OFFICIAL FILE COPY CLERK OF THE BOARD
OF COUNTY COMMISSIONERS MIAMI-DADE COUNTY, FLORIDA

(Public Hearing: 5-16-23)
Date:	April 4, 2023	
To:	Agenda Item No. 5(A)
Honorable Chairman Oliver G. Gilbert, III
and Members, Board of County Commissioners	
From:	Daniella Levine Cava	Ordinance No. 23-35
Mayor	
Subject:	Ordinance Creating the Los Cayos Community Development District	

Executive Summary
The purpose of this item is to gain authorization from the Board of County Commissioners (Board) to create a Community Development District (CDD) in the City of Homestead (City) in Miami-Dade County (County), Florida. CDDs are a local unit of special-purpose government created according to Chapter 190 of the Florida Statutes.

Recommendation
It is recommended that the Board adopt the attached Ordinance creating the Los Cayos Community Development District (District) in the City, pursuant to the authority granted by the Miami-Da de County Home Rule Charter for the purposes set forth in Chapter 190 of the Florida Statutes, subject to the acceptance of the Declaration of Restrictive Covenants running with the lands within the jurisdiction of the CDD.

Scope
This District is located within Commission District 9, which is represented by County Commissioner Kionne L. McGhee, and will provide funding for capital improvements, as well as multipurpose maintenance functions, within the CDD.

Fiscal Impact/Funding Source
The creation of the District will have no fiscal impact to the County. CDD funding is derived from assessments levied against the properties within the CDD, which are secured by a lien against the properties and collected directly by the CDD or through the annual Combined Real Property tax bill pursuant to an interlocal agreement with the County.

Social Equity Statement
The proposed Ordinance grants a petition for the creation of the District, pursuant to the procedures and factors set forth in section 190.005, Florida Statutes.

If approved, pursuant to Chapter 190, Florida Statutes, the District will have the power to levy taxes and special assessments and charge, collect, and enforce fees and other user charges affecting property owners within the proposed District, regardless of their demographics. The CDD is a timely, efficient, ef fective, responsive, and economic way to deliver and finance basic community development services.

Track Record/Monitor
This development has private roads that are to be maintained by a Homeowners’ Association (HOA) or the District. A Special Taxing District will be created to maintain the development’s infrastructu re, such as private roadways, private area storm drainage, and landscaping, should the District be dissolved or f ail

Honorable Chairman Oliver G. Gilbert, III
and Members, Board of County Commissioners Page 2

to fulfill its maintenance obligations. This Special Taxing District will remain dormant until such time as the County determines to implement the Special Taxing District.

Delegation of Authority
This Ordinance does not delegate any authority to the County Mayor or designee.

Background
Four Aces Properties, IV, LLC. (“Petitioner”), on behalf of AG EHC II (LEN) Multi State 1, LLC., the owner of the Keys Lake Development, has filed an application to create the Distric t in connection with said development. The Keys Lake Development is a proposed 25.72-acre residential development lying wholly within the municipal limits of the City of Homestead, in an area bounded by theoretical SW 169 Place on the east, SW 336 Street (Arthur Vining Parkway) on the south, SW 172 Avenue (McMinn Road) on the west, and Homestead Extension of Florida’s Turnpike (State Road 821) on the north. The District is designed to provide a financing mechanism for community infrastructure, facilities, and services along with certain ongoing operations and maintenance for the development. The development plan for the lands within the proposed District includes construction of 250 townhome units with associated roadway improvements, stormwater management system, wastewater collection system, and water distribution system, which are estimated to cost approximately $6.84 million. This development has private roads that are to be maintained by an HOA or the District. A detailed summary of District elements, as well as the cost and anticipated lack of fiscal impacts to government agencies, are presented in the attached application submitted by the Petitioner. In accordance with Chapter 190, Florida Statutes, the Petitioner has paid a filing fee of $15,000.00 and an additional $15,000.00 for advertising costs to the County.

A Declaration of Restrictive Covenants has been submitted consistent with the requirements of Resolution R-413-05 adopted by the Board on April 5, 2005, and as amended by Resolution No. R-883 -06, which was adopted on July 18, 2006, to add language regarding the option to pay capital assessments in f ull at the time of closing. The Declaration of Restrictive Covenants provides for: (1) notice in the public records of the projected taxes and assessments to be levied by the District; (2) individual prior notice to the initial purchaser of a residential lot or unit within the development; and (3) provisions for remedial options to initial purchasers whose contract for sale did not include timely notice of the existence and extent of CDD liens and special assessments.

This Board is authorized by the Florida Constitution and the County Home Rule Charter to establish governmental units, such as this CDD, within the County and to prescribe such government’s jurisdiction and powers.

Jimmy Morales
Chief Operations Officer

TO:

MEMORANDUM

(Revised)

Honorable Chairman Oliver G. Gilbert, III
and Members, Board of County Commissioners

DATE:

May 16, 2023

FROM:	�	SUBJECT: Agenda Item No.
County Attorney

5(A)

Please note any items checked.

"3-Day Rule" for committees applicable if raised

6 weeks required between first reading and public hearing

4 weeks notification to municipal officials required prior to public hearing

Decreases revenues or increases expenditures without balancing budget Budget required
Statement of fiscal impact required Statement of social equity required
Ordinance creating a new board requires detailed County Mayor's report for public hearing

No committee review

Applicable legislation requires more than a majority vote (i.e., 2/3's

present 	

, 2/3 membership 	

, 3/5's 	

,unanimous 	

, CDMP

7 vote requirement per 2-116.1(3)(h) or (4)(c) 	 , CDMP 2/3 vote
requirement per 2-116.1(3)(h) or (4)(c) 	  , or CDMP 9 vote
requirement per 2-116.1(4)(c)(2) _)	to approve

Current information regarding funding source, index code and available balance, and available capacity (if debt is contemplated) required

Approved 	Mayor	Agenda Item No. 5(A)

Veto		 Override		

5-16-23

ORDINANCE NO.

	23-35	

ORDINANCE GRANTING PETITION OF FOUR ACES PROPERTIES IV, LLC, FOR ESTABLISHMENT OF A COMMUNITY DEVELOPMENT DISTRICT GENERALLY BOUNDED ON THE NORTH BY HOMESTEAD EXTENSION OF FLORIDA’S TURNPIKE, ON THE EAST BY THEORETICAL SW 169 PLACE, ON THE SOUTH BY SW 336 STREET (ARTHUR VINING PARKWAY), AND ON THE WEST BY SW 172 AVENUE (MCMINN ROAD); CREATING AND ESTABLISHING LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT; PROVIDING FOR NAME, POWERS AND DUTIES; PROVIDING DESCRIPTION AND BOUNDARIES; PROVIDING INITIAL MEMBERS OF BOARD OF SUPERVISORS; ACCEPTING PROFFERED DECLARATION OF RESTRICTIVE COVENANTS; PROVIDING SEVERABILITY, EXCLUSION FROM THE CODE AND AN EFFECTIVE DATE

WHEREAS, the Florida Legislature created and amended chapter 190, Florida Statutes, to provide an alternative method to finance and manage basic services for community development; and
WHEREAS, section 1.01(A)(21) of the Miami-Dade County Home Rule Charter grants the Board of County Commissioners the authority to exercise all powers and privileges granted to municipalities and counties by the laws of this State; and
WHEREAS, Article VIII, section 6(e) of the Florida Constitution provides for exclusive County Charter authority to establish all governmental units within Miami-Dade County and to provide for their government and prescribe their jurisdiction and powers; and

Agenda Item No. 5(A)
Page 2

WHEREAS, Four Aces Properties IV, LLC (“Petitioner”), a Florida limited liability company, on behalf of AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company (“Owner”), has petitioned for the establishment of the Los Cayos Community Development District (“District”); and
WHEREAS, a public hearing has been conducted by the Board of County Commissioners in accordance with the requirements and procedures of section 190.005(2)(b), Florida Statutes, and the applicable requirements and procedures of the Miami-Dade County Home Rule Charter and Code; and
WHEREAS, the District will constitute a timely, efficient, effective, responsive and economic way to deliver community development services in the area, thereby providing a solution to the County’s planning, management and financing needs for delivery of capital infrastructure therein without overburdening the County and its taxpayers; and
WHEREAS, the Board of County Commissioners finds that the statements contained in the petition are true and correct; and
WHEREAS, the creation of the District is not inconsistent with any applicable element or portion of the State comprehensive plan or the Miami-Dade County Comprehensive Development Master Plan; and
WHEREAS, the area of land within the District is of sufficient size, is sufficiently compact, and is sufficiently contiguous to be developable as one functional interrelated community; and
WHEREAS, the creation of the District is the best alternative available for delivering the community development services and facilities to the area that will be served by the District; and

Agenda Item No. 5(A)
Page 3

WHEREAS, the proposed services and facilities to be provided by the District will be compatible with the capacity and uses of existing local and regional community development services and facilities; and
WHEREAS, the area that will be served by the District is amenable to separate special- district government; and
WHEREAS, the owner of the properties that are to be developed and served by the community development services and facilities to be provided by the District has submitted an executed Declaration of Restrictive Covenants pledging among other things to provide initial purchasers of individual residential lots or units with notice of liens and assessments applicable to such parcels, with certain remedial rights vesting in the purchasers of such parcels if such notice is not provided in a timely and accurate manner; and
WHEREAS, having made the foregoing findings, after a public hearing, the Board of County Commissioners wishes to exercise the powers bestowed upon it by section 1.01(A)(21) of the Miami-Dade County Home Rule Charter in the manner provided by chapter 190, Florida Statutes; and
WHEREAS, the Board of County Commissioners finds that the District shall have those general and special powers authorized by sections 190.011 and 190.012, Florida Statutes, and set forth herein, and that it is in the public interest of all of the citizens of Miami-Dade County that the District have such powers,
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA:
Section 1.	The foregoing findings, which are expressly set forth herein, are hereby

adopted and made a part hereof.

Agenda Item No. 5(A)
Page 4

Section 2.	The Petition to establish the District over the real property described in the

Petition attached hereto, which was filed by the Petitioner on January 25, 2023, and which Petition is on file at the Office of the Clerk of the Board, is hereby granted. A copy of the Petition is attached and incorporated herein as Exhibit A.
Section 3.   The external boundaries of the District shall be as depicted in the certified

metes and bounds legal description attached hereto and incorporated herein as Exhibit B to the Ordinance. The external boundaries of the District shall be as depicted on the location map attached hereto and incorporated as Exhibit C.
Section 4.   The initial members of the Board of Supervisors shall be as follows:

Maria Carolina Herrera Vanessa Perez
Teresa Amaris Baluja Carmen Beatriz Orozco Yadira Monzon
Section 5.	The name of the District shall be the “Los Cayos Community Development

District.”

Section 6.	The District is created for the purposes set forth in chapter 190, Florida

Statutes, pursuant to the authority granted by section 1.01(A)(21) of the Miami-Dade County Home Rule Charter.
Section 7.	Pursuant to section 190.005(2)(d), Florida Statutes, the charter for the Los

Cayos Community Development District shall be sections 190.006 through 190.041, Florida Statutes.

Agenda Item No. 5(A)
Page 5

Section 8.	The Board of County Commissioners hereby grants to the District all

general powers authorized pursuant to section 190.011, Florida Statutes, and hereby finds that it is in the public interest of all citizens of Miami-Dade County to grant such general powers.
Section 9.	The Board of County Commissioners hereby grants to the District the

special powers authorized pursuant to section 190.012(1), Florida Statutes, and sections 190.012(2)(a), (d) and (f) (except for powers regarding waste disposal), Florida Statutes, and section 190.012(3), Florida Statutes, and hereby finds that it is in the public interest of all citizens of Miami-Dade County to grant such special powers; provided that the District’s exercise of power under section 190.012(1)(b), Florida Statutes, pertaining to water, wastewater and reuse water services shall be pursuant to that Declaration of Restrictive Covenants submitted to the Board of County Commissioners in connection with the Petition.
Section 10.  All bonds issued by the District pursuant to the powers granted by this

Ordinance shall be validated pursuant to chapter 75, Florida Statutes.

Section 11.	No bond, debt or other obligation of the District, nor any default thereon,

shall constitute a debt or obligation of Miami-Dade County, except upon the express approval and agreement of the Board of County Commissioners.
Section 12.	Notwithstanding any power granted to the District pursuant to this

Ordinance, neither the District nor any real or personal property or revenue in the District shall, solely by reason of the District’s creation and existence, be exempted from any requirement for the payment of any and all rates, fees, charges, permitting fees, impact fees, connection fees, or similar County rates, fees or charges, special taxing districts special assessments which are required by law, ordinance or County rule or regulation to be imposed within or upon any local government within the County.

Agenda Item No. 5(A)
Page 6

Section 13.	Notwithstanding any power granted to the District pursuant to this

Ordinance, the District may exercise the power of eminent domain outside the District’s existing boundaries only with the prior specific and express approval of the Board of County Commissioners.
Section 14.  This Board hereby accepts that Declaration of Restrictive Covenants

proffered by the owner of the lands within the jurisdiction of the District, in connection with the Petition submitted by the Petitioner and approved herein.
Section 15.	If any section, subsection, sentence, clause or provision of this Ordinance is

held invalid, the remainder of this Ordinance shall not be affected by such invalidity.

Section 16.	It is the intention of the Board of County Commissioners, and it is hereby

ordained that the provisions of this Ordinance shall be excluded from the Code of Miami-Dade County.
Section 17.	This Ordinance shall become effective ten (10) days after the date of

enactment unless vetoed by the Mayor, and if vetoed, shall become effective only upon an override by this Board.

________

PASSED AND ADOPTED:

________

Approved by County Attorney as to form and legal sufficiency:

Prepared by: Michael J. Mastrucci

May 16, 2023

"EXHIBIT A to the Ordinance"

PETITION TO CREATE LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

Dated: January 25, 2023

MDC010

Memorandum •·DADE•

Date: To:

January 25, 2023

Basia Pruna, Deputy Clerk Office of the Clerk of the Board Attn: Shania Momplaisir

From:	Liset Romero-Lopez, Chie
Special Assessment Distritfs Division
Parks, Recreation and Or/�n Spaces Department

Subject:	Los Cayos Community Development District
-	Creation

The attached petition was submitted by Four Aces Properties IV, LLC, and has been finalized, reviewed, and deemed complete by the Miami-Dade County Parks, Recreation and Open Spaces Department pursuant to Chapter 190, Florida Statutes, and Miami-Dade County Policy.

The filing date of record is January 25, 2023.

Attachment

c:	Michael Mastrucci Assistant County Attorney

PETITION TO ESTABLISH LOSCAYOS
COMMUNITY DEVELOPMENT DISTRICT

July 2021

PETITION TO ESTABLISH LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

Petitioner, FOUR ACES PROPERTIES IV, LLC, a Florida limited liability company ("Petitioner"), petitions Miami-Dade County, Florida ("County"), pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes and the Miami-Dade Home Rule Charter, to adopt an ordinance to establish a Community Development District (the "District") and to designate the land area for which the District would manage and finance basic services delive1y and states as follows:
PctitioRer and Authorizecl Agent: Petitioner is a Florida limited liability company, which has principal office at 201 Alhambra Circle, Suite 1205, Coral Gables, Flodda 33134. Copies of all correspondence and official notices should also be sent to the authorized agent for Petitioner:
Dennis E. Lyles, Esq.
Billing, Cochran, Lyles, Mauro & Ramsey, P.A. 515 E. Las Olas Boulevard, Sixth Floor
Fort Lauderdale, Flmida 33301
Phone: 954-764-7150 I Fax: 954-764-7279
Email: dlyles@bclmr.com

District Location and Descl'lption,: The land area to be included in the District comprises approximately 25.72+/-·gross acres. A map showing the location of the land area to be included in the District is attached hereto as Exhibit 1. All of the land within the proposed District
is located in the City of Homestead, Miami-Dade County, Florida. A metes and bounds legal description of the external boundades of the District is attached hereto as Exhibit 2.
District Impact: All property within the external boundalies of the Dishict will be part of the District. The impact of creating the District on the parcels adjacent to the District should be positive, in that the facilities provided by the District and maintenance of same should result in an aesthetically pleasing surrounding area with beneficial infrastructure while not

detrimentally affecting anyone outside the District. In addition, any potential establishment costs to Mimni Dadc Counly, the establishing entity, will be nominal.
J:>roil.QKty_ Owners Consent: Attached hereto as Exhibit 3 is documentation constituting written consent to the estnblislunent of the Distl'ict by the owner of the real properly to be included in and serviced by the District.
Iuitial Governing Board: The five (5) persons designated to sel've as the initial members of the board of snpervisors of the Distdct, who shall serve in that office 1mtil replaced by elected members, ns provided in Section 190.006) Florida Statntes, are named in Exhibit 4 attached hereto.
DistL'ict Name: The proposed name of the District is Los Cayos Community Development Distt.ict.
Wntcr mul SeJvc1· Lines: The major tnmk water mains, sewer interceptors and
outfalls currently in existence to serve the District are identified on Exhibit 5 attached hereto.

Timetables and Constrnction Costs: The proposed timetables and related estimates of cost to construct the District services and facilities, based upon available data, are altached hereto as Exhibits 6 and 7, respectlvely.
Petitioner intends that the Distl'ict will finance (i) stonnwater management system> (ii) water distribution system, (iii) wastewater collection system and (iv) roadways, The stonnwater management system and roadways will he owned and maintained by the District. The water distribution and the wastewater collection systems will be owned and maintained by City of Homestead.
Zoning Designation; Futnl'e Lmul Use: The land within the District is currently zoned R-TH in the City of Homestead. Tllo future land use plan map is attached hernto as Exhibit
8. The proposed residential land use for the District is consistent with the City of Homestead, Florida Comprehensive Platt

10,  Stnt JJ!Cllt of Estimated Regulatory Costs: The statement of estimated regulatory costs of the grnnting of this Petition and the establishment of the District pursuant thereto is attached hereto ns Exhibit 9.
Rigllts to be Granted the District: Petitioner hereby requests that the District ho granted the right to exercise all powers provided for in Sections 190.012(1) and (2)(a) and (d), Florida Statlltes.
Dcclarntton of Restrictive Covenants Attached hereto as Exhibit 10 is a copy of Declaration of Restrictive Covenants applicable to the residential pottion of the subject properly, which has been C)(eculed by the owner ofreal property,
Resolution of Suppol't from City: Attached hereto as Exhibit 11 is a copy of the City of Homestead, Florida Resolution in support for the Distdct.
Disclosure Rcguirements: Petitioner undertukes on behalf of the District that Petitioner and the District will provide full disclosure of information relating to the public financing and maintenance of improvements to real property to be 1mdertaken by the District as required by Section 190.009, Florida Statutes) as amended and as required as a condition of the creation of the District by the Board of County Commissioners of Miami-Dade County.
15, Responsibility fol' Landscape Mah1temmce in the Public-Rights-of:.Way: The maintenance of improved swales and medians in the public rights-of-way excluding swale maintenance by owners of properly as defined by Chapter 19 of the Code of Mimni-Dade County shall be provided by District, including but not limited to, irrigation, landscape lighting, payment of related utility bills, turf, trees, shrubs and any other landscaping improvements provided or caused by this development, covenants associated with landscaping permitting in the public rights" of-way notwithstanding. In the event the District is dissolved or become.. defunct and fails to provide maintenance services within the public rights-of-way as specified herein, the required

dormant multipurpose nrnintennnce special taxing district shnll be activated to provide any such maintenance services.
Rcasm_1s_(or the l stabll_IDJmeut of the l)istrict: The properly within the District is amenable to operating as an indeJ)en<lent special district for the following reasons:
Establishment of the District and all land uses and services planned within the proposed District are consistent with applicable elements or portions of the effecli ve Miami Dade County Comprehensive Master Platt
The area of hmd within the District is part of a1mified plan of development.

The land encompassing the District is of sufficient size and is sufficiently compact and contiguous to be developed as one functional interrelated community.
The community development services of the District will be compatible with the capacity and use of the existing local and regional community development services and
facilities.

The District will be the best alternative available for delivering community

development services to the area to be served because the District provides a governmental entity for delivedng those services and facilities in a manner that does not financially impact persons residing outside of the District.
WHEREFORE, Petitioner respectfully requests Miami-Dade County to:

A.	Schedule a public hearing to consider this Petition pursuant to the uniform procedures set forth in Sections l90.005(2)(b) and (l)(d), Florida Statutes.
B,	Grant the Petition and adopt an ordinance to establish the District and designate the land a1·ea to be serviced by the District, pursuant to Section 190.005(2), Flol'ida Statutes.

Respectfuliy submitted this t9 ayof	M"	( ch ) 2021.

FOU
limit·

By: Name: Title:

STATE OF FLORIDA	) COUNTY OF MIAMI-DADE	)

The foregoing instrnment was aclp1.pwle ged before me by means of [ ] physical presence
or [] online notnl'ization, this):311\tay of_ --=	' 2021, by Pedro J. Adrian, the Manager
---- o·rFOUR-A-CES-PROPERTlES-lV ttC;llFloridalimiteo:Jialp T y mpanyw, lrois personal1 y	t

t&v
Nota1·yPubl .ta. Si

)mown to md	'] or produced 	 as iden  t{m .  i
Typed, printed or stamped name of rotary Public

(�., l.l''J. ·�\ t,!YCOl,IMISSIO # G0 3rol63 ,

,,•• 'lit••	RITASllVA	I
-rn.., 1 1:>:r,nE:;:0 4.2023.	I
i , i !)'J..tU':J: !i Ful/'�Urh)�tcl i

EXHIUIT 1 LOCATION

MDC019

EXHIBIT2
METES AND BOUNDS DESCRIPTION

MDC020

�OS	@A TO$	@�m>
ll:'0:R"l!'J:Ol!llf OF  "1"BE 1!1'.D. S./4 OP BECTXOB S.9�
IJ.IOWR:111&.i.P 67 BOlJ"JL"B,. :a.a.HOS 39 BA.BT
Cl'Fr OPHOl!IIU:UA!'EAD, l!U4M%-.DAJ)B COU'J!illll"I". F:LOJ.UDA..

t.ZCJU. DESCRli"'nON.!

LO\&.�-,.

tot,.iill'"CLI0-™ -000,0
4>,itM,11	NQ �	c::tl,1"l,ln" lol �	111, -:-- )7
,.,10,1111.,.. ....,). ._t.t.._-. w. .1..,, -n......_--.'n,.	'Olllll!l..t

'II-

� t.°'f.l..ff"U_ai".,..,.�,."."..".�,.,,...1....,.............�....-_...... ::.......ri-u>1,.-,tn,ltl.t,'t,t!w-+-,	,M,,9,.
:::. Pi'Pl -y	:;.a..,., lD'om-.::xt:t. ,._ ') 'fl' 1-l: ...._...._ 6111..

""'°r.:il,,IDHD.l:>- -
U!t.D- t.�LYIO...,.��Ot!"¢IIO"Mii"°.11!:-n.-i11, ,  .,.\&27
11...,.,10:;-i.. 1•1Joto--- •- "7ktCJM w(
N,-.t091i,....,.,.itc; .., t-v,.llP'lik.
NlQ' reuD 110, ll>-N'lt--00,-oc:®

............ ,.. tt-...c.�	"''""'1m..::t..rt

,o, ti!-,, '"I.I� �:t    »o M	(Drlo..vtl"'.  -.  :..ci tfl,  -r. 	, ;'l'11-.n.
...... 10 _. -  Mita •	_, '°--.o-eo
,...._...,., oiJl,-C -  ....... ft ....0C....,,,?.)t, ",......
rtl.ltlNO. O..

_,..,.,_'fQ	�==����

i:...,_.,. ,.v....  -•<. ��  "' ..,.,

n...-,.v...r1.t.:i.!1-1."lil1Ntl LMO /tJ,f)�eo,i"lrM"' i,,:..,!W 19,
"-11> ,7 :.c,rnl,,	;,,	�+t
lo-.	t,t 'lll•Jl'wN11 �	..t _...,,I Pll,:to, c.	i,,b, l'lank. Ll'l"tt�r
:.!!-' ,.,,,l,r..,..I,..-...... ,. 19.

C::t.JJl'KJ'C SCh!J!
-s•;.J....	i

l.) .. 'lhi.11-. 1o11-,1QUMa:: .,'""' -i,.-,.
• ,._..:i,.-....�__-,.-..._.............0,_. \,I.I..........._,...._....,,.....,...,....,.,,...�.�-i-._....,.._. ,....�.. ....,	-.1:.'.,w•,,._..,..·
l)-'c.."""'"" �,............,._.,,..�_.L.o,,i N -	_.,,..

pW&o .

111 .,., c.....,. �	cc11,o,,w,,..,. w •-  11

_.,.

MDC021

--1- - -  --,._,,.....-	......

i,,	,11.,,,.., o,·
�'flC"lt. -w..(....,_.,,..r. ,1,o1 1 . 1--..a,_,...,.., ll  -1
�.r'l'O.�bo«'N.r�c;...l'tll,,,.,....

r,--.\IN --	loMl...,,.,.... lttW.,.._ 11'--...i,,,.,, ,,,,_.o,,-4

')-1t->'--t,,pol -........ ,.--.,., ,...........,.	,."1"""°""'­

�o.,._.,_._liloOS"-'7-..,in,llilr,,f•.

Pr"IN........,..,.tl-_..1'!1!1"1,;,t-..,..HW  ....,,.,,,.,,.i,...,i­
�uo.� t-_ N  '"  -   -	W'-.

EXHIBIT3
AFFIDAVIT OF' OWNERSHIP AND CONSENT

AFFIDAVIT OF OWNERSHIP AND CONSENT OF LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT
On this J.l... day of 0141	, 2022, Wendy Stoeckel, the Authorized Representative of Essential Housing Asset Management, LLC, an Arizona limited liability company, the Authorized Agent
of AG EHC II (LEN) Multi State I, LLC, a Delaware limited liability company, personally appeared before me, as an officer duly authorized to administer oaths and take acknowledgemenls, who, after being duly sworn, deposes and says:
AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company, is the owner of the following described properly, to wit:
See Exhibit "A" attached hereto (the "Property")
Affiant hereby represents that Affiant has full authority to execute all documents and instrnments, including the Petition before the Board of County Commissioners of Miami-Dade County, Florida to adopt an ordinance to establish the Los Cayos Community Development District (the "Proposed COD").

CDD.

3,	The Property constitutes all of the real properly to be included in the Proposed CDD.
4.	Affiant, on behalf of the Owner, hereby consents to the establishment of the Proposed

AG EHC II (LEN) Multi State I, LLC, a Delaware limited liability company

By:	Essential Housing Asset Management, LLC, an Arizona limited liability company,
its Authorized Agent

By:
Wendy Stm1.9kel, its Authorized Representative

STATE OF ARIZONA	)
)
COUNTY OF MARICOPA	)
The foregoing instrnment was acknowledged before me this//  day of /124<(	, 2022._, by Steven S. Benson, the manager of Essential Housing Asset Management, LLC, an Arizona limited liability
company, the Authorized Agent of AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability

J

company, for an:o::1:1:t:e:e:f. +  •  • 	�		#t-#  «J4=-

J l;qr. )iJ Mnrlcopn County, Arizona

Nolory Public

c'J>",f(._'f MyCo,11111, llxplrllD 07·01•26
Comm1no1onNo, 007030

4

(sEAL)

,

Jalmo Marro Adams	1 N9 ary Pubhc

Exhibit "A'' to Affidavit Legal description of Propel'ty

LOS CAVOS
LEGAL DESCRIPTION
LEGAL DESCRIPTION:

LOT 3, BLOCI( 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEHOF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA,
LESS THAT PORTION OF THE SAID LOT 8, LYING NORTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.
LOT 9, BI.OCI< 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
I.OT 10, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF, AS RECORDED IN PLAT BOOK 5
AT PAGE 10, OF THE PUOUC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
THAT PORTION OF LOT 51 BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUTNY, FLORIDA, LYING SOUTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTME:NT Of TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970,

EXHIBIT 4

INITIAL MEMBERS OF THE DISTRICT BOARD Oir SUPERVISORS

Maria Carolina Heffern Teresa Amaris Baluja Vanessa Perez
Carmen Beatriz Orozco
Yadim Monzon

All of the initial members of the Board of Supervisors arn l'esiclents of the State of Florida and citizens of the United States.

Marhi Cu•·oltna Hcn'.(}l'a Sonior Lrm .iAcqulsltlon Mmmger SE R1,;g101n1t J, nn11r·Homos
730 NW 107 A:ve, 3rdJ:<1001·
Mlaml1 Florida) 3illn

SliMMAliY:
81iec!nH!os:
.	f:11!\d Accit1lsition Legal Settl01i1ents nnd Contuiots> fodustry Advocate, Pl'OpoNY, Iv1ntfagotnolit1.Ro l"Estate,

c,11·1·1mt E)inplofmout:
Lf.llmlll!,Homos
Vfoc P1•osldent 9f Pmpel'ly Mmrngomont SE DlvlsiQtt
Real Estufo lnousky, Propertr Manngement1 Contracts
Lol1.111u· Homos
-Senfo1' Lund Acquisltio11 Mnnugo1• SB Division
R()al .Estate iodustry,_ P1·opcrtfManagomo11t, Co1ttrncts
·L\iuiuw I:Imn9S
l)forotQr of:Lflnd Oporiitions SB Divisi,011
RoaJEsta_te·lnµus.h:y, Property Mmwgement, Con_h'iw1s

E<lup,ntion:
lJiilverslty of Mhiml... Sclmol of Business
MBA
U1iiv rsldad del Ro_sado-Law School
Attorney,
Bogota, Colombia
Addltional lnfoi•niaiion:
Btdldct' Assooi1itlon of South Flol'lda- Board Mcniber

zoo4..io13

2013 2018

201·8 -Present

2'008-2009

19.97 2002

Teresa Ama1·is Haluja
Directol' of Property Management for SE Region at Lennar Homes
730 NW 107 Ave, 3rd Flool' Miami, Flol'idn, 331n
Tel: 305-485-2080

Cm•rent Employment:		
Lennar Homos
HOA Mannger for SE Region	
2007-2013	
Real Estate Industry, Property Management, Contrncts		
Lc1urnr Home.11
Director of Property Mam1gement for SE Region	
2013 - Present	
Real Estate Industry, Prnpcrty Management, Contracts		

Education:		
FIU- Bachelors In Elementary Education	2006	
CAM License
(.Current)	2010	

VANESSA PEREZ
730 NW 107 AVF., Miami, FL, 33172.
786-1110 8233I Vanessa.Perez@Lennar.com

 EMPLOYMENT	

2□19-Presont 2□17-l019
2016-2017

· 2015-2016

Property Manager, Lennar Homes Southeast Florida Division

Community Coordinator, l.ennar Homes Southeast Florida Division

Accounts Payable Clerk, le1111ar Homes Southeast Florida Dfv/Sfon

Receptionist, l.ennar Homes Southeast Florida Division

EDUCATION
2008	Certltled Medical Billing & Coding, NST

- I

:; ,

C

  CARMEN BEATRIZ-- -o..,._·. R...,.,.O_,....,,....Z....  .,	d _
730 NW 107 AVE, Miami, FL, 3317-2
305-213-2793 I Cannen.Orozco@Lcnnar.com

EMPLOYMENT	..	-

·-,...	, -

2017•Present

2016·Z017

2014-201 .

20i3°2014

Property Manager, Lennar Homes S011thea?t Florida Dlvlsfon Marketing Coordinator, Lennar Homes sor theast Flor/du 0/Vlslon Accounts Jlayabfe Clerk, Lennar Home:; S011theast Florida p/v/s/011
Receptionist, lennar Ho/ft.es Sotlthedst Flor/dd D/Vlsloh

.E.,D.-..U..-C--A-T--IO--N-..-,.+--- •',:,--- ...- -----=- •--- -- ---..- .,,.o.,?--,..,,.. ........	.

, I '

._..._:"T,,, p,-•......· ; - -- ..-. ;...-
2019.	BAJ In Supervision.& _Managen1ent ,. Miami Dac!e College	I
-i

I

Edµc_11Uou

�adfrn Monzou
19656 SW _l19 PL Mi11n,i1 PL 31'/7
Phono.: 780-516-6647
E-muil: yadint5736@hotlnnt11com

fllQ!'klu Inlornnlionnl Univol'Sity (FIU)
Mnslor of B11slno s Adtninistrnliou
lllol'ldti I11tcrnntlonnl Univo1·, lty (FlU) B oheJ01: of AuoounHng
DQA111s,Llst

MIRml D.octa Gollogo (MbC) As oc!nle ln.ArW
Aooounting
Wol'ldlixporlcu.oo

Miluni, fL
Moy 20 l 4 - Prnso11t
Mfu111t,l?L
Jimu111·y 20.l J � Dllccmbo1· 2013

i:tqniostoqc), P.4
Moy WO? .'.D�ll 2010

Ltl\1H11•lfomes	Miami, PL
Si•, s·taff-Aotiountn11t	Jonua1:y 20l7 - Fr 1mt
.,  Munuge nmltlple accounts JlkoO&A, 1·evem1ei nocon11treoelvublesnnd oush
o  Aimlyze a wide rnnge of f:'inoncfol cloonments to find disornpancle_s
H(}lp nm11ngcw wlth 1innnofol tnodeiing nml forcoasting.

.I

Perform comJ>t' henslve vi,dnnoe lltlltiysls @d dotermlhe-root"onusG fo\' eEt.Oh slgnifknnt
vmhm:oi,

l

11	As.sistwlth mohthly nn.d ye11t'-e11dQlo:1fngs	!

L<)1rnm· lfo1\1Qs·
lll'Opor.ly MlllJ!lge:1'
·supm,v[sod n.portfollo ofnbout 15 communl1l11s

Miami, FL
.Tuly 7,013-Jnl\lll\l'y 2017
i

Anulyz:ad n<!V111it gos und dlsndvn11l11gos otull 1:11nti\'a!mlutlons to problems	'
Pov lo1ie<l nnd mnlntnlned nil offoctlvo oilgcilug 1·qsldo11w l'ol11tlo11svlu.1J
Ellsll1'ccl vropo ty. hnprove111ont 1111d oth.ot·conslrnQtion rolntod prajeclH11·0 ooinpleted on timo	,;
Budgatod to Aotun:I Vm•la1100-A11alY,11lu	!
0	Assistod with tho sra1"tt1p )!l'oc�s ofconnm111ltleni,,1tl1HotMoWMi'il Assool11tlo11	i
'	l
l
Vo! nf<(or ExpQrhmc9
Voluntoo1' Jno.ome Tnx Asalstnnce nud 1'nx CoUllll<3\lllg fol' tho Eltlorly'(,VI'l'A/'l'C ) l'1'ognm1
OflHn'
L1tt1iuii.gos1Spil_111$ll°1rncl B11gllsh (it1ctuclhtg tocih11!c(ll f{i11mclnHern1s), E:<.Qo)i i,tvcrlrnl nnd w1•ili11g	,i

l

091iinHl\ilontkm aldlls .	!
Co11iJi\lllll' ktllsJ Power l?9l11t, Mlorq qft Word, Acce.s_s, nnd wlt.h ndvnno.e J<n 11vlwgo In .Exc I
Softw11r11 p.rog1111ms:JDE l {l\\lni'cls, P6auh(t·eo mid Qliidd3ooks·knowfc<lgo

l

I
1
·1
l

COMPOSITE EXHilHT 5

MA.TOR TRUNK WATER MAINS SEWER INTERCEPTORS AND OUTFALLS

WATER AND SEWER  LINES LOCATION MAP
LOS CAVOS CDD COMMUNITY DEVELOeMENT DISTRICT	.-
� - 6
l;f
!!
LOS CAYOS COD	/	�
CITY OF HOMESTEAD	,. ,,  <c, \ <v	</
9:, 0
MIAMI-DADE COUNTY, FLORIDA	ti!,/S) ..:,<?- /: Jl�\V
,.	0"'-�,;..<o /.,()�t-:1'fi'
/	«)	<;) /	i-.:,#...
,,	'<'o ¼o	;J'<-�t�.,	g!!
,,	¢>,<· �-''I
,,"/	/	-v2-\ ".Di	::1·
/	/	�i}�'ll	:§!
/	,/	�;ft'
,,.	/
/,,.	/
,,./ /	//	· ,,,.�ft1�·:::�?B ,. ;£f/i	d 1;:-, -  11.��ir-
L1.:'\ii.--.-·'','. \	==,;-;==;i	---	••·,.�;t�:	-j��;l- .IBU
/	;' ) j"½-,<.:·· • //•.·• A'•	E-tail>--O·f- --t,--,, - �	I	n--=:i .• �-·1.1.•
'ii,.  /(5.,'	r-'.1/ ,	'	•	I
/	\ ,>?•	-	,!/	ri-rl-,h	I: -Ii n .. 01 I�   ,tll¾i
	  I	II  h	II

//1
�	-,
,r!r	.I�
nB	I

3g,	_ ....
� IU
ll\ >l::iE;'--'
uJ A m ,p
 - 
5<('gbN,•r�-�·-;i-
"c6' - 'tii::1,::!sv.1	' -
df:-!lh,	..:
! r .-- Is•;: �l�
(/)l:1±b! '[
!I 'Ilo',:	•
(f?t=t:111111 I I I I I ,� 11!!1�.Llt•I t I	I '1'"'111 I� l,;/1-l'Rli!:t I �I I	I "	·-""'-
h'I'i'I
, 1!
I

�
� �	......"'-	Nw.'l'. -
-	"1oriCTtoii"1'fir- ---	'i:,';:.,_ ••,	)	-fci:� cl.n:- ---	1 --
(PO 17 -l'lj .I&)	I (PB lll-P9O)	t•	
American Services  of  Miami,
Consulting Engineers . Planners . Surveyors
Jl,O POilet: DE 1£011 DLII>., Slllfl'. 200
CO/lAJ. OA!ll!SI, nOR.oA, 331J4
Pih (305) MB-5101 fltl(; (JO ) 596·8027 MIi: ASOlQAUl,C®
DATE I l!!:!W.llJtll	J_pb No.: 21-356	
	Drawn Date: 3/22/21	
	Calculated by: Ed Pino, Engineer
Checked by: Frank J. Rodriguez Scale : As shown	
	Sheet: fofl	

EXHIBIT6

PROPOSED TIMI TABLE FOR CONSTRUCTION OP DISTRICT IMPROVEMENTS

	Start Date	COlllJ.Jletion ])ate	
Stormwater Management System	June, 2021	June, 2024	
Water Distribution System	June, 2021	June, 2024	
Wastewater Collection System	June, 2021	June, 2024	
Roadway Improvements	June, 2021	July, 2024	

EXHIBIT?

ESTIMATED COSTS Oir DISTRICT IMPROVEMENTS
'

	Costs:	
Stonnwater Management System	$1,021,320	
Water Distribution System	$1,425,750	
Wastewater Collection System	$1,833)25	
Roadway Improvements	$2,555,725	

Total Estimated Costs:	$ 6,835,920

MDC036

MDC037

EXI-IIBIT 9

STATEMENT OF ESTIMATED REGULATORY COSTS

STATEMENT OJi' ESTIMATED REGULATORY COSTS
Los Cayos Community Dovolopmcnt District

1.0	Introduction

1,1 .	Purpose

This shlteinent of estimated regtllatory costs ("SBRU') supports the})etition to form the Los Cayos Community Development District ("Distdcl0 or ''CDD") and other affiliated and parlioipating companies ("Petitioner») are planning n 25.72+/- acre nisidenlial community ("ProjecC'), located north of SW 336 Street1 south of Florida's Turnpike Homestead Extension, east of SW 172 Avenue and west of SW 167 Avenue, in the City of Homestead CUCity>;), Miami-Dade County e'Co,mtf1) Florida.

The District will provide community infrastructure that will serve all the land in the proposed Distdot. The Dishfot plans to provide commu11ity infrastructure, including but not necessarily limited to stormwater management system, water distribution system1 wastewater collection system1 and roadway improvements (the ''Infi:astmcturen). The District plans to finunce the Jnfrastrnctul'e by iss1ling bonds efBonds,,) secured by, among other things, proceeds of non-ad vulur m special assessments (the 1'Assessments") levied on all land within the District that will specially benefit from the Infrashucturc as discussed more fully below.

Scope of the Analysis

The limitations on the scope of this SERC arc explicitly set out 111 Section 190.002(2) (d) Fla.Stat. (governing District formation 01· alteration) as follows:

11That the process of establishing such a district pursuant to uniform general law shall be fair and based only on factors material to managing and financing the service deliveiy function of the district, so that any matter concerning permitling or
})lanning of Uie development is notmatedal ox relevant (emphasis added)."

As noted alrnve, the proposed Dishfot will provide Inftashuch1re and related services with operations and maintenance, to the 25.72+/- acres comprising the Project. The cmrent development plan for the land contained in the District is for 250 townhomes. These plm1s are subject t� change as market conditions may dictate in the future.

Rcquircmcuts for Statement of Estimated Regulatory Costs.

Section 120,541(2)> F.S.> defines the elements a statement of estimated regnlatory costs must contain:

An economic analysis showing whether the rule directly or indirectly:

Is likely to have an fldvenm im1lact on economic growth, pl'ivate sector job creation or employment, or private sector invmitment in excess of$1 million in the aggregate within 5 years after the implementation of the rnlc;

Is likely to have an adverse impact on business competitiveness; including the ability of persons doing business in the state to compete with persons doing business in other states or domestic markets, productivity, ol' itmovution in excess of $1 million in the aggregate within 5 years after implementation of the rule; or

3, Is likely to increase regulatory costs, including any transactional costs, in excess of $1 million in the aggrogate within 5 years after the implementation of the role.

A good faith estimate of the number of individuals uncl entities likely to be required to comply with the rnle, together with a general descrlption of the types of individuals likely to be nffeoted by tlie rnlo,

A good faith estimate of the cost to the agency and to any other state and local government entities, of implementing and enforcing the proposed rule, and any anticipated effect on state or local revenues.

A good faith estimate of 1he transactional costs likely to be incurred by hldividuals and entities, focluding local governmental entities, required to comply with the requirements of the rule. As used in this parngrnph, Htransactional costs" are direct costs that are roudily ascertainable based upon standard business practices) and include filing fees, the cost of obtaining a license, the cost of equipment required to be installed or used or procedures required to he employed in complying with the rule} additional operating costs incurred; and the cost of monitodng and reporting, and any other costs necessary to comply with the rule,

An analysis of the impact on small businesses as defined by Section 288.703, F.S,, and an analysis of the impact on small cmmtie.<1 and small cities as defined in Section 120,52, Fla.Stat, The im1mct analysis for small businesses must include the basis for the agency's decision not to implement alternatives that would reduce adverse impacts on small businesses.

Any additional info11nation that the agency determines may be useful.

(g} In the statement or revised statement, whichever applies, a description of any regulatory alternatives submitted under paragraph (1) (a)[of Section 120.541, Fla. Stat.] and a statement adopting U1e alternative or a statement of the reasons for rejecting the alternative in favor of the proposed mle.
(fl) An economic analysis showing whethcl' the rnle directly or indkcctly is likely to (1) have an a(lvcl'sc im1rnct on economic gl'owtl1, private secto1· job Cl'eation 01· employment, or 1>rivate sector iuvestmcnt in execs of $1 million in the agg1·cgate within 5 yca1·s aftei· the impfomeutntion of the mle; (2) ltavc an adverse impact on business competitiveness, inchuling the ability of persons doing business in the state to compete with persons doing business in otho1·

stntell Ol' domestic markets, 1n·odnctivity, ox hmovatlon in excess of $1 million in the agg1·cgnte within 5 yenrs flftcr implcmcntution of the rule; or (3) incrense l'cgulotory costs} Including nny h11msnctional costs in excess of $1 million in tlte agg1·egatc within 5 years nfter the implcmonfation of the rule.

It is unlikely the establishment/creation of the District will meet any of the triggers ln Section 120.541(2)(a), Fla. Stat. The basis for this determination is provided in the discussions in Section 3.0 through Section 6,0 herein.

A good faith cstimato of the number of individuals and entities likely to be rcquh-cd to comply with the rnle, together with n general clcscriptiou of the types of individuals likely to be nffoctml by the l'ult.

As noted above, the proposed District will provide Infrastrncture and related services to the 25.72+/M acres of land planned for the Project. All of the ultimate properly owners in the Dish·ict will be required to comply with District rules and thek properties will be encumbered with District obligations to pay for Infrastrncture and operations and maintenance expenses incurred by the District. Based on the cunent development program, the following entities and individua1s would be affected by the formation of the District: U1c owners nnd occupants of the residential units within the Disbict.

A goo<l faith estimate of the cost to state and locnl government entities, of implementing and euforcing the pJ:oposed rule and any antlci1>atod effect on state or local l'CVClllLCS,

Costs to Governmental Agoncios oflmplementing and Enforcing Rule

State Governniental Entities
The cost to State entities to review or enforce the proposed rule wm be very modest. The District comprises less than 2,500 acres. 111erefore, the County will review and act upon the Petition to establish the Dfohfot.

There are minimal additional ongoing costs to various State entities to implement and enforce the proposed rule. The District .is a special-purpose unit of local govermnentj and it is required to file various rep011s to tho State of Florida, the Department of Economic Opportunity and other agencies of the State, The filing requirements are outlined in Apvendix._ A. I:loweve1\ the additional costs to the State and its various departments to process the additional filings from the Disldot are very Low, since the State routinely processes filings from over 500 similar dish'icts. Finally, the filing fees paid by the District are designed to offset any additional costs to the.State.

Mhnni Dade County and City ofHomesteud

This l)etitlon to establish the Dish'ict will require tho City to review the request by the Petitioner and SUJ>port the establishment of the District. by Resolution nt a City Council meeting, This Petition to establish the District will require the County to review the Petition and its supporting exhibits. ln addition, the County will hold 1mblic headngs to discuss the Petition and to take public input, These activities will ubsoib staff time and time of tho County Conunission. The boundaries of the Dfatrict are loc11ted within the City of Homestead.

I-iowover; tho costs of these activities are very mode..<::t at most for the following reasons. First, the review of this Petition to form the District does not include an analysfo of the Project itself. In fact> such a review of the Project is prohibited by statute. Second, the petition contains all of the information necessnry for its review. Third, the City and County alteady have all of the staff necessary to review the Petition. Fomth, no capital costs are involved in the review. Fifth> the County routinely processes similar petitions fol' land use nnd zoning chr111ges that are far more complicated than this Petition to form the District. Finally, Petitionel' wi11 pay aU statutorily prescribed filing fees,

The Cotmty will incur only a small additional annual cost if this Petition is approved, The proposed District is un independent unit of local governme11t, so the Dist.riot is responsible for its own budget) reporting> and the fall conduct of its powers within its boundaries. The District will provide the County with its lmdget each yeat\ but no County action is required.

Impact on State or Local Revenues

Adoptio11 of the proposed 1'Ule will have no negative impact on State or local revenues, The District is an independent unit of local govemment. It is designed to provide comnumity facilities and services to serve the dovelopment. It has its own sources oftevenue. No State 01· local subsidies are required or expected.

In this regard it is important to note t1mt any debt oblig<1tions incurred by the District to construct its infrastructure, 01' for any other reason, are not debts of the State of Florida or any other unit of local government except the District. By State law) debts of the District are strictly its own respon.sibility.

5,0	A goocl faith estimate of the tnmsactioual costs likely to be DlClll'rcd by
individuals aml entities required to com1>ly witll the l·cqi1ircments of the l'Ule

The District will provide lnfrastmcture and 1'5lated services to the land in the District, as outlined in Table 1 below, The District wlll fund, own, operute and maintain thestonnwater management system, The District will also fund the water distribution system) wastewater collection system, and public roadway improvements, all of which will be owned by the City or District, and the City or District will operate and maintain these public infrastmcture facilities.

Tnhlc 1. Proposed FnciUties ancl S nices

Facility	Funded By	O&MBy	Ownership	
Stormwuter Mnnngement System	Distdcl	District	District	
Water Dish-lbution System	Distdct	City	City	
Wastewater Collection System	Dlstdct	City	City	
Roadway Itnpl'ovements	District	District	District	

Petitioner has estimated the costs for providing the improvements as outlined in Table 1, and such costs are shown in Table 2. Total costs for this Infrnstructure are estimated to be 11pproxinmtely $6,835,920. To fund tl1is constrnction progl.'nm, in wholo 01· in part, the District may issue Bonds, which wHl be repaid th1'ough non­ ad valorem assessments levied on all lands in the District that benefit from the District's Infn,structure and related services, as outlined iu Table 1.
Tnble 2, Summary ofEsthn11tc<l Capital Costs fo1• Pl'oposcd
Community Development District

Infrasiructure	..........., .......,.	,	Total	
Stonnwater Mana ement System	$1.021.320	
Water Dish'ibution S:ystem	$1,425,750	
Wastewater Collection Systom	$1.833.125	
Roadwax Irn12rovcments			$2.555,725	
Total	$ 6.835,920	

Prospective future landowners in the District may be requil'ed to pay non-ad valorem assessments levied by tho District to secure the dc1Jt incurred through Bonds. In addition to the levy of non-ad valorem assessments for debt sctvice, the District may also impose a non-ad valorem assessment to fund the operations and maintenuuce of the Dish'ict and its focilities and services.

It is important to note that the various costs outlined in Table 2 are typical for developments of. the type contemplated here, In other words, there is nothing peculiar about the District's financi11g that requires additional infrnstmcture over and above what would normally be needed. Therefore, these costs are not in addition to normal development costs. Instead, the facilities nnd services provided by the Disbfot are substituting in part for developer provided infrastructure and facilities. Along these same lines, District-imposed assessments for operations and tunintenunce costs are similaeto what would be charged in any event by a property owners' association common to most master-planned developments.

Real estate mal'lrnts are quite efficient, because buyers and renters evaluate all of the costs and benefits associated with various alternative locations. Therefore, market forces pl'eclude developers from marking up the prices of their products

beyond what the competition allows. To remain compeliLive the operations and maintenance charges must also be in line with the competition.

Furthermore, locating in the District by new landO\vncrs is completely voluntary. So, ultimately, all owners and users of the affected property choose to accept the Districes costs in trndeoff for the benefits that the District provides.

The District is an alternative means to finance necessary community services. District financing is no more expensive, and often less expensive, than the alternatives of a municipal service taxing unit (MSTU), a neighborhood association, or through developer bank loans.

An analysis of the impact on small businesses as defined by Section 288.703, F.S., and an analysis of the impact on small counties and small cities as defined in Section 120.52, F.S.
There will be no impact on small businesses because of the formation of the proposed District. If anything, the impact may be positive. This is because the District must competitively bid cel'lain of its contracts. This affords small businesses the opportunity to bid on District work.

The development is located in the City of Homestead, Miami-Dade County. As of the Census date, the 2020 Census, the County has a population in excess of 75,000 people. Therefore, the proposed District is not located in a County defined as a "small county» or city defined as a "small city", according to Section 120,52, Fla. Stat..

Any additional useful information.

The analysis provided above is based on a straightforward application of economic theory, especially as it relates to tracking the incidence of regulatory costs and benefits. Inputs were received from Petitioner's Engineer and other professionals associated with Petitioner.

Finally, it is useful to reflect upon the question of whether the proposed formation of the District is the best alternative to _provide community facilities and services to the Project. As an alternative to the District, the County could approve a dependent special district fol' the area, such as a special taxing district under Chapter I 89, F.S. This alternative could finance the improvements contemplated in Table 1 in a fashion similar to the proposed Distl'ict.

However, this alternative is inferior to the District. Unlike the District, the alternative would require the County to continue to administer the Project and its facilities and services. As a result, the costs for these services and facilities would not be sequestered to the land directly benefiting from them, as the case would be with the District.

A District also is preferable from a government accountability perspective. With a District, as proposed, landowners and renters in the District would have a focused

unit of government under their direct control. The Distl'iot cnn then be more responsive to landowner needs withm1t disrupting other County responsibilities.

Another alternative to the District would be for the developer to provide the Infrastructure and to11se a properly owners associntion ("PON1) fol' operations and 1rnlintem1nce of co1rnmmity facilities and services. A District is superior to a POA fol' a val'icty offcasons, First1 unlike a POA, a Dishict can impose and collect its assessments along with other property taxes. Therefore1 the District is far more ussure<l of obtaining its needed funds than is a POA. Second1 the proposed District is a unit of local govenunent, Therefore, unlike the POA, the District must abide by all governmental rules and regulations.

APllENDIXA
I.1IST Olt' REI)ORTING REQUIREMENTS

FLORIDA STATUTES
REPORT	CITE	DATE	

Antnml Fillancial Audit	
11.45	12 months after end of fiscal	
		year	
Annual Financial Report	218.32	within 45 days of financial audit completion, but no later
· than 9 nionths after end of fiscal year	
TRIM _Compliance Report	200.068	30 days after adoption of assessment resolution	
Form 1 - Limited Financial Disclosure	112.314	by July 1	
Public Depositor Report	280,17	by November 30	
Proposed Budget	190,008	sixty (60) days prior to adoption of final budget	
Public Meetings Schedule	189,015	quartedy, semiannually, or annually	
Bond Report	218,38	When issued	

EXHllHT 10

DECLARATION OF RESTRICTIVE COVENANTS

This instrument was prepared by:	-	-	--·	
Name:
Address:	Gi11gor E. Wald
Billing, Cochrnn, Lylt:s, Mauro & Rnmsoy, 11.A. _
515 Bast Lns Olas Boulevard, Sixth Moor		
	Forl Lomfordale Florida 33301	·-		

(Space Reserved for Clerk)	

-

DECLARATION OF RESTRICTIVE COVENANTS
WHEREAS, the undersigned Owner holds the fee simple title to the land described in
tho attached Exhibit A (the "Property;)), located in the City of Homestead, Miami-Dade County,

Florida (the "County"); and

WHEREAS, Owner desires to provide certain covenants to the County Board of County

Conunissioners (the "):loat:d") in support of a petition (the ''Petition») for creation of the Los Cayos Community Development District (the 11Distdct») filed------� and approved pursuant to Ordinunco No, 	 enacted by the Board on 	(the ''Ordinance"), in accordance with the requirements of Chapter 190, Florida Statutes, and Section 1.0l(A)(21) of the Cmmty Home Rule Chul'ter; and
WHEREAS, among those covenants are provisions for the timely, accurate, and

enforceable disclosure, to all prospective initial purcllasers who have entered or will enter into

contracts for improved residential units within the Property (each a "Prospective Initial Purchaser"), of the obligation to pay to U1e District (1) the pro-rnta shme for each Dwelling Unit (defined below) of the cost of the acquisition, construction, reconstt1.1ction, and equipping of certain public infrastructure which benefit tho Property either us a one-time assessment at the time of closing or as an annual assessment based on the debt service on bonds to be issued by the

Distdct to finance such capital costs until such bonds urn retired (colloctivoly, ",Qfil)ital A:1se..'lsments11), and (2) the costs assocfoted with (i) opemtions of the District including administration (''Operations Assessments») and (ii) maintenance of public infrastrnclure by the District (''Infhistrnotul'e Maintenance Asse8smentsB); Operations nnd fnfrastrncture Maintennncc Assessments fll'e hereinafter collectively refe1Tecl to as ("Administrative Assessments"); and
WHEREAS, other covenants nrnde by Owner includes prnvisions for the long-term

maintenance of infrastmcturc sel'ving the Property including, but not limited to1 roadways, drainage, and landscaping; and
WHEREAS, such covenants of Ownel' are made in order to assure the Board that the representations made by Owner in Sllpport of the Petition will be abided by,
NOW, THEREFORE, Owner freely, voluntarily, and without duress, and on behalf of its heirs, successors, and assigns, makes tho following Declaration of Restrictive Covenants
covering and nmning with the Property (this "Declaration_>'):

COVENANTS.
1,1  Public Recol'd°s Notice of Existence of District

This Declaration shall serve as notice in the Public Records of the County that unless the District is terminated in accordmwe with the requirements of Chapter 190, Florida Statutes, and such termination is reflected in the Public Records of the County, the Property and all lands, parcels, lots, und units located wit11in the District's boundm-ies are su ject to the Capital Asse..'>sments and Administrative Assessments levied and imposed by the District, subject only to the exceptions or exem1)tions from such assessments ex1wessly provided by Florida law.

2

COD and Pmch;_1s13 CQntractNoUce..'1

Owner shall be required to provide to each Prosvective Initial Purchaser of an improved individual residential lot or unit within the Property (individually, a "Dwelling UnW') wdtten notice oftlrn estimated annual Cnpital Assessments and Administrntive Assessments (!he "CDD Notice>) to be imposed on such individual Dwelling substantially in the form attached horeto as Exhibit B prior to, or contempornnem1Sly with, the execution of a
pul'chase and sale contract ('<Purchase Contract'') for such Dwelling Unit. For the purposes of

this Declaration, the term HQwner" means each seller of Dwelling Units withh1 U1e Properly. Notwithstanding the foregoing, if a Prospective Initial Purchaser executed a Purchase Contract before tlie effective date (10 days after enactment) of the Ordinance (the "Effoctive Date of the Ordinance>}) but was not given a contemporaneous CDD Notlce, Owner may still give the CDD Notice to such Prospective Initial Purchaser; provided, however, such COD notice must be given together with the following written notice and must be sent to such Prospective Initial Purchaser by certified mail, profossioua] overnight dclive1y 01· hand delivery, with retmn receipt, not later than the first business day following the Effective Date of tho Ordinance:
THE DWELLING UNlT YOU ARE PURCHASING IS SUBJECT TO A COMMUNITY DEVELOPMENT msnucr AND A RELATED DECLARATION OF RESTilICTIVJ3 COVENANTS WHICH REQUIRES
'I1IAT CERTAIN NOTICES BE GIVEN TO PURCHASERS BY OWNER. THIS NOTICE AND THE ATfACHED CDD NOTICE ARE BEING GIVEN TO YOU PURSUANT TO SUCH DECLARATION. })LEASE NOTE THAT TIIE DISTlUCT PLANS TO ISSUE OR HAS ISSUED llONDS THAT WJLL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO THlS DWELLING UNIT OVER A J>ERIOD OF UP TO 11IlRTY (30) YEARS TO FUND  CONSTRUCTION  OF  lNFRASTRUCTiffiE  SERVING  THE
PROPERTY IN THE ESTIMATED AGGREGATE AMOUNT OF $60,000 FOR A TOWNHOME UNIT. nus DWELLING UNfl' SHALL BE ASSESSED AN ESTJMATED CAl!lTAL ASSESSMENT OF $37,964 FOR A
TOWNHOME UNIT, ll1 PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT OF $2,000 FOR A TOWNHOME UNIT FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON THE BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETHER THE CAPITAL ASSESSMENT IS PAID ONE TlME AT CLOSING OR rN ANNUAL INSTALLMENTS IS AT THE Ol?TION 011 THE PURCHASER TO BE

3

EXERCISED AT THE Tll\1.Il OF CLOSING. THE ATJ'ACHBD NOTICE FULLY DEScmnns YOUR OBLIGATIONS, YOU MAY ELEG:r TO RESCIND THE PURCHASE CONTRACT PORA PEIUOD OF THIRTY (30) DAYS FOLLOWING RECEIPT OF THJS NO11CE. UPON SUCH ELECTION, OWNER SHALL RETURN ALL MONIES PAlD BY YOU AS THE PROSPECTIVE JNfl'IAL PURCHASER REGARDING. THE PURCHASE OP THE REAL PROPERTY IDENTJillED IN THE PURCHASE CONTRACr WlTHJN TEN (10) CALENDAR DAYS AFTER RECEIVING YOUR WRITIBN NOTICE THAT YOU HAVE ELECTED TO RESCIND TIIE PURCHASE CONTRACT) AND ALL OTHER PROVISIONS OF THE DECLARATmN OF RESTRICTIVE COVENANTS NOT lNCONSlSTENT WIUI THil REMEDIES SET FORTH HEREIN SHALL GOVERN, NO OTHER RilMEDIBS ARE AVAILABLE TO PURCHASER WHETHER OR NOT YOU ELECT TO RESCIND EXCEPT IN THE EVENT OF AN OWNER DEFAULT 'WITH RESPECT TO THE CDD NOTICE AND THEN ONLY IN ACCORDANCE WITH THE DECLARATION,
Owner shall promptly refund any amounts due under the foregoing notice if a: Prospective Initial Purchaser properly rescinds a Purchase Contrnct during the time provided. No other remedies provided in Section 1.4 shall be available to a Prospective Initial Put'chaser who terminates a Purchase Contract purm1ant to the foregoing notico,

Owner shall also provide substantially the following disclosure ("Purchase Contract Notice,,) on the first page of each Purchase Contract executed after the Effective Dato of the Ordinance for a Dwelling Un.it within the Properly, immediately after disclosul'e of the purchase price for the Dwetling Unit:
THIS DWELLING UNIT IS WITHIN A COMMUNITY DEVELOPMENT DISTRICT (''DISTfilCT"). nm DISTRICT PLANS TO ISSUE OR HAS ISSUED BONDS '11{A'f WILL HAVB PRINCIPAL AND INTEREST
PAYMENTS APPLICABLE TO·nus DWELLING UN[T OVER A PERIOD
OF UP TO TIURTY (30) YEARS TO FUND CONSTRUCTION OF INFRAS'I1lUCTWlE SBRVING TIIE PROPERTY 1N THE ESTIMATED AGGREGATE AMOUNT OF $60,000 FOR A TOWNHOME UNIT. THIS DWELLlNG UNIT SHALL BB ASSESSED AN ESTIMATED CAPITAL ASSESSMBNT OF $37,964 FOR TOWNHOME UNIT, IF PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT OF
$2,000 FOR A TOWNHOMB UNIT l10R rrs PROPORTIONATE SHARE OF
DEBT SERVICE ON THE BONDS UN'l;IL SUCH BONDS ARE PA1D lN FULL. WHETHER THE CAPffAL ASSESSMENT IS PAID ONE TIME AT CLOSING OR IN ANNUAL INSTALLMENTS JS AT THE OP'l1ON OJ? THE PURCHASER TO BE EXERCISED AT THE TIME OF CLOSING. TIIESB AMOUNTS ARE DUE OVHR THE TERM OF '11ffi BONDS IN ADDI'I10N TO THE PURCHASE PRICE. PROSPECTIVE INffIAL l'URCHASER ALSO
UNDERSTANDS	THAT	lF	THE	AcroAL	ANNUAL	CAPITAL
ASSESSMENTS ON 'I'HE DWELLING UNIT ARE MORE THAN FIVE

4

PERCENT (5%) HIGHER THAN THE ESTIMATED AMOUNT PROVIDED HEREIN, PROSPECTIVE INITIAL PURCHASER SHALL HAVE THE RIGHT TO RESCIND THIS AGREEMENT AT ANY TI.ME PR[OR TO CLOSlNG. PROSPECTIVE INITIAL PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT THE ESTIMATED AMOUNT OF
CAPITAL ASSESSiviENTS DOES NOT INCLUDE ADMINISTRATIVE ASSESSMENTS WHICH SHALL BE LEVIED BY nm DISTRICT FOR
OPERATIONS AND INFRASTRUCTURE MAINTENANCE AND MAY VARY FRQ]'vl YEAR TO YEAR AND FROM TIME TO TIME. IN THE EVENT OF ANY CONFLlCT BETWEEN THE DISCLOSURES IN THIS PROVISION AND THE ATTACI-ffiO CDD NOTICE, THE CDD NOTICE SHALL CONTROL.

PURCHASER'S INITIALS:

Owner shall cause each Prospective Initial Purchaser to initial the Purchaser Contract Notice where indicated.
Relief to Prospective Initial Purchaser for Owner Default.

1.3. l	Owner shall provide relief, in the manner provided by this Section

to any Prospective Initial Purchaser who has not yet closed on a Dwelling Unit if any one of

the following events shall occur (an "Owner Default"):

1.3. l. l. Owner fails to provide a timely CDD Notice or Purchase Contract Notice as required; and/or
I.3.1.2, Owner provides a timely COD Notice; however, such CDD

Notice underestimates the aggregate or monthly actual Administrative Assessments for the District's first three (3) fiscal years by more than five percent (5%); and/or
1.3.1.3. Owner provides a timely COD Notice and/or Purchase Contract Notice; however, such CDD Notice and/or Purchase Contract Notice underestimates the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or monthly actual Annual Capital Assessments by more than five percent (5%).

5

1.3.2 rn tho event of any Owner Default that is not cured by a timely Lato Notice (as hereinafter defined), n Pm9pectivc hlitinl Purchaser may, In writing (n "Tenninntlon_Notic;_e»), elect to rescind the Purchase Contract at any time prior to closing. Upon such election, Owner shall return all m.onies paid by tho Prospective Initial Purchaser regarding the purchase of the real property identified in tho Pmchase Contract within ten (10) calendar days after receiving written notice from the Pros1lective Inith1l Purchaser that such Prospective Initial Purchaser has elected to rnscind the Purchase Contract, No other remedies provided in Section 1.4 shall be available to a Prospective Initial Purchaser who terminates a Purchase Contract pursuant to this provision.
P1ior to the receipt of a Termination Notice from a Prospective Initial Purchaser affected by an Owner Default, Owne.l.' shall have an opportunity to cure any Owner Default by providLng a written notice (a «Late Notice") to such affected Prospective hlitial Purchaser (i) prior to closing and (ii) within the later of ninety (90) days from (x) the date of execution of the Purchase Contract or (y) the Effective Date of the Oxdinance (the "Cure J!edod.'1), If tile Owner Default set forth in Section 1.3.1,3 is due solely to a fluctuation of interest rate. on the bonds once the pricing of the bonds is comvleted, Ownel' shall have the opportunity to cure such Owner Default by providing a written notice setting forth the new
anmrnl Capital Assessments to such affected Prospective Initial Purchaser (the "Extended Late

Notice') no later than the earlier of (i) the closing date of the Dwelling Unit 01· (ii) ninety (90)

days from the pricing of the bonds (the ",Exte11ded Cure Period'} An Owner Default canno1 be cmed as to an affected Prospective Initial Purchaser after the expiration of the applicable Cure Period or applicable Extended Cure Period. If Owner provides (i) a Late Notice to a Prospective Initial Purchaser dudng the applicable Cure Period or (ii) an Extended Late Notice during

6

applicable Extended Cure J)criocl, then such Prospective Initial Purclrnser may still ele1Jt to l'escitid the Purchase Contract at anytime for a period of thh'ty (30) days following receipt of Late Notice or Extended Late Notice, Upon such election> Owner shall return all monies paid by the Prospective Initial Purchaser regarding the purchase of the real property identified in the Purchase Con(ract within ten (10) calendar·days aftei• receiving written notice from the Prospective Initfal Purchaser that such Prospective Initial Purchaser has elected to rescind the Purchase Contract. No otherremeclies provided in Section 1.4 s1iall be available to a ProsJ)ective Initial Purchaser who receives an accurate Late Notice or Extended Late Notice during the Cure Petiod 01· Extended Cure Period, as HJ)plicable, regardless of whether tho Prospective Initial Purchaser elects to rescind the Purchase Contract.
Ev01y Late Notice or Extended Late Notice sent by Owner to a Prospective Initial Purchaser must include the fo11owing in bold type in a font at least as large as the largest font in such Late Notice or Extended Late Notice (with correct type of notice indicated);
THE DWELLING UNIT YOU ARE PURCHASING IS SUBJECT TO A
COMMUNITY	DBVELOl'MENT	DISTRICl'	AND	A	RELATED
DECLARATION OF RESTRICTIVE COVENANTS WHICH REQUIRES	i
THAT CERTAIN NOTICES BE GIVEN TO PURCHASERS BY OWNER. THrS lS A [LATE NOTICE or EXTENDED LATE NOTICE] UNDER SUCH DECLARATION. IF OWNER PROVJDES YOU WlTII THIS [LATE NOTICE or EXTENDED LATE NOTICE] DURING TIIE Al'l'L1CABLE CURB PERIOD, TIIEN YOU AS A PROSPECTIVE lNITIAL PURCHASER MAY
STILL ELECT TO RESCIND nm PURCHASE CONTRACT FOR A
PERIOD OF THIRTY (30) DAYS FOLLOWING RECElPT OJI THIS [LATE NOTICE or EXIENDED LATE N011CE]. UPON SUCH ELECTION, OWNER l?HALL RETIJRN ALL MONIES PAID BY YOU AB THE PROSPECTIVE INJTIAL PURCHASER REGARDING THE FURCHASB OF THE REAL l'tlOPERTY IDENTIFIED IN THE PURCHASE CONTRACI' WlTHIN TEN (10) CALENDAR DAYS AFTER RBCBlVINO YOUR WRITI'BNNOTICB YOU HAVE ELECTED TO RESCIND THE PURCHASE CONTRACT,, AND ALL OTHER PROVISIONS OF THE DECLARA'I10N OF RESTRICTIVE COVENANTS NOT lNCONSISTENT WITH THE REMEDIES SET FORTH HEREIN SHALL GOVERN. NO OTHER REMEDIES PROVIDED IN SECTION L4 OF THE DECLARATION SHALL BE AVAILABLE TO YOU AS A PROSPECTIVE INITIAL PURCHASER IF YOU RECEIVE THfS [LATE NOTICE or EXTENDED LATE N011CE}

7.

DURING THR AJlPLlCABLE CURE PElUOD, REGARDLESS or WHETHER YOU AS A PROSPECTIVE INITIAL PURCHASER ELECT TO RESCIND 'rl-IE PURCHASE CON'mAC'l'.

If the Ownel' Default involves the failure to provide a Pul'chose Contract Notice or Ownex 1>rovided a Purchase Contract Nolice jn substantiully the conect form and location; however, such Purchase Contract Notice underestimated the actual Capital Assessment> if paid in full at closing, by mot'c than five percent (5%) and/or the anmm1 Capital Assessments by more than five percent (5%), tl1en the Late Notice or Extended Late Notice shall also contain the following:
YOUR PURCHASE CONTRACT PROVIDES THAT THE PURCHASE PRICE FOR YOUR PWELLTNG Ul:\1IT IS AS FOLLOWS: [INSERT PURCHASE PRICE INFORMATION]. TIIlS DWELLING UNIT IS OR WILL BE WITHIN A COMMUNITY DEVELOPMENT DISTRICT ("DlSTRlCT"). TI-IE DISTRICT PLANS TO ISSUE OR HAS ISSUED BONDS THAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO 11-US DWELLING UNIT OVER A PERIOD OF UP TO THIRTY (30) YEARS TO FUND CONSTRUCTION OF INFRASTRUCTURE SBltVING THE PROPERTY IN THE ESTJMATED AGGREGATE AMOUNT OF $60,000 FOR A TOWNHOME UNIT, THIS DWELLING UNIT SHALL BE ASSE8SEO AN ESTIMATED CAPITAL ASSESSMENT OF $37,964 ):OR A TOWNHOME UNIT, ff PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT OF $2,000 FOR A TOWNHOME UNIT FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON Tim BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETIU!R TIIB CAPTI'AL ASSESSMENT IS PAJD IN FULL Nf CLOSING OR IN ANNUAL INSTALLMENTS IS AT THE OPTION OF THE PURCHASER TO BE EXERCJSED AT TIIB TWE OF CLOSING. THESE AMOUNTS ARE DUE
OVER nm TERM OF nm BONDS IN ADDITJON TO THE PURCHASE
PRICE. PllltellASER ALSO UNDERSTANDS THAT IF THE ACTUAL ANNUAL CAPITAL ASSESSMENTS ON THE DWELLING UNIT ARE MORE THAN FNE PERCENT (5%) HIGHER THAN THE ESTIMATED AMOUNT PROVIDED HBREIN1 PURCHASER SHALL HAVE TilB R1Gl1T TO RESCIND THIS AGREEMENT AT ANY TJME l'RIOR TO CLOSING. JlDRCHASEH. FURTHER ACKNOWLEDGES AND AGREBS THAT THE ESTIMATED AMOUNT OF CAJlfl'AL ASSESSMENTS DOES NOT INCLUDE ADMINISTRATNE ASSESSMENTS WHIC'H SHALL BE LEVIED BY THE DISTRICT FOR OPERATIONS AND INFRASTRUCTURE MAINTENANCE AND MAY VAitY FROM YEAR TO YEAR AND FROM TIME TO TIME. IN THE EVENT OF ANY CONFLICT BETWEEN '11-IB DlSCLosmms 1N THIS PROVISION AND THE ATl'ACHED CDD NOTICE, 'fl-IE CDD NOTICE SHALL CONTROL,

l .3.6 If the Owner Default involves the failure to provide a COD Notice or Owner provided a timely CDD Notice; however, such CDD Notice underestimated (i) the
8

aclunl aggregate Administrative Assessments for eaclt of the District's first three (3) fiscal yeflrs by more tlrnn five percent (5%) and/or (ii) the actual Capital Assessment, if paicl in f1.1tl at closing, by more than five percent (5%) and/or (iii) the actual mmual Capihtl Assmismont by more than five percent (5%)1 then the Late Notice or Extended Late Notice must also include a CDD Notice, if the Owner Default involves a failure to provide a CDD Notice or an accurate revised CDD Notice, if the Owner Default involves a timely hut inaccurnte CDD Notice.
R lief to a Prospective lllitiAl  Pul'chaser Who Actually CloseLm1 a
Dwelling Unit After an Uncorrected Owner Default.

In the event Owner fails to give a Pl'ospective Initial Purclmser a timely CDD Notice, and such failure is not corrected by a timely and accurate Late Notice, then
a Prospective Initial Purchaser that closes on the Dwelling Unit ("Actllal Initial Purchaser") may demand, in writing> that Owner pay such Actual Initial Pmchaser (i) the amount llecessary to pxepay all Capital Assessments principal> and interest on such Capital Assessments principal due through the next applicnblc bond payment date respecting the Dwelling Unit plus (ii) an amount equal to the sum of the sham of the actual Admi.ll.istrative Assessments levied by the District on such Dwelling Unit for the District's first three (3) fiscal years irnmediately following the closing respecting the Dwelling Unit.
In tile event that Owner gave to an Actual Initial Purchaser (i) both a timely CDD Notice m1d Pt1rchase Contract Notice and either underestimated the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/01' the actual amnml Capital Assessments (ns set forth in Table 1 of the CDD Notice) by more than five percent (5%) and such undernsti.mate was not corrected by a timely and accurate Late Notice 01· Extended Late Notice or (ii) a timely CDD Notice and no Pul'Chase Contruct Notice, if applicable, and the CDD

9

Notice rnidcrostimated the actunl Capita Assessment, if paid in full at closing, by mol'C than five

])ercent (5%) und/or the actual anmrnl Capital Assessments by more than five percent (5%) aud such underestimate was not corrected by a timely and accurate Late Notice or Ex.tended Late Notice, then snch Actual Initial Purchaser may denuuul, in writing, that Owner (a) pay such actual Initia1 Purchaser, in the event he or she elects to pay the Capital Assessm.ent in fnll at closing, an amount equal to the diffe1ence between the achml Capital Assessment due at closing and the estimated Capital Assessment due at closing disclosed in the CDD Notice to the Actual Initial Purclrnser or pay such Actual Initial llurchaser, in the event he or she elects to pay an annual CUJ)ita1 Assessment, an amount equal to the difference between the actual aggregate amount of annual Capital Assessments, calcu1atecl over the term of the bonds, levied aud imposed by the Distdct on such Dwelling Unit and the aggregate amount of estimated mmual Caj)ital Assessments, calculated over the term of the bonds, actually disclosed in the CDD Notice to 1he Actual. Initial Purchaser ot\ (b) if less, the amount necessary to prepay all Capital Assessments vriucipal and interest on such Capital Assessments principal tl11'0ugh the next applicablB bond payment date with respect to the Dwelling Unit.
In the event that Owner gave an Actual Initial Purchaser a timely CDD Notice and such CDD Notice underestimated the acttml annual Administrative Assessments by more than five percent (5%) and such underestimate was not corrected by a timely and accurate Late Notice, then such Actual Initial Purohase1· may demand, in writiug1 Uutt Owner pay such Actual Initial Purchaser an amount equal to the difference between the actual amount of the Adminfah·ative Assessments levied and imposed by the District on such Dwelling Unit and the amount of estimated Administrative Assessments disclosed to the Actual Initial

10

Purchaser in the CDD Notice calculated for tho District's first three (3) fiscul years immediately following the closing based on the initial actual annual Administrative Assessments.
l .4.4	Upon such cle1rnmd by an. Actual Initial J>urchaser under this Section 1.4, Ownor shall deliver the applicable amount to the Actual Initial Purchaser within 1en
(10) calendar days after: (1) recei_pt of written delmmd, or (2) after the date Cupital Assessments and Administrative Assessments first become payable, whichever is later, unless Ownor and Actual Initial Pmchaser agree to another manneL' 01' time of payment.	An Ach.ml Initial Purchaser shall pxovide to Ownet· written 110tice of election of remedy in this Section on or before one (1) year after the eat'lier of (1) the date that Capital Assessments and Administrative Assessments first appear on the Actua1 Initial Purchaser's Combined Real Property tax bill for the affected Dwelling Unit or (2)-if such assesstne.nts are directly bllled by the District and do not appear on tho Actual Initial Purchaser's Combined Rea1 Property tax hill, then the date that such Capital Asscsstmmts and Administrative Assessments first appear on m1y bill sent to the Actual Initial Purchaser by the Distdct for tho affected DwelHng Unit. After the expirotion of that year, Owner shall not be obligated to provide any relief to such Actual Initial J>m·cliaser under this · Declaration.
1.4,5 Nothing in this Section 1.4 shall be construed to relieve any Achml Initial Putchascr of tho individual Dwelling Unit of liab11ity for all lawful taxes and assessments including, but not limited to, any tax 1iahility resulting from Owner's payments to such Actual Initial Purchaser under Section 1.4,
Additional Disclosure thrnugh Dish·lct Sign

Owner shall display at overy entrance to a sales office or area, in a conspicuous location readily available for viewing by Prospective Initinl Purchasers of Dwelling Units, a sign with

11

information about the District. The remedy provisions discussed in Section 1.4 shall not apply to this Section. Such sign(s) shall be no smaller than twenty-four inches by thirty-six inches (24" x 36"), and shall contain the following language in substantially similar form in large, boldface type:
LOS CAVOS COMMUNITY DEVELOPMENT DISTRICT

PURSUANT TO CHAPTER 190, FLORIDA STATUTES, LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT MAY IMPOSE TAXES OR ASSESSMENTS, OR BOTH TAXES AND ASSESSMENTS, ON THIS PROPERTY THROUGH A SPECIAL TAXING DISTRICT. THESE TAXES AND ASSESSMENTS PAY THE CONSTRUCTION, OPERATIONS, AND lviAINTENANCE COSTS OF CERTAIN PUBLIC FACILITIES OF THE DISTRICT AND ARE SET ANNUALLY BY THE GOVERNING BOARD IN ADDITION TO COUNTY AND ALL OTHER TAXES AND ASSESSMENTS PROVIDED FOR BY LAW. THE LOS CAYOS COtvlMUNITY DEVELOPTvlENT DISTRICT EXPECTS TO ISSUE BONDS TO FINANCE A PORTION OF THE CONSTRUCTION OF REQUIRED PUBLIC INFRASTRUCTURE IN KEYS LAKE. A PURCHASER OF PROPERTY IN KEYS LAKE WILL BE OBLIGATED TO PAY ANNUAL ASSESSMENTS TO AMORTIZE THE DEBT AND FOR DISTRICT ADMINJSTRA TION,
WIDCH AMOUNTS ARE SEPARATE FROM nm PURCHASE }'RICE OF
THE PROPERTY AND OTHER ASSESSMENTS ON THE PROPERTY, AND WHICH MAY VARY FROM YEAR TO YEAR AND FROM Til'v1E TO TIME. THE TOTAL ANNUAL ASSESSMENTS VARY IN RELATION TO THE TNPRASTRUCTURE BENEFIT ALLOCATED TO THE PROPERTY ASSESSED AND ARE EXPECTED TO APPEAR ON A PURCHASER'S PROPERTY TAX BILL EACH YEAR> BUT MAY BE BILLED DIRECTLY BY THE LOS CAYOS COMMUNITY DEVELOPI\•iENT DISTRICT. A PURCHASER SHALL HAVE THE OPTION TO PAY IN FULL AT ANY TIME THE PRO RATA SHARE, AS ALLOCATED TO THE PURCHASER'S PROPERTY, OF THE TOTAL AMOUNT OF DISTRICT CAPITAL ASSESSMENTS DUE. FOR FURTHER INFORMATION ON KEYS LAKE AND A PURCHASER'S BENEFITS AND OBLIGATIONS RELATING THERETO, CONTACT [INSERT APPROPRIATE CONTACT INFORMA"110NJ."

fospcction of District Records by County Representatives

Owner shall allow or provide for the District to allow County representatives to review all pertinent records in order to assess the overall performance of Owner in providing timely and accmate disclosme of estimated Capital Assessments and Administrative Assessments on Dwelling Units within the District. Prompt access shall be provided without prior notice of inspection by the County representatives, but only during normal business hours and without
12

disruption of 1-Jales operations. The put})Ose of snch inspection is only to determine Owner's overall compliance with the aforementioned notice requirements and sucl1 inspection shall not authorize the County to seek any relief provided under Section 1.4> either on behalf of itself or on behalf of any Prospective Initial Purchaser or Actual Initial Purchaser.
SoleProvider of Water, Wastewater, ai1d Reuse Service

Owner acknowledges and agrees that. the Miami-Dade County Water and Sewer Dopartment ("WASD,,), or its successor agency or department, shall be the exclusive provider of water, wastewater, ::incl reuse service to all lands within the Property. Service shall be provided by WASD in accordance with its general policies and procedtl!'es for providing service throughout the County.
AP.12lication  for Multi-Purriose Special Taxing District to·  Maintain

Infrastructure
The costs of maintaining the_infrastructurc constructed with funding provided through the Dish'ict shall be the responsibility of the District and its successors and assigns. In order to assure that such maintenance is performed, however, before the1·ecording of a final plat on 1my portion of the Properly, Owner shall submit to the Board a co1nplete application for the creation of n multi-putpose special taxing district to maintain the infrastmcturo serving the Property including, but not limited to, roadways, drainage, walls, and landscaping, as applicable. Upon approval of the multiMpurpose special taxing district by the Board, such taxing district may remain dormant until, in the sole and exclusive opinion of the Board, both the District and any homeowners' or similar association shall have failed to maintain tl1e infrastructure serving the Property, as such failme is defined in any easement and/or covenant recorded in the public records and governing the infrastructure or similar agreement provided by Owner> or in the

13

absence of such easement, covenant or agreement, as determined by tho Board. Upon such determination, the Board slrnll authorize the activation of the rnulti-1mrposc special taxing district and cause the infi:astrncturo to be maintained at the expense of such taxing district. By this provision, Owner hereby authorizes the Board and its officials, employee. , and agents to enter upon the Property if the special taxing district is activated for the purpose of maintaining the infrash·ucture serving the Property, Owne1· further agrees to apply, at the time of plat, rcplat, or waiver of plat, as applicable, to provide for ru1 easement for the benefit of the County and providing that at any and all times during which the fofrastnwhll'e or any portion thereof is maintained by the County, the public shall have a right of perpetual access mid use in those portions of the Property on which the infrastrnchll'e is located iuciuding, but not limited to, the roadways serving the Property.
2,	BENEFITS AND ENFORCEMENT,
The covenants set forth in Sections 1.2, 1.3 and 1.4 shall run and be in favor of and to the benefit of Prospective Initial Purchasern and Actual Initial Purchasers of individual Dwelling Units within the Property, and their heirs, successors, and ussigns and shall be enforceable exclusively by such persons, After an 111dividual Dwelling- Unit has been once conveyed to an Actual Initial Purchaser, no further notice shall be required .to be provided by Owner to any p-urchaser of a Dwelling Unit if the same has been improved with a residence. If a Dwelling Unit is conveyed as unimproved land, then such Dwelling Unit shall not be deemed to have been conveyed to a J>rospective Initial Pnrohaser or Actual Initial Purchaser, and all of the covenants set forth in Sections 1,2, 1.3 and 1.4 shall apply to the Dwelling Unit and any Owner
.offering snch Dwelling Unit for sale to Prospective Initial Purchasers.

14

The covenants set foxth in Sections 1.6, 1.7 and 1.8 shall run and be in favor of and to the benefit of the Counly 01· any successor mm1icipnl government, and shall be enforceable exclusively by such governmental entity.
Enforcement shall be by action against any party or JJerson violating} or

attempting to viola1e, any covenants hernin. The prevailing party hi any action or suit pertaining to or arising out of this Declaration shall be entitled to recover, in addition to cosls and disbursements allowed by law, such sum as the Court may adjudge to be reasonable for attorney and paraprofessional fees and costs and expenses and trial and upon appeal. Thill enforcement provision shatl be in addition to any other remedies available at law o.i: in equity, or both,
3,	COVENANT RUNNING WITH THE LAND.
TI1is Declaration on the part of Owner sholl constitute a covenant 1unniug with the land and shall be tecorde<l, ut the expense of Owner in the Public Records of tlte County1 following the acce1)tm1ce by the Board of an ordinance approving the creation of the District, and shall remain in full force und effect and be binding upon the undersigned Owner, and its successors and assigns, 1111til such time as the same is modified or released. These restrictions during their lifetime shall be for the benefit of and litigation upon, all pn:sent and future owners of the Property and for the public welfate. Owner, on behalf of itself and its heirs, successors, and assigns, acknowledges that acceptance of this Declamtion does not in flny way obligate the County to undertake the conslrnction or maintenance of ony infrnslrncturc or any other duty or obligation of the District.
TERM.

This Declaration is to run with the land and shall be binding on all 1mrties and all persons claiming under it for a period of thirty (30) years from the date this Declaration is recorded, after which time it shall be extended automatically fol' successive periods of ten (10) ycm·s each>
15

unless an insh1.unent sig11ed by the then owucr(s) of the Proporty !urn been recorded agreeing to change the covemmt in whole, 01· in pntt, provided that the Declaration has firsl been modified or released by tho County.
MQDJFICATION, AMENDlvIENT, OR RELEASE,
This Declaration may be modified, amended, 01· t·elease<l as to the land herein clescrihecl, or any portion thereof by a written instrument ex.ecuted by the then owner(s) of all of the Property) or of such po1iion as will be affected by the modificatiou, amendment, or release, including joinders of any and all mortgagees, provided that the same is also approved by the Board, after public hearing.
Sho11ld this Declaration be modified, amended, or released, the County Mayor or Designee, or the assistant in charge of the office in the County Mayor's or Designec's absence, shall forthwith execute a written instrument effeotuatit1g and acknowledging such modification, amendment, or release.
ELECTION OF REMEDIES.
All tights, remedies, and pl'ivileges granted herein shall be deemed to be cumulative, and the exercise of any one or more shull neither be deemed to constitute an election of remedies, nor shall such exercise preclude the party oxercising the same from exercising such other additional rights, temedies, or pdvileges.
7,	SEYERABlLITY.
Invalidation of any one of the covenants herein by judgment of Court shall not affect uny of the other provisions of this Declaration which shall remain in foll force ond effect. However, if any material portion of the covenants herein is invalidated and snc11 proyision is not timely amended or replaced or cannot be timely amended or replaced in an enforceable way with materially_ the some effect as the invalidated provisioni the County shall be entitled to revoke any
16

ap1>roval predicated ·upon lhe invalidated portion. It sha11 he Owner's obligation to apply for and diligently pmsue any such application for amendment or replacement.
8,	ACCEPTANCE OF DEQLARA'rlQN,
Owner acknowledges that acceptance of this Decimation does not obligate the County in any 1nanner with respect to the Dish'ict, or with respect to any land use application on the Prnperty, nor does it entitle Owner to a fu.vorubh:i reconunendation 01· the ap11roval of any npplication, zoning or otherwise, and the Board and/or any Community Zoning Appeals Board and other County boards, officials, and employees retain full authority to approve or deny such application.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

17

IN WITNESS WHEREOF, the undersigned has set its hand and seal to this Declaration of Restrictive Covenants this	JL day of f/7u.y ,2022.

OWNER:

AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company

By:	Essential Housing Asset Management, LLC, an Arizona limited liability company,
its Authorized Agent

By:
Wendy Sto ckel, Authorized Representative

STATE OF ARIZONA	)
)
COUNTY OF MARICOPA	)
The foregoing instrument was acknowledged before me this /Lday of1/1_3/	,
2022_, by Wendy Stoeckel, the Authorized Representative of Essential Housing Asset Management, LLC, an Arizona limited liability company, the Authorized Agent of AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company, for and on behalf thereof.

Jaime MerleAdams Notary Public
aricopa County, Arizona Comm. Expires 07-01·25
.	No. 607030

����
�c

(SEAL)

t-:
t.:;i

>

C
t-:
t:,
,-	t.:;i

._..i.J

·-

gX:

\0	CIJ
(j

�
"":
>-<
zC

,2.,".:
>

MDC066

................................................·-------················-···-·······

!JGAL DESCRIPTION:

LOS CAYOS
LEGAL DESCRIPTION

LOT 81 BLOCK 1, or- MIAMI LAND AND DEVELOllMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT T_HEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA,
LESS THAT PORTION OF THE SAID LOT 8, LYING NORTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.
LOT 91 BLOCI< 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA,
LOT 10, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. -roWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
THAT PORTION OF LOT 5, BLOCI< 11 OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOO1( 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUTNY, FLORIDA, LYING SOUTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPll<E AS SHOWN ON THE FLORIDA DEPARTMENT Of TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970,

Exhibit B

CDDNOTICE

'l'ahlc 1.  ESTli\lATl'J) TOTAL ANNUAL DISTRICT ASSESSMENTS DUR PEil DWl LLING UNIT FOil EACH OJ•' TIii
DrS'l'IU(T'S lllnST 'l'HlmE (J) FISCAL YEAllS (achrnl asscssmeuls ma)' vm·y rrom ihc amo1111rs set forih below and Opcrnllon. n111I m11·as11'uc1urc "!AllltC1mncc J\SSCSSlllClllS nm\' 1,c lllelicr Ill Slll!SCQ uent years llasctl on ac1nal IHHIJ(cls m101J1c11 ll\' Ille l.lislrlc(].

Type of Dwelling Unit (aml Phase, if AjllJtirnhlc)	
Rs11mated AllllURI l.listricf Cn11lfnl Assessmc111s l11cl11dlng Pi'lllri(IRl and lntcrcsl
(sec. Sec lions 3.1 a,ul 3.l Ilclow)	
Eslimalcd A111mal Adminislrnlh·e Assesrnicnts (iududcs bolh O)lcrntlons and lufrnslrnclurc Malnlcnmtce ,\sscssrnenls) ( cc Scclion 3.4 Below)	
l•:s11malcd Total Annual Dlslrlct Asscssmcnls Due for each or the
Districl's firnl fhnc (3) fiscal yc11rs (sec Sccliou 3.5 Below)	
TOWNHOME	$2,000.00	$400.00	$2,400.00	

Table 2 BREAKDOWN OF ESTJMATED MONTHLY DISTRICT ASSESSll·mNTS FOil EACH 01<' THE FIRST THREE (3) FISCAL
YEAnS (actual asscmnenls nt:l)' vary from lht nmounls sel forlh below mu\ O11ernllons aml Infrnstrncture Maintenance Assessments

Type of Dwdlillg ll11il (and Phase, if
Applicable)	
li'.sllmatcd Monthly District Oncrntions Assessments	
Estimated Monthly Distrid
lnfrnsh·uctm·e llfainlcnance	
Estimated Monlhl\• District Capilal Assessnmits (Esllmnted Annual Olsll'kt Cajlital Assessments divided by 12)	
		Asscssmwts		
TOWNHOME	$23.33	$10.00	$166.67	

--. --

Tai.Ile 3 ESTIMt\.TED INITJAL PAYOFF OF CAPITAL ASSESSMENTS (docs nol inclmk inlt1·csl on the IJoml pifocipal tine through lhc uext l'a)'lllenl Date) AND ESTIMATED TOTAL PAYMENTS IF ANNUAL PAYMENTS ARE MADE OVF:R THE TF:RM OF THE DONDS

T)'lle or Dwelling Unit (and Phase, lf Ap11lirnblc)	l11ilial Estimated l'rcl)aymenl Amount to Pay off Dwelling Uni l's Jtro l'ala Shfll'e ofDisll'ict Bonds nl lime Dwelling Unit Clo cs (!bis amount dcclints as l)rintipal payments u·e made auuuallv and docs NOT include interest·that mRy be clue lhrnugh the next a1111llcable born\ payment date	Estinrntcd Total Capital Assessments inclutling Principal and hilensI If CApltal Assessments a1·c Paid Ani1ually (No Prc1myment) ovcrThMy (JO) years (Estimated Anlllml Dislricl Capilal Asscosmcnts times 30)	
TOWNHOME	$37 964.00	S60,000.00	

PURCHASER'S INITIALS

The District. All of the residential <lweHing units ("Dwelling Units") in Keys Lake (the "Development") are also Jocated within the boundaries of the Los Cayos Community Development District (the "District"). The District is a local unit of special-pmpose government organized and existing under the laws of the State of Florida and the Home Rule Charter of Miami-Dade County, Florida and located in the City of Homestead, Miami-Dade County ("County"). The prlmary pmpose of the District is to finance the cost of !l1e public infrastrnctme of the Development which may include, without limitation, water and sewer facilities, environmental mitigation, roadways, the surface water management system, utility plants and lines, land acquisition, miscellaneous utilities for the Development, as applicable, and other infrastructure projects and services necessitated by the development of land within the Development (collectively, the "Public Infrastructul'e").

l'UllCHASEll'S INITIALS

The District Board. The Board of Supervisors of the District (the "District Board") is initially elected by the landowner in the District. The Board is required to advertise its meetings in advance and all District Board meetings arc required to be open to the public. The District Board is required to prepare a budget each fiscal year and adopt the same in an open, public meeting. All owners of property within the District are invited to attend District Board meetings and participate in the public process.

l'UHCJJASEll'S INITIALS

District Finance and Assessments. The current plan is for the District to issue bonds to acquire, construct, reconstruct, and equip all or a portion of the Public Infrastmcture identified in Section 1. Currently, it is estimated that the Dwelling Units in the Development will be assessed based on the Capital Assessments and Administrative Assessments listed in Table 1 above and in Sections 3.1 and 3.4 below (if paid in November) to retire the debt of the District; to pay for operations of the Dlstrict and maintenance of the Public Infrastructme. Distl'ict assessments will either appear on the County real estate tax bill of each property located within the District and will be paid at the same time as County taxes are paid, or will be directly billed by the District. Capital assessments to repay the principal portion of the bond debt could be levied by the District for a period of up to thirty (30) years.

PURCIIASEll'S INITIALS

District Capital Assessments, The District expects to issue bonds (the "Bonds"); the principal of and interest on v,rhich will be payable from non»ad valorem assessments ("District Capital Assessments") levied by the District on the property within the Development; which property is found to be specially benefited by the Public Infrastrncture. Each Dwelling Unit is subject to a District Capital Assessment to repay the Bonds.

PURCHASER'S INITL\LS

Amount. The estimated amount of annual District Capital Assessments including principal and interest levied on each Dwelling Unit is expected to be approximately
$2,000.00 for a townhome unit (approximately $166.67 per month) which sum shall be payable annual!y for the term of the Bonds (the principal repayment period may not exceed thirty (30) years). The aggregate amount of District Capital Assessments including principal and interest expected to be levied and imposed on each Dwelling Unit over the term of the Bonds [insert term] is approximately $60i000.00 for a townhome unit.

l'URCHASEll'S INITIALS

Prepay Option. Each owner of a Dwelling Unit has the option of prepaying the aggregate amount of District Capital Assessments levied on the owner's Dwelling Unit. The prepayment amount at any time will be equal to the remaining outstanding pro rata share of principal and intel'est due through the next applicable payment date due on the Bonds for each Dwelling Unit. Such prepayment amount will decline each year as the District Capital Assessments are paid.

PURCHASER'S INITIALS

3,4 District Administrative Asscssmcnls. In addition to District Capital Assessments, the District will impose an annual non-ad valorem assessment to fund District operations and maintenance of its Public Infrastructure (collectively, "Distl'ict Administrative Assessments"). Each Dwelling Unit shall be subject to District Administrative Assessments. The budget from which District Administrative Assessments arc derived is subject to change each year and may vary from year lo year and from time to time. During each of the first three
(3) fiscal years of the District, it is anticipated that District Administrative Assessments for the Dwelling Units will be approximately $400.00 per year per Dwelling Unit, after which time such assessments may vary from year to year and from time to time.

-	PURCHASER'S INITIALS

3.5 District Assessments. District Administrntlve Assessments together with District Capital Assessments shall comprise the ("l)istrict Assessments'l While the District Assessments are not taxes under Florida law, the Distl'ict Assessments will constitute a lien coequal with the lien of State, County, Municipal, and School Boa!'d laxes, and are expected to appear on the ad valorem tax bill sent each year by the Miami-Dade County Tax Collector. The Homestead Exemption is not applicable to the District Assessments. Because a tax bill cannot be paid in part, failure to pay the District Assessments or any other portion of the tax bill will result in the sale of tax certificates and could ultimately result in the loss of title to the Dwelling Unit of the delinquent taxpayer through the issuance of a tax deed. If billed directly by the District, nonpayment could result in foreclosure on and loss of title to the Dwelling Unit.

	 PURCHASER'S JNITJALS

PURCHASER:	PURCHASER:

 	

Print Name: 	 Date: 	

Print Name: 	  Date: 	

EXHIBIT 11 RESOLlJTJON CITY OJr HOMESTEAl>

CITY OF HOMESTEAD, FLORIDA

RESOLUTION NO. 82022-10�109

A RESOLUTION OF THE CITY OF HOMESTEAD, FLORIDA, EXPRESSING SUPPORT FOR THE ESTABLISHMENT OF THE LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT (COO), AGGREGATELY ENCOMPASSING APPROXIMATEL V 26.4i ACRES, MORE OR LESS, HAVlNG. EXTERNAL BOUNDARIES AS DEPICTED ANO LEGALLY DESCRIBED IN EXHIBIT "A;" APPROVING SUCH ACTION BY MIAMI-DADE COUNTY BOARD OF COUNTY COMMISSIONERS; PROVID.ING FOR 'fRANSMITTAL BY THE CITY CLERK; PROVIDING FOR THE ADOPTION. OF REPRESENTATIONS; AND PROVIDING FOR AN EFFECTIVE DATE.

"'."'HEREf\S, the Applicant, Lennar Homes, LLC, plans to petition Mlami-Dade County to consider the adoption of an ordinance to es.tablish the Los Cayos Community Development District ("COD"), pursuant to'Chapter 1901 Florida Statutes; Artlcle VIII, Section 6(1) of the Florida Constitution; and the Dade County Home Rule Charter, fol' the lands described in Exhibit "A;11 and
WHEREAS, Mlami�Dade County has indicated that It will not approve a COD
· without the suppo1t of the City when all of the lands of the CDD are looated within the

City boundaries; and
WHEREAS, the City Council finds that the proposed CDD will constitute a timely. effi6ient, effective, responsive and economic method of delivering community development services in the area, wlthoL.Jt overburdening the City's taxpayers; and
WHEREAS, the City Council finds that it Is in the best Interest of the comrounlty and Its residents to suppmt the establishment of the COD as a reasonable alternative to

the financing, cons1ruction, delivery and long-1erm operation, management, and ongoing maintenance of basic infrastructure se1vlcing the proposed residential development.

NOW, THEREFORE, BE IT RESOLVED BY THE cn:v COUNCIL OF THE CITY
OF HOMESTEAD, FLORIDA:
Sectlon 1_. Recitals Adopted. That each of the above"stated. recitals Is hereby adopted and conf11•med,
SectiQn2. h1:mrovQI,. In accordance with County Code Section 18-2, the City of Homestead, Florida hereby expresses Its support for the creation of the Los 9ayos Community Development District, comprising of 26.42 acres, more or less, having external boundaries as depicted and l�ga!IY described in Exhibit "A/' attached here1o and incorporated herein, for consideration by Miami"Dade County.
S ctlon3.  Transmitt_al by·Ctty Clerk. The City Clerk is hereby directed to
provide a ce11ified copy of this Resolution to the Miami-Dade County Board of County Commissioners.
Section 4.  Effective Date. That this resolution shall be effective immediately
upon adoption.

PASSED AND ADOPTED THIS 19111day of October,

R2022M10-109	2

.,' ()'"_	...,,

\\\  I Z 1JI	11

111

\'	I	(\"	I l

ATTEST.�\ ')'-'I	t• .' I
... ·,,

t:�1�yl-��.lfr/;f1Jrv\��!1f1t'�1 JVllVJL;, FCRM

.......\ ·:/, .r·:: -1•·.. --- .I-,· ..

,, ·

C1ty.,�ra1k/ c •. 1.1•,._....	,;'/ .-.. ·	.

. .	_..:

',.,�..�t~--., .. -:�::::�:..... <',.>....

•,  ,••	l"i'	\ v-	l •;•) \  '-..
J	'".,	n \.  ,,\

AP-PR,, OVEiD)

1-\I>S 'fdI

'F,IORM AND LE .,,A	UFFICI t:NCY

*'

FOFfT,HE USE AND BENEFIT PF ME�TY ONLY:

WEISS SEROTA HELFMAN COLE &
City Attorney

Moved by: Seconded by: Council Vote:

Councilman Sean L. Fletcher Councilwoman Erica G. Avila 6-1

FINAL VOTE AT ADOPTION

Mayor Steven D. Losner Vice Mayor Julio Guzman Councilwoman Eriaa G. Avila
Councllwoman Jenifer N. Balley Councilwoman Palt1ola D. Fairo/ough"Staggers Councl/man Sean L. F/etol1er
Councl/man Larry Roth

	YES	
	Yl;_S	
  YES	
	Y._8S	
	YES	
YES
	{)J_Q	

R2022-10-109	3

Exhibit "A"

LEGAL DESCRIPTION:
FOLIO NUMBER: 10-7919-001-0060:
LOT 8, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS
RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
LESS THAT PORTION OF SAID LOT 8, LYING NORTHERLY OF THE SOUTHEASTERLY RIGHT-OF- WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPIKE AS SHOWN
ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL, 1970.
FOLIO NUMBER: 10-7919-001-0070:
LOT 9, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS
RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
FOLIO NUMBER: 10-7919-001-0080:
LOT 10, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, LESS DEDICATED RIGHT- OF-WAY, ALL LYING AND BEING IN MIAMI-DADE COUNTY, FLORIDA.
FOLIO NUMBER: 10-7919-001-0031:
THAT PORTION OF LOT 5, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, LYING SOUTHERLY OF THE SOUTHEASTERLY RIGHT-OF-WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT- OF-WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL, 1970.

R2022-10-109	4

- -i--

--

LOS CAYOS CDD
LOCATION MAP

r---	•	,;

llli o:e...""R	S.E.	Stb	STREET	N< Clli'irla 0r

i

$ENC.I: tr9/,-S �-.351	-,--i'1.sa:.u-�-lil
NE 1/4,	C. 19-SJ..-	j

t		

t

;,	&,,r/

LE@LDESUuPl@t
BJ10'Wlffl;1(eJ.0:W:(1j81;
tcrll,WllJ(l,CfMIAl'fl.Rl)All)DEll&IPfENHD!IPJ>.tft',lltss::!lONJ.9,
��SWJH,RMGE396'Sl',MXi:Rm,1G101MEPIAT11f;RECF,� tmJll)ED IN l'IATBOOK5Jif PJ41Q,OFll£itllUCREC0RDSOFHW4HW£ (XJIJNIY, FUlRlllA.
IS™TFtRIJONOFSAlDLOU, tGlllERIYOFTliESlimmta!U'
RJGHr<F-\11.\YCfT.-E H0tlS'IEl,D6Cl'EIISDCOf FWOD,\SnJ!INPDa!/ISSHC::IWI,<II

fl

rn
i
I
l�  ;
H' t

Ttl:ru:¥1ID\l)£Pl,Rl)INTCfllW&ORt\11DN mil-OA'OIYw.P,ScalOII
I	lDIJOS-1302, SHEETS Or 12 �	llAT8)Jll'Rll.. l9JII.
rouo

j.,.,

�

fuol

��<:J)_-&;J	(	I
_..  ,  LOB	.

MJ1E1a;l8::W'2:®iPZPi
IO'l"'.9, l!.OIXl, Q=MW'll WD AHDCEIIWlA'leNT(:OHPANY,lHSl:CIION 19,	�

t	c:i

m	'
CA'l'OB1
SUWWl&i.Oll

'JOolltQIIP 57SOlml, RANGE39 SISl',.AOlJ!D11'1G1011£PLATlHam', I!.
RBmDED Ill FUTl!OOKS IJ PAGE10,CF1liEffll!UCllEC0RDSC!'NWl-llADE
cnitm', fl.ORltl,\.
RlUOMllffli i0-11!1!.GIHllliQ:
tar 1D, llOlC1,OF MIAME11">AM> IJBIB.<ll'flENr<IJ!l'ANr, IN SECJiai 19,

�
�
I>;
m
l

=c(tl.1!llor	f////1//1	I	---	j

I

l!!-:l7•!ll	s.w. .	336th	STREU 7
I

lt7MiSHIPS1s:nntt,RAN6l:39£AST,.AOl'.ROliGT011£f!AT�F.AS l:l:WIOED!IIPW" 900K 5.11,f PAGE10,CFlHEl'l&lC�CFMli\MH!ADE CDUNJY, iUlRIDA, ISSllBllCAlB) RIGHT-0--WAY,All L'tJNG AIIDBEDIG lR
•tr1,Ml•llA!:IImlJ.'{JY,R.oRltlA.

·u:I	LO

j	RllO Wl§R:10-187'3:t)l-0031:
j�	PDRIDIOf LOTS,llOOCl, �MIAMI LAlll)AN!l llMLOl'lelTCDMl'lllff,IN

L	.}.

l

I

I	SE l/4,  SEC.. 19-57-39	i�

'

r	l

I	r(

S1:t1lDII J!l,10NIISIIP57 SXJre. RANGE3S  8'ST,  101rl:PLICl''D&f0f,
J6RBDRtfDJMPIATBCOK5  IJPN.E1Q,   Cf   TllE  ru:A.X:�CI'�
<XlllNIY, lUIRID\ LY.IICi.same!.Y 0Fll1ESWIISISll:Rll'RIGHT-oAVAYCF'DiE
�	Em!ISlll{Of fWRIDA'SlURN>B:ISSHOWN-ON lliEfi.ORIDA
�Of�RIGKT.a:-WAYMAP,sa:ti0K!!7DIIH3U1,.SKcfrS
-OF l2Sltl:£IS,DATED APRn., W!l.

l

I.

fl

I	lf
'	I Ij�I
r

L	---ost c.::P.NER	I

--- --- -	=	19-51-5!1

·---·	­­

-��-�---:--

I	,_�

ED	.:
PIN9"-="-i

e--

i

[ ���

0)
0..­
I
0......
I

MDC076

N N 0
nN:::

"EXHIBIT B to the Ordinance"

Legal Description

MDC077

LOS CAYOS
LEGAL DESCRIPTION
LEGAL DESCRIPTION:

LOT 81 BLOCK 1, OF MIAMI LAND AND DEVELOl>MENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT T_HEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
LESS THAT PORilON OF THE SAID LOT 8, LYING NORTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.
LOT 9, BLOCr< 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT TMEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
LOT 10, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF, AS RECORDED 1N PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
THAT PORTION OF LOT 5, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BODI< 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUTNY, FLORIDA, LYING SOUTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPll<E AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.

MDC078

"EXHIBIT C to the Ordinance"

District Boundaries and Geographical Location Sketch

MDC079

DISTRICT BOUNDARIES

N

SW 336

STREET / ARTHUR VINING PARKWAY

LOS CAYOS
COMMUNITY DEVELOPMENT DISTRICT

172  AVENUE / MCMINN ROAD

SW

THEO.

SW 169 PLACE

(COMM. 0009)
SECTION: 19 - 57 - 39

EXHIBIT "C" TO THE ORDINANCE
(BOUNDARIES & GEOGRAPHICAL LOCATION SKETCH)
MDC080

1/23/2023