Date:

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

(Public Hearing 07-24-07)
July 10, 2007

Memorandum mM

miiill'

Agenda Item No. 5(H)

To:	Honorable Chairman Bruno A. Barreiro

and Members, Board of County Commissioners

From:

Subject:		Ordinance Creating the Keys Edge Community Development District (Commission District_ N9. 9)	0#07-106
..
Recommendation

It is recommended that the Board of County Commissioners (BCC) adopt the attached Ordinance creating the Keys Edge Community Development District (CDD) in Florida City, pursuant to the authority granted by the Miami-Dade County Home Rule Charter for the purposes set forth in Chapter 190 of the Florida Statutes, subject to acceptance of-the declaration of restrictive covenants running with the lands Within the jurisdiction of the COD. Florida City has approved the creation of the Keys Edge COD by Resolution No. 07-14.

Scope

This COD is located within Commission District 9 and Will provide funding for capital improvements as well as multipurpose maintenance functions Within the COD.

Fiscal Impact/Funding Source

The creation of the Keys Edge Community Development District Will have no fiscal impact to Miami­ Dade County. COD funding is provided by private COD liens and assessments against affected prope,ty and may be collected. privately or through the annual Combined Real Prope,ty tax bill pursuant to an interlocal agreement With Miami 0Dade County.

Track Record/Monitor

This development has private roads that are to be maintained by Homeowner Associations or the COD. With the City's approval, a special taxing district Will be created to maintain the development's infrastructure such as private roadways, private area storm drainage and landscape, should the COD be dissolved or fail to fulfill its maintenance obligations. If created, the special taxing district will remain dormant until such time as Florida City requests Miami-Dade County to activate it.

I
CDD\KBYSJ!DGBCDDORDINANO!MEMO--QMB
li/lS/2007

.Honorable Chairman Bruno A. Barreiro
and Members, Board of County Commissioners Page2

Background

Gree Homes IX, LLC. (Gree Homes}, owner of the Keys Edge Development (Keys Edge}; has filed an application to create the Keys Edge CDD in connection with said development. Keys Edge is a proposed 81.84 acre residential development lying wholly within Florida City, in an area bounded by SW 187 Avenue on the east, SW 344 Street on the south, SW 192 Avenue on the west and SW 336 Street on the north. The CDD is designed to provide a financing mechanism for community infrastructure, facilities and services, along with certain ongoing operations and maintenance for the Keys Edge Development. The development plan for the lands within the proposed CDD include construction of 1,186 residential townhome dwelling units with associated roadway, earthwork, storm drainage and water and sewer facilities estimated to cost approximately $11.687 Million. A detailed summary of CDD elements, as well as their cost and anticipated lack of fiscal impacts to government agencies, is presented in the attached application submitted by Gree Homes. In accordance with Florida Statute 190, Gree Homes has paid a filing fee of $15,000 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, adopted on July 18, 2006, to add language regarding the option to pay capital assessments in full at time of closing. The restrictive covenant provides for notice in the public records of the projected taxes and assessments to be levied by the CDD, individual prior notice to the Initial purchaser of a residential lot or unit within the development and 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.

The BCC is authorized by the Florida Constitution and the Miami-Dade County Home Rule Charter to establish governmental units such as this CDD within Miami-Dade County and to prescribe such government's jurisdiction and powers.

FISCAL IMPACT

The creation of the Keys Edge Community Development District will have no fiscal impact to Miami­ Dade County.

CDD\KBYS EDGBCDD ORDINANCE MHMO--(JMB
""'""

MEMORANDUM
(Revised)

TO:		Honorable Chairman  Brunei A. Barreiro	DATE: and Members, Board of County Commissioners

July 24, 2007

FROMk :i

Acting County Attorney

SUBJECT:	Agenda Item No.	5 ( H)

Please note any.items checked.

"4-Day Rule" ("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

 		Bid waiver requiring County Manager's written recommendation

 			Ordinance creating a new board requires •detailed County Manager's report for public hearing.

 		Housekeeping item (no policy decision required)
 	I		No committee review

Approved --------'	"M'-""ay'-'o"'r
Veto		 Override	 	

Agenda Item No.	5 (H)
07-24-07

ORDINANCE NO. ...,O"-'Zc.::-...,10.,.6,._	_

ORDINANCE GRANTING PETITION OF GREC HOMES IX, LLC, ("GREC HOMES" OR "PETITIONER") FOR ESTABLISHMENT OF A COMMUNITY DEVELOPMENT DISTRICT; CREATING AND ESTABLISHING KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT ("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 I.0l(A)(21) of the Miami-Dade County Home Rule Charter grants the Miami-Dade County 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(1) of the Florida Constitution provides for exclusive County Charter authority to establish all governmental units within Miami-Dade County and to provide for thel.r government and prescribe their jurisdiction and powers; and
WHEREAS, .Gree Homes IX, LLC, ("Gree Homes" or "Petitioner") has petitioned for

the establishment of the Keys Edge Community Development District (the "District"); and

WHEREAS, a public hearing has been conducted by the Miami-Dade County 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

CDDIKEVSEOOl!CODO!IJ)INANCE
06/1"'2007

Agenda Item No. 5 ( H) Page2

WHl<:RF:AS, the District will constitute a timely, efficient, effective, responsive and

,,conormc 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 infrnstwcturc therein without overburdening the County and its taxpayers; and
WHERl<'.AS, the Board of County Commissioners finds that the statements contained in the rc1itio11 arc true and correct; and
WHEREAS, the creation of the District is not inconsistent with any applicable element or pmtion of the State comprehensive plan or the Miami-Dade County Comprehensive D,.:vdoprncn( Master Plan; and
WHEtU:AS, the area of land within the District is of sufficient size, is sufficiently comp;ict, and is sufficiently contiguous to be developable as one functional interrelated comrnnnily; and
WHEIUcAS, the creation of the District is the best alternative available for delivering

•.wnrnnnity development facilities and services to the area that will be served by the District; and WJU: REAS, the proposed facilities and services to be provided by the District will be compaliblc with the capacity and uses of existing local and regional community development
facilities and services; and

VVlJEREAS, the area that will be served by the District is amenable to separate special- district goverrunent; and

---

WHEREAS, the owner of the property that is to be developed and served by the wnmHmity development services and facilities to be provided by the District has submitted an rxccntcd declaration of restrictive covenants pledging among other things to provide initial purchasers of individual residential units with notice of liens and assessments applicable to such
5

Cf) D\ Uy;, EOC, . U}D ORDINANCE
<Xs'l.Y)ifl7

Agenda Item No.	5 (H}.
Page3

.·•.
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 Miami-Dade County Board of County Commissioners wishes to exercise the powers bestowed upon it by Section l.0l(A)(21) of the Miami-Dade County Home Rule Charter in the manner provided by Chapter 190, Florida Statutes; and
WHEREAS, because the proposed District is located wholly within the municipal

boundaries of Florida City, the City is in a position to be well informed regarding the merits of this District; and
WHEREAS, Florida City has consented to the creation of the District within the

municipal boundaries subject to certain conditions that the petitioner shall have to satisfy; and the Board of County Commissioners desires to establish the District; and
WHEREAS, based on the written consent of Florida City, the Miami-Dade County

Board of County Commissioners finds that the District shall have those general and special powers authorired 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 citirens of Miami-DadeTounty that the District have such powers.
NOW, THEREFORE, 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.
Section 2.	The Petition to establish the Keys Edge Community Development District over the real property described in Exhibit A attached hereto, which was filed by Gree Homes

CD D\ Kl!YS EDGECDD ORDINANCE
"''"""

Agenda Item No. 5 (H)
Page4

fX, U ,c, a Florida corporation, on December I, 2006, and which Petition is on file at the Office
of tlte Clerk of the Board, is hereby granted.  A copy of the Petition is attached and incorporated

herein (Exhibit B).

Sectio'n 3.

1he external boundaries of the District shall be as depicted on the location

rnap attached hereto and incorporated herein as Exhibit C.

Section 4.

Section 5.

The initial members of the Board of Supervisors shall be as follows:

Emiliano Herran Daniel Herran Byran Garcia Angel Vaides Angel Perez
The name of the District shall be the "Keys Edge Community

Ocvdopmcnt District."

Section 6. The Keys Edge Community Development District  is  created  for  the purposes  set forth  in Chapter 190, Florida Statutes, pursuant to the authority granted by Section J .0l(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 Keys Edge Community Development District shall be Sections 190.006 through 190.041, Florida Statutes.
         Ihe Miami-Dade County Board of County Commissioners hereby grants to the Keys Edge Community Development District all general powers authorized pursuant to Section l 90.011, Florida Statutes, and hereby finds that it is in the public interest of all citizens of Miami-Dade County to grant such general powers.

CD !i,KEYS EIX-.EO>l}ORDINANO!
t.".11$.'(l'(I]

Agenda Item No.	·s (H)
Page 5

Section 9.    The Miami-Dade County  Board of County Commissioners  hereby grants  to the Keys Edge Community Development District the special powers authorized pursuant to Section 190.012 (1), Florida Statutes and Sections 190.012 (2) (a) (d) and (t), (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(l)(b), Florida Statutes, pertaining to water, waste water 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 Keys Edge Community Development 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 Keys Edge Community

Development District, nor any default thereon, shall constitute a debt or obligation of Miami-Dade County, except upon the express approval and agreement of the Miami-Dade Board of County Commissioners.
Section 12.	Notwithstanding  any   power   granted   to   the   Keys   Edge Community

Development  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, or 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.

CDDIKF.YSPDGBCDDORDfNANCE
Oll/1"1.001

0#07-106
Agenda Item No. 5 (H)
Page6

Section 13. Notwithstanding any power granted to the Keys Edge Community Development 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 of Miami-Dade County.
Section 14. This Board hereby accepts that Declaration of Restrictive Covenants proffered by the owners of the lands within the jurisdiction of the .Keys Edge Community Development District, in connection with the petition submitted by Gree Homes IX, LLC, 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 (I 0) 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: July 24, 2007

Approved by County ,'.\ttorney as to form and legal sufficiency:

Prepared by:

Gerald T. Heffernan

RESOLUTION NO. 07-14

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF FLORIDA CITY, FLORIDA EXPRESSING SUPPORT FOR THE CREATION OF THE KEYS EDGE COMMUNTIY DEVELOPMENT DISTRICT BY MIAMI-DADE COUNTY, FLORIDA

WHEREAS, the City Commission, as the governing body of the City ofFlonda City, pursuant to the authority vested in Chapter 190, Florida Statutes, is . authorized and empowered to consider petitions for the creation of community development districts within its municipal boundaries; and

WHEREAS, Miami-Dade County,_ Florida (the "County") plans to hold public hearings to consider the adoption of an ordinance granting the petition of Gree Homes IX, LLC (the "Petitioner") to establish the Keys Edge Community Development District .(the "District"), pursuant to the provisions of the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended and Section l.0l(A)(21) of the County's Home Rule Charter, for the lands described in Exhibit A attached hereto; and

WHEREAS, All of the District lands are located within the City's boundaries; and

WHEREAS, the City finds that the proposed District will constitute an effective and costs-efficient method of delivering community development services in the area, without overburdening the City's taxpayers; and

WHEREAS, all notice and hearing requirements have been satisfied; and

WHEREAS, the City Commission has considered the evidence and testimony of the petitioners and other interested parties, the recommendations of the City's staff, and the recommendations of the Florida City Planning and Zoning Board; and	•

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF FLORIDA CITY, FLORIDA:	.

The City hereby expresses its support for the creation of the District on lands legally described in Exhibit A, attached hereto, in accordance with the Petition of Gree Homes IX, LLC, as amended, attached hereto as Exhibit B, and the January 17, 2007 letter modifying
... said Petition, attached hereto as Exhibit C.

"\.
j

•

RESOLUTION NO: 07-14

l'ASSP:J> AND ADOPTED by the Mayor and City Commission of the City of Florida City, Florida this 27thth day of March, 2007.	·

 	\-¼l
Otis T. Wallace, Mayor

"

Offonxl by'.	Mayor

Motion to adopt by _Camm	Lovett	seconded by	Vice Mayor Be!:n'
FINAL VOTE AT ADOPTION

M ayor Otis T. Wallace
Victo Mayor Eugene D. Berry Commissioner R.S. Shiver Commissioner Juanita S. Smith Commissioner Bennie Lovett

 	Yes	
 	Yes	
Abs.eat
Absent
 	Yes	

Ir

SURVEYOR'S NOTES AND CERTIFICATE
EXHIBIT"A'

SURVEYOR'S NOTES:
This	is	not	a	Boundary	Survey,	but	only	a GRAPHIC DEPICTION of the description shown hereon.
North arrow  direction	and	bearing shown hereon ore based on on assumed meridian of N 89'24'34"E, along the centerline of S.W. 344th STREET.
Not	valid		wilhout		the  signature	and	the		original raised seal of a Florido Licensed	Surveyor	and	Mapper.	Additions	or deletions to survey mops or reports by other than the signing party or parties is  prohibited  without  written consent of the signing party or parties.
There		may	be additional restrictions not shown or,  th,s  Sketch  &  Lego!  that may	be	found	in	the	Public	Records	of	this	County. Examination of
the  ABSTRACT  OF TiTLE  will hove to	be mode to determine recorded instruments,  if	any	affecting	this property.
No  title  research	hos  been  performed  to	determine if there ore any confl;ct existing		or	arising	out  of  the	creation		of the easements, Right-of-Ways, Parcel	Descriptions,		or	any	other  type of	encumbrances	that the herein described legal may be utilized for.

The intent of this description is to encompass a parcel of I011d.

SURVEYOR'S CERTIFICATE:
hereby   certify   to  the best  of  my  kr,owledge  and  be;ief  thot  t,-·,is  dr•ow'"g  is o true and correct represer1totion of  the  SK[iCH  AND  LEGI\L  DESCRIPTION,  of the reel property described hereo,.
I	further	cert,ty  thct  l.l1is	survey		wos	prepared	in occordo:1ce with he applicable	provisions	of	Chapter	61G17·-6	Florida		Code.

Jr.tc: S;;ptern:,e•· 27th, :WUb
C•.D?L.,dARu,C,..   IA.iS4uA/R4Z".   Jt.iJ.Mh.
Profess;orid SYveyor   on:i  Mr;::'lcn-­ Stote cf Flcrido, Reg;str;:i:icn No. 0.513	
P(3)SM, LLC.	!_LB.No. 7335_
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LEGAL DESCRIPTION

THE WEST 1/2	OF  THE  SOUTHEAST 1/4	OF THE SOUTHEAST
1/4   OF SECTION  23,	TOWNSHIP 57 SOUTH, RANGE 38 EAST, OF MIAMI-DADE COUNTY, FLORIDA.

	
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PROFESSIONP.L SURVEYORS & lh'FPERS
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.	DATE: 	r-- -.-·- 	·-SKETCH ANfiLEGAL OESCRrPTIO·N-i:"OFfFOL10 No: 16-7823-000-C020
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ABBREVIATIONS & LEGEND,
CENlERLlNE

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RECORD & MEASURE O,FICIAL RECORDS BOOK PAGE

P(3)SM, LLC,

FCR  I..tCAi   OF"SC IP1 ON  s::r  s1-t££ r  _;.  or 4
' LB. No. 7335

----

DATE.	_

PROFESSiONAL SURVEYORS & MAPPERS
Jgoo NW 79!11,WEN1JE. SUI IE No235 DORAL FLOR'DA 33156 PHONE'(J05) 46.%912 FAX (305) 163-0?13
·sKET.CH-ANDLEGAL DESCRIPTIO !FORFOLio No, 16-782:fo00-0020
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•

NORTH

NW CORNER O.­ S£CTION 23-57-JII

LOCATION MAP
A PORTION OF SECTION 23-57-38 MIAMI-DADE COUNTY, FLORIDA (NOT TO SCALE}

S.W. 328th STREET

NE CORNER OF
SECTION 23-57-38

UJ

< S.W. 336th STREET
-

SITE
LOCATION

SW CORNER or
SECTION 2J·-a1-Js

S.W. 344th STREET

SE  CORNER  Of
SECOON  2.J-57-38

P(3)SM, L.l.C.	• L.B. No. 7335
PROFE:SSIOl'IAL SURVE'/ORS & MA0  PERS
Jc!)() NW 791h AVENUE, SIJITE N·J 235 DOR!,L. FLORIDA 3316s PHONi:(305) 463.f:912 FAX.(3',5; 153•0913
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09-27-0ii	,,l 		LRT	.,     f _	AS SHOWN  _l·-·--- --	'	0507-!JG049-006	I of 4
/

EXHIBIT B

IN RE:	AN ORDINANCE TO ESTABLISH	)
THE KEYS EDGE	)
COMMUNITY DEVELOPMENT DISTRICT	)

._  ..,    .......
/'

PETITION

Petitioner, GREC HOMES IX, LLC ("Petitioner"), hereby petitions the Miami­ Dade County Commission to establish a Community Development District ("District") with respect to the land described herein and in support of  the Petition, Petitioner states:

The proposed District is located within the incorporated area of Florida City, Miami-Dade County, Florida. Exhibit I depicts the general location of the project. The proposed· District covers approximately 81.84 acres of land. The metes and bqunds description of the external boundaries of the District is set forth in Exhibit 2. There is no real property within the external boundaries of the proposed District·, which is to be excluded from the District.

Attached to this Petition as Exhibit 3, and made part of this Petition, is the written consent of 100% landowners of the property.

The five persons designated to serve as initial members of the Board of Supervisors of the proposed District are as follows:

a. Emiliano Herran	3540 SW 129th Avenue	Miami, Fl	33175	
b. Daniel Herran	9141 SW 85th Street	Miami, Fl	33173	
c. Bryan Garcia	20921 SW 88th Court	Miami, Fl	33189	
d. Angel Valdes	16218 SW 65th Lane	Miami, Fl	33193	
e. Angel Perez	3621 SW 132ml Avenue	Miami, Fl	33175	

The proposed name of the District to be established is Keys Edge Community Development District ("KECDD").
There are no existing major trunk water mains, sewer interceptors or outfalls currently existing on the site.

The proposed timetable for the construction of District services is shown on Exhibit 4A and the estimated cost of constructing the services, based on available data, is shown on Exhibit 4B. These are good faith estimates but are not binding on the Petitioner or the District and are subject to change.

Ir;,, 2

Petitioner is in the process of developing the project as a residential community. TI1e proposed uses for the land within the District are 1.186 residential units. The proposed uses for the land included within the proposed District are in compliance with Florida City and Miami-Dade County Future Land Use Elements. The Florida City Master Plan and Future Land Use Element designate the land contained within the proposed District for high density residential. The future general distribution, location and extent of public and private uses of land proposed for the area within the District are shown on Exhibit 5.

Exhibit 6 is a Statement of Estimated Regulatory Costs prepared in accordance with the requirements ofSection 120.541, Florida Statutes.

Exhibit 7 is the boundaries map of the community development district.

!;;xhjl>it 8 contains the resumes of the proposed Supervisors of the District

I I. }oxl!il/it 9 is a copy of the current Opinion of Title.

I;; hibitlQ is a Joinder and Consent of Mortgagee by the landowner of the property.

[i,ltibjill is a Certificate of the legal description certified by the Surveyor.

lcxhibitll is a "draft" consent resolution from Florida City.

J '.i. Petitioner hereby request that the proposed district be granted the right to exercise  the powers provide fur in Sections 190.012(1), 2(a) and 2(d), Florida Statutes, as amended.

h

The Petitioner is Gree Homes IX. LLC. whose address is 8500 SW 81 Street. #228,
Miami. Fl 33144.

l'/. !'he property within the proposed District is amenable to operating as  an  independent special district for the following reasons:

Establishment of the District and all land uses and services planned within the proposed District are not inconsistent with applicable elements or portions of the effective Florida City and Miami-Dade County Comprehensive Development Master Plans, as amended.

I?-	3

The area of  land  within the proposed  District  is part of a  unified plan of	.....-, development for which a development plan has been  approved  by Florida		J City  and Miami-Dade  County.	The land encompassing the proposed
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 existing local and regional community development services and facilities.

The proposed 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 delivering those services and facilities in a manner that does not financially impact persons residing outside the District and provides a responsible perpetual entity capable of making reasonable provisions for the operation and maintenance of the District services and facilities in the future.

.J

4

Vi'lU F'ORE, Petitioner respectfully requests the Miami-Dade County Commission
tD:

Hold a public hearing as required by Section 190.005(2) (b), Florida Statutes to consider the establishment of the KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT and;

Adopt an ordinance pursuant to Chapter 190, Florida Statutes, granting this Petition and establishing the KEYS  EDGE  COMMUNITY  DEVELOPMENT J)ISTRICT.	-

Rc,,vectfully submitted this  2	l	day of	NovLWl-loff, 2006.
- GREC HoMESIX,LLC

--	{&-- By: GREC HOMES IX, INC., MANAGING MEMBER EMIUANO HERRAN, VICE PREsIDENT
8500 SW 8th Street
Miami, FL 33144

--
11

J):XIUBIT 3
AFFIDAVIT OF OWNERSHIP AND CONSENT
TO  THE  CREATION 0:1•' THE
KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

STATE OF FLORIDA	)
COUNTY OF MIAMI-DADE	)

On this_.7.ls:L <lay of  Jjg_y_g_(!_lber   ·- 2006,  personally  appeared  before me, rm offict,r duly authorized to administer oaths and talce acknowledgments, Emiliano Hcrrnr1, who after being duly sworn, deposes and says:

Affiant, Emiliano. Hc!!!ID, an individual, is a Vice President of Gree Homes lX, lnj;.. a Florida Corporation,_who is a managing member of Gree Homes IX, Ll,C.

2    'Ilte O  omes!XL,LC, a Flodda Limited Liability Company, is the owner of the following described property, to wit:

See Fxhil,it "A" attached herelo {tl,.e "Property")

Affiant Emiliano Herr:41}. hereby represents that he has full authority to execute all documents and instruments  on behalf of the Company, including tlt Petition before the Commissionen; of Florida City, and the County Commission of Miruni--Dude County, Florida, to enact an ordinance to establish the KevsJ:iJ,li',.c _Cmr!!JUl!!llY Development District {the "Proposed CDD').

The pmpe,ty represents all of the ,cal property to be included in the Proposed
COD
S. Affiant, t.:i@i@.9J:kmm on behnlf of 01\.'<,_J_Iqm .!X, J..L..C as the owner of the property in the capacity described above, hereby consents to the estahlishment of the propm,ed COD.

FURTHER, AFFIANT SAYETH NOT

EXHIBIT A LEGAL DESCRIPTION
KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

The West ½ of the Southeast ¼ of the Southeast¼ of Section 23, Township 57 South, Range 38 East, of Miami-Dade County, Florida.

The Nqrth ¼ of the Southeast ¼ less the East 35 feet thereof, and the Southeast
¼ of the Northwest ¼ of the Southeast ¼ in Section 23, Township 57 South, Range 38 East, lying and being in Miami-Dade County, Florida.

The Northwest ¼ of the Southwest ¼ of the Southeast ¼ of Section  23, Township 57 South, Range 38 East, of Miami-Dade County, Florida.

c-2 (

\>,.1ili.-.. -r.'<hihi,.•

JOINDERAND .CONSENT OF MORTGAGEE
)

Bank of America. N.A., being the mortgagee under that certain mortgage from GREC Homes IX, LLC, GREC Homes X, LLC, GREC Homes XI, LLC and GREC Homes XII, LLC recorded in Official Records Book 23993 at Page 2608 of the Public Records of Miami-Dade County, Florida, encumbering all or portions of the real property described in the foregoing Declaration of Restrictive Covenants, hereby consents to and acknowledges that the terms of the Declaration· of Restrictive Covenants are and shall be binding on the successors to the owner in title.

Signed, seaied and delivered in the s	ceof.:

BANK OF AMERICA, N.A., a national
banking association•

N Jo:Nichols	:
Tit!Sf Vice President	·
 	.,.	(CORPORATE SEAL)
or

STATE OF FLORIDA	)
) ss: COUNTY OF MIAMI-DADE	)

The foregoing instrument was acknowledged before me this 30th day of November, 2()06, by John C. Nichols, Vice President of Banlc of America, N.A., on behalf of the bank. He/she is personally known to me or has produced n/a (type of identification) as identification.

 	IC	ORIDA·
je/l/e	/4'/Yl,q.

(Print, Type or Stamp Commissioned Name of Notary Public)	·

- -

-

{WP3S2932;2})	22-

EXHIBIT4B GOOD FAITH ESTIMATE
CONSTRUCTION COSTS ESTIMATES
KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

[-EARTHWORK	$ 2,147,200	
!		
--WASTEWATER SYSTEM	$	2,147,200	
			
-WATER SUPPLY SYSTEM	$	2,147,200	
			
i-:§.URFACE WATER MANAGEMENT	$ 2,147,200	
ADS AND PAVING		$	2,147,200	
				
1 LANDSCAPING	$	701,000	
			
ENTRANCE FEATURES	$	250,000	

.
---·		
TOTAL ESTIMATED PROJECT COSTS	$11,687,000	

I

EXHIBIT4A  GOOD FAITH ESTIMATE
ESTIMATED INFRASTRUCTURE CONSTRUCTION TIME TABLE KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

IMPROVEMENT	STARTDATE	COMPLETE DATE	
EARTHWORK	Aucrnst I, 2006	August I, 2007	
			
WASTEWATER SYSTEM	Sentember I, 2006	September I, 2007	
			
WATER SUPPLY SYSTEM	September I, 2006	September I, 2007	
			
SURFACE WATER MANAGEMENT	Sentember I, 2006	September I, 2007	
			
ROADS AND PAVING	Januarv I, 2007	September I, 2007	
			
LANDSCAPING	June I, 2007	June I, 2010	
			
ENTRANCE FEATURES	June I, 2007	June I, 2009	

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SW	344 ST.

KEYS EDGE
COMMUNITY DEVELOPMENT DISTRICT

(COMM.0009)
SECTION: 23- 57- 38	EXHIBIT "C"

1211212008 ll:04:59 AM. B. Gilman/ s. Fem,r

Emiliano Herran
3540 S.W. 129th Avenue Miami, Florida 33175
Home: (305) 220-0775
Office: (305) 262-6533

Notable Achievements

Significant experience with all aspects of Real Estate Development both in the Residential and Commercial sector.
Significant experience in all legal aspects associated with Real Estate Development,
including but not limited to acquisition and disposal, financing, leasing, contractual matters, litigation, etc.

Employment History
1993 - 1996	Law Offices of Machado & Herran, P.A.	Miami, FL
Senior :Partner/Founding Partner
Integral part of the firm's rapid growth in the Real Estate legal arena. Firm concentrated exclusively on Real Estate matters and represented several major local developers.
1996 - Present	General Real Estate Corporation	Miami, FL
Vice President/General Counsel
Manage all day to day operations of the company. Head of the company's residential division. One of the main components in the company's growth as one of Dade County's top businesses with revenues exceeding 400 million dollars in fiscal year 2005.

Education
St. Thomas Law School, Miami, FL
Juris Doctor, 1993. Admitted to Florida Bar in 1993.

Florida International University, Miami, Fl
B.A., History, 1989

:Professional/Governmental Affiliations
Chairman, Venetian Isles, Community Development District (2002- Present)
Mem , International Council of Shopping Centers

Daniel Herran

9141 SW 85"Street
Miami, FL 33173
Phone: 305-262-{;533
Fax: 305-262-8799

EDUCATION:

Florida International University	Miami, FL
B.A., 1996, School of Joumalism and Mass Communication

Miami-Dade Community College 1992 - 1994

Belen Jesuit Preparatory School Graduated 1992

Miami, FL Miami,FL

EXPERIENCE:

General Real Estate Corporation	Miami, FL
Vice President/ Project Manager July 2003 to current
Assist with the assessment of potential land acquisitions
Oversee operation of communities from the development of land through sale of finished homes
Responsible for establishing all pro-fonnas and budgets necessary to obtaining proper financing

Renedo Apartments, Inc.	Miami, FL
General Manager, August 1996 to current
Monitor and manage a local multi-family apartment portfolio of over 1,000 units in 14 different locations

11928 SW 72"' Terrace
MiamlFL 33183
Phone: 786-299-6633
Fax: 305-245-9193

I'

Bryan K. Garcia, El.	\

EDUCATION:

Florida International University
August 2001, Bachelor of Science in Civil Engineering

United State Air Force Academy
June 1995 to June 1997

United States Air Force Academy Prep. School
Graduated 19!15

Christopher Columbus Catholic High School
Graduated 1994

Miami,FL

Colorado Springs, CO Colorado Springs, CO Miami,FL

EXPERIENCE:

.	LICENSES:

General Real Estate Corporation (GREC Homes)	Miami, FL
Project Manager, November 2004 to current
Keys Isles, 179 units (Florida City, FL)
Keys Winds, 200 units (Florida City, FL)
Renaissance Country Estates, 17 Units (Miami, FL)

U.S. Structures	Miami, FL
Structural Engineer, August 2003 lo current
Consulting on various commercial and residential projects

Pride Homes by Garco	Miami, FL
Project Manager, September 2003 to August 2004
Venetia Groves, 325 units (Homestead, FL)
Venetia Gardens I & II, 750 units (Homestead, FL)

Douglas Wood and Associates	Coral Gables, FL
Project Engineer/Structural Engineer, May 2002 to August 2003
Colony Theater (Miami Beach, FL)
Historic Miami High (Miami, FL)
Grand Bahama Airport_Terminal (Bahamas)

Calvin, Giordano and Associates	Ft Lauderdale, FL
Project Engineer/Civil Engineer, September 2001 to May 2002
Town of Davie Water Treatment Plant Expansion
City of Marathon Sombrero Beach Redevelopment Project

. State of Florida Board of Professional Engineers Engineer Intern Certificate No. i 100006638
State of Florida Certified General Contractor License No. CGCl509437

Augd Valdes i<ill8 SW 65 Ln
Miami, Florida 33193
!omc,  (305) 388-9063
Office:  (305) 262--6533

RESUME

li,mpJoyment History in United States
l995 ·· Present	General Real Estates Corporation	Miami,Fl Cm,,rnl!er·
In charge of the accounting of several single family home projects during 12 years now.

h.1slatf to d, .It:conomia
Univ,•1· i<bd  de La Habana.	La Habana Cuba
r .iccociado en Economia 1978. (Bachelor degree in Economics)

J'nifo;;sinnal/Governmental Affiliations
Member of Board of Directors , Venetian Isles, Community Development District
()002- Present)

.2-i

3621 SW 132"" Avenue

,

Miami. FL 33175
Phone: 305-525-5615
Fax: 305-245-9193
Angel Perez	

EDUCATION:

EXPERIENCE:

LICENSES:

University of Havana
1993, Bachelor Degree in High Performance Athletic
Training

General Real Estate Corporation (GREC Homes)
Project Supervisor, March 2006 to present
Keys Isles, 179 units (Florida City, FL)
Keys Winds, 200 units (Florida City, FL)

Quantum Developments, LLC.
Project Supervisor, September 2005 to March 2006
Venetian Isles, 574 single family & Town homes

U.S. Olympic Team
U.S. Kayak Team, /997-2004
World Championships
2000 Olympic Games in Sydney, Australia

State of Florida Certified General Contractor License No. CGCl5ll673

Havana, Cuba

Miami,FL

Miami,FL

USA

)

- -- -- --· -·----------------------------

nt was prepared by:	
Jose Luis Machado Machado & Herran, P.A.
8500 S.W, 8th Street, Suite 238
Miami, FL 33144
    (305) 261-5355	

(Space Rese1ved for Clerk)	

This instrnmc

: 'l\Jame:
1 Address:

-- -------
I I  '

........-   - 	J
DECLARATION OF RESTRICTIVE COVENANTS
W IU:REAS, the undersigned Owner holds the fee simple title to the land described in

the  attached  fixfg_Qjt A (the "Property''),  located  in Miami-Dade  County,  Florida (the "County'');

WH '.REAS, Owner desires to provide certain covenants to the County Board of  County

Comn1.issi or.ers (1he "Board") in support of a Petition (the "Petition") for creation of the Keys

Fdgc Cunununity Development District (the "District") filed December I, 2006, and approved pursuant  ,o Ordinance No. 	enacted   by  the Board  on 	(the
"Qrcliff!fJc<,f'), in accordance with the requirements of Chapter 190, Florida Statutes, and Section

Ull(A)(2•J of the Cowlty Home Rule Charter; and

WHEREAS, among those covenants are provisions for the timely, accurate, and en/orc,:able disclosure, to all prospective initial purchasers who have entered or will enter into contracts   for  improved   residential   units   within   the   Property   (each  a  "Prospective Initial
l'wch,Lser"), of the obligation to pay to the District: (I) the pro-rata share for each Dwelling Unit (defined below) of the cost of the acquisition, construction, reconstruction, and equipping of certain  public  infrastructure which  benefit  the Property  either as  a one time assessment  at the
•in ,e of dosing or as an annual assessment based on the debt service on bonds to be issued by the

--3 /

District to finance such  capital  costs until  such  bonds are retired  (collectively, "Capital

Assessments"),  and   (2)   the  costs  associated   with  (i)  operations   of  the   District including

administration ("Operations Assessments") and (ii) maintenance of public infrastructure by the

District ("Infrastructure Maintenance Assessments";  Operations and Infrastructure  Maintenance

Assessments are hereinafter collectively referred to as "Administrative Assessments"); and

WHEREAS, other covenants made by Owner include provisions for the long-term maintenance of infrastructure serving the Property including, but not limited to, roadways, drainage, and landscaping; and
WHEREAS, such covenants of Owner are made in order to assure the Board that the representations made by Owner in support 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 the following Declaration of Restrictive Covenants
covering and running with the Property (this "Declaration"):

COVENANTS
I.I	Public Records 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 accordance 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, and units located within the District's boundaries are subject to the Capital
.Assessments and Administrative Assessments levied and imposed by the District, subject only to the exceptions or exemptions from such assessments expressly provided by Florida law.

- :?-

1.2	CDD and Purchase Contract Notices

1.2. l Owner shall be required to provide to each Prospective Initial Purchaser of an improved individual residential lot or unit within the Property (individually, a "Dwelling Unit") writ1t'll notice of the estimated annual Capital Assessments and Administrative Assessments (the "CDD Notice") to be imposed on such individual Dwelling substantially in the form attached hereto as Exhibit B prior to, or contemporaneously with, the execution of a purchase and sale contrnct ("Purchase Contract") for such Dwelling Unit. For the purposes of this Declaration, the term "Owner" means each seller of Dwelling Units within the Property. Notwithstanding the foregoing, if a Prospective Initial Purchaser executed a Purchase Contract before the effective date of 1he Ordinance but was not given an contemporaneous CDD Notice, Owner may still give ihe CDD Notice to such Prospective Initial Purchaser; provided, however, such CDD notice must be given together with the following written notice and must be sent to such Prospective l'urdiascr by certified mail, professional overnight delivery or hand delivery, with return receipt, not later than the first business day following the Effective Date of the Ordinance:

THE DWELLING UNIT YOU ARE PURCHASING IS SUBJECT TO A COMMUNITY DEVELOPMENT DISTRICT AND A RELATED DECLARATION OF RESTRICTIVE COVENANTS WHICH REQUIRES THAT CERTAIN NOTICES BE GIVEN TO PURCHASERS BY OWNER. THIS NOTICE AND THE ATTACHED COD NOTICE ARE BEING GIVEN TO YOU PURSUANT TO SUCH DECLARATION. PLEASE NOTE THAT THE DISTRICT PLANS TO ISSUE OR HAS ISSUED BONDS THAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO THIS DWELLING UNIT OVER A PERIOD OF UP TO THIRTY (30) YEARS TO FUND CONSTRUCTION OF INFRASTRUCTURE SERVING THE PROPERTY IN THE ESTIMATED AGGREGATE AMOUNT OF $ See Exhibit B. THIS DWELLING UNIT SHALL BE ASSESSED AN ESTIMATED CAPITAL ASSESSMENT OF $ See Exhibit B IF PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT OF$ See Exhibit B FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON THE BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETHER THE CAPITAL ASSESSMENT IS PAID ONE TIME AT CLOSING OR IN ANNUAL INSTALLMENTS IS AT THE OPTION OF THE PURCHASER TO BE EXERCISED AT THE TIME OF CLOSING. THE ATTACHED NOTICE FULLY DESCRIBES YOUR OBLIGATIONS. YOU
.	'.	33

MAY ELECT TO RESCIND THE PURCHASE CONTRACT FOR A PERIOD OF THIRTY (30) DAYS FOLLOWING RECEIPT OF THIS NOTICE. UPON SUCH ELECTION, OWNER SHALL RETURN ALL MONIES PAID  BY YOU AS THE PROSPECTIVE INITIAL PURCHASER REGARDING THE PURCHASE OF THE REAL PROPERTY IDENTIFIED IN THE PURCHASE CONTRACT WITHIN TEN (10) CALENDAR DAYS AFTER RECEIVING YOUR WRITTEN NOTICE THAT YOU HAVE ELECTED TO RESCIND THE PURCHASE CONTRACT, AND ALL OTHER PROVISIONS OF THE DECLARATION OF RESTRICTIVE COVENANTS NOT INCONSISTENT WITH THE REMEDIES SET FORTH HEREIN SHALL GOVERN. NO OTHER REMEDIES 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 Contract during the time provided. No other remedies provided in Section 1.4 shall be available to a Prospective Initial Purchaser who terminates a Purchase Contract pursuant to the foregoing notice.
1.2.2 Owner shall also provide substantially the following disclosure  ("Purchase Contract Notice") on the first page of each Purchase Contract executed after the Effective Date  of the Ordinance for a Dwelling Unit within the Property, immediately after disclosure of the purchase price for the Dwelling Unit:

.--'\
_'/

THIS DWELLING UNIT IS WITHIN A COMMUNITY DEVELOPMENT DISTRICT ("DISTRICT"). THE DISTRICT PLANS TO ISSUE OR HAS ISSUED BONDS THAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO THIS DWELLING UNIT OVER A PERIOD OF UP TO THIRTY (30) YEARS TO FUND CONSTRUCTION OF INFRASTRUCTURE SERVING THE PROPERTY IN THE ESTIMATED AGGREGATE AMOUNT OF$ See Exhibit B. THIS DWELLING UNIT SHALL BE ASSESSED AN ESTIMATED CAPITAL ASSESSMENT OF$
See  Exhibit  B  IF  PAID  IN  FULL  AT  CLOSING   OR  AN ESTIMATED
ANNUAL CAPITAL ASSESSMENT OF $ See Exhibit B FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON THE BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETHER THE CAPITAL ASSESSMENT IS PAID ONE TIME AT CLOSING OR IN ANNUAL INSTALLMENTS IS AT THE OPTION OF THE PURCHASER TO BE EXERCISED AT THE TIME OF CLOSING. THESE AMOUNTS ARE DUE OVER THE TERM OF THE BONDS IN ADDITION TO THE PURCHASE PRICE. INITIAL PURCHASER ALSO UNDERSTANDS THAT IF THE ACTUAL ANNUAL CAPITAL ASSESSMENTS ON THE DWELLING UNIT ARE MORE THAN FIVE PERCENT (5%) HIGHER THAN  THE ESTIMATED   AMOUNT   PROVIDED   HEREIN,    INITIAL   PURCHASER

_,_

SHALL HAVE THE RIGHT TO RESCIND THIS AGREEMENT AT ANY TIME PRIOR TO CLOSING. INITIAL PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT THE ESTIMATED AMOUNT OF CAPITAL ASSESSMENTS DOES NOT INCLUDE ADMINISTRATIVE ASSESSMENTS WHICH SHALL BE LEVIED BY THE DISTRICT FOR OPERATIONS AND INFRASTRUCTURE MAINTENANCE AND MAY VARY FROM YEAR TO YEAR AND FROM TIME TO TIME. IN THE EVENT OF ANY CONFLICT BETWEEN THE DISCLOSURES IN THIS PROVISION AND THE ATTACHED CDD NOTICE, THE CDD NOTICE SHALL CONTROL.

PIJRCHASER'S INITIALS:

Owner shall cause each Prospective Initial Purchaser to initial the Purchaser Contract Notice whc,e indicated.
1.3	Relief to Prospective Initial Purchaser for Owner Default.

l.3.I	Owner shall provide relief, in the manner provided by this Section 1.3 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"):

Owner fails to provide a timely COD Notice or Purchase Contract Notice
c.s r,,ciuircd; and/or

Owner provides a timely COD Notice; however, such CDD Notice nndcr;,stimate, the aggregate or monthly actual A ministrative Assessments for  the  District's firnt three fiscal years by more than five percent (5%); and/or

1.3.1.3. Owner provides a timely COD Notice and/or Purchase Contract; 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%).

'-   -	

In the event of any Owner Default that is not cured by a timely Late  Notice (as hereinafter defined), a Prospective Initial Purchaser may, in writing (a "Termination

."'.-.-..._
i'

Notice"), elect to rescind the Purchase Contract at any time prior to closing. 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 Contract within ten (IO) calendar days after receiving written notice from the Prospective Initial Purchaser that such Prospective Initial Purchaser has elected to rescind the Purchase Contract. No other remedies provided in Section 1.4 shall be available to a Prospective Initial Purchaser who terminates a Purcliase Contract pursuant to this provision.
Prior to the receipt of a Termination Notice from a Prospective Initial Purchaser affected by an Owner Default, Owner shall have an opportunity to cure any
Owner Default by providing a written notice (a "Late Notice") to such affected  Prospective Initial 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 Ordinance  (the "Cure

Period"). If the Owner Default set forth in Section 1.3.1.3 is due solely to  a  fluctuation  of interest rates on the bonds once the pricing of the bonds is completed, Owner shall have the opportunity  to  cure such  Owner  Default  by  providing  a  written  notice setting  forth  the new
annual 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 or (ii) ninety (90)

days from the pricing of the bonds (the "Extended Cure Period''). An Owner Default cannot be cured 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 during the applicable Cure Period or (ii) an Extended Late Notice during

-6-

(",...,,,,,,,,

·1ppljcabk Extended Cure Period, then such Prospective Initial Purchaser may still elect to rcesciud t!w Purchase Contract at anytime for a period of thirty (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 Contract within ten (I 0) calendar days after receiving written notice from the Prospective Initial Purchaser that such Prospective Initial Purchaser has elected to rescind the Purchase Contract. No other remedies provided in Section 1.4 shall be available to a Prospective lni(i;,l l'urch;.ser who receives an accurate Late Notice or Extended Late Notice during the Cure
Pe!'iod o; Exknded Cure Period, as applicable, regardless of whether the Prospective Initial Pu,-c!ia;ocr elects to rescind the Purchase Contract.
Every Late Notice or Extended Late Notice sent by Owner to a Pwspcctive lnitial Purchaser must include the following in bold type in a font at least as large as tile largest font in such Late Notice or Extended Late Notice (with co"ect type of  notice inclir:otcd):
THE DWELLING UNIT YOU ARE PURCHASING IS SUBJECT TO A COMMUNITY	DEVELOPMENT	DISTRJCT	AND	A		RELATED DECLARATION OF RESTRJCTIVE COVENANTS WHICH REQUIRES THAT CERTAIN NOTICES BE GIVEN TO PURCHASERS BY  OWNER. THIS IS A [LATE NOTICE or EXTENDED LATE NOTICE] UNDER SUCH DECLARATION. IF OWNER PROVIDES  YOU WITH THIS [LATE NOTICE or EXTENDED LATE NOTICE] DURJNG  THE  APPLICABLE  CURE PERJOD, THEN YOU AS A PROSPECTIVE INITIAL PURCHASER MAY STILL ELECT TO RESCIND THE PURCHASE  CONTRACT  FOR  A PERJOD OF THIRTY (JO) DAYS FOLLOWING RECEIPT OF THIS [LATE NOTICE   or   EXTENDED   LATE   NOTICE].	UPON SUCH ELECTION, OWNER SHALL RETURN ALL MONIES PAID BY YOU AS THE PROSPECTIVE INITIAL PURCHASER REGARDING THE PURCHASE OF THE REAL PROPERTY IDENTIFIED IN THE PURCHASE CONTRACT WITHIN TEN (IO) CALENDAR DAYS AFTER RECEIVING YOUR WRITTEN NOTICE YOU HAVE ELECTED TO RESCIND THE PURCHASE CONTRACT., AND ALL OTHER PROVISIONS OF  THE  DECLARATION OF RESTRJCTIVE COVENANTS NOT INCONSISTENT WITH THE REMEDIES   SET   FORTH    HEREIN   SHALL   GOVERN.		NO OTHER REMEDIES PROVIDED IN SECTION O OF THE DECLARATION  SHALL BE AVAILABLE TO YOU AS A PROSPECTIVE INITIAL PURCHASER IF YOU RECEIVE THIS [LATE NOTICE or EXTENDED LATE NOTICE]

7.

DURING THE APPLICABLE CURE PERIOD, REGARDLESS OF WHETHER YOU AS A PROSPECTIVE INITIAL PURCHASER ELECT TO RESCIND THE PURCHASE CONTRACT.

If the Owner Default involves the failure to provide a Purchase Contract Notice or Owner provided a Purchase Contract Notice in substantially the correct fonn and location; however, such Purchase Contract Notice underestimated the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or the annual Capital Assessments by more than five percent (5%), then the Late Notice or Extended Late Notice shall also contain the following:
YOUR PURCHASE CONTRACT PROVIDES THAT  THE  PURCHASE PRICE   FOR   YOUR   DWELLING   UNIT   IS  AS  FOLLOWS:		[INSERT. PURCHASE PRICE INFORMATiONJ. THIS DWELLING  UNIT IS OR WILL BE WITHIN A COMMUNITY DEVELOPMENT DISTRICT ("DISTRICT"). THE DISTRICT PLANS TO ISSUE OR HAS ISSUED BONDS THAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO THIS DWELLING UNIT OVER A PERIOD OF UP TO THIRTY (30) YEARS TO FUND	CONSTRUCTION	OF	INFRASTRUCTURE    SERVING	THE PROPERTY IN THE ESTIMATED AGGREGATE AMOUNT OF  $  See Exhibit    B.	THIS DWELLING UNIT SHALL BE ASSESSED AN ESTIMATED CAPITAL ASSESSMENT OF$ See  Exhibit  B  IF  PAID  IN FULL    AT   CLOSING	OR    AN	ESTIMATED	ANNUAL	CAPITAL ASSESSMENT OF$ See Exhibit B FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON THE BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETHER THE CAPITAL ASSESSMENT IS PAID IN FULL AT CLOSING OR IN ANNUAL INSTALLMENTS IS AT THE OPTION OF THE PURCHASER TO BE EXERCISED AT THE TIME OF CLOSING.THESE AMOUNTS ARE DUE OVER THE TERM OF THE BONDS  IN  ADDITION TO THE PURCHASE PRICE. PURCHASER  ALSO UNDERSTANDS  THAT IF THE ACTUAL ANNUAL CAPITAL ASSESSMENTS  ON  THE DWELLING UNIT ARE MORE THAN FIVE  PERCENT  (5%)  HIGHER THAN THE ESTIMATED AMOUNT PROVIDED HEREIN, PURCHASER SHALL HAVE THE RIGHT TO RESCIND THIS AGREEMENT AT ANY TIME PRIOR TO CLOSING. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT THE ESTIMATED AMOUNT OF CAPITAL ASSESSMENTS	DOES		NOT		INCLUDE		ADMINISTRATIVE ASSESSMENTS WHICH SHALL BE LEVIED BY THE DISTRICT FOR OPERATIONS AND INFRASTRUCTURE MAINTENANCE AND  MAY VARY FROM YEAR TO YEAR AND FROM TIME TO TIME. IN  THE EVENT OF ANY CONFLICT BETWEEN THE DISCLOSURES IN THIS PROVISION AND THE ATTACHED CDD NOTICE, THE CDD NOTICE SHALL CONTROL.

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

8.

actual aggregate Administrative Assessments for each of the District's first three fiscal years by more than five percent (5%) and/or (ii) the actual Capital Assessment, if paid in full at closing,  by more than five percent (5%) and/or the actual annual Capital Assessment by more than five percent (5%), 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 but inaccurate CDD Notice.
Relief to a Prospective Initial Purchaser Who Actually Closes on a

Dwelling Unit After an Uncorrected Owner Default.

In the event Owner fails to give a Prospective Initial Purchaser 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 ("Actual Initial Purchaser") may demand, in writing, that Owner pay such Actual Initial Purchaser (i) the amount necessary to prepay all Capital Assessments principal, and interest on such Capital Assessments principal due through the next applicable bond payment date respecting the Dwelling Unit plus (ii) an amount equal to the sum of the share of the actual Administrative Assessments levied by the District on such Dwelling Unit for the District's first three (3) fiscal years immediately following the closing respecting the Dwelling Unit.
In the event that Owner gave to an Actual Initial Purchaser (i) both a timely CDD Notice-and Purchase Contract Notice and either underestimated the actual Capital
··Assessment, if paid in full at closing, by more than five percent (5%) and/or the actual annual Capital Assessments (as set forth in Table I of the CDD Notice) by more than five percent (5%) and such underestimate was not corrected by a timely and accurate Late Notice or Extended Late Notice or (ii) a timely CDD Notice and no Purchase Contract Notice, if applicable, and the CDD

·•-

Notice underestimated the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or the actual annual Capital Assessments by more than five percent (5%) and such underestimate was not corrected by a timely and accurate Late Notice or Extended Late Notice, then such Actual fuitial Purchaser may demand, in writing, that Owner (a)  pay such actual fuitial Purchaser, in the event he or she elects to pay the Capital Assessment in full at closing, an amount equal to the difference between the actual Capital Assessment due at closing and the estimated Capital Assessment due at closing disclosed in the CDD Notice to the Actual fuitial Purchaser or pay such Actual fuitial Purchaser, in the event he or she elects to pay an annual Capital Assessment, an amount equal to the difference between the actual aggregate amount of annual Capital Assessments, calculated over the term of the bonds,  levied  and imposed by the District on such Dwelling Unit and the aggregate amount of estimated annual Capital Assessments, calculated over the term of the bonds, actually disclosed in the CDD Notice to the Actual Initial Purchaser or, (b) if less, the amount necessary to prepay all Capital Assessments principal and interest on such Capital Assessments principal through the next applicable 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 actual  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 Purchaser may demand, in writing, that
·Owner pay such Actual fuitial Purchaser an amount equal to the difference between the actual amount of the Administrative Assessments levied and imposed by the District on such Dwelling Unit and the amount of estimated Administrative Assessments disclosed to the Actual fuitial

yo

l'urchaser in the CDD Notice calculated for the District's first three (3) fiscal years immediately

foHowing the closing based on the initial actual annual Administrative Assessments.

Upon such demand by an Actual Initial Purchaser under this Section 1.4, Owner shall deliver the applicable amount to the Actual Initial  Purchaser within  ten ( I OJ calendar days after: (I) receipt of written demand, or (2) after the date Capital Assessments anrt Administrative Assessments first become payable, whichever is later, unless Owner and Actual Initial Purchaser agree to another manner or time of payment.  An  Actual  Initial Purchaser shall provide to Owner written notice of election of remedy in this Section  on  or before one (I) year after the earlier of (I) the date that Capital Assessments and Administrative Assessments first appear on the Actual Initial  Purchaser's Combined Real Property tax bill for  the a.lfo ted Dwelling Unit or (2) if such assessments are directly billed by the District and do not
appear on the Actual Initial Purchaser's Combined Real Property tax bill, then the date that such Capit;,J Assessment and Administrative Assessments first appear on any bill sent to the Actual Initial ['urdrnscr by the District for the affected Dwelling Unit. After the expiration of that year, Owner shall not be obligated to provide any relief to such Actual Initial Purchaser under this l"lt:claration.
Nothing in this Section 1.4 shall be construed to relieve any Actual Jnitial Purchaser of the individual Dwelling Unit of liability for all lawful taxes and assessments including, but not limited to, any tax liability resulting from Owner's payments to such Actual initial Purchaser under Section 1.4.
Additional Disclosure through District Sign

Owner shall  display at every	entrance to a sales  office or area,  in a

c:onspicuous  location  readily available for viewing by Prospective  Initial  Purchasers of Dwelling

Cf!

Units, a sign with infonnation 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 fonn in large, boldface type:

KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

PURSUANT TO CHAPTER 190, FLORIDA STATUTES, THE KEYS EDGE 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, OPERATION, AND MAINTENANCE 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 KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT EXPECTS TO-ISSUE BONDS TO FINANCE A PORTION OF THE CONSTRUCTION OF REQUIRED PUBLIC INFRASTRUCTURE IN KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT. A PURCHASER OF PROPERTY  IN  KEYS  EDGE COMMUNITY DEVELOPMENT DISTRICT WILL BE  OBLIGATED  TO PAY ANNUAL ASSESSMENTS TO AMORTIZE THE DEBT AND FOR DISTRICT ADMINISTRATION, WHICH AMOUNTS ARE SEPARATE FROM THE PURCHASE PRICE OF THE PROPERTY AND OTHER ASSESSMENTS ON THE PROPERTY, ANO WHICH MAY VARY FROM YEAR TO YEAR AND FROM TIME TO TIME. THE TOTAL ANNUAL ASSESSMENTS VARY IN RELATION TO THE INFRASTRUCTURE 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 KEYS EDGE COMMUNITY DEVELOPMENT 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 THE KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT AND A PURCHASER'S BENEFITS AND OBLIGATIONS RELATING THERETO, CONTACT SPECIAL DISTRICT SERVICES, INC., 2501A BURNS ROAD, PALM BEACH GARDENS, FL, 33410 OR  TOLL FREE  AT (877) 737-4922.	.

1.6         Inspection 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 perfonnance of Owner in providing timely and accurate disclosure of estimated Capital Assessments and Administrative Assessments on Dwelling Units

-, -

.	C)"_?,":\.

wit/Jin the District. Prompt access shall be provided without prior notice of inspection by the County representatives, but only during normal business hours and without disruption of sales operations. The purpose of such inspection  is  only to determine  Owner's  overall  compliance with the afr,rementioned notice requirements and such inspection shall not authorize the County
10 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.
I.7	Sole Provider of Water. Wastewater. and Reuse Service

Owner acknowledges and agrees that the Florida City Utilities Department or its

:;11cccssor agency or department, shall be the exclusive provider of water, wastewater, and reuse '""·vice ,o aJJ lands within the Property. Service shall be provided by Florida City Utilities Depart)!•ent. in accordance with its general policies and procedures for providing service lhxoughout tltc City.
i.8	Application for Multi-Purpose Special Taxing District to Maintain

[9.fr.astruct!Jre

The costs of maintaining the infrastructure constructed with funding provided through the Dis,r.ict shall be the responsibility of the District  and its successors  and  assigns.  In order  to a,ssw e that such maintenance is performed, however, on or before the recording of a final plat on 'lllY portion of the Property, Owner shall apply to the Board for the creation of a multi-purpose special taxing district to maintain the infrastructure serving the  Property  including,  but  not limited to, roadways, drainage, walls, and landscaping, as applicable. Upon approval of the mu.lti-pmvose 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 the infrastructure serving the Property, as such failure 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 absence of such easement, covenant or agreement, as determined by the Board. Upon such determination, the Board shall authorize the activation of the multi-purpose special taxing district and cause the infrastructure to be maintained at the expense of such taxing district. By this provision, Owner hereby authorizes the Board and its officials, employees, and agents to enter upon the Property if the special taxing district is activated for the purpose of maintaining the infrastructure serving the Property. Owner further agrees to apply, at the time of plat, replat, or waiver of plat, as applicable, to provide for an easement for the benefit of the County and providing that at any and all times during which the infrastructure or any portion thereof is maintained by the County, the public shall have a right of perpetual access and use in those portions of the Property on which the infrastructure is
located including, but not limited to, the roadways serving the Property.
;
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 Purchasers and Actual Initial Purchasers of individual Dwelling Units within the Property, and their heirs, successors, and assigns, and shall be enforceable exclusively by such persons. After an individual Dwelling Unit has been once conveyed to an Actual Initial Purchaser, no further notice shall be required to be provided by Owner to any purchaser of a Dwelling Unit if the same has been improved with a residence. Ifa
., Dwe!ling Unit is conveyed as unimproved land, then such Dwelling Unit shall not be deemed to have been conveyed to a Prospective Initial Purchaser 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 such Dwelling Unit for sale to Prospective Initial Purchasers.

.  I .

The covenants set forth in Sections 1.6, I.7 and 1.8 shall run and be in favor of and to the benefit of the County or any successor municipal government, and shall be enforceable exclusively by such governmental entity.
Enforcement shall be by action against any party or person violating, or attempting to violate, any covenants herein. The prevailing party in any action or suit pertaining lo or arising out of this Declaration shall be entitled to recover, in addition to costs and disbmscments allowed by law, such sum as the Court may adjudge to be reasonable for attorney m1d paraprofessional fees and costs and expenses and trial and upon appeal. This enforcement provision shall be in addition to any other remedies available at law or in equity, or both.
J.	COVENANT RUNNING WITH THE LAND.

This Declaration on the part of Owner shall constitute a covenant running with the land and shall be recorded, at the. expense of Owner in the public records of the County, following the acccptm1cc by the Board of an ordinance approving the creation of the District, and shall remain in  foll  force and  effect  and  be  binding upon  the undersigned  Owner,  and  its successors  and
,ts,,ip;ns,  1mtil  such  time as the same  is modified  or  released.   These  restrictions  during their
iifelirne shall be for the benefit of, and binding upon, all present and future owners of the Prnp<!tly  and  for  the  public  welfare.   Owner,  on  behalf  of  its.elf and  its hei. rs, successors,  and
assigns, acknowledges that acceptance ' of this Declaration does not in any way obligate the County to undertake the construction or maintenance of any  infrastructure or any other duty or obI igatio11 of the District.
4.	TERM.
This Declaration is to run with the land and shall be binding on all parties and all persons dairning under it for a period of thirty (30) years from the date this Declaration is recorded, after which time it shall be extended automatically for successive periods of ten ( IO) years each,

- 15-

t·,,,.,...,..,

unless an instrument signed by the then owner(s) of the Property has been recorded agreeing to change the covenant in whole, or in part, provided that the Declaration has first been modified or released by the County.

6) MODIFICATION, AMENDMENT, OR RELEASE
This Declaration may be modified, amended, or released as to the land herein described, or any portion thereof, by a written instrument executed by the then owner(s) of all of the Property,·or of such portion as will be affected by the modification, amendment, or release, including joinders of any and all mortgagees, provided that the same is also approved by the Board, after public hearing.
Should  this  Declaration  be  modified,  amended,  or  released,  the  County  Manager or

successor official of the County, or the assistant in charge of the office in the County Manager's
\
absence,  shall  forthwith  execute  a  written  instrument  effectuating  and  acknowledging  such	.) modification, amendment, or release.
ELECTION OF REMEDIES
All rights, remedies, and privileges granted herein shall be deemed to be cumulative, and the exercise of any one or more shall neither be deemed to constitute an election of remedies, nor shall such exercise preclude the party exercising the same from exercising such other additional rights, remedies, or privileges.
SEVERABILITY
Invalidation of any one of the covenants herein by judgment of Court shall not affect any of the other provisions of this Declaration  which shall remain in full force and effect  However,  if any material portion of the covenants herein is invalidated and such provision is not timely amended or replaced, or cannot be timely amended or replaced in an enforceable way with

16-

rnalcfially the same effect as the invalidated provision, the County shall be entitled to revoke any appmval predicated upon the invalidated portion. It shall be Owner's obligation to apply for and
·t1,ligently pursue any such application for amendment or replacement.

ACCEPTANCE OF DECLARATION

Owner acknowledges that acceptance of this Declaration does not obligate the County in any manner with respect to the District, or with respect to any land use application on the Property, nor does it entitle Owner to a favorable recommendation or the approval of any application, zoning or otheiwise, and the Board and/or any Community Zoning Appeals Board
«nd ,,tlicr County boards, officials, and employees retain full authority to approve or deny such

application.

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-:- ,\
lN  WITNESS  WHEREOF.  the undersigned  has set its hand and seal to this Declaration	)
of Restriciive Covenants this 2L_ day of u	Y2006.
OWNER:
Gree Homes IX, l,LC, a Florida Limited Liability Company

By:	Gree Homes IX, Inc. a Florida Corporation, Managing Member

Emiliano Herran, Vice President

Owner's Address: 8500 SW gth Street
Miami,  FL 33144

I()

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Exhibit A

LEGAL DESCRIPTION

The West ½ of the Southeast ¼ of the Southeast ¼ of Section 23, Township 57 South, Range 38 East, of Miami-Dade County, Florida.

The North ¼ of the Southeast ¼ less the East 35 feet thereof, and the Southeast ¼ of the Northwest¼ of the Southeast¼ in Section 23, Township 57 South, Range 38 East, lying and being in Miami-Dade County, Florida.

The Northwest¼ of the Southwest¼ of the Southeast¼ of Section 23, Township 57 South, Range 38 East, of Miami-Dade County, Florida.

f/7

Exhibit B

CDDNOTICE

Table I. ESTIMATED TOTAL ANNUAL DISTRICT ASSESSMENTS DUE PER DWELLING UNIT FOR EACH OF THE
DISTRICT'S FIRST THREE (3) FISCAL YEARS (actual assessments may vary from the amounts set rortb below and Operations and Infrastructure Maintenam:e A5sessmeots mav be •:""'"er in sabset uent vean based on actual bud11ets adonted bv the District).

Type of Dwelling Unit (and Phase, if
Applleable)	Estimated d!!!!!!!! District Capital Assessments Including Principal and Interest
(see Sections 3.1 and
3.2 Below)	
Estimated illl.!I!!!!
Administrative Assessments (includes both Operations and Infrastructure Maintenance Assessments) (see Stttion 3.4Below)	

Estimated Total Annual District Assessments Due (or each of the District's Ont three (3) rascal years (see Section 3.5 Below)	
28" Unit With Gara11:e	$933	$67	$!000	
28'Unit	$900	$67	$967	
21' Unit	$870	$67	$937	
17' Unit	$800	$67	$867	
flat Unit	$750	$67	$817	

Table l BREAKDOWN OF ESTIMATED MONTHLY DISTRICT ASSESSMENTS FOR EACH OF THE flRST THREE (3) flSCAL
YEARS (actual assessments may vary from the amounts set fot1h below and Operations and Infrastructure Maintenance Assessments may be higher In subsequent years based on actual budgets adopted by the District).

Type or DweDing Uoit (and Phase, if
Applicable)	
Estimated Monthly District Operations Auwments	
Estimated .Mmill!lI District	
Estimated Monthly District Capital Assessments (Estimated Annual District Capital Assessments divided by 12)	
		Infrastructure Majnfenance
Assessments		
28' Unit With Garae:e	$6	$0	$78	
28' Unit	$6	$0	$15	
2t·  Unit	$6	$0	$73	
17' Unit	$6	$0	$67	
Flat Unit	$6	$0	$63	

Table 3 ESTIMATED INITIAL PAYOFF OF  CAPITAL ASSESSMENTS (does  not  include interest on the  bond  principal due  through the next Payment Date) AND ESTIMATED TOTAL PAYMENTS IF ANNUAL PAYMENTS ARE MADE OVER THE TERM OF THE BONDS

Type or Dwelling Unit (and Phase, lf
Applicable)	Initial Estimated Prepayment Amount to Pay off Dwelling UoitTs pro rata share of District Bonds at time Dwelling Unit Closes (this amount declines as principal payments are made annually and does NOT include interest that may be due through the next applicable bond payment date	Estimated l!!a1Capital Assessments including Principal anil Interest if Capital Assessments are Paid Aunually (No Prepayment) over Thirty (JO) years (Estimated Annual District Capital Assessments times JO)	
28" Unit With Garaar	$14.343	$27,990	
28" Unit	$13,83S	$27.000	
21· Unit	$13,374	$26,lO0	
IT Unit	$12,298	$24.000	
Flat Unit	$11,529	$22,500	
PURCHASERS INITIALS

...,,
._}

l,_ The District. All of the residential dwelling units ("Dwelling Units") in the Keys Edge Community Development District (the "Development") are also located within the boundaries of the Keys Edge Community Development District (the "District"). The District is a local unit of special-purpose 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 Miami-Dade County ("County"). The primary purpose of the District is to finance the cost of the public infrastructure of the Development which may include, without limitation, water and sewer facilities, environmental mitigation, roadways, the surface water inanagement 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 Infrastructure").

PURCHASER'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 are 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.

PURCHASER'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 Infrastructure identified in Section I. Currently, it is estimated  that  the Dwelling Units  in the Development will be assessed based on the Capital and Administrative Assessments listed in Table I  above and in Sections 3. I and 3.4 below (if paid in November) to retire the debt of the District, to pay for operations of the District and maintenance of the Public Infrastructure. District 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.	·

PURCHASER'S INITIALS

District Capital Assessments. The District expects to issue bonds (the "Bonds"), the principal of and interest on which will be payable from non ad valorem special assessments ("District Capital Assessments") levied by the District on the property within the
. DeveJopment, which property is found to be specially benefited by the Public Infrastructure.  Each Dwelling Unit is subject to a District Capital Assessment to repay the bonds.
PURCHASER'S-INITIALS

Amount. The estimated amount of annual District Capital Assessments including principal and interest levied on each Dwelling Unit is expected to be approximately
$See Exhibit B (approximately $ See Exhibit B per month), which sum shall be payable annually for the term of the Bonds (the principal repayment period may not exceed thirty (30)

2

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$ See Exhibit B.

 	 PURCHASER'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 interest 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

District Administrative Assessments. 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, "District Administrative Assessments"). Each Dwelling Unit shall be subject to District  Administrativ.e Assessments. The budget from which District Administrative Assessments are derived is subject  to change each year, and may vary from year to 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 Unit will be approximately $ See Exhibit B per year per Dwelling Unit, after which time such assessments may vary from year to year and from time to time.

 	 PURCHASER'S INITIALS

District Assessments. District Administrative Assessments together with
District Capital Assessments shall comprise the "District Assessments." While the District Assessments are not taxes under Florida law, the District Assessments will constitute a lien coequal with the.lien of State, County, Municipal, and School Board taxes, 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 INITIALS

'PURCHASER: .	PURCHASER:

Print Name: 		_ Date: 	_

Print Name: 	_
Date:------,--------

3

STATE OF FLORIDA	)
)	SS:
COUNTY OF MIAMI-DADE	)

I, HARVEY RUVIN, Clerk of the Circuit and County Courts, in and for Miami-Dade County Florida, and Ex-Officio Clerk of the Board of County Commissioners of said County, Do Hereby Certify that the above and foregoing is a true and correct copy of Ordinance 07-106, approved by the Board of County Commissioners at its meeting of July 24, 2007,  as appears of record.

IN WITNESS WHEREOF, I have hereunto set my hand and official seal on this 6th day of August, A.O. 2007.

HARVEY RUVIN, Clerk

Board of County Commissioners Miami-Dade County Florida

By: _J--a"""""""=---·----..	:,	.!9--------,'-""----
Deputy Clerk	d	""'

Board of County Commissioners Miami-Dade County, Florida