MINUTES OF MEETING			
	ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT		
The	regular  meeting	of the  Board  of Supervisors  of the  Rolling	Oaks  Community		

Development District was held Thursday, August 16, 2018 at 12:06 p.m. at the Heritage Crossing		

Community Center,

7715

Heritage Crossing Way, Reunion,

Florida

Present and constituting a quorum were:			
John Chiste	Chairman		
Jared Bouskila			
	Vice Chairman		
Cora DiFiore			
	Assistant Secretary by telephone		
Peter Brown			
	Assistant Secretary		
Samir Yajnik			
	Assistant Secretary by telephone		
			
Also present were:			
George Flint	Manager		
Vivek Babbar	Attorney by telephone		
Bruce Taylor	Engineer by telephone		
Cynthia Slattum			
	Resident		
Blake Roby	Resident		

FIRST

ORDER

OF

BUSINESS

Roll Call

Mr.

Flint called the meeting to order and call~d the roll.

SECOND

ORDER

OF

BUSINESS

Public Comment Period

Mr. Roby stated a question my understanding that they are still of questions for that position. Who

that a lot of the owners have is with respect to the club. It is in the hiring phase for the manager but there seems to be a lot should we direct those questions to right now?

Mr. Chiste stated					
			that is not a CDD question that is a developer question.		
Mr.	Flint stated the	Community Development District is a governmental entity that was		

established to finance and maintain the infrastructure within the Rolling Oaks project.  Questions		
about the	roads	or stormwater	system or common area landscape maintenance all those items		

would be	something that would fall under the	Not the		
					purview of the CDD.			
						landscape maintenance		

of

the club or some private property.

You

can

think

of

it

in

terms

of

a small city

or that

type

of

August 16, 2018

Rolling

Oaks CDD

entity.  This entity finances and maintains public						
			infrastructure.  Questions about the club or when		
is my	house going to be done	or the hotel,						
			those are really					
				private developer	related questions.		
									
Sometimes you have those people sitting on this Board.						
	Mr.	Chiste stated we can't answer						
			your questions during this meeting.	You can ask me		
									
after the meeting.							
	Ms. Slattum stated another question from						
			one of the owners was,				
					these are 30-year bonds,		
correct?								
	Mr.	Flint							
		responded that is correct.						
	Ms. Slattum stated whether they buy today or five		now	it is			
			years from					
						still a 30-year bond.		
	Mr.	Flint stated if they buy it five years from now there will	be 25	years left on that bond.		
						
There are principal and							
		interest payments paid every year and					
				that principal is getting paid down		
over time,								
	but it doesn't restart	every time you sell.						
									
	Mr.	Chiste stated that comes as part of your						
			property tax bill.					
	Mr. Flint	get a						
		stated we can							
			little bit more into that during the budget discussion.		

THIRD

ORDER

OF

BUSINESS

Approval

Meeting

of

the Minutes of the June

14, 2018

On		by	Mr. Chiste seconded by	Mr. Bouskila with all		
MOTION					
favor the	minutes	of	the June	14, 2018 meeting were approved		
presented.							

in

as

FOURTH

ORDER

OF

BUSINESS

Approval

Report

of

Disclosure

of

Public Financing

	Mr. Flint stated	the next	item is	indicated as being under separate	cover but it	is the		

													
Disclosure of			I talked with District Counsel before the meeting, it has already		
		Public Financing.			
been	recorded, it was part of the	bond closing so there is no						
							additional action required by the Board.		
Just for the	record and	audience	comments, the statutes have  certain disclosure requirements		

related to							when the					
	Community Development Districts and one of those is		District is created there		
											
is a requirement											
		that a Notice of								
					Establishment is						
							recorded in the	County records that way anytime		
										
anyone is considering					of Establishment comes up.	Also		
			buying property within a CDD that Notice				
if the District issues										
			bonds there is a requirement that we record what is called a Disclosure of		
Public Financing	and that is also recorded	in the County						
							records	and would also come up in	a title		

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August 16, 2018

Rolling

Oaks CDD

search when you are closing on a new property. deals with the bond issue, what the bonds were relation to that. That might be a document that

What the		
disclosure of public	
	financing does is	
issued to fund and it		
answers a lot of questions	
could be		
helpful for you.		

it in

FIFTH ORDER OF BUSINESS

Acceptance

of

Fiscal

Year

2017 Audit Report

		Mr.								
		Flint stated next is							
			acceptance of the Fiscal Year						
				2017 Audit Report. As a government		
entity I indicated							
			previously that Districts have to have an annual independent audit performed and		
McDirmit Davis provided those services. This is for Fiscal Year						
				2017, which ended				
						last September		
30	th	•  It already has been filed with the State of Florida, it was required to be	filed by June 30	th	and		

we are asking the Board to							
			ratify the filing of that and if you have any					
					comments or questions we		
can discuss that.	I		if there were any				
			will note in the management letter on page 27					
						issues, findings		
or	recommendations in the							
			audit they were be reflected there.  They also have to look at a number		
of criteria that are specified by the Auditor General of the State of Florida and				
						they have done that		
and found that we have complied with all those requirements.						

On	by Mr. Chiste			
MOTION		seconded by Mr.		
favor the Fiscal Year 2017 Audit was accepted		
Audit to the				
State of Florida was ratified.		

Bouskila with all in and transmittal of the

SIXTH ORDER OF BUSINESS	Public Hearing	

A.

Consideration Relating to the

of Resolution 2018-05 Adopting Annual Appropriations

the Fiscal Year 2019 Budget and

Mr. Flint								
	stated next is a					
				public hearing, there are actually two hearings, the first one is to		
consider		of	the						
adoption			budget for next fiscal year and the second one is to impose the assessments		
						
related to the budget	that was adopted.  They are really treated as one public hearing.  We will go		
					
ahead and open the public hearing and we do have a couple			
						members of the public here and if		
there are any comments or questions either on the proposed budget for Fiscal	Year 2019 or on the		
									
assessment	resolution you can ask those.  I				
					will go through the budget quickly and it may answer		
some of the questions.						
Resolution	2018-05  adopts  the  budget  for  2019,  exhibit  A  to  that  resolution  is  the		
				
recommended proposed budget.  You	can see on page 1,	on			
						the revenue side there are currently		
262  platted  units	at	$500  a  unit that  generates  about	$131,000  and that  is reflected  under		
						
assessments								
	and then there is					
				developer contributions estimated at about			
						$225,000 so the on-roll		

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August 16, 2018											Rolling Oaks COD		
																	
assessments for the 262 lots are	only projected	to cover $131,000	of the		
															estimated $356,000 in		
costs.	The balance of the										
							budget that is not covered by assessments.the District would enter into		
a Developer Funding Agreement and the developer would be				
													obligated to pay any of those costs.		
	Mr.	Chiste												
					asked stated this is the initial year relative to	projections of landscaping and		
																
maintenance, which is												
					really the bulk of the							
										$356,000, we have the same issue at another District,		
it is																	
likely that the developer will	pick up the balance of that.				
												
	Mr.	Flint	responded yes, the developer is obligated to fund the $225,000 plus any shortfall.		
						
	Mr.	Chiste stated	if for some reason isn't	that much, the funds get		
															carried forward and we		
would reassess next year for a lesser amount.							
	Mr.	Flint stated	potentially.  Right now these are estimates based on the area that we		
								
anticipate we will be maintaining.  We will be soliciting				
													proposals for the		
															landscape maintenance		
and the other costs when we actually enter into those agreements.				
	There is also a debt service fund and that is on	page 5.  We issued		
															bonds in 2016, which		
those are intended to cover the first 500 platted lots within Rolling Oaks and it is anticipated there		
will be two additional bond										
							issues, but they don't					
												overlap so this first 500 lots would be subject to		
the series 2016 bonds and the										
							next phase of the development there will be		
															another bond issue that		
would apply to							Associated with the 2016 bonds you can see on page 5		
			that and then the final.			
there is																
	currently 262 platted units the per unit net amount is $2,225 per unit per year and that is		
grossed up for discount and collection costs.  What will actually be on your tax bill will be 6%		
higher but if you pay your tax bill in	November you get a 4% discount, but the 2% collection costs		
											
would ultimately		have to		be paid even	if you	paid it in November.  The amortization schedule is		

on																	
pages 6 and 7 it shows that the bonds were issued in 2016, there was a capitalized interest period		
so the 30 years	started on	November 1 and they go through 2047.				

Mr. Chiste		
asked what is 262?	
Mr. Brown stated phase 5,	phase 6 is	

500.

187 units so

it

won't

quite

pick up the balance

of

the

Mr. Flint stated I think we are	
	about to embark on the	
	process for the next series of	
probably next month.	Again, that won't affect these	
	first folks because they are separate.	
Are there any questions or comments from the public as	
	part of the public hearing?	
we will bring it		
back to the Board for	
	discussion and consideration of	
	Resolution 2018-05.	
Mr. Chiste		
stated the reserve account we are getting through that now.	

bonds

If not

4

August 16, 2018

Rolling

Oaks CDD

and

Mr.

May 1,

Flint stated yes I think November 2019 is an interest only payment.

1,

2018 is your first principal and interest payment

On MOTION by favor Resolution

Mr. 2018

Chiste seconded by -05 was approved.

Mr.

Bouskila

with

all

in

B.	Consideration	of	Resolution  2018-06  Imposing  Special  Assessments  and		

Mr.	Certifying an Assessment Roll					
	Flint	stated  the  next  resolution  is  2018-06  and this  resolution just imposes  the		
				
assessments that were							
		included in the budget you just adopted and authorizes us to certify the tax		
roll to the County for							
		inclusion on the tax bill. There are					
				two exhibits to it, Exhibit A is the adopted		
budget and	Exhibit Bis the							
		assessment roll.  I have					
				one copy of the				
					assessment roll	with me listing		
									
all 262 lots and the per unit amounts.					
	On	MOTION	by	Mr. Bouskila seconded by Mr.	Chiste with	all in			
									
	favor Resolution 2018-06 was approved.					

Mr.

Flint stated we will close the public hearings.

SEVENTH ORDER OF BUSINESS Mr. Flint stated item seven is the

Consideration	of	Fiscal	Year  2018/2019		
Funding Agreement				
				
funding agreement and		are		
	because we			
			relying partially		

we are not relying fully

on

assessments to fund the budget.

We

do

have

a funding agreement

drafted between the CDD and Rolling Oaks Splendid, LLC and	same			
			this is in the		form the Board		
							
and developer have						
	seen in the past.					
Mr. Babbar stated it is essentially assessing some stuff on-roll and				
			this is the first year of		
the	on						
District taking							
	operations and this funding agreement contemplates the collection on the		
undeveloped unplatted properties that are anticipated to be					
		developed in the	next fiscal year.		
						
On		by Mr. Chiste seconded by Mr.					
MOTION		Bouskila with all in			
favor the Fiscal Year 2019 funding agreement with Rolling Oaks			
Splendid, LLC was approved.					

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August 16, 2018

Rolling

Oaks

CDD

EIGHTH ORDER OF BUSINESS

Acceptance	of		Audit	
Recommendation	and	Selection	
Ranked Firm to Provide Auditing	
Fiscal Year 2018				

Committee of  No.  1 Services for

Mr.

Flint stated next is

acceptance

of

the Audit Committee's recommendation and selection

of the no.	1	ranked firm.  The				
		Board sat as the Audit Committee prior to the		
				Board Meeting and		
ranked Berger				
		Toombs as the no. 1 firm.				
		On MOTION by Mr. Bouskila seconded by Mr.		
		favor the		Chiste with all in		
			of the Audit Committee of Berger Toombs		
		recommendation			
		being ranked no. 1 was				
		accepted and staff authorized to enter into an		
		agreement with Berger Toombs			
			and the Chairman		
		execute the agreement.		was authorized to		
						
NINTH ORDER OF BUSINESS	Staff Reports			

A.	Attorney

i.

Signage Easement Agreement

Mr.

Babbar stated I want to

update

the

Board

on

a

brief

discussion I had regarding some

of

the	retail partners they are requesting a potential signage easement agreement.		

It

is in the

preliminary stages.	Peter, do we have

an

update

on

the exhibits

so

that

we

can

move

forward

today?

Mr.

Brown

stated I

don't

know

that

we

need

it

today

but

we probably will for our next

meeting.

The

discussions have been ongoing

and

the hotel

signs

are

in

for County review.

Mr.

Chiste

asked what locations are

we

talking about?

Mr.

Brown

stated in the south roundabout there is a sign and all the retail ones are on the

retail parcel, the hotel

one is

on

the hotel

parcel, the

club

is

on

the club parcel.

I

think

there is

going to

be

one

in

the

south roundabout

as

you

come

through Inspiration Drive that will help aid

in

direction.

Mr.	Chiste asked do we have to	have this easement		
					
scheduled meeting?  When is the next scheduled meeting?		
Mr.	Flint stated it is	September 13	th	•		

approved possibly

prior

to

the next

Mr.

Brown

stated we probably

should

approve

it

ifwe

can.

6

August 16, 2018

Rolling

Oaks CDD

On	Chiste seconded by Mr.	Bouskila with all in		
MOTION by Mr.				
favor staff was				
authorized to work with Mr. Brown on the easement		
agreement for the south roundabout and the			
	Chair or Vice Chair were		
authorized to execute the final easement			
the next meeting.	agreement to be ratified at		

Mr.

ratification.

Flint  stated

if

anything  is  done

it

will  be brought back

to

the

next

meeting  for

B.

Engineer

Mr.	Taylor stated we			
	received some updated costs for Exhibit G and we are going to		
them in our latest report as they were modified, which was June 22	nd		
		and we are going to have		
out by tomorrow.			
Mr.	Flint stated			
	that is the Engineer's report for the next	proposed series of bonds.		

put that

We

anticipate we will have some items on your September

13

th

agenda related to the

next

bond issue.

C.	Manager

i.

Balance Sheet and Income Statement

A

copy

of

the balance sheet and income

statement were

included

in

the agenda package.

ii.

iii.

Ratification of

Consideration

Funding Request 9

of Funding Request

10

On			
MOTION by Mr. Chiste seconded		
funding	in the amount		
request no. 9			
funding	in the amount		
request no. 10			

by Mr. Brown with all in favor of $6,814.48 was ratified and of $8,705.49 was approved.

iv.

Approval

of

Fiscal Year 2019 Meeting Schedule

Mr. Flint stated each year when you schedule and historically you have met on

adopt your the second

budget you also approve Thursday of each month

an in

annual meeting this location at

12:00 p.m. so we prepared a notice following that schedule.

We will advertise this

if

the Board

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August 16, 2018		Rolling Oaks COD		
				
approves it and if				
there is not a need for a meeting it can be canceled but this gives you the		
flexibility to				
meet if you need to.				
On	Chiste seconded by Mr.		
MOTION by Mr.			
		Bouskila with all in		
favor the Fiscal Year 2019 meeting schedule reflecting meetings on		
the				
second Thursday of the	month was approved.		
				
TENTH ORDER OF BUSINESS		Supervisor's Requests		
There being none, the next item followed.		

ELEVENTH

ORDER

OF

BUSINESS

Next Meeting Date

Mr.

location.

Flint

On the

stated the next meeting is	,		
scheduled for September 13			

MOTION by Mr. Brown seconded by Mr. Chiste with meeting adjourned at 12:29 p.m.

2018

all in

at 12:00 p.m. in this

favor

Secretary/ Assistant Secretary

8