FEET AND A CENTRAL ANGLE OF 34°46'50"; THENCE SOUTHERLY ALONG SAID CURVE AN ARC DISTANCE OF 221.57 FEET AND SUBTENDED BY CHORD BEARING OF SOUTH 00·45•49• EAST AND A CHORD DISTANCE OF 218.18 FEET TO THE POINT OF
TANGENT OF SAID CURVE; THENCE SOUTH 16°36'36" WEST, A DISTANCE OF 18.72 FEET; THENCE NORTH 73"23'24• WEST, A DISTANCE OF 139.49 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE EAST AND HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 11°32'13"; THENCE NORTHERLY ALONG SAID CURVE AN ARC DISTANCE OF 5.03 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 10°50'29· EAST AND A CHORD DISTANCE OF 5.03 FEET TO A POINT ON SAID CURVE; THENCE NORTH 73°28'41• WEST, A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE NORTHWEST AND HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 12°16'44"; THENCE SOUTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 5.36 FEET AND SUBTENDED BY A CHORD BEARING OF SOUTH 22°44'58• WEST AND A CHORD DISTANCE OF 5.35 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE SOUTH AND HAVING A RADIUS OF 495.00 AND A CENTRAL ANGLE OF 16°23'29"; THENCE WESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 141.61 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 79°46'17• WEST AND A CHORD DISTANCE OF 141.13 FEET TO A POINT ON SAID CURVE; THENCE NORTH 02°02'07• EAST, A DISTANCE
OF 77.22 FEET; THENCE NORTH 18°10'14• WEST, A DISTANCE OF 50.30 FEET; THENCE SOUTH 71·49•45• WEST, A DISTANCE OF 80.00 FEET; THENCE NORTH 18°10'14• WEST, A DISTANCE OF 1800.00 FEET TO THE POINT OF BEGINNING.
CONTAINING 21.82 ACRES, MORE OR LESS.
PHASE 2C
A PORTION OF SECTION 38, TOWNSHIP 12 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE INTERSECTION OF THE EAST RIGHT OF WAY LINE OF JOHN ANDERSON HIGHWAY (STATE ROAD 201 AND A 100 FOOT RIGHT OF WAY) AND THE NORTH LINE OF SAID SECTION 38; THENCE SOUTH 18°10'14• EAST ALONG SAID EAST RIGHT OF WAY LINE, A DISTANCE OF 331.23 FEET TO THE POINT OF BEGINNING; THENCE NORTH 71·49•45• EAST, DEPARTING FROM SAID RIGHT OF WAY LINE, A DISTANCE OF
400.00 FEET; THENCE SOUTH 18°10'14• EAST, A DISTANCE OF 1906.48 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE SOUTH
AND HAVING A RADIUS OF 495.00 FEET AND A CENTRAL ANGLE OF 14°32'52"; THENCE WESTERLY ALONG SAID CURVE AN ARC DISTANCE OF
125.68 FEET AND SUBTENDED BY A CHORD BEARING OF SOUTH 78°18'07" WEST AND A CHORD DISTANCE OF 125.35 FEET TO A POINT OF A CURVE OF A CURVE CONCAVE TO THE NORTHEAST AND HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 10°55'26"; THENCE NORTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 4.77 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 23"37'58• WEST AND A CHORD DISTANCE OF 4.76 FEET; THENCE; THENCE SOUTH 72°11'12• WEST, A DISTANCE OF 50.00 FEET; THENCE NORTH 18°10'14' WEST, A DISTANCE OF 87.31 FEET; THENCE SOUTH 71°49'46• WEST, A DISTANCE OF 225.00 FEET TO THE INTERSECTION WITH THE AFOREMENTIONED EAST RIGHT OF WAY LINE OF JOHN ANDERSON HIGHWAY; THENCE NORTH 18°10'14• WEST, ALONG SAID RIGHT OF WAY LINE, A DISTANCE OF 1800.00 FEET TO THE POINT OF BEGINNING.
CONTAINING 16.91 ACRES, MORE OR LESS.

THE GARDENS
LEGAL DESCRIPTION • ASSESSMENT  AREA TWO
PARKER MYNCHENBERG
& ASSOCIATES, INC.

PROFESSIONAL ENGINEERS * LANDSCAPE ARCHITECTS
1729 RIDGEWOOD AVENUE	HOLLY HILL, FLORIDA	32117
{386) 677-6891	FAX {386) 677-2114	E-MAIL: infoClparkermynchenberg.com CERTIFICATE OF AUTHORIZATON NUMBER 00003910

EXHIBIT D
04/22/2024

Section B

AMENDED & RESTATED MASTER
ASSESSMENT METHODOLOGY FOR THE
PHASE 1–3 TRACT

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT

Date: May 17, 2024

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

A&R MAM Phase 1-3 Tract V1 5/17/2024

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	7
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 the Gardens at Hammock Beach 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 Gardens at Hammock Beach Community Development District with financial advisory services or offer investment advice in any form.

Introduction

The Gardens at Hammock Beach 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 $25,565,000 of tax exempt bonds in one or more series (the “Bonds”) for the purpose of financing certain infrastructure improvements within an assessment area within the District consisting of Phases 1, 2, & 3 of development (herein the “Phase 1-3 Tract”), more specifically described in the Amended & Master Engineer’s Report dated April 2024 prepared by Parker Mynchenberg & Associates, Inc. as may be amended and supplemented from time to time (the “Engineer’s Report”). The District anticipates the construction of infrastructure improvements consisting of improvements that benefit property owners within the Phase 1-3 Tract within the District.

Purpose

The Board of Supervisors (“Board”) of the District previously approved the Master Assessment Methodology for Assessment Area One dated July 15, 2022 (the “Master Report”). This Amended & Restated Master Assessment Methodology for the Phase 1-3 Tract amends and restates the original approved Master Report (collectively, the “Assessment Report”) and provides for an assessment methodology that reflects changes to the description of phases, the description of the capital improvement plan, and the description of the assessment area described in the Engineer’s Report. It is important to note that neither the boundaries of the assessment area nor the total cost of the capital improvement plan have changed.

This Assessment Report provides for an assessment methodology for allocating the debt to be incurred by the District to benefiting properties in the Phase 1-3 Tract within the District. The Assessment Report allocates the debt to properties based on the special benefits each receives from the Phase 1-3 Tract Capital Improvement Plan (“Phase 1-3 Tract 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 Phase 1-3 Tract 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 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 consists of 953.37 acres and the proposed Development is envisioned to include approximately 824.13 acres, and the development program currently envisions approximately 453 residential units, 230,694 square feet of commercial/retail/office/multi-family area, and 100,000 square feet of specialty retail (herein the “Development”) in Flagler County, Florida. The Phase 1-3 Tract is located within the Development and consists of 248.93 acres, and is envisioned to include 335 residential units (herein the “Phase 1-3 Tract Development Program”). The proposed development program for the Phase 1-3 Tract is depicted in Table 1. It is recognized that such land use plan may change, and this report will be modified accordingly.

The improvements contemplated by the District in the Phase 1-3 Tract CIP will provide facilities that benefit certain property within the District. The Phase 1-3 Tract CIP is delineated in the Engineer’s Report. Specifically, the District may construct and/or acquire certain water systems, sanitary sewer systems, reuse water systems, reuse water treatment plants, stormwater management systems, electrical service, conservation mitigation, onsite public roadway systems, offsite public roadway systems, landscaping/hardscaping/irrigation, amenities and recreational areas, professional fees and inspection survey testing. 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 and services that may be provided by the District and the costs to implement the Phase 1-3 Tract CIP.
The District Engineer determines the assessable acres that benefit from the District’s Phase 1-3 Tract CIP.
A calculation is made to determine the funding amounts necessary to acquire and/or construct the Phase 1-3 Tract 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 the 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 property within the Phase 1-3 Tract within the District. The implementation of the Phase 1-3 Tract CIP enables properties within its boundaries to be developed. Without the District’s Phase 1-3 Tract CIP, there would be no infrastructure to support development of land within the Phase 1-3 Tract of 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 Phase 1-3 Tract within the District will benefit from the provision of the District’s Phase 1-3 Tract CIP. However, these benefits will be incidental to the District’s Phase 1-3 Tract CIP, which is designed solely to meet the needs of property within the Phase 1-3 Tract within the District. Properties outside the District boundaries and outside the Phase 1-3 Tract do not depend upon the District’s Phase 1-3 Tract CIP. The property owners within are therefore receiving special benefits not received by those outside the Phase 1-3 Tract and outside of 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 Phase 1-3 Tract within the District are greater than the costs associated with providing these benefits. The District Engineer estimates that the District’s Phase 1-3 Tract CIP that is necessary to support full development of property within the Phase 1-3 Tract will cost approximately $20,185,000. 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 $25,565,000. Additionally, funding required to complete the Phase 1-3 Tract CIP is anticipated to be funded by Developer. Without the Phase 1-3 Tract 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 $25,565,000 in Bonds to fund the District’s Phase 1-3 Tract CIP for the Phase 1-3 Tract, provide for capitalized interest, a debt service reserve account and cost of issuance. It is the purpose of this Assessment Report to allocate the $25,565,000 in debt to the properties benefiting from the Phase 1-3 Tract CIP.

Table 1 identifies the land uses as identified by the Developer and current landowners of the land within the Phase 1-3 Tract of the District. The District has a proposed Engineer’s Report for the Phase 1-3 Tract CIP needed to support the Development within the Phase 1-3 Tract, 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 $20,185,000. Based on the estimated costs, the size of the bond issue under current market conditions needed to generate funds to pay for the Project and related costs was determined by the District’s Underwriter to total $25,565,000. 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 Phase 1-3 Tract CIP funded by District bonds benefits all developable acres within the Phase 1-3 Tract within the District.

The initial assessments will be levied on an equal basis to all 248.93 acres within the Phase 1-3 Tract of 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 Phase 1-3 Tract 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 within the Phase 1-3 Tract, will continue to be assessed on a per acre basis (“Unassigned Properties”). Eventually the Phase 1-3 Tract Development Program will be completed and the debt relating to the Bonds will be allocated to the planned 335 residential units within the Phase 1-3 Tract within the District, which are the beneficiaries of the Phase 1-3 Tract CIP, as depicted in Table 5 and Table 6. If there are changes to the Phase 1-3 Tract Development Program, 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 Phase 1-3 Tract CIP consists of water systems, sanitary sewer systems, reuse water systems, reuse water treatment plants, stormwater management systems, electrical service, conservation mitigation, onsite public roadway systems, offsite public roadway systems, landscaping/hardscaping/irrigation, amenities and recreational areas, professional fees and inspection survey testing. There are three residential product types within the Phase 1-3 Tract planned development. 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 Phase 1-3 Tract CIP relating to the Phase 1-3 Tract will provide several types of systems, facilities and services for its residents. These include water systems, sanitary sewer systems, reuse water systems, reuse water treatment plants, stormwater management systems, electrical service, conservation mitigation, onsite public roadway systems, offsite public roadway systems, landscaping/hardscaping/irrigation, amenities and recreational areas, professional fees and inspection survey testing. 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.

For the provision of Phase 1-3 Tract CIP relating to the Phase 1-3 Tract Development, 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 Phase 1-3 Tract CIP relating to the Phase 1-3 Tract Development Program 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 Phase 1-3 Tract 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 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 Phase 1-3 Tract of 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 Phase 1-3 Tract CIP will be distributed evenly across the acres within the Phase 1-3 Tract of 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.

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT DEVELOPMENT PROGRAM
AMENDED & RESTATED MASTER ASSESSMENT METHODOLOGY FOR THE PHASE 1-3 TRACT

Product Types	No. of Units *	ERUs per Unit (1)	Total ERUs	
Single Family 50'	80	1	80.00	
Single Family 60'	148	1.2	177.60	
Single Family 80'	107	1.6	171.20	
Total Units	335		428.80	

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

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

Prepared by: Governmental Management Services - Central Florida, LLC

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE COST ESTIMATES
AMENDED & RESTATED MASTER ASSESSMENT METHODOLOGY FOR THE PHASE 1-3 TRACT

Capital Improvement Plan ("Phase 1-3 Tract CIP") (1)	Total Cost Estimate

Water System	$	1,600,000	
Sanitary Sewer System	$	2,000,000	
Reuse Water System	$	1,500,000	
Reuse Water Treatment Plant	$	4,000,000	
Stormwater Management System	$	2,000,000	
Electrical Service	$	400,000	
Conservation Mitigation	$	300,000	
Onsite Public Roadway System	$	2,300,000	
Offsite Public Roadway Systems	$	800,000	
Landscaping/Hardscaping/Irrigation	$	700,000	
Amenities and Recreational Area	$	1,200,000	
Professional Fees	$	1,200,000	
Inspection Survey Testing	$	350,000	
Contingency (10%)	$	1,835,000	
	$	20,185,000	

(1) A detailed description of these improvements is provided in the Master Engineer's Report dated April 2024

Prepared by: Governmental Management Services - Central Florida, LLC

BOND SIZING
 AMENDED & RESTATED MASTER ASSESSMENT METHODOLOGY FOR THE PHASE 1-3 TRACT

Description	Total		
Construction Funds	$	20,185,000		
Debt Service Reserve	$	1,783,734		
Capitalized Interest	$	2,900,900		
Underwriters Discount	$	511,000		
Cost of Issuance	$	175,000		
Rounding	$	9,366		
Par Amount*	$	25,565,000		

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

ALLOCATION OF BENEFIT
AMENDED & RESTATED MASTER ASSESSMENT METHODOLOGY FOR THE PHASE 1-3 TRACT

Product Types	

No. of Units *	

ERU
Factor	

Total ERUs	

% of Total ERUs	Total Improvements Costs Per
Product Type	Improvement Costs Per Unit	
Single Family 50'	80	1	80.00	18.66%	$ 3,765,858	$	47,073	
Single Family 60'	148	1.2	177.60	41.42%	$ 8,360,205	$	56,488	
Single Family 80'	107	1.6	171.20	39.93%	$ 8,058,937	$	75,317	
Totals	335		428.80	100%	$ 20,185,000		

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

Prepared by: Governmental Management Services - Central Florida, LLC

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT ALLOCATION OF TOTAL BENEFIT/PAR DEBT TO EACH PRODUCT TYPE
AMENDED & RESTATED MASTER ASSESSMENT METHODOLOGY FOR THE PHASE 1-3 TRACT

Product Types	

No. of Units *	Total Improvements Costs Per Product Type	Allocation of Par Debt Per Product Type	
Par Debt Per Unit	
Single Family 50'	80	$	3,765,858	$	4,769,590	$	59,620	
Single Family 60'	148	$	8,360,205	$	10,588,489	$	71,544	
Single Family 80'	107	$	8,058,937	$	10,206,922	$	95,392	
Totals	335	$	20,185,000	$	25,565,000		

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

Prepared by: Governmental Management Services - Central Florida, LLC

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT PAR DEBT AND ANNUAL ASSESSMENTS FOR EACH PRODUCT TYPE
AMENDED & RESTATED MASTER ASSESSMENT METHODOLOGY FOR THE PHASE 1-3 TRACT

Product Types	No. of
Units *	Allocation of
Par Debt Per	Total Par
Debt Per	Maximum
Annual Debt	Net Annual
Debt	Gross Annual
Debt	
Single Family 50'	80	$ 4,769,590	$ 59,620	$	332,786	$	4,160	$	4,425	
Single Family 60'	148	$ 10,588,489	$ 71,544	$	738,785	$	4,992	$	5,310	
Single Family 80'	107	$ 10,206,922	$ 95,392	$	712,163	$	6,656	$	7,081	
Totals	335	$ 25,565,000		$ 1,783,734			

(1) This amount includes 6% for collection fees and early payment discounts when collected on the County Property Tax Bill

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

Prepared by: Governmental Management Services - Central Florida, LLC

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY ASSESSMENT ROLL
AMENDED & RESTATED MASTER ASSESSMENT METHODOLOGY FOR THE PHASE 1-3 TRACT

Owner	

Property*	

Acres	Total Par Debt Allocation Per
Acre	Net Annual Debt Total Par Debt	Assessment
Allocated	Allocation	Gross Annual Debt Assessment
Allocation (1)	

Palm Coast Intracoastal, LLC	
Phase 1-3 Tract	
248.93	
$	102,700	
$ 25,565,000	$	1,783,734	
$	1,897,590	
Totals		248.93		$ 25,565,000	$	1,783,734	$	1,897,590	

(1) This amount includes 6% 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%
$1,783,734

* - See Metes and Bounds, attached as Exhibit A

Prepared by: Governmental Management Services - Central Florida, LLC

Exhibit A

	MAP SHOWING SKETCH OF LEGAL
'
LOT 10 f------------------	O.R.B. 1537
PG. 1021	PLATTED CUSTER'S PALM HARBOR
BLOCK D!::: atg K11D	12-12-31-0000-	PLAT BOOK 27,  WEST RIGHT-OF-WAY LINE
04020-0020 NOW OR	PAGE 10	,	FLORIDA INTRACOASTAL WATERWAY
O.R.B. 63	FORMERLY HAMMOCK	\ /	500' R/W AS PER FLORIDA EAST COAST
BEACH RIVER CLUB LLC	, ,	\	CANAL MAP BOOK 4, PAGES 16 & 17
PG. 138	UNPLA TTED LANDS	L4	14 /13\  12 \
- , ifJIQ _:J i-00,0-	SEC:-;-10N 1.3
0	NOW OR FQRMERL Y DANNER,
\i_, :L \ E O B ·OK 801,	GRAPHIC SCALE
\ 'f"JV'AGf._1414
·- \  14-12-31-0000-01010-0000
' \	NOW OR FORMERLY BED &:	0	800	1600
BISCUIT INNS OF AMERICA
\ Of'FICIAL RECORDS BOOK
927 PAGE 193a
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SECTION 14 LANDS

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POINT OF MMENCEMENT
c,..	DETAIL "A"
1 inch = 200 ft.
i�	O.R.B. 2281 PG. 1643
E ,	SECTION 38
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SECTION 38 LANDS j:,
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\I	NOTICE REGARDING
INTRACOASTAL
WATERWAY RIGHT OF WAY RECORDED APRIL 16, 1998 IN OFFICIAL
I  ,-	SEE	RECORDS BOOK 611,
PAGE 1739.
\•\It DETAIL
\ \ \  "B"
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\  '\	·, •,,,  OFFICIAL RECORDS BOOK 1384, PAGE 1371
NOW OR FORMERLY ROl',\,AND, PEITR G. & NAN
DETAIL "B"	GENERAL NOlIS
',\	\\	\,:	THIS IS A SKETCH AND LEGAL DESCRIPTION AND DOES NOT PURPORT TO BE A FIELD BOUNDARY SURVEY.
\ 1 -,	1  inch  =400  ft.	SEE SHEET 2 OF 3 FOR LEGAL
'----'-........,	o_, SEE SHEET 3 OF 3 FOR LINE AND CURVE TABLES	SHEET 1 OF 3		
			
	B.	H.	AND	ASSOCIATES
PROFESSIONAL LAND SURVEYORS	L.B.  #7800
21 utility Drive Suite 21 B Palm Coast, Florida 32137 OFFICE (386) 283-4561 CELL (904) 631-5484		
	EXHIBIT A-1
LEGAL DESCRIPTION ASSESSMENT AREA ONE	07/12/2022
1 OF 3	

A portion of Sections 13, 14 and 38, Towrisl ,ip MJ\Eti1 ,Q., 1 gt,  1£ y, Qf,;da &,96hg more particularly described as follows: Commence at the intersection of the East right of way line of John Anderson Highway (State Raad 201 and 100 foot right of way) and the North line of said Section 38; thence North 18"15'20" West along said East right of way line, a distance of 2087.24 feet to the Southwest corner of those lands as described in Official Records Book 927, page 1938 of the public records of said County and said point also being a Northwest corner of those lands in Official Records Book 2281, page 1643 of said public records; thence North 88'47'24" East, along the Southerly line of said lands as
described in Official Records Book 927, page 1938 and also along a Northerly line of said lands described in Official Records Book 2281, page 1643, o distance of 710.39 feet to the Southeast corner of said lands described in Official Records Book 927, page 1938; thence North 01"09'12" West, along the Easterly line of said lands as described in Official Records Book 927, page 1938 and also along the easterly line of those lands as described in Official Records Book 801, page 1414 of said public records, a distance of 660.12 feet to the Northeast corner of said lands and said point also being the Northwest corner of said lands as described in Official Records Book 2281, page 1643 and said point also being an the North line of said Section 13; thence North 88'54'24" East, along said North line of Section 13 and also along the Northerly line of said lands as described in Official Records Book 2281, page 1643, a distance of 1890.40 feet to a point on the West right of way line of Florida lntrocoastal Waterway; thence along said West right of way line the following three courses: South 13°58'25" East, a distance of 2749.94 feet; thence  South 21"17'55" East, a distance of 1265.37 feet; thence South 03"54'39" West, a distance of 90.51 feet; thence  South 69"00'58" West, departing from said West right of way line, a distance of 250.79 feet to the point of curve of a curve concave to the Northeast and having a radius of 65.00 feet and a central angle of 140"24'30"; thence Northwesterly along said curve on ore distance of 159.29 feet and subtended by a chord bearing of North 41"16'28" West and a chord distance of 122.32 feet to a point on said curve; thence South 69"00'06" West, a distance of 85.08 feet; thence North 20'54'52" West, a distance of 180.00 feet; thence South 69"00'06" West, a distance of 503.11 feet; to the point of curve of a curve concave to the Southeast and
having a radius of 5.00 and a central angle of 90"00'00" \hence Southwesterly along said curve an arc distance of 7.85 fee\ and subtended by a cord bearing of South 24"00'06" West and a chord distance of 7.07 feet to a point on said curve; thence South 20"59'54" East, a distance of 822.65 feet to a point on a curve of a curve concave to the Northeast and having a radius of 25.00 feet and a central angle of 11"10'11  thence Southeasterly along said curve an arc distance of 4.87 feet and subtended by a chord bearing of North 74"57'14" East and a chord distance of 4.87 feet to a point on said curve; thence South  21"21'56" East, a distance of 50.00 feet to a point on a curve of a curve concave to the Southeast and having a radius of 25.00 feet and a central angle of 90"22'02"; thence Southwesterly along said curve on ore distance of 39.43 feet and subtended by a chord bearing of South 24"11'07" West and a chord distance of 35.47 feet to a point on said curve; thence South 69"44'10" West, a distance of 50.00 feet to a point on a curve of a curve to the Southwest and having a radius of 25.00 feet and a central angle of 11·10'11"; thence
Northwesterly along said curve on arc distance of 4.87 feet and subtended by a chord bearing of North 26"34'59" West and a chord distance of 4.87 feet to a point on said curve; thence South 69"22'08" West, a distance of 129.58 feet;  thence South 20"51'44" East, a distance of 115.00 feet; thence South 69'22'08" West, a distance of 232.49 feet; thence South 24"30'13" East, a distance of 127.26 feet; thence South 10"41'45" West, a distance of 133.22 feet; thence South 40"42'12" West, a distance of 202.16 feet; thence North 32"58'38" West, a distance of 357.54; thence North 12°24'49" West, a distance of 43.38 feet; thence South 71"49'46" West, a distance of 68.04 feet; thence North 18"10'14" West, a distance of 152.62 feet; thence North 16"36'36" East, a distance of 82.23 feet; thence North 73"23'24" West, a distance of 139.49 feet to a point on a curve of a curve concave to the Southeast and having a radius of 25.00 feet and a central angle of 11"32'13"; thence Southeasterly along said curve on ore distance of 5.03 feet and subtended by a chord bearing of South 22"22'42" West and a chord distance of 5.03 feet to a point on said curve; thence North 73"23'24" West, a distance of 50.00 feet to a point on a curve of a curve concave to the West and having a radius of 25.00 feet and a central angle of 11'32'13"; thence Northerly along said curve on ore distance of 5.03 and subtended by a chord bearing of North 10'50'29" East and a chord distance of 5.03 fee\ to a point on said curve; thence North 73"23'24" West, a distance of 139.49 feet;  thence South 16"36'36" West, a distance of
62.75 feet; thence South 71'49'46" West, a distance of 190.07 feet; thence North 18"10'14" West, a distance of 150.73 feet to a point on a curve concave to the South and having a radius of 355.00 feet and a central angle of 04"50'36";  thence Westerly along said curve an arc distance of
30.01 feet and subtended by a chord bearing of South 74"15'04" West and a chord distance of 30.00 feet to lhe point of tangency of said curve; thence South 71"49'46" West, a distance of 94.52 feet to a point on a curve of a curve concave to the East and having a radius of 25.00 feet and a central angle of South 11"32'08" East; thence Southerly along said curve on ore distance of 5.03 feet and subtended by a chord bearing of South 12"24'05" East and a chord distance of 5.02 feet to a point on said curve; thence South 71"49'46" West, a distance of 50.00 feet ; thence South 18"10'14" East, a distance of 67.00 feet; thence South 71"49'46" West, a distance of 225.00 feet to the intersection with the aforementioned East right of way line of John Anderson Highway; thence North 18"10'14" West, along said right of way line, a distance of 2435.54 feet to the Point of Beginning.
Containing 271.57 acres, more or less.

Less and except the following described lands:

A portion of Sections 13 and 38, Township 12 South, Range 31 East, Flagler County, Florida, and being more particularly described as follows: Commence at the intersection of the East right of way line of John Anderson Highway (State Rood 201 and 100 foot right of way) and the North line of said Section 38; thence North 18"15'20" West along said East right of way line, a distance of 68.78 feet; thence North 71"49'46" East, deporting from said right of way line, a distance of 1745.68 feet; thence South 18'10'12" East, a distance of 55.02 feet to the Point of Beginning; thence
North 71'49'46" East, a distance of 70.00 feet; thence South 18"10'12" East, a distance of 148.42 feet; thence North 71"49'48" East, a distance of
209.59 feet; thence South 18"10'12" East, a distance of 502.20 feet; thence South 20"54'52" East, a distance of 814.45 feet; thence South 69"05'08" West, a distance of 125,41 feet; thence South 20"54'33" East, a distance of 320.03 feet; thence South 69"00'06" West, a distance of 366.35 feet; thence South 71"51'35" West, a distance of 50.81 feel to a point on a curve of a curve concave Easterly and having a radius of 900.00 feet and having a central angle of 02"51'29"; thence Southerly along said curve on arc distance of 44.90 feet and subtended by a chord bearing of South 19"34'09" East and a chord distance of 44.89 feet to the point a tangency of said curve; thence South 20"59'54" East, a distance of 850.17 feet to the point of curve of a curve concave Westerly and having a radius of 25.00 feet and a central angle of 11"54'15"; thence Southerly along said curve on arc distance of 5.19 feet and subtended by a chord bearing of South 15"02'46" East and a chord distance of 5.18 feet to a point on said curve; thence South 69'22'08" West, a distance of 129.47 feet; thence North 20"59'54" West, a distance of 449.86 feet; thence South 73"36'50" West, a distance of 20.06 feet; thence North 20"59'54" West, a distance of 507.49 feet; thence North 09"38'09" West, a distance of 1286.08 feet; thence North 47"26'49" East, a distance of 5.96 feet; thence North 09"38'09" West, a distance of 191.11 feet; thence North 11"08'27" West, a distance of
92.64 feet; thence North 01"46'27" East, a distance of 6.94 feet; thence North 76"19'23" East, a distance of 122.43 feet to a point on a curve of a curve concave Westerly and having a radius of 955.00 feet and a central angle of 03"20'16"; thence Northerly along said curve an arc distance of
55.63 feet and subtended by a chord bearing of North 16"30'04" West and a chord distance of 55.62 feet to the point of tangency of said curve; thence North 18'10'12" West, a distance of 148.42 feet to the Point of Beginning. Containing 22.64 acres, more or less.
LEGEND
O.R.B.	OFFICIAL RECORDS BOOK
GENERAL NOTES

THIS IS A SKETCH AND LEGAL DESCRIPTION AND DOES NOT PURPORT TO BE A FIELD BOUNDARY SURVEY.	SHEET 2 OF 3
B.  H.	AND	ASSOCIATES
PROFESSIONAL LAND SURVEYORS	L.B.  #7800
21 Utility Drive Suite 21 B Palm Coast, Florida 32137 OFFICE (386) 283-4561 CELL (904) 631-5484
BEARING  DATUM  BASED  ON   	E_A_S_T_E_R_L_Y_R_I_G_H_T_O_F_W_A_Y_O_F_J_O_H_N_A_N_DE_R_S_O_N_H_I_G_H_W_A_Y_N_1_s_·1_s_·_2o_'_'w	

COMPUTERFILE NAME: GARDENS PLAT BNDRY LESS.DWG	DATE   	M_A_R_C_H_0_2 , _2_0_2_0_	FILE NO.: 	040118B	

  MAP SHOWING SKETCH OF LEGAL	

LINE TABLE
LINE	BEARING	DISTANCE	LINE	BEARING	DISTANCE	
L1	N 18"15'20"  W	2087.24'	L30	N 18"10'14" W	150.73'	
L2	N 88"47'24" E	710.39'	L31	S 71·49' 46" W	94.52'	
L3	N 01"09'12"  W	660.12'	L32	S 71·49' 46" W	50.00'	
L4	N 88°54'24" E	1890.40'	L33	S 18"10'14" E	67.00'	
LS	S 13"58'25" E	2749.94'	L34	S 77·49'45"  W	225.00'	
L6	S 21"17'55" E	1265.37'	L35	N 18"10'14" W	2435.54'	
L6A	S 03"54'39"  W	90.51'	L36	N 18"15'20"  W	68.78'	
L7	S 69"00'58"  W	250.79'	L37	N 71°49' 46" E	1745.68'	
L8	S 59·00'05"  W	85.08	L38	s 15·10·12· E	55.02'	
L9	N  20·54'52"  W	180.00'	L39	N 71·49' 46" E	70.00'	
L10	S 59·00'05"  W	503.11'	L40	S 18"10'12" E	148.42'	
L11	S 20·59'54" E	822.65'	L41	N 71·49' 48" E	209.59'	
L12	S 21"21'56" E	50.00'	L42	S 18"10'12" E	502.20'	
L13	S 59·44'7 O" W	50.00'	L43	S 20"54'52" E	814.45'	
L14	S 59·22'08"  W	129.58'	L44	S 69"05'08"  W	125.41'	
L15	S 20"51' 44" E	115.00'	L45	S 20•54'33" E	320.03'	
L16	S 59·22'08"  W	232.49'	L46	S 59·00'05"  W	366.35'	
L17	S 24"30'13" E	127.26'	L47	S 71"51'35"  W	50.81'	
L18	S 10·47'45"  W	133.22'	L48	S 20·59'54" E	850.17'	
L19	S 40"42'12"  W	202.16'	L49	S 69"22'08"  W	129.47'	
L20	N 32"58'38"  W	357.54'	L50	N  20·59'54"  W	449.86'	
L21	N 12"24'49"  W	43.38'	L51	S 73"36'50"  W	20.06'	
L22	S 71·49'45"  W	68.04'	L52	N  20·59'54"  W	507.49'	
L23	N 18°10'14" W	152.62'	L53	N 09"38'09"  W	1286.08'	
L24	N 15·35'35"  E	82.23'	L54	N  4T26'49"  E	5.96'	
L25	N 73"23'24"  W	139.49'	L54A	N 09"38'09"  W	191.11'	
L26	N  73"23'24"  W	50.00'	L55	N 11"08'27"  W	92.64'	
L27	N 73"23'24"  W	139.49'	L56	N 01"46'27" E	6.94'	
L28	S 75·35'35"  W	62.75'	L57	N 76"19'23" E	122.43'	
L29	S 71·49' 46"  W	190.07'	L58	N 18"10'12" W	148.42'	

CURVE TABLE
CURVE	RADIUS	ARC LENGTH	CHORD LENGTH	CHORD BEARING	DELTA ANGLE	
C1	65.00'	159.29'	122.32'	N 41"16'28" W	140"24'30"	
C1A	5.00'	7.85'	7.07'	S 24"00'06"  W	go·oo·oo"	
C2	25 00'	4.87'	4.87'	N 74"57'14"  E	11"10'11"	
C3	25 00'	39.43'	35.47'	S 24"11'07" W	90·22·02"	
C4	25.00'	4.87'	4.87'	N  25·34'59"  W	11·10'11"	
C5	25.00'	5.03'	5.03'	S 22"22'42"  W	11·32'13"	
C6	25.00'	5.03'	5.03'	N 10"50'29" E	11"32'13"	
C6A	355.00'	30.01	30.00'	S 74·75'04"  W	4·50'35"	
C7	25.00'	5.03'	5.02'	S 12"24'05" E	11·32'08"	
cs	900.00'	44.90'	44.89'	S 19·34'09"  E	2"51'29"	
C9	25 00'	5.19'	5.18'	S 15"02' 46" E	11"54'15"	
C10	955.00'	55.63'	55.62'	N 16"30'04"  W	3"20'16"	

	LEGEND	
O.R.B.	OFFICIAL RECORDS BOOK
GENERAL NOTES

THIS IS A SKETCH AND LEGAL DESCRIPTION AND DOES NOT PURPORT TO BE A FIELD BOUNDARY SURVEY.	SHEET 3 OF 3
B.  H.	AND	ASSOCIATES
PROFESSIONAL LAND SURVEYORS	L.B.  #7800
21 utility Drive Suite 21 B Palm Coast, Florida 32137 OFFICE (386) 283-4561 CELL (904) 631-5484

A portion of Lots 1, 3, 7, 8 and 9 and all of Lots 4, 10, 11 and 12, Block C, Bunnell Development Company's Land as recorded in Plat Book 1, Page 1, in the Public Records of Flagler County, Florida, together with a portion of Government Section 14, 38, and 39, Township 12 South, Range 31 East, Flagler County, Florida, situated in Government Sections 11, 14, 38 and 39, Township 12 South, Range 31 East, Flagler County, Florida, being more particularly described as follows:

Commence at the intersection of the East right of way line of John Anderson Highway (State Road 201) and the North line of said Section 38-12-31; thence South 71"47'17" West, a distance of 100.00 feet to a point on the West right of way line of John Anderson Highway (State Road 201), also being the Point of Beginning; thence along said West right of way line the following three courses: South 1810'26" East, a distance of 3,184.36 feet to a point of curvature of a non-tangent curve concave Northeasterly having a radius of 1,196.28 feet, a central angle 22"09'26" and a chord distance of 459.74 feet which bears South 2914'21 East; thence Southeasterly along the arc of said curve a distance of 462.62 feet; thence South  40'21'41" East, a distance of 776.28 feet; thence departing said West right of way line South 6918'47" West, a distance of 1433.82 feet, thence North 20"41'22" West, a distance of 995.98, thence North 24"04'44" West, a distance of 1618.01 feet; thence North 8617'06" West, a distance of 2,604.28 feet; thence North 60"37'10" West, a distance of 341.50 feet; thence North 43'23'02" West, a distance of 2,172.87 feet, thence North 30"47'31" East, a distance of 1,526.35 feet; thence North 45•31•15• East, a distance
of 902.38 feet; thence North 4014'18" West, a distance of 1,732.75 feet; thence North 0610'40" West, a distance of 189.68 feet; thence North 0015'33" West, a distance of 614.90 feet; thence North 88"32'16" East, a distance of 257.93 feet; thence North 01'27'08" West. a distance of 1,087.72 feet to a point on the South line of State Road No. 100; thence along said South right of way line South 89"29'03" East, a distance of 959.81 feet; thence departing said South right of way line South 00"30'57" West, a distance of 210.00 feet; thence South 89'29'03" East, a distance of 210.00 feet; thence South 00"30'57" West, a distance of 389.92 feet; thence South 89"28'38" East, a distance of 822.42 feet; thence South 00"06'48" East, a distance of 1,704.61 feet; thence North 88"51'12" East, a distance of 1350.55 feet; thence South 0110'32" East, a distance of 660.84 feet; thence North 88"37'17" East, a distance of 158.75 feet; thence South 1814'40" East, a distance of 330.09 feet; thence North 88"50'11• East, a distance of 330.04 feet to a point on the West right of way line of John Anderson Highway (State Road 201); thence along said right of way line South 1815'00" East, a distance of 1,788.60 feet to the Point of Beginning.
Together with
A portion of Sections 13, 14 and 38, Township 12 South, Range 31 East, Flagler County, Florida, being more particularly described as follows:
Beginning at the intersection of the East right of way line of John Anderson Highway (State Road 201) and the North line of said Section 38-12-31; thence along said East right-of-way line North 1815'00" West, a distance of 2,087.53 feet; thence departing said East right of way line North 88"47'52" East, a distance of 710.35 feet to a point on the West line of Section 13-12-31; thence along said West Section line North 0113'40" West, a distance of 661.23 feet to a point on the North line of Section 13-12-31; thence along said North Section line North 88"36'18" East, a distance of 1,890.40 feet to the point on the West right-of-way line of Florida lntracoastal Waterway; thence along said West right of way line the following two courses: South 13°59'25" East. a distance of 2,750.14 feet; thence South 2117'55" East, a distance of 1265.83 feet; thence departing said West right of way line and along a Westerly line of the Historic Channel of Haw Lover Creek, South 03°54'35" West, a distance of 148.38 feet; thence South 19"27'08" East, a distance of 643.95 feet, thence South 68"38'53" East, a distance of 113.53 feet to a point on the aforesaid lntracoastal right-of-way, thence South 2117'55" East, a distance of 647.80 feet; thence departing said right-of-way South 6910'09" West, a distance of 2520.12 feet to a point on the East right of way line of John Anderson Highway
(State Road 201); thence along said East right-of-way line the following three courses: North 40"21'41" West, a distance of 74.31 feet to a point of curvature of a non-tangent curve concave Northeasterly having a radius of 1,095.28 feet, a central angle of 22"09'21• and a chord distance of 421.29 feet which bears North 2914'17" West; thence Northwesterly along the arc of said curve a distance of 423.92 feet; thence North 1810'26" West, a distance of 3,184.44 feet to the Point of Beginning.
Formerly known as GARDENS AT HAMMOCK BEACH, according to the plat thereof as recorded in Plat Book 35, Pages 80 through 100, Public Records of Flagler County, Florida.
LESS AND EXCEPT: The land contained in the Quit Claim Deed recorded in Official Records Book 1620, Page 434, Public Records of Flagler County, Florida.
LESS AND EXCEPT:  The land contained in the Special Warranty Deed recorded in Official Records Book 1636, Page 1694, Public Records of Flagler County, Florida.
LESS AND EXCEPT:  The land contained in the Special Warranty Deed recorded in Official Records Book 1789, Page 750, Public Records of Flagler County, Florida.
LESS AND EXCEPT: Tracts PL-2 and PL-3, GARDENS AT HAMMOCK BEACH, according to the plat thereof as recorded in Plat Book 35, Pages 80 through 100, Public Records of Flagler County, Florida.
TOGETHER l'llTH
A parcel of land in the South 1/2 of Section 11, Township 12 South, Range 31 East, Flagler County, Florida more particularly described as follows:
Commence at the Southwest corner of Government Section 11, Township 12 South, Range 31 East as monumented by a 4" x 4" concrete monument inscribed with a "t"; thence along the Southerly line of said Section 11 North 88°51'19" East a distance of 2591.75 feet to the Point of Beginning; thence North 00"06'41" East a distance of 1287.36 feet; thence North 88'28'36" East, a distance of 680.27 feet; thence South 01'24'50" East, a distance of 345.10 feet; thence South 88"36'24" West. a distance of 150.00 feet; thence South 01'28'15" East, a distance of 300.30 feet; thence North 88"36'24" East, a distance of
150.00 feet; thence South 01"08'43" East, a distance of 24.77 feet; thence North 88"54'22" East, a distance of 749.54 feet to a point on the Westerly right of way line of State Road 201, ( also known as John Anderson Highway); thence along said Westerly right of way line, South 1811'55" East, a distance of
401.46 feet; thence departing said right of way line, South 7714'08" West, a distance of 99.57 feet; thence South 0116'02" East, a distance of 216.94 feet; thence South 88"50'35" West, a distance of 126.47 feet to a point on the Southerly line of aforesaid Section 11; thence along said Southerly line South 88"51'19" West, a distance of 1,350.55 feet to the Point of Beginning.
TOGETHER l'llTH
A parcel of land in Section 12, Township 12 South, Range 31 East, Flagler County, Florida more particularly described as follows:
Begin at the Southwest corner of said Government Section 12, thence departing said Southerly line North 01•30•23• West a distance of 1203.23 feet along the Westerly line of said Section 12; thence North 88"52'15" East, a distance of 649.96 feet; thence South 19°00'52" East, a distance of 1,265.64 feet; thence South 88"56'30" West, along said Section line, a distance of 1,030.73 feet to the Point of Beginning.
824.13 ACRES MORE OR LESS

THE GARDENS
LEGAL DESCRIPTION DEVELOPMENT BOUNDARY
PARKER MYNCHENBERG
& ASSOCIATES, INC.

PROFESSIONAL ENGINEERS * LANDSCAPE ARCHITECTS
1729 RIDGEWOOD AVENUE	HOLLY HILL, FLORIDA	32117
(386) 677-6891	FAX {386) 677-2114	E-MAIL: info@parkermynchenberg.com CERTIFICATE OF AUTHORIZATON NUMBER 00003910

EXHIBIT  A-2
07/12/2022
OF 1

Section C

SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE
PHASE 1-3 TRACT

FOR
GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT

Date: June 12, 2024

Prepared by

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

Volume 6 – Final 6/11/2024

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	7
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 the Gardens at Hammock Beach 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 Gardens at Hammock Beach Community Development District with financial advisory services or offer investment advice in any form.

1.0	Introduction

The Gardens at Hammock Beach 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 will issue on June 21, 2024, $13,825,000 of tax exempt bonds in one or more series (the “Series 2024 Bonds” or “Bonds”) for the purpose of financing certain infrastructure improvements within an assessment area within the District (herein the “Phase 1-3 Tract”), more specifically described in the Supplemental Engineer’s Report dated April 2024 prepared by Parker Mynchenberg & Associates, Inc. as may be amended and supplemented from time to time (the “Engineer’s Report”). The District anticipates the construction of infrastructure improvements consisting of improvements that benefit property owners within the Phase 1-3 Tract within the District.

Purpose

This Supplemental Assessment Methodology Report for the Phase 1-3 Tract (the “Supplemental Report”) supplements the Amended & Restated Master Assessment Methodology Report dated May 17, 2024, and provides for an assessment methodology for allocating the debt to be incurred by the District to benefiting properties in the Phase 1-3 Tract within the District. This Supplemental Report allocates the debt to properties based on the special benefits each receives from the Phase 1-3 Tract Capital Improvement Plan (“Phase 1-3 Tract CIP”). This Supplemental 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 will impose non ad valorem special assessments on the benefited lands within the Phase 1-3 Tract within the District based on this Supplemental 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 available to the District. 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 consists of 953.37 acres and the proposed Development is envisioned to include approximately 824.13 acres, and the development program currently envisions approximately 453 residential units, 230,694 square feet of commercial/retail/office/multi-family area, and 100,000 square feet of specialty retail (herein the “Development”) in Flagler County, Florida. The Phase 1-3 Tract is located within the Development and consists of 248.93 acres, and is envisioned to include 335 residential units (herein the “Phase 1-3 Tract Development Program”). The Phase 1-3

Tract Development Program is depicted in Table 1. It is recognized that such land use plan may change, and this report will be modified accordingly.

The improvements contemplated by the District in the Phase 1-3 Tract CIP will provide facilities that benefit certain property within the District. The Phase 1-3 Tract CIP is delineated in the Engineer’s Report. Specifically, the District may construct and/or acquire certain water systems, sanitary sewer systems, reuse water systems, stormwater management systems, electrical service, conservation mitigation, onsite public roadway systems, offsite public roadway systems, landscaping/hardscaping/irrigation, recreational areas, professional fees and inspection survey testing. 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 and services that may be provided by the District and the costs to implement the Phase 1-3 Tract CIP.
The District Engineer determines the assessable acres that benefit from the District’s Phase 1-3 Tract CIP.
A calculation is made to determine the funding amounts necessary to acquire and/or construct the Phase 1-3 Tract 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 the 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 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 Phase 1-3 Tract within the District. The implementation of the Phase 1-3 Tract CIP enables properties within its boundaries to be developed. Without the District’s Phase 1-3 Tract CIP, there would be no infrastructure to support development of land within the Phase 1-3 Tract of 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 Phase 1- 3 Tract within the District will benefit from the provision of the District’s Phase 1-3

Tract CIP. However, these benefits will be incidental to the District’s Phase 1-3 Tract CIP, which is designed solely to meet the needs of property within the Phase 1-3 Tract within the District. Properties outside the District boundaries and outside the Phase 1- 3 Tract do not depend upon the District’s Phase 1-3 Tract CIP. The property owners within are therefore receiving special benefits not received by those outside the Phase 1-3 Tract and outside of 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 Phase 1-3 Tract within the District are greater than the costs associated with providing these benefits. The District Engineer estimates that the District’s Phase 1-3 Tract CIP that is necessary to support full development of property within the Phase 1-3 Tract will cost approximately $21,743,936. The District’s Underwriter has determined 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 $13,825,000. Additionally, funding required to complete the Phase 1-3 Tract CIP not funded by bonds, is anticipated to be funded by Developer. Without the Phase 1-3 Tract CIP, the property would not be able to be developed and occupied by future residents of the community.

.0	Assessment Methodology

Overview

The District will issue on June 21, 2024, $13,825,000 in Bonds to fund the District’s Phase 1-3 Tract CIP for the Phase 1-3 Tract, provide for capitalized interest, a debt service reserve account and cost of issuance. It is the purpose of this Supplemental Report to allocate the $13,825,000 in debt to the properties benefiting from the Phase 1-3 Tract CIP.

Table 1 identifies the land uses as identified by the Developer and current landowners of the land within the Phase 1-3 Tract of the District. The District has a proposed Engineer’s Report for the Phase 1-3 Tract CIP needed to support the Development within the Phase 1-3 Tract, 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 $21,743,936. Based on the estimated costs, the size of the bond issue under current market conditions needed to generate funds to pay for the Project and related costs was determined by the District’s Underwriter to total $13,825,000. 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 Phase 1-3 Tract CIP funded by District bonds benefits all developable acres within the Phase 1-3 Tract within the District. The Phase 1-3 Tract will consist of two assessment areas correlating with the Series 2024-1 & Series 2024-2 Bonds. The Series 2024-1 Bonds will be levied to property within Phases 1 & 3 of the District (herein “Assessment Area One”), and the Series 2024-2 Bonds will be levied to property within Phase 2 of the District (herein “Assessment Area Two”).

Series 2024-1 Assessments (Assessment Area One)
The District will impose non ad valorem special assessments to property within Assessment Area One of the District related to the Series 2024-1 Bonds (herein the “2024-1 Assessments”) based on this Supplemental Report. The initial Series 2024-1 Assessments will be levied to the 211 platted residential lots within Assessment Area One of the District.

Series 2024-2 Assessments (Assessment Area Two)
The District will impose non ad valorem special assessments to property within Assessment Area Two of the District related to the Series 2024-2 Bonds (herein the “2024-2 Assessments”) based on this Supplemental Report. The initial Series 2024-2 Assessments will be levied on an equal acreage basis to the properties within Assessment Area Two of the District. Once platting occurs within Assessment Area Two, the Series 2024-2 Assessments will be assigned to the platted lots on a first platted, first assigned basis. The Developer plans to make prepayments to redeem approximately $5.8 million of the Series 2024-2 Bonds. After such prepayments are made, the Annual 2024-2 Assessments are expected to be reduced to approximately
$1,750 per lot when collected on the Flagler County property tax bill.

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 Phase 1-3 Tract within the District are benefiting from the improvements.

Once platting or re-platting (“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 or assigned development rights within the Phase 1-3 Tract, will continue to be assessed on a per acre basis (“Unassigned Properties”). Eventually the Phase 1-3 Tract Development Program will be completed and the debt relating to the Bonds will be allocated to the planned 335 residential units within the Phase 1-3 Tract within the District, which are the beneficiaries of the Phase 1-3 Tract CIP, as depicted in Table 5 and Table 6. If there are changes to the Phase 1-3 Tract Development Program, 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

In order for debt service assessment levels to be consistent with market conditions, Developer contributions are recognized. This is reflected on Table 5. Based on the product type and number of units anticipated to absorb a certain amount of the Bond principal, it is estimated that the District will recognize a Developer contribution equal to $1,690,000 in eligible infrastructure.

Allocation of Benefit

The Phase 1-3 Tract CIP consists of water systems, sanitary sewer systems, reuse water systems, stormwater management systems, electrical service, conservation mitigation, onsite public roadway systems, offsite public roadway systems, landscaping/hardscaping/irrigation, recreational areas, professional fees and inspection survey testing. There are four residential product types within the Phase 1- 3 Tract planned development. 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 Phase 1-3 Tract CIP relating to the Phase 1-3 Tract will provide several types of systems, facilities and services for its residents. These include water systems, sanitary sewer systems, reuse water systems, stormwater management systems, electrical service, conservation mitigation, onsite public roadway systems, offsite public roadway systems, landscaping/hardscaping/irrigation, recreational areas, professional fees and inspection survey testing. 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.

For the provision of the Phase 1-3 Tract CIP relating to the Phase 1-3 Tract Development, 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 Phase 1-3 Tract CIP relating to the Phase 1-3 Tract Development Program 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 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 Phase 1-3 Tract CIP is developed or acquired and financed by the District.

.0	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 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 to a level that will be supported by the new net annual debt service assessments will be required.

4.0	Assessment Roll

The District will initially distribute the 2024-1 Assessments to 211 platted residential lots within Assessment Area One, and will initially distribute the 2024-2 Assessments across the property within Assessment Area Two of the District 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. As the development process occurs, the debt will be distributed against the Assigned Property in the manner described in this Supplemental Report. The current assessment roll is depicted in Table 7.

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT DEVELOPMENT PROGRAM
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE PHASE 1-3 TRACT

Assessment Area One		
Product Types	No. of Units *	ERUs per Unit (1)	Total ERUs	
Single Family 50'	80	1	80.00	
Single Family 60'	16	1.2	19.20	
Single Family 70'	8	1.4	11.20	
Single Family 80'	107	1.6	171.20	
Total Units	211		281.60	

Assessment Area Two				
Product Types	No. of Units *	ERUs per Unit (1)	Total ERUs	
Single Family 60'	124	1.2	148.80	
Total Units	124		148.80	

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

* Unit mix is subject to change based on marketing and other factors Prepared by: Governmental Management Services - Central Florida, LLC

GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE COST ESTIMATES
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE PHASE 1-3 TRACT

Phase 1-3 Tract Capital Improvement			Combined Phase 1 & 3		
Total Cost Estimate	
Plan ("Phase 1-3 Tract CIP") (1)	Phase 1	Phase 3	(AA1)	Phase 2 (AA2)	(AA1 & AA2)	
Water System	$ 1,059,606	$	461,906	$ 1,521,512	$	900,881	$	2,422,393	
Sanitary Sewer System	$ 1,512,611	$	675,127	$ 2,187,738	$	1,316,738	$	3,504,476	
Reuse Water System	$ 1,128,544	$	491,962	$ 1,620,506	$	959,500	$	2,580,006	
Stormwater Management System	$	609,867	$	264,013	$	873,880	$	517,621	$	1,391,501	
Electrical Service	$	181,300	$	79,033	$	260,333	$	154,143	$	414,476	
Conservation Mitigation	$	220,907	$	161,021	$	381,928	$	317,252	$	699,180	
Onsite Public Roadway System	$ 2,668,542	$ 1,148,538	$ 3,817,080	$	2,261,671	$	6,078,751	
Offsite Public Roadway Systems	$	468,578	$	204,265	$	672,843	$	398,390	$	1,071,233	
Landscaping/Hardscaping/Irrigation	$	257,566	$	112,280	$	369,846	$	218,985	$	588,831	
Recreational Areas	$	117,153	$	51,070	$	168,223	$	99,605	$	267,828	
Professional Fees	$	170,069	$	124,067	$	294,136	$	172,857	$	466,993	
Inspection Survey Testing	$	151,230	$	65,925	$	217,155	$	128,577	$	345,733	
Miscellaneous	$	325,914	$	140,231	$	466,146	$	276,201	$	742,347	
Contingency (10%)		$	397,944	$	397,944	$	772,242	$	1,170,187	
Total	$ 8,871,887	$ 4,377,383	$ 13,249,271	$	8,494,665	$	21,743,936	

(1) A detailed description of these improvements is provided in the Master Engineer's Report dated April 2024

Prepared by: Governmental Management Services - Central Florida, LLC

Description	Series 2024-1 (AA1)	Series 2024-2 (AA2)	Total	
Construction Funds	$	4,360,882	$	7,145,976	$	11,506,858	
Original Issue Discount	$	-	$	16,735	$	16,735	
Debt Service Reserve	$	347,084	$	618,856	$	965,940	
Capitalized Interest	$	99,248	$	681,694	$	780,942	
Underwriters Discount	$	100,800	$	146,039	$	246,839	
Cost of Issuance	$	131,986	$	175,700	$	307,686	
Par Amount	$	5,040,000	$	8,785,000	$	13,825,000	

Bond Assumptions:	
Series 2024-1 (AA1)	
Series 2024-2 (AA2)		
Average Coupon	5.53%	5.79%		
Amortization	30 Years	30 Years		
Capitalized Interest	Thru 11/1/2024	Thru 11/1/2025		
Debt Service Reserve	100% MADS	100% MADS		
Underwriters Discount	2%	2%		

Prepared by: Governmental Management Services - Central Florida, LLC

Product Types	

No. of Units *	

ERU
Factor	

Total ERUs	

% of Total ERUs	Total Improvements Costs Per
Product Type	Improvement Costs Per Unit	
Single Family 50'	80	1	80.00	28.41%	$ 3,763,997	$	47,050	
Single Family 60'	16	1.2	19.20	6.82%	$	903,359	$	56,460	
Single Family 70'	8	1.4	11.20	3.98%	$	526,960	$	65,870	
Single Family 80'	107	1.6	171.20	60.80%	$ 8,054,955	$	75,280	
Totals	211		281.60	100.00%	$ 13,249,271		

Series 2024-2 (AA2)							
					Total		
					Improvements	Improvement	
	No. of	ERU	Total		Costs Per	Costs Per	
Product Types	Units *	Factor	ERUs	% of Total ERUs	Product Type	Unit	
Single Family 60'	124	1.2	148.80	100.00%	$ 8,494,665	$	68,505	
Totals	124		148.80	100.00%	$ 8,494,665		

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

Prepared by: Governmental Management Services - Central Florida, LLC

Product Types	
No. of Units *	Total Improvements Costs Per Product Type	Potential Allocation of Par Debt Per Product Type	
Developer Contributions**	Allocation of Par Debt Per Product Type	
Par Debt Per Unit	
Single Family 50'	80	$	3,763,997	$	1,911,932	$	(1,031)	$	1,910,900	$	23,886	
Single Family 60'	16	$	903,359	$	458,864	$	(76,684)	$	382,180	$	23,886	
Single Family 70'	8	$	526,960	$	267,670	$	(76,580)	$	191,090	$	23,886	
Single Family 80'	107	$	8,054,955	$	4,091,534	$	(1,535,705)	$	2,555,829	$	23,886	
Totals	211	$	13,249,271	$	6,730,000	$	(1,690,000)	$	5,040,000		

Series 2024-2 (AA2)

Product Types	No. of Units *	Total Improvements Costs Per Product
Type	Allocation of Par Debt Per Product
Type	

Par Debt Per Unit	
Single Family 60'	124	$	8,494,665	$	8,785,000	$	70,847	
Totals	124	$	8,494,665	$	8,785,000		

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

** In order for debt service assessment levels to be consistent with market conditions, developer contributions are recognized. Based on the product type and number of units anticipated to absorb the Bond Principal, it is estimated that the CDD will recognize a developer contribution equal to $1,690,000 in eligible infrastructure.

Prepared by: Governmental Management Services - Central Florida, LLC

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 50'	80	$	1,910,900.47	$	23,886.26	$ 131,595.74	$	1,644.95	$	1,749.94	
Single Family 60'	16	$	382,180.09	$	23,886.26	$	26,319.15	$	1,644.95	$	1,749.94	
Single Family 70'	8	$	191,090.05	$	23,886.26	$	13,159.57	$	1,644.95	$	1,749.94	
Single Family 80'	107	$	2,555,829.38	$	23,886.26	$ 176,009.30	$	1,644.95	$	1,749.94	
Totals	211	$	5,040,000.00		$ 347,083.76			
Series 2024-2 (AA2)							
		
Allocation of Par		
Maximum	Net Annual
Debt	Gross Annual
Debt	
	No. of	Debt Per Product	Total Par Debt	Annual Debt	Assessment	Assessment	
Product Types	Units *	Type	Per Unit**	Service	Per Unit	Per Unit (1)**	
Single Family 60'	124	$	8,785,000.00	$	70,846.77	$ 618,856.26	$	4,990.78	$	5,309.34	
Totals	124	$	8,785,000.00		$ 618,856.26			
(1) This amount includes collection fees and early payment discounts when collected on the County Property Tax Bill
* Unit mix is subject to change based on marketing and other factors
**The Developer plans to make prepayments to redeem approximately $5.8 million of the Series 2024 Bonds.
After such prepayments are made, the Series 2024 Assessments are expected to be reduced to approximately $1,750 for a lot within Phase 2 of the Development.

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 7
GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY ASSESSMENT ROLL
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE PHASE 1-3 TRACT

Series 2024-1 (AA1)		
			Net Annual Debt	Gross Annual Debt	
		Total Par Debt	Assessment	Assessment	
Owner	Parcel ID	Allocated	Allocation	Allocation (1)	
LIGHTBURN WINSTON	38-12-31-7220-00000-0010	$	23,886.26	$	1,644.95	$	1,749.94	
NICOLE-GOLDBERG VIVIAN L & RANDY M GOLDBERG TRUSTEES	38-12-31-7220-00000-0020	$	23,886.26	$	1,644.95	$	1,749.94	
CURLEY ROBERT E JR & GWENDOLIN A H&W	38-12-31-7220-00000-0030	$	23,886.26	$	1,644.95	$	1,749.94	
BOHAN ELIZABETH MARIE	38-12-31-7220-00000-0040	$	23,886.26	$	1,644.95	$	1,749.94	
KANCELARIC MICHAEL J & THERESA DENISE H&W	38-12-31-7220-00000-0050	$	23,886.26	$	1,644.95	$	1,749.94	
ENGELER RALPH & LINDA H&W	38-12-31-7220-00000-0060	$	23,886.26	$	1,644.95	$	1,749.94	
WOLFE FREDERICK C	38-12-31-7220-00000-0070	$	23,886.26	$	1,644.95	$	1,749.94	
VUCICH KARL W & CHERYL GOLDBERG H&W	38-12-31-7220-00000-0080	$	23,886.26	$	1,644.95	$	1,749.94	
WILLIAMS JONATHAN L	38-12-31-7220-00000-0090	$	23,886.26	$	1,644.95	$	1,749.94	
ETHEREDGE RICHARD K	38-12-31-7220-00000-0100	$	23,886.26	$	1,644.95	$	1,749.94	
CHITALE ROHIT ARVIND	38-12-31-7220-00000-0110	$	23,886.26	$	1,644.95	$	1,749.94	
BULA MARK	38-12-31-7220-00000-0120	$	23,886.26	$	1,644.95	$	1,749.94	
LONG CHARLES EDWARD JR	38-12-31-7220-00000-0130	$	23,886.26	$	1,644.95	$	1,749.94	
ROBINETTE TODD	38-12-31-7220-00000-0140	$	23,886.26	$	1,644.95	$	1,749.94	
ALLEN AMY	38-12-31-7220-00000-0150	$	23,886.26	$	1,644.95	$	1,749.94	
STROHL JAMES	38-12-31-7220-00000-0160	$	23,886.26	$	1,644.95	$	1,749.94	
HU YUNXIA	38-12-31-7220-00000-0170	$	23,886.26	$	1,644.95	$	1,749.94	
WINSTEAD CHARLES K	38-12-31-7220-00000-0180	$	23,886.26	$	1,644.95	$	1,749.94	
NIERSTEDT KELLY ANN	38-12-31-7220-00000-0190	$	23,886.26	$	1,644.95	$	1,749.94	
LISTER BRENT E	38-12-31-7220-00000-0200	$	23,886.26	$	1,644.95	$	1,749.94	
PEPPY TERRENCE & KELLY H&W	38-12-31-7220-00000-0210	$	23,886.26	$	1,644.95	$	1,749.94	
MCKEEVER DOUGLAS E & BARBARA A TRUSTEES	38-12-31-7220-00000-0220	$	23,886.26	$	1,644.95	$	1,749.94	
BACON GARY J	38-12-31-7220-00000-0230	$	23,886.26	$	1,644.95	$	1,749.94	
CONTRERAS MIGUEL	38-12-31-7220-00000-0240	$	23,886.26	$	1,644.95	$	1,749.94	
MARCUS ALLEN HOMES INC	38-12-31-7220-00000-0250	$	23,886.26	$	1,644.95	$	1,749.94	
RODRIGUEZ RAFAEL	38-12-31-7220-00000-0260	$	23,886.26	$	1,644.95	$	1,749.94	
CUSHING NANCY I	38-12-31-7220-00000-0270	$	23,886.26	$	1,644.95	$	1,749.94	
FAZZOLARI GLORIA	38-12-31-7220-00000-0280	$	23,886.26	$	1,644.95	$	1,749.94	
BRIGHTWAY AB LLC	38-12-31-7220-00000-0290	$	23,886.26	$	1,644.95	$	1,749.94	
MIDLAND TRUST COMPANY	38-12-31-7220-00000-0300	$	23,886.26	$	1,644.95	$	1,749.94	
SPITZ DANIEL & BETH THALLER-SPITZ H&W	38-12-31-7220-00000-0310	$	23,886.26	$	1,644.95	$	1,749.94	
EMERSON ROBERT E & KRYA L H&W	38-12-31-7220-00000-0320	$	23,886.26	$	1,644.95	$	1,749.94	
LOIS EVIS H	38-12-31-7220-00000-0330	$	23,886.26	$	1,644.95	$	1,749.94	
MARCUS ALLEN HOMES INC	38-12-31-7220-00000-0340	$	23,886.26	$	1,644.95	$	1,749.94	
MARIN STEPHEN F & DOLORES A H&W	38-12-31-7220-00000-0350	$	23,886.26	$	1,644.95	$	1,749.94	
ADAMS MICHAEL KENNETH	38-12-31-7220-00000-0360	$	23,886.26	$	1,644.95	$	1,749.94	
CHIUMENTO MICHAEL D III	38-12-31-7220-00000-0370	$	23,886.26	$	1,644.95	$	1,749.94	
OCHIPA RYAN & JENNIFER	38-12-31-7220-00000-0380	$	23,886.26	$	1,644.95	$	1,749.94	
MICHAELSEN PETER H & DEBORAH J MURRAY H&W	38-12-31-7220-00000-0390	$	23,886.26	$	1,644.95	$	1,749.94	

Owner	Parcel ID	Allocated	Allocation	Allocation (1)	
YORK RON TRUSTEE	38-12-31-7220-00000-0400	$	23,886.26	$	1,644.95	$	1,749.94	
REIT LLC	38-12-31-7220-00000-0410	$	23,886.26	$	1,644.95	$	1,749.94	
GONZALEZ ROBERTO JOSE	38-12-31-7220-00000-0420	$	23,886.26	$	1,644.95	$	1,749.94	
ASHMAN DAVID & MARIAN S FEDER	13-12-31-7201-00000-0430	$	23,886.26	$	1,644.95	$	1,749.94	
FRIEDMAN DAVID HARRY	13-12-31-7201-00000-0440	$	23,886.26	$	1,644.95	$	1,749.94	
ANDERSON ROBERT JAMES & WENDY BEATH H&W	13-12-31-7201-00000-0450	$	23,886.26	$	1,644.95	$	1,749.94	
WDMHC ENTERPRISES LLC	13-12-31-7201-00000-0460	$	23,886.26	$	1,644.95	$	1,749.94	
JOHNSON BENJAMIN H	13-12-31-7201-00000-0470	$	23,886.26	$	1,644.95	$	1,749.94	
HAHN NANCY ANNE	13-12-31-7201-00000-0480	$	23,886.26	$	1,644.95	$	1,749.94	
RICHARDSON J JASON	13-12-31-7201-00000-0490	$	23,886.26	$	1,644.95	$	1,749.94	
GUENETTE DONALD E JR & JOYCE L KELLY H&W	13-12-31-7201-00000-0500	$	23,886.26	$	1,644.95	$	1,749.94	
SERRER WOLF	13-12-31-7201-00000-0510	$	23,886.26	$	1,644.95	$	1,749.94	
LEPORE MARCUS	13-12-31-7201-00000-0520	$	23,886.26	$	1,644.95	$	1,749.94	
EGOLF ERIC DAVID	13-12-31-7201-00000-0530	$	23,886.26	$	1,644.95	$	1,749.94	
PACE KEVIN & INGRID H&W	13-12-31-7201-00000-0540	$	23,886.26	$	1,644.95	$	1,749.94	
BREWINGTON JEFF	13-12-31-7201-00000-0550	$	23,886.26	$	1,644.95	$	1,749.94	
SELMAN SAMIRA	13-12-31-7201-00000-0560	$	23,886.26	$	1,644.95	$	1,749.94	
LAYMAN HAROLD E & SANDRA K H&W	13-12-31-7201-00000-0570	$	23,886.26	$	1,644.95	$	1,749.94	
COX JOHN D & GLENDA SCOTT H&W	13-12-31-7201-00000-0580	$	23,886.26	$	1,644.95	$	1,749.94	
HARRIS ANDREW A	13-12-31-7201-00000-0590	$	23,886.26	$	1,644.95	$	1,749.94	
ADDAIR STEVEN H & DEBORAH D S ADDAIR H&W	13-12-31-7201-00000-0600	$	23,886.26	$	1,644.95	$	1,749.94	
SWYMER ROBERT C & MELISSA H&W	13-12-31-7201-00000-0610	$	23,886.26	$	1,644.95	$	1,749.94	
BORGES MANUEL & ROXANA LIA H&W	13-12-31-7201-00000-0620	$	23,886.26	$	1,644.95	$	1,749.94	
WILLIAM JACOB SURESH	13-12-31-7201-00000-0630	$	23,886.26	$	1,644.95	$	1,749.94	
WILLIAM JACOB SURESH	13-12-31-7201-00000-0640	$	23,886.26	$	1,644.95	$	1,749.94	
ROWE SEAMUS	13-12-31-7201-00000-0650	$	23,886.26	$	1,644.95	$	1,749.94	
ROWE SEAMUS	13-12-31-7201-00000-0660	$	23,886.26	$	1,644.95	$	1,749.94	
BK2 CONSTRUCTION LLC	13-12-31-7201-00000-0670	$	23,886.26	$	1,644.95	$	1,749.94	
THEODOROPOULOS NIKOS	13-12-31-7201-00000-0680	$	23,886.26	$	1,644.95	$	1,749.94	
VERANDA BAY LLC	13-12-31-7201-00000-0690	$	23,886.26	$	1,644.95	$	1,749.94	
DAVIDSON DUANE & JULIE H&W	13-12-31-7201-00000-0700	$	23,886.26	$	1,644.95	$	1,749.94	
SUTTON BARBARA C TRUSTEE	13-12-31-7201-00000-0710	$	23,886.26	$	1,644.95	$	1,749.94	
MAGRONE NICHOLAS B TRUSTEE	13-12-31-7201-00000-0720	$	23,886.26	$	1,644.95	$	1,749.94	
HILL LORI-ANNE	13-12-31-7201-00000-0730	$	23,886.26	$	1,644.95	$	1,749.94	
SKY HIGH INVESTMENTS LLC	13-12-31-7201-00000-0740	$	23,886.26	$	1,644.95	$	1,749.94	
KARAS ADRIAN M	13-12-31-7201-00000-0750	$	23,886.26	$	1,644.95	$	1,749.94	
QUANING STEPHEN J & LISA PATTANAYAK H&W	13-12-31-7201-00000-0760	$	23,886.26	$	1,644.95	$	1,749.94	
STEWART STACY RAY	13-12-31-7201-00000-0770	$	23,886.26	$	1,644.95	$	1,749.94	
PAUL DEVANAND	13-12-31-7201-00000-0780	$	23,886.26	$	1,644.95	$	1,749.94	
FEMIA ROBERT & PATRICIA T H&W	13-12-31-7201-00000-0790	$	23,886.26	$	1,644.95	$	1,749.94	
EGIZI DANIELLE J	13-12-31-7201-00000-0800	$	23,886.26	$	1,644.95	$	1,749.94	
CROUSER HENRY	13-12-31-7201-00000-0810	$	23,886.26	$	1,644.95	$	1,749.94	
BLANDFORD JUSTIN JAMES	13-12-31-7201-00000-0820	$	23,886.26	$	1,644.95	$	1,749.94	
PAUL AARON DEVENDRA	13-12-31-7201-00000-0830	$	23,886.26	$	1,644.95	$	1,749.94	
MCCREA WILLIAM ARTHUR & KRISTY MARIE H&W	13-12-31-7201-00000-0840	$	23,886.26	$	1,644.95	$	1,749.94	

Owner	Parcel ID	Allocated	Allocation	Allocation (1)	
LAYMAN HAROLD E & SANDRA K H&W	13-12-31-7201-00000-0850	$	23,886.26	$	1,644.95	$	1,749.94	
ANANTH KUMAR & ARUNA H&W	13-12-31-7201-00000-0860	$	23,886.26	$	1,644.95	$	1,749.94	
BAYER JOHANNES	13-12-31-7201-00000-0870	$	23,886.26	$	1,644.95	$	1,749.94	
PELLETTI MARILYN BROOKS TRUSTEE	13-12-31-7201-00000-0880	$	23,886.26	$	1,644.95	$	1,749.94	
VOLUSIA RESIDENTIAL CONSTRUCTION LLC	13-12-31-7201-00000-0890	$	23,886.26	$	1,644.95	$	1,749.94	
KAUFMAN MARK C	13-12-31-7201-00000-0900	$	23,886.26	$	1,644.95	$	1,749.94	
OLSEN CUSTOM HOMES AND CONSULTING INC	13-12-31-7201-00000-0910	$	23,886.26	$	1,644.95	$	1,749.94	
PECE CAROLE J	13-12-31-7201-00000-0920	$	23,886.26	$	1,644.95	$	1,749.94	
KULESA JOHN EVAN & JEANNE MARIE H&W	13-12-31-7201-00000-0930	$	23,886.26	$	1,644.95	$	1,749.94	
FERGUSON JULIE	13-12-31-7201-00000-0940	$	23,886.26	$	1,644.95	$	1,749.94	
VOLUSIA RESIDENTIAL CONSTRUCTION LLC	13-12-31-7201-00000-0950	$	23,886.26	$	1,644.95	$	1,749.94	
GOUMAS MICHAEL & DOREEN BIESENTHAL-GOUMAS H&W	13-12-31-7201-00000-0960	$	23,886.26	$	1,644.95	$	1,749.94	
TOOR PARDEEP & RENA H&W	13-12-31-7201-00000-0970	$	23,886.26	$	1,644.95	$	1,749.94	
MISCH ERIC R & JACQUELINE H&W	13-12-31-7201-00000-0980	$	23,886.26	$	1,644.95	$	1,749.94	
DE LEON ERIKA GRISSEL MANON	38-12-31-7220-00000-0990	$	23,886.26	$	1,644.95	$	1,749.94	
RICHARD ERIC BROWN	38-12-31-7220-00000-1000	$	23,886.26	$	1,644.95	$	1,749.94	
VOLUSIA RESIDENTIAL CONSTRUCTION LLC	38-12-31-7220-00000-1010	$	23,886.26	$	1,644.95	$	1,749.94	
WILLIAMS SHANE MICHAEL & PAMELA EFSTRATIOS H&W	38-12-31-7220-00000-1020	$	23,886.26	$	1,644.95	$	1,749.94	
BLANK MICHAEL H & LORI A H&W	38-12-31-7220-00000-1030	$	23,886.26	$	1,644.95	$	1,749.94	
ESPARZA CLAUDIA	38-12-31-7220-00000-1040	$	23,886.26	$	1,644.95	$	1,749.94	
MIDLAND TRUST COMPANY	38-12-31-7220-00000-1050	$	23,886.26	$	1,644.95	$	1,749.94	
SOTO EDWIN & DAISY H&W	38-12-31-7220-00000-1060	$	23,886.26	$	1,644.95	$	1,749.94	
RODRIGUEZ JOSE A & CATALINA M H&W	38-12-31-7220-00000-1070	$	23,886.26	$	1,644.95	$	1,749.94	
JTR INVS VERANDA 99 LLC	38-12-31-7220-00000-1080	$	23,886.26	$	1,644.95	$	1,749.94	
TOLEDO ALEJANDRO	38-12-31-7220-00000-1090	$	23,886.26	$	1,644.95	$	1,749.94	
EQUITY TRUST COMPANY FBO JODI SANTANGELO IRA	38-12-31-7220-00000-1100	$	23,886.26	$	1,644.95	$	1,749.94	
BERRY JUAN & CAMILA RINCON H&W	38-12-31-7220-00000-1110	$	23,886.26	$	1,644.95	$	1,749.94	
SERRANO REY ESTEBAN & GRICELDA DIAZ H&W	38-12-31-7220-00000-1120	$	23,886.26	$	1,644.95	$	1,749.94	
WHITE ASUNCION	38-12-31-7220-00000-1130	$	23,886.26	$	1,644.95	$	1,749.94	
WALKER MILFORD D III & DEBRA L H&W	38-12-31-7220-00000-1140	$	23,886.26	$	1,644.95	$	1,749.94	
PACIFIC PREMIER TRUST	38-12-31-7220-00000-1150	$	23,886.26	$	1,644.95	$	1,749.94	
RAVELO REINIER	38-12-31-7220-00000-1160	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	38-12-31-7220-00000-1170	$	23,886.26	$	1,644.95	$	1,749.94	
JANSSENS PABLO & MINA H&W	38-12-31-7220-00000-1180	$	23,886.26	$	1,644.95	$	1,749.94	
GALLAGHER STEPHEN J	38-12-31-7220-00000-1190	$	23,886.26	$	1,644.95	$	1,749.94	
MARTINEZ REINALDO A & MABEL G H&W	38-12-31-7220-00000-1200	$	23,886.26	$	1,644.95	$	1,749.94	
MOUNTAIN WEST IRA INC	38-12-31-7220-00000-1210	$	23,886.26	$	1,644.95	$	1,749.94	
THARAMAPALAN JAYAPREGASHAM	38-12-31-7220-00000-1220	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1230	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1240	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1250	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1260	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1270	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1280	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1290	$	23,886.26	$	1,644.95	$	1,749.94	

Owner	Parcel ID	Allocated	Allocation	Allocation (1)	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1300	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1310	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1320	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1330	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1340	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1350	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1360	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1370	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1380	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1390	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1400	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1410	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1420	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1430	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1440	$	23,886.26	$	1,644.95	$	1,749.94	
STEWART STACY RAY	13-12-31-7202-00000-1450	$	23,886.26	$	1,644.95	$	1,749.94	
STEWART STACY RAY	13-12-31-7202-00000-1460	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1470	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1480	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1490	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1500	$	23,886.26	$	1,644.95	$	1,749.94	
KONDAPALLI SRINIVAS & CHAMUNDESWARI H&W	13-12-31-7202-00000-1510	$	23,886.26	$	1,644.95	$	1,749.94	
DAIMLER MATTHEW C & RACHEL A H&W	13-12-31-7202-00000-1520	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1530	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1540	$	23,886.26	$	1,644.95	$	1,749.94	
MONTGOMERY STEVEN R & GINA K H&W	13-12-31-7202-00000-1550	$	23,886.26	$	1,644.95	$	1,749.94	
KOHBERGER THOMAS P & LINDA M H&W	13-12-31-7202-00000-1560	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1570	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1580	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1590	$	23,886.26	$	1,644.95	$	1,749.94	
HSUN HENRY & WILLIAM NEVINS WORLEY IV AMC	13-12-31-7202-00000-1600	$	23,886.26	$	1,644.95	$	1,749.94	
ANZALDI PROPERTIES FLORIDA LLC	13-12-31-7202-00000-1610	$	23,886.26	$	1,644.95	$	1,749.94	
CARLOS A. LOPEZ & PATRICIA DAVILA-LOPEZ	13-12-31-7202-00000-1620	$	23,886.26	$	1,644.95	$	1,749.94	
KEVIN ZENG & LIPING WANG ZENG	13-12-31-7202-00000-1630	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1640	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1650	$	23,886.26	$	1,644.95	$	1,749.94	
STEWARTSON HERBERT & SHANNON H&W	13-12-31-7202-00000-1660	$	23,886.26	$	1,644.95	$	1,749.94	
CONNORS SEAN J & JULIE L H&W	13-12-31-7202-00000-1670	$	23,886.26	$	1,644.95	$	1,749.94	
REY HERNAN	13-12-31-7202-00000-1680	$	23,886.26	$	1,644.95	$	1,749.94	
TID SERVICES INC	13-12-31-7202-00000-1690	$	23,886.26	$	1,644.95	$	1,749.94	
MIDLAND TRUST COMPANY	13-12-31-7202-00000-1700	$	23,886.26	$	1,644.95	$	1,749.94	
ABATE FRANCESCO & LAURA ANN H&W	13-12-31-7202-00000-1710	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1720	$	23,886.26	$	1,644.95	$	1,749.94	
AARON KEITH M & KAREN A H&W	13-12-31-7202-00000-1730	$	23,886.26	$	1,644.95	$	1,749.94	
LOIS EVIS H & CIRA E H&W	13-12-31-7202-00000-1740	$	23,886.26	$	1,644.95	$	1,749.94	

Owner	Parcel ID	Allocated	Allocation	Allocation (1)	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1750	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1760	$	23,886.26	$	1,644.95	$	1,749.94	
YOUNGS MARY ELLEN	13-12-31-7202-00000-1770	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1780	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1790	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1800	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1810	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1820	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1830	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1840	$	23,886.26	$	1,644.95	$	1,749.94	
ANDERSON ROBERT J & WENDY B H&W	13-12-31-7202-00000-1850	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1860	$	23,886.26	$	1,644.95	$	1,749.94	
MCKEEVER DOUGLAS E TRUSTEE	13-12-31-7202-00000-1870	$	23,886.26	$	1,644.95	$	1,749.94	
SHEFFIELD GARY & DONNA H&W	13-12-31-7202-00000-1880	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1890	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1900	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7202-00000-1910	$	23,886.26	$	1,644.95	$	1,749.94	
SWYMER ROBERT C & MELISSA H&W	13-12-31-7202-00000-1920	$	23,886.26	$	1,644.95	$	1,749.94	
LONG CHARLES E JR & DENISE M H&W	13-12-31-7202-00000-1930	$	23,886.26	$	1,644.95	$	1,749.94	
MIDLAND TRUST COMPANY	13-12-31-7202-00000-1940	$	23,886.26	$	1,644.95	$	1,749.94	
LINGAM CHANDRA SEKHAR & PADMAVATHI H&W	13-12-31-7202-00000-1950	$	23,886.26	$	1,644.95	$	1,749.94	
MUQEET SYED MUJAHID & QURATULAIN AKRAM	13-12-31-7202-00000-1960	$	23,886.26	$	1,644.95	$	1,749.94	
PAUL JOSEPH W & MELODY S H&W	13-12-31-7202-00000-1970	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1980	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-1990	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2000	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2010	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2020	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2030	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2040	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2050	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2060	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2070	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2080	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2090	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2100	$	23,886.26	$	1,644.95	$	1,749.94	
PALM COAST INTRACOASTAL LLC	13-12-31-7203-00000-2110	$	23,886.26	$	1,644.95	$	1,749.94	
Totals		$ 5,040,000.00	$	347,084	$	369,238	
Series 2024-1 (AA1)

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

30
5.53%
$347,083.76

Owner	Parcel ID	Allocated	Allocation	Allocation (1)		
Series 2024-2 (AA2)						
			
Total Par Debt	
Total Par Debt	Net Annual Debt		Gross Annual Assessment	Debt Assessment	
Owner	Property*	Acres	Allocation Per Acre	Allocated	Allocation	Allocation (1)	
PALM COAST INTRACOASTAL LLC	Phase 2	38.73	$	226,827	$	8,785,000	$	618,856 $	658,358	
Totals		38.73		$	8,785,000	$	618,856 $	658,358	
(1) This amount includes 6% to cover collection fees and early payment discounts when collected utilizing the uniform method
Series 2024-2 (AA2)

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

30
5.79%
$618,856

* - See Metes and Bounds for Assessment Area Two, attached as Exhibit A

Exhibit A
PHASE 2
PHASE 28
A PORTION OF SECTIONS 13 AND 38, TOWNSHIP 12 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, AND BEING MORE PARTICULARLY

DESCRIBED AND A 100

AS FOLLOWS: COMMENCE AT THE INTERSECTION OF THE EAST RIGHT OF WAY LINE OF JOHN ANDERSON HIGHWAY (STATE ROAD 201 FOOT RIGHT OF WAY) AND THE NORTH LINE OF SAID SECTION 38; THENCE SOUTH 18°10'14• EAST ALONG SAID EAST RIGHT OF WAY

LINE, A DISTANCE OF 331.23 FEET; THENCE NORTH 71·49•45• EAST, DEPARTING FROM SAID RIGHT OF WAY LINE, A DISTANCE OF 400.00 FEET TO THE POINT OF BEGINNING; THENCE CONTINUE NORTH 71°49'46• EAST, A DISTANCE OF 370.00 FEET; THENCE NORTH 18°10'14• WEST, A DISTANCE OF 325.00 FEET; THENCE NORTH 71°49'46• EAST, A DISTANCE OF 50.00 FEET; THENCE NORTH 18°10'14• WEST, A DISTANCE OF 20.01 FEET TO THE POINT OF CURVE OF A CURVE CONCAVE TO THE EAST AND HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 11°3214"; THENCE NORTHERLY ALONG SAID CURVE AN ARC DISTANCE OF 5.03 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 12°24'08• WEST AND A CHORD DISTANCE OF 5.03 FEET TO A POINT ON SAID CURVE; THENCE NORTH 71•49•45• EAST, A DISTANCE OF 119.50 FEET; THENCE SOUTH 18°10'14· EAST, A DISTANCE OF 809.39 FEET; THENCE SOUTH 01°32'26· WEST, A DISTANCE OF 49.29 FEET; THENCE SOUTH aa·27•34• WEST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 01°32'26· EAST, A DISTANCE OF 20.00 FEET; THENCE NORTH aa·27•34• EAST, A DISTANCE 140.00 FEET; THENCE SOUTH 01°32'26• EAST, A DISTANCE OF 384.95 FEET; SOUTH 18°1014• EAST, A DISTANCE OF 935.73 FEET; THENCE SOUTH 71°49'46• WEST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 18°10'14• EAST, A DISTANCE OF 20.00 FEET; THENCE NORTH 71°49' 45• EAST, A DISTANCE OF 140.00 FEET; THENCE SOUTH 18°1014• EAST, A DISTANCE OF 24.44 FEET TO THE POINT OF CURVE OF A CURVE CONCAVE TO THE WEST AND HAVING A RADIUS OF 365.00 FEET AND A CENTRAL ANGLE OF 34°46'50"; THENCE SOUTHERLY ALONG SAID CURVE AN ARC DISTANCE OF 221.57 FEET AND SUBTENDED BY CHORD BEARING OF SOUTH 00·45•49• EAST AND A CHORD DISTANCE OF 218.18 FEET TO THE POINT OF
TANGENT OF SAID CURVE; THENCE SOUTH 16°36'36" WEST, A DISTANCE OF 18.72 FEET; THENCE NORTH 73"23'24• WEST, A DISTANCE OF 139.49 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE EAST AND HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 11°32'13"; THENCE NORTHERLY ALONG SAID CURVE AN ARC DISTANCE OF 5.03 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 10°50'29· EAST AND A CHORD DISTANCE OF 5.03 FEET TO A POINT ON SAID CURVE; THENCE NORTH 73°28'41• WEST, A DISTANCE OF 50.00 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE NORTHWEST AND HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 12°16'44"; THENCE SOUTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 5.36 FEET AND SUBTENDED BY A CHORD BEARING OF SOUTH 22°44'58• WEST AND A CHORD DISTANCE OF 5.35 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE SOUTH AND HAVING A RADIUS OF 495.00 AND A CENTRAL ANGLE OF 16°23'29"; THENCE WESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 141.61 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 79°46'17• WEST AND A CHORD DISTANCE OF 141.13 FEET TO A POINT ON SAID CURVE; THENCE NORTH 02°02'07• EAST, A DISTANCE
OF 77.22 FEET; THENCE NORTH 18°10'14• WEST, A DISTANCE OF 50.30 FEET; THENCE SOUTH 71·49•45• WEST, A DISTANCE OF 80.00 FEET; THENCE NORTH 18°10'14• WEST, A DISTANCE OF 1800.00 FEET TO THE POINT OF BEGINNING.
CONTAINING 21.82 ACRES, MORE OR LESS.
PHASE 2C
A PORTION OF SECTION 38, TOWNSHIP 12 SOUTH, RANGE 31 EAST, FLAGLER COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE INTERSECTION OF THE EAST RIGHT OF WAY LINE OF JOHN ANDERSON HIGHWAY (STATE ROAD 201 AND A 100 FOOT RIGHT OF WAY) AND THE NORTH LINE OF SAID SECTION 38; THENCE SOUTH 18°10'14• EAST ALONG SAID EAST RIGHT OF WAY LINE, A DISTANCE OF 331.23 FEET TO THE POINT OF BEGINNING; THENCE NORTH 71·49•45• EAST, DEPARTING FROM SAID RIGHT OF WAY LINE, A DISTANCE OF
400.00 FEET; THENCE SOUTH 18°10'14• EAST, A DISTANCE OF 1906.48 FEET TO A POINT ON A CURVE OF A CURVE CONCAVE TO THE SOUTH
AND HAVING A RADIUS OF 495.00 FEET AND A CENTRAL ANGLE OF 14°32'52"; THENCE WESTERLY ALONG SAID CURVE AN ARC DISTANCE OF
125.68 FEET AND SUBTENDED BY A CHORD BEARING OF SOUTH 78°18'07" WEST AND A CHORD DISTANCE OF 125.35 FEET TO A POINT OF A CURVE OF A CURVE CONCAVE TO THE NORTHEAST AND HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 10°55'26"; THENCE NORTHWESTERLY ALONG SAID CURVE AN ARC DISTANCE OF 4.77 FEET AND SUBTENDED BY A CHORD BEARING OF NORTH 23"37'58• WEST AND A CHORD DISTANCE OF 4.76 FEET; THENCE; THENCE SOUTH 72°11'12• WEST, A DISTANCE OF 50.00 FEET; THENCE NORTH 18°10'14' WEST, A DISTANCE OF 87.31 FEET; THENCE SOUTH 71°49'46• WEST, A DISTANCE OF 225.00 FEET TO THE INTERSECTION WITH THE AFOREMENTIONED EAST RIGHT OF WAY LINE OF JOHN ANDERSON HIGHWAY; THENCE NORTH 18°10'14• WEST, ALONG SAID RIGHT OF WAY LINE, A DISTANCE OF 1800.00 FEET TO THE POINT OF BEGINNING.
CONTAINING 16.91 ACRES, MORE OR LESS.

LEGAL DESCRIPTION • ASSESSMENT  AREA TWO

THE GARDENS

PARKER MYNCHENBERG

AutoCAD SHX Text
-------------------------------------------- THE GARDENS

& ASSOCIATES, INC.

EXHIBIT D

PROFESSIONAL ENGINEERS * LANDSCAPE ARCHITECTS
1729 RIDGEWOOD AVENUE	HOLLY HILL, FLORIDA	32117

04/22/2024

{386) 677-6891	FAX {386) 677-2114	E-MAIL: infoClparkermynchenberg.com CERTIFICATE OF AUTHORIZATON NUMBER 00003910

Section D

RESOLUTION 2024-07
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT FINALIZING SPECIAL ASSESSMENTS SECURING THE DISTRICT’S SPECIAL ASSESSMENT BONDS, SERIES 2024-1 (THE “2024-1 BONDS”); PROVIDING FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE.
WHEREAS, the Gardens at Hammock Beach Community Development District (“District”) is a local unit of special-purpose government organized and existing in accordance with the Uniform Community Development District Act of 1980, Florida Statutes, as amended (the “Act”), created by Ordinance No. 2006-21 of the Board of County Commissioners of Flagler County, Florida, enacted and effective on October 9, 2006; and

WHEREAS, the District duly adopted Resolution No. 2020-02 on December 16, 2019 (the "Initial Resolution"), authorizing, among other things, the issuance in one or more series of not to exceed $48,200,000 aggregate principal amount of its Special Assessment Bonds and appointed
U.S. Bank Trust Company, National Association as Trustee (the "Trustee") under the Master Trust Indenture (the "Master Indenture") by and between the District and the Trustee; and

WHEREAS, the District adopted Resolution No. 2024-02 on May 17, 2024, hereinafter, referred to as the “Subsequent Resolution” as provided for in Section 1 of the Initial Resolution; and

WHEREAS, the District duly authorized and issued the Gardens at Hammock Beach Community Development District Special Assessment Bonds, Series 2024-1 (the “Series 2024-1 Bonds”) in the amount of $7,000,000 for the purpose of funding the construction, installation and acquisition of public infrastructure, improvements and services;and

WHEREAS, the Gardens at Hammock Beach Community Development District Supplemental Engineer’s Report, dated April 2024, attached to this Resolution as Exhibit “A” (the “Supplemental Engineer’s Report”), identifies and describes the components of the project financed with the Series 2024-1 Bonds (the “Assessment Area One Project”); and

WHEREAS, the Engineer’s Report estimated that the capital costs for the Assessment Area One Project totals $13,249,271, a portion of which will be paid directly by the developer; and

WHEREAS, the total cost to the District for the Assessment Area One Capital Improvements was estimated at $13,249,271 (“Total Costs”); and

WHEREAS, pursuant to the terms of the Gardens at Hammock Beach Community Development District Supplemental Assessment Methodology for the Phase 1-3 Tract, dated June 12, 2024 (the “Series 2024 Assessment Methodology”), attached to this Resolution as Exhibit “B,” the assessments for the Series 2024-1 Bonds are finalized in the amount $5,040,000, which is funding a portion of the capital costs, financing costs, capitalized interest, reserve funds and

WHEREAS, on August 19, 2022, the Board, after notice and public hearing, met as an equalizing Board pursuant to the provisions of Section 170.08, Florida Statutes, and adopted Resolution 2022-05 authorizing and confirming the projects described therein, equalizing and levying special assessments to defray the Adjusted Total Project Costs and providing that this levy shall be a lien on the property so assessed co-equal with the lien of all state, county, district, municipal or other governmental taxes, all in accordance with Section 170.08, Florida Statutes (“Special Assessment Lien”); and

NOW, THEREFORE, be it resolved by the Board of Supervisors of Gardens at Hammock Beach Community Development District:

Recitals. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Resolution.
Authority for this Resolution. This Resolution is adopted pursuant to the provisions of Florida law, including Chapters 170 and 190, Florida Statutes.

Finalization of Special Assessments Securing the Series 2024-1 Bonds. Pursuant to Section 170.08, Florida Statutes, and District Resolution 2022-05 special assessments securing the Series 2024-1 Bonds on all land within the Assessment Area One are to be credited the difference in the assessment as originally made, approved and confirmed and a proportionate partof the actual costs of the Assessment Area One Project. The Series 2024 Master Assessment Methodology accurately reflects the amount of special assessments for the Series 2024-1 Bonds. The assessments levied pursuant to Resolution 2022-05 also exceed the outstanding debt due on the Series 2024-1 Bonds. Therefore, pursuant to Section 170.08, Florida Statutes, and Resolution 2022-05 the special assessments on parcels specially benefited by the Assessment Area One Project are hereby finalized in the amount of the outstanding debt due on the Series 2024-1 Bonds in accordance with Exhibit “B” herein, and is apportioned in accordance with the methodology described in Exhibit “B,” upon the specially benefited lands indicated in the District’s Assessment Lien Roll attached as part of the Series 2024 Assessment Methodology, and reflects the finalized assessments due on the parcels benefited by the Series 2024-1 Bonds.

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 co-equal with the lien of all state,county, district, municipal or other governmental taxes and superior in dignity to all others liens, titles and claims.
Other Provisions Remain in Effect. This Resolution is intended to supplement Resolution 2022-05, which remains in full force and effect. This Resolution and Resolution 2022- 05 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

Severability. If any section or part of a section of this Resolution is 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.

Conflicts. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, superseded and repealed.
Effective Date. This Resolution shall take effect immediately upon its adoption.

APPROVED AND ADOPTED this 18th day of June, 2024.

[SIGNATURES ON FOLLOWING PAGE]

SIGNATURE PAGE FOR RESOLUTION 2024-07

ATTEST:	GARDENS AT HAMMOCK BEACH COMMUNITY	DEVELOPMENT DISTRICT

By:		By:	

Name:		Name:	

Title:	

Exhibit “A”: Supplemental Engineer’s Report
Exhibit “B”: Supplemental Assessment Methodology Report

EXHIBIT “A”

ENGINEER’S REPORT
Supplemental Engineer’s Report – Phase 1-3 Tract dated April 2024

[See attached]

EXHIBIT “B”

SERIES 2024 ASSESSMENT METHODOLOGY

Supplemental Assessment Methodology for the Phase 1-3 Tract dated June 12, 2024

[See attached]

Section E

RESOLUTION 2024-08
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT FINALIZING SPECIAL ASSESSMENTS SECURING THE DISTRICT’S SPECIAL ASSESSMENT BONDS, SERIES 2024-2 (THE “2024-2 BONDS”); PROVIDING FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE.
WHEREAS, the Gardens at Hammock Beach Community Development District (“District”) is a local unit of special-purpose government organized and existing in accordance with the Uniform Community Development District Act of 1980, Florida Statutes, as amended (the “Act”), created by Ordinance No. 2006-21 of the Board of County Commissioners of Flagler County, Florida, enacted and effective on October 9, 2006; and

WHEREAS, the District duly adopted Resolution No. 2020-02 on December 16, 2019 (the "Initial Resolution"), authorizing, among other things, the issuance in one or more series of not to exceed $48,200,000 aggregate principal amount of its Special Assessment Bonds and appointed
U.S. Bank Trust Company, National Association as Trustee (the "Trustee") under the Master Trust Indenture (the "Master Indenture") by and between the District and the Trustee; and

WHEREAS, the District adopted Resolution No. 2024-04 on May 17, 2024, hereinafter, referred to as the “Subsequent Resolution” as provided for in Section 1 of the Initial Resolution; and

WHEREAS, the District duly authorized and issued the Gardens at Hammock Beach Community Development District Special Assessment Bonds, Series 2024-2 (the “Series 2024-2 Bonds”) in the amount of $11,000,000 for the purpose of funding the construction, installation and acquisition of public infrastructure, improvements and services;and

WHEREAS, the Gardens at Hammock Beach Community Development District Supplemental Engineer’s Report, dated April 2024, attached to this Resolution as Exhibit “A” (the “Supplemental Engineer’s Report”), identifies and describes the components of the project financed with the Series 2024-2 Bonds (the “Assessment Area Two Project”); and

WHEREAS, the Engineer’s Report estimated that the capital costs for the Assessment Area Two Project totals $8,494,665, a portion of which will be paid directly by the developer; and

WHEREAS, the total cost to the District for the Assessment Area Two Capital Improvements was estimated at $8,494,665 (“Total Costs”); and

WHEREAS, pursuant to the terms of the Gardens at Hammock Beach Community Development District Supplemental Assessment Methodology for the Phase 1-3 Tract, dated June 12, 2024 (the “Series 2024 Assessment Methodology”), attached to this Resolution as Exhibit “B,” the assessments for the Series 2024-2 Bonds are finalized in the amount $8,785,000, which is funding a portion of the capital costs, financing costs, capitalized interest, reserve funds and

WHEREAS, on August 19, 2022, the Board, after notice and public hearing, met as an equalizing Board pursuant to the provisions of Section 170.08, Florida Statutes, and adopted Resolution 2022-05 authorizing and confirming the projects described therein, equalizing and levying special assessments to defray the Adjusted Total Project Costs and providing that this levy shall be a lien on the property so assessed co-equal with the lien of all state, county, district, municipal or other governmental taxes, all in accordance with Section 170.08, Florida Statutes (“Special Assessment Lien”); and

NOW, THEREFORE, be it resolved by the Board of Supervisors of Gardens at Hammock Beach Community Development District:

Recitals. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Resolution.
Authority for this Resolution. This Resolution is adopted pursuant to the provisions of Florida law, including Chapters 170 and 190, Florida Statutes.

Finalization of Special Assessments Securing the Series 2024-2 Bonds. Pursuant to Section 170.08, Florida Statutes, and District Resolution 2022-05 special assessments securing the Series 2024-2 Bonds on all land within the Assessment Area Two are to be credited the difference in the assessment as originally made, approved and confirmed and a proportionate part of the actual costs of the Assessment Area Two Project. The Series 2024 Master Assessment Methodology accurately reflects the amount of special assessments for the Series 2024-2 Bonds. The assessments levied pursuant to Resolution 2022-05 also exceed the outstanding debt due on the Series 2024-2 Bonds. Therefore, pursuant to Section 170.08, Florida Statutes, and Resolution 2022- 05 the special assessments on parcels specially benefited by the Assessment Area Two Project are hereby finalized in the amount of the outstanding debt due on the Series 2024-2 Bonds in accordance with Exhibit “B” herein, and is apportioned in accordance with the methodology described in Exhibit “B,” upon the specially benefited lands indicated in the District’s Assessment Lien Roll attached as part of the Series 2024 Assessment Methodology, and reflects the finalized assessments due on the parcels benefited by the Series 2024-2 Bonds.

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 co-equal with the lien of all state,county, district, municipal or other governmental taxes and superior in dignity to all others liens, titles and claims.
Other Provisions Remain in Effect. This Resolution is intended to supplement Resolution 2022-05, which remains in full force and effect. This Resolution and Resolution 2022- 05 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

Severability. If any section or part of a section of this Resolution is 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.

Conflicts. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, superseded and repealed.
Effective Date. This Resolution shall take effect immediately upon its adoption.

APPROVED AND ADOPTED this 18th day of June, 2024.

[SIGNATURES ON FOLLOWING PAGE]

SIGNATURE PAGE FOR RESOLUTION 2024-08

ATTEST:	GARDENS AT HAMMOCK BEACH COMMUNITY	DEVELOPMENT DISTRICT

By:		By:	

Name:		Name:	

Title:	

Exhibit “A”: Supplemental Engineer’s Report
Exhibit “B”: Supplemental Assessment Methodology Report

EXHIBIT “A”

ENGINEER’S REPORT
Supplemental Engineer’s Report – Phase 1-3 Tract dated April 2024

[See attached]

EXHIBIT “B”

SERIES 2024 ASSESSMENT METHODOLOGY

Supplemental Assessment Methodology for the Phase 1-3 Tract dated June 12, 2024

[See attached]

Section VI

This item will be provided under separate cover

Section VII

This item will be provided under separate cover

Section VIII

Gardens at Hammock Beach
Community Development District

Approved Budget
FY2025

Table of Contents

1	General Fund

2-5	General Fund Narrative

6-7	Assessment Area 1 - Special Assessment Bond Series AA1

8-9	Assessment Area 2 - Special Assessment Bond Series AA2

Gardens at Hammock Beach
Community Development District Approved Budget
General Fund

	Adopted Budget	Actuals Thru	Projected Next	Total Thru	Approved Budget	
Description	FY2024	5/31/24	4 Months	9/30/24	FY2025	

Revenues						
Developer Contributions	$	80,430	$	33,936	$	22,713	$	56,649	$	40,132	
Assessments - Area 1	$	-	$	-	$	-	$	-	$	264,255	
Assessments - Area 2	$	-	$	-	$	-	$	-	$	17,563	
Total Revenues	$	80,430	$	33,936	$	22,713	$	56,649	$	321,950	

Expenditures						
Administrative						
Supervisor Fees	$	7,200	$	600	$	1,200	$	1,800	$	7,200	
FICA Expense	$	551	$	46	$	92	$	138	$	551	
Engineering	$	5,000	$	-	$	2,500	$	2,500	$	5,000	
Attorney	$	5,000	$	3,122	$	1,878	$	5,000	$	5,000	
Dissemination	$	3,500	$	-	$	-	$	-	$	3,500	
Arbitrage	$	450	$	-	$	-	$	-	$	450	
Trustee Fees	$	4,050	$	-	$	-	$	-	$	4,500	
Annual Audit	$	3,300	$	-	$	-	$	-	$	5,000	
Management Fees	$	36,750	$	21,438	$	15,313	$	36,751	$	40,000	
Information Technology	$	750	$	250	$	313	$	563	$	1,800	
Website Maintenance	$	500	$	167	$	208	$	375	$	1,200	
Telephone	$	100	$	-	$	50	$	50	$	100	
Postage	$	750	$	5	$	250	$	255	$	750	
Insurance	$	6,119	$	5,785	$	-	$	5,785	$	6,119	
Printing & Binding	$	500	$	-	$	250	$	250	$	500	
Legal Advertising	$	5,000	$	-	$	2,500	$	2,500	$	5,000	
Other Current Charges	$	610	$	273	$	160	$	433	$	610	
Office Supplies	$	125	$	-	$	75	$	75	$	125	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	80,430	$	31,861	$	24,788	$	56,649	$	87,580	

Field - Assessment Area 1						
Field Management	$	-	$	-	$	-	$	-	$	15,000	
Electric - Streetlights	$	-	$	-	$	-	$	-	$	21,270	
Electric - Irrigation/Signs	$	-	$	-	$	-	$	-	$	4,100	
Water & Sewer	$	-	$	-	$	-	$	-	$	30,000	
Landscape Maintenance	$	-	$	-	$	-	$	-	$	130,000	
Landscape Contingency	$	-	$	-	$	-	$	-	$	2,000	
Property Insurance	$	-	$	-	$	-	$	-	$	6,000	
Lake Maintenance	$	-	$	-	$	-	$	-	$	9,000	
Stormwater Repairs & Maintenance	$	-	$	-	$	-	$	-	$	5,000	
General Repairs & Maintenance	$	-	$	-	$	-	$	-	$	1,000	
Irrigation Repairs	$	-	$	-	$	-	$	-	$	5,000	
Sidewalk/Asphalt Repairs	$	-	$	-	$	-	$	-	$	5,000	
Contingency	$	-	$	-	$	-	$	-	$	1,000	

Total Field	$	-	$	-	$	-	$	-	$	234,370	
	
Total Expenditures	$	80,430	$	31,861	$	24,788	$	56,649	$	321,950	

Excess Revenues/(Expenditures)

$	0  $

2,075  $

(2,075)  $	-	$	-

Land Use	Units	Net Per Unit	Net Annual	Gross Per Unit	Gross Annual	
1 - Platted	211	$	1,252.39	$  264,255.06	$	1,332.33	$	281,122	
2 - Unplatted	124	$	141.64	$	17,562.78  $	150.68	$	18,684	
Net Annual Assessment			
$  281,817.85		$	299,806	

Gross Annual Assessments

Less: Disounts & Collections (6%)	$
$

(17,988)
281,818

REVENUES:

Developer Contributions

The District will enter into a Funding Agreement with the Developer to fund the General Fund expenditures for the Fiscal Year.

EXPENDITURES:

General & Administrative:

Supervisors Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed $4,800 per year paid to each supervisor for the time devoted to District business and meetings. The amount is based on 3 supervisors attending 12 meetings during the fiscal year.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks.

Engineering

The District's engineer provides general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, etc. The District has contracted with Parker, Mynchenberg & Associates, Inc. for this service.

Attorney

The District's legal counsel provides general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager. The District has contract with Chiumento, Dwyer, Hertel, Grant, P.L. for this service.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues. Governmental Management Services – Central Florida, LLC provides these services.

Arbitrage

The District will contract with AMTEC, an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on any future bond issuance.

Trustee Fees

The District will pay annual trustee fees for any future bond issuance that are deposited with a Trustee at US Bank, N.A.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Grau & Associates will provide this services.
Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reporting, etc.

Information Technology

Represents various cost of information technology for the District such as video conferencing, cloud storage and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc. Governmental Management Services – Central Florida, LLC provides these services.

Website Maintenance

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

Telephone

Telephone and fax machine.

Postage

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public officials liability insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Legal Advertising

The District is required to advertise various notices for Board meetings, public hearings, etc in a newspaper of general circulation.

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the fiscal year.

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc. Governmental Management Services – Central Florida, LLC provides these services.
Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Commerce for
$175. This is the only expense under this category for the District.

Field – Assessment Area 1:

Field Management

The District will contract to provide onsite field management of contracts for District Services such as landscape maintenance. Services to include weekly site inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Electric – Streetlights

The District will incur cost for electric for streetlights.

Electric – Irrigation/Signs

The District will incur cost for electric for irrigation timers.

Water & Sewer

The District incurs cost for water. The District will contract with a utility company to provide this service.

Landscape Maintenance

The District will incur landscape maintenance expenses, which include mowing, edging, string-trimming, annual flower replacements, shrub and palm pruning, weeding, fertilization, pine straw, pest control and irrigation inspections during the fiscal year.

Landscape Contingency

To record the cost of landscape enhancements as well as any miscellaneous landscape items currently not budgeted or covered in landscape contract.

Property Insurance

The District's Property Insurance policy will contract with Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies. The amount budgeted represents the estimated premium for property insurance related to the District.

Lake Maintenance

The District will contract to provide for the few Stormwater management facilities that the CDD will own and maintain.

Stormwater Repairs & Maintenance

Cost of repairs and maintenance to the stormwater systems of the District.

General Repairs and Maintenance

Cost of repairs and maintenance throughout the common area of the District.

Irrigation Repairs

To record the cost of repairs to the irrigation system and preventative maintenance on the irrigation pump station.

Sidewalk/Asphalt Repairs

To record the cost of repairs to the sidewalks and asphalt.

Contingency
To record the cost of any maintenance expenses not properly classified in any of the other accounts.

Gardens at Hammock Beach
Community Development District
Approved Budget

Proposed	Actuals Thru	Projected Next	Projected Thru	Approved Budget	
Description	FY2024	5/31/24		4 Months		9/30/24	FY 2025	

REVENUES:				

Special Assessments	
$	-	$	-	$	-	$	
-	$	347,083	
Interest Earnings	-	-	-	-	-	
Carry Forward Surplus	$	-	-	99,248	
TOTAL REVENUES	$	-	$	-	$	-	$	-	$	446,331	

EXPENDITURES:			
Interest - 11/1	$	-	$	-	$	-	$	-	$	99,248	
Interest - 5/1	-	-	-	-	137,420	
Principal - 5/1	-	-	-	-	70,000	
TOTAL EXPENDITURES	$	-	$	-	$	-	$	-	$	306,668	

Other Sources/(Uses)			

Debt Service Fund Budget - Special Assessment Bonds, Series 2024-1 (AA1)

Budget

Bond Proceeds	$	446,332	$	-	$	446,332	$	446,332	$	-	
TOTAL OTHER SOURCES/(USES)	$  446,332	$	-	$  446,332	$	446,332	$	-	
						
TOTAL EXPENDITURES	$ (446,332)	$	-	$ (446,332)	$	(446,332)	$	306,668	
						
EXCESS REVENUES (EXPENDITURES)	$  446,332	$	-	$  446,332	$	446,332	$	139,663	
						
Units	Gross Per Unit	Gross Annual	Interest Due 11/1/25		$135,740	
						
211	$1,750	$369,237			$135,740	

Total Gross Assessment		
$	369,237				
Less: Discounts & Collection (6%)		$	(22,154)				
Net Annual Assessment		$	347,083				

(1) Carry Forward is Net of Reserve Requirement

Gardens at Hammock Beach
Community Development District
AMORTIZATION SCHEDULE

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

11/01/24	5,040,000	4.800%		99,248	99,247.78	
05/01/25	5,040,000	4.800%	70,000	137,420		
11/01/25	4,970,000	4.800%		135,740	343,160.00	
05/01/26	4,970,000	4.800%	75,000	135,740		
11/01/26	4,895,000	4.800%		133,940	344,680.00	
05/01/27	4,895,000	4.800%	80,000	133,940		
11/01/27	4,815,000	4.800%		132,020	345,960.00	
05/01/28	4,815,000	4.800%	80,000	132,020		
11/01/28	4,735,000	4.800%		130,100	342,120.00	
05/01/29	4,735,000	4.800%	85,000	130,100		
11/01/29	4,650,000	4.800%		128,060	343,160.00	
05/01/30	4,650,000	4.800%	90,000	128,060		
11/01/30	4,560,000	4.800%		125,900	343,960.00	
05/01/31	4,560,000	4.800%	95,000	125,900		
11/01/31	4,465,000	4.800%		123,620	344,520.00	
05/01/32	4,465,000	5.375%	100,000	123,620		
11/01/32	4,365,000	5.375%		120,933	344,552.50	
05/01/33	4,365,000	5.375%	105,000	120,933		
11/01/33	4,260,000	5.375%		118,111	344,043.13	
05/01/34	4,260,000	5.375%	110,000	118,111		
11/01/34	4,150,000	5.375%		115,154	343,265.01	
05/01/35	4,150,000	5.375%	120,000	115,154		
11/01/35	4,030,000	5.375%		111,929	347,083.76	
05/01/36	4,030,000	5.375%	125,000	111,929		
11/01/36	3,905,000	5.375%		108,570	345,499.38	
05/01/37	3,905,000	5.375%	130,000	108,570		
11/01/37	3,775,000	5.375%		105,076	343,646.25	
05/01/38	3,775,000	5.375%	140,000	105,076		
11/01/38	3,635,000	5.375%		101,314	346,390.00	
05/01/39	3,635,000	5.375%	145,000	101,314		
11/01/39	3,490,000	5.375%		97,417	343,730.63	
05/01/40	3,490,000	5.375%	155,000	97,417		
11/01/40	3,335,000	5.375%		93,251	345,668.13	
05/01/41	3,335,000	5.375%	160,000	93,251		
11/01/41	3,175,000	5.375%		88,951	342,202.50	
05/01/42	3,175,000	5.375%	170,000	88,951		
11/01/42	3,005,000	5.375%		84,383	343,333.75	
05/01/43	3,005,000	5.375%	180,000	84,383		
11/01/43	2,825,000	5.375%		79,545	343,927.50	
05/01/44	2,825,000	5.375%	190,000	79,545		
11/01/44	2,635,000	5.375%		74,439	343,983.75	
05/01/45	2,635,000	5.650%	200,000	74,439		
11/01/45	2,435,000	5.650%		68,789	343,227.50	
05/01/46	2,435,000	5.650%	215,000	68,789		
11/01/46	2,220,000	5.650%		62,715	346,503.75	
05/01/47	2,220,000	5.650%	225,000	62,715		
11/01/47	1,995,000	5.650%		56,359	344,073.75	
05/01/48	1,995,000	5.650%	240,000	56,359		
11/01/48	1,755,000	5.650%		49,579	345,937.50	
05/01/49	1,755,000	5.650%	255,000	49,579		
11/01/49	1,500,000	5.650%		42,375	346,953.75	
05/01/50	1,500,000	5.650%	265,000	42,375		
11/01/50	1,235,000	5.650%		34,889	342,263.75	
05/01/51	1,235,000	5.650%	285,000	34,889		
11/01/51	950,000	5.650%		26,838	346,726.25	
05/01/52	950,000	5.650%	300,000	26,838		
11/01/52	650,000	5.650%		18,363	345,200.00	
05/01/53	650,000	5.650%	315,000	18,363		
11/01/53	335,000	5.650%		9,464	342,826.25	
05/01/54	335,000	5.650%	335,000	9,464	344,463.75	

Total

$	5,040,000  $	5,392,310  $  10,432,310

$	-

Gardens at Hammock Beach
Community Development District
Approved Budget
Debt Service Fund Budget - Special Assessment Bonds, Series 2024-2 (AA2)

Proposed Budget	Actuals Thru	Projected Next

Description

FY2024

Projected Thru
5/31/24		4 Months		9/30/24

Approved Budget
FY 2025

REVENUES:

Special Assessments
Interest Earnings	$	-	$	-	$	-	$
-	-	-	-	$	-
-	-	
Carry Forward Surplus	$	-	-	681,694	
TOTAL REVENUES	$	-	$	-	$	-	$	-	$	681,694	

EXPENDITURES:				
Interest - 11/1	$	-	$	-	$	-	$	-	$	180,858	
Interest - 5/1 Principal - 5/1		-	-	-
-	-	-	-	250,418
-	-	
TOTAL EXPENDITURES	$	-	$	-	$	-	$	-	$	431,276	

Other Sources/(Uses)				

Bond Proceeds	$	1,300,550	$	-	$	1,300,550	$	1,300,550	$	-	
TOTAL OTHER SOURCES/(USES)	$	1,300,550	$	-	$ 1,300,550	$	1,300,550	$	-	
							
TOTAL EXPENDITURES	$  (1,300,550)	$	-	$ (1,300,550)	$	(1,300,550)	$	431,276	
							
EXCESS REVENUES (EXPENDITURES)	$	1,300,550	$	-	$ 1,300,550	$	1,300,550	$	250,418	
							
Units	Gross Per Unit	Gross Annual		Interest Due 11/1/25		$250,418	
							
124	$5,309	$658,358				$250,418	

Total Gross Assessment		
$	658,358					
Less: Discounts & Collection (6%)		$	(39,501)					
Net Annual Assessment		$	618,857					

(1) Carry Forward is Net of Reserve Requirement

Gardens at Hammock Beach
Community Development District
AMORTIZATION SCHEDULE

Period

Outstanding Balance

Coupons

Principal

Interest

Annual Debt Service

	11/01/24	8,785,000	5.000%		180,858	180,857.53	
	05/01/25	8,785,000	5.000%		250,418		
	11/01/25	8,785,000	5.000%		250,418	500,836.26	
	05/01/26	8,785,000	5.000%	120,000	250,418		
	11/01/26	8,665,000	5.000%		247,418	617,836.26	
	05/01/27	8,665,000	5.000%	125,000	247,418		
	11/01/27	8,540,000	5.000%		244,293	616,711.26	
	05/01/28	8,540,000	5.000%	130,000	244,293		
	11/01/28	8,410,000	5.000%		241,043	615,336.26	
	05/01/29	8,410,000	5.000%	140,000	241,043		
	11/01/29	8,270,000	5.000%		237,543	618,586.26	
	05/01/30	8,270,000	5.000%	145,000	237,543		
	11/01/30	8,125,000	5.000%		233,918	616,461.26	
	05/01/31	8,125,000	5.000%	150,000	233,918		
	11/01/31	7,975,000	5.000%		230,168	614,086.26	
	05/01/32	7,975,000	5.600%	160,000	230,168		
	11/01/32	7,815,000	5.600%		225,688	615,856.26	
	05/01/33	7,815,000	5.600%	170,000	225,688		
	11/01/33	7,645,000	5.600%		220,928	616,616.26	
	05/01/34	7,645,000	5.600%	180,000	220,928		
	11/01/34	7,465,000	5.600%		215,888	616,816.26	
	05/01/35	7,465,000	5.600%	190,000	215,888		
	11/01/35	7,275,000	5.600%		210,568	616,456.26	
	05/01/36	7,275,000	5.600%	200,000	210,568		
	11/01/36	7,075,000	5.600%		204,968	615,536.26	
	05/01/37	7,075,000	5.600%	210,000	204,968		
	11/01/37	6,865,000	5.600%		199,088	614,056.26	
	05/01/38	6,865,000	5.600%	225,000	199,088		
	11/01/38	6,640,000	5.600%		192,788	616,876.26	
	05/01/39	6,640,000	5.600%	240,000	192,788		
	11/01/39	6,400,000	5.600%		186,068	618,856.26	
	05/01/40	6,400,000	5.600%	250,000	186,068		
	11/01/40	6,150,000	5.600%		179,068	615,136.26	
	05/01/41	6,150,000	5.600%	265,000	179,068		
	11/01/41	5,885,000	5.600%		171,648	615,716.26	
	05/01/42	5,885,000	5.600%	280,000	171,648		
	11/01/42	5,605,000	5.600%		163,808	615,456.26	
	05/01/43	5,605,000	5.600%	295,000	163,808		
	11/01/43	5,310,000	5.600%		155,548	614,356.26	
	05/01/44	5,310,000	5.600%	315,000	155,548		
	11/01/44	4,995,000	5.600%		146,728	617,276.26	
	05/01/45	4,995,000	5.875%	335,000	146,728		
	11/01/45	4,660,000	5.875%		136,888	618,615.63	
	05/01/46	4,660,000	5.875%	355,000	136,888		
	11/01/46	4,305,000	5.875%		126,459	618,346.88	
	05/01/47	4,305,000	5.875%	375,000	126,459		
	11/01/47	3,930,000	5.875%		115,444	616,903.13	
	05/01/48	3,930,000	5.875%	395,000	115,444		
	11/01/48	3,535,000	5.875%		103,841	614,284.38	
	05/01/49	3,535,000	5.875%	420,000	103,841		
	11/01/49	3,115,000	5.875%		91,503	615,343.76	
	05/01/50	3,115,000	5.875%	445,000	91,503		
	11/01/50	2,670,000	5.875%		78,431	614,934.38	
	05/01/51	2,670,000	5.875%	475,000	78,431		
	11/01/51	2,195,000	5.875%		64,478	617,909.38	
	05/01/52	2,195,000	5.875%	500,000	64,478		
	11/01/52	1,695,000	5.875%		49,791	614,268.76	
	05/01/53	1,695,000	5.875%	530,000	49,791		
	11/01/53	1,165,000	5.875%		34,222	614,012.51	
	05/01/54	1,165,000	5.875%	565,000	34,222		
	11/01/54	600,000	5.875%		17,625	616,846.88	
	05/01/55	600,000	5.875%	600,000	17,625		
	11/01/55					617,625.00	
Total				$	8,785,000	$  10,383,813	$  19,168,813	

$	-

Section IX

RESOLUTION 2024-09

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT DESIGNATING AN ASSISTANT SECRETARY OF THE DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE
Whereas, the Gardens at Hammock Beach Community Development District (hereinafter the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated within Flagler County, Florida; and

Whereas, the Board of Supervisors of the District desires to appoint an Assistant Secretary.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE GARDENS AT HAMMOCK BEACH COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1.  Jeremy LeBrun is appointed Assistant Secretary.

SECTION 2.  This Resolution shall become effective immediately upon its adoption.

Passed and adopted this 18th day of June, 2024.

ATTEST:	GARDENS	AT	HAMMOCK	BEACH	
	COMMUNITY	DEVELOPMENT	
	DISTRICT		

Secretary/Assistant Secretary	Chairperson, Board of Supervisors

Section X

Section C

Section 1

Gardens at Hammock Beach
Community Development District

Unaudited Financial Reporting
May31,2024

Table of Contents

	Balance Sheet

	General Fund

	Month to Month

	Developer Contributions Schedule

Gardens at Hammock Beach
Community Development District Combined Balance Sheet
May 31, 2024

	General Fund		
Assets:
Cash:
Operating Account	

$		

2,634	
Due From Developer Due From Capital Prepaid Expenses	$
$
$		-
-
-	
Total Assets	$		2,634	
Liabilities:
Accounts Payable	

$		

-	
FICA Payable	$	92	
Total Liabilities	$	92	

Fund Balances:
Unassigned	

$	2,542	
Total Fund Balances	$	2,542	
		
Total Liabilities & Fund Balance	$	2,634	

Gardens at Hammock Beach
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending May 31, 2024

	Adopted	Prorated Budget	Actual		
	Budget	Thru 05/31/24	Thru 05/31/24	Variance	
Revenues					
Developer Contributions	$	80,430	$	33,936	$	33,936	$	-	
Total Revenues	$	80,430	$	33,936	$	33,936	$	-	
Expenditures:					
General & Administrative:					
Supervisor Fees	$	7,200	$	4,800	$	600	$	4,200	
FICA Expense	$	551	$	367	$	46	$	321	
Engineering	$	5,000	$	3,333	$	-	$	3,333	
Attorney	$	5,000	$	3,333	$	3,122	$	211	
Dissemination	$	3,500	$	-	$	-	$	-	
Arbitrage	$	450		$	-	$	-	
Trustee Fees	$	4,050		$	-	$	-	
Annual Audit	$	3,300	$	-	$	-	$	-	
Management Fees	$	36,750	$	24,500	$	21,438	$	3,063	
Information Technology	$	750	$	500	$	438	$	63	
Website Maintenance	$	500	$	333	$	292	$	42	
Telephone	$	100	$	67	$	-	$	67	
Postage	$	750	$	500	$	9	$	491	
Insurance	$	6,119	$	6,119	$	5,785	$	334	
Printing & Binding	$	500	$	333	$	33	$	300	
Legal Advertising	$	5,000	$	3,333	$	31	$	3,303	
Other Current Charges	$	610	$	407	$	313	$	93	
Office Supplies	$	125	$	83	$	0	$	83	
Dues, Licenses & Subscriptions	$	175	$	175	$	175	$	-	
Total Expenditures	$	80,430	$	48,185	$	32,281	$	15,903	
					
Excess (Deficiency) of Revenues over Expenditures	$	-		$	1,655		
					
Fund Balance - Beginning	$	-		$	887		
					
Fund Balance - Ending	$	-		$	2,542		

Gardens at Hammock Beach
Community Development District Month to Month

	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May		Jun	Jul	Aug	Sep	Total	
Revenues															
Developer Contributions	$	9,130	$	3,167	$	3,167	$	3,167	$	-	$	11,124	$	4,181	$	-	$		-  $	-  $	-  $	-  $	33,936	
Total Revenues	$	9,130	$	3,167	$	3,167	$	3,167	$	-	$	11,124	$	4,181	$	-	$		-  $	-  $	-  $	-  $	33,936	
Expenditures:															
General & Administrative:															
Supervisor Fees	$	-	$	-	$	-	$	-	$	-	$	600	$	-	$	-	$		-  $	-  $	-  $	-  $	600	
FICA Expense	$	-	$	-	$	-	$	-	$	-	$	46	$	-	$	-	$		-  $	-  $	-  $	-  $	46	
Engineering	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$		-  $	-  $	-  $	-  $	-	
Attorney	$	-	$	1,050	$	-	$	336	$	-	$	1,736	$	-	$	-	$		-  $	-  $	-  $	-  $	3,122	
Dissemination	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$		-  $	-  $	-  $	-  $	-	
Arbitrage	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$		-  $	-  $	-  $	-  $	-	
Trustee Fees	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$		-  $	-  $	-  $	-  $	-	
Annual Audit	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$		-  $	-  $	-  $	-  $	-	
Management Fees	$	3,063	$	3,063	$	3,063	$	3,063	$	3,063	$	3,063	$	3,063	$	-	$		-  $	-  $	-  $	-  $	21,438	
Information Technology	$	63	$	63	$	63	$	63	$	63	$	63	$	63	$	-	$		-  $	-  $	-  $	-  $	438	
Website Maintenance	$	42	$	42	$	42	$	42	$	42	$	42	$	42	$	-	$		-  $	-  $	-  $	-  $	292	
Telephone	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$		-  $	-  $	-  $	-  $	-	
Postage	$	3	$	1	$	1	$	-	$	4	$	-	$	-	$	-	$		-  $	-  $	-  $	-  $	9	
Insurance	$	5,785	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$		-  $	-  $	-  $	-  $	5,785	
Printing & Binding	$	-	$	-	$	-	$	-	$	-	$	-	$	33	$	-	$		-  $	-  $	-  $	-  $	33	
Legal Advertising	$	-	$	-	$	-	$	-	$	-	$	31	$	-	$	-	$		-  $	-  $	-  $	-  $	31	
Other Current Charges	$	39	$	38	$	38	$	38	$	40	$	40	$	40	$	40	$		-  $	-  $	-  $	-  $	313	
Office Supplies	$	0	$	0	$	0	$	-	$	0	$	-	$	-	$	-	$		-  $	-  $	-  $	-  $	0	
Dues, Licenses & Subscriptions	$	175	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$		-  $	-  $	-  $	-  $	175	
Total Expenditures	$	9,169	$	4,255	$	3,206	$	3,541	$	3,211	$	5,619	$	3,240	$	40	$		-  $	-  $	-  $	-  $	32,281	

Excess (Deficiency) of Revenues over Expenditures  $

(39) $

(1,088)  $

(38) $

(374) $

(3,211)  $

5,504  $

941  $

(40) $

-  $

-  $

-  $

-  $

1,655

Gardens at Hammock Beach
Community Development District Developer Contributions/Due from Developer FY2024

Funding
Request #

Date
Prepared

Date
Payment Received

Check
Amount

Total
Funding Request

General
Fund Portion (23)

General
Fund Portion (24)

Over and
(short) Balance Due

FY 2023
25	9/19/23	10/4/23	$	9,013.00	$	9,013.00	$	3,228.00	$	5,785.00		
FY 2024							
26	10/17/23	10/31/23	$	3,345.31	$	3,345.31		$	3,345.31	$	-	
FY 2024							
27	11/21/23	12/6/23	$	3,167.33	$	3,167.33		$	3,167.33		
FY 2024							
28	12/12/23	12/19/23	$	3,167.33	$	3,167.33		$	3,167.33		
FY 2024							
29	1/12/24	1/23/24	$	2,564.67	$	2,564.67		$	2,564.67		
FY 2024							
30	3/11/24	5/6/24	$	11,123.73	$	11,123.73		$	11,123.73		
FY 2024							
31	4/29/24	5/23/24	$	4,180.73	$	4,180.73		$	4,180.73		
Due from Developer		$	36,562.10	$	36,562.10	$	3,228.00	$	33,334.10	$	-	

Total Developer Contributions FY24	 $	33,334.10 

Section 2

Gardens At Hammock Beach
Community Development District	Funding Request - #32
June 11, 2024

General Fund
Payee	FY2024

1	Governmental Management Services-CF, LLC
Inv# 126 - Management Fees - May 2024	
$	
3,168.55	
2	Governmental Management Services-CF, LLC
Inv# 127 - Management Fees - June 2024	
$	
3,185.87	
3	Supervisor Fees - 05/17/2024 Meeting
William Livingston	
$	
200.00	
Clint Smith	$	200.00	
David Root	$	200.00	

$	6,954.42

Please make check payable to:

Gardens at Hammock Beach CDD
6200 Lee Vista Boulevard, Suite 300
Orlando, FL 32822

GMS-Central Florida, LLC
1001 Bradford Way
Kingston, TN 37763

Invoice

Bill To:
Gardens at Hammock Beach CDD 219 E. Livingston St.
Orlando, FL 32801

Invoice #: 126
Invoice Date: 5/1/24
Due Date: 5/1/24
Case:
P.O. Number:

 
Description	Hours/Qty	Rate	Amount

Management Fees - May 2024
Website Adminfstration • May 2024		
Information Technology- May 2024		
.Office Supplies		 Postage		
	3,062.50
41.E>?
62.50
0.09
1.79	3,062.50
41.67
62.50
0.09
1.79	

Total	$3,168.55	
Payments/Credits	$0.00	
Balance Due	$3,168.55	

GMS-Central Florida, LLC
1001 Bradford Way
Kingston, TN 37763

Invoice

Bill To:
Gardens at Hammock Beach CDD 219 E. Livingston St.
Orlando, FL 32801

Invoice #: 127
Invoice Date: 6/1/24
Due Date: 6/1/24
Case:
P.O. Number:

Description	Hours/Qty	Rate	Amount

Management Fees - June 2024 Website Administration -June 2024 Information Technology - June 2024 Office Supplies
Postage Copies

3,062.50
41.67
62.50
0.06
1.29
17.85

3,062.50
41.67
62.50
0.06
1.29
17.85

'

Total	$3,185.87	
Payments/Credits	$0.00	
Balance Due	$3,185.87	

Attendance Confirmation
for
BOARD OF SUPERVISORS

F/l'/l/l/l/l'/l/l/l/l/l/l/l/l/l'/l'/l/l'/l'/l/,l/l'/l'/l/l/l/l'/l/l'/l/l/l/l/l/l/.l/l/.l/l/l'/l/l/#/l/l/l/l/l/,l/l/l/l/l/l/l'/l/l/l/l/l'/l/l'/l'/l'/l'/l/#/l/l/l/l/l/l'/l'/l'/l'/l/l  l'/l'/l/l'/l/l/l/l/l  /I/I/I/I/I•

District Name:		Gardens at Hammock Beach CDD	 Board Meeting Date:			May 17, 2024	

Name	In Attendance
Please	Fee Involved Yes/No	

1	
William Livingston	

V""'	
Yes ($200)	

2	
Clint Smith	
V	
Yes ($200)	

3	
David Lusby		
Yes ($200)	

4	
David Root	_,,,,.,	
Yes ($200)	

5	
Denise Bunch (Oath)		
(	)	

The supervisors present at the above referenced meeting should be compensated accordingly.

Approved for Payment:

rictManager Signature

**RETURN SIGNED DOCUMENT TO District Accountant*