MINUTES OF MEETING HAMMOCK RESERVE
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Hammock Reserve Community Development District was held Wednesday, April 6, 2021 at 1:30 p.m. at 346 E. Central Ave., Winter Haven, Florida.

Present and constituting a quorum:

Lauren Schwenk Patrick Marone Matthew Cassidy
Andrew Rhinehart via Zoom

Also present were:

Jill Burns Michelle Rigoni Dennis Wood Ashton Bligh Bob Gang

FIRST ORDER OF BUSINESS

Vice Chairperson Assistant Secretary Assistant Secretary Assistant Secretary

District Manager, GMS Hopping Green & Sams District Engineer Greenberg Traurig Greenberg Traurig

Roll Call

Ms. Bums called the meeting to order and called the rolJ. There were three members present constituting a quorum.

SECOND  ORDER OF BUSINESS	Public Comment Period
Ms. Burns stated that there were no members of the public present.

THIRD ORDER OF BUSINESS	Approval of Minutes of the March 10,
2021 Board of Supervisors Meeting
Ms. Bums presented the March 10, 2021 Board ofSupervisors meeting minutes and asked for any comments, changes, or corrections. The Board had no changes to the minutes.

On MOTION by Ms. Schwenk, seconded by Mr. Marone, with all in favor, the Minutes of the March IO, 2021 Board of Supervisors Meeting, were approved.

FOURTH ORDER OF BUSINESS	Presentation of Supplemental Engineer's
Report for Phase 2
Mr. Wood stated the purpose of the Supplemental Engineer's Report was to amend exhibit 7 which was the summary of probable cause of the Engineer's Report. Phase 1 of the reports exhibits remained unchanged. Additionally, they modified exhibit 10 which was the legal description for the additional parcels. Exhibit 7 was reduced based on the actual cost that went down based on the actual construction cost on the project. The new total is $4,796,000.00. Ms. Rigoni asked Mr. Wood if the Engineer's Report is consistent with the Master Erigineer's Report for Capital Improvements dated December 17, 2019, to which Mr. Wood answered, yes, it is. Ms. Rigoni then asked if there was any reason why the District cannot carry out the project as described, to which Mr. Wood answered no.

On MOTION by Ms. Schwenk, seconded by Mr. Cassidy, with all in favor, the Supplemental Engineer's Report for Phase 2, was approved.

FIFTH ORDER OF BUSINESS	Presentation of Supplemental Assessment
Methodology for Phase 2 (AA2 Bonds)
Ms. Bums noted this will be updated with final pricing once it is available. This outlines Phase 2 issuance with 206 lots which are similar size and types. Table 2 reflects the updated cost Mr. Wood outlined in his report. The bond sizing is anticipated to be $4,810,000, which will be updated once final pricing is provided by the Underwriter. Ms. Rigoni asked Ms. Bums if the supplemental methodology is consistent with the master assessment methodology previously adopted on December 17, 2019, to which Ms. Bums answered, yes, it is. Ms. Rigoni then asked if the lands within Assessment Area Two receive special benefits from the improvements identified as "Phase 2 Capital Improvements" in the supplemental methodology, which is more commonly referred to as the Assessment Area Two Project, to which Ms. Bums answered, yes, they do. Ms. Rigoni asked if the assessments are fairly and reasonably allocated based on the special benefits received by lands within the Assessment Area Two, to which Ms. Bums answered, yes, they are.

Lastly, Ms. Rigoni asked if those benefits are at least equal to or exceed the assessments levied, to which Ms. Burns answered, yes.

On MOTION by Ms. Schwenk, seconded by Mr. Cassidy, with all in favor, the Supplemental Assessment Methodology for Phase 2 (AA2 Bonds), was approved.

SIXTH ORDER OF BUSINESS	Consideration	of	Resolution	2021-07
Delegation Resolution (AA2)
Ms. Bligh presented the resolution and noted this is a supplemental resolution that was contemplated when the Board adopted the original resolution in December of 2019. This resolution contains certain documents such as Assessment Area 2 bonds, Second Supplemental Trust Indenture, Bond Purchase Contract, Preliminary Limited Offering Memorandum, Rule 15c212 Certificate, and a Continuing Disclosure Agreement.

On MOTION by Ms. Schwenk, seconded by Mr. Cassidy, with all in favor, Resolution 2021-07 Delegation Resolution, was approved.

SEVENTH ORDER OF BUSINESS	Consideration of Series 2021 Developer
Agreements (AA2)
True-Up Agreement
Ms. Burns stated this agreement is with JMBI Real Estate, LLC. She stated this agreement outlines the landowners and District to enter into agreement to confirm the landowners intent and obligation required to make true up payments related to the Assessment Area 2 special assessments if necessary.

On MOTION by Ms. Schwenk, seconded by Mr. Marone, with all in favor, the True-Up Agreement, was approved in substantial form.

Acquisition Agreement
Ms. Bums stated that in order to avoid a delay in the commencement  of the construction of the improvements the landowner has advance funded or completed certain improvements in the District. The District desires to acquire certain work products or improvements or accept assignment or certain agreements related to this assessment area.

On MOTION by Ms. Schwenk, seconded by Mr'. Cassidy, with all in favor, the Acquisition Agreement, was approved in substantial form.

Completion Agreement
Ms. Burns stated that the landowner requested that the District limit the amount of assessments imposed onto the assessment area by allowing the landowner to directly fund a portion of this project. The landowner is agreeing to provide funds to the District to complete the portion of the Assessment Area 2 project not funded by the bond proceeds.

On MOTION by Ms. Schwenk, seconded by Mr. Marone, with all in favor, the Completion Agreement, was approved in substantial form.

Collateral Assignment Agreement
Ms. Burns stated this agreement outlines in the event of default the landowner will assign certain development rights to the District in order to enable the District or third party to complete the development of the Assessment Area 2 project.

On MOTION by Ms. Schwenk, seconded by Mr. Cassidy, with a11 in favor, the Collateral Assignment, was approved in substantial form.

Declaration of Consent
Ms. Burns stated that the debt assessments have been adopted by the Board and all the proceedings undertaken by the District have been in accordance with Florida law. Also, the landowner confirms and agrees that the District has taken all action necessary to levy and impose the Assessment Area 2 assessments. The landowner further agrees that it is waiving its right under Chapter 170 Florida Statutes to property debt service without interest, in consideration of its right to prepay with interest at any time.

On MOTION by Mr. Marone, seconded by Ms. Schwenk, with all in favor, the Declaration of Consent, was approved in substantial form.

EIGHTH ORDER OF BUSINESS	Consideration	of	Resolution	2021-08
Approving the Proposed  Fiscal Year 2022

Budget (Suggested Date: July 6, 2021), Declaring Special Assessments, and Setting the Public Hearings on the Fiscal Year 2022 Budget and the Imposition of Operations & Maintenance Assessments
Ms. Bums presented the resolution which was in the agenda package. The budget has two additional bond issuances. The budget was approved as presented.

On MOTION by Ms. Schwenk, seconded by Mr. Cassidy, with all in favor, Resolution 2021-08 Approving the Proposed FY 2022 Budget, Declaring Special Assessments and Setting the Public Hearing for August 3rd, 2021 meeting, was approved.

NINTH ORDER OF BUSINESS	Consideration of Rule G-17 Disclosure
Letter with FMS Bonds
Ms. Bums stated this is for underwriting services for the Phase 2 issuance.

On MOTION by Ms. Schwenk, seconded by Mr. Marone, with all in favor, the Rule G-17 Disclosure Letter with FMS Bonds, was approved.

TENTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Rigoni updated the Board on the Boundary Amendment. The Boundary Amendment hearing is scheduled for April 15th, 2021. She added they would report back with any legislative updates that might relevant to District business.

Engineer
There being none, the next item followed.

District Manager's Report
There being none, the next item followed.

Approval of Check Register
Ms. Bums presented the check register from the month of March with a total amount of
$10,255.13.

On MOTION by Ms. Schwenk, seconded by Mr . Marone, with all in favor, the Check Register, was approved.

Balance Sheet & Income Statement
Ms. Burns stated that the financials through February 28th 2021 were included in the packet for review and there is no action necessary unless there were any questions. The Board had no questions on the financials.

m.	Ratification of Summary of Series 2020 (AAl) Requisitions #37 to #42
Ms. Burns noted these have been approved they just need to be ratified by the Board.

On MOTION by Mr. Marone, seconded by Ms. Schwenk, with all in favor, the Series 2020 (AAI) Requisitions #37 to #42, were ratified.

ELEVENTH ORDER OF BUSINESS
There being none, the next item followed.

Other Business

TWELTH ORDER OF BUSINESS

There being none, the next item followed.

THIRTEENTH ORDER OF BUSINESS
Ms. Burns adjourned the meeting.

Supervisors	Requests Audience comments

Adjournment

and

On MOTION by Ms. Schwenk, seconded by Mr. Cassidy, with all in favor, the meeting was adjourned.