KEYS EDGE COMMUNITY DEVELOPMENT
DISTRICT

MIAMI-DADE COUNTY Special Board Meeting & Public Hearing
JUNE 6, 2024
10:30 A.M.

Special District Services, Inc. 8785 SW 165th Avenue, Suite 200
Miami, FL 33193

www.keysedgecdd.org 786.347.2700 ext. 2027 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA
KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT SPECIAL BOARD MEETING & PUBLIC HEARING
Hampton inn & Suites, 1st Floor Reef I Board Room 2855 NE 9th Street
Homestead, Florida 33030
June 6, 2024
10:30 a.m.
Call to Order
Proof of Publication	Page 1
Establish Quorum
Additions or Deletions to Agenda
Comments from the Public for Items Not on the Agenda
Approval of Minutes
May 21, 2024 Special Board Meeting	Page 2
Public Hearing – Uniform Method
Proof of Publication	Page 6
Receive Public Comments on the Use of the Uniform Method of Collection
Consider Resolution No. 2024-07 – Intent Adopting the Uniform Method of Collection of
Non-Ad Valorem Assessments Pursuant to Chapter 197, F.S	Page 7
Public Hearing – Levy of Non-Ad Assessments
Proof of Publication	Page 11
Receive Public Comments Regarding Intent to Levy Special Assessments
Consider Approval of the Project and Levying of Non-Ad Valorem Special Assessments Based on Comments from the Public
Consider Adjusting and Equalizing of Non-Ad Valorem Special Assessments Based on Comments from the Public
Consider Resolution No. 2024-08 – Authorizes the Project, the Intent to Levy Non-Ad Valorem Assessments; Intent to Utilize Chapter 197, F.S. for the Levy, Collection and
the Enforcement of Non-Ad Valorem Assessments; and the Adoption of a Final Assessment
Roll, Pursuant to Chapters 170 and 190, F.S	Page 12
Old Business
Staff Report, as Required
New Business
Administrative & Operational Matters
Staff Report, as Required
Board Member & Staff Closing Comments
Adjourn

KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT SPECIAL BOARD MEETING
MAY 21, 2024

CALL TO ORDER

District Manager Nancy Nguyen called the May 21, 2024, Special Board Meeting of Keys Edge Community Development District (the “District”) to order at 10:01 a.m. in the Conference Room located at 1200 NW 4th Street, Homestead, Florida 33030.

PROOF OF PUBLICATION

Ms. Nguyen presented proof of publication that notice of the Special Board Meeting had been published in the Miami Herald on May 13, 2024, as legally required.

ESTABLISH A QUORUM

Ms. Nguyen determined that the attendance of Chairman Ronald Fields, Vice Chairwoman Alicia Ale, and Supervisors Miriam Lopez and Jose Iglesias (who arrived at 10:06 a.m.) constituted a quorum and it was in order to proceed with the meeting.

Staff in attendance included: District Managers Nancy Nguyen and Armando Silva of Special District Services, Inc.; and General Counsel Ginger Wald (via conference call) of Billing, Cochran, Lyles, Mauro & Ramsey, P.A.
Also in attendance was: Yadira Cabus of ONX Homes.

CONSIDER RESIGNATION (FERNANDO ARANGO/SEAT 1; EFF. 9/15/23) AND APPOINTMENT TO VACANT SEAT

Ms. Nguyen stated that Fernando Arango’s resignation was never officially accepted by the Board of Supervisors (the “Board”) and it would be in order to accept it at this time. Ms. Nguyen presented a resignation letter from Fernando Arango with an effective date of September 15, 2023.
A motion was made by Mr. Fields, seconded by Ms. Ale and unanimously passed to accept the resignation of Fernando Arango, effective September 15, 2023.
Ms. Nguyen stated that there was now a vacancy in Seat 1 which term expires in November 2025.

Ms. Nguyen explained that Ms. Yadira Cabus would like the opportunity to serve on the District Board.

A motion was made by Mr. Fields, seconded by Ms. Ale and unanimously passed appointing Ms. Cabus to the unexpired 4-year term of office in Seat 1 and such term of office will expire in November 2025.

ADMINISTER OATH OF OFFICE AND REVIEW NEW BOARD MEMBER DUTIES AND RESPONSIBILITIES
Page 1 of 4

Ms. Nguyen, Notary Public in the State of Florida, administered the Oath of Office to Ms. Cabus. In addition, following the meeting, Ms. Nguyen will review the duties and responsibilities as a Board member with emphasis on the Sunshine Law, Financial Disclosure for Public Officials (2023 Form 1 must be completed electronically through the Florida Commission on Ethics Electronic Financial Disclosure Management System within thirty (30) days of appointment) and the Code of Ethics for Public Officials.

ELECTION OF OFFICERS

As a result of the changes to the Board of the District, Ms. Nguyen recommended that re-election of the District’s Officers take place. She provided the following slate of names for election:

Chairman – Ronald Fields
Vice Chairwoman – Alicia Ale
Secretary/Treasurer – Nancy Nguyen
Assistant Secretaries – Miriam Lopez, Jose Iglesias, Yadira Cabus, Armando Silva, and Gloria Perez
A motion was made by Mr. Fields, seconded by Ms. Ale and passed unanimously electing the District’s Officers, as listed above.

ADDITIONS OR DELETIONS TO THE AGENDA

There were no additions or deletions to the agenda.

COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA

There were no comments from the public for items not on the agenda.

APPROVAL OF MINUTES
1. April 29, 2024, Special Board Meeting

Ms. Nguyen presented the minutes of the April 29, 2024, Special Board Meeting and asked if there were any changes and/or corrections.

There being no changes, a motion was made by Mr. Fields, seconded by Ms. Ale and unanimously passed approving the minutes of the April 29, 2024, Special Board Meeting, as presented.
OLD BUSINESS
1.  Staff Report, as Required
There was no old business to discuss at this time.
NEW BUSINESS
Consider Resolution No. 2024-05 – Approving Term Extensions
Ms. Nguyen presented Resolution No. 2024-05 entitled:
Page 2 of 4

RESOLUTION NO. 2024-05

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT ADJUSTING THE TERMS OF OFFICE OF THE MEMBERS OF THE BOARD OF SUPERVISORS IN ACCORDANCE WITH SECTION 190.006(3)(a)2.c., FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE.

Ms. Nguyen explained that Florida Statutes requires that all elections of qualified electors of a community development district be held at a general election in November (on even years) and authorizes the District’s Board of Supervisors to adopt a resolution extending the terms of office in order to implement this requirement. A discussion ensued after which:

A motion was made by Mr. Fields, seconded by Ms. Ale and unanimously passed to approve and adopt Resolution No. 2024-05, as presented; thereby adjusting the terms of office, pursuant to Section 190.006(3)(a)2c, Florida Statutes, of the Board of Supervisors of the District. Seats 1, 2, and 4, which terms were scheduled to expire in November 2025, are hereby extended so that their terms of office expire in November 2026; and Seats 3 and 5, which terms were scheduled to expire in November 2027, are hereby extended so that their terms of office expire in November 2028.

Consider Resolution No. 2024-06 – Adopting A Fiscal Year 2024/2025 Proposed Budget
Ms. Nguyen presented Resolution No. 2024-06, entitled:
RESOLUTION NO. 2024-06

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT APPROVING AND ADOPTING A PROPOSED BUDGET AND NON-AD VALOREM ASSESSMENTS FOR THE FISCAL YEAR 2024/2025; AND PROVIDING AN EFFECTIVE DATE.

Ms. Nguyen explained that it is anticipated that the platted lots of the Aurora and Alba subdivisions will be assessed through the property tax collector; however, the developer will continue to be direct billed. Furthermore, Ms. Nguyen stated as part of Resolution No. 2024-06, the Board must set a date for the public hearing to adopt the fiscal year 2024/2025 final budget and assessment roll. A discussion ensued after which:
A motion was made by Mr. Fields, seconded by Ms. Ale and unanimously passed to approve and adopt Resolution No. 2024-06, as presented, setting the public hearing to adopt the fiscal year 2024/2025 final budget and assessments for July 24, 2024, at 3:00 p.m. in the Conference Room located at 1200 NW 4th Street, Homestead, Florida 33030; and further authorizes publication/notice of the budget public hearing, as required by law.

ADMINISTRATIVE & OPERATIONAL MATTERS
1.  Staff Report, as Required

There were no administrative or operational matter to discuss at this time.
Page 3 of 4

BOARD MEMBER & STAFF CLOSING COMMENTS

There were no further Board Member comments. Ms. Nguyen reminded the Board of the Public Hearing scheduled for June 6, 2024 at 10:30 a.m. in the Hampton Inn & Suites, First Floor Board Room (Reef I Board Room), located at 2855 NE 9th Street, Homestead, Florida 33030.

ADJOURNMENT

There being no further business to come before the Board, a motion was made by Mr. Fields, seconded by Ms. Ale and unanimously passed adjourning the Special Board Meeting at approximately 10:16 a.m.

Secretary/Assistant Secretary	Chairperson/Vice Chairperson

Page 4 of 4

RESOLUTION NO. 2024-07

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING THE USE OF THE UNIFORM METHOD FOR THE LEVY, COLLECTION AND ENFORCEMENT OF NON-AD VALOREM ASSESSMENTS, PERMITTED BY SECTION 197.3632, FLORIDA STATUTES; EXPRESSING THE NEED FOR THE LEVY OF NON-AD VALOREM ASSESSMENTS AND SETTING FORTH THE LEGAL DESCRIPTION OF THE REAL PROPERTY WITHIN THE DISTRICT'S JURISDICTIONAL BOUNDARIES THAT MAY OR SHALL BE SUBJECT TO THE LEVY OF DISTRICT NON-AD VALOREM ASSESSMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, Chapter 197, Florida Statutes, provides for the usage by the Keys Edge Community Development District (the “District”) of a uniform method of levying, collecting and enforcing its non-ad valorem assessments; and

WHEREAS, Chapter 197, Florida Statutes, sets forth certain requirements and procedures which have been implemented by the District in order to use said uniform method of levying, collecting and enforcing its non-ad valorem assessments; and

WHEREAS, pursuant to Section 197.3632. Florida Statutes, the District has caused notice of a public hearing to be advertised weekly in a newspaper of general circulation within Miami-Dade County, Florida for four (4) consecutive weeks prior to such hearing; and
WHEREAS, the Board of Supervisors (the “Board”) of the District, have determined that it is in the best interest of the District, for the District, to elect to use the uniform method for levying, collecting and enforcing non-ad valorem assessments as provided in Section 197.3632, Florida Statutes.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT, THAT:
The above recitals are hereby incorporated and adopted as the findings of fact of the Board.
That the uniform method for levying, collecting and enforcing non-ad valorem assessments as authorized by Section 197.3632, Florida Statutes, is hereby adopted for usage by the District.
That non-ad valorem assessments will in the future be required to be assessed and levied by the District in order to provide necessary funds for one or more of the following reasons:
Satisfying the lawful debt obligations of the District, and/or
Financing, constructing, maintaining and servicing the Improvements within the District, and/or

The administrative operation of the District, and/or
Such other lawful purposes which the District is empowered to provide as authorized by law.
That the uniform method for the levying, collecting and enforcing of non-ad valorem assessments now and in the future, shall, to the extent authorized by law, apply to all assessable lands within the District, and said boundaries of the District are described in attached Exhibit "A" which is incorporated herein and made a part hereof.

This resolution shall take effect immediately upon its adoption.

THIS RESOLUTION PASSED AND WAS ADOPTED this 6th day of June, 2024.

ATTEST:	KEYS EDGE
COMMUNITY DEVELOPMENT DISTRICT

By:			By:		 Secretary/Assistant Secretary			Chairperson/Vice Chairperson

EXHIBIT A
DISTRICT BOUNDARIES
KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT BOUNDARY MAP

Publication Date 2024-05-21

Subcategory Miscellaneous Notices

KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT
NOTICE OF PUBLIC HEARING TO LEVY AND PROVIDE FOR THE COLLECTION AND ENFORCEMENT OF NON- AD VALOREM
SPECIAL ASSESSMENTS AND SPECIAL BOARD MEETING
Notice is hereby given that the Board of Supervisors (the "Board") of the Keys Edge Community Development District (the "District") will conduct a Public Hearing and a Special Meeting to consider adoption of an assessment roll and the imposition of special assessments against certain properties within the boundaries of the District. The general location of the area where proposed public infrastructure improvements to be improved and assessed is within a tract of land consisting of approximately 90.22 gross acres located within the incorporated area of the City of Florida City in Miami-Dade County, Florida, in an area bounded by S.W.
336th Street on the north, S.W. 187th Road on the east, S.W. 344th Street on the south and S.W. 192nd Avenue on the west.
The purpose of the special assessments is to fund all or a portion of the cost of certain infrastructure improvements to certain properties within the area described above. The nature of the proposed improvements generally consists of, but are not necessarily limited to, off-site and on-site roadway improvements including the payment by the District of related road impact fees, stormwater management and drainage systems, water distribution system including the payment by the District of related connection charges, sanitary sewer system including the payment by the District of related connection charges and other related improvements, all as described more particularly in the Engineer's Report dated and accepted April 29, 2024, and as may be further revised, prepared by Alvarez Engineers, Inc. (the "Engineer's Report"), and the plans and specifications on file in the offices of Special District Services, Inc., 8785 SW 165th Avenue, #200, Miami, FL 33193 or 2501A Burns Road, Palm Beach Gardens, Florida 33410 (the "District Offices"). A description of each property to be assessed and the amount to be assessed to each piece or parcel of assessable property is set forth in the Master Special Assessment Methodology Report, dated and accepted April 29, 2024, and as may be further supplemented, prepared by Special District Services, Inc., (the "Master Report") on file in the District Offices.
A Public Hearing to receive comments from affected property owners as to the propriety and advisability of making such improvements, as to the cost thereof, as to the manner of payment thereof; and as to the amount thereof to be assessed against each parcel will be held, in conjunction with the Special Board Meeting, on June 6, 2024, at 10:30 a.m. in the Hampton Inn & Suites, 1st Floor Conference Room (Reef I Board Room) located at 2855 NE 9th Street, Homestead, Florida 33030.
All affected property owners have a right to appear at the Public Hearing and the right to file written objections with the District within twenty (20) days of the publication of this Notice.
If any person decides to appeal any decision made with respect to any matter considered at this Public Hearing, such persons will need a record of the proceedings and for such purpose said person may need to ensure that a verbatim record of the proceeding is made at their own expense and which record includes the testimony and evidence on which the appeal is based.
In accordance with the Americans with Disabilities Act, this document may be requested in an alternative format. Auxiliary aids or services will also be provided upon request with at least five (5) days' notice prior to the proceeding. Please contact the District Manager at 561-630-4922 and/or 877-737-4922 for assistance. If hearing impaired, telephone the Florida Relay Service (800) 955-8771 (TDD) for assistance.
Keys Edge Community Development District www.keysedgecdd.org
IPL0173552 May 21,28 2024

RESOLUTION NO. 2024-08
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING DISTRICT SYSTEMS, FACILITIES, SERVICES AND RELATED INFRASTRUCTURE IMPROVEMENTS; EQUALIZING, APPROVING, CONFIRMING, IMPOSING AND LEVYING CERTAIN NON-AD VALOREM SPECIAL ASSESSMENTS ON CERTAIN LANDS WITHIN THE DISTRICT SPECIALLY BENEFITTED BY SUCH IMPROVEMENTS, TO PAY A PORTION OF THE COST THEREOF; PROVIDING FOR THE PAYMENT AND THE COLLECTION OF SUCH SPECIAL ASSESSMENTS BY THE METHOD PROVIDED FOR BY CHAPTERS 170 AND 197, FLORIDA STATUTES; CONFIRMING THE DISTRICT’S INTENTION TO ISSUE SPECIAL ASSESSMENT BONDS; PROVIDING FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE.

BE IT RESOLVED BY THE Board of Supervisors (the “Board”) of the Keys Edge Community Development District (the “District”) as follows:
Section 1.	AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to Chapters 170, 190 and 197, Florida Statutes.

Section 2.	FINDINGS ASCERTAINMENTS AND DETERMINATIONS The
Board of the District hereby finds and determines as follows:
The District is a local unit of special purpose government organized and existing under and pursuant to Chapter 190, Florida Statutes, of the State of Florida (“State”), and was established by Miami-Dade County Ordinance 07-106, effective on August 3, 2007; as amended by Ordinance 07-173, effective on December 14, 2007; and further amended by Ordinance 25-35, effective on April 26, 2024; and

The District is authorized by Chapter 190, Florida Statutes, to construct onsite and offsite roadway improvements, landscaping, hardscapes, water management and control facilities for flood protection, potable water and waste water systems, and other infrastructure improvements to serve lands in the District (the “Improvements”); and

The District is authorized by Chapters 170 and 190, Florida Statutes, to levy non- ad valorem special assessments to pay all or any part of the cost of such improvements, and to issue special assessment bonds payable from such non-ad valorem special assessments as provided in Chapters 170 and 190, Florida Statutes (the “Special Assessment Bonds”); and
It is necessary to the public health, safety and welfare, and in the best interest of the District, that: (i) the District provide the Improvements, the nature and location of which are described in the “Engineer’s Report” (as hereinafter defined) and in the plans and specifications on file at the offices of the District Manager located at 8785 SW 165 Avenue, Suite 200, Miami, Florida 33193, and The Oaks Center, 2501A Burns Road, Palm Beach Gardens, Florida 33410 (the “District

Offices”); (ii) all or a portion of the cost of the Improvements be assessed against the lands within the District specially benefited by the Improvements; and (iii) the District issue special assessment bonds to provide funds for such purposes; and
The provision of the Improvements, the levying of such non-ad valorem special assessments and issuance of Special Assessment Bonds serve a proper, essential and valid public purpose; and
As set forth in Resolution No. 2024-02, adopted by the Board on April 29, 2024 (the “Initial Assessment Resolution”), it is the Board’s intention to defray all or a portion of the cost of the Improvements by levying non-ad valorem special assessments on the specially benefited properties located within the District; and
In order to provide funds to pay the costs of the Improvements, which are to be assessed against the specially benefited properties in the District, it is necessary for the District to sell and issue its Special Assessment Bonds, in one or more series; and
The Board has expressed its intention to issue Special Assessment Bonds in order to provide the funds needed for the Improvements prior to the collection of such non-ad valorem special assessments; and
The Initial Assessment Resolution was adopted in compliance with the requirements of Section 170.03, Florida Statutes, and prior to its adoption, the requirements of Section 170.04, Florida Statutes, had been complied with; and
The Initial Assessment Resolution was published as required by Section 170.05, Florida Statutes. A copy of the affidavit of publication is on file with the Secretary of the Board (i.e., the District Manager) at the District Offices provided in paragraph 4, above; and
A preliminary assessment roll was prepared and filed with the Board as required by Section 170.06, Florida Statutes; and
 Pursuant to Section 170.07, Florida Statutes, upon completion of the preliminary assessment roll, the Board adopted Resolution No. 2024-03, providing the time and place for a public hearing where owners of the properties to be assessed and other persons interested therein may appear before the Board and be heard as to (i) the propriety and advisability of making the Improvements; (ii) the cost of the Improvements; (iii) the manner of payment; (iv) the assessment methodology; (v) the amount to be assessed against each parcel of specially benefited property. Resolution No. 2024-03 further provided for notice of the public hearing to be provided by publication and mail; and
 ​Notice of the public hearing has been given by publication and by mail as required by Section 170.07, Florida Statutes, and affidavits attesting as to such publication and mailing are on file at the office of the Secretary of the Board at the District Offices; and

 ​At the time and place specified in Resolution No. 2024-03 and in the notice referred to in paragraph 13 above, the Board met as an “Equalization Board”, conducted such public hearing and heard and considered all comments and complaints as to the matters described in paragraph 12 above, and based thereon, has made such modifications in the preliminary assessment roll as it deems necessary, in the making of the final assessment roll; and

 ​Having considered the costs of the Improvements, revised estimates of financing costs, the assessment methodology, and all comments, complaints and evidence presented at the public hearing, the Board specifically finds, ascertains and determines:
that the estimated costs of the Improvements is $26,967,000, as specified in the Initial Assessment Resolution and in the District’s Engineer’s Report, dated and accepted April 29, 2024, as may be revised (the “Engineer’s Report”), a copy of which is attached hereto and incorporated herein as Exhibit “A”, and that the amount of such costs is reasonable and proper;

it is reasonable, proper, just and right to assess a portion of the cost of the Improvements, together with certain additional costs relating to the cost of issuance of the Special Assessment Bonds, against the properties within the District specially benefited thereby, using the method determined by the Board, which is set forth in the District’s Master Special Assessment Methodology Report, dated and accepted April 29, 2024, as may be revised (the “Master Report”), a copy of which is attached hereto and incorporated herein as Exhibit “B”, which will result in the levy of non-ad valorem special assessments to be set forth on the final assessment roll;

it is hereby found, determined and declared that the Improvements will constitute and result in special benefits to all parcels of real property to be listed on the final assessment roll within the District, a copy of which is attached hereto and incorporated herein as Exhibit “C”, and that such special benefits, in the case of each such parcel, will be equal to or in excess of the amount of the non-ad valorem special assessment thereon;

the non-ad valorem special assessments are apportioned fairly and reasonably; and,
it is desirable and in the best interests of the District that the non-ad valorem special assessments be paid and collected as herein provided.

Section 3.	AUTHORIZATION	OF	DISTRICT	IMPROVEMENTS.	The
Improvements are hereby authorized and approved and the proper officers, employees and agents of the District are hereby authorized and directed to take such further action as may be necessary or desirable to cause the Improvements to be made following the issuance of the Special Assessment Bonds.

Section 4.	ESTIMATED COST OF IMPROVEMENTS. The total estimated costs of the Improvements and the costs to be paid by non-ad valorem special assessments on all

specially benefited properties within the District are set forth in Exhibits “A” and “B”, respectively, hereto.

Section 5.	APPROVAL	AND	CONFIRMATION	OF	ASSESSMENT
METHODOLOGY. The Master Report is hereby approved and confirmed. The non-ad valorem special assessment or assessments against each respective parcel shown on the final assessment roll, a copy of which is attached hereto and incorporated herein as Exhibit “C”, are hereby equalized, approved, confirmed and levied, and together with interest and penalties thereon, as hereafter provided, shall be and shall remain a legal, valid and binding first lien on each such parcel until paid. Such lien shall be co-equal with the lien of all state, county, district, municipal or other governmental ad valorem taxes and superior in dignity to all other liens, titles and claims as provided in Section 190.021(9), Florida Statutes. Immediately following the adoption of this Resolution these non-ad valorem special assessments, as reflected in Exhibit “B”, attached hereto, shall be recorded by the Secretary of the Board of the District in a special book, to be known as the “Improvement Lien Book”. The special assessment or special assessments against each respective parcel shown on such final assessment roll and interest, costs and penalties thereon, as hereafter provided, shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be coequal with the liens of all state, county, district, municipal or other governmental taxes and superior in dignity to all other non-federal liens, titles, and claims. Prior to the issuance of any Special Assessment Bonds or any refunding bonds by the District, the District may, by subsequent resolution, adjust the acreage assigned to particular parcel identification numbers listed on the final assessment roll to reflect accurate apportionment of acreage within the District amongst individual parcel identification numbers. The District may make any other such acreage and boundary adjustments to parcels listed on the final assessment roll as may be necessary in the best interests of the District as determined by the Board by subsequent resolution. Any such adjustment in the assessment roll shall be consistent with the requirements of law. In the event the issuance of the Special Assessment Bonds or any refunding bonds by the District would result in a decrease of the special assessments, then the District shall by subsequent resolution, adopted within sixty (60) days of the sale of such Special Assessment Bonds at a publicly noticed meeting and without the need for further public hearing, evidence such a decrease and amend the final assessment roll as shown in the Improvement Lien Book to reflect such a decrease.
Section 6.	FINALIZATION	OF	NON-AD	VALOREM	SPECIAL
ASSESSMENTS. When all of the Improvements have been constructed or otherwise provided to the satisfaction of the Board, the Board shall adopt a resolution accepting the same and determining the actual costs, including financing costs thereof, as required by Sections 170.08 and 170.09, Florida Statutes. The District shall credit to each non-ad valorem special assessment for the Improvements, the difference between the non-ad valorem special assessment as hereby made, approved and confirmed and the proportionate part of the actual costs of the Improvements, as finally determined upon completion thereof, but, in no event shall the final amount of any such non-ad valorem special assessment exceed the amount of the benefits originally fixed, determined, ascertained, levied, imposed and assessed hereunder. In making such credits, no discount shall be granted nor credit given for any part of the payee’s proportionate share of any actual bond financing costs, such as capitalized interest, funded reserves, and bond discounts included in the estimated cost of any such Improvements. Subject to the foregoing, such credits shall be entered in the “Improvement Lien Book.” Once the final amount of non-ad valorem special assessments for all of the Improvements has been determined, the terms “special assessment”, “non-ad valorem assessment” or “non-ad valorem special assessment” shall, with respect to each parcel, mean the sum of the costs of the Improvements.

Section 7.  PAYMENT OF NON-AD VALOREM SPECIAL ASSESSMENTS AND METHOD OF COLLECTION.

All non-ad valorem special assessments shall be payable in no more than (30) annual installments, such installments to include principal and interest and be payable at the same time and in the same manner as are ad valorem taxes as prescribed in Chapter 197, Florida Statutes.

The District hereby elects, pursuant to its charter and Section 197.3631, Florida Statutes, to use the method of collecting special assessments authorized by Sections 197.3632 and 197.3635, Florida Statutes (the “Uniform Method”). The District has timely taken, or will timely take, all necessary actions to comply with the provisions of Sections 197.3632 and 197.3635, Florida Statutes, and any applicable rules adopted pursuant thereto; and, on or prior to the date the Special Assessment Bonds are issued, sold and delivered, the District shall enter into a written agreement with the Property Appraiser and Tax Collector of Miami-Dade County. Such non-ad valorem special assessments shall be subject to all of the collection provisions of Chapter 197, Florida Statutes.

Notwithstanding the foregoing, the District reserves the right under Section 197.3631, Florida Statutes, to collect its non-ad valorem special assessments pursuant to Chapter 170, Florida Statutes, and to foreclose its non-ad valorem special assessment lien as provided for by law.
All special assessments may be prepaid, in whole or in part at any time, by payment in an amount equal to the principal amount of such prepayment, plus applicable interest accrued to that next interest payment date for the Bonds, which is more than forty-five (45) days after the date of such prepayment. All special assessments are also subject to prepayment in the amounts and at the times set forth in Chapter 170, Florida Statutes, provided, however, that the owner of land subject to the Special Assessments may elect to waive such statutory right of prepayment. Prepayment of Assessments does not entitle the property owner to any discounts for early payment.

Section 8.  GOVERNMENTAL PROPERTY; TRANSFERS OF PROPERTY TO UNITS OF LOCAL, STATE, AND FEDERAL GOVERNMENT. Property owned by
units of local, state, and federal government shall not be subject to the Special Assessments without specific consent thereto. In addition, property owned by a property owners association or homeowners association that is exempt from special assessments under Florida law shall not be subject to the special assessments levied by the District pursuant to this Resolution. If at any time, any real property on which special assessments are imposed by this Resolution is sold or otherwise transferred to a unit of local, state, or federal government, or similarly exempt entity (without consent of such governmental unit or entity to the imposition of Assessments thereon), all future unpaid special assessments for such tax parcel shall become due and payable to the District immediately prior to such transfer without any further action of the District.
Section 9.  ASSESSMENT NOTICE. The District’s Secretary is hereby authorized to record, for of the Special Assessment Bonds, a general Notice of Assessments or Lien of Record relating the special assessments in the Official Records of Miami-Dade County, Florida.

Section 10. SEVERABILITY. If any section or part of a section of this resolution is declared invalid or unconstitutional by a court of competent jurisdiction, the validity, force and effect of any other section or part of a section of this resolution shall not thereby be affected or impaired unless such other section or part of a section of this resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

Section 11.  CONFLICTS. All resolutions or parts thereof in conflict herewith are, only to the extent of such conflict, superseded, amended or repealed as the circumstances may require.

PASSED, ADOPTED and EFFECTIVE this 6th day of June, 2024.

ATTEST:	KEYS EDGE
COMMUNITY DEVELOPMENT DISTRICT

By:			By:		 Secretary/Assistant Secretary			Chairperson/Vice Chairperson

Attachments:
Exhibit “A” – Engineer’s Report
Exhibit “B” – Master Special Assessment Methodology Report Exhibit “C” – Final Assessment Roll

EXHIBIT A
ENGINEER’S REPORT

Keys Edge Community Development District

Engineer’s Report
Infrastructure Improvements

Prepared for
Keys Edge Community Development District Board of Supervisors
Miami-Dade County, Florida

Prepared by
Alvarez Engineers, Inc.

8935 NW 35 Lane, Suite 101
Doral, FL 33172
Telephone 305-640-1345

E-Mail Address: Info@Alvarezeng.com

Accepted June 2, 2022
Revised April 29, 2024

TABLE OF CONTENTS
Narrative
Introduction	1
Composition of the Development	1
Purpose of this Engineer’s Report	2
Description of the Public Infrastructure	2
Estimated Schedule of Construction of the Public Infrastructure	3
Ownership and Maintenance	3
Permitting Status	4
Estimate of Public Infrastructure Costs	5
Engineer’s Certification	5
Exhibits (Maps)
Exhibit 1,	Development Master Plan	8
Exhibit 2,	Existing CDD Boundary	9
Exhibit 3	Proposed CDD Expansion and Contraction	10
Exhibit 4	Proposed CDD Boundary	11

Introduction.
The Keys Edge Community Development District (the “District” or “CDD”) was established by the enactment of Miami-Dade County (the “County”) Ordinance No. 07-106 on July 24, 2007. Such Ordinance became effective ten days later, August 3, 2007. To correct a scrivener’s error in the legal description, the County passed and adopted Ordinance No. 07-173 on December 4, 2007, such ordinance became effective on December 14, 2007.

ONX-ODAGLED Grand Palms II, LLC (the “Developer”) intends to develop a residential community named ONX Community (the “Development”) located within the limits of the City of Florida City (the “City”) in Miami-Dade County. The Development is made up of seven parcels, or sites, as depicted in the master plan shown on Exhibit 1. The Development is expected to encompass 278 Townhome units and 511 Single Family units for a total of 789 residential units within 90.22 acres of land.

The 81.84-acre area and boundaries of the CDD established in 2007 (the “Original CDD”) did not conform to the area or the boundaries of the new 90.22-acre Development, and therefore the District Board of Supervisors (the “Board”) filed a petition (the “Petition”) to the County to expand and contract the boundaries of the Original CDD as to make them conform to the boundaries of the new Development. The boundaries of the Original CDD are depicted in Exhibit 2, the areas to be added to, and removed from, the Original CDD, and which amount to a net increase of 8.38 acres, are shown on Exhibit 3, and the future boundaries of the 90.22-acre CDD, after expansion and contraction, are portrayed on Exhibit 4 (the “New CDD Boundaries”). The acreages and areas mentioned in this Engineer’s Report are approximate and will be defined and described in legal descriptions by a Professional Surveyor. This Engineer’s Report supersedes all previous engineer’s reports accepted by the CDD Board. The County approved the Petition by ordinance on April 16, 2024 with an effective date of April 26, 2024.

The District will partially finance the public infrastructure improvements that support the Development, including road improvements; Miami-Dade County road impact fees; the stormwater and drainage facilities; and the water and sewer systems, including Miami-Dade County or City connection charges. For the District to construct or acquire completed infrastructure improvements related to the Development, the Developer will transfer to the CDD in fee simple and at no cost, the tracts for open space, parks, and drainage, as well as the portions of the ingress and egress tracts in the Townhomes parcels. The roads within the Single-Family parcels are expected to be constructed within road right of ways that will be dedicated to the City by plat. The infrastructure improvements and the lands to be transferred to the CDD are referred hereinafter as the “Public Infrastructure.”

Composition of the Development.
The 90.22-acre Development will consist of the seven parcels listed in Table 1.
Table 1	
Parcel ID	Commercial Name	Acreage	No. of Residential Units	
			Townhomes	Single Family	
A	Luna	9.42	134		
B	Centro	9.92	144		
C	Aurora	17.79		142	
D	Flora	14.88		113	
E	Flora II	15.56		119	
F	Park	7.50	-	-	
G	Alba	15.15		137	
Sub-Total			278	511	
Total		90.22	789	

The land of the District will encompass CDD-owned and non-CDD-owned areas as shown in Table 2.

Table 2	
Parcel ID	Roads	Drainage	Water & Sewer	Parks	Open Space Tracts	
A	CDD	CDD	City	CDD	CDD	
B	CDD	CDD	City	CDD	CDD	
C	City	City	City	CDD	CDD	
D	City	City	City	-	CDD	
E	City	City	City	-	CDD	
F	-	CDD	City	CDD	CDD	
G	City	City	City	-	CDD	

Purpose of this Engineer’s Report.
This Engineer’s Report was prepared for the purpose of describing the Public Infrastructure that supports the Development within the District and to report as to its estimated construction costs, status of permits, and schedule of construction. The Public Infrastructure is to be partially financed by the District and will specifically benefit the landowners and residents living within the CDD boundaries as well as incidentally benefitting the general public.

Description of the Public Infrastructure.

The Public Infrastructure, as described in this Report, consists of roadway, stormwater management, drainage, water, and sanitary sewer improvements that will give service and access to the 789 residential units located inside the District’s boundary. The proposed Public Infrastructure, as outlined herein, is necessary for the functional development of the District and provides a direct and special benefit to the assessable lands within.

Roadway Improvements.
Onsite CDD Roads: The Onsite CDD Roads consist of the road right of ways within the Townhomes areas of the District (Parcels A and B, Refer to Exhibit 1 for the location). The Roadway Improvements within the Onsite CDD Roads include earthwork, road subgrades, bases, asphalt pavement, sidewalks, signs, and pavement markings.

Onsite City Roads: The Onsite City Roads consist of the road right of ways within the Single- Family homes’ areas of the District (Parcels C, D, E and G, Refer to Exhibit 1 for the location). The Roadway Improvements within the Onsite City Roads include earthwork, road subgrades, bases, asphalt pavement, sidewalks, signs, and pavement markings.
Collector City Roads: The Collector City Roads consist of the right of ways adjacent to the Development Parcels, i.e., SW 336 St, SW 187 Ave, SW 344 St, SW 192 Ave, SW 340 St, and SW 189 Ave. The Roadway Improvements within the Collector Roads include earthwork, road subgrades, bases, asphalt pavement, sidewalks, signs, pavement markings and signals.

The Developer intends to grant the onsite road right of ways to the District in fee simple and at no cost for the CDD, as indicated in Table 2, to either construct the roads or acquire them from the Developer when completed.

The County and City Road Impact Fees are included in the estimated cost of the CDD roadway improvements. The Developer intends to advance the funds to pay for the impact fees on behalf of the District.
The irrigation systems and the landscaping within the District in road right of ways and open spaces and parks will be maintained by the CDD. The irrigation systems and landscaping are to be transferred by the Developer to the CDD by bill of sale at no cost.

Stormwater Management and Drainage Facilities.

The District will fund the construction, or acquisition of, the drainage components of the Development, which consists of inlets, manholes, pipes, exfiltration trenches and appurtenances within the Onsite CDD and City Roads, as well as in all the parcels listed in Table 2 above.
For the purpose of the District to finance the construction or acquisition of the stormwater management and drainage facilities, the Developer intends to grant to the District at no costs and in fee simple, the parcels as indicated in Table 2 above.

The District will not finance the cost of any earthwork that involves the transportation to, or the spreading or grading on, the private lots.
Water Distribution and Sewer Collection Systems.

The cost of constructing the water and sewer systems is included in the Public Infrastructure. The systems extend from the point of connection with City utilities to the property lines of the residential lots. No lateral service lines beyond the water meters will be part of the Public Infrastructure.
The County and City Connection Charges are included in the estimated costs of the Public Infrastructure. The Developer intends to advance the funds to pay for the connection charges on behalf of the District.

Estimated Schedule of Construction of the Public Infrastructure.

Table 3	
	Begin Date (Quarter/Year)	End Date (Quarter/Year)	
Parcel A	Q2/2025	Q1/2026	
Parcel B	Q4/2024	Q2/2025	
Parcel C	Q3/2021	Q3/2023	
Parcel D	Q3/2024	Q2/2025	
Parcel E	Q3/2024	Q4/2025	
Parcel F	Q3/2024	Q1/2026	
Parcel G	Q2/2022	Q2/2024	

Ownership and Maintenance.

The District will partially finance the acquisition and/or construction of the Public Infrastructure. It will then transfer or retain the improvements to the following agencies for ownership and maintenance:

Table 4	
Description	Future Ownership	Future Maintenance	
CDD Roads	CDD	CDD	
City Roads	City	City	
CDD Drainage	CDD	CDD	
City Drainage	City	City	
Water and Sewer	City	City	
Parks	CDD	CDD	
Irrigation and Landscaping (Not CDD funded)	CDD	CDD	

Permitting Status.

The table below reflects the permitting status of the development as of the date of this Report.

Table 5	
Permit	Agency	In Process	Approved	Date/Anticipated	
Parcel A					
T-Plat	County			May 2025	
Final Plat	County			Jan 2026	
Paving and Drainage	County/City			March 2025	
Water & Sewer	County/City			March 2025	
Parcel B					
T-Plat	County			April 2024	
Final Plat	County			November 2024	
Paving and Drainage	County/City			August 2024	
Water & Sewer	County/City			August 2024	
Parcel C Phase I					
T-Plat	County		Mar 2021		
Final Plat	County		Nov 2022		
Paving and Drainage	County/City		May 2021		
Water & Sewer	County/City		June 2021		
Parcel C Phase II					
T-Plat	County		Mar 2021		
Final Plat	County		Nov 2022		
Paving and Drainage	County/City		Sep 2022		
Water & Sewer	County/City		Sept. 2021		
Parcel D					
T-Plat	County		Sep 2023		
Final Plat	County			Sep 2024	
Paving and Drainage	County/City			Aug 2024	
Water & Sewer	County/City			Aug 2024	

Table 5	
Permit	Agency	In Process	Approved	Date/Anticipated	
Parcel E			Sep 2023		
T-Plat	County			Sep 2024	
Final Plat	County			Aug 2024	
Paving and Drainage	County/City			Aug 2024	
Water & Sewer	County/City			Aug 2024	
Parcel F					
T-Plat	County		Sep 2023		
Final Plat	County			Sep 2024	
Paving and Drainage	County/City			Aug 2024	
Water & Sewer	County/City			Aug 2024	
Parcel G					
T-Plat	County		Sep 2022		
Final Plat	County		Dec 2023		
Paving and Drainage	County/City		Apr 2023		
Water & Sewer	County/City		Apr 2023		

Estimate of Public Infrastructure Costs.

Table 6	
Parcel ID	Roads ($) (1)	Drainage ($) (2)	Water/Sewer ($) (3)	Totals ($)	
A	1,749,000	306,000	645,000	2,700,000	
B	1,826,000	329,000	693,000	2,848,000	
C	2,957,000	970,000	1,821,000	5,748,000	
D	2,441,000	772,000	1,886,000	5,099,000	
E	2,559,000	813,000	1,526,000	4,898,000	
F	191,000	49,000	-	240,000	
G	2,742,000	935,000	1,757,000	5,434,000	
Totals	14,465,000	4,174,000	8,328,000	26,967,000	

(1)	Includes the cost of road impact fees and 10% contingency.
(2)	Includes 10% contingency.
(3)	Includes the cost of water and sewer connection fees and 10% contingency.

Engineer's Certification.
It is our opinion that the proposed improvements constituting the Public Infrastructure and their estimated costs are fair and reasonable, and that the residential lots within the assessment areas will receive a direct and special benefit equal to or greater than the cost of such improvements. The District will pay no more for the Public Infrastructure than the lesser of the actual cost or the fair market value thereof. We believe that the improvements can be permitted, constructed, and installed at the costs described in this report.

I hereby certify that the foregoing is a true and correct copy of the Engineer's Report for the Keys Edge Community Development District.

Juan R. Alvarez, PE
Florida Registration No. 38522 Alvarez Engineers, Inc.
April 29, 2024.

APPENDIX

EXHIBIT 1 - DEVELOPMENT MASTER PLAN

EXISTING CDD
BOUNDARY

EXHIBIT 2 - EXISTING CDD BOUNDARY

EXPANSION
AREA

EXPANSION
AREA

CONTRACTION
AREA

EXHIBIT 3 - PROPOSED CDD EXPANSION/CONTRACTION AREAS

EXHIBIT 4 - PROPOSED NEW CDD BOUNDARY

EXHIBIT B
MASTER SPECIAL ASSESSMENT METHODOLOGY REPORT

MASTER SPECIAL ASSESSMENT METHODOLOGY REPORT

PREPARED FOR THE
KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS

April 29, 2024

SPECIAL DISTRICT SERVICES, INC
2501A Burns Road
Palm Beach Gardens, Florida 33410 561-630-4922

INTRODUCTION
The Keys Edge Community Development District (the “District”) is a local unit of special purpose government located in the City of Florida City (the “City”) in Miami-Dade, Florida (the “County”). The District was established by Ordinance No. 07-106 enacted on July 24, 2007and effective on August 3, 2007, as amended by Ordinance No. 07-173 enacted on December 4, 2007 and effective on December 14, 2007 to correct a scrivener’s error in the legal description, and as further amended by Ordinance 24-35 enacted on April 16, 2024 and effective on April 26, 2024 to amend the original 81.84-acre boundaries of the District by expanding the total district boundary to 90.22 acres (collectively, the “Ordinance”). The Ordinance was enacted to provide for the construction, and/or acquisition, financing, long-term administration and management of certain infrastructure of the Development, as defined below.
The Keys Edge PUD (the “Development”) is a planned Development containing approximately 90.22 gross acres and is located in the City. The District is co-terminus with the Development and the lands within the District are planned for the following land uses:

Table 1 – Proposed Land Uses for the District

Land Use Category	Unit	
Townhomes	278 Dwelling units	
Single - Family	511 Dwelling units	
TOTAL	789 Dwelling units	

This Master Special Assessment Methodology Report (the “Master Report”) provides the allocation of special assessments as it relates to the sale and issuance of Special Assessment Bonds to be issued in one or more series (the “Bonds”) for the financing of public infrastructure improvements in the Development located in the District, including, but not limited to, the surface water management and drainage system, the water distribution system, the wastewater collection system and other related public improvements, as more particularly described in the hereinafter defined Engineer’s Report (collectively, the “Project”).

This Master Report equitably allocates the costs to be incurred by the District to provide the benefits of the Project to the developable lands within the Development as identified herein on Exhibit A. The improvements comprising the Project are described below and in the Engineer’s Report dated June 2, 2022, revised April 29, 2024, as may be amended and supplemented from time to time (the “Engineer’s Report”), which has been prepared by Alvarez Engineers, Inc. (the “District Engineer”).

Supplemental assessment methodology reports will be prepared for each series of Bonds that are to be issued, and will set forth the specific portion of the Project to be funded.

PROJECTS TO BE FUNDED BY THE DISTRICT

The District anticipates issuing Bonds to finance all or portion of the acquisition and/or construction of the Project. The total cost of the Project is estimated to be approximately $26,967,000. A detail of the Project costs is included herein on Table A. The Bonds will be repaid through the levy of non-ad valorem special assessments on all assessable property within the District. The Project has been designed to be functional and confer direct and special benefits to the landowners within the District which direct and special benefits equal or exceed the costs of the Project. Any portion of the Project not financed through the issuance of Bonds will be paid for by ONX-ODAGLED Grand Palms II, LLC (the “Developer”).

The acquisition and maintenance obligations for the District’s proposed infrastructure improvements constituting the Project are described in summary as follows (a detailed description is included in the Engineer’s Report):

All of the surface water management and drainage system will be constructed by the Developer and will be acquired by the District. The District will be responsible for the operation and maintenance of the system retained by the District and serve the District.

The water distribution and wastewater collection sewer systems will be constructed by the Developer and will be acquired by the District and dedicated to the City of Florida City Utility Department upon certification of construction. Upon such transfer by the District, the ownership, operation and maintenance of these systems will be the responsibility of City of Florida City Utility Department. In the event the connection charges are paid by the Developer these charges are being paid for and on behalf of the District.
Other construction items such as off-site utilities, including, but not limited to, on-site roadways, road impact fees, general utilities, water main, force main, and sitework. The District will be responsible for the operation and maintenance of the portion of the system retained by the District and which serves the Development.

The construction costs identified in this Master Report were provided by the District Engineer. Special District Services, Inc., as District Manager, makes no representation regarding the accuracy or validity of those costs and did not undertake any analysis or verification regarding such costs.
FUNDING OF IMPROVEMENTS
To defray the costs of construction and/or acquisition of all or a portion of the Project, the District will impose non-ad valorem special assessments on benefited real property within the District. These special assessments are based on the direct, special and peculiar benefits accruing to such property from the improvements comprising the Project. The use of non-ad valorem special assessments has an advantage in that the properties that receive the direct and special benefits from the Project are the only properties that are obligated to pay for those facilities and services. Without these improvements, development of the property would not be possible. The capital facilities which will be funded through these special assessments include only facilities which may be undertaken by a community development district under Chapter 190, F.S. This Master Report is designed to meet the requirements of Chapters 170, 190 and 197, F.S. and will describe the expected terms and conditions of the Bonds.
In summary, special assessments may be made only: (1) for facilities which provide direct and special benefits to property as distinct from general benefits, (2) only against property which receives that

direct and special benefit, (3) in proportion to the benefits received by such properties, and (4) according to fair and reasonable methods that the governing body of the jurisdiction determines. The special assessments (both capital special assessments and operation and maintenance special assessments) placed upon various benefited properties within the District must be sufficient to cover the debt service of the Bonds that will be issued for financing all or a portion of the Project and to pay the costs to maintain those portions of the infrastructure that remain under the ownership of the District. The assessments must be fairly and reasonably allocated to the properties being assessed.
ALLOCATION OF BENEFIT AND ASSESSMENTS
In developing the methodology used for special assessments for the Development in the District, two
(2) interrelated factors were used:

Allocation of Benefit: Each parcel of assessable land within the District receives a direct and special benefit from the proposed improvements.

Cost/Benefit: The special assessments imposed on each assessable parcel of land within the District cannot exceed the value of the direct and special benefits provided to such parcel.

The planned improvements comprising the Project is an integrated system of facilities designed to provide benefits to the assessable property within the District as a whole. The Project is intended to work as a total system which will provide direct and special benefits for each unit type. The fair and reasonable method of allocating the benefit to each planned residential unit has been accomplished by assigning an equivalent residential unit (“ERU”) to each unit. Therefore, for the purpose of this Master Report each single family residential unit will be assigned one (1.0) ERU and each Townhome residential unit will be assigned (0.85) ERU as listed in Table 2 below.

Table 2 – Equivalent Residential Unit (ERU)

Product Type	# of Units	ERU Factor	ERUs	
Townhome	278	0.85	236.30	
Single-Family	511	1.00	511.00	
TOTAL UNITS	789		747.30	

The special assessments will initially be levied across all the gross acreage in the District. The lien will shift to the parcels in the District, as represented in Table F upon platting on a first platted, first assigned basis.
The amount of the special assessments that will shift to platted lots is based on the schedule in Table
F. Land that is sold in the District prior to platting will have a lien amount attached to the parcel that is equal to the development rights conveyed with such parcel and type of planned use. Special assessments will then be assigned in accordance with Table F. As platting occurs the special assessments will be assigned on a first platted first assigned basis to platted lots receiving property folio numbers, and allocated on an ERU basis as shown herein on Table F.

In addition to the special assessments imposed for debt service on the Bonds, the District will also levy an annual administrative assessment to fund the costs of operating and managing the District. As each residential dwelling unit will benefit equally from the operation and management of the District

and the Project, the annual operation and management assessments will be allocated equally to each assessable lot or unit.

Given the District’s land use plan and the type of infrastructure to be funded by the special assessments, this method will result in a fair allocation of benefits and services and an equitable allocation of costs for the proposed Bonds. However, if the future platting results in changes in land use or proportion of benefit per unit, this allocation methodology may not be applicable and it may be necessary for the District to revise this methodology.
COLLECTION OF SPECIAL ASSESSMENTS
The proposed special assessments relating to the Project will be collected through the Uniform Method of Collection described in Chapter 197, Section 197.3632; F.S. or any other legal means available to the District.

Since there are costs associated with the collection of the special assessments (whether by uniform method of collection as authorized under Chapter 197.3632, F.S. or other methods allowed by Florida law), these costs must also be included in the special assessment levy. These costs generally include the 1% collection fee of the County Tax Collector, a 1% service fee of the County Property Appraiser and a 4% discount for early payment of taxes. These additional costs may be reflected by dividing the annual debt service and operation and maintenance assessment amounts by 0.94.
FINANCING STRUCTURE
The estimated cost of the Project is approximately $26,967,000. The construction program and the costs associated therewith are identified herein on Table A.

All or a portion of the capital improvements comprising the Project is to be financed by the Bonds and when issued which will be payable from and secured by special assessments levied annually on all assessable properties in the District. The total aggregate principal amount of the Bonds that may be issued by the District for the Project is approximately $33,500,000. The proceeds of the Bonds will provide approximately $26,967,000 for construction related costs. The sizing of the Bonds includes a debt service reserve fund, capitalized interest and issuance costs as shown on Table B. Please note the above referenced Bond sizing is a maximum amount used for this Master Report and the Developer may request the District to issue a lesser amount of Bonds that are less than those presented. The Bond debt allocations are shown on Table D.
MODIFICATIONS, REVISIONS AND TRUE-UP MECHANISIM
Allocation of costs and benefits, shown herein on Table C, for the Project financed by the District is initially based on the estimated number of dwelling units projected to be developed and benefited by the infrastructure improvements comprising the Project. Based on a Bond size of $33,500,000, at an assumed interest rate of 8.00%, the maximum annual debt service for the Bonds as shown herein on Table E, will be approximately $2,975,719 which has not been grossed up to include the 1% County Tax Collector fee, 1% County Property Appraiser fee, and 4% discount for early payment of taxes.

To ensure that each residential lot is assessed no more than their pro-rata amount of the annual non- ad valorem assessments shown herein on Table F, the District will be required to perform a “True- Up” analysis, which requires a computation at the time of submission of each plat, re-plat or sale of a

parcel to determine the potential remaining assessable dwelling lots/units. The District shall, at the time a plat or re-plat or parcel sale is submitted to the City:

Assume that the total number of assessable residential units being utilized as a basis for this assessment methodology is as described below, Table 3 (“Total Assessable Lots/Units”).

Table 3 – Total Assessable Lots/Units for the District

Land Use Category	Unit	
Townhomes	278 Dwelling units	
Single-Family	511 Dwelling units	
TOTAL	789 Dwelling units	

Ascertain the number of assessable residential dwelling lots/units in the proposed plat or re- plat or parcel sale and all prior plats or parcel sales (“Planned Assessable Lots/Units”).

Ascertain the current amount of potential remaining assessable dwelling lots/units (“Remaining Assessable Lots/Units”).

If the Planned Assessable Lots/Units are equal to the Total Assessable Lots/Units no action would be required at that time. However, if the sum of the Planned Assessable Lots/Units and the Remaining Assessable Lots/Units are less than an estimated number reflected in Table 2, the Developer will be obligated by the District to remit to the District an amount of money sufficient to enable the District to retire an amount of Bonds plus accrued interest such that the amount of non-ad valorem assessments allocated to each Planned Assessable Lot does not exceed the amount of debt service that would have been allocated thereto had the total number of Planned Assessable Lots/Units and Remaining Assessable Lots/Units not changed from what is represented in Table 2. Conversely, if the Planned Assessable Lots/Units and Remaining Assessable Lots/Units of the residential lots/units is greater than the Total Assessable Lots/Units, then, there will be a pro-rata decrease in the annual non-ad valorem assessments to all of the benefited properties.
All assessments levied run with the land. A determination of a true-up payment shall be based on the terms and provisions of a true-up mechanism described in this Master Report. It is the responsibility of the landowner of record to make any required true-up payments that are due. The District will not release any liens on the property for which true-up payments are due until provision for such payment has been satisfied.

In the event that additional land is annexed into the District which is currently not subject to the assessments and is developed in such a manner as to receive special benefit from the Project described herein, it will be necessary for this assessment methodology to be re-applied to include such parcels. The additional land will, as a result of re-applying this methodology, then be allocated an appropriate share of the special assessments while all currently assessed parcels will receive a relative reduction in their assessments.

PRELIMINARY ASSESSMENT ROLL
When fully developed, the current site plan for the District will include the land uses in Table 3.
ADDITIONAL STIPULATIONS
Certain financing, development, and engineering data was provided by members of District staff, Consultants and/or the Developer. The allocation methodology described herein was based on information provided by those professionals. Special District Services, Inc. makes no representations regarding said information beyond restatement of the factual information necessary for compilation of this report.

Special District Services, Inc. does not represent the Keys Edge Community Development District as a Municipal Advisor or Securities Broker nor is Special District Services, Inc. registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, Special District Services, Inc. does not provide the Keys Edge Community Development District with financial advisory services or offer investment advice in any form.

*********************

TABLE A PROJECT COST ESTIMATES
KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

TOTAL

ROADWAYS	$	14,465,000	
		
STORMWATER MANAGEMENT SYSTEM	$	4,174,000	
		
WATER / SANITARY SEWER SYSTEM	$	8,328,000	
		
TOTAL	$	26,967,000	

TABLE B BOND SIZING
KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

BOND SIZING

Par Amount*	$	33,500,000	*	
				
Debt Service Reserve Fund (DSRF)	$	(2,975,719)		
				
Capitalized Interest	$	(2,680,000)		
				
Issuance Costs	$	(877,281)		
				
Construction Funds	$	26,967,000		
				
Bond Interest Rate		8.00%		
				
Principal Amortization Period (Years)		30		
*Subject to change at final bond pricing				

TABLE C ALLOCATION OF PROJECT COSTS
KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

Product	Number of Units
by Type	
ERU Factor	
Total ERUs	Project Cost Allocation Per Type	Project Cost Allocation Per
Unit*	
TOWNHOMES	278	0.850	236.30	$	8,527,100	$	30,673	
SINGLE-FAMILY	511	1.000	511.00	$	18,439,900	$	36,086	
TOTAL	789	N/A	747.30	$	26,967,000	N/A	
*Rounded

TABLE D ALLOCATION OF BOND DEBT
KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

Product	Number of Units
by Type	
ERU Factor	
Total ERUs	Bond Debt Allocation Per Unit
Type	Bond Debt Allocation Per
Unit*	
TOWNHOMES	278	0.850	236.30	$	10,592,868	$	38,104	
SINGLE-FAMILY	511	1.000	511.00	$	22,907,132	$	44,828	
TOTAL	789	N/A	747.30	$	33,500,000	N/A	
*Rounded

TABLE E

CALCULATION OF ANNUAL DEBT SERVICE

KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

Bond Debt

1 Maximum Annual Debt Service	$	2,975,719.02		
			
2 Maximum Annual Debt Service Assessment to be Collected	$	3,165,658.53	*	
			
3  Total Number of Gross Acres	90.22		
			
4 Maximum Annual Debt Service per Gross Acre	$35,088.21		
			
5 Total Number of Residential Units Planned	789		
			
6 Maximum Annual Debt Service per Unit Type	See Table F		
*Grossed up to include 1% collection fee of the County Tax Collector, 1% service fee of the County Property Appraiser and 4% for early payment of taxes.

TABLE F

ALLOCATION OF DEBT SERVICE ASSESSMENTS

KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

Product	
Number of Units by Type	
ERU Factor	
Total ERUs	**Maximum Annual Debt Assessment Per Unit*	**Maximum Annual Debt Assessment Per Unit Type*	
TOWNHOMES	278	0.850	236.30	$	1,000,997	$	3,601	
SINGLE-FAMILY	511	1.000	511.00	$	2,164,661	$	4,236	
TOTAL	789	N/A	747.30	3,165,659	$	3,165,659	
*Rounded
**Grossed up to include 1% collection fee of the County Tax Collector, 1% service fee of the County Property Appraiser and 4% for early payment of taxes.

Folio ID#'s and/or Parcel Plat Description	Developable Acreage by Parcel	**Maximum Annual Debt Assessment Per Acre*	
Par Debt Per Acre	
Total Par Debt	
Exhibit A	90.22	$	35,088.21	$	371,314.56	$	33,500,000	

TOTALS		N/A	N/A	$	33,500,000	
*Rounded
**Grossed up to include 1% collection fee of the County Tax Collector, 1% service fee of the County Property Appraiser and 4% for early payment of taxes.

Exhibit A

EXHIBIT 1 - DEVELOPMENT MASTER PLAN

EXHIBIT C
FINAL ASSESSMENT ROLL