Boggy Creek Improvement District
12051 Corporate Boulevard Orlando, FL 32817; 407-382-3256 www.boggycreekid.org

The following is the proposed agenda for the upcoming Meeting of the Board of Supervisors for the Boggy Creek Improvement District (“District”), scheduled to be held at 3:30 p.m. on Tuesday, October 17, 2017 at 6900 Tavistock Lakes Blvd, Suite 200, Orlando, FL 32827. A quorum will be confirmed prior to the start of the meeting.

For those unable to attend in person, you may participate by telephone: Phone: 1-877-864-6450	Participant Code: 933751

BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Roll Call to Confirm a Quorum
Public Comment Period
Consideration of the Minutes of the August 15, 2017 Board of Supervisors’ Meeting
Consideration of Resolution 2018-01, Approving an Annual Meeting Schedule for Fiscal Year 2017-2018

Business Matters
Consideration of Award of Lake Nona South – Traffic Signal Studies, Design,
Permitting and Construction Services
Construction Committee Recommendation (provided under separate cover)
Consideration of Acquisition of Surplus Property from Central Florida Expressway Authority
General Discussion
Consideration of Appraisals of Real Property Prepared by Integra Realty Resources and Ratification of Costs Relating to Same
Consideration of Real Estate Agreement to Sell and Purchase Surplus Property and Agreement to Assign Drainage Easement to CFX
Consideration of Acceptance of Drainage Easement from Lake Nona Land Company, LLC
Consideration of Assignment of Drainage Easement to CFX
Authorization to Retain Fencing Contractor to Perform Fence Relocation Work Contemplated in CFX Real Estate Agreement
CFX Application for Right of Entry Permit
Consideration of CFX Utility Permit
Ratification of Requisition Nos. 301 – 317 Approved in August 2017 in an amount totaling $715,134.56
Ratification of Operation and Maintenance Expenditures Paid in August 2017 in an amount totaling $34,812.95 and Paid in September 2017 in an amount totaling
$40,462.28
Recommendation of Work Authorizations/Proposed Services (if applicable)
Review of District’s Financial Position and Budget to Actual YTD

Other Business
Staff Reports
District Counsel
District Manager
District Engineer
Construction Supervisor
Audience Comments, Supervisor Requests

Adjournment

BOGGY CREEK IMPROVEMENT DISTRICT

Minutes of the August 15, 2017 Board of Supervisors' Meeting

BOGGY CREEK IMPROVEMENT DISTRICT BOARD OF SUPERVISORS' MEETING MINUTES

FIRST ORDER OF BUSINESS

The Board of Supervisors' Meeting for the Boggy Creek Improvement District was called to order on Tuesday, August 15, 2017 at 3:32 p.m. at 6900 Tavistock Lakes Blvd., Suite 200, Orlando, Florida 32827. Members listed below constituted a quorum.

Richard Levey Damon Ventura Thad Czapka Heather Isaacs

Chai1man Vice-Chair
Assistant Secretary Board Member

Also, attending:

Tucker Mackie John Florio
Lan-y Kaufmann Joe MacLaren Jennifer Walden Brad Reed

Hopping Green & Sams
Donald W. McIntosh Assoc., Inc. Construction Supervisor
Fishkind & Associates, Inc. Fishkind & Associates, Inc. Fishkind & Associates, Inc.

SECOND ORDER OF BUSINESS	Public Comment Period

Mr. MacLaren called for any public comments on any agenda items. There were no public comments.

THIRD ORDER OF BUSINESS		Consideration of the Minutes of the July 18, 2017 Board of Supervisors' Meeting

Board Members reviewed the minutes from the July 18, 2017 Board of Supervisors' Meeting.

Supervisors' Meeting, as presented.

FOURTH ORDER OF BUSINESS	Public Hearing of the Adoption of the District's Annual Budget
Public Comments and Testimony
Board Comments
Consideration	of Resolution 2017-07, Adopting the Fiscal Year 2018 Budget and Appropriating Funds

Mr. MacLaren requested a motion to open the public hearing.

On Motion by Mr. Levey, second by Mr. Ventura, with all in favor, the Board of Supervisors for the Boggy Creek Improvement District opened the Public Hearing.

Mr. MacLaren explained Resolution 2017-07 and that the O&M budget is attached as an exhibit. He noted that there is a proposed increase in the budget with O&M expenses increasing from
$632,000.00 to $696,000.00. Some of the line items proposed to increase are the District Management fee, Landscaping and Common Area IITigation, Interchange Landscaping Maintenance and Irrigation, and Streetlighting. Ms. Isaacs joined the meeting in progress.

On Motion by Ms. Isaacs, second by Mr. Ventura, with all in favor, the Board of Supervisors for the Boggy Creek Improvement District approved Resolution 2017-07, Adopting the Fiscal Year 2018 Budget and Appropriating Funds.

Mr. MacLaren recommended a motion to close the public hearing.

FIFTH ORDER OF BUSINESS		Public Hearing on the Imposition of Special Assessments
Public	Comments	and Testimony
Board Comments

Consideration Resolution Imposing Assessments Certifying Assessment Roll

of 2017-08,
Special
and an

Mr. MacLaren noted that a public hearing was advertised on the imposition of special assessments and requested a motion to open the public hearing.

On Motion by Mr. Ventura, second by Mr. Levey, with all in favor, the Board of Supervisors for the Boggy Creek Improvement District opened the Public Hearing.

Mr. MacLaren stated that the District had been using carry forward revenue to offset expenses for the past few years and this year the District has come to the point where it needs to propose an increase in O&M Assessment revenue from $450,000.00 to $696,000.00. He added that level of funding will allow the District to fully fund the O&M expenses without relying on any carry forward or dipping into reserve funds. The assessment roll is attached to the resolution behind tab 4 in the agenda package. Mr. Ventura asked if there were any Landowners that commented on the new assessment methodology. Mr. MacLaren answered that he did not receive any questions in response to receiving the required mailed notice.

On Motion by Mr. Ventura, second by Ms. Isaacs, with all in favor, the Board of Supervisors for the Boggy Creek Improvement District approved Resolution 2017-08, Imposing Special Assessments and Certifying an Assessment Roll.

Mr. MacLaren requested a motion to close the Public Hearing.

On Motion by Mr. Ventura, second by Ms. Isaacs, with all in favor, the Board of Supervisors for the Boggy Creek Improvement District closed the Public Hearing.

SIXTH ORDER OF BUSINESS		Consideration of Extending Existing Internal Roadways Landscape and Irrigation Maintenance	Services Agreement with BrightView Landscape Services

Ms. Mackie requested a motion from the Board to transmit the renewal letter pursuant to the Internal Roadways Landscape and Inigation Maintenance Services Agreement with BrightView Landscape Services. Mr. MacLaren noted that District Staff believes their performance to be satisfactory. Mr. Ventura asked if this item would extend their contract. Ms. Mackie explained that when the District sent out RFPs last year for maintenance of the rights-of-way, the District did so for one contract year with the possibility to renew for two years. She added that this would be renewing the contract at the amount stated in the RFP for the second year. Mr. Levey asked if the District could purchase off of another Board's contract instead of going through a new RFP process. Ms. Mackie said that the District cannot because it is a separate District for separate services and the District couldn't do an addendum to Greeneway's contract for rights-of-way as the competitive selection did not include the rights-of-way for Boggy Creek at the time. She noted that the District can contract through Greeneway if they include it in the RFP that they wanted to or reserved the right to. Mr. Levey would like to discuss that with Ms. Mackie offline.

On Motion by Ms. Isaacs, second by Mr. Ventura, with all in favor, the Board of Supervisors for the Boggy Creek Improvement District Authorized District Staff to Transmit a Renewal Letter to BrightView with regard to the Internal Roadways Landscape and Irrigation Maintenance Services Agreement.

SEVENTH ORDER OF BUSINESS		Consideration of Extending Existing	Interchange Landscape and Irrigation Maintenance		Services Agreement with Carol King Landscape Maintenance

Ms. Isaacs asked how the District feels Carol King perfmmed. Mr. Reed responded that they performed much better than the previous Contractors and the area has improved.

On Motion by Ms. Isaacs, second by Mr. Ventura, with all in favor, the Board of Supervisors for the Boggy Creek Improvement District Authorized District Staff to Transmit a Renewal Letter to Carol King with regard to the Interchange Landscape and Irrigation Maintenance Services Agreement.

EIGHTH ORDER OF BUSINESS		Ratification of Requisition Nos. 298 - 300 Approved in July 2017 in an amount totaling $162,230.27

Board Members reviewed Requisition Nos. 298 - 300 approved and paid in July 2017 in the amount of $162,230.27.

On Motion by Mr. Ventura, second by Mr. Levey, with all in favor, the Board of Supervisors for the Boggy Creek Improvement District ratified payment of Requisition Nos. 298 - 300 Approved in July 2017 in an amount totaling $162,230.27.

NINTH ORDER OF BUSINESS		Ratification of Operation and	Maintenance Expenditures Paid in July 2017 in the amount of
$60,203.15

Board Members reviewed the Operation & Maintenance expenditures in the amount of $60,203.15 paid in July 2017.

On Motion by Mr. Ventura, second by Mr. Levey, with all in favor, the Board of Supervisors for the Boggy Creek Improvement District ratified the Operation and Maintenance expenditures paid in July 2017 in the amount of $60,203.15

TENTH ORDER OF BUSINESS		Recommendation of Work Authorizations/Proposed Services
Mr. Kaufmann presented a Work Authorization from Donald W. McIntosh Associates, Inc. (Minutes Exhibit A) for Lake Nona Town Center Parcel 22A - Nemours Parkway West & Lift Station No. 10. He noted it is for revisions to the construction plans for the two projects in the amount of $71,900.00.

On Motion by Ms. Isaacs, second by Mr. Ventura, with all in favor, the Board of Supervisors for the Boggy Creek Improvement District approved the Work Authorization from Donald W. McIntosh in the amount of $71,900.00 for Lake Nona Town Center Parcel 22A - Nemours Parkway West & Lift Station No. 10.

Mr. Kaufmann presented a proposal from Land Design for Lake Nona Town Center Loop Road­ Nemours Parkway West & Lift Station No. 10 (Minutes Exhibit B) for 401 Construction Document Revisions - Road Realignment in the amount of $12,000.00.

On Motion by Mr. Levey, second by Ms. Isaacs with all in favor, the Board of Supervisors for the Boggy Creek Improvement District approved the proposal from Land Design in the amount of
$12,000.00 for Lake Nona Town Center Loop Road-Nemours Parkway West & Lift Station No. 10.

ELEVENTH ORDER OF BUSINESS		Review of District's Financial Position and Budget to Actual YTD

Board Members reviewed the Statement of Financial Position and Budget to Actual through today's date. Mr. MacLaren noted that through the end of July the District had $506,000.00 in expenses vs. a budget of $527,000.00. The District is slightly under budget at this point in the fiscal year. No action was required by the Board.

TWELFTH ORDER OF BUSINESS	Staff Reports

District Counsel - District Manager - District Engineer -

No Report No Repmi
Mr. Florio distributed the Construction Status Memorandum (Minutes Exhibit C). It lists the continuing close out of Lake Nona Boulevard Phase 3. He has been challenged with a request by the City to have all of the offsite easements documented and recorded prior to certification and completion. There is no activity or motion required by the Board.

Mr. Florio stated that final proposals were received. Last month the Board discussed having VHB provide a proposal to the District for two traffic signal designs, one at Lake Nona Boulevard and Veteran's Way and the second at Tavistock Lakes Boulevard. Both are needed to support Town Center Phase 2A. The District had approved a not-to-exceed $20,000.00 amount and VHB returned with a $12,000.00 lump sum to do both. Mr. Florio received the documents and they are ready for execution. Mr. Florio also has two contracts prepared. The first contract is with Yellowstone to do the 417 inigation replacement and the second contract is with AECOM to revise the final plans, get them permitted and to do observation and construction. He recommends execution today and with District Counsel's blessing they can be released.

Mr. Florio provided an updated concerning the Express Authority. Since the last meeting and the discussion related to the right of entry pe1mit, the Expressway Authority has elected to delete that form of right of entry agreement all together and at their Board Meeting yesterday they deleted it in its entirety and replaced it with a brand­ new utility permit requirement which is still being defined and the procedures are still being written by the Expressway Authority. The vendor who will ultimately own the utility, in this case it will be the City of Orlando, will need to execute the right of entry and utility permit form along likely with the Board. The Developer's Counsel has been in regular meetings with the Expressway Authority along with members of Mr. Florio's office and they are waiting on fmiher direction on getting it done in order to get permits. He did note that there is a conflict with the FDOT requiring the right of entry form and the Expressway Authority no longer acknowledging it.

Mr. Florio stated that the District advertised for bids for Nemours Parkway West & Lift Station No. 10 several months ago. Since the revisions for the plan sets have not yet been completed, per the two Change Orders that the District approved today, those plans are not going to be ready for distribution until mid-September so the District is publishing an addendum postponing that bid date until October 19, 2017.

Construction Supervisor -	No Report

THIRTEENTH ORDER OF BUSINESS	Supervisor and Audience Comments & Adjournment

There was no other business to discuss. Mr. MacLaren requested a motion to adjourn.

On Motion by Mr. Czapka, second by Ms. Isaacs, with all in favor, the August 15, 2017 Meeting of the Board of Supervisors for the Boggy Creek Improvement District was adjourned.

Secretary/Assistant Secretary	ChairNice Chair

u e ,-r	A

CR.EEK IMPROVE'M:ENT D:lSTR_fCT

n  f'or	ork  Authorization/ ProposedS ervices

n  CenterP ar   c e l  22A	-  N  e m  o u r-s P  ar  k   w ay	West  &  Lift Station No.  10 ineel"ing	a nd	s ur  v ey i ng	ser-v ices  for   C ro m vVe ll	RoadP hase 2.

na ld    W.  Mc Intosh	Ass o c ia t es . I n c .

r ee ment?

-----Y  es

 	No

Cap  ital  ltnprove1n e n t P   la n ?	Y  es

----No

in  th  e  C a p i ta l  I m  pr  o v e m  e n t P  l a n ? h or  i z ed	w o rk  ?

Yes

V	Yes

----No
_ _ _ _No

(/  

es

/I QJoj
t

----No

0.00

p r o v e

----

D e ny

DONALD w. MCINTOSH ASSOCIATES, INC.

Mr. Richard Levey, Chairman Board of Supervisors
Boggy Creek Improvement District
12051 Corporate Boulevard
Orlando, Florida 32817

August I 0, 2017
rlevey@tavistock.com

Subject:	Lake Nona Town Center Parcel 22A
Nemours Parkway West and Lift Station No. I 0 Revision #I
DWMA Job No. 16193.033- 16193.038

Dear Mr. Levey:

CIVIL ENGINEERS

LAND PLANNERS

SURVEYORS

As requested by Ralph Ireland, Donald W. McIntosh Associates, Inc. (DWMA) is pleased to submit for your  consideration  this  additional  services  agreement  to  Boggy  Creek Improvement District (BCID) ("CLIENT") to provide professional engineering and surveying services for Cromwell Road Phase 2 ("Project"). As detailed in the scope of services,  this  proposal includes changes to the approved Preliminary Plat, changes to the existing Final Engineering Drawings and changes to the existing  Final  Plat  consisting  of:  I)  Elimination  of the separate lift station entry road and relocation of Lift Station No. IO  and  associated forcemains, gravity mains and water mains from inside the town center parcel to north  of  Nemours Parkway; 2) relocating the road transition (four lanes to three lanes) from the old lift station access drive to the northern office park entry; 3) revise the entry location to Garage C;
preparation, submittal and processing of the revised Master Wa1:,tewater Analysis and Lift
Station No. IO design, permit applications and associated calculations through the City of Orlando; 5) preparation, submittal and processing of the revised Preliminary Plat, Final Engineering Plans and Final Plat documents through the City of Orlando; 6) preparation, submittal and processing of the revised Final Engineering Plans, permit applications and associated calculations through Orlando Utilities Commission (OUC), Florida Department of Environmental Protection (FDEP) and the South Florida Water Management District (SFWMD) to modify the existing permits and approvals and 7) additional coordination with project team consultants, owner representatives and contractors including  distribution  of plans and files, meetings, teleconference calls and assistance. We will provide these services pursuant to our current contract with Boggy Creek Improvement District dated September 8, 2003 ("Contract") as follows:

BASIC SERVICES & ITEMIZED FEES

2200 Park Ave. North

Winter Park, FL

32789-2355

Fax407-644-8318

The nature, scope and schedule (if any) of Basic Services to be performed by DWMA under this Agreement, are set forth below.

CLIENT may, from time to time, request DWMA to perform services in connection with the Project which are outside the scope of the services listed herein. Should DWMA agree to perform such services (hereinafter referred to as "Additional Services"), they shall be subject to and governed by the provisions of this Agreement. Additional Services and Basic Services to be provided under this Agreement shall hereinafter be referred to collectively  as  "Services."

F:ICONTRACT\P\cp12584.doc
407-644-4068

http://www.dwma.com

Mr. Richard Levey, Chairman
Boggy Creek Improvement District
Re:	Lake Nona Town Center Parcel 22A
Nemours Parkway West and Lift Station No. 10 Revision #1
DWMA Job No. 16193.033	16193.038
August  JO, 2017
Page 2 of 4

PART I - PROFESSIONAL SURVEYING & MAPPING
	PREPARE REVISED PRELIMINARY PLAT AND SITE SURVEY - Prepare revised preliminary plat documents for submittal to the City of Orlando to reflect the changes in the cross sections for the perimeter road and the revised location of Lift Station No. I 0. This line item includes the submittal  and processing of the revised preliminary plat documents to the City of Orlando planning official for review and approval to support the final plats and final engineering plans for Nemours Parkway West and Lift Station No. I 0. This line  item also includes revisions to the boundary and topographic survey to support the submittal  of the preliminary plat, final  plat and final engineering.	033
PREPARE REVISED FINAL PLAT AND SURVEY FOR FINAL PLAT SUBMITTAL - Prepare revised final plat documents for submittal to the City of Orlando to reflect the changes in the right­ of-way for the perimeter road associated with the engineering design revisions for the project detailed within this proposal. This line item includes revisions to the boundary and topographic  survey to reflect updated title work to reflect the revised roadway alignment and also includes submittal and processing of revised documents  to the City of Orlando.	034
SUBTOTAL PART I
PART II - CIVIL ENGINEERING
PREPARE REVISED GEOMETRY PLAN - Prepare revised geometry plan for Nemours Parkway West and Lift Station No. 10 per the attached plan markup dated July 19, 2017 for client review and approval.	035
PREPARE, SUBMIT AND PROCESS REVISED MASTER WASTEWATER PLAN AND LIFT STATION NO. 10 - Prepare, submit and process the revised master wastewater plan and Lift Station No. IO design, permit applications, associated calculations and documents for the new lift station location and revised force main hydraulics for City of Orlando and FDEP review and approval.	036

$8,875.00

$10,725.00

$19,600.00

$3,400.00

$8,100.00

F:\CONTRACT\Plcp12584.doc

DONALD W. MclNTOSH Associates, Inc,
2200 PARK AVENUE NORTH, WINTER PARK, FLORIDA 32789-2355 • [407) 644-4068 • FAX (407) 644-831B

. Ch a in n a n
ove,ne,rr Disrricr
o w n C e n t e r P a r c e l 2 2 A
k w a y W e s /  a n d  Lift Station  No.  J 0 N o .  16 1 93  .0 3 3 -	16 19 3 .0 3 8

AND	P  ROCESS	REVIS ED	CONS TRUCT ION
-   Pr epa1·e,  s   ubmit	and  p r   o c ess	the	r   e vsi   ed	fi n a l.
p la n s   and	ap p   l ic a t io ns	to	t h e   C  iyt	o f" O  r la nd  o,	O  U C,
e	SF  W  M  D  .	T  h e	planr  e vsi  ions	include   but  are   not
) Elimin a t io n  o f" t h e  s ep     ar a te  lift sta t ion entry road and
L i	S t a t io n  N  o .  10  a n d   ass   o c ia t e d   f or     c e m a i n,s g	ra v ity
a te r   m a i ns	:rf   o m	i ns id e t h e to w n c e n t er p ar c e l to north
Par   kway  ;  2)r  e locating	the   road  trans   ition  (£our  lanes
) fr o m t h e o ld I i ft s t a t io n accessdr iv e to t h e n o rt h e rn
ntry  and 3)r  evise  th  e   entry  localion to Garag  e C.	037	$ 36, 800.00

L PROJ ECT COORDl NATION AND MEETfNGS -

o j e c t co o r d in a t io ,n

m  e e t i ng    s,	d si

t r ib u t io n o f"p la n s and

e vsi

e d p r e l i m in a yr

plat, final plat,g eometry plan and

ring  p   lans  .	038	.$4,  0  00.00

PART II

$52,300.00

RTS I  -  II	$ 7 1 , 90 0 .0 0

t h er	with  the   Eng  ineer   ing	Agr  eement,r  eprese nst	the  entire   und  er s   t an  d in g
re ek	f mpr   o v e m e n t	D si      tr ic t	a nd	D o n a ld	W.	M c Jn t o s h	As    s o c ia te s>	f n c .
a rd	to  t h e r  e f"er   e n c ed	w or    k	a u th o r iza t io n .

n1pens   ated	for	th si	w o  r k   a t   the   q    u o ted	lumps   um  amount  or	at  the   houryl
es  tab  lsj  h ed	p urs   u a n t to   t h e  C o n t ra c t .	I f a d d i t io n a ls e rv ic es a re r eq ue s te d
d   under a  sep  arate  prop   os   a  l  as  and	whenr eq   uested   .

t t hsi

S  er      v ic es	Ag r e e m e n, t

p le as e s gi

n   a nd r   e t u rn   a  c o mp   le te   c op y	to o ur

c t ro  n ic s   c a  n n ed	c o p ies	ar  e   a c c ep   ta  b l e ) .	Up  o n r   e c e ip t ,   w  e	willp  romptyl s .

O S H   A S S O C I A T ES,	I N C .

P S M

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oc

1 8 . 20 I 7

D 'VV.    IVlclNTOSH   A s s oc i at   e s .    In c .
NTER P ARI<,  FLORIDA  327B9-23S5  • 1407 )  644-406B  •  F,C.><  [4  0    7  1 6  4  4  -8 3    1B

Mr. Richard Levey, Chairman
Boggy Creek Improvement District
Re: Lake Nona Town Center Parcel 22A
Nemours Parkway West and Lift Station No. I 0
Revision #I
DWMA Job No. 16193.033 - 16193.038
August JO, 2017
Page 4 of 4

APPROVED AND ACCEPTED

By: 	_
Authorized Representative of Boggy Creek Improvement District

Date: 	_

PURSUANT TO FLORIDA STATUTE 558.0035, AN INDIVIDUAL EMPLOYEE OR AGENT OF DONALD W. MCINTOSH ASSOCIATES, INC. MAY NOT BE HELD INDIVIDUALLY LIABLE FOR NEGLIGENCE.

F:\CONTRACT\P\cp12584.doc

D ON A L□ W. MclNTOSH Associates, Inc.
2200 PARK AVENUE NORTH, WINTER PARK, FLORIDA 32789-2355 • (407) 644-4068 • FAX (407] 644-831B

e5<. ·•err · .B

CREEK IMPROVEMENT 1'.>lSTR.ICT

n f"or "Work  A uth oriza ti o n  /   Pr·oposedS  er   vices

 n Center  Loop  Road - Nemours P ark way	West & Lift Station No. l 0
n Docurnent Revisions - Road Realignment

n:...d:....==	=D=-=se 

..g.i:c-""':n...:...._   _   _   _   _   _

_ _ _ _

_ _ _

_ _ _

_ _ _

_ _ _ _

_ _ _

_ _ _

_ _ _

gree ment?

--,--Yes

----No

----

C  a p i t a  l  i mp r   o v e m e n t P   la n ?	,/	Yes

----No

d	in the	Capital  Improve n'lent Plan?

/		Y es

 		No

th  o ri z ed	w o rk ?

V	Y es

----No

Yes

----No

I

Fr,,: pi.l.Jq / 

0.00

p pr o v e	D e ny

C o rn m itt e e

LandDesign	CHANGE ORDER
100 South Orange Avenue, Suite 700
Orlando, FL 32801
P: (407) 270-7800

PROJECT NAME:  Lake Nona Town Center Loop Road / Boggy Creek COD	CHANGE ORDER#: -----
CHANGE ORDER DATE:	08.14.2017

TO: John M. Florio
c/o Boggy Creek Improvement District 2200 Park Ave. N.
Winter Park, FL 32789

PROJECT#:	8117011
DATE OF CONTRACT:	04.26.2017

The above referenced contract is changed as follows:
Phase	Descrip_tion	Phase Amount

401 Construction Document Revisions - Road Realignment
Corrdinate drawings with updated road alignment (landscape, irrigation, & lighting)
Corrdinate  drawings  with updated trail alignment (landscape,  irrigation, & lighting)
Corrdinate drawings  with updated lift station (landscape, irrigation,  & lighting)
Corrdinate drawings with east-west entrance to Town Center
Corrdinate drawings with OUC
Update schedules to reflect design changes

$12,000.00

The original contract amount for lump sum and hourly not to exceed was......

Net change by previous  change orders...................................................

Net change by  this change   order...........................................................

Revised contract amount for lump sum and hourly not to exceed.................

$34,860.00

$0.00

$12,000.00

$46,860.00

 	NOT VALID  UNLESS SIGNED  BY ALL PARTIES	

 LANDDESIGN, INC.	
CONSULTANT

 PO  Box 36959	

Boggy Creek Improvement District CLIENT NAME

 12051 Coreorate Blvd.	

Address	Address

 Charlotte,  NC   28236-6959		 Orlan_cl_, FL 32817	

Signature	Signature

 Ray  Waugh,  for LandDesign, Inc.	 Partner / Principal

 07.19.2017	

John M. Florio, for Boggy Creek Improvement District (typed name)

 07.19.2017	

Date	Date

DoNALD W. MclNrosH AssoctATES, lruc.

DATE: TO:

FROM:

RE:

MEMORANDUM

August 15, 2017

Boggy Creek Improvement District Board of Supervisors

Donald W. McIntosh Associates, rncj. District Engineer

Construction Contract Status

Dear Board Members,

Please accept this correspondence as a current summary of our construction contract status. Listed below by project is a brief summary of recent contract activity. A copy of the latest Change Order Log is attached.

CIVIL ENGINEERS

LA N□ PLANNERS

SURVEYORS

2200 Park Ave. North

Winter Park, FL

32789-2355

Fax407-644-8318

407-644-4068

http://www.dwma.com

Lake Nona Blvd. Road L to Boggy Creek Road, and Sanger Road Extension

Construction Status: The Contractor's revised final as-built surveys were received by District Staff on June 25, 2017 and the final project ce11ification package was submitted to the City of Orlando on June 27, 2017. The  certification  package  included  the  drainage  pipe manufacturer's written acceptance of the drainage pipe repairs and their ce11ification of the integrity of the drainage system. The updated maintenance bond for the project  was received from the Contractor and submitted to the City on July 5, 2017. Following receipt of all final documentation from the Contractor and as  directed  by  the Board  of  Supervisors,  release  of the contract retainage was authorized by the District Engineer. District  Staff  is following  up with the City on the project acceptance letter and Certificate of Completion.

Change Order (C.O.) Status: None at this time.

Recommended Motion: None required.

Should there be any questions, please advise. Thank you.
End of memorandum.

c:		Mr. Larry Kaufmann Ms. Patrice Ragusa Jason Good, P.E. James C. Nugent, P.E.

F:\Proj2003\23218\ENGadmin\C\ec1379.docx

BOGGY CREEK IMPROVEMENT DISTRICT

Resolution 2018-01,
Approving an Annual Meeting Schedule for Fiscal Year 2017-2018

RESOLUTION 2018-01

A RESOLUTION OF THE BOGGY CREEK IMPROVEMENT DISTRICT DESIGNATING DATES, TIMES AND LOCATIONS FOR REGULAR MEETINGS OF THE BOARD OF SUPERVISORS OF THE DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE.

WHEREAS, the Boggy Creek Improvement District ("District") is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated in City of Orlando, Florida; and

WHEREAS, the Board of Supervisors of the District ("Board") is statutorily authorized to exercise the powers granted to the District; and

WHEREAS, all meetings of the Board shall be open to the public and governed by the provisions of Chapter 286, Florida Statutes; and

WHEREAS, the Board is statutorily required to file annually, with the local governing authority and the Florida Department of Economic Opportunity, a schedule of its regular meetings.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE BOGGY CREEK IMPROVEMENT DISTRICT:

Regular meetings of the District's Board shall be held as provided on the schedule attached hereto as Exhibit A.

In accordance with Section 189.015(1), Florida Statutes, the District's Secretary is hereby directed to file annually with Orange County a schedule of the District's regular meetings.

This Resolution shall take effect immediately upon adoption.

Adopted this 17th day of October, 2017.

ATTEST:	Boggy Creek Improvement District

Secretary	Chai1man

Boggy Creek Improvement District Fiscal Year 2017-2018

The Board of Supervisors of the Boggy Creek Improvement District will hold its meetings for the Fiscal Year 2018 in the offices of Lake Nona Land Company located at 6900 Tavistock Lakes Blvd, Suite 200, Orlando, Florida 32827 at 3:30 p.m. on the third Tuesday of each month.

October  17, 2017
November 21, 2017
December 19, 2017
January 16, 2018
February 20, 2018
March 20, 2018
April 17, 2018
May 15, 2018
June 19, 2018 July17,2018
August 21, 2018
September  18, 2018

Construction Committee of the Boggy Creek, Greeneway
& Myrtle Creek Improvement Districts Fiscal Year 2017-2018

The Construction Committee of the Boggy Creek, Greeneway and Myiile Creek Improvement Districts will be meeting for the Fiscal Year 2018 in the office of Donald
W. McIntosh Associates, Inc., 2200 Park Avenue N01ih, Winter Park, FL 32789 at 3:30
every other week as follows:

October  12 & 26, 2017
November 9 & 23, 2017
December 7 & 21, 2017
January 4 & 18, 2018
February 1 & 15, 2018
March 1, 15 &29,2018
April 12 & 26, 2018
May 10 & 24, 2018
June 7 & 21, 2018
July 5 & 19, 2018
August 2, 16 & 30, 2018
September 13 & 27, 2018

IMPROVEMENT DISTRICT

Award of Lake Nona South­
Traffic Signal Studies, Design, Permitting and Construction Services

IMPROVEMENT	DISTRICT

LAKE NONA SOUTH

TRAFFIC SIGNAL STUDIES, DESIGN, PERMITTING AND CONSTRUCTION SERVICES

REQUEST FOR QUALIFICATIONS

PROJECT MANUAL ISSUE DATE:	JULY 5, 2017

District Engineer:	Donald W. McIntosh Associates, Inc.
Attn: John M. Florio, P.E. 2200 Park Avenue North Winter Park, FL 32789

BOGGY CREEK IMPROVEMENT DISTRICT LAKE NONA SOUTH

TRAFFIC SIGNAL STUDIES, DESIGN, PERMITTING AND CONSTRUCTION SERVICES REQUEST FOR QUALIFICATIONS

Submittal Package

Notice of Solicitation
Instructions to Respondents
District Standard Form of Agreement

SECTION 1.a.

NOTICE OF SOLICITATION

REQUEST FOR QUALIFICATIONS
FOR TRAFFIC SIGNAL DESIGN AND PERMITTING SERVICES BOGGY CREEK IMPROVEMENT DISTRICT
CITY OF ORLANDO, ORANGE COUNTY, FLORIDA

In accordance with the Consultants Competitive Negotiations Act, the Boggy Creek Improvement  District ("District") requests Applications for Qualification from firms interested in providing traffic signal warrant, design, permitting, observation of construction, and certification of completion services for master infrastructure improvements. Upcoming projects include the evaluation of and possible construction of various traffic signals modifications and improvements in and around the District.

To be eligible to submit qualifications, firms must hold all required applicable licenses in good standing and be authorized to do business in the City of Orlando, Orange County, and the State of Florida.

Applicants may request an Application for Qualification from Donald W. McIntosh Associates, Inc., 2200 Park Avenue North, Winter Park Florida 32789, beginning July 5, 2017, after 1:00 p.m. Applicants must submit one original and seven copies of the Application for Qualification by 11:30 a.m. on Tuesday, August 15, 2017. Address responses to: Mr. John Florio, District Engineer, 2200 Park Avenue North, Winter Park, Florida 32789.

Qualified firms will be selected based on experience, qualifications of personnel, and ability to perform design and permitting services. Among other things, Applicants must submit information relating to: a)  the  ability  and adequacy of the Applicant's professional personnel; b) whether the Applicant is a certified minority business enterprise; c) the Applicant's willingness to meet time and budget requirements; d) the Applicant's  past experience and performance for similar work; e) the geographic location of the Applicant's headquarters and offices;  f) the current and projected workloads of the Applicant; and g) the volume of work  previously  awarded  to  the Applicant by the District. Packages will be reviewed  and rated  by a committee appointed  by the District Board of Supervisors at a publicly noticed meeting, with final determination to be made at a publicly  noticed  Board  of Supervisors meeting as soon as practicable after receipt of the recommendations of the Committee appointed by the Board to evaluate the submitted packages. All applicants will be promptly notified after the successful firm is selected. The District reserves the right to waive any informality in the qualifications submitted, to reject any and all qualifications submitted, and to adve1tise for the services.

Applicants may contact the District Engineer, at Donald W. McIntosh Associates, Inc., 2200 Park Avenue North, Winter Park, Florida 32789 until 5:00 p.m. on Monday, July 31, 2017 for further information. All requests for information shall be in writing.

Joe MacLaren, District Manager Publication Dates: July 2, 2017

SECTION 1.b.

INSTRUCTIONS	TO RESPONDENTS

BOGGY CREEK IMPROVEMENT DISTRICT
REQUEST  FOR QUALIFICATIONS FOR
Lake Nona South
Traffic Signal Studies, Design, Permitting and Construction Services

INSTRUCTIONS TO RESPONDENTS

SECTION 1. DUE DATE. Sealed responses must be received no later than Tuesday, August 15, 2017 at 11:30 a.m. at the offices of Donald W. McIntosh Associates, Inc., 2200 Park Avenue North, Winter Park, FL 32789, Phone (407) 644-4068.

SECTION 2. FAMILIARITY WITH THE LAW. By submitting a response, the Respondent is assumed to be and will be required to provide evidence of being a licensed Traffic Signal Design and Permitting Professional with all applicable federal, state, and local laws, ordinances, rules and regulations that in any manner affect the work. Ignorance on the part of the Respondent will in no way relieve it from responsibility to perform the work required by the District in compliance with all such laws, ordinances and regulations.

SECTION 3. QUALIFICATIONS OF RESPONDENT. The contract, if awarded, will only be awarded to a responsible Respondent who is qualified by credentials and experience to do the work specified herein. The Respondent shall submit with its response satisfactory evidence of experience in similar work and show that it is fully prepared with the necessary organization, capital, and equipment to complete the work to the satisfaction of the District.

SECTION 4.  INTERPRETATIONS AND ADDENDA.   All questions about the meaning or intent of the documents included with the Request for Qualifications are to be directed in writing to John M. Florio, P.E., District Engineer at Donald W. McIntosh Associates, Inc. Interpretations or clarifications considered necessary by the District Representative in response to such questions will be issued by Addenda faxed, mailed or delivered to all parties recorded as having received the Response Documents. Questions received after 5:00 p.m. on July 31st may not be answered. Only questions answered by formal written Addenda will be binding. No interpretations will be given verbally.  All questions and answers  will be distributed to all Respondents.

SECTION 5. SUBMISSION OF RESPONSE. Submit one (1) original and seven (7) copies of the Response documents, and other attachments at the time and place indicated herein, which shall  be enclosed in an opaque sealed envelope, marked with the project title and name and address of the Respondent and accompanied by the required documents. If the Response is sent through the mail  or  other delivery system, the sealed envelope shall be enclosed in a separate envelope with a notation "RESPONSE TO REQUEST FOR QUALIFICATIONS - BOGGY CREEK  IMPROVEMENT DISTRICT LAKE NONA SOUTH TRAFFIC SIGNAL STUDIES, DESIGN, PERMITTING AND
CONSTRUCTION SERVICES" on the face ofit.

SECTION 6. MODIFICATION AND WITHDRAWAL. Responses may be modified or withdrawn by an appropriate document duly executed and delivered to the place where Responses are  to  be submitted at any time prior to the time and date the Responses are due.

SECTION 7. RESPONSE DOCUMENTS. The Response  Documents,  comprised  of  all documents included within the Request for Qualifications, will be available on Wednesday,  July 5, 2017 at 1:00 p.m. at the offices of Donald W. McIntosh Associates, Inc.

SECTION 8. BASIS  OF  SELECTION  I RIGHT  TO  REJECT.  The  District  reserves  the  right to reject any and all Responses, make modifications to the work, and waive any informalities  or irregularities in Responses as it is deemed in the best interests of the District.

SECTION 9. CONTRACT AWARD. Within fomteen (14)  days  of  receipt  of  the  Notice  of Selection from the District, the Respondent shall enter into and execute the Contract in substantially the form included in the Response Documents; unless requested otherwise by the District. This contract will be for a one-year term or less, with the District retaining the option to renew for up to two additional one year terms, in its sole discretion.

SECTION 10. INSURANCE. All Respondents shall include as part of their proposal a current Certificate of Insurance detailing the company's insurance coverage. In the event the Respondent is notified of selection, it shall provide proof of the Insurance Coverage identifying the District, Lake Nona Land Company, Tavistock Development Company and Donald W. McIntosh Associates, Inc., their staff employees, officers, agents and supervisors as additional insured's as stated in the Contract form provided herein within fomteen (14) calendar days after notification, or within such approved extended period  as the District may grant. Failure to provide proof of insurance coverage shall constitute a default.

SECTION 11. INDEMNIFICATION. The successful Respondent shall fully indemnify and hold harmless the District from and against all claims, damages, costs and losses arising, in whole or in part, from the selected Professional's negligence or breach of contract, as more fully set forth in the Contract form, provided herein.

SECTION 12. LIMITATION OF LIABILITY. Nothing herein shall be construed as or constitute a waiver of District's limitations on liability contained in section 768.28, Florida Statues, or other statue or law.

SECTION 13.	MISCELLANEOUS. All Respondents shall include the following information in
addition to any other requirements of the Response Documents.

	A one-page nanative description of the Respondent's approach to providing the services.

A description of the proposed staffing levels that will be assigned to this project including an organization chart.

List position or title and corporate responsibilities of key management or supervisory personnel. Include resumes for each person listed; list years of experience in present position for each party listed and years of related experience.

Three references from projects of similar size and scope completed within the last three (3) years within the City of Orlando or Orange County. The Respondent should include information relating to the work it conducted for each reference as well as a name, address and phone number of a contact person.

A copy of its insurance certificate indicating the types of coverage and limits for general, property, automobile liability insurance, and worker's compensation insurance.

Copies of all applicable Federal, State and local licenses applicable to completing the proposed scope of work.

Completed copies of all other forms included within the Response Documents, if any.

Any and all comments or requested revisions to the District's Standard Form of Agreement that you would like to request the District to consider. Note, there is no guarantee that the District will revise any existing contract term, and Professional's unwillingness to accept the Standard Form of Agreement could affect selection.

SECTION 14. PROTESTS. Any protest regarding the  Response  Documents,  including specifications or other requirements contained in the Request for Qualifications, must be filed in writing, at the offices of the District Manager, within seventy-two (72) hours after the receipt of the Project Manual. The formal protest setting forth with particularity the facts and law upon which the protest is based shall be filed within seven (7) calendar days after the initial notice of protest was filed. Failure to timely file a notice of protest or failure to timely file a formal written protest shall constitute a waiver of any right to object or protest with respect to any provision in any document included in the Project Manual, including but not limited to plans, specifications and contract documents.

SECTION 15. EVALUATION OF RESPONSES. The Responses shall be ranked based upon the District's evaluation of the Respondent's ability to perform the services for the project as demonstrated by the documentation provided by the Respondent and reference checks of the Respondent's clients.

SECTION 1.c.

DISTRICT STANDARD FORM OF AGREEMENT

AGREEMENT BY AND BETWEEN BOGGY CREEK IMPROVEMENT DISTRICT AND FOR TRAFFIC SIGNAL STUDIES, DESIGN,
PERMITTING AND CONSTRUCTION SERVICES

Tms AGREEMENT  ("Agreement")  is  made and  entered into this  	 and between:

day of  	

, 2017 by

Boggy Creek Improvement District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, being situated in the City of Orlando, Florida, and whose mailing address is 12051 Corporate Boulevard, Orlando, Florida 32817 (hereinafter refened to as the "District" ); and

 	 whose address is 	(the "Traffic Signal Design and Permitting Professional" and, together with the District, the "Pmties").

RECITALS

WHEREAS, the District is a local unit of special-purpose government established pursuant to the Uniform Community Development District Act of 1980, as codified in Chapter 190, Florida Statutes ("Uniform Act"); and

WHEREAS, the District is authorized to plan, finance, construct, install, acquire and/or maintain improvements, facilities and services in conjunction with the development of the lands within the District; and

WHEREAS, the District has a need to retain an independent contractor to furnish Traffic Signal Studies, Design, Permitting and Construction Services within the District (the "Work"); and

WHEREAS, the Traffic Signal Design and Permitting Professional represents that it is qualified to serve as a Traffic Signal Design and Permitting Professional and has agreed to provide to the District those services; and

WHEREAS, the District desires to enter into this Agreement to have the Traffic Signal Design and Permitting Professional perform the Work.

NOW, THEREFORE, for and in consideration of the mutual covenants herein contained, the acts and deeds to be performed by the pmties and the payments by the District to the Traffic Signal  Design and Permitting Professional of the sums of money herein specified, it is mutually covenanted and agreed as follows:

ARTICLE 1.	SCOPE  OF  SERVICES.	Traffic Signal Design and Permitting
Professional  will  provide  the Work for the 	project, as set f01th and further described in Exhibit A.

ARTICLE 2.		COMPENSATION. Traffic Signal Design and Permitting Professional agrees  to  provide  the Work  to the District for a not to  exceed amount of 	_ Dollars($ 	

ARTICLE 3.	SPECIAL CONSULTANTS. When authorized in writing by the District, additional special consulting services may be utilized by Traffic Signal Design and Permitting Professional and paid for on a cost basis.

ARTICLE 4.	OWNERSHIP OF DOCUMENTS.

All rights in and title to all plans, drawings, specifications, ideas, concepts, designs, sketches, models, programs, software, creation, inventions, reports, or other tangible work product originally developed by Traffic Signal Design and Permitting Professional pursuant to this Agreement  (the "Work Product") shall be and remain the sole and exclusive prope1iy of the District when developed and shall be considered work for hire provided District compensates Traffic Signal Design and Permitting Professional when such sums are due and owing under this Agreement.

The Traffic Signal Design and Permitting Professional shall deliver all Work Product to the District upon completion thereof unless it is necessary for Traffic Signal Design and Pennitting Professional in the District's sole discretion, to retain possession for a longer period of time. Upon early termination of Traffic Signal Design and Permitting Professional's services hereunder, Traffic Signal Design and Pennitting Professional shall deliver all such Work Product whether complete or not. The District shall have all rights to use any and all Work Product. Traffic Signal Design and Permitting Professional shall retain copies of the Work Product for its permanent records, provided the Work Product is not used without the District's prior express written consent. Traffic Signal Design and Permitting Professional agrees not to recreate any Work Product contemplated by this Agreement, or  portions thereof, which if constructed or otherwise materialized, would be reasonably identifiable with the Project. If said work product is used by the District for any purpose other than that purpose which is intended by this Agreement, the District shall indemnify Traffic Signal Design and Permitting Professional from any and all claims and liabilities which may result  from such re-use, in the event the Traffic Signal  Design and Permitting Professional does not consent to such use.

The District exclusively retains all manufacturing rights to all materials or designs developed under this Agreement. To the extent the services performed under this Agreement produce copyrightable or patentable materials or designs, such materials or designs are work made for hire for the District as the author, creator, or inventor thereof upon creation, and the District shall have all rights therein including, without limitation, the right of reproduction, with respect to such work. Traffic Signal Design and Permitting Professional hereby assigns to the District any and all rights Traffic Signal Design and Permitting Professional may have including, without limitation, the copyright, with respect to such work. Traffic Signal Design and Permitting Professional acknowledges that the District is the motivating factor for, and for the purpose of copyright or patent, has the right to direct and supervise the preparation of such copyrightable or patentable materials or designs.

Notwithstanding anything to the contrary contained herein, all previously owned intellectual property of Traffic Signal Design and Permitting Professional,  including but not limited to  any computer software (object code and source code), tools,  systems, equipment  or other information used by Traffic Signal Design and Permitting Professional or its suppliers in the course of delivering the services hereunder, and any know-how, methodologies, or processes used  by the Traffic Signal Design and Permitting Professional to provide the services or protect deliverables to District, including without limitation, all copyrights, trademarks, patents, trade secrets, and any other proprietary rights inherent therein and appmienant thereto shall remain the sole and exclusive property of Traffic Signal Design and Permitting Professional or its suppliers.

ARTICLE 5.	ACCOUNTING RECORDS. Records of Traffic Signal Design and Permitting Professional pertaining to the services provided hereunder shall be kept on a basis of generally

accepted accounting principles and shall be available to the District or its authorized representative for observation or audit at mutually agreeable times.

ARTICLE 6.	REUSE OF DOCUMENTS. All documents including drawings and specifications furnished by the Traffic Signal Design and Permitting Professional pursuant to this Agreement are instruments of service. They are not intended or represented to be suitable for reuse by District or others on extensions of the work for which they were provided or on any other project. Any reuse without specific written consent by Traffic Signal Design and Pennitting Professional will be at the District's sole risk and without liability or legal exposure to the Traffic Signal Design and Permitting Professional.

ARTICLE 7.	INSURANCE. Traffic Signal Design and Permitting Professional shall, at its own expense, maintain insurance during the performance of its services under this Agreement, with limits of liability not less than the following:

Workers Compensation

General Liability	Statutory	
Bodily Injury	$500,000/$1,000,000	
(including Contractual)
Prope1iy Damage	
$500,000/$1,000,000	
(including Contractual)		
Automobile Liability
Bodily Injury	
$500,000/$1,000,000	
Property Damage	$100,000	
Professional Liability for Errors and Omissions	
$1,000,000	

Traffic Signal Design and Permitting Professional shall provide District with a certificate evidencing compliance with the above terms and except for professional liability insurance naming the District and its supervisors, employees, staff and designated agents as additional insureds. Traffic Signal Design and Permitting Professional shall provide the District with thi1ty (30) days' notice of cancellation. At no time shall Traffic Signal Design and Permitting Professional be without insurance in the above amounts.

ARTICLE 8.	CONTINGENT FEE. The Traffic Signal Design and Permitting Professional warrants that it has not employed or retained any company or person, other than a bona fide employee working solely for the Traffic Signal Design and Permitting Professional, to solicit  or secure this Agreement and that it has not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide employee working solely for the Traffic Signal Design and Permitting Professional, any fee, commission, percentage, gift, or other consideration contingent upon or resulting from the award or making of this Agreement.

ARTICLE 9.	AUDIT. The Traffic Signal Design and Permitting Professional agrees that the District or any of its duly authorized representatives shall, until the expiration of three years after expenditure of funds under this Agreement, have access to and the right to examine any  books, documents, papers, and records of the Traffic Signal Design and Pennitting Professional involving transactions related to the Agreement. The Traffic Signal Design and Permitting Professional agrees that payment made under the Agreement shall be subject to reduction for amounts charged thereto that are

found on the basis of audit examination not to constitute allowable costs. All required records shall be maintained until an audit is completed and all questions arising therefrom are resolved, or three  years  after completion of all work under the Agreement.

ARTICLE 10. INDEMNIFICATION. The Traffic Signal Design and Permitting Professional agrees, to the fullest extent permitted by law, to indemnify, defend, and hold the District harmless of and from any and all liabilities, claims, causes of action, demands, suits, or losses to the extent caused by the negligent acts, errors or omissions of the Traffic Signal Design and Permitting  Professional,  Traffic Signal Design and Permitting Professional's agents or employees, in the performance of professional services under this Agreement. Traffic Signal Design and Permitting Professional agrees and covenants that nothing herein shall constitute or be construed as a waiver of the District's sovereign immunity pursuant to Section 768.28, Florida Statutes.

ARTICLE 11. PUBLIC RECORDS. Traffic Signal Design and Permitting Professional understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records, and, accordingly, Traffic Signal Design and Permitting Professional agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Traffic Signal Design and Pe1mitting Professional acknowledges that the designated public records custodian for the District is Sheila Pieters-Carroll ("Public Records Custodian"). Among other requirements and to the extent applicable by law, the Traffic Signal Design and Permitting Professional shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable  time  period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if the Traffic Signal Design and Permitting Professional does not transfer the records to the Public Records Custodian of the District; and 4) upon completion  of the contract, transfer to the District, at no cost, all public records in Traffic Signal Design and Permitting Professional's possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by the Traffic Signal Design and Permitting Professional, the Traffic Signal Design and Permitting Professional shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.

IF THE TRAFFIC SIGNAL DESIGN AND PERMITTING PROFESSIONAL HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE TRAFFIC SIGNAL DESIGN AND PERMITTING PROFESSIONAL'S DUTY TO  PROVIDE  PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT FISHKIND AND ASSOCIATES, 12051 CORPORATE BLVD., ORLANDO, FLORIDA 32817, (407)382-3256, SHEILAPC@FISHKIND.COM.

ARTICLE 12. EMPLOYMENT VERIFICATION. The Traffic Signal Design and Pe1mitting Professional agrees that it shall bear the responsibility for verifying the employment status, under the Immigration Reform and Control Act of 1986, of all persons it employs in the perfo1mance of this Agreement.

ARTICLE 13. CONTROLLING LAW. Traffic Signal Design and Permitting Professional and the District agree that this Agreement shall be controlled and governed by the laws of the State of Florida.

ARTICLE 14. ASSIGNMENT. Neither the District nor the  Traffic  Signal  Design  and Permitting Professional shall assign, sublet, or transfer any rights under or interest in this Agreement without the express written consent of the other. Nothing in this paragraph shall  prevent  the Traffic Signal Design and Permitting Professional from employing such independent professional associates and consultants as Traffic Signal Design and Permitting Professional deems appropriate, pursuant to A1ticle 4 herein.

ARTICLE 15. TERMINATION. The District and the Traffic Signal Design and Pennitting Professional may terminate this Agreement without cause upon notice. At such time as Traffic Signal Design and Permitting Professional receives notification by the District to terminate the contract, Traffic Signal Design and Permitting Professional shall not perform any fmther services unless directed to do so by the Board of Supervisors. In the event of any termination, Traffic Signal Design and Permitting Professional will be paid for services rendered to the date of termination and all reimbursable expenses incurred to the date of termination.

ARTICLE 16. RECOVERY OF COSTS AND FEES. In the event either party is required to enforce this Agreement by court proceedings or otherwise, then the prevailing party shall be entitled to recover from the other pmty all costs incurred, including reasonable attorneys' fees.

ARTICLE 17. STANDARD OF CARE. Traffic  Signal  Design  and  Permitting  Professional shall use the same degree of care, skill, and diligence exercised in the performance of the services as is ordinarily possessed and exercised by members of the same profession, currently practicing, under similar circumstances. Traffic Signal Design and Permitting Professional shall be solely responsible for the means, manner, and methods by which its duties, obligations and responsibilities under this Agreement  are met. Traffic Signal Design and Permitting Professional shall be responsible for the technical accuracy of its services and related documents. Traffic Signal Design and Permitting Professional  may rely upon the correctness, accuracy, and precision of all documents and information provided by the District and/or its agents and employees, as well as permitting and regulatory agencies.

ARTICLE 18. ACCEPTANCE. Acceptance of this Agreement is indicated  by the signature  of the authorized representative of the District and the Traffic Signal Design and Permitting Professional in the spaces provided below.

IN WITNESS WHEREOF, the parties hereto have signed this Agreement on the day and year first written above.

ATTEST:		BOGGY CREEK IMPROVEMENT DISTRICT

Secretary/ Assistant Secretary	Chairman, Board of Supervisors

WITNESS:

a --------

 	

By: 	

By: 	_ Its:   		

EXHIBIT A:	Scope of Services

Construction Committee Recommendation
(provided under separate cover)

Acquisition of Surplus Property from Central Florida Expressway Authority

General Discussion

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Appraisals of Real Property Prepared by Integra Realty Resources and Ratification of Costs Relating to Same

Integra Realty Resources Orlando
Appraisal of Real Property Vacant Land
South side of State Road 417 and north of Lake Nona Boulevard Orlando, Orange County, Florida 32827

Prepared For:
Boggy Creek Improvement District

Effective Date of the Appraisal:
June 9, 2017

Report Format:
Appraisal Report – Standard Format

IRR ‐ Orlando
File Number: 130‐2017‐0405

Vacant Land – Limited Access R/W
South side of State Road 417 and north of Lake Nona Boulevard Orlando, Florida

Integra Realty Resources	In Miami	In Orlando	In Naples/Sarasota

Miami Orlando
Southwest Florida

The Douglas Centre 2600 Douglas Rd.
Suite 801

The Empire Building 28 W. Central Blvd. Suite 300

Horseshoe Professional Park 2770 Horseshoe Drive S. Suite 3

Coral Gables, FL 33134	Orlando, FL 32801	Naples, FL 34104
www.irr.com	(305) 670‐0001	(407) 843‐3377	(239)‐643‐6888

September 22, 2017

Boggy Creek Improvement District C/o Fishkind & Associates, Inc.
Mr. Joe Maclaren
12051 Corporate Boulevard
Orlando, FL 32817

SUBJECT:	Market Value Appraisal
Vacant Land‐ Limited Access Right‐of‐way
South side of State Road 417 and north of Lake Nona Boulevard Orlando, Orange County, Florida 32827
IRR ‐ Orlando File No. 130‐2017‐0405 Dear Mr. Maclaren:
Integra Realty Resources – Orlando is pleased to submit the accompanying appraisal of the
referenced property. The purpose of this appraisal is to provide an opinion of the fair market value of the fee simple interest for a 0.229‐acre limited access right‐of‐way. The client for the assignment is Boggy Creek Improvement District and the intended use is to information and guidance. The intended users of this report are to include Boggy Creek Improvement District and The Central Florida Expressway Authority (CFX).

The appraisal is intended to conform with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and applicable state appraisal regulations. The appraisal is also prepared in accordance with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).

Mr. Joe Maclaren September 22, 2017
Page 2

To report the assignment results, we use the Appraisal Report option of Standards Rule 2‐ 2(a) of USPAP. As USPAP gives appraisers the flexibility to vary the level of information in an Appraisal Report depending on the intended use and intended users of the appraisal, we adhere to the Integra Realty Resources internal standards for an Appraisal Report – Standard Format. This format summarizes the information analyzed, the appraisal methods employed, and the reasoning that supports the analyses, opinions, and conclusions.

The subject of this report includes a 0.229‐acre portion of an existing limited access right‐of‐ way (LA/ROW). The parent tract has been identified as the 136.96 acre parcel adjacent to the subject and located along the southern boundary of the Central Florida Greeneway (SR 417), in Orlando County, Florida. The parent tract is zoned PD/AN, Planned Development/Aircraft Noise Overlay District. Permitted uses within the larger Lake Nona PD include residential, commercial, industrial, hotel, office, amongst other uses.

Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, our opinion of value is as follows:

Value Conclusions	
Parcel	Interest Appraised	Date of Value	Value Conclusion	
Existing Limited Access R/W	Fee Simple	June 9, 2017	$115,000	

Extraordinary Assumptions and Hypothetical Conditions

The value conclusions are subject to the following extraordinary assumptions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions.
None
The value conclusions are based on the following hypothetical conditions that may affect the assignment results. A hypothetical condition is a condition contrary to known fact on the effective date of the appraisal but is supposed for the purpose of analysis.
1. None

Mr. Joe MaclarenSeptember 22, 2017
Page 3

If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service.

Respectfully submitted,

INTEGRA REALTY RESOURCES ‐ ORLANDO

Christopher Starkey, MAI Senior Managing Director
FL State‐Certified General RE Appraiser RZ#2886 Telephone: 407.325.3885
Email: cstarkey@irr.com

Marti Matonis Hornell Senior Analyst
FL State‐Certified General RE Appraiser RZ#3073 Telephone: 407‐843‐3377 Ext. 139
Email: mmatonis@irr.com

Table of Contents		

Summary of Salient Facts and Conclusions	
1	
Real Estate Taxes	
32	
General Information	2	Highest and Best Use	33	
Identification of Subject	2	Valuation	34	
Sale History	2	Valuation Methodology	34	
Pending Transactions	2	Sales Comparison Approach	35	
Purpose of the Appraisal	2	Analysis and Adjustment of Sales	38	
Definition of Market Value	2	Land Value Conclusion	40	
Definition of Property Rights Appraised	2	Reconciliation and Conclusion of Value	41	
Intended Use and User	3	Exposure Time	41	
Applicable Requirements	3	Marketing Period	41	
Report Format Prior Services	3
4	Certification	42	
Scope of Work	4	Assumptions and Limiting Conditions	44	
Economic Analysis	6	Addenda		
Orange County Area Analysis	6	A. Appraiser Qualifications		
Surrounding Area Analysis	13	B. Property Information		
Location	13	C. Comparable Data		
Access and Linkages	14	D. Engagement Letter		
Transportation	14			
Retail and Public Services	14			
Land Use	15			
Demand Generators	15			
Property Analysis	25			
Land Description and Analysis	25			

Summary of Salient Facts and Conclusions	1
Summary of Salient Facts and Conclusions

Property Name Address
Property Type Owner of Record Tax ID

Limited Access Right of Way
South side of State Road 417 and north of Lake Nona Boulevard
Orlando, Orange County, Florida 32827 Land ‐ Commercial
Central Florida Expressway Authority (CFX) 26‐24‐30‐0000‐00‐022

Land Area	136.96

Zoning Designation
Highest and Best Use

PD/AN, Planned Development/Aircraft Noise Overlay District
Commercial Development

Exposure Time; Marketing Period	12 months; 12 months
Date of the Report	September 22, 2017
Value Conclusion	
Appraisal Premise	Interest Appraised	Date of Value	Value Conclusion	
Market Value Existing Limited Access R/W	Fee Simple	June 9, 2017	$115,000	
The values reported above are subject to the definitions, assumptions, and limiting conditions set forth in the accompanying report of which this summary is a part. No party other than Fishkind & Associates, Inc. may use or rely on the information, opinions, and conclusions contained in the report. It is assumed that the users of the report have read the entire report, including all of the definitions, assumptions, and limiting conditions contained therein.

Extraordinary Assumptions and Hypothetical Conditions

The value conclusions are subject to the following extraordinary assumptions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions.
1. None
The value conclusions are based on the following hypothetical conditions that may affect the assignment results. A hypothetical condition is a condition contrary to known fact on the effective date of the appraisal  but is  supposed for the purpose of analysis.
None

General Information

Identification of Subject
The subject is a 0.229± acres portion of an existing access right‐of way. The parent tract has been identified as the 136.96 acre parcel adjacent to the subject and located along the southern boundary of the Central Florida Greeneway (SR 417), in Orlando, Orange County, Florida. The parent tract is zoned PD/AN, Planned Development/Aircraft Noise Overlay District. Permitted uses within the larger Lake Nona PD include residential, commercial, industrial, hotel, office, among other uses.

Property Identification

Property Name	Limited Access Right of Way
Address	South side of State Road 417 and north of Lake Nona Boul evard Orlando, Florida 32827
Owner of Record	Central Florida Expressway Authority (CFX)

Sale History
The owner of record is Central Florida Expressway Authority (CFX). This entity has owned the property in excess of five years. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years.

Pending Transactions
To the best of our knowledge, the property is not listed for sale, as of the effective appraisal date. However, negotiations are underway as follows:

Existing Limited Access R/W ‐ 0.229/AC (to be conveyed From CFX to Boggy Creek Improvement District)

Purpose of the Appraisal
The purpose of this appraisal is to provide an opinion of the fair market value of the fee simple interest of the subject. The effective date of the appraisal is June 9, 2017 and the date of the report is September 22, 2017. The appraisal is valid only as of the stated effective date or dates.

Definition of Market Value
Fair market value is defined as the amount of money that a purchaser willing but not obliged to buy the property would pay an owner willing but not obliged to sell, taking into consideration all uses to which the property is adapted and might be applied in reason. This definition includes uses permitted by reasonably probable future changes in zoning. Inherent in the willing buyer‐willing seller test of fair market value is:

A fair sale resulting from fair negotiations;

Neither party acting under compulsion of necessity (this eliminates forced liquidation or sale at auction). Economic pressure may be enough to exclude a sale. See, e.g., Pandolphe’s Auto Parts v. Town of Manchester, 435 A.2d 24 (Conn.1980).
Both parties having knowledge of all relevant facts;
A sale without peculiar or special circumstances; and
A reasonable time to find a buyer.
Source: State Road Dept. v Stack, 231 So.2d 859 (Fla. 1st DCA 1969)

Definition of Property Rights Appraised
Fee simple estate is defined as, “Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.”

Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015)

Intended Use and User
The client for the assignment is Boggy Creek Improvement District and the intended use is for information and guidance. Intended users include Boggy Creek Improvement District and The Central Florida Expressway Authority (CFX). The appraisal is not intended for any other use or user.

Applicable Requirements
This appraisal is intended to conform to the requirements of the following:

Uniform Standards of Professional Appraisal Practice (USPAP);
Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute;
Applicable state appraisal regulations; and
Interagency Appraisal and Evaluation Guidelines issued December 10, 2010.
Report Format
This report is prepared under the Appraisal Report option of Standards Rule 2‐2(a) of USPAP. As USPAP gives appraisers the flexibility to vary the level of information in an Appraisal Report depending on the intended use and intended users of the appraisal, we adhere to the Integra Realty Resources internal standards for an Appraisal Report – Standard Format. This format summarizes the information analyzed, the appraisal methods employed, and the reasoning that supports the analyses, opinions, and conclusions.

Prior Services
USPAP requires appraisers to disclose to the client any other services they have provided in connection with the subject property in the prior three years, including valuation, consulting, property management, brokerage, or any other services. We have not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three‐year period immediately preceding acceptance of this assignment.

Scope of Work
To determine the appropriate scope of work for the assignment, we considered the intended use of the appraisal, the needs of the user, the complexity of the property, and other pertinent factors. Our concluded scope of work is described below.

Valuation Methodology
Appraisers usually consider the use of three approaches to value when developing a market value opinion for real property. These are the cost approach, sales comparison approach, and income capitalization approach. Use of the approaches in this assignment is summarized as follows:

Approaches to Value

Approach	Applicability to Subject	Use in Assignment
Cost Approach	Not Applicable	Not Utilized
Applicable	Utilized
Not Applicable	Not Utilized	
Sales Comparison Approach		
Income Capitalization Approach		

We use only the sales comparison approach in developing an opinion of value for the subject parcel. This approach is applicable to the subject because there is an active market for similar properties, and sufficient sales data is available for analysis.

The cost approach is not applicable because there are no improvements that contribute value to the property, and the income approach is not applicable because the subject is not likely to generate rental income in its current state.

In estimating the market value, we have incorporated elements of the Sales Comparison Approach (Across the Fence Methodology). In this analysis, we estimate the value based on the typical “across the fence” (ATF) value of properties in proximity to the subject. A determination of the parent tract most applicable to the subject must be estimated. In the case of the subject property, the land to the north is an existing right‐of‐way. Therefore, it is our opinion, that the likely purchaser would be the owner of the adjacent property to the south.

Research and Analysis
The type and extent of our research and analysis is detailed in individual sections of the report. This includes the steps we took to verify comparable sales, which are disclosed in the comparable sale profile sheets in the addenda to the report. Although we make an effort to confirm the arms‐length nature of each sale with a party to the transaction, it is sometimes necessary to rely on secondary verification from sources deemed reliable.

Inspection
Christopher Starkey, MAI did not inspect the subject, however, he is familiar with the property and has reviewed the report and concurs with the values. Marti Matonis Hornell conducted an on‐site inspection of the properties on June 9, 2017.

Economic Analysis

Orange County Area Analysis
Orange County is located in central Florida approximately 75 miles northeast of Tampa. It is 903 square miles in size and has a population density of 1,430 persons per square mile. Orange County is part of the Orlando‐Kissimmee‐Sanford, FL Metropolitan Statistical Area, hereinafter called the Orlando MSA, as defined by the U.S. Office of Management and Budget.

Area Map
Population
Orange County has an estimated 2016 population of 1,292,120, which represents an average annual 2.0% increase over the 2010 census of 1,145,956. Orange County added an average of 24,361 residents per year over the 2010‐2016 period, and its annual growth rate exceeded the State of Florida rate of 1.3%.

Looking forward, Orange County's population is projected to increase at a 1.6% annual rate from 2016‐2021, equivalent to the addition of an average of 21,025 residents per year. Orange County's growth rate is expected to exceed that of Florida, which is projected to be 1.2%.

Employment
Total employment in Orange County is currently estimated at 787,215 jobs. Between year‐end 2005 and the present, employment rose by 111,356 jobs, equivalent to a 16.5% increase over the entire period. There were gains in employment in eight out of the past ten years despite the national economic downturn and slow recovery. Orange County's rate of employment growth over the last decade surpassed that of Florida, which experienced an increase in employment of 4.1% or 323,730 jobs over this period.

A comparison of unemployment rates is another way of gauging an area’s economic health. Over the past decade, the Orange County unemployment rate has been generally lower than that of Florida, with an average unemployment rate of 6.7% in comparison to a 6.9% rate for Florida. A lower unemployment rate is a positive indicator.

Recent data shows that the Orange County unemployment rate is 4.4% in comparison to a 4.9% rate for Florida, a positive sign that is consistent with the fact that Orange County has outperformed Florida in the rate of job growth over the past two years.

Employment Sectors
The composition of the Orange County job market is depicted in the following chart, along with that of Florida. Total employment for both areas is broken down by major employment sector, and the

sectors are ranked from largest to smallest based on the percentage of Orange County jobs in each category.

Employment Sectors ‐ 2015	

0%	5%	10%	15%	20%	25%	30%

24.8%

13.9%

18.3%

21.2%

16.7%
15.2%

11.4%

	14.6%	
9.3%		
	12.9%		
6.1%		
6.5%		
4.4%		
5.4%		
3.8%		
4.2%		
2.8%		
3.2%		
2.1%		
1.7%		
1.		

Leisure and Hospitality Trade; Transportation; and Utilities Professional and Business Services Education and Health Services
Government Financial Activities
Construction Manufacturing Other Services Information
Natural Resources & Mining

Orange County

Florida

Source: Bureau of Labor Statistics and Economy.com

Orange County has greater concentrations than Florida in the following employment sectors:

Leisure and Hospitality, representing 24.8% of Orange County payroll employment compared to 13.9% for Florida as a whole. This sector includes employment in hotels, restaurants, recreation facilities, and arts and cultural institutions.
Professional and Business Services, representing 16.7% of Orange County payroll employment compared to 15.2% for Florida as a whole. This sector includes legal, accounting, and engineering firms, as well as management of holding companies.
Information, representing 2.1% of Orange County payroll employment compared to 1.7% for Florida as a whole. Publishing, broadcasting, data processing, telecommunications, and software publishing are included in this sector.

Orange County is underrepresented in the following sectors:

Trade; Transportation; and Utilities, representing 18.3% of Orange County payroll  employment compared to 21.2% for Florida as a whole. This sector includes jobs in retail trade, wholesale trade, trucking, warehousing, and electric, gas, and water utilities.

Education and Health Services, representing 11.4% of Orange County payroll employment compared to 14.6% for Florida as a whole. This sector includes employment in public and private schools, colleges, hospitals, and social service agencies.
Government, representing 9.3% of Orange County payroll employment compared to 12.9% for Florida as a whole. This sector includes employment in local, state, and federal government agencies.
Financial Activities, representing 6.1% of Orange County payroll employment compared to 6.5% for Florida as a whole. Banking, insurance, and investment firms are included in this sector, as are real estate owners, managers, and brokers.
Major Employers
Major employers in Orange County are shown in the following table.

Gross Domestic Product
Gross Domestic Product (GDP) is a measure of economic activity based on the total value of goods and services produced in a defined geographic area. Although GDP figures are not available at the county level, data reported for the Orlando MSA is considered meaningful when compared to the nation overall, as Orange County is part of the MSA and subject to its influence.

Economic growth, as measured by annual changes in GDP, has been somewhat lower in the Orlando MSA than the United States overall during the past eight years. The Orlando MSA has grown at a 0.5% average annual rate while the United States has grown at a 1.2% rate. As the national economy improves, the Orlando MSA has recently performed better than the United States. GDP for the Orlando MSA rose by 3.5% in 2015 while the United States GDP rose by 2.4%.

The Orlando MSA has a per capita GDP of $45,756, which is 8% less than the United States GDP of
$49,844. This means that Orlando MSA industries and employers are adding relatively less value to the economy than their counterparts in the United States overall.

Household Income
Orange County has a slightly higher level of household income than Florida. Median household income for Orange County is $48,357, which is 0.9% greater than the corresponding figure for Florida.

The following chart shows the distribution of households across twelve income levels. There do not appear to be any significant differences between Orange County and Florida in the distribution of households within the broad categories of upper, middle, and lower income. The percentage of Orange County households in the upper income ranges ($75,000 or greater), is similar to that of Florida. The percentages of households in the middle ($35,000 ‐ $75,000) and lower (under $35,000) income ranges are similar as well.

Household Income Distribution ‐ 2016	

0.6%
0.8%
1.9%
1.9%

4.2%
3.9%

6.9%
7.0%

15.2%
15.1%

12.2%
11.6%
11.9%
12.0%

12.4%
13.5%

18.8%
18.0%

10.5%
10.9%

4.0%
3.7%

1.6%
1.5%

$500,000 and more
$250,000 ‐ 499,999
$200,000 ‐ $249,999
$150,000 ‐ $199,999
$125,000 ‐ $149,999
$100,000 ‐ $124,999
$75,000 ‐ $99,999
$50,000 ‐ $74,999
$35,000 ‐ $49,999
$25,000 ‐ $34,999
$15,000 ‐ $24,999
Less than $15,000

Orange County

Florida

0.0%	5.0%	10.0%	15.0%	20.0%
Source: The Nielsen Company

Education and Age
Residents of Orange County have a higher level of educational attainment than those of Florida. An estimated 31% of Orange County residents are college graduates with four‐year degrees, versus 27% of Florida residents. People in Orange County are younger than their Florida counterparts. The median age for Orange County is 35 years, while the median age for Florida is 42 years.

Conclusion
The Orange County economy will benefit from a growing population base and higher income and education levels. Orange County experienced growth in the number of jobs and has maintained a generally lower unemployment rate than Florida over the past decade. We anticipate that the Orange County economy will improve and employment will grow, strengthening the demand for real estate.

Surrounding Area Analysis
This section introduces and analyzes the subject’s surrounding market area. For this analysis, the surrounding area is defined as the area that most directly influences the subject’s real estate market. Usually, although not always, a property’s surrounding market area is a smaller geographic area than the region analyzed in the preceding section.

Location
The subject is located in the south‐central portion of Orlando, just south of the Orlando International Airport, within the Lake Nona Development of Regional Impact (DRI). This DRI totals 6,917± acres and is generally located south of OIA, east of Boggy Creek Road, along the north and south side of State Road 417 and extends to Narcoossee Road to the east. More specifically the subject is located along the south boundary of the Central Florida Expressway (417), in Orlando, Orange County, Florida. A map illustrating the subject’s market area is presented below.

Surrounding Area Map

Access and Linkages
Transportation access and linkages influence the size and competitive nature of a particular market area. The SR 417 and Florida Turnpike provide primary highway access to the immediate market area. The main arterial roadways serving the market area are Narcoossee Road and Boggy Creek Road.
Secondary roadways within the market include J. Lawson Boulevard, Lake Nona Boulevard, and Tavistock Lakes Boulevard. These roadways are surrounded with a mix of commercial and residential uses such as anchored and unanchored retail shopping centers, freestanding restaurants and convenience stores, as well as single‐family dwellings and multifamily developments, among other uses. Direct access to the subject is provided by Central Florida Greeneway. Nemours Parkway is planned to be extending and encompasses a portion of the subject.

Lastly, construction is underway to improve the SR 417 and Boggy Creek Road interchange. The new interchange will provide better access to and from the Orlando International Airport (OIA) from south Orange and Osceola Counties. In addition, this project will accommodate the planned extension of Osceola Parkway. Work also includes new drainage, roadway lighting, utility relocation, signs and pavement markings. Construction on this $71 million interchange project will be conducted in two phases. The first phase included new alignments. Phase two includes the construction of the new flyover ramps for the interchange. Overall, vehicular access throughout the market area is considered good.

Transportation
Public transportation is provided by LYNX, a tri‐county transit system which provides access throughout the greater Orlando area. The local market perceives public transportation as good compared to other market areas in the region. However, the primary mode of transportation in this area is the automobile. The Orlando International Airport is located just north of the subject site. Drive time is approximately 5 minutes. Reportedly, OIA is proposing several major capital improvement projects for the south side of the airport, which should bode well for the subject site and the immediate area moving forward.

Retail and Public Services
The nearest shopping facilities, restaurants, and lodging facilities serving the area are located east of the subject along Narcoossee Road. As discussed, Narcoossee Road is one of the primary commercial corridors servicing the immediate area and, in the vicinity of the subject, has seen an extensive amount of development over the past several years.

The nearest fire and police stations are within six miles of the property. The area is served by the Orange County School District, the 11th largest school district in the nation and fourth largest in Florida. Orange County serves nearly 175,000 students in over 177 schools including 122 public elementary schools, 33 public middle schools and 18 public high schools. The closest colleges and universities include the University of Central Florida (College of Medicine), UF Research and Academic Center, and the recently open Valencia Community College – Lake Nona campus.

Land Use
The area is suburban in character and approximately 50% developed. Land uses immediately surrounding the subject are predominantly vacant land and medical office. Typical ages of building improvements range from new to 10+ years. Property types adjoining the subject include the following known as the Lake Nona’s Health & Life Sciences anchor tenants, include:

University of Central Florida’s Health Sciences Campus
Sanford‐Burnham Medical Research Institute
Veterans Affairs Medical Center
Nemours Children’s Hospital
University of Florida Research & Academic Center
Guidewell UST Global Innovation Center

Demand Generators
Given that the subject is located in a suburban area, it is mostly influenced by the commercial developments located along the surrounding thoroughfares. Additionally, the subject benefits from its proximity and ease of access to several nearby interstates, as previously discussed. As a result, the following were also considered to be a catalyst for demand at the subject development.

The subject is located within the Lake Nona DRI, which contains the nearby “Medical City.” These developments have spurred an influx of residential and commercial development over the past several years.

Lake Nona is a 6,917±‐acre master planned community that will feature world‐class education, medical facilities, residential, and commercial development. Reportedly, the Medical City is anticipated to create 30,000 local jobs and have an economic impact valued at $7.6 billion over the next 10 years. As previously stated the subject is surrounded by some of the nation’s top hospitals, universities, research institutions and life science companies. Further details and exhibits relating to the Medical City are outlined below:

The Lake Nona DRI was named the first Iconic Smart+Connected area in the United States by the technology firm Cisco, which is one of only eight other cities to receive the designation in the world. The award is given to cities that integrate technology and digital infrastructure for the community’s residents, employees and visitors.

Nemours Children’s Hospital, a 95‐bed main structure plus a pediatric clinic, medical office buildings and two parking garages. Ground breaking was in the 1st Quarter 2009 and opened in October 2012. The $380 million dollar facility contains approximately 630,000 SF and is situated on a 60± acre parcel. The center employs approximately 1,000 employees, including 50± physicians.

VA Medical Center, a 1.2 million SF veteran’s hospital that is being developed on 65± acres. The US Dept. of Veteran’s Affairs outpatient clinic will move from its current Baldwin Park location and 134 inpatient beds will be added. The facility will also include a 12‐bed nursing home and hospice, and a 60‐bed domiciliary for homeless veterans with substance abuse and psychiatric issues.

UCF College of Medicine is a 50‐acre health and science campus used primarily for research and classrooms. The 199,269 square foot research building and the 171,021 square foot classroom building opened in May 2009. The total cost of the two buildings was estimated to be $166 million. Reportedly, the center contains approximately 400 employees (including professors). In addition, MD Anderson Orlando Cancer Research Institute moved is Cancer Research Institute to the fifth floor of the UCF’s Burnett Biomedical Sciences Building in October 2009 and occupies 30,000 SF. The research institute staffs approximately 25 researchers.

Burnham Institute for Medical Research is a leading medical research institute which focuses on specialty research for disease cures and improving the quality of life. The facility opened in May 2009 and contains 175,000 SF of laboratory space, administrative wing and a 250‐seat auditorium. The total cost of the project was estimated to be $85 million and it was estimated that the Burnham Institute would employ up to 300 workers within seven years.

Burnham Institute consists of two parcels totaling 50 acres. The total transaction has not yet been recorded in Orange County Public Records. It is our understanding a 38‐acre parcel of the total 50 acres was gifted to Orange County and then to the Burnham Institute by Lake Nona Land Company. The 12‐acre parcel owned by Orange County was reportedly leased to Burnham for $1 per year for a specific time, up to possibly the year 2025. It is our understanding the lease stipulates that if the Burnham Institute of Medical Research does not add 300 employees to their property during the lease term, the 12 acres will revert back to Orange County.

Currently Governor Rick Scott has asked Sanford‐Burnham Prebys Medical Discovery Institute at Lake Nona to repay $77 million in government incentives.

According to the Orlando Sentinel, Florida TaxWatch Executive Director Dominic Calabro was quoted as saying “Orlando and Orange County governments owe it to their taxpayers to try to recoup at least some of $155 million in local incentives awarded to the Sanford Burnham institute, which did not deliver on job goals”.

The state is seeking its money back because Sanford Burnham fell short of its 10‐year goal of creating 303 jobs, by about 66 positions.

University of Florida Research Institute is a 100,000 SF academic and research center that opened June 2012. The $42 million facility is utilized for its doctoral pharmacy program and drug development center and is estimated to staff approximately 120 employees and 200 students.

More recently, Lake Nona began construction on the $50 million, 1,000,000 square foot Town Center. The Town Center is expected to contain a mix of uses including department stores, large‐scale retail outlets, boutiques, Cineplex, restaurants, and entertainment. Currently, several office/ retail buildings, a hotel and parking garage have been completed.

The development of the Medical City has spurred a tremendous amount of residential and commercial growth over the past several years and continues to be one of the most influential areas of growth.
With the critical employment mass already taking place within the Medical City and ancillary commercial development along Narcoossee Road, an influx of new residential development has occurred. Of note, Laureate Park, Village Walk, Waters Edge at Lake Nona, North Lake Park, and Eagle Creek are all under construction with new product. In addition, several new multifamily developments have been completed, with more already under construction that will provide housing options for employees of the Medical City tenants and students.

Demographics
A demographic profile of the surrounding area, including population, households, and income data, is presented in the following table.

As shown above, the current population within a 3‐mile radius of the subject is 19,289, and the average household size is 2.7. Population in the area has grown since the 2010 census, and this trend is projected to continue over the next five years. Compared to Orange County overall, the population within a 3‐mile radius is projected to grow at a faster rate.

Median household income is $75,766, which is higher than the household income for Orange County. Residents within a 3‐mile radius have a similar level of educational attainment than those of Orange County, while median owner occupied home values are considerably higher.

Lake Nona DRI
As discussed, the subject is situated within the Lake Nona DRI, and more specifically, within an area designated as Airport Support District – Medium Intensity. The DRI was originally approved in 1983 and currently totals 6,917± gross acres. There have been numerous amendments to this DRI since this time. The most recent Master Development Plan is mapped and broken down below.

Subject

Approved Planned Developments – Within the Market Area

The following information was obtained from the Orange County Engineering department. This map depicts the proposed road projects, that combined, fall under the Innovation Way Study. The Innovation Way Study serves as a tool to guide decision making and interpretation of the Future Land Use map amendments and land development code as it relates to the Innovation Way Overlay.

The Innovation Way southern corridor extends south of the Beachline and westerly to SR 417. The three major Developments of Regional Impact (DRI) influencing the road network are:

International Corporate Park DRI.
Innovation Place DRI
Starwood PD (previously a DRI)

The Innovation Way study envisions this area to include a mixture of land uses such as:

Aviation/aerospace.
Biotechnology/life sciences.
Energy/alternative fuels.
Photonics.
Electronic hardware/software development.

Advanced manufacturing.

This southerly corridor will include a number of activity centers surrounding a centralized village. It will include two primary transportation corridors:

Innovation Way South and North.
Moss Park Road extension.

Outlook and Conclusions
Over the past five years, the overall market area has been in the growth stage of its life cycle. With the new infrastructure in place, notably the expansion/widening of Narcoossee Road, and the consistent development activity of commercial projects throughout the area, the subject property is positioned within an area of growth. Anticipation of the continued development within the Medical City at Lake Nona will continue to have a positive impact on the surrounding area moving forward. As current economic conditions remain strong, we expect market conditions and property values to continue to increase at a moderate rate.

Property Analysis

Land Description and Analysis
The following description is based on our inspection of the property, as well as, information provided by Orange County Public Records.

The parent tract is estimated to be the larger parcel adjacent to the south of the Central Florida Expressway (State Road 417), in Orlando, Orange County, Florida. The parent tract consists of the
136.96 ± gross/usable acres. The subject includes a 0.229‐acre triangular shaped section of land, location within the CFX ‐ Limited Access Right of Way. The subject will reportedly be used in conjunction with the proposed Nemours Parkway West.

Parent Tract

Land Description
Land Area	136.96
Source of Land Area	Other
Primary Street Frontage	Lake Nona Boulevard
Shape	Irregular
Corner	No
Topography	Generally level and at street grade
Drainage	No problems reported or observed
Environmental Hazards	None reported or observed
Ground Stability	No problems reported or observed
Flood Area Panel Number	12095C0445F and 12095C0650F Date	September 25, 2009
Zone	X and A
Description	Majority of site outside 500‐year floodplain; Some areas within 100‐year floodplain
Insurance Required?	Unknown
Zoning; Other Regulations	
Zoning Jurisdiction	City of Orlando
Zoning Designation	PD/AN
Description	Planned Development/Aircraft Noise Overlay District
Legally Conforming?	Yes
Zoning Change Likely?	No
Permitted Uses	The district is a flexible zoning which is intended to provide an appropriate balance
between the intensity of development and the ability to provide adequate capacity within the support services and facilities. Permitted uses within the larger Lake Nona PD include residential, commercial, industrial, hotel, office, among other uses.
However, the subject's is limited to the following uses: (a) medical, life science and clinical research and development, (b) light manufacturing in the life sciences or medical field, including diagnostics, devices, pharmaceuticals and reagents, (c) undergraduate, graduate and post‐graduate education, including classrooms and
lecture halls, (d) research facilities related to a medical  hospital, (e) ancillary related research‐oriented healthcare and life science uses, and administrative uses related to the foregoing, and (f) support services for the foregoing which may include, but is not limited to, a cafeteria/restaurant, child day care center and fitness facility.
Other Land Use Regulations	DRI
Utilities	
Service	Provider

Water	City of Orlando
Sewer	City of Orlando
Electricity	OUC
Local Phone	Multiple

Tax Map and Aerial – Parent Tract

Legal Sketches /Aerial Existing R/W

Easements, Encroachments and Restrictions
We have reviewed survey/ legal description prepared by Donald W. McIntosh Associates, Inc. dated May 2017. The existing right‐of way parcel is encumbered with a R/W recorded in O.R. Book 4345 and Page 3237.

Wetlands
Based on our review of the Orange County Public Records, the subject property appears to contain jurisdictional wetlands. The following report assumes that the wetlands can be mitigated and that the wetlands will not interfere with the development of the drainage easement.

Conclusion of Land Analysis
Overall, the physical characteristics of the parcels and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by zoning. We are not aware of any other particular restrictions on development.

FLU / Flood Maps

 	

Facing east along Nemours Parkway (Photo Taken on June 9, 2017)

Interior view of the parent tract subject facing northwest (Photo Taken on June 9, 2017)

Interior view of the parent tract (Photo Taken on June 9, 2017)

View of the proposed Nemours Parkway WEst (Photo Taken on June 9, 2017)

Interior view of the parent tract (Photo Taken on June 9, 2017)

Interior view of the parent tract (Photo Taken on June 9, 2017)

Real Estate Taxes	32

Real Estate Taxes
Real estate tax assessments are administered by the Orange County Property Appraiser’s office. Real estate taxes in this state and this jurisdiction represent ad valorem taxes, meaning a tax applied in proportion to value. The real estate taxes for an individual property may be determined by multiplying the assessed value for a property by the local millage rate. The millage rate is based on local county and/or city requirements.

State law requires that all real property be revalued each year. Properties are assessed as of January, each year. The millage rate is generally finalized in October of each year, and tax bills are received in late October or early November. If the taxes are paid prior to November 30th, the State of Florida allows a 4% discount. The discount is reduced to 3% if the taxes are paid in December, 2% if paid in January of the following year, 1% if paid in February, and the gross taxes are due before March 31st of the following year. After March 31st, the taxes are subject to interest and penalties.

The parent tract real estate taxes and assessments for the 2016 tax year are shown in the following table.

Taxes and Assessments ‐ 2016	

 	Assessed Value	 	Taxes and Assessments	
Ad Valorem
Tax ID	Land	Ag Benefit	Total	Tax Rate	Taxes  Direct Assessments	Total

26‐24‐30‐0000‐00‐022	$18,142,105	‐$15,491,528	$2,650,577	1.960120%	$51,954	$981	$52,935

The market value of $18,142,105 was indicated while the assessed value less the agricultural benefits is $2,650,577. Application of the millage rate to the 2016 assessed value of $2,650,577 indicates a tax liability of $52,935 for the parent tract. All real estate taxes have been paid and no delinquent taxes are associated with the subject property.

The assessment includes the “parent” tract encompassing 136.96 gross acres. The “market” assessment equates to $132,424 per gross acre. Once subdivided, the subject would be reassessed based on its size and use.

Properties within this development including the subject property are subject to additional CDD fees.

Highest and Best Use	33

Highest and Best Use
Process
Before a property can be valued, an opinion of highest and best use must be developed for the subject site, both as vacant, and as improved. By definition, the highest and best use must be:

Physically possible.
Legally permissible under the zoning regulations and other restrictions that apply to the site.
Financially feasible.
Maximally productive, i.e., capable of producing the highest value from among the permissible, possible, and financially feasible uses.
As Vacant
Physically Possible
The physical characteristics of the parent tract do not appear to impose any unusual restrictions on development. Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses.

Legally Permissible
The parent tract is zoned PD, Planned Development within the Lake Nona DRI. It has a future land use of Urban Village. Permitted uses within the larger Lake Nona PD include residential, commercial, industrial, hotel, office, among other uses. Given the uses only commercial uses are given further consideration in determining highest and best use of the site, as though vacant.

Financially Feasible
There is adequate demand for commercial use in this location, and a newly developed commercial use on the site would have a value commensurate with its cost. Thus, commercial use is financially feasible.

Maximally Productive
There does not appear to be any reasonably probable use of the site that would generate a higher residual land value than commercial use, and therefore the maximally productive use of the parent tract is commercial use. Given the size of the parent tract, the maximally productive use would be to subdivide the larger tract into 10‐20 usable acre sites.

Conclusion

The highest and best use of the parent tract as vacant land is to subdivide the property and hold for future development with an allowable use based on demand. The most probable buyer is a developer
/ speculative investor.

Valuation Methodology	34

Valuation

Valuation Methodology
Appraisers usually consider three approaches to estimating the market value of real property. These are the cost approach, sales comparison approach and the income capitalization approach.

The cost approach assumes that the informed purchaser would pay no more than the cost of producing a substitute property with the same utility. This approach is particularly applicable when the improvements being appraised are relatively new and represent the highest and best use of the land or when the property has unique or specialized improvements for which there is little or no sales data from comparable properties.

The sales comparison approach assumes that an informed purchaser would pay no more for a property than the cost of acquiring another existing property with the same utility. This approach is especially appropriate when an active market provides sufficient reliable data. The sales comparison approach is less reliable in an inactive market or when estimating the value of properties for which no directly comparable sales data is available. The sales comparison approach is often relied upon for owner‐user properties.

The income capitalization approach reflects the market’s perception of a relationship between a property’s potential income and its market value. This approach converts the anticipated net income from ownership of a property into a value indication through capitalization. The primary methods are direct capitalization and discounted cash flow analysis, with one or both methods applied, as appropriate. This approach is widely used in appraising income‐producing properties.

Reconciliation of the various indications into a conclusion of value is based on an evaluation of the quantity and quality of available data in each approach and the applicability of each approach to the property type.

The methodology employed in this assignment is summarized as follows:

Approaches to Value

Approach	Applicability to Subject	Use in Assignment
Cost Approach	Not Applicable	Not Utilized
Applicable	Utilized
Not Applicable	Not Utilized	
Sales Comparison Approach		
Income Capitalization Approach		

In the following analysis, we have only utilized the sales comparison approach. The income and cost approaches were not considered applicable.

Sales Comparison Approach
We researched and assembled data for the most relevant sales, and confirmed the arms‐length nature of the sales with parties to the transaction or secondary sources. The sales were then analyzed to develop a value indication for the subject.

In the sales comparison approach, we searched for sale transactions within the following parameters:

Location: The properties are located in an upscale/high growth area of Orlando known as Lake Nona. The area has seen tremendous growth over the past several years. As such, land values in the area have also increased significantly over the past 5 years. Our search focused on entitled land sales within the Lake Nona/Narcoossee Road corridor.
Size: 14 ‐ 70 gross acres
Use: Commercial Use
Transaction Date: August 2015 – March 2017
For this analysis, we use price per usable square foot as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. These comparables are shown on the following map and summarized on the following page.

Comparable Land Sales Map

Summary of Comparable Land Sales

No. Name/Address

Sale Date; Status

Effective Sale Price

SF;
Acres	Zoning	$/Usable Acre

1	Proposed Shopping Center	Mar‐17	$4,550,000	635,976 13000 Narcoossee Rd.	Closed			14.60
Orlando FL County FL

Planned Development

$700,000

Comments: This sale is located at the southwest quadrant of Naroossee Road and Tyson Road. The property was purchased for $4,550,0000 for the development of a 64,000  square foot shopping  center. The anchor tenant is Earthfare a  specialty grocer. This parcel contains 14.6  gross acres, of which, approximately 6.5 acres have been  considered usable. The remaining land contains low‐lying land and a  cell tower, which  was not included  in the purchase. According to the property owner, this site will benefit from off‐site retention and was placed under contract, and subject to entitlements,
 	two  years prior to the closing.	
2	Vacant Land	Dec‐16	$8,000,000	2,928,974	Planned Development	$666,667	
	10999 Narcoossee Rd. Unincorporated Orange County
FL	Closed		67.24			
Comments: This site is located on the east side of Narcoossee Road, just north of State Road 417. It includes 67 gross acres, of which 12 acres are considered usable. People close to the deal confirmed plans for the land are still undetermined, but it eventually could be used for a future hospital or
 	a freestanding emergency room.	

3	Former  Great Wheel Site	Nov‐16	$11,500,000	871,200 Westwood Blvd.	Closed		20.00
Unincorporated Orange County FL

Orangewood Planned Development

$575,000

Comments: The sale is located on  the west side of Westwood Boulevard, just west of International Drive with  frontage on the Interstate 4  off‐ramp. The subject is part of the Westwood Subdivision Development Plan, which is a subset of the Orangewood PD totaling 194.56 acres. The PD has approvals for 2,840 hotel units, 5.09 acres of retail, 31.80 acres of office development and  12  acres  of Tourist Commercial uses. The maximum floor area ratio (FAR) is a maximum 1.0 to 10.0, or 100% to  1,000% of the land area.  However, based on our experience within the market, a density of  50% to 150%. The future land use is Activity Center Mixed Use (ACMU). Based on our discussion with property representatives, the site was previously planned for a large tourist attraction to be known as the Great Wheel. However, the development never came to fruition and the prospective use is
 	unknown.	

4	Vacant Land	Feb‐16	$15,500,000	1,012,770 4751‐4891 Vineland Rd.	Closed			23.25
Orlando Orange County FL

Mixed Use

$666,667

Comments: This is the sale of two parcels bifurcated  by a  drainage canal. The property is located  within the southwest quadrant of Interstate 4  (I‐4) and Conroy Rd in Orlando, Orange County, Florida. There is frontage on I‐4 and Vineland Rd. Access is provided via Vineland Road and there is 2,139 linear feet of frontage along  Interstate 4. The site totals 23.25  acres. There is on‐site drainage at the northern  side of the southern  parcel. This zoning is Mixed‐Use Commercial and the property is located within the Millenia DRI, which includes includes, retail, commercial and residential. The parcels
 	sold in  February 2016 for $15.5  million  or $666,667/acre.	

5	Carter Vineland Pointe	Apr‐16	$41,400,000	2,822,688 7601 Vineland Ave.	In‐Contract		64.80
Orlando Orange County FL

Planned Development

$638,889

Comments: This is the contract on a 64.80 acre, vacant site. The contract price is reported around $41,400,000 or $638,889 per acre. The site is approved for a mixed use development that includes hotel, timeshare and retail commercial uses. The site has good exposure to Interstate 4.

Subject
Boggy Creek Improvement District and Easement
Orlando, FL

Planned Development/Aircraft Noise Overlay District

 	
Sale 1	Sale 2

Sale 3	Sale 4

Sale 5	Sale 6

Analysis and Adjustment of Sales
The sales are compared to the subject and adjusted to account for material differences that affect value. Adjustments are considered for the following factors, in the sequence shown below.

Adjustment Factor	Accounts For	Comments

Effective Sale Price	Atypical economics of a transaction,
such as demolition cost or expenditures by buyer at time of purchase.
Real Property Rights	Fee simple, leased fee, leasehold,
partial interest, etc.
Financing Terms	Seller financing, or assumption of
existing financing, at non‐market terms.
Conditions of Sale	Extraordinary motivation of buyer
or seller, assemblage, forced sale.
Market Conditions	Changes in the economic
environment over time that affect the appreciation and depreciation of real estate.

Location	Market or submarket area influences on sale price; surrounding land use influences.

Access/Exposure	Convenience to transportation
facilities; ease of site access; visibility; traffic counts.
Size	Inverse relationship that often exists between parcel size and unit value.

No adjustments were required.

No adjustments were required. No adjustments were required.

No adjustments were required.

Sale 6 was a 2015 sales. Therefore, we have applied a 5% market conditions adjustments, recognizing improved market conditions.
Sale Nos. 1 and 2 were considered superior given their direct access/frontage along Narcoossee Road. As such, these sales were adjusted downward 5%.
No adjustments were required.

The comparables ranged in size from 6.50 to 64.80 usable acres.
Comparable Nos. 1 and 2 were adjusted downward for their superior smaller sizes and Comparable Nos. 5 and 6 were adjusted upward for their larger size.

Shape and Topography

Primary physical factors that affect the utility of a site for its highest and best use.

Sale 6 is a long a narrow tract. This was considered an inferior chararcteristic, warranting an

Adjustment Factor	Accounts For	Comments
upward adjustment. No others adjustments were required.

Zoning	Government regulations that affect the types and intensities of uses allowable on a site.

No adjustments were required.

Entitlements / Planning

The specific level of governmental approvals attained pertaining to development of a site.

The highest and best use of the parent tract would be to subdivide the parcel into smaller tracts.
Taking into consideration the planning and approvals needed, prior to any development, we have adjusted each of the comparables downward by 15%.

The following table summarizes the adjustments we make to each sale.

Land Sales Adjustment Grid   ‐ Vacant Land	
	Subject	Comparable 1	Comparable 2	Comparable 3	Comparable 4	Comparable 5	Comparable 6	
Name	Limited Access Right of Way	Proposed Shopping Center	Vacant Land	Former Great Wheel Site	Vacant Land	Carter Vineland Pointe	Sand Lake Groves	

Address

City County State Sale Date
Sale Status Sale Price
Description of Adjustment Effective Sale Price
Acres
Usable Square Feet Usable Acres	
South side of State Road 417 and north of Lake Nona Boulevard  Orlando
Orange Florida	
13000 Narcoossee Rd.

Orlando FL
FL
Mar‐17 Closed
$4,550,000

$4,550,000 14.60
283,140
6.50	
10999 Narcoossee Rd.

Unincorporated Orange
FL
Dec‐16 Closed
$8,000,000

$8,000,000 67.24
522,720
12.00	
Westwood Blvd.

Unincorporated Orange
FL
Nov‐16 Closed
$11,500,000

$11,500,000 20.00
871,200
20.00	
4751‐4891
Vineland Rd.

Orlando Orange FL
Feb‐16 Closed
$15,500,000

$15,500,000 23.25
1,012,770
23.25	
7601 Vineland Ave.

Orlando Orange FL
Apr‐16 In‐Contract
$41,400,000

$41,400,000 64.80
2,822,688
64.80	
Palm Pky.

Orlando Orange FL
Aug‐15 Closed
$15,000,000

$15,000,000 38.82
1,690,999
38.82	
Price per Usable Square Foot		$16.07	$15.30	$13.20	$15.30	$14.67	$8.87	
Property Rights		Fee Simple	Fee Simple	Fee Simple	Fee Simple	Fee Simple	Fee Simple	
Financing Terms		Cash to seller	Cash to seller	Cash to seller	Cash to seller	Cash to seller	Cash to seller	
Conditions of Sale		Arm's Length	Arm's Length	Arm's Length	Arm's Length	Arm's Length	Arm's Length	
Market Conditions	6/9/2017	Mar‐17	Dec‐16	Nov‐16	Feb‐16	Apr‐16	Aug‐15	
Annual % Adjustment		–	–	–	–		5%	
Cumulative Adjusted Price
Location Access/Exposure Size
Shape and Topography ‐ Retention Zoning
Entitlements / Planning	$16.07
‐5%
–
‐10%
–

‐15%	$15.30
‐5%
–
‐5%

‐15%	$13.20
–
–

‐15%	$15.30
–
–

‐15%	$14.67
–
– 5%

‐15%	$9.31
–
– 5%
10%
–
‐15%	
Final Adjusted Price	$11.25	$11.48	$11.22	$13.01	$13.20	$9.31	
Overall Adjustment	‐30%	‐25%	‐15%	‐15%	‐10%	5%	

Range of Adjusted Prices
Average Indicated Value

$9.31 ‐ $13.20
$11.58
$11.25

Land Value Conclusion Per Square Foot / Acre
Prior to adjustment, the sales reflect a range of $8.87 ‐ $16.07 per usable square foot. After adjustment, the range is narrowed to $9.31 ‐ $13.20 per usable square foot, with an average of $11.58 per usable square foot. Emphasis in this analysis was placed on the adjusted value indications of Sale 1 and Sale 2, which were considered most similar to the subject and provide a reliable indication of value. Based on the preceding analysis, we reach a land value conclusion between the adjusted of
$11.25 per square foot. This considers the subject’s physical characteristic, as well as its location within the Lake Nona DRI.

Land Value Conclusion		
Indicated Value per Usable Square Foot	$11.25	
Subject Usable Square Feet	 	43,560	
Indicated Value Per Acre	$490,050	
Rounded	$490,000	

Existing Limited Access Right‐of‐Way (LA/ROW) containing 0.229± acres

In our opinion the value of the fee simple interest for the Limited Access Right‐of Way Release Parcel is calculated as follows:
9,975 SF x $11.25/SF = $115,000 (R)

Reconciliation and Conclusion of Value	41

Reconciliation and Conclusion of Value
As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used.

Based on the preceding valuation analysis and subject to the definitions, assumptions, and limiting conditions expressed in the report, our value opinion follows:

Value Conclusions	
Parcel	Interest Appraised	Date of Value	Value Conclusion	
Existing Limited Access R/W	Fee Simple	June 9, 2017	$115,000	

Extraordinary Assumptions and Hypothetical Conditions

The value conclusions are subject to the following extraordinary assumptions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions.
1. None
The value conclusions are based on the following hypothetical conditions that may affect the assignment results. A hypothetical condition is a condition contrary to known fact on  the effective date of  the appraisal  but is supposed for the purpose of analysis.
None

Exposure Time
Exposure time is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Based on the concluded market values stated previously, it is our opinion that the probable exposure time is 12 months.

Marketing Period
Marketing time is an estimate of the amount of time it might take to sell a property at the concluded market value immediately following the effective date of value. We estimate the subject’s marketing period at 12 months.

Certification

We certify that, to the best of our knowledge and belief:

The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions.
We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
We have not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three‐year period immediately preceding acceptance of this assignment.
We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice as well as applicable state appraisal regulations.
The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
Christopher Starkey, MAI and Marti M. Hornell have personally inspected the subject.
No one provided significant real property appraisal assistance to the person(s) signing this certification.
We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP.
As of the date of this report, Christopher Starkey, MAI has completed the continuing education program for Designated Members of the Appraisal Institute.

As of the date of this report, Marti M. Hornell has completed the Standards and Ethics Education Requirements for Candidates of the Appraisal Institute.

Christopher Starkey, MAI Senior Managing Director
FL State‐Certified General RE Appraiser RZ#2886 Telephone: 407.325.3885
Email: cstarkey@irr.com

Marti Matonis Hornell Senior Analyst
FL State‐Certified General RE Appraiser RZ#3073 Telephone: 407‐843‐3377 Ext. 139
Email: mmatonis@irr.com

Assumptions and Limiting Conditions

This appraisal and any other work product related to this engagement are limited by the following standard assumptions, except as otherwise noted in the report:

The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use.
There are no existing judgments or pending or threatened litigation that could affect the value of the property.
There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property.
The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction.
The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes.
The information furnished by others is believed to be reliable, but no warranty is given for its accuracy.

This appraisal and any other work product related to this engagement are subject to the following limiting conditions, except as otherwise noted in the report:

An appraisal is inherently subjective and represents our opinion as to the value of the property appraised.
The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events.
No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated.
No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies.
Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment.
We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal

covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct.
No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal.
We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical, electrical, structural and other engineering and environmental matters. Such considerations may also include determinations of compliance with zoning and other federal, state, and local laws, regulations and codes.
The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context.
Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the persons signing the report.
Information, estimates and opinions contained in the report and obtained from third‐party sources are assumed to be reliable and have not been independently verified.
Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results.
If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate.
Unless otherwise stated in the report, no consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered.
The current purchasing power of the dollar is the basis for the values stated in the appraisal; we have assumed that no extreme fluctuations in economic cycles will occur.
The values found herein are subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions.
The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic

conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material.
The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of the property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA issues, and render no opinion regarding compliance of the subject with ADA regulations. Inasmuch as compliance matches each owner’s financial ability with the cost to cure the non‐ conforming physical characteristics of a property, a specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance.
The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk.
No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property. Integra Realty Resources – Orlando, Integra Realty Resources, Inc., Integra Strategic Ventures, Inc. and/or any of their respective officers, owners, managers, directors, agents, subcontractors or employees (the “Integra Parties”), shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property.
The persons signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non‐ existent or minimal.
Integra Realty Resources – Orlando is not a building or environmental inspector. Integra Orlando does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended.
The appraisal report and value conclusions for an appraisal assume the satisfactory completion of construction, repairs or alterations in a workmanlike manner.
It is expressly acknowledged that in any action which may be brought against any of the Integra Parties, arising out of, relating to, or in any way pertaining to this engagement, the

appraisal reports, and/or any other related work product, the Integra Parties shall not be responsible or liable for any incidental or consequential damages or losses, unless the appraisal was fraudulent or prepared with intentional misconduct. It is further acknowledged that the collective liability of the Integra Parties in any such action shall not exceed the fees paid for the preparation of the appraisal report unless the appraisal was fraudulent or prepared with intentional misconduct. Finally, it is acknowledged that the fees charged herein are in reliance upon the foregoing limitations of liability.
Integra Realty Resources – Orlando, an independently owned and operated company, has prepared the appraisal for the specific intended use stated elsewhere in the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report or any other work product related to the engagement (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). The conclusions of this report are estimates based on known current trends and reasonably foreseeable future occurrences. These estimates are based partly on property information, data obtained in public records, interviews, existing trends, buyer‐seller decision criteria in the current market, and research conducted by third parties, and such data are not always completely reliable. The Integra Parties are not responsible for these and other future occurrences that could not have reasonably been foreseen on the effective date of this assignment. Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated events may occur that will likely affect actual performance. While we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of this property.
All prospective value opinions presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future.
The appraisal is also subject to the following:

Extraordinary Assumptions and Hypothetical Conditions
The value conclusions are subject to the following extraordinary assumptions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions.
1. None
The value conclusions are based on the following hypothetical conditions that may affect the assignment results. A hypothetical condition is a condition contrary to known fact on  the effective date of  the appraisal  but is supposed for the purpose of analysis.
1. None

Addenda

Addendum A
Appraiser Qualifications

Christopher D. Starkey, MAI
Experience
Mr. Starkey is a Florida State-Certified General Appraiser and Senior Managing Director of Integra Realty Resources – Orlando, a full-service regional valuation and consulting firm located in Orlando, Florida. Mr. Starkey began his career in appraising with Integra in 2002 and has performed appraisals for buyers, sellers, financial institutions, and insurance companies, among others. During his time with Integra Mr. Starkey has specialized in investment grade income producing properties as well as various special use properties.

In 2013, Mr. Starkey was promoted to Senior Managing Director of the Orlando office and is responsible for day to day operations as well as managing the appraisal staff in the Orlando office.
Mr. Starkey has experience in appraising the following types of properties, among others: CBD and Suburban Office Developments
Medical Office Developments Office Condominium Developments Shopping Center Properties
Public and Private Golf Courses
Single and Multi-tenant Commercial Developments Multi-family Properties, including low income housing Industrial Properties
Mixed Use Developments
Full Service & Limited Service Hotels
Vacant Land (Commercial, Industrial, Residential & Agricultural)
Residential Subdivisions (Single Family Homes, Townhomes, Villas & Condominiums)

Mr. Starkey also has experience preparing market studies and feasibility analyses for proposed and existing properties.

Professional Activities & Affiliations
Appraisal Institute, Member (MAI) Appraisal Institute, February 2009

Licenses
Alabama, Certified General Real Property Appraiser, G00999, Expires September 2017 Florida, State-Certified General Real Estate Appraiser, RZ 2886, Expires November 2018

Education
Bachelor of Science – Florida State University, Tallahassee, FL Major – Hospitality and Business Administration

Graduate of the Dale Carnegie - Effective Communications and Human Relations Course - Orlando, 2012

Appraisal Institute Courses: Mr. Starkey has completed numerous courses through the Appraisal Institute as well as other accredited professional education companies over the course of his career.
The most recent courses and seminars have included the following:

Integra Realty Resources Orlando

326 North Magnolia Avenue Orlando, FL 32801
T 407.843.3377
F 407.841.3823

irr.com

Christopher D. Starkey, MAI
Education (Cont'd)

Uniform Appraisal Standards for Federal Land Acquisitions, March 2014
Condemnation Appraising: Principles & Applications - Appraisal Institute, February 2014 2012-2013 7-Hour National USPAP Update Course, November 2012
The Appraiser as an Expert Witness: Preparation and Testimony, June 2012 Litigation Appraising: Specialized Topics and Applications, May 2012 Fundamentals of Separating Real Property, Personal Property, February 2012 Appraising Apartments - The Basics, January 2012
Appraising the Appraisal: Appraisal Review - General, January 2012 Appraisal Institute Hotel Seminar, March 2010

Qualified Before Courts & Administrative Bodies
In addition to the previous experience noted, Mr. Starkey has also worked with attorneys throughout the State of Florida on various litigation matters and has been qualified as an expert witness in both Circuit and Federal Courts.

Miscellaneous
Served on the Florida State University Real Estate Trends Conference Planning Committee, 2012-present

Member of the University of Central Florida Real Estate Council, 2012-present

Integra Realty Resources Orlando

326 North Magnolia Avenue Orlando, FL 32801
T 407.843.3377
F 407.841.3823

irr.com

RICK SCOTT, GOVERNOR	KEN LAWSON, SECRETARY

STATE OF FLORIDA

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BO
r1M3MiM:1iH;,
RZ2886
The CERTIFIED GENERALAPPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2018

STARKEY, CHRISTOPHER D 28 WEST CENTRAL BLVD SUITE 300
ORLANDO	FL 32804

ISSUED:	09/15/2016	DISPLAY  AS REQUIRED BY LAW	SEQ # L1609150003272

Marti M. Hornell
Experience
Actively engaged in real estate valuation and consulting since 1998. Practice is focused on multi family, office buildings CBD and suburban, medical office building, and vacant land. Specialized services include market analysis and feasibility studies. Clients served include banks and financial institutions, developers and investors, business/industry and government, and mortgage bankers. Valuations have been performed for estate,
financing, equity participation and due diligence support. Valuations and market studies have been done on proposed and partially completed commercial projects as well as renovated and existing structures.

Mrs. Hornell has experience in appraising the following types of properties, among others:
CBD and Suburban Office Developments Medical Office Developments
Office Condominium Developments Shopping Center Properties Lifestyle Centers
Single and Multi-tenant Commercial Developments Multi-family Properties, including low income housing Industrial Properties
Mixed Use Developments
Full Service & Limited Service Hotels
Vacant Land (Commercial, Industrial & Residential)
Residential Subdivisions (Single Family Homes, Townhomes, Villas & Condominiums) Agricultural Land

Mrs. Hornell also has experience preparing market studies and feasibility analyses for proposed and existing properties.

Professional Activities & Affiliations
Other: Association of Eminent Domain Professionals, January 2014

Licenses
Florida, State-Certified General Real Estate Appraiser, 3073, Expires November 2018

Education
Bachelor of Science Degree in Business Administration, University of Central Florida

Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others including:

Appraisal Institute Courses:
310 - Basic Income Capitalization (2002)
410 - National USPAP Course (2004)
420 - Business Practice and Ethics (2009) 510 - Advanced Income (2008)
520 - Highest & Best Use and Market Analysis (2003)
530 - Advanced Sales Comparison and Cost Approach (2008) 540 - Report Writing and Valuation Analysis (2006)

Integra Realty Resources Orlando

326 North Magnolia Avenue Orlando, FL 32801
T 407-843-3377
F 407-841-3823

irr.com

Marti M. Hornell
Education (Cont'd)
550 - Advanced Application (2009)
Condemnation Appraising: Principals & Applications (2014)

Integra Realty Resources Orlando

326 North Magnolia Avenue Orlando, FL 32801
T 407-843-3377
F 407-841-3823

irr.com

RICK SCOTT, GOVERNOR	•	KEN LAWSON, SECRETARY
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BO
r1tu:,;1Mii,
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Undert he provisions of Chapter 475 FS. Expiranon date: NOV 30, 2018

HORNELL, MARTI MATONIS 28 WEST CENTRAL BLV SUITE 300			- ORLANDO	.J	F-.L 32801

ISSUED·    12/06/2016	DISPLAY AS REQUIRED BY LAW	SEQ# L1612060001735

Integra Realty Resources, Inc. Corporate Profile

Integra Realty Resources, Inc. offers the most comprehensive property valuation and counseling coverage in North America with 58 independently owned and operated offices located throughout the United States and the Caribbean. Integra was created for the purpose of combining the intimate knowledge of well‐established local firms with the powerful resources and capabilities of a national company. Integra offers integrated technology, national data and information systems, as well as standardized valuation models and report formats for ease of client review and analysis. Integra’s local offices have an average of 25 years of service in the local market, and virtually all are headed by a Senior Managing Director who is an MAI member of the Appraisal Institute.

A listing of IRR’s local offices and their Senior Managing Directors follows:

ATLANTA, GA ‐ Sherry L. Watkins., MAI, FRICS AUSTIN, TX ‐ Randy A. Williams, MAI, SR/WA, FRICS BALTIMORE, MD ‐ G. Edward Kerr, MAI, MRICS BIRMINGHAM, AL ‐ Rusty Rich, MAI, MRICS
BOISE, ID ‐ Bradford T. Knipe, MAI, ARA, CCIM, CRE, FRICS BOSTON, MA ‐ David L. Cary, Jr., MAI, MRICS
CHARLESTON, SC ‐ Cleveland “Bud” Wright, Jr., MAI CHARLOTTE, NC ‐ Fitzhugh L. Stout, MAI, CRE, FRICS CHICAGO, IL ‐ Eric L. Enloe, MAI, FRICS CINCINNATI/DAYTON, OH ‐ Gary S. Wright, MAI, FRICS, SRA
CLEVELAND, OH ‐ Douglas P. Sloan, MAI COLUMBIA, SC ‐ Michael B. Dodds, MAI, CCIM COLUMBUS, OH ‐ Bruce A. Daubner, MAI, FRICS DALLAS, TX ‐ Mark R. Lamb, MAI, CPA, FRICS DENVER, CO ‐ Brad A. Weiman, MAI, FRICS DETROIT, MI ‐ Anthony Sanna, MAI, CRE, FRICS
FORT WORTH, TX ‐ Gregory B. Cook, MAI, SR/WA GREENSBORO, NC ‐ Nancy Tritt, MAI, SRA, FRICS HARTFORD, CT ‐ Mark F. Bates, MAI, CRE, FRICS HOUSTON, TX ‐ David R. Dominy, MAI, CRE, FRICS
INDIANAPOLIS, IN ‐ Michael C. Lady, MAI, SRA, CCIM, FRICS
JACKSON, MS ‐ John R. Praytor, MAI  JACKSONVILLE, FL ‐ Robert Crenshaw, MAI, FRICS KANSAS CITY, MO/KS ‐ Kenneth Jaggers, MAI, FRICS LAS VEGAS, NV ‐ Charles E. Jack IV, MAI
LOS ANGELES, CA ‐ John G. Ellis, MAI, CRE, FRICS
LOS ANGELES, CA ‐ Matthew J. Swanson, MAI LOUISVILLE, KY ‐ Stacey Nicholas, MAI, MRICS MEMPHIS, TN ‐ J. Walter Allen, MAI, FRICS

MIAMI/PALM BEACH, FL‐ Anthony M. Graziano, MAI, CRE, FRICS MINNEAPOLIS, MN ‐ Michael F. Amundson, MAI, CCIM, FRICS
NAPLES, FL ‐ Carlton J. Lloyd, MAI, FRICS NASHVILLE, TN ‐ R. Paul Perutelli, MAI, SRA, FRICS
NEW JERSEY COASTAL ‐ Halvor J. Egeland, MAI
NEW JERSEY NORTHERN ‐ Matthew S. Krauser, CRE, FRICS NEW YORK, NY ‐ Raymond T. Cirz, MAI, CRE, FRICS
ORANGE COUNTY, CA ‐ Steve Calandra, MAI ORLANDO, FL ‐ Christopher Starkey, MAI, MRICS
PHILADELPHIA, PA ‐ Joseph D. Pasquarella, MAI, CRE, FRICS PHOENIX, AZ ‐ Walter ‘Tres’ Winius III, MAI, FRICS PITTSBURGH, PA ‐ Paul D. Griffith, MAI, CRE, FRICS
PORTLAND, OR ‐ Brian A. Glanville, MAI, CRE, FRICS PROVIDENCE, RI ‐ Gerard H. McDonough, MAI, FRICS RALEIGH, NC ‐ Chris R. Morris, MAI, FRICS RICHMOND, VA ‐ Kenneth L. Brown, MAI, CCIM, FRICS SACRAMENTO, CA ‐ Scott Beebe, MAI, FRICS
ST. LOUIS, MO ‐ P. Ryan McDonald, MAI, FRICS
SALT LAKE CITY, UT ‐ Darrin W. Liddell, MAI, FRICS, CCIM SAN DIEGO, CA ‐ Jeff A. Greenwald, MAI, SRA, FRICS
SAN FRANCISCO, CA ‐ Jan Kleczewski, MAI, FRICS SARASOTA, FL ‐ Carlton J. Lloyd, MAI, FRICS SEATTLE, WA ‐ Allen N. Safer, MAI, MRICS
SYRACUSE, NY ‐ William J. Kimball, MAI, FRICS TAMPA, FL ‐ Bradford L. Johnson, MAI, MRICS TULSA, OK ‐ Owen S. Ard, MAI
WASHINGTON, DC ‐ Patrick C. Kerr, MAI, FRICS, SRA
WILMINGTON, DE ‐ Douglas L. Nickel, MAI, FRICS CARIBBEAN/CAYMAN ISLANDS ‐ James Andrews, MAI, FRICS

Addenda

Addendum B Property Information

Vacant Land

SKETCH	OF DESCRIPTION
STATE ROAD 417 LIMITED ACCESS R/W RELEASE PARCEL
SEE SHEET 1 FOR LEGAL DESCRIPTION, NOTES AND LEGEND		
 SEE-S-H--EE-·	TS  2-  3   FOR -SKETCH	-  -  - l
s Sketch of Descripti on may not depict all
sem ents of record that may be wi th in or adjoining londs described hereon.

DESCRIPTION:
That part of Section 26, Township 24 South, Range JO East, Orange County, Florida, described os fallows:

Commence  at  the  Northeast  corner  of  the  Northeast  1/4   of   sold   Section   26;   thence  NB9"J1'49"W   along   the North  llne  of  said  Nort heast  1/4  for   a   distance   of   739.93   feet   to   the  Southerly   llmlted   access   right-of-way line of St ate Road No. 417,  as  described  In  Offlclal  Records  Book  4345,  Page  3237,  of  the  Public  Records  of Orange  County,  Florida;  thence  run  the  following  courses   and   distances   along   said  Southerly   llmlt ed   access right- of- way llne: S66"42'07" W, 117.67 feet; S2Ji 7'53"E, 305.00 feet; S66"42'07"W, 4 5 0.00 feet; N23'17' 5J " W,
305.00 feet; S66"4 2'07" W, 1700  . 00  feet;  523'17'53" E,  305.29  feet  to  the  POINT  OF  BEGINNING;  continue S2J'17'5J"E,  138.83  feet;  S89 '50'51"W,  156.13  feet;   th ence   departing   said  Southerly  llmlted  access  right-  of-  way llne run N38 "21'09"E, 163.13 feet to the POINT OF BEGINNING. This descripti on Is based on Florida State  Plane Coordinate System East Zone, average combined factor of 0.99994883912, NAO 8 3 Datum (2011 ad)Jstment).
Containing 0.229 acres more or less being subject to any rights-of-way, restrictions and easements of record.

NOTES:
This is not a survey.

Not valld without the signature and the original raised seal of a Florida licensed surve)'Or and mapper.

Bearings based on North tine o f the Northeast 1 /  4  of  Section  26, Township 24 South,  Range  30  East,  being N89'J1'49" W,  r elative to th11 Fl orido State Plane Coordinat e System, Florida East Zone, 1983 Nor th
Am erican datum, 2011 adjustment, os established from Notional Geodetic
Survey contr ol polnll "Lonee" (PIO AJ2 445), Northing 1477081.39, Eastin g
575759. 46, and "G4S 0 2 42 Burt" (PID AK72 96), Northing 1467711.44,
Easting 582877.80.

	All dlmenslons shown hereon are Grid  dimensions  In  U.S.  Sur vey  Feet, based on Florido Stat11 Plona Coor dinate Syst em, Florida East zane, 1983 North American Datum, 2011 adjustment, average combined facto r of 0.99994883912
Londa  shown  hereon  were  not   abstracted  far  rights- of-  way, easements,	LEGEND
ownership  or  other   Instruments   of  record  by this  firm.	SECTION 2 6 - 2 4 - .30 SECTION, TOIWSHIP, RANGE:
No  ti tle  aplnIon  or  abstract  of  matt ers  affectin g  tltle  or  boundary to  the	PB	Pl.AT BOOK
sub ject  propert y  or  those of  adjoining  land owners  have been provided.   It	PCS	PAGES
Is  posslbie  there  ore  deeds  of  record,  unrecorded  deeds or  other	LI	UNf: NUMB	(Sff TABt.E)
Instrument s  '#hich  could  affect   the  boundaries  or  use  of the subject	R/W	RtGHT- Of'- WAY
properl y.	ORB	OFFICI AL RE:COROS 800K	
-		This Sket ch of Descripti on may not depict all  easements  of  record  that may be wi th in ar adjoining the land s described hereon.				
				
PREPARED FOR: LAKE NONA LAND COMPANY, LLC
CENTRAL FlORIOA EXPRESSWAY AUTHORI TY
STATE ROAD 417 LIMITED ,',CCESS R/W - RELEASE PARCEL
(PORTION Or SECTION 26, TO'l\'NSHIP 24 SOUlH , RANGE 30 EAST, OR ANGE COUNTY, FLORIDA)				
			,.	
	OATE	BY	,ll	DE5'R/PTION	
	R ON	
1111	DONALD	W.  MclNTOSH	As s o c 1 ATES,  1N c .
ENGINEERS	PLANNERS	SURVEYORS
22 00   PARK   A'll£NUE  NORlH,  'MNTER  PARK,  FLORIDA  32 78 9 {407)  644-4068	Scott  Croumon	Moy  10, 2011
CERTIF1CATE OF AUlHORIZATION NO. LB68	Florida  R  1twed  Surv. yar   and Mappw
Certlllcote No. 5048
DRAWN  B Y;  ft:!_   CHECKED  BY: ..sG....._	JOB NO.	SCALE	SHEET_    .... _	NOT VAL.10 IMlH OUT 1HE SIGNA1URE ANO 1HE
DATE: ..:S::L/.2...0,._1,,7_.,_	DA  TE·•  S/ ..2-0 _,1_7,    	- -	16..;1....6;;;..6.;;	--'--N.I A	OF--------	OSURRIGVlNEAYOI.RRAAINSDEDMSAEPAPLERo. r A   FLORIDA  UCENSEO
Printed:    W..:I  10-M )'"'Z- 0- 17-  -   0-J-: 0-l·-Pl·ol	sl14809deac	CS/   17-111(3)	
F: \Proj201e\ie1e&\Sd1,,a\NAl!Oe8\90d\17-m(3) (LA IIW Rol-	) .d-a

SKETCH	OF DESCRIPTION
STATE ROAD 417 LIMITED ACCESS R/W RREASE PARCEL
SEE SHEET 1 FOR LEGAL DESCRIPTION, NOTES AND LEGEND		
SEE SHEETS 2-3 FOR SKETCH

This Sketch of Description moy not  depict  all eoaementa of record that may be  within  or  adjoining the lands described hereon.
All dimensions shown hereon are Grid dimensions in
U.S. Survey Feet, based on Florido State Plane Coordinate System, Florida East zone, 1983 North American Datum, 2011 od)Jstment, overage combined factor of 0.99994883912.

"(
't.,.\. 0- Ar\11
't.. s	0o
t._S 't..	1

 SECTION 23-24-30 
SECTION  26-24-30	NORTH LINE OF	L1
SEC	n£ AST ; 26-24-30
(SEARING  BASIS)

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\_V \     ,.1:,1r"J• ?G
..._(1-e;	HORTH£AST CORNER
NORTiiEAST 1/4 SECTION 26-24-30

LINE TABl.E (Thi• aheet only)
NOT Pl.Amo	I	

I	North

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PREPARED FOR: LAKE NONA LAND COMPANY, LLC	400'		0	400'

400'	
CENTRAL FLORIDA EXPRESSWAY AUTHORITY				
STATE ROAD 417 LIMITED ACCESS R/W - RELEASE PARCEL				
(PORTION OF SECTION 26, TOY,t,ISHIP 24 SOUTH, RANGE 30 EAST, ORANGE COUNTY, FLORIDA)				
1111	DONALD  W.  MclNTOSH	Assoc1ATES,  INC.
ENGINEERS	PLANNERS	SURVEYORS
2200 PARK  AVENUE  NORTH,  WINTER  PARK, FLORIDA  32789  (4D7) 644-4068
I	CERTIFlCA1E Of AUTHORIZATION NO. LB68		
DRAWN BY: ftL_ CHECKED BY:.sL_	JOB  NO.	SCALE
DATE: 5/2017	DATE: 5/2017	 	16166		 	1#c400'		SHEET_.:2'--_
OF J		

NUMBER	BEARING	DISTANCE	
1.1	Nan1'49-W	739,9J'	
L2	5ell"42'07"W	117.117'	
1.3	S2Ji7'53"E	305.00'	
1.4	sell'42'07"W	.oo·	
u	N23"17'!3"W	oo·	
Le	Sllll'42'07"W	1700.00'	

Prlnlod: ftd lo-&1 2017 - OJ:01PM
F: \P raJ20111\1 111118\ Sdw9 \NAloOllll\ oocl\17- 111(3)	RW Rll ■DM). d■9

CS/ 17-HJ(J)

SKETCH	OF DESCRIPTION
STATE ROAD 417 LIMITED ACCESS R/W RELEASE PARCEL
SEE SHEET 1 FOR LEGAL DESCRIPTION, NOTES AND LEGEND		
SEE SHEETS 2-3 rOR SKETCH

ThIs SIietch of Descrlptian may not  depict  all eoeements of record that may be wllhin  or  adjoining the lands described hereon.

All dimensions shown hereon are Grid dimensions In
U.S. Survey Feet, based on Florida State Plane Coordinate System, Florida East zone, 1983 North
American  Oatum,  2011  od,-istment, overage combined	North
factor of 0.99994883912.

SECTION  23-24-30
-   -	-	-	SECTION 26-24-30

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STATE ROAD NO. 417
UMllED ACCESS R/W	LINE TA8LE (Thie lhMt only)
RELEASE PARCEL	
PREPARED FOR: LAKE NONA LAND CO PANY, LLC
CENTRAL FLORIDA EXPRESSWAY AUTHORITY
STATE ROAD 417 UMlTEO ACCESS R/W - RELEASE PARCEL
(PORTION OF SECTION 26, TOIW'lSHIP 24 SOUn-t, RANGE 30 EAST, ORANGE COUNTY, FLORIOA1	400'
=:J
Scale:  1·  •	400'	
1111	DONALD  W.  MclNTOSH	Assoc1ATEs,  INC.
ENGINEERS	PLANNERS	SURVEYORS
2200 PARK  AVENUE NORTH,  WINTER PARK, FLORIDA  32789 (407) 644-406B
I	I RTlflCA'IE  OF'_ ,WTHOI RIZA110N  NO.  LB68   I		
DRAWN  BY:EH_    CHECKED  BY: ..sil.._	JOB  NO.	SCALE	SHEET	J
DATE: S/2017	DATE: 5/2017	16166	1•=400'	OF 	J		

■

NUMBER	BEARING	DISTANCE	
L8	S98'42'07"W	1700.00'	
L7	S2Ji7' "E	29•	
L8	S2Ji7' "E	138.83'	
Lt	se9W'51"W	1515.13'	
L10	N38'21'ot"E	183.13'	

Printed:    -	10-May-2011 - 0,3c01PM
r: \Pro.1201e\mee\Sch,g\NA'ID1111\ood\17-111(3) (LA 11W R ., N),dwl!

CSI 17-11l(J)

Property Record - 26-24- 30-0000-00-022

Orange County Property Appraiser •
http://www.ocpafl.org

Property Summary	

Property Name
Lake Nona Blvd
Names
Lake Nona Land Co LLC
Municipality
ORL - Orlando
Property Use
6100 - Grazing - Improved

Mailing Address
6900 Tavistock Lakes Blvd Ste 200
Orlando, FL 32827-7591
Physical Address Lake Nona Blvd Orlando, FL 32827

QR Code For Mobile Phone

 	

Value and Taxes	

Historical Value and Tax Benefits

Tax Year	Land Building Feature	Market Value	Ag Benefits	Assessed Value Values		(s)	(s)	
2016	$18,142,105	+	$0	+	$0 = $18,142,105	(0%)	- $15,491,528 = $2,650,577	(0%)	
2015	$18,142,105	+	$0	+	$0 = $18,142,105	(.55%) - $15,491,528 = $2,650,577	(4.2%)	
2014	$18,042,105	+	$0	+	$0 = $18,042,105	(-	- $15,497,219 = $2,544,886	(-	
2013	$19,642,685	+	$0	+	$0	8.2%)	- $16,675,948	14%)
= $19,642,685	= $2,966,737	

Tax Year Benefits	Ag Benefits	Tax Savings	
2016	$15,491,528	$303,653	
2015	$15,491,528	$310,336	
2014	$15,497,219	$314,868	
2013	$16,675,948	$320,720	
2016 Taxable Value and Certified Taxes			

Taxing Authority	Assd Value

Exemption Tax Value Millage Rate Taxes	%

Public Schools: By State Law (Rle)	$2,650,577 $0	$2,650,577 4.5630 (-	$12,094.58 23 %	
		8.19%)		
Public Schools: By Local Board	$2,650,577 $0	$2,650,577 3.2480	$8,609.07 17 %	

(0.00%)
Orange County (General)	$2,650,577 $0	$2,650,577 4.4347
(0.00%)
City Of Orlando	$2,650,577 $0	$2,650,577 6.6500 (0.00%)

$11,754.51 23 %

$17,626.34 34 %

Library - Operating Budget	$2,650,577 $0	$2,650,577 0.3748	$993.44	2 %	
		(0.00%)			
South Florida Water Management	$2,650,577 $0	$2,650,577 0.1359 (-	$360.21	1 %	
District		6.85%)			
South Florida Wmd Okeechobee	$2,650,577 $0	$2,650,577 0.1477 (-	$391.49	1 %	
Basin		6.87%)			
South Florida Wmd Everglades Const	$2,650,577 $0	$2,650,577 0.0471 (-	$124.84	0 %	
		6.92%)			
		19.6012	$51,954.48		

2016 Non-Ad Valorem Assessments

Levying Authority	Assessment Description	Units Rate Assessment
CITY OF ORLANDO ORLANDO STORM - DRAINAGE - (407)246-2370	980.50 $1.00 $980.50
$980.50

Property Features	

Property Description

COMM AT NW COR OF TRACT B OF LAKE NONA BOULEVARD SECOND ADDITION 72/97 IN SEC 26-24-30 TH N10-28-09E 180 FT TO POB TH N79-31-51W 505.32 FT TO THE PT OF A CURVE CONCAVE NELY A RAD OF 40 FT CHORD BEARING N35-03-02W CENT ANG 88'57'38" 62.11 FT N09-25-47E 35.92 FT TO A CURVE CONCAVE SELY A RAD OF 452 FT CHORD BEARING N27- 21-41E CENT ANG 35'51'48" 282.92 FT N45-17-34E 87.36 FT TO CURVE CONCAVE WLY RAD OF
511 FT CHORD BEARING N11-17-09W CENT ANG 113'09'27 1009.21 FT N22-08-08E 46.35 FT TO  A CURVE CONCAVE WLY A RAD OF 450 FT A CHORD BEARING N02-37-31E CENT ANG 39'01'14" 306.47 FT N16-53-06W 188 FT N89-50-52E 427.12 FT N23-17W 444.14 FT N66-42-23E
1017.47 FT N70-32-51E 657.77 FT TO A CURVE CONCAVE SLY A RAD OF 2197.94 FT CHORD BEARING N70-53-30E CEN ANG 00'41'17" 26.40 FT S23-17-37E TH259.02 FT N66-42-23E 450.02 FT N23-17-37W 175.57 FT TO A NON-TAN CURVE CONCAVE SLY A RAD OF 2197.94 FT A CHORD BEARING N87-13-00E A CENT ANG 08'03'23" 309.05 FT TH S88-45-18E 310.16 FT TO A NON-TAN CURVE CONCAVE WLY A RAD OF 2784.93 FT A CHORD BEARING S07-25-49E CENT ANG 02'54'27" 141.32 FT SLY 304.06 FT S00-16-44W 238.09 FT N89-43-14W 25 FT S00-16-44W 129.61 FT TO A CURVE CONCAVE WLY A RAD 1645 FT A CHORD BEARING S09-00-08W CEN ANG 17'26'46" 500.89 FT TH S17-43-31W 499.71 FT TO A CURVE CONCAVE NLY A RAD OF 1670 FT A CHORD BEARING S86-04-19W CEN ANG 28'47'39" 839.26 FT N79-31-51W 124.38 FT TO POB & (LESS COMM AT NW COR OF TRACT B OF LAKE NONA BOULEVARD SECOND ADDITION 72/97 IN SEC 26-24-30 TH N10-28-09E 180 FT TO NRLY R/W OF LAKE NONA BLVDTH ALONG SAID R/W S79-31-51E 124.38 FT TO PT OF CURV CONCAV NRLY HAV RAD 1670 FT & CENTRAL ANGLE OF 28-47-39 TH ALONG SAID CURV 839.26 FT TH N71-40-30E 45.22 FT TO PT CURV CONCAV NWRLY HAV RAD 1796.87 FT & CENTRAL ANGLE 23-11-36 TH ALONG SAID CUVR 727.37 FT TO POB TH CONT NERLY ALONG CURVE CONCAVED NWRLY HAV RAD 1796.87 FT & CENTRAL ANGLE 24-31-57 TH ALONG SAID CURV 769.37 FT TO PT OF COMPND CURV CONCAV WRLY HAV RAD 40FT & CENTRAL ANGLE 92-13-55 THA ALONG SAID CURV
64.39 FT TH N68-16-58W 462.57 FT TO PT OF CURV CONCAV SWRLY HAV RAD 30 FT & CENTRAL ANGLE 90-51-49 TH ALONG SAID CURV 47.58 FT TO PT OF COMPND CURV CONCAV NWLY HAV RAD 1091.5 FT 7 CENTRAL ANGLE 28-30-35 TH ALONG SAID CURV
543.12 FT TO PT OF COMPND CURV CONCAV NRLY HAV RAD OF 30 FT & CENTRAL ANGLE 90-48-35 TH ALONG SAID CURV 47.55 FT TH S38-5-59E 470.83 FT TO PT OF CURV CONCAV NRLY HAV RAD OF 40 FT & CENTRAL ANGLE 93-25-7 TH ALONG SAID CURV 65.22 FT TO POB) & (LESS TH PART PLATTED N/K/A LAKE NONA SOUTH TOWNCENTER PH 1 PB82 PG1)

Total Land Area

5,966,016 sqft (+/-)	|	136.96 acres (+/-)	GIS Calculated

Land

Land Use Code	Zoning Land Units	Unit
Price

Land Value

Class Unit Price

Class Value

6100 - Grazing - Improved PD/AN 103.47 ACRE
(S)

working... working...	working...	working...

9950 - Storm/Ret/Drain	PD/AN 12.28 ACRE(S)	working... working...	working...	working...	
9110 - Comm Tower Sites PD/AN 1 UNIT(S)	working... working...	working...	working...	
9960 - Landscape/Buf	PD/AN 4.82 ACRE(S)	working... working...	working...	working...	
1000 - Vacant	PD/AN 16.14 ACRE(S)	working... working...	working...	working...	

Commercial Buildings Extra Features
Description	Date Built	Units	Unit Price	XFOB Value
There are no extra features associated with this parcel

Sales	

Sales History

Sale Date Sale
Amount

Instrument #

Book/Page Deed Code	Seller(s) Buyer(s)	Vac/Imp

04/02/2009 $100	20090196372 09853 / 6707 Special Warranty	Lake
Nona

Lake Nona Towncenter

Vacant

Similar Sales

Address	Sale Date Sale Amount

Land Co LLC LLC

$/SQFTDeed Code	Beds/Baths Instrument
#

Book/Page

263 N Fort
Christmas Rd	05/30/2017 $65,000		Warranty Deed	0/0	20170307745 /	
4261 Windy Acres Rd	05/25/2017 $275,000	$351	Warranty Deed	2/2	20170316174 /	
7601 Vineland Ave	04/12/2017 $12,836,000		Special Warranty Multiple	0/0	20170205715 /	
Lake St	04/12/2017 $12,889,500		Special Warranty Multiple	0/0	20170205715 /	
Lake St	04/12/2017 $2,244,300		Special Warranty Multiple	0/0	20170205715 /	
13635 Walcott Ave	04/03/2017 $1,150,000		Special Warranty	0/0	20170188132 /	
2043 W
Kennedy Blvd	02/16/2017 $950,000		Special Warranty	0/0	20170093629 /	

Services for Location	
TPP Accounts At Location

Account	Market Value	Taxable Value	Business Name(s)	Business Address
There are no TPP Accounts associated with this parcel.

Schools

Lake Nona (Middle School)
Principal	Stephanie Renee Jackson
Office Phone 	407-858-5522
Grades	2016: A | 2015: A | 2014: A
Eagle Creek (Elementary)
Principal	Mr. Robert Mccloe
Office Phone 	407-930-5592
Grades	2016: A
Lake Nona (High School)
Principal	Margaret L Nampon
Office Phone 	407-956-8300
Grades	2016: B | 2015: A | 2014: A

Utilities/Services

Electric	Orlando Utilities Commission
Water	Orlando Utilities Commission
Recycling	Orlando

Trash (Monday, Thursday)

Orlando

Yard Waste (Tuesday)	Orlando

Elected Officials

County Commissioner	Jennifer Thompson School Board Representative	Daryl Flynn
State Senate	Victor M. Torres, Jr. State Representative	Rene "Coach P" Plasencia US Representative	Darren Soto

Orange County Property Appraiser

Rick Singh

Addenda

Addendum C Comparable Data

Vacant Land

Location & Property Identification

Property Name:	Proposed Shopping Center
Sub-Property Type:	Commercial, Retail

Address: City/State/Zip: County:

Market Orientation:

13000 Narcoossee Rd.
Orlando, FL 32832 FL

Suburban

IRR Event ID:	1486026

Sale Information

Effective Sale Price:	$4,550,000	Legal/Tax/Parcel ID:	30-24-31-0000-00-002	
Sale Date:	03/31/2017	Acres(Usable/Gross):	6.50/14.60	
Contract Date:	02/28/2015	Land-SF(Usable/Gross):	283,140/635,976	
Sale Status:	Closed	Usable/Gross Ratio:	0.45	
$/Acre(Gross):	$311,644	Frontage Feet:	975	
$/Land SF(Gross):	$7.15	Frontage Type:	2 way, 2 lanes each way	
$/Acre(Usable):	$700,000	AccessibilityRating:	Average	
$/Land SF(Usable):	$16.07	Visibility Rating:	Above average	
Grantor/Seller:	Edgar Yates and Clifton	Zoning Code:	PD	
	Ackerman	Zoning Desc.:	Planned Development	
Grantee/Buyer:	Nadg/Blackfin Partners	Utilities:	Water Public, Sewer	

Property Rights:	(Lake Nona), LP
Fee Simple	Source of Land Info.:	Owner	
Financing:	Cash to seller	Comments		

Sale Price:

$4,550,000

Proposed Use Desc.:	Retail Center

Improvement and Site Data

Terms of Sale:	Arm's Length
Document Type:	Warranty Deed
Recording No.:	20170178872
Verified By:	Marti M. Hornell
Verification Date:	04/24/2017
Confirmation Source:	Nathan Landers
Verification Type:	Confirmed-Buyer

Sale Analysis
Current Use at T.O.S.:	Tree Farm
Former Use:	Tree Farm
Proposed Use Change:	Yes

Proposed Shopping Center

This sale is located at the southwest quadrant of Naroossee Road and Tyson Road. The property was purchased for $4,550,0000 for the development of a 64,000 square foot shopping center. The anchor tenant is Earthfare a specialty grocer. This parcel contains 14.6 gross acres, of which, approximately 6.5 acres have been considered usable. The remaining land contains low-lying land and a cell tower, which was not included in the purchase. According to the property owner, this site will benefit from off-site retention and was placed under contract, and subject to entitlements, two years prior to the closing.

Location & Property Identification

Property Name:	Vacant Land
Sub-Property Type:	Commercial

Address: City/State/Zip: County:

Market Orientation:

10999 Narcoossee Rd.
Unincorporated, FL 32832 Orange

Suburban

IRR Event ID:	1437653
Land-SF(Usable/Gross):	522,720/2,928,974

Sale Information
Sale  Price: Effective Sale Price:
Sale Date:

$8,000,000
$8,000,000
12/15/2016

Usable/Gross Ratio:	0.18
Shape:	Irregular
Topography:	Level
Vegetation:	Grass and shrubs

Recording Date:	12/15/2016
Sale Status:	Closed
$/Acre(Gross):	$118,977
$/Land SF(Gross):	$2.73
$/Acre(Usable):	$666,667
$/Land SF(Usable):	$15.30
Grantor/Seller:	Daryl M. Carter
Grantee/Buyer:	Adventist Health System/Sunbelt, Inc.
Property Rights:	Fee Simple
Financing:	Cash to seller
Terms of Sale:	Arm's Length
Document Type:	Warranty Deed
Recording No.:	20160652855
Verification Date:	12/21/2016
Confirmation Source:	Daryl M. Carter
Verification Type:	Confirmed-Seller

Sale Analysis
Entitlement @ T.O.S.:	Yes

Improvement and Site Data

Frontage Type:	2 way, 2 lanes each way
Traffic Flow:	Moderate
AccessibilityRating:	Average
Visibility Rating:	Average
Zoning Code:	PD
Zoning Desc.:	Planned Development
Flood Plain:	No
Utilities:	Electricity
Source of Land Info.:	Owner

Comments

This site is located on the east side of Narcoossee Road, just north of State Road 417. It includes 67 gross acres, of which 12 acres are considered usable. People close to the deal confirmed plans for the land are still undetermined, but it eventually could be used for a future hospital or a freestanding emergency room.

Legal/Tax/Parcel ID: Acres(Usable/Gross):

Vacant Land

08-24-31-0000-00-005
12.00/67.24

Location & Property Identification

Property Name:	Former Great Wheel Site
Sub-Property Type:	Commercial

Address: City/State/Zip: County:

Market Orientation:

Westwood Blvd. Unincorporated, FL 32821 Orange

Suburban

IRR Event ID:	1437275

Sale Information
Sale  Price: Effective Sale Price:

$11,500,000
$11,500,000

Corner Lot:	No
Zoning Code:	PD
Zoning Desc.:	Orangewood Planned Development

Sale Date:

11/30/2016

Easements:	No

Sale Status:	Closed
$/Acre(Gross):	$575,000
$/Land SF(Gross):	$13.20
$/Acre(Usable):	$575,000
$/Land SF(Usable):	$13.20
Grantor/Seller:	Great Orlando Wheel
Grantee/Buyer:	DCS Real Estate Investments VI, LLC
Property Rights:	Fee Simple
Financing:	Cash to seller
Terms of Sale:	Arm's Length
Document Type:	Warranty Deed
Verification Type:	Secondary Verification

Sale Analysis
Entitlement @ T.O.S.:	Yes

Improvement and Site Data

Environmental Issues:	No
Flood Plain:	No
Flood Zone Designation:	X
Source of Land Info.:	Past Appraisal

Comments

The sale is located on the west side of Westwood Boulevard, just west of International Drive with frontage on the Interstate 4 off-ramp. The subject is part of the Westwood Subdivision Development Plan, which is a subset of the Orangewood PD totaling 194.56 acres. The PD has approvals for 2,840 hotel units, 5.09 acres of retail,
acres of office development and 12 acres of Tourist Commercial uses. The maximum floor area ratio (FAR) is a maximum 1.0 to 10.0, or 100% to 1,000% of the land area. However, based on our experience within the market, a density of 50% to 150%. The future land use is Activity Center Mixed Use (ACMU). Based on our discussion with property representatives, the site was previously

Legal/Tax/Parcel ID: Acres(Usable/Gross): Land-SF(Usable/Gross):

12-24-28-9655-00-022
20.00/20.00
871,200/871,200

planned for a large tourist attraction to be known as the Great Wheel. However, the development never came to fruition and the prospective use is unknown.

Usable/Gross Ratio:	1.00
Shape:	Irregular

Former Great Wheel Site

Location & Property Identification

Property Name:	Vacant Land
Sub-Property Type:	Commercial

Address: City/State/Zip: County:

Market Orientation:

4751-4891 Vineland Rd.
Orlando, FL 32811 Orange

Suburban

IRR Event ID:	1221487

Sale Information
Sale  Price: Effective Sale Price: Sale Date:

$15,500,000
$15,500,000 02/18/2016

Current Use at T.O.S.:	Vacant Commercial Proposed Use Change:	Yes
Proposed Use Desc.:	Auto Dealerships

Improvement and Site Data

Contract Date:	08/03/2015
Listing Price:	$15,500,000
Sale Status:	Closed
$/Acre(Gross):	$666,667

Legal/Tax/Parcel ID:

Acres(Usable/Gross): Land-SF(Usable/Gross):

17-23-29-0000-00-001 and
17-23-29-0027-00-020
23.25/23.25
1,012,770/1,012,770

$/Land SF(Gross):	$15.30
$/Acre(Usable):	$666,667
$/Land SF(Usable):	$15.30
Grantor/Seller:	Adventist Health System/Sunbelt, Inc.
Grantee/Buyer:	UP Fieldgate US Investments - Gardens at Millenia
Property Rights:	Fee Simple
Financing:	Cash to seller
Terms of Sale:	Arm's Length

Usable/Gross Ratio:	1.00
Shape:	Irregular
Topography:	Level
Vegetation:	Grass and shrubs
Corner Lot:	No
Frontage Type:	2 way, 2 lanes each way
Traffic Flow:	High
AccessibilityRating:	Average
Visibility Rating:	Above average
Zoning Code:	MU-2
Zoning Desc.:	Mixed Use

Document Type:	Warranty Deed

Easements:

Yes

Recording No.:	20160086735
Verified By:	Randall L. Rex, MAI
Verification Date:	12/15/2015 Confirmation Source:	Bob Olsen, Interlachen
Financial
Verification Type:	Confirmed-Buyer Broker

Sale Analysis

Easements Desc.:	Billboard on Site
Environmental Issues:	No
Flood Plain:	No
Flood Zone Designation:	X
Utilities:	Electricity, Water Public, Sewer
Source of Land Info.:	Broker

Comments
This is the sale of two parcels bifurcated by a drainage canal. The property is located within the southwest quadrant of Interstate 4 (I-4) and Conroy Rd in Orlando, Orange County, Florida. There is frontage on I-4 and Vineland Rd. Access is provided via Vineland Road and there is 2,139 linear feet of frontage along Interstate 4. The site totals 23.25 acres. There is on-site drainage at the northern side of the southern parcel. This zoning is
Mixed-Use Commercial and the property is located within the Millenia DRI, which includes includes, retail, commercial and residential. The parcels sold in February 2016 for $15.5 million or $666,667/acre.

Location & Property Identification

Property Name:	Carter Vineland Pointe
Sub-Property Type:	Commercial

Address: City/State/Zip: County:

Market Orientation: Property Location:

7601 Vineland Ave.
Orlando, FL 32821 Orange

CBD
NEQ of Vineland Avenue and International Dr. S. with frontage on I-4

IRR Event ID:	1301708

Sale Information
Sale  Price: Effective Sale Price: Sale Date:

$41,400,000
$41,400,000 04/11/2016

Proposed Use Desc.:	Mixed Use Commercial

Improvement and Site Data

MSA:	Orlando-Kissimmee, FL Metropolitan Statistical

Contract Date:	01/01/2016
Listing Price:	$41,400,000
Sale Status:	In-Contract
$/Acre(Gross):	$638,889
$/Land SF(Gross):	$14.67

Legal/Tax/Parcel ID:

Acres(Usable/Gross): Land-SF(Usable/Gross):

Area
14-24-28-0000-00-006, 016,
020 and 021 64.80/64.80
2,822,688/2,822,688

$/Acre(Usable):	$638,889
$/Land SF(Usable):	$14.67
Grantor/Seller:	Carter-Vineland Pointe Lllp
Grantee/Buyer:	Unknown
Property Rights:	Fee Simple
% of Interest Conveyed:	100.00
Financing:	Cash to seller
Document Type:	Contract of Sale
Recording No.:	N/A
Verified By:	Randall L. Rex, MAI
Verification Date:	11/02/2015
Confirmation Source:	Daryl Carter
Verification Type:	Confirmed-Seller

Sale Analysis

Current Use at T.O.S.:	Vacant Land
Proposed Use Change:	Yes

Usable/Gross Ratio:	1.00
Shape:	Irregular
Topography:	Level
Corner Lot:	Yes
Zoning Code:	PD
Zoning Desc.:	Planned Development
Easements:	No
Environmental Issues:	No
Flood Plain:	No
Flood Zone:	Zone X, 12095C0415F, 9/25/2009
Utilities:	Electricity, Water Public, Sewer, Telephone
Source of Land Info.:	Owner

Comments

This is the contract on a 64.80 acre, vacant site. The

Comments (Cont'd)
contract price is reported around $41,400,000 or $638,889 per acre. The site is approved for a mixed use development that includes hotel, timeshare and retail commercial uses. The site has good exposure to
Interstate 4.
The property is known as the Vineland Pointe PD. It has a Tourist Commercial zoning, which would allow for 245 hotel rooms, 580,000 square feet of commercial uses, up to an additional 4,513 hotel rooms and up to 6,211 timeshare units.

Location & Property Identification

Property Name:	Sand Lake Groves
Sub-Property Type:	Commercial

Address: City/State/Zip: County:

Market Orientation: Property Location:

Palm Pky. Orlando, FL 32801 Orange

Suburban
East Side of Palm Parkway; West Side of I-4

IRR Event ID:	1415094

Sale Information

Acres(Usable/Gross): Land-SF(Usable/Gross):

38.82/38.82
1,690,999/1,690,999

Sale  Price: Effective Sale Price:
Sale Date:

$15,000,000
$15,000,000
08/10/2015

Usable/Gross Ratio:	1.00
Shape:	Irregular
Topography:	Level

Sale Status:	Closed
$/Acre(Gross):	$386,399
$/Land SF(Gross):	$8.87
$/Acre(Usable):	$386,399
$/Land SF(Usable):	$8.87
Grantor/Seller:	PALM PARKWAY DEVELOPMENT COMPANY, LLC
Grantee/Buyer:	ECP COMMERCIAL VI, LLC
Assets Sold:	Real estate only
Property Rights:	Fee Simple
Financing:	Cash to seller
Document Type:	Warranty Deed
Recording No.:	10985/5628
Verified By:	Robert C. Lewis
Confirmation Source:	CBRE
Verification Type:	Confirmed-Seller Broker

Improvement and Site Data

MSA:	Orlando-Kissimmee, FL Metropolitan Statistical Area

Vegetation:	Minimal
Corner Lot:	No
Frontage Feet:	4000
Frontage Desc.:	I-4 & Palm Parkway; See Comments
Visibility Rating:	Good
Zoning Code:	PD
Zoning Desc.:	Planned Development
Easements:	No
Environmental Issues:	No
Flood Plain:	No
Date:	01/01/1900
Utilities Desc.:	Utilities available to site
Source of Land Info.:	Public Records

Comments

This comparable is located along the east side of Palm Parkway and is continuous to the west side of Interstate 4, in Orlando, Orange County, Florida. The site contains 38.82± acres and is zoned PD. The site is approved for up to 1,742 hotel rooms, and up to 371,000 SF of commercial space, including retail, office, and entertainment. The

Legal/Tax/Parcel ID:

11-24-28-0000-00-024

site has approximately 4,000± feet of frontage along both
Palm Parkway and Interstate-4. The site sold in August

Comments (Cont'd)
2015 for $15,000,000, or $8.87 per square foot.

Addenda

Addendum D Engagement Letter

Vacant Land

Integra Realty Resources	In Miami	In Orlando	In Naples/Sarasota

Miami Orlando
Southwest Florida

The Douglas Centre 2600 Douglas Rd.
Suite 801

The Magnolia Building 326 N. Magnolia Ave.

Horseshoe Professional Park 2770 Horseshoe Drive S. Suite 3

Coral Gables, FL 33134	Orlando, FL 32801	Naples, FL 34104
www.irr.com	(305) 670-0001	(407) 843-3377	(239)-643-6888

September 19, 2017

Boggy Creek Improvement District C/o Fishkind & Associates, Inc.
Attention: Joe Maclaren 12051 Corporate Boulevard
Orlando, FL 32817

SUBJECT:	Proposal for Valuation Services
Boggy Creek Improvement District Land and Easement S/S/O State Road 417 and north of Lake Nona Boulevard Orlando, FL 32827

Mr. Maclaren,

Integra Realty Resources – Orlando, appreciates the opportunity to provide this proposal for valuation services for the above‐captioned property.

It is our mutual understanding that the purpose of this appraisal is to provide an opinion of the market value of the fee simple interest in 0.229 acres within an existing limited access right‐of‐way. The scope of the assignment will also include an estimate of the easement interest in 1.216 acres proposed for a drainage easement. The two valuations will be provided in separate appraisal documents. It is also our understanding that the intended use of the report is for your information and guidance. Also, the intended users of this report are to include Boggy Creek Improvement District and The Central Florida Expressway Authority (CFX).

To report the assignment results, we will use the Appraisal Report option of Standards Rule 2‐2(a) of the 2016‐2017 edition of USPAP. As USPAP gives appraisers the flexibility to vary the level of information in an Appraisal Report depending on the intended use and intended users of the appraisal, we adhere to the Integra Realty Resources internal standards for an Appraisal Report – Standard Format. This type of report has a moderate level of detail. It summarizes the information analyzed, the appraisal methods employed, and the reasoning that supports the analyses, opinions, and conclusions. It meets or exceeds the former Summary Appraisal Report requirements that were contained in the 2012‐2013 edition of USPAP.

The appraisal will conform with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, applicable state appraisal regulations, and the appraisal guidelines of the client, as appropriate.

In accordance with our correspondence, the scope of this assignment will require IRR – Orlando to consider all relevant and applicable approaches to value as determined during the course of our research, property analysis and preparation of the report. If the assignment is canceled, we will return the relevant field notes after deducting appropriate costs and fees (in accordance with Attachment I) for the expenses and time actually spent on the initial property analysis.

The Ethics Rule of USPAP requires us to disclose to you any prior services we have performed regarding the Subject Property within a three‐year period immediately preceding the acceptance of this assignment, either as an appraiser or in any other capacity. We have not performed appraisal work related to the subject property within the past three years.

Our fee for this assignment will be billed hourly based on rates identified in the addendum of this letter. We will keep contemporaneous time records and fees for services rendered. The fee is proposed not to exceed $2,500. We will provide a PDF copy upon completion and hard copies are available  upon request. The report will be completed and delivered within 1 week of engagement, assuming prompt receipt of this fully executed engagement letter and the information requested in Attachment II. Additional information may be requested during the assignment. The fee will be due within 30 days of delivery of the report(s).

Additional fees will be charged on an hourly basis for any work which exceeds the scope of this proposal, including performing additional valuation scenarios, additional research and conference calls or meetings with any party which exceed the time allotted for an assignment of this nature. The terms of Attachment I apply to this engagement and are hereby incorporated by reference.

In order to complete this assignment in the designated time, we will require as much of the available information as possible, as identified in Attachment II, within seven business days after the execution of this engagement letter. Any delays in the receipt of this information or in the access to the property will automatically extend the final delivery date of the report(s) as proposed. Furthermore, the appraisal report and conclusions therein will be predicated upon the accuracy and completeness of the information provided by the Client and set forth in Attachment II. In the absence of some of this information, the appraisers will attempt to obtain this information from other sources and/or may require the use of Extraordinary Limiting Conditions and Assumptions within the appraisal report.

The appraisal report will be limited by our standard Assumptions and Limiting Conditions and any Extraordinary Assumptions and Limiting Conditions, which become apparent or necessary during the course of the assignment. A copy of the standard Assumptions and Limiting Conditions is set forth in Attachment III.

The purpose of the appraisal report is to estimate the market value of the Subject Property on behalf of the Client and related business entities as the intended user of the appraisal report. The intended use of the appraisal report is to assist the Client, as the intended user of the appraisal report, with respect to internal decision making. Intended users of the report include Boggy Creek Improvement District and The Central Florida Expressway Authority (CFX). Any other intended users are to be identified by the

client prior to issuance of the final appraisal. Without first obtaining our prior written consent, the use  of the appraisal report by anyone other than the Client, related business entities, and other noted intended users is prohibited. Accordingly, the appraisal report will be addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable).

In the event the Client provides a copy of this appraisal to, or permits reliance thereon by, any person or entity not authorized by Integra ‐ Orlando, the Client agrees to indemnify and hold harmless Integra ‐ Orlando, its affiliates and its shareholders, directors, officers and employees, from and against all damages, expenses, claims and costs, including attorneys’ fees, incurred in investigating and defending any claim arising from or in any way connected to the use of, or reliance upon, the review appraisal by any such unauthorized person or entity.

If the appraisal is referred to or included in any offering material or prospectus, the appraisal shall be deemed referred to or included for informational purposes only and Integra ‐ Orlando, its employees and the appraisers have no liability to such recipients. Integra ‐ Orlando disclaims any and all liability to any party other than the Client which retained Integra ‐ Orlando to prepare the appraisal.

If this proposal is acceptable, please authorize us to proceed by executing this letter agreement where noted below and returning one copy to the undersigned. Thank you for considering us for this assignment and we look forward to working with you. Please call if you wish to discuss this proposal or the assignment any further.

Sincerely,

INTEGRA REALTY RESOURCES – ORLANDO

Christopher D. Starkey, MAI
Senior Managing Director ‐ Orlando State‐Certified General Appraiser #2886

Attachments

AGREED & ACCEPTED THIS 	DAY OF 	, 2017. BY:
AUTHORIZED SIGNATURE

NAME (PRINT)

ATTACHMENT I ADDITIONAL TERMS
This assignment is subject to the following terms:

Completion Date Estimate: Integra – Orlando agrees to use reasonable commercial efforts to complete this report as per the attached letter agreement. Said completion date is an estimate and does not take into consideration delays beyond the control of Integra – Orlando such as illness, lack of specific necessary data and/or Acts of God.

	Litigation: In the event Integra – Orlando is called upon to provide testimony on behalf of the client or receives a subpoena concerning any suit or proceeding or otherwise become involved in any litigation relating to this engagement or assignment, in which Integra – Orlando is not a party, Integra – Orlando will make every reasonable effort to assist the Client and give such testimony.  The Client agrees to compensate Integra – Orlando at its then current rates, on an hourly basis, plus reimbursement for all expenses incurred as a result of said litigation. In addition to the foregoing, the following terms are applicable:

Review and trial preparation (if applicable) in‐office, will be billed at standard hourly rates; outside office rates may apply to conferences, depositions and testimony. Our current in‐office  rates are as follows:

Senior Managing Director – Christopher D. Starkey, MAI, MRICS

[$350.00/hour]

Associate Directors, Directors or Principals (Other MAIs)	[$350.00/hour] Senior Analyst (State Certified General R.E. Appraisers)	[$195.00/hour] Analyst/Researcher	[$100.00/hour]

All reports for which testimony is required must be disclosed prior to report authorization.

All fees for reports, conferences and depositions must be paid prior to hearings and trial.

Limitations of Liability: It is expressly agreed that in any action which may be brought against  Integra – Orlando, Integra Realty Resources, Inc. or their respective officers, owners, managers, directors, agents, subcontractors or employees (the “Integra Parties”), arising out of, relating to, or in any way pertaining to this engagement, the appraisal reports, or any estimates or information contained therein, the Integra Parties shall not be responsible or liable for an incidental or consequential damages or losses, unless the appraisal was fraudulent or prepared with negligence. It is further agreed that the collective liability of the Integra Parties in any such action shall not exceed the fees paid for the preparation of the appraisal report unless the appraisal was fraudulent or prepared with negligence. Finally, it is agreed that the fees charged herein are in reliance upon the foregoing limitations of liability.

In the event the Client provides our work or permits reliance thereon by, any person or entity not authorized by Integra ‐ Orlando in writing to use or rely thereon, Client hereby agrees to indemnify and hold Integra ‐ Orlando, its affiliates and the respective shareholders, directors, officers and employees, harmless from and against all damages, expenses, claims and costs, including attorneys’ fees, incurred in investigating and defending any claim arising from or in any way connected to the use of, or reliance upon our work by any such unauthorized person or entity.

You acknowledge that any opinions and conclusions expressed by professionals employed by Integra
− Orlando during this assignment are representations made as them as employees and not as individuals. Our responsibility is limited to you as Client, and use of our product by third parties  shall be solely at the risk of you and/or third parties.

Late Fees; Etc.: Unless arrangements are made otherwise, a late charge of 0% per annum, commencing thirty (30) days after the receipt of invoice will be charged on any balance not paid; however, in no event shall this delinquency rate of interest exceed the maximum rate permitted by law. Upon default and expiration of a 60 day cure period, we shall be permitted to file a lien against the Subject Property for any amounts owed pursuant to this engagement. The predominately prevailing party shall be entitled to recover its costs (including attorneys’ fees) incurred in litigation in connection with this agreement.

Cancellation: In the event the assignment is canceled prior to completion, an invoice will be prepared reflecting the percentage of work completed as of that date. Any credits to the Client will be promptly refunded or any remaining balances to Integra – Orlando will be indicated on the invoice.

Responding to Review: We agree to respond to your review of our report within five (5) business days of your communication to us. Correspondingly, you will have twenty‐one (21) days from  receipt of our report to communicate your review. We reserve the right to bill you for responding to your review beyond this time period.

Special Experts: Any out‐of‐pocket expenses incurred during this assignment will be billed at cost and included on the invoice. Should the Client request the assistance of Integra –Orlando in hiring a special expert to contribute to this assignment (including but not limited to, a surveyor, environmental consultant, land planner, architect, engineer, business, personal property, machinery and equipment appraiser, among others), the Client agrees to perform their own due diligence to qualify said special expert. The Client agrees and acknowledges it is solely responsible in paying for the services of said special expert. Furthermore, the Client acknowledges that Integra – Orlando is not responsible for the actions and findings of the special expert and agrees to hold Integra – Orlando harmless from any and all damages that may arise out of the Client’s reliance on the special expert.

Duration of Quote: This proposal and fees quoted are valid for a period of five (5) calendar days from the date hereof. If not retained by the Client, the fact that we made the foregoing proposal of professional services will not preclude us from performing professional services for another client on the property.

Marketpoint/Template: The Client acknowledges that IRR‐Marketpoint, our appraisal templates and Interconnect software is proprietary and confidential. Accordingly, the Client agrees not to use such software or make such software available for the use of any third party.

ATTACHMENT II REQUEST FOR INFORMATION

Please forward the following information to our office so we can provide the proposed services within the agreed upon time frame as discussed above. If you care to send the information as you gather it if you like, please forward the physical data such as the site plan, previous engineering reports and/or property reports describing the physical attributes of the property and all financial information first as these items are the most time sensitive and should be received immediately to meet the time requirements of this assignment. If, at this time, you are certain you will not be providing any specific items noted below, please cross out the item and mark “NA” next to the item so that we will be notified that the information is not available and will not be forthcoming.

Information will be requested upon engagement. N/A

ATTACHMENT III ASSUMPTIONS & LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the report.

The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use.
There are no existing judgments or pending or threatened litigation that could affect the value of the property.
There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property.
The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction.
The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes.
The information furnished by others is believed to be reliable, but no warranty is given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise noted in the report.

An appraisal is inherently subjective and represents our opinion as to the value of the property appraised.

The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events.
No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated.
No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies.
Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment.
We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct.
No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal.
We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations, such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters.
The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context.
Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report.
Information, estimates and opinions contained in the report, obtained from third‐party sources are assumed to be reliable and have not been independently verified.
Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results.
If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the

economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate.
No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered.
The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur.
The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions.
The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material.
The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner’s financial ability with the cost to cure the non‐conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner’s financial ability to cure non‐accessibility, the value of the subject does not consider possible non‐compliance. A specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance.
The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk.
No studies have been provided to us indicating the presence or absence of hazardous materials on the Subject Property or in the improvements, and our valuation is predicated upon the assumption that the Subject Property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the Subject Property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the Subject Property.
The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the Subject Property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of

the property, and the value conclusion is predicated on the assumption that wetlands are non‐existent or minimal.
Integra is not a building or environmental inspector. Integra does not guarantee that the Subject Property is free of defects or environmental problems. Mold may be present in the Subject Property and a professional inspection is recommended.
The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner.
	Integra – Orlando, an independently owned and operated company shall prepare the appraisal for the specific purpose so stated elsewhere in this proposal. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report will be addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable).
The conclusions of this report are estimates based on known current trends and reasonably foreseeable future occurrences. These estimates are based partly on property information, data obtained in public record, interviews, existing trends, buyer‐seller decision criteria in the current market, and research conducted by third parties, and such data are not always completely reliable. Integra Realty Resources, Inc. and the undersigned are not responsible for these and other future occurrences that could not have reasonably been foreseen on the effective date of this assignment. Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated events may occur that will likely affect actual performance. While we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of this property.
All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future.
As will be determined during the course of the assignment, additional extraordinary or hypothetical conditions may be required in order to complete the assignment. The appraisal shall also be subject to those assumptions.

Integra Realty Resources Orlando
Appraisal of Real Property Vacant Land
South side of State Road 417 and north of Lake Nona Boulevard Orlando, Orange County, Florida 32827

Prepared For:
Boggy Creek Improvement District

Effective Date of the Appraisal:
June 9, 2017

Report Format:
Appraisal Report – Standard Format

IRR ‐ Orlando
File Number: 130‐2017‐0405

Vacant Land – Drainage Easement
South side of State Road 417 and north of Lake Nona Boulevard Orlando, Florida

Integra Realty Resources	In Miami	In Orlando	In Naples/Sarasota

Miami Orlando
Southwest Florida

The Douglas Centre 2600 Douglas Rd.
Suite 801

The Empire Building 28 W. Central Blvd. Suite 300

Horseshoe Professional Park 2770 Horseshoe Drive S. Suite 3

Coral Gables, FL 33134	Orlando, FL 32801	Naples, FL 34104
www.irr.com	(305) 670‐0001	(407) 843‐3377	(239)‐643‐6888

September 22, 2017

Boggy Creek Improvement District C/o Fishkind & Associates, Inc.
Attn: Joe Maclaren
12051 Corporate Boulevard
Orlando, FL 32817

SUBJECT:	Market Value Appraisal
Vacant Land
South side of State Road 417 and north of Lake Nona Boulevard Orlando, Orange County, Florida 32827
IRR ‐ Orlando File No. 130‐2017‐0405 Dear Mr. Maclaren:
Integra Realty Resources – Orlando is pleased to submit the accompanying appraisal of the
referenced property. The purpose of this appraisal is to provide an opinion of the fair market value of the easement interest of the subject. The client for the assignment is Boggy Creek Improvement District, and the intended use is to information and guidance. The intended users of this report are to include Boggy Creek Improvement District and The Central Florida Expressway Authority (CFX).

The appraisal is intended to conform with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and applicable state appraisal regulations. The appraisal is also prepared in accordance with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).

To report the assignment results, we use the Appraisal Report option of Standards Rule 2‐ 2(a) of USPAP. As USPAP gives appraisers the flexibility to vary the level of information in an Appraisal Report depending on the intended use and intended users of the appraisal, we adhere to the Integra Realty Resources internal standards for an Appraisal Report – Standard Format. This format summarizes the information analyzed, the appraisal methods employed, and the reasoning that supports the analyses, opinions, and conclusions.

The subject of this report includes is a proposed drainage easement containing 1.216± acres. The parent tract has been identified as the 136.96 acre parcel adjacent to the subject and located along the southern boundary of the Central Florida Greeneway (SR 417), in Orlando County, Florida. The parent tract is zoned PD/AN, Planned Development/Aircraft Noise Overlay District. Permitted uses within the larger Lake Nona PD include residential, commercial, industrial, hotel, office, among other uses.

Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, our opinion of value is as follows:

Value Conclusions	
Parcel	Interest Appraised	Date of Value	Value Conclusion	
Proposed Drainage Easement	Easement Interest	June 9, 2017	$300,000	

Extraordinary Assumptions and Hypothetical Conditions

The value conclusions are subject to the following extraordinary assumptions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions.
This report assumes that Tavistock Development Company will retain the rights to use the drainage easement for joint drainage, landscape, utilities, etc.
The value conclusions are based on the following hypothetical conditions that may affect the assignment results. A hypothetical condition is a condition contrary to known fact on the effective date of the appraisal but is supposed for the purpose of analysis.
1. None

If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service.

Respectfully submitted,

INTEGRA REALTY RESOURCES ‐ ORLANDO

Christopher Starkey, MAI Senior Managing Director
FL State‐Certified General RE Appraiser RZ#2886 Telephone: 407.325.3885
Email: cstarkey@irr.com

Marti Matonis Hornell Senior Analyst
FL State‐Certified General RE Appraiser RZ#3073 Telephone: 407‐843‐3377 Ext. 139
Email: mmatonis@irr.com

Table of Contents		

Summary of Salient Facts and Conclusions	
1	
Real Estate Taxes	
32	
General Information	2	Highest and Best Use	33	
Identification of Subject	2	Valuation	34	
Sale History	2	Valuation Methodology	34	
Pending Transactions	2	Sales Comparison Approach	35	
Purpose of the Appraisal	2	Analysis and Adjustment of Sales	38	

Definition of Market ValueError! Bookmark not defined.
Definition of Property Rights Appraised	2

Land Value Conclusion Per Square Foot / Acre	40

Intended Use and User	3
Applicable Requirements	3
Report Format	3
Prior Services	4
Scope of Work	4
Economic Analysis	6
Orange County Area Analysis	6
Surrounding Area Analysis	13
Location	13
Access and Linkages	14
Transportation	14
Retail and Public Services	14
Land Use	15
Demand Generators	15
Property Analysis	25
Land Description and Analysis	25

Reconciliation and Conclusion of Values	41
Exposure Time	41
Marketing Period	41
Certification	42
Assumptions and Limiting Conditions	44
Addenda
Appraiser Qualifications
Property Information
Comparable Data
Engagement Letter

Summary of Salient Facts and Conclusions	1
Summary of Salient Facts and Conclusions

Property Name Address
Property Type Owner of Record Tax ID

Vacant Land
South side of State Road 417 and north of Lake Nona Boulevard
Orlando, Orange County, Florida 32827 Land ‐ Commercial
Lake Nona  Land Co. LLC.
26‐24‐30‐0000‐00‐022

Land Area	136.96

Zoning Designation
Highest and Best Use

PD/AN, Planned Development/Aircraft Noise Overlay District
Commercial Development

Exposure Time; Marketing Period	12 months; 12 months
Date of the Report	September 22, 2017
Value Conclusion	

Appraisal Premise	Interest Appraised	Date of Value	Value Conclusion

Market Value of the Easement Interest in Proposed Drainage Easement

Easement Interest	June 9, 2017	$300,000

The values reported above are subject to the definitions, assumptions, and limiting conditions set forth in the accompanying report of which this summary is a part. No party other than Boggy Creek Improvement District may use or rely on the information, opinions, and conclusions contained in the report. It is assumed that the users of the report have read the entire report, including all of the definitions, assumptions, and limiting conditions contained therein.

Extraordinary Assumptions and Hypothetical Conditions

The value conclusions are subject to the following extraordinary assumptions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions.
This report assumes that Tavistock Development Company will retain the rights to use the drainage easement for joint drainage, landscape, utilities, etc.
The value conclusions are based on the following hypothetical conditions that may affect the assignment results. A hypothetical condition is a condition contrary to known fact on  the effective date of the appraisal  but is supposed for the purpose of analysis.
None

General Information

Identification of Subject
The subject is a proposed drainage easement consisting of 1.216± gross acres. The parent tract has been identified as the 136.96 acre parcel adjacent to the subject and located along the southern boundary of the Central Florida Greeneway (SR 417), in Orlando, Orange County, Florida. The parent tract is zoned PD/AN, Planned Development/Aircraft Noise Overlay District. Permitted uses within the larger Lake Nona PD include residential, commercial, industrial, hotel, office, among other uses.

Property Identification

Property Name	Vacant Land
Address	South side of State Road 417 and north of Lake Nona Boul evard Orlando, Florida 32827
Owner of Record	Lake Nona Land Co. LLC.

Sale History
The owner of record is Lake Nona Land Co. LLC. Lake Nona Land Co. LLC. has owned the parent tract in excess of five years. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years.

Pending Transactions
To the best of our knowledge, the property is not listed for sale, as of the effective appraisal date. However, negotiations are underway as follows:

Proposed Drainage Easement ‐ 1.216/AC (be conveyed to CFX From Boggy Creek Improvement District)

Purpose of the Appraisal
The purpose of this appraisal is to provide an opinion of the fair market value of the easement interest of the subject. The effective date of the appraisal is June 9, 2017 and the date of the report is September 22, 2017. The appraisal is valid only as of the stated effective date or dates.

Definition of Market Value
Fair market value is defined as the amount of money that a purchaser willing but not obliged to buy the property would pay an owner willing but not obliged to sell, taking into consideration all uses to which the property is adapted and might be applied in reason. This definition includes uses permitted by reasonably probable future changes in zoning. Inherent in the willing buyer‐willing seller test of fair market value is:

A fair sale resulting from fair negotiations;

Neither party acting under compulsion of necessity (this eliminates forced liquidation or sale at auction). Economic pressure may be enough to exclude a sale. See, e.g., Pandolphe’s Auto Parts v. Town of Manchester, 435 A.2d 24 (Conn.1980).
Both parties having knowledge of all relevant facts;
A sale without peculiar or special circumstances; and
A reasonable time to find a buyer.
Source: State Road Dept. v Stack, 231 So.2d 859 (Fla. 1st DCA 1969)

Definition of Property Rights Appraised
Fee simple estate is defined as, “Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.”

Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015)

Intended Use and User
The client for the assignment is Boggy Creek Improvement District and the intended use is for information and guidance. Intended users include Boggy Creek Improvement District and The Central Florida Expressway Authority (CFX). The appraisal is not intended for any other use or user.

Applicable Requirements
This appraisal is intended to conform to the requirements of the following:

Uniform Standards of Professional Appraisal Practice (USPAP);
Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute;
Applicable state appraisal regulations; and
Interagency Appraisal and Evaluation Guidelines issued December 10, 2010.
Report Format
This report is prepared under the Appraisal Report option of Standards Rule 2‐2(a) of USPAP. As USPAP gives appraisers the flexibility to vary the level of information in an Appraisal Report depending on the intended use and intended users of the appraisal, we adhere to the Integra Realty Resources internal standards for an Appraisal Report – Standard Format. This format summarizes the information analyzed, the appraisal methods employed, and the reasoning that supports the analyses, opinions, and conclusions.

Prior Services
USPAP requires appraisers to disclose to the client any other services they have provided in connection with the subject property in the prior three years, including valuation, consulting, property management, brokerage, or any other services. We have not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three‐year period immediately preceding acceptance of this assignment.

Scope of Work
To determine the appropriate scope of work for the assignment, we considered the intended use of the appraisal, the needs of the user, the complexity of the property, and other pertinent factors. Our concluded scope of work is described below.

Valuation Methodology
Appraisers usually consider the use of three approaches to value when developing a market value opinion for real property. These are the cost approach, sales comparison approach, and income capitalization approach. Use of the approaches in this assignment is summarized as follows:

Approaches to Value

Approach	Applicability to Subject	Use in Assignment
Cost Approach	Not Applicable	Not Utilized
Applicable	Utilized
Not Applicable	Not Utilized	
Sales Comparison Approach		
Income Capitalization Approach		

We use only the sales comparison approach in developing an opinion of value for the subject parcel. This approach is applicable to the subject because there is an active market for similar properties, and sufficient sales data is available for analysis.

The cost approach is not applicable because there are no improvements that contribute value to the property, and the income approach is not applicable because the subject is not likely to generate rental income in its current state.

In estimating the market value, we have incorporated elements of the Sales Comparison Approach (Across the Fence Methodology). In this analysis, we estimate the value based on the typical “across the fence” (ATF) value of properties in proximity to the subject. A determination of the parent tract most applicable to the subject must be estimated. In the case of the subject property, the land to the north is an existing right‐of‐way. Therefore, it is our opinion, that the likely purchaser would be the owner of the adjacent property to the south.

Research and Analysis
The type and extent of our research and analysis is detailed in individual sections of the report. This includes the steps we took to verify comparable sales, which are disclosed in the comparable sale profile sheets in the addenda to the report. Although we make an effort to confirm the arms‐length nature of each sale with a party to the transaction, it is sometimes necessary to rely on secondary verification from sources deemed reliable.

Inspection
Christopher Starkey, MAI did not inspect the subject, however, he is familiar with the property and has reviewed the report and concurs with the values. Marti Matonis Hornell conducted an on‐site inspection of the properties on June 9, 2017.

Economic Analysis

Orange County Area Analysis
Orange County is located in central Florida approximately 75 miles northeast of Tampa. It is 903 square miles in size and has a population density of 1,430 persons per square mile. Orange County is part of the Orlando‐Kissimmee‐Sanford, FL Metropolitan Statistical Area, hereinafter called the Orlando MSA, as defined by the U.S. Office of Management and Budget.

Area Map
Population
Orange County has an estimated 2016 population of 1,292,120, which represents an average annual 2.0% increase over the 2010 census of 1,145,956. Orange County added an average of 24,361 residents per year over the 2010‐2016 period, and its annual growth rate exceeded the State of Florida rate of 1.3%.

Looking forward, Orange County's population is projected to increase at a 1.6% annual rate from 2016‐2021, equivalent to the addition of an average of 21,025 residents per year. Orange County's growth rate is expected to exceed that of Florida, which is projected to be 1.2%.

Employment
Total employment in Orange County is currently estimated at 787,215 jobs. Between year‐end 2005 and the present, employment rose by 111,356 jobs, equivalent to a 16.5% increase over the entire period. There were gains in employment in eight out of the past ten years despite the national economic downturn and slow recovery. Orange County's rate of employment growth over the last decade surpassed that of Florida, which experienced an increase in employment of 4.1% or 323,730 jobs over this period.

A comparison of unemployment rates is another way of gauging an area’s economic health. Over the past decade, the Orange County unemployment rate has been generally lower than that of Florida, with an average unemployment rate of 6.7% in comparison to a 6.9% rate for Florida. A lower unemployment rate is a positive indicator.

Recent data shows that the Orange County unemployment rate is 4.4% in comparison to a 4.9% rate for Florida, a positive sign that is consistent with the fact that Orange County has outperformed Florida in the rate of job growth over the past two years.

Employment Sectors
The composition of the Orange County job market is depicted in the following chart, along with that of Florida. Total employment for both areas is broken down by major employment sector, and the

sectors are ranked from largest to smallest based on the percentage of Orange County jobs in each category.

Employment Sectors ‐ 2015	

0%	5%	10%	15%	20%	25%	30%

24.8%

13.9%

18.3%

21.2%

16.7%
15.2%

11.4%

	14.6%	
9.3%		
	12.9%		
6.1%		
6.5%		
4.4%		
5.4%		
3.8%		
4.2%		
2.8%		
3.2%		
2.1%		
1.7%		
1.		

Leisure and Hospitality Trade; Transportation; and Utilities Professional and Business Services Education and Health Services
Government Financial Activities
Construction Manufacturing Other Services Information
Natural Resources & Mining

Orange County

Florida

Source: Bureau of Labor Statistics and Economy.com

Orange County has greater concentrations than Florida in the following employment sectors:

Leisure and Hospitality, representing 24.8% of Orange County payroll employment compared to 13.9% for Florida as a whole. This sector includes employment in hotels, restaurants, recreation facilities, and arts and cultural institutions.
Professional and Business Services, representing 16.7% of Orange County payroll employment compared to 15.2% for Florida as a whole. This sector includes legal, accounting, and engineering firms, as well as management of holding companies.
Information, representing 2.1% of Orange County payroll employment compared to 1.7% for Florida as a whole. Publishing, broadcasting, data processing, telecommunications, and software publishing are included in this sector.

Orange County is underrepresented in the following sectors:

Trade; Transportation; and Utilities, representing 18.3% of Orange County payroll  employment compared to 21.2% for Florida as a whole. This sector includes jobs in retail trade, wholesale trade, trucking, warehousing, and electric, gas, and water utilities.

Education and Health Services, representing 11.4% of Orange County payroll employment compared to 14.6% for Florida as a whole. This sector includes employment in public and private schools, colleges, hospitals, and social service agencies.
Government, representing 9.3% of Orange County payroll employment compared to 12.9% for Florida as a whole. This sector includes employment in local, state, and federal government agencies.
Financial Activities, representing 6.1% of Orange County payroll employment compared to 6.5% for Florida as a whole. Banking, insurance, and investment firms are included in this sector, as are real estate owners, managers, and brokers.
Major Employers
Major employers in Orange County are shown in the following table.

Gross Domestic Product
Gross Domestic Product (GDP) is a measure of economic activity based on the total value of goods and services produced in a defined geographic area. Although GDP figures are not available at the county level, data reported for the Orlando MSA is considered meaningful when compared to the nation overall, as Orange County is part of the MSA and subject to its influence.

Economic growth, as measured by annual changes in GDP, has been somewhat lower in the Orlando MSA than the United States overall during the past eight years. The Orlando MSA has grown at a 0.5% average annual rate while the United States has grown at a 1.2% rate. As the national economy improves, the Orlando MSA has recently performed better than the United States. GDP for the Orlando MSA rose by 3.5% in 2015 while the United States GDP rose by 2.4%.

The Orlando MSA has a per capita GDP of $45,756, which is 8% less than the United States GDP of
$49,844. This means that Orlando MSA industries and employers are adding relatively less value to the economy than their counterparts in the United States overall.

Household Income
Orange County has a slightly higher level of household income than Florida. Median household income for Orange County is $48,357, which is 0.9% greater than the corresponding figure for Florida.

The following chart shows the distribution of households across twelve income levels. There do not appear to be any significant differences between Orange County and Florida in the distribution of households within the broad categories of upper, middle, and lower income. The percentage of Orange County households in the upper income ranges ($75,000 or greater), is similar to that of Florida. The percentages of households in the middle ($35,000 ‐ $75,000) and lower (under $35,000) income ranges are similar as well.

Household Income Distribution ‐ 2016	

0.6%
0.8%
1.9%
1.9%

4.2%
3.9%

6.9%
7.0%

15.2%
15.1%

12.2%
11.6%
11.9%
12.0%

12.4%
13.5%

18.8%
18.0%

10.5%
10.9%

4.0%
3.7%

1.6%
1.5%

$500,000 and more
$250,000 ‐ 499,999
$200,000 ‐ $249,999
$150,000 ‐ $199,999
$125,000 ‐ $149,999
$100,000 ‐ $124,999
$75,000 ‐ $99,999
$50,000 ‐ $74,999
$35,000 ‐ $49,999
$25,000 ‐ $34,999
$15,000 ‐ $24,999
Less than $15,000

Orange County

Florida

0.0%	5.0%	10.0%	15.0%	20.0%
Source: The Nielsen Company

Education and Age
Residents of Orange County have a higher level of educational attainment than those of Florida. An estimated 31% of Orange County residents are college graduates with four‐year degrees, versus 27% of Florida residents. People in Orange County are younger than their Florida counterparts. The median age for Orange County is 35 years, while the median age for Florida is 42 years.

Conclusion
The Orange County economy will benefit from a growing population base and higher income and education levels. Orange County experienced growth in the number of jobs and has maintained a generally lower unemployment rate than Florida over the past decade. We anticipate that the Orange County economy will improve and employment will grow, strengthening the demand for real estate.

Surrounding Area Analysis
This section introduces and analyzes the subject’s surrounding market area. For this analysis, the surrounding area is defined as the area that most directly influences the subject’s real estate market. Usually, although not always, a property’s surrounding market area is a smaller geographic area than the region analyzed in the preceding section.

Location
The subject is located in the south‐central portion of Orlando, just south of the Orlando International Airport, within the Lake Nona Development of Regional Impact (DRI). This DRI totals 6,917± acres and is generally located south of OIA, east of Boggy Creek Road, along the north and south side of State Road 417 and extends to Narcoossee Road to the east. More specifically the subject is located along the south boundary of the Central Florida Expressway (417), in Orlando, Orange County, Florida. A map illustrating the subject’s market area is presented below.

Surrounding Area Map

Access and Linkages
Transportation access and linkages influence the size and competitive nature of a particular market area. The SR 417 and Florida Turnpike provide primary highway access to the immediate market area. The main arterial roadways serving the market area are Narcoossee Road and Boggy Creek Road.
Secondary roadways within the market include J. Lawson Boulevard, Lake Nona Boulevard, and Tavistock Lakes Boulevard. These roadways are surrounded with a mix of commercial and residential uses such as anchored and unanchored retail shopping centers, freestanding restaurants and convenience stores, as well as single‐family dwellings and multifamily developments, among other uses. Direct access to the subject is provided by Central Florida Greeneway. Nemours Parkway is planned to be extending and encompasses a portion of the subject.

Lastly, construction is underway to improve the SR 417 and Boggy Creek Road interchange. The new interchange will provide better access to and from the Orlando International Airport (OIA) from south Orange and Osceola Counties. In addition, this project will accommodate the planned extension of Osceola Parkway. Work also includes new drainage, roadway lighting, utility relocation, signs and pavement markings. Construction on this $71 million interchange project will be conducted in two phases. The first phase included new alignments. Phase two includes the construction of the new flyover ramps for the interchange. Overall, vehicular access throughout the market area is considered good.

Transportation
Public transportation is provided by LYNX, a tri‐county transit system which provides access throughout the greater Orlando area. The local market perceives public transportation as good compared to other market areas in the region. However, the primary mode of transportation in this area is the automobile. The Orlando International Airport is located just north of the subject site. Drive time is approximately 5 minutes. Reportedly, OIA is proposing several major capital improvement projects for the south side of the airport, which should bode well for the subject site and the immediate area moving forward.

Retail and Public Services
The nearest shopping facilities, restaurants, and lodging facilities serving the area are located east of the subject along Narcoossee Road. As discussed, Narcoossee Road is one of the primary commercial corridors servicing the immediate area and, in the vicinity of the subject, has seen an extensive amount of development over the past several years.

The nearest fire and police stations are within six miles of the property. The area is served by the Orange County School District, the 11th largest school district in the nation and fourth largest in Florida. Orange County serves nearly 175,000 students in over 177 schools including 122 public elementary schools, 33 public middle schools and 18 public high schools. The closest colleges and universities include the University of Central Florida (College of Medicine), UF Research and Academic Center, and the recently open Valencia Community College – Lake Nona campus.

Land Use
The area is suburban in character and approximately 50% developed. Land uses immediately surrounding the subject are predominantly vacant land and medical office. Typical ages of building improvements range from new to 10+ years. Property types adjoining the subject include the following known as the Lake Nona’s Health & Life Sciences anchor tenants, include:

University of Central Florida’s Health Sciences Campus
Sanford‐Burnham Medical Research Institute
Veterans Affairs Medical Center
Nemours Children’s Hospital
University of Florida Research & Academic Center
Guidewell UST Global Innovation Center

Demand Generators
Given that the subject is located in a suburban area, it is mostly influenced by the commercial developments located along the surrounding thoroughfares. Additionally, the subject benefits from its proximity and ease of access to several nearby interstates, as previously discussed. As a result, the following were also considered to be a catalyst for demand at the subject development.

The subject is located within the Lake Nona DRI, which contains the nearby “Medical City.” These developments have spurred an influx of residential and commercial development over the past several years.

Lake Nona is a 6,917±‐acre master planned community that will feature world‐class education, medical facilities, residential, and commercial development. Reportedly, the Medical City is anticipated to create 30,000 local jobs and have an economic impact valued at $7.6 billion over the next 10 years. As previously stated the subject is surrounded by some of the nation’s top hospitals, universities, research institutions and life science companies. Further details and exhibits relating to the Medical City are outlined below:

The Lake Nona DRI was named the first Iconic Smart+Connected area in the United States by the technology firm Cisco, which is one of only eight other cities to receive the designation in the world. The award is given to cities that integrate technology and digital infrastructure for the community’s residents, employees and visitors.

Nemours Children’s Hospital, a 95‐bed main structure plus a pediatric clinic, medical office buildings and two parking garages. Ground breaking was in the 1st Quarter 2009 and opened in October 2012. The $380 million dollar facility contains approximately 630,000 SF and is situated on a 60± acre parcel. The center employs approximately 1,000 employees, including 50± physicians.

VA Medical Center, a 1.2 million SF veteran’s hospital that is being developed on 65± acres. The US Dept. of Veteran’s Affairs outpatient clinic will move from its current Baldwin Park location and 134 inpatient beds will be added. The facility will also include a 12‐bed nursing home and hospice, and a 60‐bed domiciliary for homeless veterans with substance abuse and psychiatric issues.

UCF College of Medicine is a 50‐acre health and science campus used primarily for research and classrooms. The 199,269 square foot research building and the 171,021 square foot classroom building opened in May 2009. The total cost of the two buildings was estimated to be $166 million. Reportedly, the center contains approximately 400 employees (including professors). In addition, MD Anderson Orlando Cancer Research Institute moved is Cancer Research Institute to the fifth floor of the UCF’s Burnett Biomedical Sciences Building in October 2009 and occupies 30,000 SF. The research institute staffs approximately 25 researchers.

Burnham Institute for Medical Research is a leading medical research institute which focuses on specialty research for disease cures and improving the quality of life. The facility opened in May 2009 and contains 175,000 SF of laboratory space, administrative wing and a 250‐seat auditorium. The total cost of the project was estimated to be $85 million and it was estimated that the Burnham Institute would employ up to 300 workers within seven years.

Burnham Institute consists of two parcels totaling 50 acres. The total transaction has not yet been recorded in Orange County Public Records. It is our understanding a 38‐acre parcel of the total 50 acres was gifted to Orange County and then to the Burnham Institute by Lake Nona Land Company. The 12‐acre parcel owned by Orange County was reportedly leased to Burnham for $1 per year for a specific time, up to possibly the year 2025. It is our understanding the lease stipulates that if the Burnham Institute of Medical Research does not add 300 employees to their property during the lease term, the 12 acres will revert back to Orange County.

Currently Governor Rick Scott has asked Sanford‐Burnham Prebys Medical Discovery Institute at Lake Nona to repay $77 million in government incentives.

According to the Orlando Sentinel, Florida TaxWatch Executive Director Dominic Calabro was quoted as saying “Orlando and Orange County governments owe it to their taxpayers to try to recoup at least some of $155 million in local incentives awarded to the Sanford Burnham institute, which did not deliver on job goals”.

The state is seeking its money back because Sanford Burnham fell short of its 10‐year goal of creating 303 jobs, by about 66 positions.

University of Florida Research Institute is a 100,000 SF academic and research center that opened June 2012. The $42 million facility is utilized for its doctoral pharmacy program and drug development center and is estimated to staff approximately 120 employees and 200 students.

More recently, Lake Nona began construction on the $50 million, 1,000,000 square foot Town Center. The Town Center is expected to contain a mix of uses including department stores, large‐scale retail outlets, boutiques, Cineplex, restaurants, and entertainment. Currently, several office/ retail buildings, a hotel and parking garage have been completed.

The development of the Medical City has spurred a tremendous amount of residential and commercial growth over the past several years and continues to be one of the most influential areas of growth.
With the critical employment mass already taking place within the Medical City and ancillary commercial development along Narcoossee Road, an influx of new residential development has occurred. Of note, Laureate Park, Village Walk, Waters Edge at Lake Nona, North Lake Park, and Eagle Creek are all under construction with new product. In addition, several new multifamily developments have been completed, with more already under construction that will provide housing options for employees of the Medical City tenants and students.

Demographics
A demographic profile of the surrounding area, including population, households, and income data, is presented in the following table.

As shown above, the current population within a 3‐mile radius of the subject is 19,289, and the average household size is 2.7. Population in the area has grown since the 2010 census, and this trend is projected to continue over the next five years. Compared to Orange County overall, the population within a 3‐mile radius is projected to grow at a faster rate.

Median household income is $75,766, which is higher than the household income for Orange County. Residents within a 3‐mile radius have a similar level of educational attainment than those of Orange County, while median owner occupied home values are considerably higher.

Lake Nona DRI
As discussed, the subject is situated within the Lake Nona DRI, and more specifically, within an area designated as Airport Support District – Medium Intensity. The DRI was originally approved in 1983 and currently totals 6,917± gross acres. There have been numerous amendments to this DRI since this time. The most recent Master Development Plan is mapped and broken down below.

Subject

Approved Planned Developments – Within the Market Area

The following information was obtained from the Orange County Engineering department. This map depicts the proposed road projects, that combined, fall under the Innovation Way Study. The Innovation Way Study serves as a tool to guide decision making and interpretation of the Future Land Use map amendments and land development code as it relates to the Innovation Way Overlay.

The Innovation Way southern corridor extends south of the Beachline and westerly to SR 417. The three major Developments of Regional Impact (DRI) influencing the road network are:

International Corporate Park DRI.
Innovation Place DRI
Starwood PD (previously a DRI)

The Innovation Way study envisions this area to include a mixture of land uses such as:

Aviation/aerospace.
Biotechnology/life sciences.
Energy/alternative fuels.
Photonics.
Electronic hardware/software development.

Advanced manufacturing.

This southerly corridor will include a number of activity centers surrounding a centralized village. It will include two primary transportation corridors:

Innovation Way South and North.
Moss Park Road extension.

Outlook and Conclusions
Over the past five years, the overall market area has been in the growth stage of its life cycle. With the new infrastructure in place, notably the expansion/widening of Narcoossee Road, and the consistent development activity of commercial projects throughout the area, the subject property is positioned within an area of growth. Anticipation of the continued development within the Medical City at Lake Nona will continue to have a positive impact on the surrounding area moving forward. As current economic conditions remain strong, we expect market conditions and property values to continue to increase at a moderate rate.

Property Analysis

Land Description and Analysis
The following description is based on our inspection of the property, as well as, information provided by Orange County Public Records.

The parent tract is estimated to be the larger parcel adjacent to the south of the Central Florida Expressway (State Road 417), in Orlando, Orange County, Florida. The parent tract consists of the
136.96 ± gross/usable acres. The subject includes a mostly rectangular strip of land along the south side of the Central Florida Expressway (State Road 417).

Parent Tract

Land Description
Land Area	136.96
Source of Land Area	Other
Primary Street Frontage	Lake Nona Boulevard
Shape	Irregular
Corner	No
Topography	Generally level and at street grade
Drainage	No problems  reported or observed
Environmental Hazards	None reported or observed
Ground Stability	No problems reported or observed
Flood Area Panel Number	12095C0445F and 12095C0650F Date	September 25, 2009
Zone	X and A
Description	Majority of site outside 500‐year floodplain; Some areas within 100‐year floodplain
Insurance Required?	Unknown
Zoning; Other Regulations	
Zoning Jurisdiction	City of Orlando
Zoning Designation	PD/AN
Description	Planned Development/Aircraft Noise Overlay District
Legally Conforming?	Yes
Zoning Change Likely?	No
Permitted Uses	The district is a flexible zoning which is intended to provide an appropriate balance
between the intensity of development and the ability to provide adequate capacity within the support services and facilities. Permitted uses within the larger Lake Nona PD include residential, commercial, industrial, hotel, office, among other uses.
However, the subject's is limited to the following uses: (a) medical, life science and clinical research and development, (b) light manufacturing in the life sciences or medical field, including diagnostics, devices, pharmaceuticals and reagents, (c) undergraduate, graduate and post‐graduate education, including classrooms and lecture halls, (d) research facilities related to a medical  hospital, (e) ancillary related research‐oriented healthcare and life science uses, and administrative uses related to the foregoing, and (f) support services for the foregoing which may include, but is not limited to, a cafeteria/restaurant, child day care center and fitness facility.
Other Land Use Regulations	DRI
 Utilities	
Service	Provider

Water	City of Orlando
Sewer	City of Orlando
Electricity	OUC
Local Phone	Multiple

Tax Map and Aerial – Parent Tract

Wetlands
Based on our review of the Orange County Public Records, the subject property appears to contain jurisdictional wetlands. The following report assumes that the wetlands can be mitigated and that the wetlands will not interfere with the development of the drainage easement.

Legal Sketches /Aerial

Drainage Easement

Easements, Encroachments and Restrictions
We have reviewed a survey/ legal description prepared by Donald W. McIntosh Associates, Inc. dated May 2017. The drainage easement is adjacent to an existing drainage easement recorded in O.R. Book 4345 and Page 3244.

Conclusion of Land Analysis
Overall, the physical characteristics of the parcels and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by zoning. We are not aware of any other particular restrictions on development.

FLU / Flood Maps

 	

Facing east along Nemours Parkway (Photo Taken on June 9, 2017)

Interior view of the parent tract subject facing northwest (Photo Taken on June 9, 2017)

Interior view of the parent tract (Photo Taken on June 9, 2017)

View of the proposed Nemours Parkway West (Photo Taken on June 9, 2017)

Interior view of the parent tract (Photo Taken on June 9, 2017)

Interior view of the parent tract (Photo Taken on June 9, 2017)

Real Estate Taxes	32

Real Estate Taxes
Real estate tax assessments are administered by the Orange County Property Appraiser’s office. Real estate taxes in this state and this jurisdiction represent ad valorem taxes, meaning a tax applied in proportion to value. The real estate taxes for an individual property may be determined by multiplying the assessed value for a property by the local millage rate. The millage rate is based on local county and/or city requirements.

State law requires that all real property be revalued each year. Properties are assessed as of January, each year. The millage rate is generally finalized in October of each year, and tax bills are received in late October or early November. If the taxes are paid prior to November 30th, the State of Florida allows a 4% discount. The discount is reduced to 3% if the taxes are paid in December, 2% if paid in January of the following year, 1% if paid in February, and the gross taxes are due before March 31st of the following year. After March 31st, the taxes are subject to interest and penalties.

The parent tract real estate taxes and assessments for the 2016 tax year are shown in the following table.

Taxes and Assessments ‐ 2016	

 	Assessed Value	 	Taxes  and Assessments	
Ad Valorem
Tax ID	Land	Ag Benefit	Total	Tax Rate	Taxes  Direct Assessments	Total

26‐24‐30‐0000‐00‐022	$18,142,105	‐$15,491,528	$2,650,577	1.960120%	$51,954	$981	$52,935

The market value of $18,142,105 was indicated while the assessed value less the agricultural benefits is $2,650,577. Application of the millage rate to the 2016 assessed value of $2,650,577 indicates a tax liability of $52,935 for the parent tract. All real estate taxes have been paid and no delinquent taxes are associated with the subject property.

The assessment includes the “parent” tract encompassing 136.96 gross acres. The “market” assessment equates to $132,424 per gross acre. Once subdivided, the subject would be reassessed based on its size and use.

Properties within this development including the subject property are subject to additional CDD fees.

Highest and Best Use	33

Highest and Best Use
Process
Before a property can be valued, an opinion of highest and best use must be developed for the subject site, both as vacant, and as improved. By definition, the highest and best use must be:

Physically possible.
Legally permissible under the zoning regulations and other restrictions that apply to the site.
Financially feasible.
Maximally productive, i.e., capable of producing the highest value from among the permissible, possible, and financially feasible uses.
As Vacant
Physically Possible
The physical characteristics of the parent tract do not appear to impose any unusual restrictions on development. Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses.

Legally Permissible
The parent tract is zoned PD, Planned Development within the Lake Nona DRI. It has a future land use of Urban Village. Permitted uses within the larger Lake Nona PD include residential, commercial, industrial, hotel, office, among other uses. Given the uses only commercial uses are given further consideration in determining highest and best use of the site, as though vacant.

Financially Feasible
There is adequate demand for commercial use in this location, and a newly developed commercial use on the site would have a value commensurate with its cost. Thus, commercial use is financially feasible.

Maximally Productive
There does not appear to be any reasonably probable use of the site that would generate a higher residual land value than commercial use, and therefore the maximally productive use of the parent tract is commercial use. Given the size of the parent tract, the maximally productive use would be to subdivide the larger tract into 10‐20 usable acre sites.

Conclusion

The highest and best use of the parent tract as vacant land is to subdivide the property and hold for future development with an allowable use based on demand. The most probable buyer is a developer
/ speculative investor.

Valuation Methodology	34

Valuation

Valuation Methodology
Appraisers usually consider three approaches to estimating the market value of real property. These are the cost approach, sales comparison approach and the income capitalization approach.

The cost approach assumes that the informed purchaser would pay no more than the cost of producing a substitute property with the same utility. This approach is particularly applicable when the improvements being appraised are relatively new and represent the highest and best use of the land or when the property has unique or specialized improvements for which there is little or no sales data from comparable properties.

The sales comparison approach assumes that an informed purchaser would pay no more for a property than the cost of acquiring another existing property with the same utility. This approach is especially appropriate when an active market provides sufficient reliable data. The sales comparison approach is less reliable in an inactive market or when estimating the value of properties for which no directly comparable sales data is available. The sales comparison approach is often relied upon for owner‐user properties.

The income capitalization approach reflects the market’s perception of a relationship between a property’s potential income and its market value. This approach converts the anticipated net income from ownership of a property into a value indication through capitalization. The primary methods are direct capitalization and discounted cash flow analysis, with one or both methods applied, as appropriate. This approach is widely used in appraising income‐producing properties.

Reconciliation of the various indications into a conclusion of value is based on an evaluation of the quantity and quality of available data in each approach and the applicability of each approach to the property type.

The methodology employed in this assignment is summarized as follows:

Approaches to Value

Approach	Applicability to Subject	Use in Assignment
Cost Approach	Not Applicable	Not Utilized
Applicable	Utilized
Not Applicable	Not Utilized	
Sales Comparison Approach		
Income Capitalization Approach		

In the following analysis, we have only utilized the sales comparison approach. The income and cost approaches were not considered applicable.

Sales Comparison Approach
We researched and assembled data for the most relevant sales, and confirmed the arms‐length nature of the sales with parties to the transaction or secondary sources. The sales were then analyzed to develop a value indication for the subject.

In the sales comparison approach, we searched for sale transactions within the following parameters:

Location: The properties are located in an upscale/high growth area of Orlando known as Lake Nona. The area has seen tremendous growth over the past several years. As such, land values in the area have also increased significantly over the past 5 years. Our search focused on entitled land sales within the Lake Nona/Narcoossee Road corridor.
Size: 14 ‐ 70 gross acres
Use: Commercial Use
Transaction Date: August 2015 – March 2017
For this analysis, we use price per usable square foot as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. These comparables are shown on the following map and summarized on the following page.

Comparable Land Sales Map

Summary of Comparable Land Sales

No. Name/Address

Sale Date; Status

Effective Sale Price

SF;
Acres	Zoning	$/Usable Acre

1	Proposed Shopping Center	Mar‐17	$4,550,000	635,976 13000 Narcoossee Rd.	Closed			14.60
Orlando FL County FL

Planned Development

$700,000

2	Vacant Land	Dec‐16	$8,000,000	2,928,974	Planned Development	$666,667	
	10999 Narcoossee Rd. Unincorporated Orange County
FL	Closed		67.24			

Comments: This sale is located at the southwest quadrant of Naroossee Road and Tyson Road. The property was purchased for $4,550,0000 for the development of a 64,000 square foot shopping center. The anchor tenant is Earthfare a specialty grocer. This parcel contains 14.6 gross acres, of which, approximately 6.5 acres have been considered usable. The remaining land contains low‐lying land and a cell tower, which was not included in the purchase. According to the property owner, this site will benefit from off‐site retention and was placed under contract, and subject to entitlements, two years prior to the closing.
Comments: This site is located on the east side of Narcoossee Road, just north of State Road 417. It includes 67 gross acres, of which 12 acres are considered usable. People close to the deal confirmed plans for the land are still undetermined, but it eventually could be used for a future hospital or a freestanding emergency room.

3	Former Great Wheel Site	Nov‐16	$11,500,000	871,200 Westwood Blvd.	Closed		20.00
Unincorporated Orange County FL

Orangewood Planned Development $575,000

Comments: The sale is located on the west side of Westwood Boulevard, just west of International Drive with frontage on the Interstate 4 off‐ramp. The subject is part of the Westwood Subdivision Development Plan, which is a subset of the Orangewood PD totaling 194.56 acres. The PD has approvals for 2,840 hotel units, 5.09 acres of retail, 31.80 acres of office development and 12 acres of Tourist Commercial uses. The maximum floor area ratio (FAR) is a maximum 1.0 to 10.0, or 100% to 1,000% of the land area. However, based on our experience within the market, a density of 50% to 150%. The future land use is Activity Center Mixed Use (ACMU). Based on our discussion with property representatives, the site was previously planned for a large tourist attraction to be known as the Great Wheel. However, the development never came to fruition and the prospective use is unknown.

4	Vacant Land	Feb‐16	$15,500,000	1,012,770 4751‐4891 Vineland Rd.	Closed			23.25
Orlando Orange County FL

Mixed Use

$666,667

Comments: This is the sale of two parcels bifurcated by a drainage canal. The property is located within the southwest quadrant of Interstate 4 (I‐4) and Conroy Rd in Orlando, Orange County, Florida. There is frontage on I‐4 and Vineland Rd. Access is provided via Vineland Road and there is 2,139 linear feet of frontage along Interstate 4. The site totals 23.25 acres. There is on‐site drainage at the northern side of the southern parcel. This zoning is Mixed‐Use Commercial and the property is located within the Millenia DRI, which includes includes, retail, commercial and residential. The parcels sold in February 2016 for $15.5 million or $666,667/acre.

5	Carter Vineland Pointe	Apr‐16	$41,400,000	2,822,688 7601 Vineland Ave.	In‐Contract		64.80
Orlando Orange County FL

Planned Development

$638,889

Comments: This is the contract on a 64.80 acre, vacant site. The contract price is reported around $41,400,000 or $638,889 per acre. The site is approved for a mixed use development that includes hotel, timeshare and retail commercial uses. The site has good exposure to Interstate 4.

6	Sand Lake Groves	Aug‐15	$15,000,000	1,690,999 Palm Pky.	Closed			38.82
Orlando Orange County FL

Planned Development

$386,399

Comments: This comparable is located along the east side of Palm Parkway and is continuous to the west side of Interstate 4, in Orlando, Orange County, Florida. The site contains 38.82± acres and is zoned PD. The site is approved for up to 1,742 hotel rooms, and up to 371,000 SF of commercial space, including retail, office, and entertainment. The site has approximately 4,000± feet of frontage along both Palm Parkway and Interstate‐4. The site sold in August 2015 for $15,000,000, or $8.87 per square foot.

Subject
Vacant Land Orlando, FL

Planned Development/Aircraft Noise Overlay District

 	

Sale 5

Sale 1	Sale 2

Sale 3	Sale 4

Sale 5	Sale 6

Analysis and Adjustment of Sales
The sales are compared to the subject and adjusted to account for material differences that affect value. Adjustments are considered for the following factors, in the sequence shown below.

Adjustment Factor	Accounts For	Comments

Effective Sale Price	Atypical economics of a transaction,
such as demolition cost or expenditures by buyer at time of purchase.
Real Property Rights	Fee simple, leased fee, leasehold,
partial interest, etc.
Financing Terms	Seller financing, or assumption of
existing financing, at non‐market terms.
Conditions of Sale	Extraordinary motivation of buyer
or seller, assemblage, forced sale.
Market Conditions	Changes in the economic
environment over time that affect the appreciation and depreciation of real estate.

Location	Market or submarket area influences on sale price; surrounding land use influences.

Access/Exposure	Convenience to transportation
facilities; ease of site access; visibility; traffic counts.
Size	Inverse relationship that often exists between parcel size and unit value.

No adjustments were required.

No adjustments were required. No adjustments were required.

No adjustments were required.

Sale 6 was a 2015 sale. Therefore, we have applied a 5% market conditions adjustments, recognizing market conditions have improved.
Sale Nos. 1 and 2 were considered superior given their
direct access/frontage along Narcoossee Road. As such, these sales were adjusted downward 5%.
No adjustments were required.

The comparables ranged in size from 6.50 to 64.80 usable acres.
Comparable Nos. 1 and 2 were adjusted downward for their superior smaller sizes and Comparable Nos. 5 and 6 were adjusted upward for their larger size.

Shape and Topography

Primary physical factors that affect the utility of a site for its highest and best use.

Sale 6 is a long a narrow tract. This was considered an inferior characteristic, warranting an

 	upward adjustment. No other	

Adjustment Factor	Accounts For	Comments
adjustments were required.

Zoning	Government regulations that affect the types and intensities of uses allowable on a site.

No adjustments were required.

Entitlements / Planning

The specific level of governmental approvals attained pertaining to development of a site.

The highest and best use of the parent tract would be to subdivide the parcel into smaller tracts.
Taking into consideration the planning and approvals needed, prior to any development, we have adjusted each of the comparables downward by 15%.

The following table summarizes the adjustments we make to each sale.

Land Sales Adjustment Grid ‐ Vacant Land

	Subject	Comparable 1	Comparable 2	Comparable 3	Comparable 4	Comparable 5	Comparable 6	
Name	Vacant Land	Proposed Shopping Center	Vacant Land	Former Great Wheel Site	Vacant Land	Carter Vineland Pointe	Sand Lake Groves	

Address

City County State Sale Date
Sale Status Sale Price
Description of Adjustment Effective Sale Price
Acres
Usable Square Feet Usable Acres	
South side of State Road 417 and north of Lake Nona Boulevard Orlando
Orange Florida	
13000 Narcoossee Rd.

Orlando FL
FL
Mar‐17 Closed
$4,550,000

$4,550,000 14.60
283,140
6.50	
10999 Narcoossee Rd.

Unincorporated Orange
FL
Dec‐16 Closed
$8,000,000

$8,000,000 67.24
522,720
12.00	
Westwood Blvd.

Unincorporated Orange
FL
Nov‐16 Closed
$11,500,000

$11,500,000 20.00
871,200
20.00	
4751‐4891
Vineland Rd.

Orlando Orange FL
Feb‐16 Closed
$15,500,000

$15,500,000 23.25
1,012,770
23.25	
7601 Vineland Ave.

Orlando Orange FL
Apr‐16 In‐Contract
$41,400,000

$41,400,000 64.80
2,822,688
64.80	
Palm Pky.

Orlando Orange FL
Aug‐15 Closed
$15,000,000

$15,000,000 38.82
1,690,999
38.82	
Price per Usable Square Foot		$16.07	$15.30	$13.20	$15.30	$14.67	$8.87	
Property Rights		Fee Simple	Fee Simple	Fee Simple	Fee Simple	Fee Simple	Fee Simple	
Financing Terms		Cash to seller	Cash to seller	Cash to seller	Cash to seller	Cash to seller	Cash to seller	
Conditions of Sale		Arm's Length	Arm's Length	Arm's Length	Arm's Length	Arm's Length	Arm's Length	
Market Conditions	6/9/2017	Mar‐17	Dec‐16	Nov‐16	Feb‐16	Apr‐16	Aug‐15	
Annual % Adjustment		–	–	–	–		5%	
Cumulative Adjusted Price
Location Access/Exposure Size
Shape and Topography ‐ Retention Zoning
Enti tlements / Planning	$16.07
‐5%
–
‐10%
–

‐15%	$15.30
‐5%
–
‐5%

‐15%	$13.20
–
–

‐15%	$15.30
–
–

‐15%	$14.67
–
– 5%

‐15%	$9.31
–
– 5%
10%
–
‐15%	
Final Adjusted Price	$11.25	$11.48	$11.22	$13.01	$13.20	$9.31	
Overall Adjustment	‐30%	‐25%	‐15%	‐15%	‐10%	5%	

Range of Adjusted Prices
Average Indicated Value

$9.31 ‐ $13.20
$11.58
$11.25

Land Value Conclusion Per Square Foot / Acre	40

Land Value Conclusion Per Square Foot / Acre
Prior to adjustment, the sales reflect a range of $8.87 ‐ $16.07 per usable square foot. After adjustment, the range is narrowed to $9.31 ‐ $13.20 per usable square foot, with an average of $11.58 per usable square foot. Emphasis in this analysis was placed on the adjusted value indications of Sale 1 and Sale 2, which were considered most similar to the subject and provide a reliable indication of value. Based on the preceding analysis, we reach a land value conclusion between the adjusted of
$11.25 per square foot. This considers the subject’s physical characteristic, as well as its location within the Lake Nona DRI.

Land Value Conclusion		
Indicated Value per Usable Square Foot	$11.25	
Subject Usable Square Feet	 	43,560	
Indicated Value Per Acre	$490,050	
Rounded	$490,000	

Proposed Drainage Easement containing 1.216± acres

The owner of an easement is considered to have a dominant estate, while the owner of the underlying fee is considered to have a subservient estate. Consequently, the interest in the land held by the owner of the easement dominates the rights retained by the fee owner. Although the fee owner may retain the right to use the land encumbered by an easement, they may not utilize it in any way that interferes with the easement owner's use of the property. Therefore, the property owner must be compensated for the market value of the easement rights taken.

It is our opinion that since the drainage easement can continue to be utilized for drainage, calculating floor area / impervious surface ratios, greenspace, etc., the loss to the subservient estate would be say 50% of the development rights (bundle of rights). Therefore, the estimated value of the easement would be calculated as follows:

52,969 SF x $11.25/SF x 0.50 = $300,000 (R)

Reconciliation and Conclusion of Value	41

Reconciliation and Conclusion of Value
As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used.

Based on the preceding valuation analysis and subject to the definitions, assumptions, and limiting conditions expressed in the report, our value opinion follows:

Value Conclusions	
Parcel	Interest Appraised	Date of Value	Value Conclusion	
Proposed Drainage Easement	Easement Interest	June 9, 2017	$300,000	

Extraordinary Assumptions and Hypothetical Conditions

The value conclusions are subject to the following extraordinary assumptions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions.
1. This report assumes that Tavistock Development Company will retain the rights to use the drainage easement for joint drainage, landscape, utilities, etc.
The value conclusions are based on the following hypothetical conditions that may affect the assignment results. A hypothetical condition is a condition contrary to known  fact on  the effective date of the appraisal  but is  supposed for the purpose of analysis.
None

Exposure Time
Exposure time is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Based on the concluded market values stated previously, it is our opinion that the probable exposure time is 12 months.

Marketing Period
Marketing time is an estimate of the amount of time it might take to sell a property at the concluded market value immediately following the effective date of value. We estimate the subject’s marketing period at 12 months.

Certification

We certify that, to the best of our knowledge and belief:

The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions.
We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
We have not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three‐year period immediately preceding acceptance of this assignment.
We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice as well as applicable state appraisal regulations.
The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
Christopher Starkey, MAI and Marti M. Hornell have personally inspected the subject.
No one provided significant real property appraisal assistance to the person(s) signing this certification.
We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP.
As of the date of this report, Christopher Starkey, MAI has completed the continuing education program for Designated Members of the Appraisal Institute.

As of the date of this report, Marti M. Hornell has completed the Standards and Ethics Education Requirements for Candidates of the Appraisal Institute.

Christopher Starkey, MAI Senior Managing Director
FL State‐Certified General RE Appraiser RZ#2886 Telephone: 407.325.3885
Email: cstarkey@irr.com

Marti Matonis Hornell Senior Analyst
FL State‐Certified General RE Appraiser RZ#3073 Telephone: 407‐843‐3377 Ext. 139
Email: mmatonis@irr.com

Assumptions and Limiting Conditions

This appraisal and any other work product related to this engagement are limited by the following standard assumptions, except as otherwise noted in the report:

The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use.
There are no existing judgments or pending or threatened litigation that could affect the value of the property.
There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property.
The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction.
The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes.
The information furnished by others is believed to be reliable, but no warranty is given for its accuracy.

This appraisal and any other work product related to this engagement are subject to the following limiting conditions, except as otherwise noted in the report:

An appraisal is inherently subjective and represents our opinion as to the value of the property appraised.
The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events.
No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated.
No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies.
Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment.
We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal

covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct.
No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal.
We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical, electrical, structural and other engineering and environmental matters. Such considerations may also include determinations of compliance with zoning and other federal, state, and local laws, regulations and codes.
The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context.
Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the persons signing the report.
Information, estimates and opinions contained in the report and obtained from third‐party sources are assumed to be reliable and have not been independently verified.
Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results.
If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate.
Unless otherwise stated in the report, no consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered.
The current purchasing power of the dollar is the basis for the values stated in the appraisal; we have assumed that no extreme fluctuations in economic cycles will occur.
The values found herein are subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions.
The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic

conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material.
The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of the property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA issues, and render no opinion regarding compliance of the subject with ADA regulations. Inasmuch as compliance matches each owner’s financial ability with the cost to cure the non‐ conforming physical characteristics of a property, a specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance.
The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk.
No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property. Integra Realty Resources – Orlando, Integra Realty Resources, Inc., Integra Strategic Ventures, Inc. and/or any of their respective officers, owners, managers, directors, agents, subcontractors or employees (the “Integra Parties”), shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property.
The persons signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non‐ existent or minimal.
Integra Realty Resources – Orlando is not a building or environmental inspector. Integra Orlando does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended.
The appraisal report and value conclusions for an appraisal assume the satisfactory completion of construction, repairs or alterations in a workmanlike manner.
It is expressly acknowledged that in any action which may be brought against any of the Integra Parties, arising out of, relating to, or in any way pertaining to this engagement, the

appraisal reports, and/or any other related work product, the Integra Parties shall not be responsible or liable for any incidental or consequential damages or losses, unless the appraisal was fraudulent or prepared with intentional misconduct. It is further acknowledged that the collective liability of the Integra Parties in any such action shall not exceed the fees paid for the preparation of the appraisal report unless the appraisal was fraudulent or prepared with intentional misconduct. Finally, it is acknowledged that the fees charged herein are in reliance upon the foregoing limitations of liability.
Integra Realty Resources – Orlando, an independently owned and operated company, has prepared the appraisal for the specific intended use stated elsewhere in the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report or any other work product related to the engagement (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). The conclusions of this report are estimates based on known current trends and reasonably foreseeable future occurrences. These estimates are based partly on property information, data obtained in public records, interviews, existing trends, buyer‐seller decision criteria in the current market, and research conducted by third parties, and such data are not always completely reliable. The Integra Parties are not responsible for these and other future occurrences that could not have reasonably been foreseen on the effective date of this assignment. Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated events may occur that will likely affect actual performance. While we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of this property.
All prospective value opinions presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future.
The appraisal is also subject to the following:

Extraordinary Assumptions and Hypothetical Conditions
The value conclusions are subject to the following extraordinary assumptions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions.
1. This report assumes that Tavistock Development Company will retain the rights to use the drainage easement for joint drainage, landscape, utilities, etc.
The value conclusions are based on the following hypothetical conditions that may affect the assignment results. A hypothetical condition is a condition contrary to known  fact on  the effective date of the appraisal  but is  supposed for the purpose of analysis.
1. None

Addenda

Addendum A
Appraiser Qualifications

Christopher D. Starkey, MAI
Experience
Mr. Starkey is a Florida State-Certified General Appraiser and Senior Managing Director of Integra Realty Resources – Orlando, a full-service regional valuation and consulting firm located in Orlando, Florida. Mr. Starkey began his career in appraising with Integra in 2002 and has performed appraisals for buyers, sellers, financial institutions, and insurance companies, among others. During his time with Integra Mr. Starkey has specialized in investment grade income producing properties as well as various special use properties.

In 2013, Mr. Starkey was promoted to Senior Managing Director of the Orlando office and is responsible for day to day operations as well as managing the appraisal staff in the Orlando office.
Mr. Starkey has experience in appraising the following types of properties, among others: CBD and Suburban Office Developments
Medical Office Developments Office Condominium Developments Shopping Center Properties
Public and Private Golf Courses
Single and Multi-tenant Commercial Developments Multi-family Properties, including low income housing Industrial Properties
Mixed Use Developments
Full Service & Limited Service Hotels
Vacant Land (Commercial, Industrial, Residential & Agricultural)
Residential Subdivisions (Single Family Homes, Townhomes, Villas & Condominiums)

Mr. Starkey also has experience preparing market studies and feasibility analyses for proposed and existing properties.

Professional Activities & Affiliations
Appraisal Institute, Member (MAI) Appraisal Institute, February 2009

Licenses
Alabama, Certified General Real Property Appraiser, G00999, Expires September 2017 Florida, State-Certified General Real Estate Appraiser, RZ 2886, Expires November 2018

Education
Bachelor of Science – Florida State University, Tallahassee, FL Major – Hospitality and Business Administration

Graduate of the Dale Carnegie - Effective Communications and Human Relations Course - Orlando, 2012

Appraisal Institute Courses: Mr. Starkey has completed numerous courses through the Appraisal Institute as well as other accredited professional education companies over the course of his career.
The most recent courses and seminars have included the following:

Integra Realty Resources Orlando

326 North Magnolia Avenue Orlando, FL 32801
T 407.843.3377
F 407.841.3823

irr.com

Christopher D. Starkey, MAI
Education (Cont'd)

Uniform Appraisal Standards for Federal Land Acquisitions, March 2014
Condemnation Appraising: Principles & Applications - Appraisal Institute, February 2014 2012-2013 7-Hour National USPAP Update Course, November 2012
The Appraiser as an Expert Witness: Preparation and Testimony, June 2012 Litigation Appraising: Specialized Topics and Applications, May 2012 Fundamentals of Separating Real Property, Personal Property, February 2012 Appraising Apartments - The Basics, January 2012
Appraising the Appraisal: Appraisal Review - General, January 2012 Appraisal Institute Hotel Seminar, March 2010

Qualified Before Courts & Administrative Bodies
In addition to the previous experience noted, Mr. Starkey has also worked with attorneys throughout the State of Florida on various litigation matters and has been qualified as an expert witness in both Circuit and Federal Courts.

Miscellaneous
Served on the Florida State University Real Estate Trends Conference Planning Committee, 2012-present

Member of the University of Central Florida Real Estate Council, 2012-present

Integra Realty Resources Orlando

326 North Magnolia Avenue Orlando, FL 32801
T 407.843.3377
F 407.841.3823

irr.com

RICK SCOTT, GOVERNOR	KEN LAWSON, SECRETARY

STATE OF FLORIDA

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BO
r1M3MiM:1iH;,
RZ2886
The CERTIFIED GENERALAPPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2018

STARKEY, CHRISTOPHER D 28 WEST CENTRAL BLVD SUITE 300
ORLANDO	FL 32804

ISSUED:	09/15/2016	DISPLAY  AS REQUIRED BY LAW	SEQ # L1609150003272

Marti M. Hornell
Experience
Actively engaged in real estate valuation and consulting since 1998. Practice is focused on multi family, office buildings CBD and suburban, medical office building, and vacant land. Specialized services include market analysis and feasibility studies. Clients served include banks and financial institutions, developers and investors, business/industry and government, and mortgage bankers. Valuations have been performed for estate,
financing, equity participation and due diligence support. Valuations and market studies have been done on proposed and partially completed commercial projects as well as renovated and existing structures.

Mrs. Hornell has experience in appraising the following types of properties, among others:
CBD and Suburban Office Developments Medical Office Developments
Office Condominium Developments Shopping Center Properties Lifestyle Centers
Single and Multi-tenant Commercial Developments Multi-family Properties, including low income housing Industrial Properties
Mixed Use Developments
Full Service & Limited Service Hotels
Vacant Land (Commercial, Industrial & Residential)
Residential Subdivisions (Single Family Homes, Townhomes, Villas & Condominiums) Agricultural Land

Mrs. Hornell also has experience preparing market studies and feasibility analyses for proposed and existing properties.

Professional Activities & Affiliations
Other: Association of Eminent Domain Professionals, January 2014

Licenses
Florida, State-Certified General Real Estate Appraiser, 3073, Expires November 2018

Education
Bachelor of Science Degree in Business Administration, University of Central Florida

Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others including:

Appraisal Institute Courses:
310 - Basic Income Capitalization (2002)
410 - National USPAP Course (2004)
420 - Business Practice and Ethics (2009) 510 - Advanced Income (2008)
520 - Highest & Best Use and Market Analysis (2003)
530 - Advanced Sales Comparison and Cost Approach (2008) 540 - Report Writing and Valuation Analysis (2006)

Integra Realty Resources Orlando

326 North Magnolia Avenue Orlando, FL 32801
T 407-843-3377
F 407-841-3823

irr.com

Marti M. Hornell
Education (Cont'd)
550 - Advanced Application (2009)
Condemnation Appraising: Principals & Applications (2014)

Integra Realty Resources Orlando

326 North Magnolia Avenue Orlando, FL 32801
T 407-843-3377
F 407-841-3823

irr.com

RICK SCOTT, GOVERNOR	•	KEN LAWSON, SECRETARY
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BO
r1tu:,;1Mii,
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Undert he provisions of Chapter 475 FS. Expiranon date: NOV 30, 2018

HORNELL, MARTI MATONIS 28 WEST CENTRAL BLV SUITE 300			- ORLANDO	.J	F-.L 32801

ISSUED·    12/06/2016	DISPLAY AS REQUIRED BY LAW	SEQ# L1612060001735

Integra Realty Resources, Inc. Corporate Profile

Integra Realty Resources, Inc. offers the most comprehensive property valuation and counseling coverage in North America with 58 independently owned and operated offices located throughout the United States and the Caribbean. Integra was created for the purpose of combining the intimate knowledge of well‐established local firms with the powerful resources and capabilities of a national company. Integra offers integrated technology, national data and information systems, as well as standardized valuation models and report formats for ease of client review and analysis. Integra’s local offices have an average of 25 years of service in the local market, and virtually all are headed by a Senior Managing Director who is an MAI member of the Appraisal Institute.

A listing of IRR’s local offices and their Senior Managing Directors follows:

ATLANTA, GA ‐ Sherry L. Watkins., MAI, FRICS AUSTIN, TX ‐ Randy A. Williams, MAI, SR/WA, FRICS BALTIMORE, MD ‐ G. Edward Kerr, MAI, MRICS BIRMINGHAM, AL ‐ Rusty Rich, MAI, MRICS
BOISE, ID ‐ Bradford T. Knipe, MAI, ARA, CCIM, CRE, FRICS BOSTON, MA ‐ David L. Cary, Jr., MAI, MRICS
CHARLESTON, SC ‐ Cleveland “Bud” Wright, Jr., MAI CHARLOTTE, NC ‐ Fitzhugh L. Stout, MAI, CRE, FRICS CHICAGO, IL ‐ Eric L. Enloe, MAI, FRICS CINCINNATI/DAYTON, OH ‐ Gary S. Wright, MAI, FRICS, SRA
CLEVELAND, OH ‐ Douglas P. Sloan, MAI COLUMBIA, SC ‐ Michael B. Dodds, MAI, CCIM COLUMBUS, OH ‐ Bruce A. Daubner, MAI, FRICS DALLAS, TX ‐ Mark R. Lamb, MAI, CPA, FRICS DENVER, CO ‐ Brad A. Weiman, MAI, FRICS DETROIT, MI ‐ Anthony Sanna, MAI, CRE, FRICS
FORT WORTH, TX ‐ Gregory B. Cook, MAI, SR/WA GREENSBORO, NC ‐ Nancy Tritt, MAI, SRA, FRICS HARTFORD, CT ‐ Mark F. Bates, MAI, CRE, FRICS HOUSTON, TX ‐ David R. Dominy, MAI, CRE, FRICS
INDIANAPOLIS, IN ‐ Michael C. Lady, MAI, SRA, CCIM, FRICS
JACKSON, MS ‐ John R. Praytor, MAI  JACKSONVILLE, FL ‐ Robert Crenshaw, MAI, FRICS KANSAS CITY, MO/KS ‐ Kenneth Jaggers, MAI, FRICS LAS VEGAS, NV ‐ Charles E. Jack IV, MAI
LOS ANGELES, CA ‐ John G. Ellis, MAI, CRE, FRICS
LOS ANGELES, CA ‐ Matthew J. Swanson, MAI LOUISVILLE, KY ‐ Stacey Nicholas, MAI, MRICS MEMPHIS, TN ‐ J. Walter Allen, MAI, FRICS

MIAMI/PALM BEACH, FL‐ Anthony M. Graziano, MAI, CRE, FRICS MINNEAPOLIS, MN ‐ Michael F. Amundson, MAI, CCIM, FRICS
NAPLES, FL ‐ Carlton J. Lloyd, MAI, FRICS NASHVILLE, TN ‐ R. Paul Perutelli, MAI, SRA, FRICS
NEW JERSEY COASTAL ‐ Halvor J. Egeland, MAI
NEW JERSEY NORTHERN ‐ Matthew S. Krauser, CRE, FRICS NEW YORK, NY ‐ Raymond T. Cirz, MAI, CRE, FRICS
ORANGE COUNTY, CA ‐ Steve Calandra, MAI ORLANDO, FL ‐ Christopher Starkey, MAI, MRICS
PHILADELPHIA, PA ‐ Joseph D. Pasquarella, MAI, CRE, FRICS PHOENIX, AZ ‐ Walter ‘Tres’ Winius III, MAI, FRICS PITTSBURGH, PA ‐ Paul D. Griffith, MAI, CRE, FRICS
PORTLAND, OR ‐ Brian A. Glanville, MAI, CRE, FRICS PROVIDENCE, RI ‐ Gerard H. McDonough, MAI, FRICS RALEIGH, NC ‐ Chris R. Morris, MAI, FRICS RICHMOND, VA ‐ Kenneth L. Brown, MAI, CCIM, FRICS SACRAMENTO, CA ‐ Scott Beebe, MAI, FRICS
ST. LOUIS, MO ‐ P. Ryan McDonald, MAI, FRICS
SALT LAKE CITY, UT ‐ Darrin W. Liddell, MAI, FRICS, CCIM SAN DIEGO, CA ‐ Jeff A. Greenwald, MAI, SRA, FRICS
SAN FRANCISCO, CA ‐ Jan Kleczewski, MAI, FRICS SARASOTA, FL ‐ Carlton J. Lloyd, MAI, FRICS SEATTLE, WA ‐ Allen N. Safer, MAI, MRICS
SYRACUSE, NY ‐ William J. Kimball, MAI, FRICS TAMPA, FL ‐ Bradford L. Johnson, MAI, MRICS TULSA, OK ‐ Owen S. Ard, MAI
WASHINGTON, DC ‐ Patrick C. Kerr, MAI, FRICS, SRA
WILMINGTON, DE ‐ Douglas L. Nickel, MAI, FRICS CARIBBEAN/CAYMAN ISLANDS ‐ James Andrews, MAI, FRICS

Addenda

Addendum B Property Information

Vacant Land

SKETCH	OF DESCRIPTION
STAlE ROAD 417 LIMllED ACCESS R/W DRAINAGE EASEMENT
SEE SHEET 1 FOR LEGAL DESCRIPTION, NOTES AND LEGEND SEE SHEETS 2- 3 FOR SKETCH
This Sketc h of Description ma y not depic t all
e,o em ents of r ecord that may be wi t hin or od jolnlng the lon ds described hereon.

DESCRIPTION:
That part of Section 26, Township 24 South, Range 30 East, Orange County, Florida, described as follows:

Commence  at  the  Northeast  corner  of  the  Northeast  1/4  of   said   Section   26;   thence  N89".31'49•w   along   the North  llne  of  said  Nort heast   1/4   for   a   distance   of   739.93   feet   to   the   Southerly  llmlted   access   right-of-way line of State Road  No.  417,  aa  described  In  Official  Records  Book  4345,  Page  3237,  of  the  Public  Rec ords  of Orange  County,  Florida;  thence  run  the  followin g  cours es   and   distances  along   said   Southerl y  limit ed  access right- of- way Hne:   S66 '4 2'07•w, 117.67  feet;  S2.3i 7' 5 3" E,  305.00  feet;  S66"42'07" W,  4 5 0.00   f eet;  N2Y17' 53 "W,
305.00  feet; S66"42'07" W,  860.00  feet   to   the   Southwesterly   line   of   Drainage  Easement   "C",   as   described   In Offl clal Records Book 4345, Page 3244, of the Public Records  of  Orange  County,  Florida,  and  the  POINT  OF  BEGINNING: thence departing said South west erly llne continue S66"4 2'o7• w along said Southerly llmlted  access  right-of-way  line,  840.00   feet;   thence   S231 7'53"E  along   said  Southerly   limited   access  right-  of-  way  llne,  130.00
feet   to   the  Northerly   line  of  Drainage   Easement   •o•,  as  described   in   said  Offlc lal  Records  Book   4.345,    Page
32 44;  thence  departing  said  Southerly  llmfted  access  right- of-  way   line   run   N66"42'07"E   alon g   said   Northerly line,  35.00   feel ;   thence  departing   said  Northerly  line  run  N23i  7' 53" W,   5 5 .00	feet; thence N21"42'07"E, 21.21
feet; thence N66"42'07• E, 790.00 feet to the South easterly prolongation of the aforesaid South wast erl y line of Drainage Easement "c•; the nce N231 7'53"W along said Southeast erly prolongati on and the said Sou thwest erly line,  60.00  feet   to   the  POINT  OF  BEGINNING.  This   descripti on  Is  based  on  Florida  State  Plane  Coordinate  System
East Zone, average combined factor of 0.99994883912, NAO 83 Datum (2011 adjustment).
Containing 1.216 acres more or less befng subject to any rights-of-way, restr ictions and eaHments of record.

NOTES:
This la not a aurYey.

No t voll d without the signature and the original ro lsed seal of  o  Flori da licensed surve)'Or ond mapper.
Bearings based on Nor th line of the Northeast 1/4 of Section 26,
To wnship 24 South, Range JO East, being  N89"31' 49" W,  r elati ve  to  the Flonda State Plane Co ordinat e System,  Florido  E  t  Zone,  1983  Nor th American  datum,  2011 adjust  men t,  as  established  from  Natlonol   Geodetic Sur vey contr ol points "Lonee" ( PIO AJ2 4 45 ), N orthing 1477081.39, Easting 575759,46, and " GIS 0242 Burt" (PIO AK 7 296 ), Nor thing 14 67711. 44,
Eostlng 582B77.80.

Alt dimensions shown he reon  ore  Grid  dim en sions  In  U.S.  Survey  Feet, based on Florido Sto te Plane Coor dinat e System, Florido  East  zone, 19B3  North Am eri can Datum, 2011 od).lstment. overage combined fact or of 0.99994883912.
Londs shown h ereonw ere not abstr act ed for r!ght s- of- woy, ecisements,
owner ship or other inst n.im ent s of record by this firm.
No title opinion or obstr oct of mo lt ers otrecll ng Utle or boundar y to  the sub)ect properl y or those  of  adjoining land  owner s have been  pro Yid ed. It 11 po ssible th ere or e deeds of record, unrecord ed deeds or oth et"
ins trumen ts whi ch could a ffect the boundaries or U91! of the subject
pr opert y.
This Sketch of Descrip tion may not depict  oil  easement s  of  record  that moy be wi thin or ad joining the lands describ ed hereon.

PREPARED f'OR: LAKE NONA LAND COMPANY, LLC

LEGEND
SECTION 2 6- 24- JO SECTION. TOWNSHF, RANGE
PB	PlAT BOOK
PGS	PACES
L1	UNE NUMBER ( SEE TABLE)
R/W	RIGHT- OF'- WAY
ORB	OFFICIAL RECORDS BOOK
S'M..Y UH£	SOUTHWESTERLY LINE
DE "C"	r$' ORAJNAGE EASEMENT "c"
( OFTIOAL RECORDS BOOK 4345, PAGE: 3244)
TCOM	Tt LECOMMUNIC"-TlON

I

 	 	- 	

1

CEN TRAL  FlO RtOA  EX P RES SWAY  AU  THORI  TY		DATE	I  BY   I	OE	TION STATE ROAD 417 - DRAINAGE EASEMENT	1- - - --- '-- - -' - - - -1, ,- - -#-
(PORTION Of SECTION 26, TO\lit,ISHIP 24 SOUTH, RANGE 30 EAST, OR ANGE COUNTY, fLOR I0 A)	RIO	N	.

ASSOCIATES, INC.

1

DONALD	W. MclNTOSH	As s o c 1 A TES,  1Nc.	lliORz, ...110N No. LsSe
ENGINEERS	PLANNERS	SUR YORS
2200  PARK   AVENUE  NORTH,  'MNTER  PARK,  FL ORIDA  327B9  (407) 644- 4068	Scott   Groumon	May  10,  2011
CERTIFICATE OF AUTiiORIZ ATION NO. LB68	Acncla R19l1tered  Sllrveyar and Mopp•
Certlflcate No. :Kl48
DRAWN  BY: etf...._ CHECKED BY:	JOB  NO.	SCALE	SHEET _  _.,,. 		NOT VALID WllH OUT 1HE SIGN,l.1\JRE AND THE
DATE. 5 / 2 017	D ATE· 5 / 2017	16166	NI A	OF  _   _  _   _	ORIGINAL RAISED SE-'L or A FLORID-' LICENSED

'	........ • .............

SURVEYOR AND MAPPER,

Print.cl: W. 10-Mor-;,u11 - U&.,,.,._,
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SKETCH	OF DESCRIPTION
STATE ROAD 417 LIMITED ACCESS R/W DRAINAGE EASEMENT
SEE SHEET 1 FOR LEGAL DESCRIPTION, NOTES AND LEGEND SEE SHEETS 2-3 FOR SKETCH
This Sketch of Description moy not  depict  off easements of record that may be  within  or  adjoining the lands described hereon.
All dimenslons shown hereon ore Grid d'.,,onsions in
Survey Foet, based on Florida Stote Plane Coordinate System, Florido East zone, 1983 North American Datum, 2011 od)latment, overage combined factor of 0.99994883912.

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SECTIOO 26- 24- 30
(BEARING BASIS)

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LINE	TA81...E ( Thi■ thfft only)	
NUMBER	BEARING I	OISTANCE	
L1	N89"J1'49"W	7J9.9J'	
L2	S86'42'07"W	117.67'	
LJ	S2317'53"E	305.00'	
L4	ses•42•orw	450.00'	
L5	N2317'53"W	305.00'	
L8	S66"42'07"W	860.00'	

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PREPARED FOR: LAKE NONA LAND COMPANY, LLC

-	1

CENTRAL Fl.ORIDA EXPRESSWAY AUlHOR1lY STATE ROAO 417 - DRAINAGE EASEMENT
(PORTION OF SECTION 2_6,_JO SHIP 24 SOUTH, RANGE 30 EAST, ORANGE COUNTY, Fl.ORIDA)

DONALD W. MclNTOSH	Assoc1ATEs, 1Nc.
ENGINEERS	PLANNERS	SURVEYORS
2200 PARK  AVENUE NORlli,  WINTER  PARK,  FLORIDA  32789 (407)  644-4068

1

400'	0	400'
• S-c■ale:   1•  a	400'	'

DRAWN BY: Ef:L._

CHECKED BY:..sQ._

JOB NO.

SCALE

SHEET	2

I	_ICERTIFlCAlE  OF'  AUTHOI RIZA_TION  NO.  LB68   I

DATE: 5/2017	DATE: S/2017	16166	1•.400'	OF 	J
Prlntld: w.d 10-Mar-2017 - 02:291'M
F: \ProJ2018\1111e\Sdll\l\NAWIII\IIOd\l7-111(1) (DR/,INAQ; EA5aiEHT).dwG

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17-111(1)

LINE TABLE ( This shut onl y)	
L6	S66'42'07" W	8 60.00'	
L7	S66'42'07"W	8 40.00'	
L8	S2317' 53"E	130.00'	
L9	Ne6'42'07"E	35.00'	
LIO	N2Ji  1•    •  w	55 .00 '	
Lil	N21' 42'07"E	21.21'	
L12	N66'42' 07"E	790.00'	
L13	N231 7'5J"W	60 . 00 '	

SKETCH	OF DESCRIPTION
STATE ROAD 417 LIMITED ACCESS R/W DRAINAGE EASEMENT
SEE SHEET 1 FOR LEGAL DESCRIPTION, NOTES AND LEGEND		
SEE SHEETS 2-3	FOR SKETCH
This Sketch of Description may not depict  oU ea,ements af record that  may  be  within  or  adjoining the lands described hereon.
All dimensions shown hereon are Grid dimensfOfls In
Survey Feet, bosed on Florido State Plane Coordinate System, FlorIda East zone, 1983 North
American Datum, 2011 od)Jstment, average combined	North
factor of 0.9999488.3912.

SECTION 23-24-30
-	-	-	-	---::S;-;::E';:::'C.T. l ON:-;--;2:;"";:6:-_-;::;2:-.-4--':;'.30-;::---------------

POJNT OF BEGINNING

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Scala:  1•	-	400'	
PREPARED FOR: LAKE NONA LAND COMPANY, LLC
C£NTRAL FLORIDA EXPRESSWAY AUniORITY STATE ROAD 417 - DRAINAGE EASEMENT
(PORTION OF SECTION 215, TOIW-ISHIP 24 SOUTI-i, RANGE 30 EAST, ORANClE CCllJNTY, FLORIDA)		
llfJI	DONALD  W.  MclNTOSH	ASSOCIATES,  INC.
ENGINEERS	PLANNERS	SURVEYORS
2200 PARK  AVENUE NORTH,  WINTER PARK, FLORIDA  32789 (407) 644-406B
 	I	 	 I RTIRCATE  a"   AUTliOI RIZATION  NO.  LB68   I		
DRAWN BY: E1::f	CHECl<ED BY: .sG_	JOB NO.	SCALE	SHEET	J
DATE: 5/2017	DATE: 5/2017	16166	1" • .f00'	Of          J		

Ptlftt od:    -	10-MG:,-2017 - 02: 2IIPM
F: \fro)2011\181K\ \NAWIIII\IIOd\17-111(1) (DMINAGE EASEME:Nl). d■g

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Property Record - 26-24- 30-0000-00-022

Orange County Property Appraiser •
http://www.ocpafl.org

Property Summary	

Property Name
Lake Nona Blvd
Names
Lake Nona Land Co LLC
Municipality
ORL - Orlando
Property Use
6100 - Grazing - Improved

Mailing Address
6900 Tavistock Lakes Blvd Ste 200
Orlando, FL 32827-7591
Physical Address Lake Nona Blvd Orlando, FL 32827

QR Code For Mobile Phone

 	

Value and Taxes	

Historical Value and Tax Benefits

Tax Year	Land Building Feature	Market Value	Ag Benefits	Assessed Value Values		(s)	(s)	
2016	$18,142,105	+	$0	+	$0 = $18,142,105	(0%)	- $15,491,528 = $2,650,577	(0%)	
2015	$18,142,105	+	$0	+	$0 = $18,142,105	(.55%) - $15,491,528 = $2,650,577	(4.2%)	
2014	$18,042,105	+	$0	+	$0 = $18,042,105	(-	- $15,497,219 = $2,544,886	(-	
2013	$19,642,685	+	$0	+	$0	8.2%)	- $16,675,948	14%)
= $19,642,685	= $2,966,737	

Tax Year Benefits	Ag Benefits	Tax Savings	
2016	$15,491,528	$303,653	
2015	$15,491,528	$310,336	
2014	$15,497,219	$314,868	
2013	$16,675,948	$320,720	
2016 Taxable Value and Certified Taxes			

Taxing Authority	Assd Value

Exemption Tax Value Millage Rate Taxes	%

Public Schools: By State Law (Rle)	$2,650,577 $0	$2,650,577 4.5630 (-	$12,094.58 23 %	
		8.19%)		
Public Schools: By Local Board	$2,650,577 $0	$2,650,577 3.2480	$8,609.07 17 %	

(0.00%)
Orange County (General)	$2,650,577 $0	$2,650,577 4.4347
(0.00%)
City Of Orlando	$2,650,577 $0	$2,650,577 6.6500 (0.00%)

$11,754.51 23 %

$17,626.34 34 %

Library - Operating Budget	$2,650,577 $0	$2,650,577 0.3748	$993.44	2 %	
		(0.00%)			
South Florida Water Management	$2,650,577 $0	$2,650,577 0.1359 (-	$360.21	1 %	
District		6.85%)			
South Florida Wmd Okeechobee	$2,650,577 $0	$2,650,577 0.1477 (-	$391.49	1 %	
Basin		6.87%)			
South Florida Wmd Everglades Const	$2,650,577 $0	$2,650,577 0.0471 (-	$124.84	0 %	
		6.92%)			
		19.6012	$51,954.48		

2016 Non-Ad Valorem Assessments

Levying Authority	Assessment Description	Units Rate Assessment
CITY OF ORLANDO ORLANDO STORM - DRAINAGE - (407)246-2370	980.50 $1.00 $980.50
$980.50

Property Features	

Property Description

COMM AT NW COR OF TRACT B OF LAKE NONA BOULEVARD SECOND ADDITION 72/97 IN SEC 26-24-30 TH N10-28-09E 180 FT TO POB TH N79-31-51W 505.32 FT TO THE PT OF A CURVE CONCAVE NELY A RAD OF 40 FT CHORD BEARING N35-03-02W CENT ANG 88'57'38" 62.11 FT N09-25-47E 35.92 FT TO A CURVE CONCAVE SELY A RAD OF 452 FT CHORD BEARING N27- 21-41E CENT ANG 35'51'48" 282.92 FT N45-17-34E 87.36 FT TO CURVE CONCAVE WLY RAD OF
511 FT CHORD BEARING N11-17-09W CENT ANG 113'09'27 1009.21 FT N22-08-08E 46.35 FT TO  A CURVE CONCAVE WLY A RAD OF 450 FT A CHORD BEARING N02-37-31E CENT ANG 39'01'14" 306.47 FT N16-53-06W 188 FT N89-50-52E 427.12 FT N23-17W 444.14 FT N66-42-23E
1017.47 FT N70-32-51E 657.77 FT TO A CURVE CONCAVE SLY A RAD OF 2197.94 FT CHORD BEARING N70-53-30E CEN ANG 00'41'17" 26.40 FT S23-17-37E TH259.02 FT N66-42-23E 450.02 FT N23-17-37W 175.57 FT TO A NON-TAN CURVE CONCAVE SLY A RAD OF 2197.94 FT A CHORD BEARING N87-13-00E A CENT ANG 08'03'23" 309.05 FT TH S88-45-18E 310.16 FT TO A NON-TAN CURVE CONCAVE WLY A RAD OF 2784.93 FT A CHORD BEARING S07-25-49E CENT ANG 02'54'27" 141.32 FT SLY 304.06 FT S00-16-44W 238.09 FT N89-43-14W 25 FT S00-16-44W 129.61 FT TO A CURVE CONCAVE WLY A RAD 1645 FT A CHORD BEARING S09-00-08W CEN ANG 17'26'46" 500.89 FT TH S17-43-31W 499.71 FT TO A CURVE CONCAVE NLY A RAD OF 1670 FT A CHORD BEARING S86-04-19W CEN ANG 28'47'39" 839.26 FT N79-31-51W 124.38 FT TO POB & (LESS COMM AT NW COR OF TRACT B OF LAKE NONA BOULEVARD SECOND ADDITION 72/97 IN SEC 26-24-30 TH N10-28-09E 180 FT TO NRLY R/W OF LAKE NONA BLVDTH ALONG SAID R/W S79-31-51E 124.38 FT TO PT OF CURV CONCAV NRLY HAV RAD 1670 FT & CENTRAL ANGLE OF 28-47-39 TH ALONG SAID CURV 839.26 FT TH N71-40-30E 45.22 FT TO PT CURV CONCAV NWRLY HAV RAD 1796.87 FT & CENTRAL ANGLE 23-11-36 TH ALONG SAID CUVR 727.37 FT TO POB TH CONT NERLY ALONG CURVE CONCAVED NWRLY HAV RAD 1796.87 FT & CENTRAL ANGLE 24-31-57 TH ALONG SAID CURV 769.37 FT TO PT OF COMPND CURV CONCAV WRLY HAV RAD 40FT & CENTRAL ANGLE 92-13-55 THA ALONG SAID CURV
64.39 FT TH N68-16-58W 462.57 FT TO PT OF CURV CONCAV SWRLY HAV RAD 30 FT & CENTRAL ANGLE 90-51-49 TH ALONG SAID CURV 47.58 FT TO PT OF COMPND CURV CONCAV NWLY HAV RAD 1091.5 FT 7 CENTRAL ANGLE 28-30-35 TH ALONG SAID CURV
FT TO PT OF COMPND CURV CONCAV NRLY HAV RAD OF 30 FT & CENTRAL ANGLE 90-48-35 TH ALONG SAID CURV 47.55 FT TH S38-5-59E 470.83 FT TO PT OF CURV CONCAV NRLY HAV RAD OF 40 FT & CENTRAL ANGLE 93-25-7 TH ALONG SAID CURV 65.22 FT TO POB) & (LESS TH PART PLATTED N/K/A LAKE NONA SOUTH TOWNCENTER PH 1 PB82 PG1)

Total Land Area

5,966,016 sqft (+/-)	|	136.96 acres (+/-)	GIS Calculated

Land

Land Use Code	Zoning Land Units	Unit
Price

Land Value

Class Unit Price

Class Value

6100 - Grazing - Improved PD/AN 103.47 ACRE
(S)

working... working...	working...	working...

9950 - Storm/Ret/Drain	PD/AN 12.28 ACRE(S)	working... working...	working...	working...	
9110 - Comm Tower Sites PD/AN 1 UNIT(S)	working... working...	working...	working...	
9960 - Landscape/Buf	PD/AN 4.82 ACRE(S)	working... working...	working...	working...	
1000 - Vacant	PD/AN 16.14 ACRE(S)	working... working...	working...	working...	

Commercial Buildings Extra Features
Description	Date Built	Units	Unit Price	XFOB Value
There are no extra features associated with this parcel

Sales	

Sales History

Sale Date Sale
Amount

Instrument #

Book/Page Deed Code	Seller(s) Buyer(s)	Vac/Imp

04/02/2009 $100	20090196372 09853 / 6707 Special Warranty	Lake
Nona

Lake Nona Towncenter

Vacant

Similar Sales

Address	Sale Date Sale Amount

Land Co LLC LLC

$/SQFTDeed Code	Beds/Baths Instrument
#

Book/Page

263 N Fort
Christmas Rd	05/30/2017 $65,000		Warranty Deed	0/0	20170307745 /	
4261 Windy Acres Rd	05/25/2017 $275,000	$351	Warranty Deed	2/2	20170316174 /	
7601 Vineland Ave	04/12/2017 $12,836,000		Special Warranty Multiple	0/0	20170205715 /	
Lake St	04/12/2017 $12,889,500		Special Warranty Multiple	0/0	20170205715 /	
Lake St	04/12/2017 $2,244,300		Special Warranty Multiple	0/0	20170205715 /	
13635 Walcott Ave	04/03/2017 $1,150,000		Special Warranty	0/0	20170188132 /	
2043 W
Kennedy Blvd	02/16/2017 $950,000		Special Warranty	0/0	20170093629 /	

Services for Location	
TPP Accounts At Location

Account	Market Value	Taxable Value	Business Name(s)	Business Address
There are no TPP Accounts associated with this parcel.

Schools

Lake Nona (Middle School)
Principal	Stephanie Renee Jackson
Office Phone 	407-858-5522
Grades	2016: A | 2015: A | 2014: A
Eagle Creek (Elementary)
Principal	Mr. Robert Mccloe
Office Phone 	407-930-5592
Grades	2016: A
Lake Nona (High School)
Principal	Margaret L Nampon
Office Phone 	407-956-8300
Grades	2016: B | 2015: A | 2014: A

Utilities/Services

Electric	Orlando Utilities Commission
Water	Orlando Utilities Commission
Recycling	Orlando

Trash (Monday, Thursday)

Orlando

Yard Waste (Tuesday)	Orlando

Elected Officials

County Commissioner	Jennifer Thompson School Board Representative	Daryl Flynn
State Senate	Victor M. Torres, Jr. State Representative	Rene "Coach P" Plasencia US Representative	Darren Soto

Orange County Property Appraiser

Rick Singh

Addenda

Addendum C Comparable Data

Vacant Land

Location & Property Identification

Property Name:	Proposed Shopping Center
Sub-Property Type:	Commercial, Retail

Address: City/State/Zip: County:

Market Orientation:

13000 Narcoossee Rd.
Orlando, FL 32832 FL

Suburban

IRR Event ID:	1486026

Sale Information

Effective Sale Price:	$4,550,000	Legal/Tax/Parcel ID:	30-24-31-0000-00-002	
Sale Date:	03/31/2017	Acres(Usable/Gross):	6.50/14.60	
Contract Date:	02/28/2015	Land-SF(Usable/Gross):	283,140/635,976	
Sale Status:	Closed	Usable/Gross Ratio:	0.45	
$/Acre(Gross):	$311,644	Frontage Feet:	975	
$/Land SF(Gross):	$7.15	Frontage Type:	2 way, 2 lanes each way	
$/Acre(Usable):	$700,000	AccessibilityRating:	Average	
$/Land SF(Usable):	$16.07	Visibility Rating:	Above average	
Grantor/Seller:	Edgar Yates and Clifton	Zoning Code:	PD	
	Ackerman	Zoning Desc.:	Planned Development	
Grantee/Buyer:	Nadg/Blackfin Partners	Utilities:	Water Public, Sewer	

Property Rights:	(Lake Nona), LP
Fee Simple	Source of Land Info.:	Owner	
Financing:	Cash to seller	Comments		

Sale Price:

$4,550,000

Proposed Use Desc.:	Retail Center

Improvement and Site Data

Terms of Sale:	Arm's Length
Document Type:	Warranty Deed
Recording No.:	20170178872
Verified By:	Marti M. Hornell
Verification Date:	04/24/2017
Confirmation Source:	Nathan Landers
Verification Type:	Confirmed-Buyer

Sale Analysis
Current Use at T.O.S.:	Tree Farm
Former Use:	Tree Farm
Proposed Use Change:	Yes

Proposed Shopping Center

This sale is located at the southwest quadrant of Naroossee Road and Tyson Road. The property was purchased for $4,550,0000 for the development of a 64,000 square foot shopping center. The anchor tenant is Earthfare a specialty grocer. This parcel contains 14.6 gross acres, of which, approximately 6.5 acres have been considered usable. The remaining land contains low-lying land and a cell tower, which was not included in the purchase. According to the property owner, this site will benefit from off-site retention and was placed under contract, and subject to entitlements, two years prior to the closing.

Location & Property Identification

Property Name:	Vacant Land
Sub-Property Type:	Commercial

Address: City/State/Zip: County:

Market Orientation:

10999 Narcoossee Rd.
Unincorporated, FL 32832 Orange

Suburban

IRR Event ID:	1437653
Land-SF(Usable/Gross):	522,720/2,928,974

Sale Information
Sale  Price: Effective Sale Price:
Sale Date:

$8,000,000
$8,000,000
12/15/2016

Usable/Gross Ratio:	0.18
Shape:	Irregular
Topography:	Level
Vegetation:	Grass and shrubs

Recording Date:	12/15/2016
Sale Status:	Closed
$/Acre(Gross):	$118,977
$/Land SF(Gross):	$2.73
$/Acre(Usable):	$666,667
$/Land SF(Usable):	$15.30
Grantor/Seller:	Daryl M. Carter
Grantee/Buyer:	Adventist Health System/Sunbelt, Inc.
Property Rights:	Fee Simple
Financing:	Cash to seller
Terms of Sale:	Arm's Length
Document Type:	Warranty Deed
Recording No.:	20160652855
Verification Date:	12/21/2016
Confirmation Source:	Daryl M. Carter
Verification Type:	Confirmed-Seller

Sale Analysis
Entitlement @ T.O.S.:	Yes

Improvement and Site Data

Frontage Type:	2 way, 2 lanes each way
Traffic Flow:	Moderate
AccessibilityRating:	Average
Visibility Rating:	Average
Zoning Code:	PD
Zoning Desc.:	Planned Development
Flood Plain:	No
Utilities:	Electricity
Source of Land Info.:	Owner

Comments

This site is located on the east side of Narcoossee Road, just north of State Road 417. It includes 67 gross acres, of which 12 acres are considered usable. People close to the deal confirmed plans for the land are still undetermined, but it eventually could be used for a future hospital or a freestanding emergency room.

Legal/Tax/Parcel ID: Acres(Usable/Gross):

Vacant Land

08-24-31-0000-00-005
12.00/67.24

Location & Property Identification

Property Name:	Former Great Wheel Site
Sub-Property Type:	Commercial

Address: City/State/Zip: County:

Market Orientation:

Westwood Blvd. Unincorporated, FL 32821 Orange

Suburban

IRR Event ID:	1437275

Sale Information
Sale  Price: Effective Sale Price:

$11,500,000
$11,500,000

Corner Lot:	No
Zoning Code:	PD
Zoning Desc.:	Orangewood Planned Development

Sale Date:

11/30/2016

Easements:	No

Sale Status:	Closed
$/Acre(Gross):	$575,000
$/Land SF(Gross):	$13.20
$/Acre(Usable):	$575,000
$/Land SF(Usable):	$13.20
Grantor/Seller:	Great Orlando Wheel
Grantee/Buyer:	DCS Real Estate Investments VI, LLC
Property Rights:	Fee Simple
Financing:	Cash to seller
Terms of Sale:	Arm's Length
Document Type:	Warranty Deed
Verification Type:	Secondary Verification

Sale Analysis
Entitlement @ T.O.S.:	Yes

Improvement and Site Data

Environmental Issues:	No
Flood Plain:	No
Flood Zone Designation:	X
Source of Land Info.:	Past Appraisal

Comments

The sale is located on the west side of Westwood Boulevard, just west of International Drive with frontage on the Interstate 4 off-ramp. The subject is part of the Westwood Subdivision Development Plan, which is a subset of the Orangewood PD totaling 194.56 acres. The PD has approvals for 2,840 hotel units, 5.09 acres of retail,
31.80 acres of office development and 12 acres of Tourist Commercial uses. The maximum floor area ratio (FAR) is a maximum 1.0 to 10.0, or 100% to 1,000% of the land area. However, based on our experience within the market, a density of 50% to 150%. The future land use is Activity Center Mixed Use (ACMU). Based on our discussion with property representatives, the site was previously

Legal/Tax/Parcel ID: Acres(Usable/Gross): Land-SF(Usable/Gross):

12-24-28-9655-00-022
20.00/20.00
871,200/871,200

planned for a large tourist attraction to be known as the Great Wheel. However, the development never came to fruition and the prospective use is unknown.

Usable/Gross Ratio:	1.00
Shape:	Irregular

Former Great Wheel Site

Location & Property Identification

Property Name:	Vacant Land
Sub-Property Type:	Commercial

Address: City/State/Zip: County:

Market Orientation:

4751-4891 Vineland Rd.
Orlando, FL 32811 Orange

Suburban

IRR Event ID:	1221487

Sale Information
Sale  Price: Effective Sale Price: Sale Date:

$15,500,000
$15,500,000 02/18/2016

Current Use at T.O.S.:	Vacant Commercial Proposed Use Change:	Yes
Proposed Use Desc.:	Auto Dealerships

Improvement and Site Data

Contract Date:	08/03/2015
Listing Price:	$15,500,000
Sale Status:	Closed
$/Acre(Gross):	$666,667

Legal/Tax/Parcel ID:

Acres(Usable/Gross): Land-SF(Usable/Gross):

17-23-29-0000-00-001 and
17-23-29-0027-00-020
23.25/23.25
1,012,770/1,012,770

$/Land SF(Gross):	$15.30
$/Acre(Usable):	$666,667
$/Land SF(Usable):	$15.30
Grantor/Seller:	Adventist Health System/Sunbelt, Inc.
Grantee/Buyer:	UP Fieldgate US Investments - Gardens at Millenia
Property Rights:	Fee Simple
Financing:	Cash to seller
Terms of Sale:	Arm's Length

Usable/Gross Ratio:	1.00
Shape:	Irregular
Topography:	Level
Vegetation:	Grass and shrubs
Corner Lot:	No
Frontage Type:	2 way, 2 lanes each way
Traffic Flow:	High
AccessibilityRating:	Average
Visibility Rating:	Above average
Zoning Code:	MU-2
Zoning Desc.:	Mixed Use

Document Type:	Warranty Deed

Easements:

Yes

Recording No.:	20160086735
Verified By:	Randall L. Rex, MAI
Verification Date:	12/15/2015 Confirmation Source:	Bob Olsen, Interlachen
Financial
Verification Type:	Confirmed-Buyer Broker

Sale Analysis

Easements Desc.:	Billboard on Site
Environmental Issues:	No
Flood Plain:	No
Flood Zone Designation:	X
Utilities:	Electricity, Water Public, Sewer
Source of Land Info.:	Broker

Comments
This is the sale of two parcels bifurcated by a drainage canal. The property is located within the southwest quadrant of Interstate 4 (I-4) and Conroy Rd in Orlando, Orange County, Florida. There is frontage on I-4 and Vineland Rd. Access is provided via Vineland Road and there is 2,139 linear feet of frontage along Interstate 4. The site totals 23.25 acres. There is on-site drainage at the northern side of the southern parcel. This zoning is
Mixed-Use Commercial and the property is located within the Millenia DRI, which includes includes, retail, commercial and residential. The parcels sold in February 2016 for $15.5 million or $666,667/acre.

Location & Property Identification

Property Name:	Carter Vineland Pointe
Sub-Property Type:	Commercial

Address: City/State/Zip: County:

Market Orientation: Property Location:

7601 Vineland Ave.
Orlando, FL 32821 Orange

CBD
NEQ of Vineland Avenue and International Dr. S. with frontage on I-4

IRR Event ID:	1301708

Sale Information
Sale  Price: Effective Sale Price: Sale Date:

$41,400,000
$41,400,000 04/11/2016

Proposed Use Desc.:	Mixed Use Commercial

Improvement and Site Data

MSA:	Orlando-Kissimmee, FL Metropolitan Statistical

Contract Date:	01/01/2016
Listing Price:	$41,400,000
Sale Status:	In-Contract
$/Acre(Gross):	$638,889
$/Land SF(Gross):	$14.67

Legal/Tax/Parcel ID:

Acres(Usable/Gross): Land-SF(Usable/Gross):

Area
14-24-28-0000-00-006, 016,
020 and 021 64.80/64.80
2,822,688/2,822,688

$/Acre(Usable):	$638,889
$/Land SF(Usable):	$14.67
Grantor/Seller:	Carter-Vineland Pointe Lllp
Grantee/Buyer:	Unknown
Property Rights:	Fee Simple
% of Interest Conveyed:	100.00
Financing:	Cash to seller
Document Type:	Contract of Sale
Recording No.:	N/A
Verified By:	Randall L. Rex, MAI
Verification Date:	11/02/2015
Confirmation Source:	Daryl Carter
Verification Type:	Confirmed-Seller

Sale Analysis
Current Use at T.O.S.:	Vacant Land
Proposed Use Change:	Yes

Usable/Gross Ratio:	1.00
Shape:	Irregular
Topography:	Level
Corner Lot:	Yes
Zoning Code:	PD
Zoning Desc.:	Planned Development
Easements:	No
Environmental Issues:	No
Flood Plain:	No
Flood Zone:	Zone X, 12095C0415F, 9/25/2009
Utilities:	Electricity, Water Public, Sewer, Telephone
Source of Land Info.:	Owner

Comments

This is the contract on a 64.80 acre, vacant site. The

Comments (Cont'd)
contract price is reported around $41,400,000 or $638,889 per acre. The site is approved for a mixed use development that includes hotel, timeshare and retail commercial uses. The site has good exposure to
Interstate 4.
The property is known as the Vineland Pointe PD. It has a Tourist Commercial zoning, which would allow for 245 hotel rooms, 580,000 square feet of commercial uses, up to an additional 4,513 hotel rooms and up to 6,211 timeshare units.

Location & Property Identification

Property Name:	Sand Lake Groves
Sub-Property Type:	Commercial

Address: City/State/Zip: County:

Market Orientation: Property Location:

Palm Pky. Orlando, FL 32801 Orange

Suburban
East Side of Palm Parkway; West Side of I-4

IRR Event ID:	1415094

Sale Information

Acres(Usable/Gross): Land-SF(Usable/Gross):

38.82/38.82
1,690,999/1,690,999

Sale  Price: Effective Sale Price:
Sale Date:

$15,000,000
$15,000,000
08/10/2015

Usable/Gross Ratio:	1.00
Shape:	Irregular
Topography:	Level

Sale Status:	Closed
$/Acre(Gross):	$386,399
$/Land SF(Gross):	$8.87
$/Acre(Usable):	$386,399
$/Land SF(Usable):	$8.87
Grantor/Seller:	PALM PARKWAY DEVELOPMENT COMPANY, LLC
Grantee/Buyer:	ECP COMMERCIAL VI, LLC
Assets Sold:	Real estate only
Property Rights:	Fee Simple
Financing:	Cash to seller
Document Type:	Warranty Deed
Recording No.:	10985/5628
Verified By:	Robert C. Lewis
Confirmation Source:	CBRE
Verification Type:	Confirmed-Seller Broker

Improvement and Site Data
MSA:	Orlando-Kissimmee, FL Metropolitan Statistical Area

Vegetation:	Minimal
Corner Lot:	No
Frontage Feet:	4000
Frontage Desc.:	I-4 & Palm Parkway; See Comments
Visibility Rating:	Good
Zoning Code:	PD
Zoning Desc.:	Planned Development
Easements:	No
Environmental Issues:	No
Flood Plain:	No
Date:	01/01/1900
Utilities Desc.:	Utilities available to site
Source of Land Info.:	Public Records

Comments

This comparable is located along the east side of Palm Parkway and is continuous to the west side of Interstate 4, in Orlando, Orange County, Florida. The site contains 38.82± acres and is zoned PD. The site is approved for up to 1,742 hotel rooms, and up to 371,000 SF of commercial space, including retail, office, and entertainment. The

Legal/Tax/Parcel ID:

11-24-28-0000-00-024

site has approximately 4,000± feet of frontage along both
Palm Parkway and Interstate-4. The site sold in August

Comments (Cont'd)
2015 for $15,000,000, or $8.87 per square foot.

Addenda

Addendum D Engagement Letter

Vacant Land

Integra Realty Resources	In Miami	In Orlando	In Naples/Sarasota

Miami Orlando
Southwest Florida

The Douglas Centre 2600 Douglas Rd.
Suite 801

The Magnolia Building 326 N. Magnolia Ave.

Horseshoe Professional Park 2770 Horseshoe Drive S. Suite 3

Coral Gables, FL 33134	Orlando, FL 32801	Naples, FL 34104
www.irr.com	(305) 670-0001	(407) 843-3377	(239)-643-6888

September 19, 2017

Boggy Creek Improvement District C/o Fishkind & Associates, Inc.
Attention: Joe Maclaren 12051 Corporate Boulevard
Orlando, FL 32817

SUBJECT:	Proposal for Valuation Services
Boggy Creek Improvement District Land and Easement S/S/O State Road 417 and north of Lake Nona Boulevard Orlando, FL 32827

Mr. Maclaren,

Integra Realty Resources – Orlando, appreciates the opportunity to provide this proposal for valuation services for the above‐captioned property.

It is our mutual understanding that the purpose of this appraisal is to provide an opinion of the market value of the fee simple interest in 0.229 acres within an existing limited access right‐of‐way. The scope of the assignment will also include an estimate of the easement interest in 1.216 acres proposed for a drainage easement. The two valuations will be provided in separate appraisal documents. It is also our understanding that the intended use of the report is for your information and guidance. Also, the intended users of this report are to include Boggy Creek Improvement District and The Central Florida Expressway Authority (CFX).

To report the assignment results, we will use the Appraisal Report option of Standards Rule 2‐2(a) of the 2016‐2017 edition of USPAP. As USPAP gives appraisers the flexibility to vary the level of information in an Appraisal Report depending on the intended use and intended users of the appraisal, we adhere to the Integra Realty Resources internal standards for an Appraisal Report – Standard Format. This type of report has a moderate level of detail. It summarizes the information analyzed, the appraisal methods employed, and the reasoning that supports the analyses, opinions, and conclusions. It meets or exceeds the former Summary Appraisal Report requirements that were contained in the 2012‐2013 edition of USPAP.

The appraisal will conform with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, applicable state appraisal regulations, and the appraisal guidelines of the client, as appropriate.

In accordance with our correspondence, the scope of this assignment will require IRR – Orlando to consider all relevant and applicable approaches to value as determined during the course of our research, property analysis and preparation of the report. If the assignment is canceled, we will return the relevant field notes after deducting appropriate costs and fees (in accordance with Attachment I) for the expenses and time actually spent on the initial property analysis.

The Ethics Rule of USPAP requires us to disclose to you any prior services we have performed regarding the Subject Property within a three‐year period immediately preceding the acceptance of this assignment, either as an appraiser or in any other capacity. We have not performed appraisal work related to the subject property within the past three years.

Our fee for this assignment will be billed hourly based on rates identified in the addendum of this letter. We will keep contemporaneous time records and fees for services rendered. The fee is proposed not to exceed $2,500. We will provide a PDF copy upon completion and hard copies are available  upon request. The report will be completed and delivered within 1 week of engagement, assuming prompt receipt of this fully executed engagement letter and the information requested in Attachment II. Additional information may be requested during the assignment. The fee will be due within 30 days of delivery of the report(s).

Additional fees will be charged on an hourly basis for any work which exceeds the scope of this proposal, including performing additional valuation scenarios, additional research and conference calls or meetings with any party which exceed the time allotted for an assignment of this nature. The terms of Attachment I apply to this engagement and are hereby incorporated by reference.

In order to complete this assignment in the designated time, we will require as much of the available information as possible, as identified in Attachment II, within seven business days after the execution of this engagement letter. Any delays in the receipt of this information or in the access to the property will automatically extend the final delivery date of the report(s) as proposed. Furthermore, the appraisal report and conclusions therein will be predicated upon the accuracy and completeness of the information provided by the Client and set forth in Attachment II. In the absence of some of this information, the appraisers will attempt to obtain this information from other sources and/or may require the use of Extraordinary Limiting Conditions and Assumptions within the appraisal report.

The appraisal report will be limited by our standard Assumptions and Limiting Conditions and any Extraordinary Assumptions and Limiting Conditions, which become apparent or necessary during the course of the assignment. A copy of the standard Assumptions and Limiting Conditions is set forth in Attachment III.

The purpose of the appraisal report is to estimate the market value of the Subject Property on behalf of the Client and related business entities as the intended user of the appraisal report. The intended use of the appraisal report is to assist the Client, as the intended user of the appraisal report, with respect to internal decision making. Intended users of the report include Boggy Creek Improvement District and The Central Florida Expressway Authority (CFX). Any other intended users are to be identified by the

client prior to issuance of the final appraisal. Without first obtaining our prior written consent, the use  of the appraisal report by anyone other than the Client, related business entities, and other noted intended users is prohibited. Accordingly, the appraisal report will be addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable).

In the event the Client provides a copy of this appraisal to, or permits reliance thereon by, any person or entity not authorized by Integra ‐ Orlando, the Client agrees to indemnify and hold harmless Integra ‐ Orlando, its affiliates and its shareholders, directors, officers and employees, from and against all damages, expenses, claims and costs, including attorneys’ fees, incurred in investigating and defending any claim arising from or in any way connected to the use of, or reliance upon, the review appraisal by any such unauthorized person or entity.

If the appraisal is referred to or included in any offering material or prospectus, the appraisal shall be deemed referred to or included for informational purposes only and Integra ‐ Orlando, its employees and the appraisers have no liability to such recipients. Integra ‐ Orlando disclaims any and all liability to any party other than the Client which retained Integra ‐ Orlando to prepare the appraisal.

If this proposal is acceptable, please authorize us to proceed by executing this letter agreement where noted below and returning one copy to the undersigned. Thank you for considering us for this assignment and we look forward to working with you. Please call if you wish to discuss this proposal or the assignment any further.

Sincerely,

INTEGRA REALTY RESOURCES – ORLANDO

Christopher D. Starkey, MAI
Senior Managing Director ‐ Orlando State‐Certified General Appraiser #2886

Attachments

AGREED & ACCEPTED THIS 	DAY OF 	, 2017. BY:
AUTHORIZED SIGNATURE

NAME (PRINT)

ATTACHMENT I ADDITIONAL TERMS
This assignment is subject to the following terms:

Completion Date Estimate: Integra – Orlando agrees to use reasonable commercial efforts to complete this report as per the attached letter agreement. Said completion date is an estimate and does not take into consideration delays beyond the control of Integra – Orlando such as illness, lack of specific necessary data and/or Acts of God.

	Litigation: In the event Integra – Orlando is called upon to provide testimony on behalf of the client or receives a subpoena concerning any suit or proceeding or otherwise become involved in any litigation relating to this engagement or assignment, in which Integra – Orlando is not a party, Integra – Orlando will make every reasonable effort to assist the Client and give such testimony.  The Client agrees to compensate Integra – Orlando at its then current rates, on an hourly basis, plus reimbursement for all expenses incurred as a result of said litigation. In addition to the foregoing, the following terms are applicable:

Review and trial preparation (if applicable) in‐office, will be billed at standard hourly rates; outside office rates may apply to conferences, depositions and testimony. Our current in‐office  rates are as follows:

Senior Managing Director – Christopher D. Starkey, MAI, MRICS

[$350.00/hour]

Associate Directors, Directors or Principals (Other MAIs)	[$350.00/hour] Senior Analyst (State Certified General R.E. Appraisers)	[$195.00/hour] Analyst/Researcher	[$100.00/hour]

All reports for which testimony is required must be disclosed prior to report authorization.

All fees for reports, conferences and depositions must be paid prior to hearings and trial.

Limitations of Liability: It is expressly agreed that in any action which may be brought against  Integra – Orlando, Integra Realty Resources, Inc. or their respective officers, owners, managers, directors, agents, subcontractors or employees (the “Integra Parties”), arising out of, relating to, or in any way pertaining to this engagement, the appraisal reports, or any estimates or information contained therein, the Integra Parties shall not be responsible or liable for an incidental or consequential damages or losses, unless the appraisal was fraudulent or prepared with negligence. It is further agreed that the collective liability of the Integra Parties in any such action shall not exceed the fees paid for the preparation of the appraisal report unless the appraisal was fraudulent or prepared with negligence. Finally, it is agreed that the fees charged herein are in reliance upon the foregoing limitations of liability.

In the event the Client provides our work or permits reliance thereon by, any person or entity not authorized by Integra ‐ Orlando in writing to use or rely thereon, Client hereby agrees to indemnify and hold Integra ‐ Orlando, its affiliates and the respective shareholders, directors, officers and employees, harmless from and against all damages, expenses, claims and costs, including attorneys’ fees, incurred in investigating and defending any claim arising from or in any way connected to the use of, or reliance upon our work by any such unauthorized person or entity.

You acknowledge that any opinions and conclusions expressed by professionals employed by Integra
− Orlando during this assignment are representations made as them as employees and not as individuals. Our responsibility is limited to you as Client, and use of our product by third parties  shall be solely at the risk of you and/or third parties.

Late Fees; Etc.: Unless arrangements are made otherwise, a late charge of 0% per annum, commencing thirty (30) days after the receipt of invoice will be charged on any balance not paid; however, in no event shall this delinquency rate of interest exceed the maximum rate permitted by law. Upon default and expiration of a 60 day cure period, we shall be permitted to file a lien against the Subject Property for any amounts owed pursuant to this engagement. The predominately prevailing party shall be entitled to recover its costs (including attorneys’ fees) incurred in litigation in connection with this agreement.

Cancellation: In the event the assignment is canceled prior to completion, an invoice will be prepared reflecting the percentage of work completed as of that date. Any credits to the Client will be promptly refunded or any remaining balances to Integra – Orlando will be indicated on the invoice.

Responding to Review: We agree to respond to your review of our report within five (5) business days of your communication to us. Correspondingly, you will have twenty‐one (21) days from  receipt of our report to communicate your review. We reserve the right to bill you for responding to your review beyond this time period.

Special Experts: Any out‐of‐pocket expenses incurred during this assignment will be billed at cost and included on the invoice. Should the Client request the assistance of Integra –Orlando in hiring a special expert to contribute to this assignment (including but not limited to, a surveyor, environmental consultant, land planner, architect, engineer, business, personal property, machinery and equipment appraiser, among others), the Client agrees to perform their own due diligence to qualify said special expert. The Client agrees and acknowledges it is solely responsible in paying for the services of said special expert. Furthermore, the Client acknowledges that Integra – Orlando is not responsible for the actions and findings of the special expert and agrees to hold Integra – Orlando harmless from any and all damages that may arise out of the Client’s reliance on the special expert.

Duration of Quote: This proposal and fees quoted are valid for a period of five (5) calendar days from the date hereof. If not retained by the Client, the fact that we made the foregoing proposal of professional services will not preclude us from performing professional services for another client on the property.

Marketpoint/Template: The Client acknowledges that IRR‐Marketpoint, our appraisal templates and Interconnect software is proprietary and confidential. Accordingly, the Client agrees not to use such software or make such software available for the use of any third party.

ATTACHMENT II REQUEST FOR INFORMATION

Please forward the following information to our office so we can provide the proposed services within the agreed upon time frame as discussed above. If you care to send the information as you gather it if you like, please forward the physical data such as the site plan, previous engineering reports and/or property reports describing the physical attributes of the property and all financial information first as these items are the most time sensitive and should be received immediately to meet the time requirements of this assignment. If, at this time, you are certain you will not be providing any specific items noted below, please cross out the item and mark “NA” next to the item so that we will be notified that the information is not available and will not be forthcoming.

Information will be requested upon engagement. N/A

ATTACHMENT III ASSUMPTIONS & LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the report.

The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use.
There are no existing judgments or pending or threatened litigation that could affect the value of the property.
There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property.
The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction.
The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes.
The information furnished by others is believed to be reliable, but no warranty is given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise noted in the report.

An appraisal is inherently subjective and represents our opinion as to the value of the property appraised.

The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events.
No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated.
No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies.
Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment.
We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct.
No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal.
We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations, such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters.
The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context.
Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report.
Information, estimates and opinions contained in the report, obtained from third‐party sources are assumed to be reliable and have not been independently verified.
Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results.
If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the

economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate.
No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered.
The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur.
The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions.
The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material.
The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner’s financial ability with the cost to cure the non‐conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner’s financial ability to cure non‐accessibility, the value of the subject does not consider possible non‐compliance. A specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance.
The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk.
No studies have been provided to us indicating the presence or absence of hazardous materials on the Subject Property or in the improvements, and our valuation is predicated upon the assumption that the Subject Property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the Subject Property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the Subject Property.
The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the Subject Property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of

the property, and the value conclusion is predicated on the assumption that wetlands are non‐existent or minimal.
Integra is not a building or environmental inspector. Integra does not guarantee that the Subject Property is free of defects or environmental problems. Mold may be present in the Subject Property and a professional inspection is recommended.
The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner.
	Integra – Orlando, an independently owned and operated company shall prepare the appraisal for the specific purpose so stated elsewhere in this proposal. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report will be addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable).
The conclusions of this report are estimates based on known current trends and reasonably foreseeable future occurrences. These estimates are based partly on property information, data obtained in public record, interviews, existing trends, buyer‐seller decision criteria in the current market, and research conducted by third parties, and such data are not always completely reliable. Integra Realty Resources, Inc. and the undersigned are not responsible for these and other future occurrences that could not have reasonably been foreseen on the effective date of this assignment. Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated events may occur that will likely affect actual performance. While we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of this property.
All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future.
As will be determined during the course of the assignment, additional extraordinary or hypothetical conditions may be required in order to complete the assignment. The appraisal shall also be subject to those assumptions.

Jennifer Walden

From:
Sent:
To:
Cc:
Subject: Attachments:

Larry Kaufmann <lkaufmann@tavistock.com> Friday, October 6, 2017 11:12 AM
Jennifer Walden Tucker Mackie CFX Appraisal
Invoice for appraisal reports; FW: CFX Surplus (DWMA Town Center 16166)

Here is the invoice for the appraisal previously approved by the board and the email from CFX stating the Review Appraisal will cost $2,850.00.

KDS
Kaufmann Development Services, LLC Larry Kaufmann, PE
(407) 448-6592
LKaufmann@tavistock.com

1

@ h k l a w .c o m
mber  29, 2017   3:11  PM
nn
lu s (DWMA Town Cent er 16166)

X's review  ap p   r a is er,	who	I  h a v e  c op   i e d  on	this email.   CFXorders the
ve t he ability  to  ask t hem to  sh  o p  it	w  i t h  other  revievvers if  you would so

d  o,	FL	32801

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o n @ h k la w . c o rn > ; P a u l Roper <P R o p e r @ c r m r e . c o m > 16166)
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d by October 17,r  ig  h t ?	If   you	have  any  concerns about  the  app r   a is a l ce? Thank you.

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let ed within the next 15 days_

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16166)

iewed for CFX(not for the Pur chaser)_ Canyou give us aq uot e? The

LLP ("H&K"),  and is  intended solely  for  th e  use	of  the	l n d l v ld u a l ( s ) to whom it Is
ror,  please not ify  the  sender    i mmediateyl   ,   d e l e t e   th  e   e - m  a ll   from  your  comp uter    and
an  existing	client  of  H&K,  do  not  const rue  anything  in  this e-mall  to  make  you a  client do not	disclose anything to H&K In reply that you expect It: to hold In confid e n ce . Tf
l  or  retained  expert  of  H&K,   y  ou  should  maint ain Its contents in confidence  in  order  to
hat  may be availab  l e   to    protect confld  e n t l a l i t:y_

326 North Magnolia Avenue Or lando F L 32801
Federal Tax ID: 27-4025999

T	(407}843 -3377
F	(407) 841-3823
vvvvvv.irr.com

Name:	Boggy Creek  lmp rovemen-t  Land Easement

n<:1  B  o  u  l e  v  a  ,·d

$2,500.00

TOTAL DUE THIS INVOICE :	$2,500.00

dvisors.,L  LC

No. 937343879
11000614

BOGGY CREEK IMPROVEMENT DISTRICT

Real Estate Agreement to Sell and Purchase Surplus Property and Agreement to Assign Drainage Easement to CFX

SURPLUS PARCEL NO. -------
DRAINAGE EASEMENT NO. 	_

REAL ESTATE AGREEMENT TO SELL AND PURCHASE SURPLUS PROPERTY AND AGREEMENT TO ASSIGN DRAINAGE EASEMENT TO CFX

THIS AGREEMENT, made this 		day of 	2017, between CENTRAL
FLORIDA EXPRESSWAY AUTHORITY, a public corporation and agency of the State of Florida, with an address of 4974 ORL Tower Road, Orlando, Florida 32807, ("CFX") and BOGGY CREEK IMPROVEMENT DISTRICT, a local-unit of special-purpose government existing under the laws of the State of Florida, having an address of 12051 Corporate Blvd., Orlando, Florida 32812 Attn: District Manager (the "Purchaser").

RECITALS:

WHEREAS, CFX is an agency of the State of Florida, created by Section 348.753, Florida Statutes, and is empowered to build and support an expressway system ("Expressway System") in the Central Florida area, including the authority to acquire real property by donation and to do everything necessary or convenient for the conduct of its business and the general welfare of CFX;

WHEREAS, CFX is the fee simple owner of a certain parcel of real property located in Orange County, Florida, as more particularly described on Exhibit "A" attached hereto and incorporated herein by this reference (the "Surplus Property");

WHEREAS, Purchaser is a "Community Development District" created pursuant to the Uniform Community Development District Act of 1980, codified in Section  190.001,  et  al., Florida Statutes, and is a local unit of special-purpose govermnent; and

WHEREAS, Purchaser holds a drainage easement over a certain parcel of real property located in Orange County, Florida, as more particularly described  on  Exhibit  "B"  attached hereto and incorporated herein by this reference (the "Easement Property");

WHEREAS, as additional consideration for the sale of the Surplus Property, Purchaser desires to assign to CFX an easement for drainage purposes over the Easement Property;

WHEREAS, CFX has determined that the Surplus Property is non-essential for present or future construction, operation or maintenance of the Expressway System and is Surplus Property available for sale in accordance with CFX's Policy Regarding the Disposition of Excess Lands as set for in CFX's Property Acquisition, Disposition & Permitting Procedures Manual ("Manual");

WHEREAS, Purchaser desires to purchase the Surplus Property for public road purposes and CFX has determined that the sale of the Surplus Property to the Purchaser, upon the terms and conditions hereinbelow set forth, is in the best interest of the public and CFX.

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein set forth, and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby expressly acknowledged by the parties hereto, CFX and Purchaser hereby covenant and agree as follows:

Recitals. The foregoing recitals  are true and con-ect  and are incorporated  herein  by this reference.

Agreement to Sell and Purchase the Surplus Property and Agreement to Assign Drainage Easement. Subject to the te1ms and conditions contained herein, CFX agrees to sell to the Purchaser and Purchaser agrees to purchase from CFX the Surplus Property in the manner and upon the terms and conditions hereinbelow set forth in this Agreement. In addition and simultaneously with the conveyance of the Surplus Property, Purchaser agrees to donate by way of assignment to CFX an easement for drainage purposes ("Drainage Easement") over the Easement Property, which Drainage Easement will not be recorded until after the drainage structures and associated improvements to be located on the Easement Property are constructed and the exact boundary of the Easement Property can be verified. Prior to recording and after construction is completed and approved by the appropriate governmental agencies, Purchaser will provide the final legal description to include with the Drainage Easement for recording.

Purchase Price. The purchase price (the "Purchase Price") to be paid by the Purchaser to CFX for the Surplus Property shall be One Hundred Fifteen Thousand Dollars ($115,000.00) plus assignment to CFX of a Drainage Easement over the Easement Property. Within fourteen (14) days after the approval by the CFX Board, Purchaser shall provide CFX with an initial payment of Five Thousand and no/100 Dollars ($5,000.00) (the "Initial Payment") by check or wire transfer of funds payable to "Central Florida Expressway Authority." The Initial Payment shall be paid directly to CFX and applied to the Purchase Price at closing pursuant to the terms of this Agreement and shall be non-refundable except as provided hereinbelow. The balance of the Purchase Price in the amount of One Hundred Ten Thousand Dollars ($110,000.00) shall be paid by the Purchaser to CFX at closing by cashier's check or by wire transfer of funds, subject to appropriate credits, adjustments and prorations as hereinbelow provided.

Title. Purchaser has ordered a title report from First American Title Insurance Company ("Title Insurance Company") at Purchaser's expense. Purchaser may order an ALTA owner's title commitment (the "Commitment") at its option and expense. It is expressly acknowledged and agreed that the Quit Claim Deed conveying the Surplus Property shall contain a restriction that all rights of ingress, egress, light, air and view between CFX's Expressway System, including State Road 417, and the Surplus Property are reserved in CFX and shall not be conveyed by the Quit Claim Deed. The Quit Claim Deed shall expressly state that: "CFX is not conveying or restoring any other abutter's rights including, without limitation, any claims for ingress, egress, air, light and view between the Surplus Property being conveyed, any abutting property, and CFX's property." (Manual,§ 5-6.09)

Survey. Purchaser, at Purchaser's expense, may obtain a survey of the Surplus Property (the "Survey") within twenty (20) days after the Approval Date. If obtained, Purchaser shall provide a copy of the Survey to CFX.

Inspections; Condition of Surplus Property.

Purchaser shall have ten (10) days after the Approval Date (the "Inspection Period"), to determine, in Purchaser's sole and absolute discretion, that the Surplus Prope1ty is suitable and satisfactory for Purchaser's intended use. During the Inspection Period, Purchaser and/or its representatives shall have the right to enter upon the Surplus Property for the purposes of making soil tests, site studies and surveys; provided, however, such entry shall be coordinated with CFX and shall not umeasonably damage the Surplus Property or interfere with CFX's or any third party's use or occupancy of the Surplus Property. Purchaser shall repair any damage occurring as a result of such activities and restore the Surplus Property to substantially the condition it was in immediately prior to Purchaser's entry thereon. All such entries onto the Surplus Prope1iy shall be at the sole risk and expense of Purchaser and CFX shall have no liability for any injuries or damages sustained by Purchaser or any of Purchaser's agents or contractors or any other third pmiies. Purchaser agrees to indemnify and hold CFX harmless from any and all loss, claim, action, demand or liability which may arise against CFX or the Surplus Property arising out directly or indirectly out of Purchaser's exercise of its rights pursuant to this Paragraph 6(a), including any damage to the Surplus Property. Nothing contained in this Agreement shall be construed as a waiver of either pmiy's limitations on liability set forth in Section 768.28, Florida Statutes. The foregoing indemnities shall survive the expiration or termination of this Agreement. If Purchaser elects to not proceed with the purchase of the Surplus Property, Purchaser shall notify CFX in writing within the Inspection Period that Purchaser elects to cancel this Agreement (the "Cancellation Notice"), the Initial Payment shall be promptly refunded to Purchaser and this Agreement shall automatically terminate and be null and void, and neither pmiy hereto shall have any further liability or obligation hereunder, except those expressly surviving the termination or expiration of this Agreement. In the event Purchaser shall fail to provide CFX with the Cancellation Notice within the Inspection Period, Purchaser shall be deemed to have waived Purchaser's right to cancel this Agreement and shall not be entitled to a refund of the Initial Payment except in the event of a default by CFX under this Agreement as set forth in Paragraph ll(a).

Purchaser acknowledges and agrees that CFX is affording Purchaser full and complete access to the Surplus Prope1iy for the purpose of making any and all tests, inspections, or evaluations thereof as desired by Purchaser, including, but not limited to any environmental assessments or audits deemed advisable by Purchaser, and that Purchaser has inspected the Surplus Property to the extent desired by Purchaser. Purchaser expressly acknowledges and agrees that the Surplus Property and the Premises are to be conveyed by CFX, and accepted by Purchaser in "AS IS" and "WHERE IS" condition, and that neither CFX, nor any officer, director, bondholder, employee, agent, representative, or other person or entity whatsoever, has made or does make hereby any warranty, representation, statement, guarantee, asse1iion or opinion, written or oral, express or implied, about or concerning the Surplus Property or the Premises, or about or concerning the physical condition thereof or for any use or purpose, or any similar matter. Purchaser covenants and agrees that the acceptance by Purchaser of the Surplus

Property in "AS IS" and "WHERE IS" condition, and without any representation or warranty of any kind or nature whatsoever was and is a material part of the consideration bargained for by CFX, and that Purchaser's agreements in such regard were and are a material inducement for CFX to enter into and perform this Agreement. Purchaser hereby covenants and agrees that Purchaser does and shall assume any and all risks concerning the Surplus Prope1iy, and the physical condition and characteristics thereof, and any defects or problems concerning the Surplus Property, whether patent or latent, known or unknown. (Manual,§ 5-6.09)

In the event Purchaser does not close on the purchase of the Surplus Property, within seven (7) days after the termination of this Agreement, Purchaser shall deliver to CFX copies of all tests, reports, surveys, environmental audits and other audits relating to the Surplus Prope1iy which have been prepared by, on behalf of, or for Purchaser.

Condition  Precedent to Closing:	Reconstruction of CFX's Right-of-Way Fence ("ROW Fence").

Prior to scheduling a closing date and subject to CFX's oversight and approval, and at no cost to CFX, Purchaser shall relocate the ROW Fence as required in accordance with the following process and provisions.

CFX's property must be secured with a perimeter fence at all times. Purchaser shall construct the new fence before removing the existing fence.

Purchaser shall prepare plans to reconstruct the ROW fence along CFX's relocated limited-access line. CFX shall have final approval rights over the design plans. Purchaser agrees not to commence any construction activities until CFX approves the final design plans.

Construction shall be performed in a manner that will not impair CFX's existing retention pond, the Expressway System, or other property. Purchaser shall obtain all required permits as needed. In order to obtain access to CFX's prope1iy to reconstruct the fence, Purchaser or its contractor shall apply for and obtain a Temporary Right of Entry Permit from CFX. Construction shall comply with all permit conditions and applicable laws, ordinances, and regulations.

CFX will be given notice of the project schedule and invited to attend progress meetings, and will be given the opportunity to inspect the construction at all critical paths, which will give CFX the oppmiunity to check for damage to CFX's existing infrastructure.

Upon completion of the work, Purchaser shall cause to be provided to CFX as-built drawing information and final certification forms for the ROW Fence and regarding on signed and sealed plans if required by CFX. The final set of plans shall contain only the latest revision of each sheet. CFX shall inspect the ROW Fence.

CFX's acceptance of the ROW Fence is a condition precedent to closing.

Closing Date and Closing Procedures and Requirements.

Closing Date. The closing of the purchase and sale contemplated under this Agreement (the "Closing") shall take place within ten (10) days after CFX's acceptance of the ROW Fence and regrading on a date and time specified by CFX (the "Closing Date") upon not less than five (5) days' written notice to Purchaser. Closing shall be held at First American Title Insurance Company, 2233 Lee Road, Winter Park, Florida 32789, or at such other place as the Purchaser and CFX shall agree. Notwithstanding the foregoing, closing may be by mail and/or overnight courier.

Conveyance of Title to the Surplus Property. At the Closing, CFX shall execute and deliver to Purchaser a Quit Claim Deed, in the f01m and content attached hereto as Exhibit "C" and incorporated herein by reference, conveying via donation its interest in the Surplus Property to the Purchaser.

Reverter. The parties agree that if use of the Surplus Property for public right-of-way purposes is permanently discontinued on five percent (5%) or more of the Surplus Property, then all right, title, and interest to the Surplus Property shall revert back to CFX at CFX's option and at no cost to CFX upon CFX returning the Purchase Price to Purchaser.

Conveyance of a Drainage Easement to the Easement Property. At the Closing, the Purchaser shall execute and deliver to CFX a Drainage Easement, in the fo1m and content attached hereto as Exhibit "D" and incorporated herein by reference, assigning a drainage easement to the Easement Property to CFX.

CFX and Purchaser further acknowledge that, prior to recording, the description of the Easement Property may need to be revised or adjusted in order to accommodate revisions in the Purchaser's drainage structures and stormwater conveyance systems for other projects Purchaser has in progress and under construction in the vicinity of the Easement Property as construction work progresses. CFX and Purchaser agree to cooperate with one another to accommodate such revisions or adjustments to the description of the Easement Property as may be reasonably necessary prior to recording and agree that execution of an amendment to the Drainage Easement shall not be required provided the revisions before recording do not reduce the area of the Drainage Easement.

11. Although the Drainage  Easement  will be in existence  and effective  as of the Closing, the Drainage Easement will not be recorded in  the Official Records of Orange County until after the drainage  structures  and other associated improvements are  constructed  and  approved  by the appropriate governmental agencies and  the exact  legal  description of the Drainage Easement is confomed by the parties.

Delivery of Possession; Risk of Loss. Purchaser shall be given possession of the Surplus Property on the Closing Date. All risk of loss prior to closing shall be borne by CFX, except to the extent of Purchaser's liability for damage to the Surplus Prope1iy caused by Purchaser, its employees, agents or contractors and except for the reconstruction of the fence and regrading, which shall be borne by the Purchaser.

Closing Costs; Prorations. CFX shall prepare and pay for the cost of preparation of the Quit Claim Deed. CFX shall pay for the cost of recording the Drainage Easement. Purchaser shall pay all costs of the recording of the Deed (including documentary stamp taxes, if any); the cost of preparation of the survey and other costs of Purchaser's due diligence of the Surplus Property; all costs, if any, related to Purchaser's financing of the property (including all costs related to any note and mortgage obtained by Purchaser, any lender charges or fees, documentary stamps, intangible taxes and recording fees); cost of CFX's appraisal and review appraisal, and the premium for the title policy to be issued at closing, if any. The Parties shall each pay their own attorney's fees. Real property taxes and assessments on the Surplus Property, if any, shall be prorated as of the date of closing. All other costs incun-ed at Closing shall be borne by the paiiies in accordance with the custom and usage in Orange County, Florida.

General Closing Documents. At Closing, the parties shall sign a closing statement or statements and such other documents as are necessary to complete the transaction. CFX shall sign an affidavit that CFX is not a foreign person for purposes of the Foreign Investment in Real Property Tax Act (FIRPTA), as revised by the Deficit Reduction Act of 1984 and as same may be amended from time to time (which certificates shall include CFX's taxpayer identification numbers and address or a withholding certificate from the Internal Revenue Service stating that CFX is exempt from withholding tax on the Purchase Price under FIRPTA).

Disclosure of Beneficial Interests. If, at the time of Closing, the Grantor of the Drainage Easement holds title to the Easement Property in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever, then at Closing the Grantor of the Drainage Easement shall sign an Affidavit of Disclosure of Beneficial Interests in Real Property per Section 286.23, Florida Statutes, as applicable. A sample of an Affidavit of Disclosure of Beneficial Interests is attached hereto as Exhibit "E".

Failure of Performance.

On the paii of CFX: In the event of a default by CFX under this Agreement, then as Purchaser's sole remedy hereunder, Purchaser may recover a refund of its Initial Payment. Purchaser expressly waives any and all other remedies, legal or equitable, including any action for damages.

On the part of Purchaser: In the event of a default by Purchaser under this Agreement, then CFX shall have the right to immediately claim the Initial Payment and the Initial Payment shall be deemed nomefundable.

No Recording. Neither this Agreement nor any record or memorandum thereof shall be recorded in the Public Records of any county in the State of Florida. Recording of this Agreement or any of the terms and provisions hereof, or any record or memorandum thereof by Purchaser shall, at the option of CFX, immediately constitute a material breach and default by Purchaser hereunder, and grounds for termination of the Agreement by CFX. Nevertheless, this Agreement will be included in the official  records  of CFX  and official  records of the  Purchaser  as a public record.

Notices. Any notices which may be pe1mitted or required hereunder shall be in writing and shall be deemed to have been duly given as of the date and time the  same  are personally delivered, or within three (3) days after depositing with the  United  States  Postal Service, postage prepaid by registered or certified mail, return receipt requested, or within one
(1) day after depositing with Federal Express or other overnight delivery service from which a receipt may be obtained, and addressed as follows:

CFX:	CENTRAL FLORJDA EXPRESSWAY AUTHORJTY
4974 ORL Tower Road Orlando, Florida 32807 Attn: Executive Director Telephone: (407) 690-5000

With copy to:

CENTRAL FLORJDA EXPRESSWAY AUTHORITY
4974 ORL Tower Road Orlando, Florida 32807 Attn: General Counsel Telephone: (407) 690-5000

Purchaser:	Boggy Creek Improvement District 12051 Corporate Blvd.
Orlando, Florida 32812 Attn: District Manager

With a copy to:

Hopping Green & Sams, P.A. 119 S. Momoe Street, Suite 300
Tallahassee, Florida 32301 Attn: Tucker F. Mackie

or to such other address as either party hereto shall from time to time designate to the other party by notice in writing as herein provided.

Gen·eral Provisions. No failure of either party to exercise any power given hereunder or to insist upon strict compliance with any obligation specified herein, and no custom or practice at variance with the terms hereof, shall constitute a waiver of either party's right to demand exact compliance with the terms hereof. This Agreement contains the entire agreement of the parties hereto, and no representations, inducements, promises or agreements, oral or otherwise, between the parties not embodied herein shall be of any force or effect. Any amendment to this Agreement shall not be binding upon any of the parties hereto unless such amendment is in writing and executed by Purchaser and CFX. The provisions of this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, administrators, executors, personal representatives, successors and assigns. Time is of the essence of this Agreement. Wherever under the te1ms and provisions of this Agreement the time for perfo1mance falls upon a Saturday, Sunday, or Legal Holiday, such time for performance shall be extended to the next business day. This Agreement may be executed in multiple counterparts, each of which shall constitute an original, but all of which taken together shall constitute one and the same agreement. The headings inserted at the beginning of each paragraph of this Agreement are for convenience only, and do not add to or subtract from the meaning of the contents of each paragraph. Purchaser and CFX do hereby covenant and agree that such documents as may be legally necessary or otherwise appropriate to carry out the terms of this Agreement shall be executed and delivered by each party at closing or after closing if desirable or necessary to assist in correcting errors or omissions. This Agreement shall be interpreted under the laws of the State of Florida. Purchaser and CFX acknowledge that this Agreement was prepared after substantial negotiations between the parties and this Agreement shall not be interpreted against either party solely because such party or its counsel drafted the Agreement. The parties hereto agree that venue for any legal action authorized hereunder shall be exclusively in the courts of Orange County, Florida. TIME IS OF THE ESSENCE OF THIS AGREEMENT AND EACH AND EVERY PROVISION HEREOF.
Severability. This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations. If any provision of this Agreement or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby but rather shall be enforced to the greatest extent permitted by law.

Waiver of Jury Trial. PURCHASER AND CFX VOLUNTARILY WAIVE A TRIAL BY mRY IN ANY LITIGATION OR ACTION ARISING FROM THIS AGREEMENT.

Effective Date. When used herein, the te1m "Effective Date" or the phrase "the date hereof' or "the date of this Agreement" shall mean the last date that either CFX or Purchaser execute this Agreement.

Approval Date. It is specifically acknowledged  and agreed that this Agreement is subject to final approval by CFX's Right of Way Committee and Board of Directors and, if applicable, the Appraisal and a review appraiser's certification certifying the proposed sale price as reasonable. The date of CFX Board's final approval of this Agreement, as set forth in written notice from CFX to Purchaser, shall be deemed the "Approval Date". If this Agreement is not

approved by CFX Board, the Agreement shall be terminated and, upon return of Initial Payment to Purchaser, the Parties shall have no further obligations or liabilities hereunder except those expressly surviving termination of this Agreement.

Radon Gas Notification. Radon is a naturally occuning radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of Radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding Radon and Radon testing may be obtained from your public health unit.
Release of Authority. By execution of this Agreement, Purchaser acknowledges and agrees that as of the date of the execution and delivery of the Quit Claim Deed and Drainage Easement to Purchaser and CFX, respectively, Purchaser shall thereby remise, release, acquit, satisfy, and forever discharge CFX, of and from all, and all manner of action and actions, cause and causes of action, suits, sums of money, covenants, contracts, controversies, agreements, promises, trespasses, damages, judgments, claims and demands whatsoever, in law or in equity, which Purchaser ever had, then have, or which any personal representative, successor, heir or assign of Purchaser, thereafter can, shall or may have, against CFX, for, upon or by reason of any matter, cause or thing whatsoever, arising out of or in any way connected with CFX's conveyance of the Surplus Property to Purchaser, including, without limitation, any claims for air, light and view between any abutting property and CFX's property. (Manual§ 5-7.05)
Not an Offer. Notwithstanding anything to the contrary in this Agreement, in the event that the transaction under this Agreement does not close, this Agreement shall not be deemed an offer nor admissible in any subsequent eminent domain proceeding with respect to the Surplus Property.
Inspector General. Purchaser agrees to comply with Section 20.055(5), Florida Statutes, and agrees to cooperate with the inspector general in any investigation, audit, inspection, review, or hearing pursuant to this section. Purchaser agrees to incorporate in all subcontracts the obligation to comply with Section 20.055(5).

IN WITNESS WHEREOF, the Parties have hereunto set their hands the day and year above written.
WITNESSES:	"PURCHASER"

BOGGY	CREEK	IMPROVEMENT
DISTRICT, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes

Name: ---------

By:	_

Date: ------------

Name: ---------	Tax ID# ---------

WITNESSES:	"CFX"

Name:---------

Name:---------

CENTRAL	FLORIDA	EXPRESSWAY
AUTHORITY, a public corporation under the laws of the State of Florida
By: 	_ Name:-------------
Title:-------------
Date:-------------

APPROVED AS TO FORM FOR EXECUTION BY A SIGNATORY OF THE	CENTRAL	FLORIDA EXPRESSWAY AUTHORITY

Exhibits

By: 		_ General Counsel

Date:--------------

Exhibit "A."	Legal Description of the Surplus Property Exhibit "B."	Legal Description of the Easement Property Exhibit "C."	Quit Claim Deed from CFX to Purchaser Exhibit "D."	Drainage Easement to CFX
Exhibit "E."	Beneficial Interest Affidavit per Section 286.23, Florida Statutes Exhibit "F."	Aerial of the Surplus Property and the Drainage Easement

EXHIBIT "A"
LEGAL DESCRIPTION OF THE SURPLUS PROPERTY

EXHIBIT "B"
LEGAL DESCRIPTION OF THE DRAINAGE EASEMENT

EXHIBIT "C"
QUIT CLAIM DEED FROM CFX TO PURCHASER

Reserved for Recordin

Prepared By:
Linda S. Brehmer Lanosa, Deputy General Counsel Central Florida Expressway Authority
4974 ORL Tower Road Orlando, FL 32807

Surplus Parcel  	
(East Side of S.R. 417 near retention pond,
East of Boggy Creek, West of Lake Nona Blvd.)

This deed is exempt from Florida documentary stamp tax under Department of Revenue Rules 12B-4.002(4)(a), 12B-4.014(10), F.A.C., and Section 201.02(6), Florida Statutes.

QUIT CLAIM DEED

THIS QUIT CLAIM DEED, made and executed on the  	

day of  	

, 2017, by

CENTRAL FLORIDA EXPRESSWAY AUTHORITY, a body corporate and an agency of the State of Florida, created by Part III of Chapter 348, Florida Statutes, whose address is 4974 ORL Tower Road, Orlando, Florida 32807 ("GRANTOR") and BOGGY CREEK IMPROVEMENT DISTRICT, a local-unit of special-purpose government existing under the laws of the State of Florida, having an address of 12051 Corporate Blvd., Orlando, Florida 32812 ("GRANTEE").

WITNESSETH: That the GRANTOR, for and in consideration of the sum of $10.00 and other valuable considerations, the receipt and sufficiency of which is hereby acknowledged, does hereby remise, release, and forever quit-claim unto the said GRANTEE, all the right, title, interest, claim, and demand which the GRANTOR has in and to the following described lots, pieces, or parcels of land, situate, lying and being in the county of Orange, state of Florida, hereinafter "the Property," to-wit:

SEE ATTACHED  EXHIBIT "A"

Property Appraiser's Parcel Identification Number: Not Assigned

TO HAVE AND TO HOLD the same together with all and singular the appurtenances thereunto belonging or in anywise appertaining and all the estate, right, title, interest, lien, equity, and claim whatsoever of the GRANTOR, either in law or equity, for the proper use, benefit, and behoove of the GRANTEE forever.
Parcel
(East Side of S.R. 417 near retention pond,

East of Boggy Creek, West of Lake Nona Blvd.)

SUBJECT TO the covenants, conditions and restrictions which are set forth below:

GRANTOR reserves unto itself, its successors and assigns, all rights of ingress, egress, light, air, and view to, from, or across any S.R. 417 right of way property, including the retention pond, which may otherwise accrue to any property adjoining said right of way.

CFX is not conveying or restoring any abutter's rights including, without limitation, any claims for air, light and view between the Property, any abutting property, and CFX's property.

GRANTEE expressly agrees for itself and its successors and assigns, to refrain from any use of the Property which would interfere with the Expressway System, or otherwise constitute a hazard for the Expressway System.

GRANTOR and GRANTEE expressly agree for themselves, their successors and assigns, that if use of the Property for public right-of-way purposes is permanently discontinued on five percent (5%) or more of the Property, then at GRANTOR'S option all right, title, and intere t to the Property shall immediately revert to and vest in the GRANTOR herein and GRANTOR shall be entitled to immediate possession of the Property and the improvements thereon upon returning  the  purchase  price  of  $115,000.00  to GRANTEE. No act or omission upon the part of GRANTOR shall be a waiver of the operation or enforcement of such condition. GRANTOR retains the right  to refuse  to accept the Property by providing notice, in writing, to the GRANTEE.

GRANTOR hereby releases all phosphates, metals, minerals and petroleum reservations, if any, it may have pursuant to Section 270.11, Florida Statutes.

IN WITNESS WHEREOF, the said GRANTOR has caused these presents to be signed in its name by its duly authorized representative.

Signed, sealed, and delivered in the presence of:

First Witness:

Witness

"CFX"
CENTRAL	FLORIDA	EXPRESSWAY AUTHORITY

BY:------------
CHAIRMAN BUDDY DYER

Date: --------------

Print Name	ATTEST:-----------
Mimi Lamaute,
Board Services Coordinator

Second Witness:

Witness Print Name
(Signature of TWO witnesses required by
Florida law)

STATE OF FLORIDA	)

COUNTYOF 	)

The foregoing  instrument  was acknowledged  before me this  		day of  	,2017,
by BUDDY DYER, as Chairman of the Central Florida Expressway Authority.

NOTARY PUBLIC

Signature:		 Signature of Notary Public - State of Florida

Print, Type or Stamp Commissioned Name ofNotary Public

Personally Known [ ] OR Produced Identification [ ], Type: 	_

EXHIBIT "D" DRAINAGE EASEMENT TO CFX

EXHIBIT "E"
AFFIDAVIT OF DISCLOSURE OF BENEFICIAL INTERESTS IN REAL PROPERTY PER SECTION 286.23, FLORIDA STATUTES

TO:	CENTRAL FLORIDA EXPRESSWAY AUTHORITY
4974 ORL Tower Road Orlando, Florida 32807 Attention: Executive Director

FROM:	 	("Seller")

SUBJECT:		Drainage Easement as more particularly described on Exhibit "B" attached hereto (the "Property")

Please be advised that the undersigned, after diligent search and inquiry, hereby states under oath, and subject to the penalties for perjury, that the name and address of each person having a legal or beneficial interest in the Property as of  	,2017 is as follows:

Name	Address	Percentage of Ownership

I swear and affirm that the information furnished herein is accurate as of the date hereof, and I agree to promptly disclose any changes in the information contained herein, or any effors in such information.

This disclosure is made under oath and I understand  I am subject to penalties for pe1jury  for any false information contained herein.

This disclosure is made pursuant to Section 286.23, Florida Statutes, in connection with a conveyance of the Property to the Central Florida Expressway Authority.

[SIGNATURE AND NOTARY ON NEXT PAGE]

SELLER OF THE PROPERTY

Name    of  Seller:----------
Signature: 	_
Printed    Name:-----------
Title:---------------
Date: 	_

STATE OF 	) COUNTY OF 	)
The  foregoing  instrument  was  acknowledged   before me this 		day of 	.
2017, by 	as 	_
of ,a		.                   He                                    I She is personally known to me or has produced 	as identification and
who did/did not take an oath.

(Signature of Notary Public)

(Typed name of Notary Public) Notary Public, State of Florida
Commission No.: -------
My commission expires: 	_

EXHIBIT "F"
AERIAL OF THE SURPLUS PROPERTY AND DRAINAGE EASEMENT

BOGGY CREEK IMPROVEMENT DISTRICT

Acceptance of Drainage Easement from Lake Nona Land Company, LLC

This document was prepared by:
And should be returned to:
Wiley S. Boston, Esq.
HOLLAND & KNIGHT LLP
P.O. Box 1526 Orlando, Florida 32801

GRANT OF STORMWATERDRAINAGE EASEMENT

THIS GRANT OF STORMWATER DRAINAGE EASEMENT ("Easement Grant")
is  entered  into  on  this--  day  of  	,2017,  by  LAKE  NONA LAND COMPANY, LLC, a Florida limited liability company whose mailing address is Attn: General  Counsel,  6900  Tavistock  Lakes  Blvd.,  Suite  200,  Orlando,  Florida 32827  ('1 Grantor") to and in favor or BOGGY CREEK IMPROVEMENT DISTRICT, a local unit of special­ purpose government established pursuant to Chapter 190, Florida Statutes, whose mailing address is c/o Fishkind & Associates, Inc., 12051 Corporate Boulevard, Orlando, Florida 32817 (referred to as "Grantee").

RECITALS:

Grantor is the owner of the real property located in Orange County, Florida, and described on Exhibit "A" attached hereto and incorporated herein (the "Drainage Easement Property").

The Drainage Easement Property connects to and accepts drainage from various other properties and drainage facilities belonging to, among others, Grantor, Grantee, and CENTRAL FLORIDA EXPRESSWAY AUTHORITY, a public corporation and agency  of the State of Florida ("CFX").

Grantee has constructed or intends to construct a ditch and related stormwater drainage improvements on the Drainage Easement Property (the "Improvements"), and after applicable pe1mitting, constrnction, and certification of the Improvements, intends to make non­ exclusive assignments of its rights under this Easement Grant to CFX and potentially to other beneficiaries.

NOW, THEREFORE, in consideration of the  mutual  covenants  contained  herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby covenant and agree as follows:

Recitals. The foregoing recitals are trne and correct and are incorporated herein by reference.

Grant of Stormwater Easement. Grantor hereby grants to Grantee, its successors and assigns, a perpetual, nonexclusive easement  for  stormwater  drainage  purposes (the "Stormwater Easement"), with full authority to enter upon, constrnct, and

maintain as the Grantee and its assigns may deem reasonably necessary, drainage ditches, pipes or facilities over, under and upon the Drainage Easement Prope1iy.

Grantee's Right to Clear and Maintain/No Obstruction. Grantee and its assigns shall have the right to clear and keep clear all trees, undergrowth and other obstructions that may interfere with normal operation or maintenance of any drainage ditch, pipe or facility, out of and away from the Drainage Easement Property, and the Grantor, and its successors and assigns, agrees not to build, construct or create, nor pe1mit others to build, construct or create any buildings or other structures on the herein granted Drainage Easement Property that may interfere with the normal operation or maintenance of any drainage ditch, pipe or facility.

Assignability of Easement Grant/Addition of Beneficiaries by Grantee. Grantee shall have the right, without the consent of Grantor, to make one or more non­ exclusive assignments of its rights under this Easement Grant to CFX, Florida Department of Transpo1iation, to the City of Orlando, and to any applicable permitting or regulatory authority (each, an "Interested Party"), and to thereby add beneficiaries to the Easement Grant, without prejudice to Grantee's right to continuing non-exclusive use of the Drainage Easement Property for the Stormwater Easement. Grantor acknowledges and agrees that, in addition to any other remedies, any Interested Party assignee will have the right to enforce the obligations of this Easement Grant directly against Grantor.
Relocation. Grantee may relocate or reconfigure the Improvements in the future in a manner that will not interfere with their nmmal operation and use, at its own sole expense, in order to optimize the use of the Drainage Easement Property.

Reservation. Grantor reserves the reserve the right to use the Drainage Easement Property in any manner that will not unreasonably interfere with the normal operation and use of the Stormwater Easement or maintenance of the Improvements.

Governing LawNenue. This Easement shall be construed and enforced in accordance with Florida law (excluding its conflict of law rules). Venue for any legal action hereunder shall lie exclusively in the comis of Orange County, Florida.

Benefits, Burdens and Parties. All benefits arising under this Easement Grant shall run with the title to Grantee's Property and all burdens arising under this Easement Grant shall run with the title to the Grantor Property, and said benefits shall inure to the benefit of, and said burdens will bind, Grantee, Grantor and their respective successors in title.

[execution page follows]

IN WITNESS WHEREOF, the Grantor has executed this Easement as of the day and year first above written.

Two Witnesses:	LAKE NONA LAND COMPANY, LLC,
a Florida limited liability company

Print Name:------------

By:

 	

Print Name:-------------	as its -------
STATE OF FLORIDA
COUNTY OF ---------
The	foregoing	instrument	was	acknowledged	before	me	this	 	

day	of

 	, 2017, by 	, as 		of Lake Nona Land Company, LLC, a Florida limited liability company, on behalf of the Company. He who is personally known to me/has produced 		as identification.
(SEAL)

Printed/Typed Name: 	_ Notary Public-State of 		_ Commission Number: -----------

Drainage Easement Property
EXHIBIT A

SKETCH. OF DESCRIPTION
STATE ROAD 417 LIMITED ACCESS R/W DRAINAGE EASEMENT
SEE SHEET 1 FOR LEGAL OESCRIPTION, NOTES AND LEGEND
,SEE SHEETS 2-3 FOR SKETCH
This Sketch of Description may not depict all easements of record that may be within or adjoining the lands described hereon.

.DESCRIPTION:

Toot port of Section 26, Township 24 South, Range 30 East, Orange County, Florido, descrlbed os follows:

Commence  ot the  Northeast  comer  of  the  Northeast  1/4  of  sold  Section  26:  thence  N89'31'49"W  olong  the   North line  of  sold  Northeast  1/4   for   o  dlstonpe   of   739.93. feet   to   the   Southerly  limited  access   right-of-way line of Stote Road No. 417; oa described In  Officio!  Records  Book 4345,  Page· 3237,  of  the  Public  Records  of Orange   County,·  Florido;   thence  run   the   following   courses   and   distances   along  sold   Southerly  limited access
right-of-way  line:  S66'42'07"W,  117,67  feet:  S23'17'53"E,  305.00  feet;• S66'42'07"W,  450.00  feet: N23'17'53"W,
feet; S66'42'07"W, 860,00 feet to the Southwesterly, line of Drainage Easement •c•, os described In
Officio! Records Book 4345, Page· 3244, of the· Public Records of Orange County, Florido, and the POINT OF BEGINNING; thence deporting said Southwesterly tine continue S66"42'07"W along said Southerly limlted access right-of-way line, 840.00 feet; thence S23'17'53"E· along sold  Southerly  llmlted  access  right-of-way Hne,  130.00 feet to the Northerly llne of Drainage Easement "D", os  described  In  sold  Officio!  Records  Book  4345,  Page 3244; thence deporting sold  Southerly  limited  access  right-of-way  line  run  N66'42'07"E  along  said  Northerly line, 35.00 feet: thence· deporting sold  Northerly  Hne  run N23'17'53"W,  55,00  feet;  thence  N21'42'07"E,  21.21 feet: thence N66'42'07"E, 790.00 feet to the Southeasterly prolongotlon of the ·aforesaid Southwesterly line of Drainage Easement "C"; thence N23'17'53"W along sold Southeasterly prolongotlon  and  the  sold  Southwesterly llne, 60.00 feet to the POINT OF BEGINNING. This description Is based on Florido State Plane Coordlnote System Ea11t Zone, overage combined factor of 0,99994883912, NAO 83 Datum (2011 od)Jstment).

Containing 1.216 acres more or less being subject to any rights-of-way, restrl.ctlons and easements of record.

NOTES:
- This Is not a survey.
Not valid without the signature ond the orlglnal raised seal of a Florido
licensed surveyor and mapper.

0
Bearings based on North line of the Northeost  1/4  of  Section  26, Township 24 South, Range JO East, being N89'31'49"W, reiotlve to the Florida State Plone Coordinate System, Florida East Zone, 1983 North American datum, 2011 adjustment, os estobllshed from National Geodetic Survey control points "Lonee" (PIO AJ2445), Northing 1477081.39, Easting 575759,46, ond "GIS D242 Burt" (PIO AK7296), Northing 1467711.44,
Easting 582877,80.
All dimensions shown hereon ore Grid dimensions ln U.S. Survey Feet,

1 ie \ra f;

bosed on Florido State Plane Coordinate System, Florldo East zone, 19BJ
Datum, 2011. odj.Jstmen[, overage combined factor of

- Lands shown hereon were not abstracted for rights-of-way, easements, ownership. or other instruments of ·record by thl firm.

No title opinion or abstract of molters offecting tiUe or boundary to the subject property or those of adjoining lend owners hove been provided.  It Is possible there are deeds of record, unrecorded deeds or other instruments which could affect the boundaries or use of the stJb)ect

LEGEND
SECTION 26-24-30 SECllON, TOWNSHIP, RANGE PB	PLAT BOOK .
'PGS	PAGES
L1	LINE NUMBER (SEE TABLE)
R/W	RIGHT-OF-WAY
ORB	OFFlaAL RECORDS BODI< S\11.Y LINE	SOUTHWESlERLY LINE
DE "C"	Of DRAINAGE EASEMENT •c•
(OFFlaAL RECORDS BOOK 4345, PAGE 3244)

property.
·- This Sketch of Description may not depict all easements of record  that may be within or adjoining the lands described hereon.

TCOM

TELECOMMUNICAllON

PREPARED FOR: LAKE NONA LAND COMPANY, LLC
ARLoroo \ A- RRJi    \ m  TY	I DA1£   I BY  I	'	6!:,DE, $."TION	I

19JI

(PORTION OF SECTION 26, TOWNSHIP 24 SOUTH, RANGE ;jQ EAST, ORAN COUNTY, FLORIDA)	nrl. ,
DONALD  W. MclNTOSH  ASSOCIATES,  INC.
ENGINEERS	.	PLANNERS	SURVE,YORS

 I	I	I	 	

  

2200 PARK AVENUE NORTH, I"1NTER PARK, FLORIDA 32789 (407) 644-406!!
()_ERllFlCATE OF AUl]iORIZA]ON ljQ._lB_El6

Scott Croesmcx,	Moy 10, 2017 Florida Rog!aterud Surve r <ind Mapper Certificate No. 5048

DRAWN BY:EH

CHECKEQ BY::Sl,

JOB NO,

SCALE

SHEET	¥,

NOT VALID \\ITHDUT THE SIGNATURE AND THE

DATE:..§L'2m

DA1£: 5/2017	16166	N/A	OF	J

ORIGINAL RAISED SEA OF A FLORIDA LICENSED SURVEYOR AND MAPPER.

Print.id;    Wed 10:.May-2017 .-   02:29Pl,l     •· .,.,,   ......-.       	•	s/14810desc	CS/I  17-111(1)

SKETCH	OF DESCRIPTION
STATE ROAD 417 LIMITED ACCESS R/W DRAINAGE EASEMENT
SEE SHEET 1 FOR LEGAL DESCRIPllON, NOTES AND LEGEND SEE SHEETS 2-3 FOR SKETCH		

This Sketch of  Description  may  not  depict  all easements of record thot  may  be  within  or  adjoining  the lands described hereon;
All dimensions shown hereon are Grid dimensions In
Survey Feet, based on Florida State Plane Coordinate System, Florida East zone, 1983 North
American  Datum, 2011 adjustment,  average combined	North
factor of 0,99994883912.

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PREPARED FOR: LAKE NONA LAND COMPANY, LLC

C£N1RAL FlORIDA EXPRESSWAY AUTHORITY STAlE ROAD 417 - DRAINAGE EASEMENT
(PORTION OF SECTION 26,_ TOl',l,ISHIP 24 SOUTH, RANGE JO EAST,. ORANGE COUNlY, FLORIQAl		400'	0	400'
 		I
Scale: 1• = 400'	
1m1DONALD   W.  MclNTOSH   ASSOCl'A TES,   INC.
ENGINEERS	PLANNERS	SURVEYORS
2200 PARK AVENUE NORTH, WINTER PARK, FLORIDA 32789 (407) 644-4-068
_	_	ICERTIACAlE    OF  AUlHOI RIZAllON  NO.  LB68   I		
DRAWN BY: P./:L_ CHECKED BY:	JOB NO.		SCALE	SHEET DATE: 5/2017	DATE: 5/2017.	.		16166	1"=400'		OF  	2
.J			

LINE	TABLE (Thie sheet only)	
NUMBER
L1	BEARING
N89'31'49"W	DISTANCE
739.93'	
L2	1·s55•42•01•w	117.67'	
LJ	·s2317'5J"E	JDS.OD'	
L4	S66'42'07"W	450.00'.	
L5
LG	N2317'5J"W
S66'42'07"W I	JDS.DO'
B60,00'	

Printed: W.diO-May--2017 ,;; 02:29PM
F:\ProJ20l6\16166\Sdwg\NAVD68\IIOd\17-111(1) (DRAINAGE EASEME!/1).dWg

CS# 17-111(1)

SKETCH	OF DESCRIPTION
STATE ROAD 417 LIMITED ACCESS R/W DRAINAGE EASEMENT
SEE SHEET 1 FOR LEGAL DESCRIPTION, NOTES AND LEGEND SEE SHEETS 2-3 FOR SKETCH
This Sketch of Descriptfon may not  depict  all easements of record that may be within  or  odJolning the lands described hereon.

All dimensions shown hereon ore Grid dimensions In
U.S. Survey Feel, based on Florida Stale Plane Coordinate System, Florida East zone, 1963 North American Datum, 2011 adj.Jslmenl, overage combined factor of 0.99994683912.

North

SECTION 23:._24-30 SECTION 26:.:.24-30

POINT .OF BEGINNING

DRAINAGE EASEMENT

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Scale:. 1" = 400'

400'

LINE TABLE (Th\s sheet only)	
LB	S86'42'07"W	880,00"	
L7	S66'42'07"W	840.00'	
LB	S2317'53"E	130.00'	
L9	N66'42'07"E	35.00'	
L10	N2317'53"W	65.00'	
L11	N21'42'07"E	21.21'	
L12	N66'42'07"E	790.00'	
°LT3	N2317'53"W	60.00'	

J

PREPARED FOR: LAKE NONA LAND COMPANY, LLC

1m11	

CENlRAL Fl.DRIDA EXPRESSWAY AUTHORITY STATE ROAD· 417 - DRAINAGE EASEMENT
., (PORTION Of SECTION 26._TOl'hlSHlP 24 SOV.!1::1, RANGE 30 EAST, ORANGE COUNTY, FLORIDA)

DONALD w. MclNTOSH ASSOCIATES, INC •

1

.	ENGINEERS	PLANNERS	SURVEYORS
2200 PARK AVENUE NORlH, WINTER PARK, FLORIDA.32789 (4-07) 644-4-068

DRAWN BY;Efi

CHECKED BY:.s!L_

J08	NO.

SCALE

SHEET	3

 I	ICERTIFICATE  Of  AUTHIORIZATIOH  NO.  Lll_68   I

DATE: 5/2017	.DATE: 5/2017	16166	.	1"=400'	OF  
Pr!nted:" w .10:.!Jay--2.017 -.W.:29?.M....•.•..........··--·-··- .
#53714668 v3

._3

CS#  17-111(1)

BOGGY CREEK IMPROVEMENT DISTRICT

Assignment of Drainage Easement to CFX

This document was prepared by:
And should be returned to:

ASSIGNMENT OF RIGHTS AND BENEFITS UNDER GRANT OF STORMWATER DRAINAGE EASEMENT, AND AGREEMENT BY DISTRICT TO MAINTAIN DRAINAGE EASEMENT PROPERTY

THIS  ASSIGNMENT	OF RIGHTS AND BENEFITS UNDER GRANT OF STORMWATER  DRAINAGE  EASEMENT  AND  AGREEMENT  BY  DISTRICT  TO
MAINTAIN  DRAINAGE  EASEMENT  PROPERTY  ("Assignment")  is  entered  into  on this
 		day of  	,2017, by BOGGY  CREEK  IMPROVEMENT
DISTRICT, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, whose mailing address is c/o Fishkind & Associates, Inc., 12051 Corporate Boulevard, Orlando, Florida 32817 (the "Assignor"), in favor of CENTRAL FLORIDA EXPRESSWAY AUTHORITY, a public corporation and agency of the State of Florida, with an address of 4974 ORL Tower Road, Orlando, Florida 32807 (the "Assignee").

WITNESS ETH:

WHEREAS, Assignor is the holder and prime beneficiary of that certain Grant of Stormwater  Drainage  Easement  (the "Drainage Easement") dated 	and recorded as Document # 	in the Official Records of Orange County, Florida, burdening and encumbering the real property more particularly described in Exhibit "A" attached hereto  and  made a part hereof (the "Drainage Easement Property"); and

WHEREAS, Assignee has requested that Assignor assign to Assignee non-exclusive rights to use and benefit of the Drainage Easement, while retaining the obligation of Assignor to maintain the Drainage Easement Property; and

WHEREAS, the Drainage Easement specifically contemplates and authorizes non­ exclusive assignment of rights thereunder to Assignee.

NOW, THEREFORE, for and in consideration of the sum of $10.00 and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, Assignor and Assignee agree as follows:

Incorporation of Recitals. The recitals stated above are true and correct and by this reference are incorporated as a material part of this Assignment.

Assignment. Assignor hereby assigns, conveys, and confirms unto the Assignee right, title and interest as a grantee and beneficiary under that Grant of Stormwater Drainage

Easement   recorded  as Document  # 	in the Official Records of Orange County, Florida, being a perpetual, non-exclusive easement over, under, across and through the Drainage Easement Prope1iy for stormwater drainage, to accommodate Assignee's stormwater drainage. Assignor agrees to  defend  this Assignment  against any and all claims and demands of any person or entity whatsoever at no cost to the Assignee.

Acceptance of Assignment. The Assignee hereby accepts the foregoing assignment.

Maintenance of Drainage Easement Property. Assignor agrees for the benefit of Assignee to prevent the Drainage Easement Property from becoming overgrown or obstructed and to maintain the Drainage Easement Prope1iy in good condition and repair, and in compliance with all applicable stormwater management pe1mit requirements. In the event of any failure of Assignor to properly maintain the Drainage Easement Property after reasonable notice, Assignee shall, in addition to any other remedies, have the right to enter and make repairs to  and perform maintenance  upon  the Drainage Easement Property at Assignor's  expense.  Subject  to  Assignee's approval, Assignor reserves the right to  reconfigure  the Drainage  Easement  Property in the future in a manner that will not interfere with its normal operation and use by Assignee, at Assignor's own sole expense.

Further Assignments. As contemplated by and pursuant to the terms of the Drainage Easement, Assignor will retain the right to use of the Drainage Easement Property, and may make further non-exclusive assignments of rights under the Drainage Easement to the City of Orlando, Florida Department of Transportation, and to other pe1mitting or regulatory authorities, without prejudice to Assignee's rights hereunder.

Binding Effect. This Assignment shall run with the Drainage Easement Prope1iy and inure to the benefit and burden of Assignor and Assignee and  their  respective successors and assigns. This Assignment shall be enforceable at law and in equity, including but not limited to enforcement by an action for specific performance.

Notices. Any notices which may be permitted or required hereunder shall be in writing and shall be deemed to have been duly given as of the date and time the same are personally delivered, or within three (3) days after depositing with the United States Postal Service, postage prepaid by registered or certified mail, return receipt requested, or within one (1) day after depositing with Federal Express or other overnight delivery service from which a receipt may be obtained, and addressed as follows:

Assignor:	Boggy Creek Improvement District 12051 Corporate Blvd.
Orlando, Florida 32812 Attn: District Manager

With a copy to:

Hopping Green & Sams, P.A.

119 S. Momoe Street, Suite 300
Tallahassee, Florida 32301 Attn: Tucker F. Mackie

Assignee:	CENTRAL FLORIDA EXPRESSWAY AUTHORITY
4974 ORL Tower Road Orlando, Florida 32807 Attn: Executive Director Telephone: (407) 690-5000

With copy to:

CENTRAL FLORIDA EXPRESSWAY AUTHORITY
4974 ORL Tower Road Orlando, Florida 32807 Attn: General Counsel Telephone: (407) 690-5000

or to such other address as either party hereto shall from time to time designate to the other party by notice in writing as herein provided.

Venue. Venue for any legal action hereunder shall lie exclusively in the courts of Orange County, Florida.

Amendment. This Assignment may be modified or amended only upon the mutual written consent of Assignor and Assignee, which amendment shall become effective only upon recording in the Public Records of Orange County, Florida.

[SIGNATURE PAGES APPEAR ON THE FOLLOWING PAGES]

IN WITNESS WHEREOF, this Assignment has been executed as of the date first written
above.

ASSIGNOR:

Two Witnesses:

BOGGY CREEK IMPROVEMENT
DISTRICT, a local unit of special-purpose government established pursuant to Chapter l 90, Florida Statutes

Print Name: 	_

Print Name:------------

By: 	_ Name:-----------
Title: -----------
Date:-----------

STATE OF FLORIDA
COUNTY OF ---------
The	foregoing	instrument	was	acknowledged	before	me	this	 	

day	of

 	,2017,  by   	, as   	 of  BOGGY  CREEK IMPROVEMENT DISTRICT, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes. He who is personally known to me/has produced
 	as identification.
(SEAL)

Printed/Typed Name: 	_ Notary Public-State of 		_ Commission Number: -----------

ASSIGNEE:

Two Witnesses:

Print Name:------------

Print Name: 	_

CENTRAL FLORIDA EXPRESSWAY
AUTHORITY, a public corporation under the laws of the State of Florida

By:, 		_ Name: 			_ Title: 		_ Date:. 	_

APPROVED AS TO FORM FOR EXECUTION BY A SIGNATORY OF THE CENTRAL FLORIDA EXPRESSWAY AUTHORITY

By: 		_ General Counsel

Date: 	_

STATE OF FLORIDA
COUNTY OF ---------
The	foregoing	instrument	was	acknowledged	before	me	this	 	

day	of

 	, 2017,	by 	, as 	of CENTRAL
FLORIDA EXPRESSWAY AUTHORITY, a public corporation under the laws of the State of Florida.  He who is personally known to me/has produced 	as identification.
(SEAL)

Printed/Typed Name: 	_ Notary Public-State of 		_ Commission Number: -----------

Drainage Easement Property
EXHIBIT A

SKETCH OF DESCRIPTION
STATE ROAD 417 LIMITED ACCESS R/W DRAINAGE EASEMENT
SEE SHEET 1 FOR LEGAL DESCRIPTION, NOTES AND LEGEND
.SEE SHEETS 2-3 FOR SKETCH
This Sketch of Description moy not depict oil eosemen ts of record lhol may be within or odjolnlng the lend• described hereon.

DESCRIPTION:
That part of Section 26, Township 24 South, Range 30 East, Orange County, Florida, described as follows:

Commence  at  the  Northeast  comer  of  the  Northeast  1/4  of  said  Section  26;  thence  N89"31'49"W  along   the North  llne  of  said  Northeast  1/4  for   a   distance   of   739.93. feet   to   the  Southerly  llmlted  access   right-of-way line of State Road No. 417, as described In  Official  Records  Book  4345,  Page  3237,  of  the  Pubflc  Records  of Orange County,· Florida; thence run the followlng courses and distances along  said  Southerly  llmlted  access right-of-way  fine:   S66'42'07"W,  117.67   feet;   S23'17'53"E,   305.00  feet:• S66'42'07"W,   450,00  feet;   N23'17'53"W,
305.00   feet;   S66'42'07"W,   860.00   feet   ta   the  Southwesterly• llne  of  Drainage  Easement   •c•,  as  described  In
Official Records Boak 4345, Page 3244, of the Public Records of Orange County, Florida,  and  the  POINT  OF BEGINNING; thence departing said Southwesterly llne continue S66'42'07"W along said Southerly llmlted access right-of-way  fine,  840.00  feet;  thence  S23'17'53"E  along  said  Southerly  llmlted  access   right-of-way  llne,  130.00 feet to  the  Northerly  fine  of  Drainage  Easement  "D",  as  described  In  said  Offlclal  Records  Book  4345,  Page 3244;  thence  departing  said  Southerly  flmlted  access   right-of-way   line  run   N66'42'07"E   along   said  Northerly line,  35.00  feet;  thence· departing  said  Northerly  llne  run  N23'17'53"W,  55.00  feet;   thence  N21'42'07"E,   21.21 feet; thence N66'42'07"E, 790.00 feet to the  Southeasterly  prolongation  of  the ·aforesaid  Southwesterly  fine  of Drainage Easement  "C";  thence  N23'17'53"W  along  said  Southeasterly  prolongatlon  and  the  said  Southwesterly llne, 60.00 feet to the POINT OF BEGINNING, This description ls  based  on Florida  State Plane  Coordinate  System East Zone, average combined factor of 0.99994883912, NAD 83 Datum (2011 adj.Jstment).
Containing 1.216 acres more or less being subJect to any rights-of-way, restrictions and easements of record.

NOTES:
This Is not o survey.

Not valid without the signature and the original raised seal of o Florido licensed surveyor and mapper,

Bearings based  on  North  line  of  the  Nor°theost  1/4  of  Section  26, Township 24 South, Range 30 East, being  N89"31'49"W,  relative  to  the Florido State Plane Coordinate System, Florido East Zone, 1983 North American datum, 2011 adjustment, as established from Notlonol Geodetic Survey control points "Lonee" (PIO AJ2445), Northing 1477081.39, Easting 575759.46, and "GIS 0242 Burt• (PIO AK7296), Northing 1467711.44,
Easting 582877.80.

All dimensions shown hereon ore Grid dimensions  Jn  U.S.  Survey Feet, based on Florida Slate Plane Coordinate System, Florida Eosl zone,  1983 North American Datum, 2011 odJustment, overage combined factor of 0.99994883912.
- Lands shown hereon were not abstracted for rights-of-way, easements,
ownership or other instruments of 'record by this firm.

- No title opinion or abstract of molters effecting  title  or  boundary  to  the subject property or  those  of  adjoining land owners  hovo been provided. It Js possible there ore deeds of  record,  unrecorded  deeds  or  other instruments which could affect the boundaries or use of the  S'Jbject property,
·- This Sketch  of  Description  moy  not  depict  oil  easements  of  record  that may be within or adjoining the lands described hereon.

PREPARED FOR: LAKE NONA LAND COMPANY, LLC

LEGEND
SECTION 26-24-JO SECTION, TOWNSHIP, RANGE
PB	PLAT BOOK
.PGS	PAGES
L1	LINE NUI.IBER (SEE TA6LE)
R/W	RIGHT-OF-WAY
ORB	omaAL RECORDS BOOK SIii.Y LINE	SOUlHWESTERLY LINE
DE "C"	OF DRAINAGE EASEMENT •c•
(ornaAL RECORDS BOOK 4345, PAGE 3244)
TCOI.I	TELECOI.II.IUNICAllON

ma:';}oTho  A:XC:.fi   \  g%1Y	I DATE  I BY I	 DESttTION	I

1m1

(PORTION OF SECTION 26, TO\\NSHIP 24 SOUTH, RANGE JO EAST, ORANGE COUNlY, FLORIDA)	_;:,;;;_;•-' 
DONALD  W.  MclNTOSH  ASSOCIATES, 1Nc.	 	
ENGINEERS	PLANNERS	SURVE.YORS

I	I	I	  

  

2200 PARK AVENUE NORTH, 1"1NTER PARK, FLORIDA 32789 (407) 644-4068
Q_ERllFJCA1E OF AUlliORIZAllotl NO. LB68

Scotl Crossman	MoYlO, 2017 Florida Roglsterod Surve)W end tJopper Cortlflcatc Na. 5048

DRAWN BY: EH.

CHECKEQ BY:cfilL_

JOB NO.

SCALE

SHEET	.,

NOT VALID \\tTHOUT THE S1GNA1\JRE AND THE

DATE:Ju2Q1.Z

DATE: 5/2017	16166	NIA	OF	3

ORIGINAi. RAISED 5£AL OF A FLORIDA UCENSED
SURVEYOR AND MAPPER.

Printed:·   WIid -16='-toy-2017.-   02.29PM_  •· .,., i--•...-.

_._.._...,...  ,	s/14810desc	CS/I 17-111(1)

SKETCH	OF DESCRIPTION
STATE ROAD 417 LIMITED ACCESS R/W
DRAINAGE EASEMENT
SEE SHEET 1 FOR LEGAL DESCRIPTION, NOTES AND LEGEND SEE SHEETS 2-3 FOR SKETCH		
This  Sketch   of   Description   may   not depict  all	•
easements of record that may be within or adjoining
the lands described hereon.
All dimensions shown hereon are Grid dimensions In
Survey Feet, based on Florido State Plane Coordinate System, Florida East zone, 1983 North
American Datum, 2011 adjustment, average combined	North
factor of 0.99994883912.

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PREPARED FOR: LAKE NONA LAND COMPANY, LLC
CEN'TRAL FLORIDA EXPRESSWAY AUlHORITY STATE ROAD 417 - DRAINAGE EASEMENT
(PORTION  OF  SECTION  26,  TOWNSHIP   24  SOUlH,  RANGE  30 _EAST,  ORANGE   COUNTY,   FLORIDA)	400'	0	400'
 	I
Scale: 1" = 400'	
1m1 DONALD W. MclNTOSH ASSOCIATES, INC.
ENGINEERS	PLANNERS	SURVEYORS
2200 PARK AVENUE NORlH, WINlER PARK, FLORIDA 32789 (407) 644-4068
CERTIFlCAlE_OF AUlHORIZATION NO. LB68		
DRAWN BY: f!i 	CHECKED BY:.sG....- I·	JOB NO.   I	:CALE,    I	SHEET	2
DATE: 5/2017	DATE: S/2017	16166	1 =400	OF .3		

Printed: Wed 10-May-2017 - 02:29PI.I
F:\Pro)2016\16166\Sd-«g\NAWl!B\ao<l\17-111(1) (DRAINAGE EASEMENT),dwg

CS# 17-111(1)

LINE	TABLE (This sheet only)	
NUMBER	BEARING	DISTANCE	
L1	NB9'31'49"W	739.93'	
L2	S66'42'07"W	117.67'	
LJ	S2317'53"E	305.00'	
L4	S66'42'07"W	450.00'	
L5	N23'17'53"W	305.00'	
LS	S66'42'07"W	860.00'	

7
#53895076_v2

SKETCH	OF DESCRIPTION
STATE ROAD 417 LIMITED ACCESS R/W DRAINAGE EASEMENT
SEE SHEET 1 FOR LEGAL DESCRIPTION, NOlES AND LEGEND SEE SHEETS 2-3 FOR SKETCH
This Sketch of Description may not  depict  all easements of record thot may be  within  or  adjoining the lands described hereon,

All dimensions shown hereon are Grid dimensions In
U.S. Survey Feet, based on Florido State Plane Coordinate System, Florida East zone, 1983 North American Datum, 2011 adjustment, average combined factor of 0.99994883912.

North

SECTION 23-24-30
SECTION 26-24-30

POINT OF BEGINNING

<":

DRAINAGE EASEMENT

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400'

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LINE	TABLE (Th!s sheet only)	
L6	S66'42'07"W	860.00"	
L7	S66'42'07"W	840.00'	
LB	S2317'53"E	130.00'	
L9	N66'42'07"E	35.00'	
L1D	N2317'53"W	55,DO'	
L11	N21'42'07"E	21.21'	
L12	N66'42'07"E	79D.OO'	
L13	N2317'53"W	60.00'	

400'
l

■

Scale:. 1•	= 400'

□·

PREPARED FOR: LAKE NONA LAND COMPANY, LLC

CENTRAL F\.ORIDA EXPRESSWAY AUTHORITY STAlE ROA 417 - DRAINAGE EASEMENT

1

1 1

(PORTION OF SECTION 26._]0v.NSHIP 24 SOUlli, RANGE 3Q EAST,_ ORAN_g: COUNTY, _FLO_RIDA}

1

■	
DONALD W. MclNTOSH· ASSOCIATES, INC•
.	ENGINEERS	PLANNERS	SURVEYORS
2200 PARK Av£NUE NORTH, WINTER PARK, FLORIDA.32789 (407) 644-4068

DRAWN BY; f!::L_

CHECKED BY:

 	I	 	

ICERTIFJQ,  Q[   AUTHIORIZATION  NO.  LBSB  I

JOB NO.

SCALE

SHEET	J

DATE: 5/2017	_DATE: 5/2017	16166	.	1"=400'	Of J

Pr!• •d: _lV _1_ r2,tJ1.7.::= 28 - ...... , ,, ----·-.. .
#53714668_v2

CS# 17-111(1)

8
#53895076_v2

Retain Fencing Contractor to Perform Fence Relocation Work Contemplated in
CFX Real Estate Agreement

CFX Application for Right of Entry Permit

CENTRAL FLORIDA EXPRESSWAY AUTHORITY APPLICATION FOR RIGHT OF ENTRY PERMIT

PERMIT NO.:		I	COUNTY:	
ROAD:		I	CROSS STREET:	
APPLICANT (Contractor)	
APPLICANT:
(Name and Title)		
COMPANY:		
ADDRESS:		
CITY/STATE/ZIP		
PHONE NO.:		
E-MAIL:		
PERMITTEE (for whom Contractor works)	
PERMITTEE:		
ADDRESS:		
CITY/STATE/ZIP:		
PHONE NO.:		
EMAIL:		
PERMITTEE and APPLICANT request permission to enter upon real property which they represent is owned by the Central Florida Expressway Authority ("CFX"), which ownership CFX will not confirm, for the limited purpose of engaging in the activity or performing the work described in the attached plans ("Permittee's Activity") within the area delineated therein ("CFX Property") and as described below.
Location:	

Limited Purpose:		

	
Requested Term	I Start Date:	I Stop Date:	I Duration:	
Attachments from Applicant: D Attachment A. Description of Location and Plans
D	Attachment B. Certificate of Insurance
D Attachment C. Additional Insured Endorsement
D Attachment D. Waiver of Subrogation Endorsement
D Attachment E. Other:
Attachment from CFX:	n	Attachment F. Certificate from GEC	

TERMS AND CONDITIONS
Based upon the above, Permittee and Applicant request a temporary non-exclusive right of entry permit to enter upon CFX Property limited to the area delineated in Attachment A for the limited purpose of Permittee' s Activity and, as a condition of approval, agree to the terms and conditions set forth herein.
Permittee and Applicant represent and warrant that the information above is true, correct, and complete.
Photographs. Upon initial entry onto CFX Property and prior to commencing any activity or work within CFX's Property, Permittee or Applicant shall provide CFX with six (6) photographs documenting the work area.

It is expressly stipulated that this Permit is a license for permissive use only and that the placing of utilities, wires, cables, pipes, or other structures or alterations, upon public prope1iy pursuant to this Permit shall not operate to create or vest any prope1iy right in said holder. In the case of  non­ compliance with CFX's requirements or any other applicable requirements, any alterations to CFX Property shall be brought into compliance or removed from CFX Property at no cost to CFX. In the  event of failure to so comply within the specified time by CFX, CFX may restore CFX Property and Permittee and Applicant shall be responsible for all  removal  and  restoration  costs.  It  is understood and agreed that the rights and privileges herein set out are granted only to the extent of CFX' s title and interest in the land to be entered upon and used  by the Permittee  or Applicant,  and the Permittee  will, or will cause Applicant, at all times, and to the extent permitted by law, assume all risk of  and indemnify, defend, and save harmless CFX and its officers, employees, and  agents from  and  against any and all loss, damage, cost or expense arising in any manner on account of the exercise or attempted exercises by said Pennittee or Applicant of the aforesaid rights and privileges. §§ 337.401(2), 337.402, 337.404, Fla. Stat. This paragraph shall survive the expiration of term of this Permit.
General Conditions. Permittee and Applicant further agree to the following conditions:
Permittee shall or shall cause its agent to apply for and obtain all necessary permits, including permits issued by or through the Florida Department of Transp01iation, and comply with all applicable laws, rules, ordinances, regulations, and CFX criteria, policies, and procedures.
Under no circumstances may Permittee or Applicant block any CFX roadway or operation or impede or restrict the normal current or future operation of CFX or its Expressway System, as defined in Section 348.752, without the prior written consent and approval from the CFX.
No pullboxes, valves, or other surface structures shall be permanently placed within CFX right­ of-way.
All work, materials, and equipment shall be subject to inspection and approval by CFX at any time.
Permittee and Applicant shall ensure that Permittee's Activity does not interfere with the property and rights of a prior applicant or an existing structure, facility, utility, or use.
If CFX determines that Permittee's Activity, in whole or in part, unreasonably interferes in any way with the convenient, safe, or continuous use, or the maintenance, improvement, extension, or expansion of the Expressway System, the Permittee and Applicant shall, upon receipt of oral or written notice, immediately alleviate the interference at no cost to CFX. As a condition to the issuance of this Application, Permittee and Applicant understand and acknowledge that in the event of such interference, CFX may require, in CFX's sole discretion, and Permittee and Applicant hereby agree to perform or cause to be performed, any of the following: (i) the removal or relocation of all structures, wires, cables, pipes, utilities, or other improvements within, under or over CFX's Prope1iy at no cost to CFX; (ii) immediate cessation of Permittee's Activity; (iii) restoration of CFX's prope1iy; or (iv) such other work that alleviates interference. Such corrective action or cessation of activity must be completed within the time frame stated in the notice from CFX. This paragraph shall survive the expiration of term of this Permit.
In the event Permittee or Applicant encounter any abno1mal condition which may indicate the presence of a hazardous substance, toxic waste, or pollutants, the Permittee and Applicant shall immediately cease Permittee's Activity and notify CFX. Abnormal conditions may include discolored earth or groundwater, visible fumes or smoke, abnormal odors, excessively hot soil or water, tanks or barrels, or other conditions which appear abnormal. CFX shall notify the Applicant of any suspension or revocation of the Permit to allow for contamination assessment and remediation. Said suspension or revocation shall remain in effect until otherwise notified by CFX.
Special Conditions for Underground Activity.

As-Built Documentation. Permittee shall provide As-Built documentation of the completed installation of Permittee' s Activity within ninety (90) days of completion of Permittee' s Activity. As-Built documentation shall include plans signed and sealed by a professional engineer licensed in the State of Florida as well as GIS Inventory data outlined in section 612 GIS Inventory of the CFX ITS Specifications.
Locator Services. In connection with retention of any locator services, Permittee shall register or shall cause Applicant to register with the applicable Florida One Call agency per Chapter 556, Florida Statutes. Permittee, at its expense, will be responsible for performing utility locates for its improvements within CFX's right-of-way on behalf of any party needing such locates, to protect the systems from accidental cuts and dig-ups. Prior to performing a utility locate, Permittee shall coordinate with CFX staff listed below, and arrange a mutually convenient time for the utility locate in the presence of CFX. Permittee understands and agrees that accidental cuts and dig-ups may occur causing damage to its improvements, and that Permittee is solely responsible for repairing such damage. No liability shall be imposed upon CFX attributable to mislocation of any improvement by any locator service. No liability shall be imposed upon CFX for any damage to improvements in, on, under or over CFX Property. This paragraph shall survive the expiration of term of this Permit.
Coordination. The Pe1mitted Activities shall be coordinated with CFX prior to the initiation of the activity. Coordination with CFX shall be accomplished through contact and cooperation with:
Name/Title	Email	Telephone No.
Steve Geiss, CFX Sr. Roadway Inspector	Steve.Geiss@CFXWay.com 407-467-8258
and  	
and          ------------------------------------
and          ------------------------------------
and          ------------------------------------
at least 72 hours in advance to assist in locating the existing CFX roadway lighting lines, fiber optic
network lines, and any other underground improvements and to confirm no on-going maintenance in the area.
Restoration of Site; Final Site Inspection. Permittee and Applicant shall be responsible for any and all costs related to the Permitted Activities, including, but not limited to, installation, operation and removal and restoration of equipment on CFX Property. At Permittee's sole cost and expense, Permittee shall (or shall cause Applicant to) remove from CFX Property all materials generated during its activities within CFX Prope1iy and Permittee shall be fully responsible for the proper disposal of such materials in accordance with applicable laws, rules, ordinances and regulations. Additionally, Permittee agrees to (or agrees to cause Applicant to) promptly repair any and all damage to CFX Prope1iy caused by the Permitted Activities with specific attention to surface sod, concrete, and asphalt. Restoration of CFX Property shall be equal or superior to its present condition as nearly as may reasonably be possible. Upon completion of the Permitted Activities, including restoration, Permittee shall (or shall cause Applicant to) contact CFX staff listed above, who shall inspect the CFX Property and, if satisfied, issue a notice of satisfaction, which notice may be transmitted by electronic mail. Failure to obtain said notice of satisfaction may result in pursuit by CFX against Permittee, its contactors or agents for damages and costs associated with proper restoration of CFX Property. In the event of failure to restore CFX Property within the specified time, CFX may restore CFX Property and Permittee and Applicant shall be responsible for all removal and restoration costs. This paragraph shall survive the expiration of term of this Permit.
Indemnification. Unless specifically prohibited or limited by statute, Permittee shall, or shall cause Applicant, to indemnify, defend and hold CFX (which used herein includes CFX and its past, present and future employees, officers and Board members and any of their successors and assigns) harmless

and shall cause its contractors and agents to indemnify, defend and hold CFX harmless from and against any and all lawsuits, actions, proceedings claims, demands, losses, costs, expenses, fines, fees (including attorneys' fees at the trial or appellate level), judgments, liabilities, damages, injuries (including death) which arise from or may be related to the Permitted Activities or this Permit, including but not limited to construction, maintenance, use, or occupancy of CFX's Property or ingress and egress to or from CFX's Property, either directly or indirectly, and are caused in whole or in part by the acts, omissions or negligence of the Permittee or the Applicant, or their employees, contractors, or agents, excepting only those claims arising from the sole negligence of CFX, its officials, or employees. Legal counsel provided to CFX must be acceptable to CFX. This paragraph shall survive the expiration of term of this Permit.
Sovereign Immunity. Nothing contained in this Permit shall be construed as a waiver or attempt at a waiver by CFX of its sovereign immunity under the Constitution, the Florida Statutes, and laws of the State of Florida. This paragraph shall survive the expiration of term of this Permit.
Insurance Requirements. The Permittee shall, or shall cause the Applicant to, provide, pay for and maintain in full force and effect insurance outlined below for coverage at not less than the prescribed minimum limits of liability, covering the activities of Permittee and Applicant and those of any and all subcontractors (including officers, employees or agents of each and their successors). All insurance shall be provided through companies authorized to do business in the State of Florida and considered acceptable by the CFX. Compliance with the insurance requirements below shall not relieve or limit the Permittee's or Applicant's liabilities and obligations under this Permit. Failure of CFX to demand such certificate or evidence of full compliance with these insurance requirements or failure of CFX to identify a deficiency from evidence provided will not be construed as a waiver of the obligation to maintain such insurance. The acceptance of delivery by CFX of any certificate of insurance evidencing the required coverage and limits does not constitute approval or agreement by CFX that the insurance requirements have been met or the insurance policies shown in the certificates of insurance are in compliance with the requirements.
The Permittee shall require or shall cause the Applicant to require all insurance policies in any way related to the Permitted Activities to include clauses stating each underwriter shall waive all rights of recovery, under subrogation or otherwise, against CFX. The Permittee shall require or shall cause the Applicant to require of sub-contractors, by appropriate written Agreements, similar waivers each in favor of all parties enumerated in this section. When required by the insurer, or should a policy condition not permit an endorsement, the Permittee or Applicant agree to notify the insurer and request that the policy(ies) be endorsed with a Waiver of Transfer of Rights of Recovery Against Others, or an equivalent endorsement. At the Permittee's or Applicant's expense, all limits must be maintained. All insurance coverage required of the Permittee or Applicant shall be primary over any insurance or self-insurance program carried by CFX.
Commercial General Liability: Shall be on an occurrence form policy for all operations including, but not limited to, Contractual, Products and Completed Operations, and Personal Injury. The limits shall be not less than One Million Dollars ($1,000,000) per occurrence, Combined Single Limits (CSL) or its equivalent. CFX shall be listed as an additional insured utilizing an
endorsement  Form.	INITIAL-----
Business Automobile Liability: Shall be on an occurrence fo1m policy for all owned, non-owned
and hired vehicles issued on ISO f01m CA 00 01 or its equivalent. The limits shall be not less than One Million Dollars ($1,000,000) per occurrence, Combined Single  Limits  (CSL)  or  its equivalent. In the event the Pe1mittee or Applicant do not own automobiles, the Permittee shall (and shall cause Applicant to) maintain coverage for hired and non-owned auto liability, which may be satisfied by way of endorsement to the Commercial General Liability policy or separate Business Auto Liability policy.

Workers' Compensation Coverage: Workers' Compensation and Employer's Liability Insurance shall be provided as required by law or regulation (statutory requirements). Employer's Liability insurance shall be provided in amounts not less than $100,000 per accident for bodily injury by accident, $100,000 per employee for bodily injury by disease, and $500,000 policy limit by disease. The Workers' Compensation policy shall be endorsed with a waiver of subrogation in favor of CFX for all work performed by Permittee and Applicant, and their employees, contractors, agents and sub-contractors.	INITIAL 	_
CHECK ALL APPLICABLE ADDITIONAL INSURANCE REQUIREMENTS
 			Railroad Insurance, as set forth in the attached Addendum, is required if the Location encompasses any part of a railroad track or facility.
 		Pollution Legal/Environmental Liability Insurance (CPL), as set forth in the Addendum, is required for any activities involving or related to hazardous waste.
Excess Coverage in the amount of$ 	is required if the cost of Permittee's Activity or the potential impact to CFX is greater than the CGL coverage.
Prior to the expiration of the Certificate of Insurance, the Applicant shall provide CFX with a renewed Certificate of Insurance.
Assumption of Risk; Release. Permittee and Applicant, on behalf of their employees, contractors, and agents, assume the risk associated with any activities arising out of this Permit or on or around CFX Property. Permittee and Applicant, on behalf of themselves, their employees, contractors, and agents, hereby release CFX, its officials, officers, employees, contractors and agents from any and all liability, loss, claims, damages, costs and expenses of any nature in connection with any injury or damage to any person or any real or personal property which Permittee or Applicant and their employees, contractors, or agents may suffer or incur in connection with the Permitted Activities or this Permit. This paragraph shall survive the expiration of term of this Permit.
Reservation of Rights. CFX expressly reserves all rights to pursue any claims it may have against Permittee or Applicant, their employees, contractors or agents for damages, violations, contributions and indemnity, or for any other losses which may have been caused by Permittee or Applicant, their employees, contractors, or agents within CFX Property. In the event that Permittee or Applicant fail to comply with the te1ms of this Permit, CFX has the right to immediately terminate the Permit upon oral or written notice. This paragraph shall survive the expiration of te1m of this Permit.
Governing Law. All parties agree that this Permit and the contents thereof are to be interpreted and enforced pursuant to the laws of the State of Florida. Any action at law, suit in equity, or judicial proceeding for the enforcement of this Permit or any provision hereof shall be instituted and maintained only in the courts of the State of Florida. The parties consent to the exclusive jurisdiction of the courts located in Orange County, Florida. This paragraph shall survive the expiration of term of this Permit.
Notice. Except as otherwise provided in paragraphs 4, 7, and 12, all written notices required to be delivered to the Permittee or the Applicant or CFX shall be delivered via certified mail return receipt requested to the respective parties at the following addresses: (a) with respect to the Permittee or the Applicant, to the address provided on page l; and (b) with respect to CFX, to CENTRAL FLORIDA EXPRESSWAY AUTHORITY, 4974 ORL Tower Road, Orlando, FL 32807-1684, Attention: Chief of Infrastructure, with a copy to the same address, but to the Attention of CFX's General Counsel. This paragraph shall survive the expiration of te1m of this Permit.
Authorized Signatories. Permittee and Applicant represent and warrant that the person signing below is duly authorized to sign this Application for Permit to which the Permittee and the Applicant and their employees, contractors, and agents will be duly bound.

Termination. This Permit is terminable at will by the CFX. Unless terminated sooner, this Permit expires upon the earlier of: (a) the termination date; (b) completion of Permittee's Activity, including restoration; (c) expiration of the required insurance; or (d) written or oral notice by CFX.
The Parties agree that neither this Permit nor any memorandum or notice of the same shall be recorded in the Official Records of Orange County, Florida or any other County in the State of Florida.
This Permit does not take effect until it is fully executed by CFX in writing. The representations of staff are not binding.
IN WITNESS WHEREOF, the Permittee and the Applicant execute this Application for a temporary non-exclusive right of entry to enter CFX Property, subject to the terms and conditions herein.

Witnesses:
#1 - Signature:, 	_ Print Name: 		_

#2 - Signature: 	_ Print Name: 		_

STATE OF FLORIDA		) COUNTY OF 	_.,_

APPLICANT: 	_
By signing below, I represent that I have the authority to bind Applicant.
Signature: 	_ Print    Name:------------
Title:---------------
Date:---------------

The foregoing instrument was acknowledged before me this 		day of 	201_,
by  		,who  is  personally  known  to  me  or who  has produced 	as identification and who did (did not) take an oath.

(SEAL)

Witnesses:
#1 - Signature: 	_ Print Name:-----------
#2 - Signature: 	_
Print Name: 	_

STATE OF FLORIDA			) COUNTY OF 		 	,_

Notary Public

Print Name

PERMITTEE: 	_
By signing below, I represent that I have the authority to bind Permittee.

Signature:, 		_ Print Name, : 	_
Title:. 	_ Date: 		

The foregoing instrument was acknowledged before me this 		day of 	201	,
by  		,who  is  personally  known  to  me or who  has produced 	as identification and who did (did not) take an oath.

(SEAL)

Notary Public

CENTRAL FLORIDA EXPRESSWAY AUTHORITY
Special Conditions:.  	

In reliance upon the representations and commitments of Permittee and Applicant, including the terms and conditions above, CFX approves the Application for Right of Entry Permit and grants to Permittee and Applicant, and their employees and contractors, a temporary non-exclusive right to enter the CFX Property delineated in Attachment A for the sole and limited purpose of Permittee's Activity described in Attachment A, for the period

commencmg on: 	and expiring on: 	
Start Date and Time	End Date and Time

By: 		Date: 	_ Chief of Infrastructure

APPROVED AS TO FORM: 	Date: 	_
General  Counsel /Deputy General Counsel

ADDENDA
RAILROAD INSURANCE: When the Permitted Activities are on, over or under a railroad, railroad property or railroad right-of-way, the Pe1mittee shall furnish, or shall cause Applicant to furnish, to CFX (for transmittal to the railroad company) an insurance certificate with the railroad named as the insured which (with respect to the operations the Permittee or Applicant or any of its subcontractors perfo1m) will provide for Railroad Protective Liability insurance providing coverage for bodily injury, death and property damage of a combined single limit of Five Million Dollars ($5,000,000.00) per occurrence, with an aggregate limit of Ten Million Dollars ($10,000,000.00) for the term of the policy. The policy shall be written on the ISO/RIMA (CG 00 3S 11 85) with Pollution Exclusions Amendment (CG 28 31 11 85) endorsement deleting Common Policy Conditions (CG 99 01) if Common Policy Conditions are included in the policy and Broad Form Nuclear Exclusion (IC 00 21). CFX, its employees, members, officers, agents, consultants and successors shall be named as Additional Insured under this policy. A waiver of subrogation endorsement is required.
POLLUTION  LEGAL/ENVIRONMENTAL  LEGAL  LIABILITY  INSURANCE  (CPL):	The
Permittee agrees to maintain, or to cause Applicant to maintain, Pollution Legal/Environmental Legal Liability Insurance on a per-project basis. Coverage shall be for pollution losses arising from all activities arising from or related to the Permit. Coverage shall apply to sudden and gradual pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water, which results in Bodily Injury or Property Damage. If policy is written on a Claims Made form, a retroactive date prior to or equal to the effective date of the Permit is required, and coverage must be maintained for 3 years after termination of the Permit or "tail coverage" must be purchased. In the event the policy is canceled, non-renewed, switched to occurrence form, or any other event which triggers the right to purchase a Supplemental Extended Reporting Period (SERP) during the life of this contract the Permittee agrees to purchase, or cause the Applicant to purchase, the SERP with a minimum reporting period of not less than three years. Purchase of the SERP shall not relieve the Permittee or the Applicant of the obligation to provide replacement coverage. Coverage should include and be for the at least the minimum limits listed below:
Bodily injury, sickness, disease, mental anguish or shock sustained by any person, including death; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed;
Defense including costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensation damages.
Cost of Cleanup/Remediation.
Limits: Each Occurrence - $ 2,000,000; General Aggregate - $ 4,000,000
For acceptance of Pollution Legal/Environmental Legal Liability coverage included within another policy coverage required herein, a statement notifying the certificate holder must be included on the certificate of insurance and the total amount of said coverage per occurrence must be greater than or equal to the amount of Pollution Legal/Environmental Legal Liability and other coverage combined. If the CGL and CPL policy is issued by the same issuer, a total pollution exclusion shall be attached to the Permittee's or Applicant's CGL policy and an appropriate premium credit provided from the issuer to the Permittee or Applicant. CFX, its employees, members, officers, agents, consultants and successors shall be named as Additional Insured under this policy. A waiver of subrogation endorsement is required.

BOGGY CREEK IMPROVEMENT DISTRICT

CFX Utility Permit

L FLORIDA EXPRESSWAY AUTHORITY CATJ:ON FOR UTILITY PERMIT

FX	ROAD   INFORMATION	
 	   County:
Mile ost:	

PPLICANT INFORMATION
i ed    i n   the    Application  f"ro   a  Utility  Pennit.   "When the  UAOdesires  to  have  a  Utility
Builder  and  the  UAO  shaJJ  both  be  id  e n ti fi e d   as   applicants  and   shall  be  reforred  to e cannot apply f"or a  Utility Permit without the UAO adding them  as a jojn-t  a  pp   li  ca  n t .

•

• • • • • • " •

• - • • •

ITY AGENCY/OVVNER (UAO)

C:: ,

_,

only a nolicable \-vhen the UAO	is a Citv or Countv)
C.p	,..:;p

Central Florida Expressway Authority  ("CFX")  to enter upon  reaf ed by CFX, -which ownership CFX will not confirm, for the limited bed below and in the attached plans ("Utility Work"), within the area
ing, conduit, overh ead, etc.):

I Ston Date:

I Duration:

HMENTS  FRO APPl	ll  NT
y Location	L_J B. Utility Work Area and Plans
[ ) D. Additional Insured Endorsement
nt	L_]	F. Other:
t G. Certifica-te from GEC

WORK DESCR.IP'I'ION

_ _ _ _ _ _ _ _ _, Page 1 of 8
a 1-+,;,,r,hrnP-n-t ?

E.RM"S AND CONDITIONS
stsp ermission .Crom CFX	to enter upon real  property  that  the  UAO ted	purpose of constructing the proposed utilities in the area described
apr   ecsi   e  description  of  the  Final  UtHity  Location   lim ited	to	the	area
ndition  of  appr  ova,l	the UAO  agrees to the  terms   and  conditions   h erein.
t the  information abovesi	true, correct. and  complete.
CFX  Property  and  prior  to  commencing	any  activity  or  work  within rovide CFX with a minimum of six (6) photographs documenting the

mit si	a  licens  e  f'orp   e.rm   iss   i v e   us  e   only and  that  the placing  orutUities,
s  or  alterations	within  CFX  property  pursuant  to this  Permitsh  all not ight in the UAO or the AppHcant. The granting of thisP ermitd o e s not tion agreement  with  CF X.
e Applicant further agrees to the following conditions:
ts agent to  apply for  and obtain all  neces ary  p  ermits, including   perm.its p a rtm e n t of Transportation, and comply with all appHcable Ja vvs, ru les .
criteria,p  olicie,s   and.pr   oced  uces.
pplicant block any CFXr  oadway or operation or impede or .1·es  tr  i c t  the
n  of  CFX  or  ist	Exp _ r   es  s	vv   a  y	Sy   s	t e  n1.,   as   d  e fi  n ed	in   S  e c ti o n	34   8 . 752,
nd appr  oval from  the CFX.
not   allowed   in   CF  X's	limited-accesspr  operyt	except   as   expr  es  ly

ts h allb  es  ubject  to insp ectio.n a.nd	approval  by CFX at .any  tim e. re.that the  Utility  Work  d oes not  interfere  with th ep  roperty and   rights
an existings  truct ure,  racility, utility,  impro vemen,t   or  use.
ny abnormal condition vvh.ich may indicate thep  resence ofa h azard  o us ts, the Applicants h all i.nunediately cease the Utility Wo1·k and notify
include   discolored	earth.   or	groundwater,   vsi  ible   fumes	or s  mok,e
l or vvater, tanks	orb arr el,s  or other cond i ti o ns  w hi ch  appear abnormal.
nys  ups   ension or  r  evocation 0£ theP ermit  to allow for  contam ination
uspension or revocations h all remrun in effect until otherwise notified
Work .  in  whole or  in part.  unreasonably  interferes in any  way  with  the e,  or   the  maintenance,   improvement,   extension,  or  exp  ansion  of  the h all,  upon  receipt  of  oral or    -written  noti ce.  on.mediately allevia te  the
a condition :for  the  issuance of this Permit. the Applicant  undesr  tands
of such interference, CFX mayr equire, in CFX'ss ole discretion, and rm, or  cause to be  performed> any   ofthe foJlovving: (i)  ther   em oval  or cables,	pipes,  utilities,  or  other  improvements  within,  under  or  over
immediate cessation  of'the Utility Work  ; (iii) restoration of"CFX ' s t alle viate s in terf er en ce . Such cotTective action or cessation of activity
fraJ:ne  stated  in  the   notice  from  CFX.	Thsi  p  rovision   shall   not  be
Thsi p  arag 1·aph   survives the termination of'tbsi	Permit.

tate, Federal and Local rules andr egulations, as a p licable to the med pursuant to the Permit, which jncludes: any and all Federal, St ate, ulesr  egulations.,orders,p  ermist,   or decr  ees including en virotun entaJ
ts.	When   a   CFX   requirement si	more  stringent  th.an   those  of   other
th th    e  CFX	:req u ir e m e n t .

_ _ _ _ _ _ _ _ _. Page 2 of8

	When a Utility Builder and a city or county utility owner are joint utility permit applicants, the Utility Builder and the city or county shall be severally liable such that the Utility Builder shall be required to comply with all the permit requirements applicable to the construction of the city or county utilities and the city or county shall be required to comply with permit requirements post construction, including, but not limited to those applicable to operation and maintenance. When a CFX contractor does Utility Work under a CFX agreement, the CFX contractor shall not be a joint utility permit applicant. The post­ construction obligations of the city or county shall commence upon completion of final inspection by CFX. CFX shall provide the city or county with written notice of such date. The city or county shall be entitled to observe CFX's final inspection and shall infonn CFX of any apparent failure to comply with the terms of the permit by the Utility Builder; provided, the final determination of compliance by the Utility Builder shall be made by CFX, This paragraph survives the termination of this Permit.
Pursuant to Section 337.403, F.S., any utility placed upon, under, over, or within CFX's property that is
fmmd by CFX to be unreasonably interfering in any way with the convenient, safe, or continuous use, or maintenance, improvement, extension, or expansion, of such property shall, upon thirty (30) days written notice to the UAO or its agent by CFX, initiate the work necessary to alleviate the interference at its own expense except as provided in Section 337.403, F.S., and except for reimbursement rights as expressly set forth in any other previously executed agreements with CFX. This paragraph survives the termination of this Permit.
d, In the case of non•compliance with CFX's requirements in effect as of the date the pennit is approved, the permit shall immediately tenninate upon oral or written notice and the Utility Work will have to be brought into compliance or removed from CFX's property at no cost to CFX. This provision shall not limit the authority of CFX pursuant to Section 33 7. 403, F.S., or any other law. In the event of failure to so comply within the specified time by CFX, CFX may restore CFX Property and the Applicant shall be responsible for all removal and restoration costs. This paragraph survives the termination of this Permit.
	The privileges granted the UAO by this Permit arc only to the extent of the CFX's right, title and interest in the land to be entered upon and used by the UAO. The UAO shall indemnify, defend, and save hannless the State of Florida and CFX at all times and to the extent permitted by Jaw from and against any and all loss, damage, cost or expense arising in any manner on account of the exercise or attempted exercises by the UAO of the privileges granted by this Permit. This obligation to indemnify and defend CFX includes, but is not limited to, any cost or expense to CFX due to delay caused by the UAO to a CFX contractor. However, said indemnification as applied to the UAO of city and county utilities is limited to that allowed by law. This paragraph survives the termination of this Permit.
	Damage to CFX. Pursuant to Section 337.402, F.S., when any CFX property is damaged or impaired in any way because of the installation, inspection, or repair of a utility located on such property, the UAO shall, at their own expense, restore CFX's property to its original condition before such damage. If the UAO fails to make such restoration, CFX is authorized to do so and charge the cost thereof against the UAO under the provisions of Section 337.404, F.S. Pursuant to Section 337.401(2), F.S, the UAO is responsible for damage resulting from the issuance of the permit. CFX may initiate injunctive or other legal proceedings to enforce provisions of this subsection. This section shall not be applied to damage or impairment shown in the permit. This paragraph survives the termination of this Permit.
	When the operation of any CFX Expressway System property is damaged or impaired or loses revenue in any way because of or related to this Penn it or the installation, inspection, or repair of a utility located on CFX property, the UAO is responsible for all damage and lost revenue resulting therefrom. CFX may initiate injunctive or other legal proceedings to enforce the provisions of this subsection. However, said liability as applied to the UAO of city and county utilities is limited to that allowed by law. This paragraph survives the tennination of this Permit.
After the expiration of the term of this Permit, any entry onto CFX property requires a new application.
Special Conditions for Unde·rground Activity.
As-Built Documentation. The Applicant shall provide As-Built documentation of the completed installation of Utility Work within ninety (90) days of completion of Utility Work. As-Built

docwnentation shall include plans signed and sealed by a professional engineer licensed in the State of Florida as well as GIS Inventory data outlined in section 612 GJS Inventory of tbe CFX ITS Specifications.
	Locator Services. In connection with retention of any locator services, the Applicant shall register with the applicable Florida One Call agency per Chapter 556, Florida Statutes. The Applicant, at its expense, will be responsible for performing utility locates for its improvements within CFX's right-of-way on behalf of any party needing such locates, to protect the systems from accidental cuts and dig-ups. Prior to performing a utility locate, the Applicant shall coordinate with CFX staff listed below, and arrange a mutually convenient time for the utility locate in the presence of CFX. The Applicant understands and agrees that accidental cuts and dig-ups may occur causing damage to its improvements, and that the Applicant is solely responsible for repairing such damage. No liability shall be imposed upon CFX attributable to mislocation of any improvement by any locator service. No liability shall be imposed upon CFX for any damage to improvements in, on, under or over CFX Property. This paragraph shall survive the expiration of term of this Pennit.
7, Coordination.	The Utility Work shall be coordinated with CFX prior to the initiation of the activity.
Coordination with CFX shall be accomplished through contact and cooperation with: Name/Title	Email	Telephone No.
andSteve Geiss, CFX Sr. Roadway Inspector	Steve.Geiss@CFXWay.com 407-467-8258

and

and      ---------------------------------
at least 72 hours in advance to assist in locating the existing CFX roadway lighting lines, fiber optic network lines, and any other underground improvements and to confirm no on-going maintenance in the area.
	Restoration of Site; Final Site Inspection. The Applicant shall be responsible for any and all costs related to the Utility Work, including, but not limited to, installation, operation and removal and restoration of equipment on CFX Property. At the Applicant's sole cost and expense, the Applicant shall remove from CFX Property all materials generated during its activities within CFX Property and the Applicant shall be fully responsible for the proper disposal of such materials in accordance with applicable laws, rules, ordinances and regulations. Additionally, the Applicant agrees to promptly repair any and all damage to CFX Property caused by the Utility Work with specific attention to surface sod, concrete, and asphalt. Restoration of CFX Property shall be equal or superior to its present condition as nearly as may reasonably be possible. Upon completion of the Utility Work, including restoration, the Applicant shall contact CFX staff listed above, who sha11 inspect the CFX Property and, if satisfied, issue a notice of satisfaction, which notice may be transmitted by electronic mail. Failure to obtain said notice of satisfaction may result in pursuit by CFX against the Applicant for damages and costs associated with proper restoration of CFX Property. In the event of failure to restore CFX Property within the specified time, CFX may restore CFX Property and the Applicant shall be responsible for all removal and restoration costs. This paragraph shall survive the expiration oftenn of this Pennit.
	Indemnification, Unless specifically prohibited or limited by statute, the Applicant shall indemnify, defend and hold CFX (which used herein includes CFX and its past, present and future employees, officers and Board members and a11y of their successors and assigns) hannless and shall cause its contractors and agents to indemnify, defend and hold CFX harmless from and against any and all lawsuits, actions, proceedings claims, demands, losses, costs, expenses, fines, fees (including attorneys' fees at the trial or appellate ]evel), judgments, liabilities, damages, injuries (including death) which arise from or may be related to the Utility Work or this Pennit, including but not limited to construction, maintenance, use, or occupancy of CFX's Property or ingress and egress to or from CFX's Property, either directly or indirectly, and are caused in whole or in part by the acts, omissions or negligence of the Applicant or its employees, contractors, or agents, excepting only those claims arising from the sole negligence of CFX, its officials, or employees. Legal counsel provided to CFX must be acceptable to CFX. This paragraph survives the tennination of this Pennit.

ed  in  thsi   Per  mit shall  be construed as a  waiver  or  atten1pt  at  a waiver
r the Constitution. the Florida Statutes, and laws oft.he State of Florida. n of this Permit.

do

nts h all provide. pay for and maintain in full force and effect insurance than the prescribed minimum limits of liability. covering the activities lls  ubcontractors	(including  officers. employees or  agents of each  and e provided  through companies authorized to	business in the State y the CFX. Compliance with the insurance requirements below shall bilities and obligations under thisP ermit. Failure of' CFX to demand
pliance with these .insurancer  eq uire menst	or  failure ofCFX to identify
vill not be cons tr ued as a waiver of the obligation to maintain such y by CFX of any certificate of insurance evidencing ther equired approval or  agreemenL  by  CFX   that  the  insur   ance  requirements  have hown  in   the  certificates  0£ insurance  are  in  comp liance  with the

ance policies in any wayrelated to the Utility "Work to include clauses ve all rights of recovery, under subrogation or otherwise, against ub-contractors. by appropriate writ1:en Agreements, to include similar numerated in this section.   Whenr  equired    by    the    insurer,  or should a sement. the Applicant agrees to notify the insurer andr equest tl1at the
er of  Transfer of Righst	ofRecovery Against  Others. 01·an equivalent
expense. all  Jirnits must  be maintained.	All insurance coverage
e  primary  over any  insurance  ors  elf-insurancep .r  og	rsu  :n cai"ried

ll be on an occurrence form policy for all operations incl uding, but and Completed Operations, and Personal Injury. The limits sh.all be ($1,000,000) per occurrence,  Combined  Single Lim.its (CSL) or its
n additional insured utilizin,g an endorsementF orm.
all  be  on  an  occurrence  .form  policy  fo1· all  owned,   non-owned  and 00 01 or its equivalent. The limitss h.al be not les than One Million
, Combined  Single Limits (CSL)  or its equivalent.	In the event the
, the Applicant shall inaintain coverage for  hired and non-owned auto
way  of   endorsetnent  to   the  Conunercial   General   Liabiliyt	policy  or
cy.
Workers'  Compensation and Employer  •s Liability lnstll'ance shall be lation (statutory requirements). Employer's LiabiHty insurances hall n $100.00 0 per accident f'or bodily injury by accident, $ I 00,000 per
, and $500,000 policy limit by disease. The Workers' Compensation ver of subrogation  in favor of' CFX for  all work performed  by the
ctors,  agents ands ·ub-contractosr  .
DITIONAL INSURANCE REQOJ.REMENTS
th in the attached Addendum, isr equired if'the Location lroad track or f'acility.
al Liability Insurance (CPL), as set forth in the Addendum, is
olvi,ng   or	related  to  hazardous  waste.
nt of$ _ _ _ _ _ _ _ _ _ _ _ _ _ is required if tl1e cost of impact tco CFX	is greater than the COL coverage.
cate of Insurance, the Applicant shalt provide CFX with a renewed

 	, Page 5 of 8

Assumption of Risk; Release. The Applicant, on behalf of its employees, contractors, and agents, assumes the risk associated with any activities arising out of this Permit or on or around CFX Property. The Applicant, on behalf of itself, its employees, contractors, and agents, hereby releases CFX, its officials, officers, employees, contractors and agents from any and all liability, loss, claims, damages, costs and expenses of any nature in connection with any injury or damage to any person or any real or personal property which the Applicant and its employees, contractors, or agents may suffer or incur in connection with the Utility Work or this Permit. This paragraph survives the termination of this Permit.
Reservation of Rights. CFX expressly reserves all rights to pursue any claims it may have against the Applicant, its employees, contractors or agents for damages, violations, contributions and indemnity, or for any other losses which may have been caused by the Applicant, its employees, contractors, or agents within CFX Property. In the event that the Applicant fails to comply with the terms of this Permit, CFX has the'right to immediately tenninate the Permit upon oral or written notice. This paragraph survives the tennination of this Permit.	·
	Goven'ling Law. All parties agree that this Pennit and the contents thereof are to be interpreted and enforced pursuant to the laws of the State of Florida. Any action at law, suit in equity, or judicial proceeding for the enforcement of this Permit or any provision hereof shall be instituted and maintained only in the courts of the State of Florida. The parties consent to the exclusive jurisdiction of the courts located in Orange County, Florida. This paragraph survives the termination of this Pennit.
Notice. Except as otherwise provided in paragraphs 4 (general utility work conditions), 8 (restoration of site; final site inspection), and 13 (reservation of rights), all written notices required to be delivered to the Applicant or CFX shall be delivered via certified mail return receipt requested to the respective parties at the following addresses: (a) with respect to the Applicant, to the address provid_ed on page l; and (b) with respect to CFX, to CENTRAL FLORIDA EXPRESSWAY AUTHORITY, 4974 ORL Tower Road, Orlando, FL 32807-1684, Attention: Chief of Infrastructure, with a copy to the same address, but to the Attention of CFX's General Counsel. This paragraph survives the tennination of this Permit.
Authorized Signatories. The Applicant represents and warrants that the person signing below is duly authorized to sign this Application for Permit to which the Applicant and its employees, contractors, and agents will be duly bound.
Termination. This Permit is terminable at will by the CFX. Unless terminated sooner, this Permit expires upon the earlier of; (a) the termination date; (b) completion of Utility Work, including restoration; (c) expiration of the required insurance; or (d) written or oral notice by CFX.
This Pennitmay not be assigned without the written consent of QX
The Parties agree that neither thls Penn.it nor any memorandum or notice of the same shall be recorded in the Official Records of Orange County, Florida or any other County in the State of Florida.
This Permit does not take effect until it is fully executed by CFX in writing. The representations of staff are not binding.
IN WI1NESS WHEREOF, the Utility Agency/Owner and the Utility Builder (if applicable) execute this Application for a Utility Permit to enter CFX Property, for the limited purpose of constructing the proposed utilities in the area described in the Utility Work and Plans with a precise location of the proposed Utilities limited to the area delineated in Attachment A, and, as a condition of approval, Applicant agrees to the terms and conditions set forth in this Permit, including the Special Conditions below.

Witnesses:	UTILITY AGENCY/OWNER:

#1 Signature: 	_
Print Name:- --------

By signing below, I represent that I have the authority to bind the Utility Agency/Owner

#2 - Signature:	_	Signature:	·

Print Name:----------

Print Name: 		_ Title:. 	_

Utility Permit No.  	_,Page 6 of 8

STATE OF FLORIDA	)
COUNTY OF 		_,
The foregoinginstmment was acknowledged  before me this 		day of 	201_, by
,who  is  personally  known  to  me  or  who  has  produced

------------as identification and who did (did not) take an oath.
(SEAL)

Notary Public

Witnesses:
#1 - Signature:, 	_
,	Print     Name:----------

PrintN me

UTILITY BUILDER: 	_
By signing below, I represent that I have the authority to bind the Utility Builder.

#2 - Signature:,	_	Signature: 	_

Print Name: 	_

STATE OF FLORIDA	) COUNTY OF ---)

Print Name: 	_
Title: 	_

The foregoing instrument was acknowledged before me this 		day of 	201_, by
-----------------, who is personally known to me or who has produced
------------as identification and who did (did not) take an oath.
(SEAL)

Notary Public

Print Name

CENTRAL FLORIDA EXPRESSWAY AUTHORITY
Special Conditions: 	

In reliance upon the representations and commitments of Applicant, including the terms and conditions above, CFX approves the Application for a Utility Permit and grants to Applicant, and its employees and contractors, a temporary, non-exclusive right to enter the CFX Property delineated in Attachment A for the sole and limited purpose of Utility Work described in Attachment A, for the period

commencing on: 	and expiring on: 	,
Start Date and Time	End Date and Time
By:. 		Date:.	 Chief of Infrastructure
APPROVED  AS TO FORM: 	,Date: 		_
General Counsel	General Counsel

ADDENDA
RAILROAD INSURANCE: When the Uti]jty Work is on, over or under a railroad, railroad property or railroad right-of-way, the Applicant shall furnish to CFX (for transmittal to the railroad company) an insurance certificate with the railroad named as the insured which (with respect to the operations the Applicant or any of its subcontractors perform) will provide for Railroad Protective Liability insurance providing coverage for bodily injury, death and property damage of a combined single limit of Five Million Dollars ($5,000,000.00) per oc<;::urrence, with an aggregate limit of Ten Million Dollars ($10,000,000.00) for the term of the policy. The policy shall be written on the ISO/RIMA (CG 00 3S I I 85) with Pollution Exclusions Amendment (CG 28 31 11
85) endorsement deleting Common Policy Conditions (CG 99 01) if Common Policy Conditions are included in the policy and Broad Form Nuclear Exclusion (IC 00 21). CFX, its employees, members, officers, agents, consultants and successors shall be named as Additional Insured under this policy. A waiver of subrogation endorsement is required.
POLLUTION LEGAL/ENVIRONMENTAL LEGAL LIABILITY INSURANCE  (CPL):  The Applicant
agrees to maintain Pollution Legal/Environmental Legal Liability Insurance on a per-project basis. Coverage shall be for pollution losses arising from all activities arising from or related to the Permit. Coverage shall apply to sudden and gradual pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other initants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water, which results in Bodily Injury or Property  Damage.   If policy is  written  on a  Claims  Made form,  a retroactive  date prior to  or equal  to the
effective date of the Pennit is required, and coverage must be maintained for 3 years after termination of the Permit or ''tail coverage" must be purchased. In the event the policy is canceled, non-renewed, switched to occurrence form1 or any other event which triggers the right to purchase a Supplemental Extended Reporting Period (SERP) during the life of this contract the Applicant agrees to purchase the SERP with a minimum reporting period ofnot less than three years. Purchase of the SERP shall not relieve the Applicant of the obligation to provide replacement coverage. Coverage should include and be for the at least the minimum limits listed below:
l) Bodily injury, sickness, disease, mental anguish  or shock  sustained  by any person,  including  death;  property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed;
Defense including costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensation damages.
Cost of Cleanup/Remediation.
Limits: Each Occurrence • $ 2,000,000; General Aggregate - $ 4,000,000
For acceptance of Pollution Legal/Environmental Legal Liability coverage included within another policy coverage required herein, a statement notifying the certificate holder must be included on the certificate of insurance and the total amount of said coverage per occurrence must be greater than or equal to the amount of Pollution Legal/Environmental Legal Liability and other coverage combined. If the COL and CPL  policy is issued by the same issuer, a total pollution exclusion shall be attached to the Applicant's CGL policy and an appropriate premium credit provided from the issuer to the Applicant. CFX, its employees, members, officers, agents, consultants and successors shall be named as Additional Insured under this policy. A waiver of subrogation endorsement is required.

BOGGY CREEK IMPROVEMENT DISTRICT

Ratification of Requisition
Nos. 301 -	317 Approved in August 2017 in the amount totaling $715,134.56

BOGGY CREEK IMPROVEMENT DISTRICT

DISTRICT OFFICE• 12051 CORPORATE BLVD• ORLANDO, FL 32817 PHONE: (407) 382-3256 • FAX: (407) 382-3254

Requisition Recap For Board Approval

Attached please find the listing of requisitions approved to be paid from bond funds from August 1, 2017 through August 31, 2017. This does not include requisitions previously approved by the Board.

	REQUISITION NO.	.PA.YEE	AMOUNT	
	301	Kittelson & Associates	$459.73	
	302	Professional Service Industries	$2,800.00	
	303	Donald W. McIntosh Associates	$2,561.33	
	304	Orlando Sentinel	$417.34	
	305	Donald W. McIntosh Associates	$56,921.60	
	306	Jr. Davis Construction Company	$580,736.28	
	307	Kittelson & Associates	$3,696.00 ·	
	308	LandDesign	$2,029.40	
	309	Orlando Sentinel	$436.26	
	310	Dix.Hite + J?ar.tu.S'.rs	$178.00	
	311	Kittelson & Associates.·	$4,130.92	
	312	Professional Service Industries	$4,836.00	
	313	Donald W. McIntosh Associates	$2,262.93	
	314	Hopping Green &Sams ··	$1,504.00	
	315	Kittelson & Associates	$921.50	
	316	Orlando Sentinel ..	$75.42	
	317	Donald W. McIntosh Associates	$51,167.85	
			$715,134.56	

EXHIBIT "A"
FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture from the District to U. S. Bank National Association as trustee (the "Trustee"), dated as of December l, 2010 (the "Master Indenture"), as amended and supplemented by the Second Supplemental Indenture from the District to the Trustee, dated as
of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized terms used herein shall have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNumber: 301

Name of Payee: Kittelson & Associates

Amount Payable: $459.73

Purpose for which  paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress payments, or, state Costs oflssuance, if applicable):

1. Invoice 89049 for Project 211410 (Lake Nona Town Center: Loop Road & SR 417/Lake Nona Boulevard Interchange Operations Analysis) through 04/31/2017
-$459.73

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated  amount  set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a· Cost of the Project, and has not previously been paid.

The undersigned hereby fmiher certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of Default,  as defined by the Master Indenture, or would constitute and Event of Default but for  the requirement that notice be given or time elapse or both.

BCID Requisition  301: Kittelson & Associates	June 30, 2017	Page I of2

RECE\VEO AlJG O 3 20'l7

Attached hereto are originals of the invoice(s) from the vendor ofthe property acquired or services rendered with respect to which disbursement is hereby requested.
··
Boggy	eme/ ,i;ietr/

D

-	-	----,£/.,/- =-"-  --------,----,,--­
Officer	(1,JV\(J(\  \Jet\t1.L(    IA.,

CONSUL TING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent with:  (i)  the  applicable  acquisition  or  construction  contract;  (iD the plans and specifications for the portion of) Project with respect to which such

Z. --		 	

been amended or modified on the date hereof.

Authonzed Office1 oh1111t\, rttrlo, p £.,

n/4 /4,,r

BCID Requisition 30 I: Kittelson  & Associates	June 30, 2017	Page 2 of2

RECEIVED AUG [l 3 2m7

EXHIBIT "A" FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master 11-ust Indenture from the District to U. S. Bank National Association as trustee (the "Trustee"), dated as of December 1, 2010 (the "Master Indenture"), as amended and supplemented by the Second Supplemental Indenture from .the District to the Trustee, dated  as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized te1ms used herein shall have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNumber: 302

Name of Payee: Professional Service Industries

Amount Payable: $2,800.00

Purpose for which paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress payments, or, state Costs of Issuance, if applicable):

1. Invoice 506624 for Project 06633337 (Lake Nona Nemours Pkwy West and Lift
Station No. 10 - CSER) through 06/01/2017 - $2,800.00

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of Default,  as defined by the Master Indenture, or would constitute and Event of Default but for  the requirement that notice be given or time elapse or both.

BCID Requisition  302: Professional Service Industries	June 30, 2017	Page 1 of2

;j g:,1;JJ

"r"·.1,;,r_·ntrL~•.\:P'IhE:,Td  vfHtjlJil'f.lJ'   !t'J1 •    C1f1\J•7

Attached hereto are originals ofthe invoice(s) from the vendor ofthe property acquired or services rendered with respect to which disbursement is hereby requested.
,,-,----
Boggy e_: m,rovemefit Dj§trict
--=. ---\_	,,..,,.,;7J,,,,D.V
Authorized Ofd'ice;· l) (;lJ\l\.(}r Vttl'\'7 Uv1 (A..

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent with:  (i)  the  applicable  acquisition  or  construction  contract;  (iD the plans and specifications for the  portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the report of the District Engineer as  such report  shall have been amended or modified on the date hereof

K	•

ll:i/J;;,rizcd  Of!icer(Jc1,wv\;I. Acv;=o,rfozjr',a

BCID Requisition  302: Professional Service Industries	June30,2017	Page 2 of2

-f=:'rb!rV.JLF='J'lJ   £!biI-:cjl;lJ

ru 3 'i)bfU'!'.l,7'

EXHIBIT  "A"
FORM OF REQUISITION

.The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture from the District to U, S. Bank National Association as trustee (the "Trustee"), dated as of December 1, 2010 (the "Master Indenture"}, as amended and supplemented by the Second Supplemental Indenture from the District  to the Trustee,  dated  as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized terms used herein shall  have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNumber: 303

Name of Payee: Donald W. McIntosh Associates

Amount Payable: $2,561.33

Purpose for which  paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress payments, or, state Costs of Issuance, if applicable):

1. Invoice 33749 for Project 23218 (Lake Nona Boggy Creek) through 06/16/2017 -
$2,561.33

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount set  forth above have been incuITed by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further ce1iifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set f01ih above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of  Default,  as defined by the Master Indenture, or would constitute and Event of Default but for the  requirement that notice be given or time elapse or both.

BCID Requisition  303: Donald W. McIntosh Associates	July 7, 2017	Page  I of2

RECEIVED 1 UG O 3 2017

Attached hereto are originals ofthe invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.

,/
Boggy  Creek  Improvement Distriet,,.-
 	_:-	;_,it;/ '	-
Authonzed  Officer   f) cu   v\_o(\    V[:,{/\ r\J,..JCi.....

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent  with:  (i)  the  applicable  acquisition  or  construction  contract;  (ii) the plans and specifications for the  portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the report of tJielDistrict Engineer as  such report shall have been amended or modified on the date hereof.

,.

'	'" ·	n .// - 1

C'?k /4.;2

7r

omfb-/\ o i,1 1 J,J1
"-,   ·-,,,,.,._.}

t"'\D r' .u"  ' -,:?-[;,· -

BCID Requisition 303: Donald W. McIntosh Associates	July 7, 2017	Page 2 of2

rE.U)F:LF,>['F.,In\ /'Fi:=U  !i1iiIJift.;"l

!ij7 ,-j'    't),il)!J•JIsJ

EXHIBIT "A" FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master TI·ust Indenture from the District to U. S. Bank National Association as trustee (the "Trustee"), dated as of December 1, 2010 (the "Master Indenture"), as amended and supplemented by the Second Supplemental Indenture  from the District  to the Trustee,  dated as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter r(;)ferred to as the "Indenture") (all capitalized tenns used herein  shall have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNumber: 304

Name of Payee: Orlando Sentinel

Amount Payable: $417.34

Purpose for which  paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress  payments, or, state Costs of Issuance, if applicable):

Invoice	OSCM3 l 6326	(Ad	#5029544)	for	Legal	Advertising	Through 07/02/2017, split 3 ways - $7 4.16
Invoice OSCM3 l 6464 (Ad #5_04797 ) for Legal Advertising Through 07/02/2017
-$343.18

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount  set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The. undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of  Default,  as defined by the Master Indenture, or would constitute and Event of Default but for the  requirement that notice be given or time elapse or both.

BCID Requisition  304: Orlando Sentinel	July 7, 2017	Page 1 of2
RECEIVED AUG :O '.3 2017

Attached hereto are originals of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.

 	-:-/JG

Boggy Creek Improvement Di t----_,.,..-------

•
A

CONSUL TING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent  with:  (i)  the  applicable  acquisition  or  construction  contract;  (iv the plans and specifications for the  portion  of  the  Project  with  respect  to  which  such disbursement is being  made;  and,  (ii) the report  e  District  Engineer  as  such report  shall have been amended or modified on the date hereof.

67//
Offi Jbhn ;V1·vfovfa,'P f:·

BCID Requisition  304: Orlando Sentinel	July 7, 2017	Page 2 of2
REC- E'IVrc,t!ri

,,"i-i)a•\iJi"O

"O ".;l

e, .O•,url0

EXHIBIT "A" FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master 11-ust Indenture from the District to U. S. Bank National Assodation as trustee (the "Trustee"), dated as of December 1, 2010 (the_ "Master Indenture"), as amended and supplemented by the Second Supplemental Indenture from the District  to the Trustee,  dated  as of April 1, 2013 (the Master Ind<:mture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized terms used herein shall  have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNumber: 305

Name of Payee: Donald W. McIntosh Associates

. (C)	Amount Payable: $56,921.60

Purpose for which  paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress payments, or, state Costs oflssuance, if applicable):

. Invoice 33820 for Project 13031 (Lake Nona Road Southern Section Roadway Design Services) through 06/16/2017 - $6,648.85
Invoice 33826 for Project 16193 (Lake Nona Town Center Parcel 22A Perimeter Road, Lift Station 10 and Forcemain) through 06/16/2017 - $50,272.75

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount  set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The  undersigned  hereby  further  certifies  that  such   requisition   contains   no   item representing payment on  account  of  any  retained  percentage  which  the District  is  at  the  <;late  of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of  Default,  as defined by the Master Indenture, or would constitute and Event of Default but for  the requirement that notice be given or time elapse or both.

BCID Requisition  305: Donald W. McIntosh Associates	July 14, 2017	Page 1 of2
RECEIVED AUG O 3 2m1

Attached hereto are originals ofthe invoice(s) from the vendor ofthe property  acquired or services rendered with respect to which disbursement is hereby requested.

 --	_k 	

_

Boggy Creek Improvement Distri0t'

?,.-'" Authorized Officerb	l\"-i/V\_(_jlj v.e,,n:tvJ a  

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby• certifies that this disbursement is for a Cost of-the Project and is consistent with:  (i)  the  applicable  acquisition  or  construction  contract;  (iO the plans and specifications for the  portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the report of)hq District Engineer as  such report  shall  have been amended or modified on the date hereof.

Offi  .	r·	··	I.	r

 	.1)7/
lCel)llW) X1·'Flt:i1'10;	P·E·,

BCID Requisition  305: Donald W. McIntosh Associates	July 14, 2017	Page 2 of2

.= L'-_-.l M '!]JI VJ ,J !UJJ:1

9°)'\\L'.:l'/,CEJnl1J 1En  11urr::  fl   ':-1   •·\riri

EXHIBIT "A" FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms  of the Master  Trust Indenture  from  the District  to  U.  S. Bank  National  Association as

) ,

trustee (the 11Trustee11        dated as of December  1,  2010 (the 11Master Indenture"), as amended  and
supplemented by the Second Supplemental Indenture from the District  to the Trustee,  dated as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized terms used herein shall have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNuinber: 306

Name of Payee: Jr. Davis Construction Company

Amount Payable: $580,736.28

Purpose for which paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress payments, or, state Costs oflssuance, if applicable):

Pay Application 23 for Part 1 - Lake Nona Boulevard Road L to Boggy Creek Road Through 11/25/2016 - $5,153.33
Pay Application 24 for Part 1 - Lake Nona Boulevard Road L to Boggy Creek Road Through 11/25/2016 - $575,582.95

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby caiifies that obligations in the stated amount  set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition· contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of Default,  as defined by the Master Indenture, or would constitute and Event of Default but for the requirement that notice be given or time elapse or both.

BCID Requisition 306: Jr. Davis Construction Company	July 14, 2017	Page 1 of2
RECEIVED AUG O 3 2017

Attached hereto are originals of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.
 	;	13:	-
Auth01ized Officer gc .. VV\_ F\ \/ (,i\-p,J(}._

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent with:  (i)  the  applicable  acquisition  or  construction  contract;  (ii) the plans and specifications for the portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the report of the District Engineer as such report  shall have been  amended  or modified  on the date hereof.	-

flCn	/P·

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uthorized   OfficUzln1 )\;\ .	O	b'

BCID Requisition 306: Jr. Davis Construction Company	July 14, 2017	Page 2 of2
RFCEIVED t\UG :Q 3 2017

EXJB£IB:n:T "A"
FORNI OF REQUISITION

The 1mdersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture from the District to U. S. Bank National Association as trustee (the "Trnstee"), dated as of December 1, 2010 (the "Master Indenture"), as amended and supplemented by the Second Suppleinental Indenture from the District  to the Trustee,  dated as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenh1te") (all capitalized terms used herein shall have the  meaning  ascribed  to  such term in the Indentme);

Requisition Number: 307

Name of Payee: Kittelson & Associates

Amount Payable: $3,696.00

Purpose for which paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress payments, or, state Costs oflssuance, if applicable):

1. Invoice 89357 for Project 214850 (BCID Town Center Signal Designs) through 05/31/2017 - $3,696.00

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount set forth above have been iucmred by the District, ·that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The 1mdersigned hereby fmther certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereo£

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of Default,  as defined by the Master Indenture, or would constitute and Event of Default but for the requirement that notice be give11.or time elapse or both.

t.JJ H

BCID Requisition 307: Kittelson & Associates	July 14, 2017	Page I of2

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Attached hereto are originals of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.

Boggy Creek Improveiyee,J)i
 	-4G ,
Authorized Officer DO,._(Vq ,,) \Jei/\tu.l (!. ,

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent with:  (i)  the  applicable  acquisition  or  consb.uction  contract;  (ii) the plans and specifications for the portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the report of the District Engineer as  such report shall have been amended or modified on the date hereof.

thorized Offict::(JJ><"."·I	t-1 •(:i f1 f). ;, 0

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BCID Requisition 307: Kittelson & Associates	July 14, 2017	Page 2 of2
RECEIVED :t\UG O 1 2017

EXHIBIT "A" FORM OF REQIDSITION

The unqersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the tenns of the Master Trnst Indenture from the District to U. S. Bank National Association as trustee (the "Trnstee"), dated as of December 1, 2010 (the "Master Indenture"), as amended and supplemented by the Second Supplemental Indenture from the District  to the Trnstee,  dated as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized tenns used herein shall have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNumber: 308

Name of Payee: LandDesign

Amount  Payable: $2,029.40

Purpose for which paid  or incurred  (refer  also  to specific contract  if amount is due and payable pursuant to a contract involving progress payments, or, state Costs oflssuance, if applicable):

1. Invoice 86009 for Project 8117011 (Lake Nona Town Center Loop Road/ Boggy Creek CDD) through 07/01/2017 -$2,029.40

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby ca.tifies that obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth ab9ve, which has not been
released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of Default,  as defined by the Master Indenture, or would· constitute and Event of Default but for the requirement that notice be given or time elapse or both.

BCID Requisition 308: LandDesign	July 14, 2017	Page 1 of2

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Attached hereto are originals of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.

Boggy Creek Impro

-
Authorized Officer	Cuv1 ()y\._ \/ (2.1/\:tu-.,; (J_

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent with: (i) the applicable acquisition or construction contract; (ii)
the plans and specifications for the portio,nf e Project  with  respect  to  which  such disbursement is being made; and, (ii) the report oj  e District  Engineer  as  such report shall have been amended or modified on the date hereof. / /

1,1"-==------

BCID Requisition 308: LandDesign	July 14, 2017	Page 2 of2

RECEIVED / lJ (] 3 2!U'l7

EXHIBIT  "A"
FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement. District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master TI·ust Indenture from the District to U. S. Bank National Association as trustee (the "Trustee"), dated as of December 1, 2010 (the "Master Indenture"), as amended and supplemented by the Second Supplemental  Indenture from the District  to the Trustee,  dated as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized tenns used herein shall  have  the  meaning  ascribed. to  such term in the Indenture);

RequisitionNumber: 309
, I
Name of Payee: Orlando Sentinel

Amount Payable: $436.26

Purpose  for  which   paid  or  incurred   (refer  also  .to specific contract if amount is due and payable  pursuant  to  a  contract  involving  progress  payments, or, state Costs oflssuance, if applicable):

1. Invoice OSCM318560 _(Ad #5069379) for Legal Advertising Through 07/16/2017
-$436.26

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been
released or will not be released simultaneously with the payment hereof.	·

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of Default,  as defined by the Master Indenture, or would constitute and Event of Default but for  the requirement that notice be given or time elapse or both.

BCID  Requisition 309: Orlando Sentinel	July 21, 2017	Page 1 of2

l

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Attached hereto are originals of the invoice(s) from the vendor ofthe property acquired or services rendered with respect to which disbursement is hereby requested.

 	f/- 	--

Boggy  Creek Improvem6nt Di1t.rict,.	--·

Authorized Officer D tel"' 0/'J V Ci-·'\-71-.c'L/' (A  

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent with:  (i)  the  applicable  acquisition  or  construction  contract;  (iD the plans and specifications for the portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the report of Jhe)District Engineer as such report shall have  been amended or modified on the date hereof.

 	t>7/ /Zol.;?

1

Office1(:J   c¼ v1.fa11 }fov1'6 ?6 -

BCID Requisition  309: Orlando Sentinel	July 21, 2017	Page 2 of2

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EXHIBIT "A"
FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture from the District to U. S. Bank National Association as trustee (the "Trustee"), dated as of December I, 2010 (the "Master Indenture"), as amended and supplemented by the Second Supplemental Indenture  from the District  to the Trustee,  dated as of April I, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized terms used herein shall  have  the  meaning  ascribed  to  such term in the Indenture);

Requisition Number: 310

Name of Payee: Dix.Hite+ Partners

Amount Payable: $178.00

Purpose for which paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress payments, or, state Costs of Issuance, if applicable):

I. Invoice 1706033 for Project 21646.4 (Nemours Pkwy Phase 7) Through 06/16/2017-$178.00

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge a'gainst the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of  Default,  as defined by the Master Indenture, or would constitute and Event of Default but for  the requirement that notice be given or time elapse or both.

BCID Requisition  310: Dix.Hite+ Partners	July 28, 2017	Page 1 of2

r .1::·t-:-r'1:J="\rfE_·Ii:FJ  rI\dutIJt'!:   'tt ·"t:

Attached hereto are originals ofthe invoice(s) from the vendor ofthe property acquired or services rendered with respect to which disbursement is hereby requested.

Boggy Creek Improve1hent DJstr-ict,/

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..-	Authonzed  Officer '9e 	ifl-\.	i\
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CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

1/

The undersigned. Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent with:  (i)  the  applicable  acquisition  or  construction  contract;  (ii) the plans and specifications for the portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the repoti of/  istrict Engineer  as  such report shall  have been amended or modified on the date hereof.

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BCID Requisition  310: Dix.Hite+ Partners	July 28, 2017	Page 2 of2

,;t /if
tl   ;

EXHIBIT "A"
FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture from the District to U. S. Bank National Association as trustee (the "Trustee"), dated as ofDecember 1, 2010 (the "Master Indenture"), as amended and supplemented by the Second Supplemental Indenture from the District  to the Trustee,  dated  as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized teims used herein shall  have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNumber: 311

Name of Payee: Kittelson & Associates

Amount Payable: $4,130.92

Purpose for which paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress payments, or, state Costs oflssuance, if applicable):

1. Invoice 89625 for Project 214850 (BCID Town Center Signal Designs) through 06/30/2017 - $4,130.92

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of  Default,  as defined by the Master Indenture, or would constitute and Event of Default but for  the requirement that notice be given or time elapse or both.

Attached hereto are originals ofthe invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.

Boggy Creek Improverfient DjstFict 	
---	7 -t:-
Authorized t'.officer p CIJ'lfl C.v1 \{e'i \ t ll\.(,

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

I

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent  with:  (i)  the  applicable acquisition  or  construction  contract;  (iD the plans and specifications for the portion of the Project with respect to which such disbursement  is being  made;  and,  (ii) the r,:&.o/;·    District  Engineer  as  such report shall have been amended or modified on the date her/

l	,t	-	-   .	N /4faar
/Authorized Office(;"'m	)v\, \{ Dr!D, f { , /

EXHIBIT  "A"
FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture from the District to U. S. Bank National Association as trustee (the "Trustee"), dated as of December 1, 2010 (the "Master Indenture"), as amended and supplemented by the Second Supplemental Indenture from the District  to the Trustee,  dated  as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized te1ms used herein shall have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNumber: 312

Name of Payee: Professional Service Industries

Amount Payable: $4,836.00

Purpose for which paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress payments, or, state Costs of Issuance, if applicable):

1. Invoice 508442 for Project 07571783 (Land Swap, Boggy Creek-Central Florida Expressway (CFX)) through 06/30/2017 - $4,836.00

Fund or Account and subaccount, if any, from which disbursement t be
made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount  set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of  Default,  as defined by the Master Indenture, or would constitute and Event of Default but for  the requirement that notice be given or time elapse or both.

BCID Requisition  312: Professional Service Industries	July 28, 2017	Page 1 of2

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fif !!i'::. ('IJ I\ trc\· ff

Attached hereto are originals of the invoice(s) from the vendor ofthe property acquired or services rendered with respect to which disbursement is hereby requested.

-----

Boggy Creek ImplEm/em_e,n.t..-District 	
-	 	-	Pt-.-
(      /	-
Authorized Officer	\)t'U/1.,·l\J/1 \/eu\iLJ Cl,

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent  with:  (i)  the  applicable acquisition  or  construction  contract;  (ii) the plans and specifications for the portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the report of !P/Iiistrict Engineer  as  such report  shall have been  amended  or  modified  on the date hereof   /      _/	·

'		.	o,£/4/

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/Authorized Offic00V1nM1 [{6na:r- £,

BCID Requisition 312: Professional Service Industries	July 28, 2017	Page 2 of2

0 t

EXHIBIT "A"
FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture from the District to U. S. Bank National Association  as trustee (the "Trustee"), dated as ofDecember I, 2010 (the "Master Indenture"), as amended and supplemented by the Second Supplemental Indenture from the District  to  the Trustee,  dated as of April I, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized te1ms used herein shall have  the  meaning  ascribed  to  such term in the Indenture);

Requisition Number: 313

Name of Payee: Donald W. McIntosh Associates

Amount Payable: $2,262.93

Purpose for which  paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress payments,  or, state Costs oflssuance, if applicable):

1. Invoice 33868 for Project 23218 (Lake Nona Boggy Creek) through 07/14/2017 -
$2,262.93

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount  set forth above have been incurred by _the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incun-ed in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further  certifies  that  such  requisition  contains  no  item representing payment on 11-ccount of any retained percentage which  the District  is at the date of  such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of  Default,  as defined by the Master Indenture, or would constitute and Event of Default but  for  the requirement that notice be given or time elapse or both.

BCID Requisition 313: Donald W. McIntosh Associates	August 4, 2017	Page I of2

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Attached hereto are originals of the invoice(s) from the vendor ofthe property acquired or services rendered with respect to which disbursement is hereby· requested.

_-==-=-z-/--4

Boggy_ Creek Improve1Z)t Dis ,./----
1::;-·· ....

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent with:  (i)  the  applicable  acquisition  or  construction  contract;  (ii) the plans and specifications for the  portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the report of the 1}4,trict Engineer as  such report shall have been amended or modified on the date hereof.

t:?8/4
Offi ii1n Ai\:(for,0 1v ·€·

BCID Requisition  313: Donald W. McIntosh Associates	August 4, 2017	Page 2 of2

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1""' , "$ ]  t6l)!·:J'.,:,f',

EXHIBIT "A"
FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master 1i'ust Indenture from the District to U. S. Bank National Association as trustee (the "Trustee"), dated as ofDecember 1, 2010 (the "Master Indenture"), as amended and supplemented by the Second Supplemental Indenture from the District  to the Trustee,  dated  as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized terms used herein shall  have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNumber: 314

Name of Payee: Hopping Green & Sams

Amount Payable: $1,504.00

Purpose for which  paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress  payments, or, state Costs of Issuance, if applicable):

1. Invoice 95202 for Project Construction through 06/30/2017 - $1,504.00

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount set forth above  have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of  Default,  as defined by the Master Indenture, or would constitute and Event of Default but for  the requirement that notice be given or time elapse or both.

BCID Requisition  314: Hopping Green & Sams	August 4, 2017	Page 1 of2

1RECEIVEO t UG  2 iJ

Attached hereto are originals of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.
Boggy  Creekl  mprovemDI 7.  2.d	-
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CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby ce1iifies that this disbursement is for a Cost of-the Project and is consistent  with:  (i)  the  applicable  acquisition  or  construction  contract;  (ii) the plans and specifications for the  portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the report of thyf)istrict  Engineer  as  such report shall  have been amended or modified on the date hereof.

BCID Requisition 314: Hopping Green  & Sams	August 4, 2017	Page 2 of2

ffe\ JG 2 .iti

EXHIBIT  "A"
FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture from the District to U. S. Bank National Association as trustee (the "Trustee"), dated as of December 1, 2010 (the "Master Indenture"), as amended and supplemented by the Second Supplemental Indenture from the District  to the Trustee,  dated  as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized te1ms used herein shall have  the  meaning  ascribed  to  such term in the Indenture);

Requisition Number: 315

Name of Payee: Kittelson & Associates

Amount Payable: $921.50

Purpose for which  paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contracf involving progress  payments, or, state Costs of Issuance, if applicable):

1. Invoice 89817 for Project 211410 (Loop Road & SR 417/Lake Nona Boulevard Interchange Operations Analysis) through 06/30/2017 - $921.50

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount  set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of  Default,  as defined by the Master Indenture, or would constitute and Event of Default but for  the requirement that notice be given or time elapse or both.

BCID Requisition 315: Kittelson & Associates	August 4, 2017	Page 1 of2

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Attached hereto are originals of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.
Boggy	rom1 Dis!!:i,ct- 	'
-	-.)
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CONSULTING ENGINEER'S APPROVAL FOR NON-COST OFISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is consistent with:  (i)  the  applicable  acquisition  or  construction  contract;  (ii) the plans and specifications for the portion  of  the  Project  with  respect  to  which  such  disbursement is being made; and, (ii) the report of the District Engineer as  such report  shall have been amended or modified on the date hereof.

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BCID Requisition  315: Kittelson & Associates	August 4, 2017	Page 2 of2

RP·:EPJED s UG 2 tJ

EXHIBIT "A"
FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture from the District to U. S. Bank National Association as trustee (the "Trustee"), dated as of December 1, 2010 (the "Master Indenture"), as amended and
_ supplemented by the Second  Supplemental  Indenture from the District to the Trustee,  dated as of April 1, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized terms used herein shall  have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNumber: 316

Name of Payee: Orlando Sentinel

Amount Payable: $75.42

Purpose for which paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress payments, or, state Costs of Issuance, if applicable):

Invoice	OSCM320934	(Ad	#5076448)	for	Legal	Advertising	Through 07/30/2017, split 3 ways -$75.42

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount  set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of  Default,  as defined by the Master Indenture, or would constitute and Event of Default but for the  requirement that notice be given or time elapse or both.

BCID Requisition 316: Orlando Sentinel	August 4, 20 I7	Page 1 of2

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Attached hereto are originals of the invoice(s) from the vendor of the property acquired or services rendered with respect to which disbursement is hereby requested.

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Boggy  Creek Im.ptovement  F1Y .
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CONSUL TING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is  consistent  with:  (i)  the  applicable  acquisition  or  construction  contract;  (ii) the plans and specifications for the  portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the report of the District Engineer as  such report  shall have been  amended  or modified  on the date hereof.	.-.

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BCID Requisition  316: Orlando Sentinel	August 4, 2017	Page 2 of2

,{\UG i \

EXHIBIT "A"
FORM OF REQUISITION

The undersigned, an Authorized Officer of Boggy Creek Improvement District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture from the District to U. S. Bank National Association as  trustee (the "Trustee"), dated as of December I, 20 IO (the "Master Indenture"), as amended and supplemented by the Second Supplemental  Indenture from the District  to the Trustee,  dated  as of April I, 2013 (the Master Indenture as amended and supplemented is hereinafter referred to as the "Indenture") (all capitalized te1ms used herein shall  have  the  meaning  ascribed  to  such term in the Indenture);

RequisitionNumber: 317

Name of Payee: Donald W. McIntosh Associates

Amount Payable: $51,167.85

Purpose for which  paid  or  incurred  (refer  also  to specific contract if amount is due and payable pursuant to a contract involving progress  payments, or, state Costs oflssuance, if applicable):

I. Invoice 33945 for Project 13031 (Lake Nona Road Southern Section Roadway Design Services) through 07/14/2017 -$5,600.50
Invoice 33949 for Project 16106 (Nemours Parkway Phase 6 Design and Permitting and Lift Station No. 7) through 07/14/2017 -$277.50
Invoice 33951 for Project 16193 (Lake Nona Town Center Parcel 22A Perimeter Road, Lift Station IO and Forcemain) through 07/14/2017 - $45,289.85

Fund or Account and subaccount, if any, from which disbursement to be made: 2013 Acquisition and Construction Account of the Acquisition and Construction Fund.

The undersigned hereby certifies that obligations in the stated amount  set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Acquisition and Construction Account, that each disbursement set forth above was incurred in connection with the acquisition and construction of the Project and each represents a Cost of the Project, and has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.

No event has occurred and is continuing which constitutes an Event of  Default,  as defined by the Master Indenture, or would constitute and Event of Default but  for  the requirement that notice be given or time elapse or both.

BCID Requisition 317: Donald W. McIntosh Associates	August 11, 2017	Page 1 of2

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Attached hereto are originals of the invoice(s) from the vendor ofthe property acquired or services rendered with respect to which disbursement is hereby requested.

Boggy  Creek  Improv/m ,i-s-tfi

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CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE AND CAPITALIZED INTEREST REQUESTS ONLY

The undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of-the Project and is  consistent  with:  (i)  the  applicable acquisition  or  construction  contract;  (ii) the plans and specifications for- the portion  of  the  Project  with  respect  to  which  such disbursement is being made; and, (ii) the report of th istrict Engineer  as  such report  shall have  been amend d or modified on the date hereof.

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BCID Requisition 317: Donald W. McIntosh Associates	August 11, 2017	Page 2 of2

:RECE·!VED

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BOGGY CREEK IMPROVEMENT DISTRICT
DISTRICT OFFICE• 12051 CORPORATE BLVD• ORLANDO, FL 32817 PHONE: (407) 382-3256 e FAX: (407) 382-3254

Requisition Recap For Board Approval

Attached please find the listing of requisitions approved to be paid from bond funds.from September 1, 2017 through September 30, 2017. This does not include requisitions previously approved by the Board.

REQUISITION NO;	PAYEE	AMOUNT

$0.00

BOGGY CREEK IMPROVEMENT DISTRICT

Ratification of Operation & Maintenance Expenditures Paid in August 2017
in the amount totaling $34,812.95 and Paid in September 2017 in an amount totaling $40,462.28

BOGGY CREEK IMPROVEMENT DISTRICT
DISTRICT OFFICE• 12051.CORPORATE BLVD• ORLANDO, FL 32817 PHONE: (407) 382-3256 • FAX: (407) 382:..3254

Operation and Maintenance Expenditures For Board Approval

Attached please find the check register listing Operations and Maintenance expenditures paid from August 1, 2017 through August 31, 2017. This does not include expenditures previously approved by the Board.

The total items being presented:	$34,812.95

Approval of Expenditures:

Chairman Vice Chairman
 		Assistant Secretary

9/13/17	Boggy Creek Improvement District
12:54:49 PM	AP Check Register (Current by Bank)
Check Dates: 8/1/20'17 to. 8/31/2017

3065	08/10/17	p	VALLEY	BrightView Landscape Services		$23,202.00	
3066	08/10/17	p	FISH	Fishkind & Associates, Inc.		$2,731.65	
3067	08/10/17	p	ORLSEN	Orlando Sentinel		$196.25	
3068	08/10/17	p.	RLEVEY	Richard Levey		$200.00	
3069	08/10/17	p	TCZAPK	Thaddeus Czapka		$200.00	
3070	08/10/17	p	VENTUR	Venturesln.com		$16.99	
3071	08/28/17	p	AWC	Aquatic Weed. Control, Inc..		$835.00	
3072	08/28/17	p	ATLAS	Atlas Profes.sio ·al Service_s		$15.00	
3073	08/28/17	p	VALLEY	8rightView Landscape Services		$612.00	
3074	08/28/17	p	CAROL	Carol King Landscape Main!.		$1,163.50	
3075	08/28/17 ·	P	DONMC	Donald W. McIntosh Associates		$500.00	
3076	08/28/17	p	HGS	Hopping Green-& Sams		$1,713.06	
3077	08/28/17	p	ORLSEN	Orlando Sentinel		$3,347.50	
3078	08/28/17	p	VENTUR	Ventures!n.com		$80.00	
					BANK SUN REGISTER TOTAL:	$34,812.95	
					GRAND TOTAL :	$34,812.95	

 Check No.	Date	Status	Vendor ID Payee Name BANK ID: SUN - CITY NATIONAL BANK

Page: 1

Amount 001-101-0000-00-01

* Check Status Types: "P" - Printed ; "M" - Manual ; "V" - Void ( Void Date ); "A" - Application; "E" - EFT
** Denotes broken check sequence.

Payment Authorization #317
7/21/2017

Item	

Payee	Invoice	
General	
No.	 	Number		Fund	
1	Fishkind & Associates		
	DM Fee & Reimbursables: July 2017	20907	$	2,731.65	
2	Orlando Sentinel		
	Legal Advertising	OSCM318225	$	196.25	
3	Supervisor Fees - 07/18/2017 Meeting		
	Richard Levey	$	200.00	
	Thad Czapka	--	$	200.00	
4	Venturesln.com		
	Domain Name Registration	43113	$	16.99	

TOTAL	$	3,344.89

c/,/[)Jop_;:j	 	
Chairperson

R.ECE!VEO 1 UG O	2m1

Payment Authorization #318
7/28/2017

Item	Payee
No.

Invoice Number

General Fund

1	BrightView Landscape Services
July Landscape Maintenance	5376674	$    23,202.00

TOTAL	$  23,202.00

Q,:Q_ cl!u	 	
Oettary/Assistant Secretary	Chairperson

RECEIVED AUG ij 9 2m1

Payment Authorization #319

8/4/2017

Item	

Payee	

Invoice	

General	
No.		Number	Fund	

1	
Aquatic Weed Control
August Waterway Service	

17335	

$	835.00	
2	Atlas Professional Services			
	August Email Hosting	51855	$	15.00	
3	BrightView Tree Care Services			
	Tree Removal	5326420	$	612.00	
4	Donald W McIntosh Associates			
	Engineering Services Through 07/14/2017	33867	$	500.00	
5	Hopping Green & Sams
General Counsel Through 06/30/2017	

95201	

$	1,713.06	
6	Venturesln.com			
	August Application Hosting	43120	$	80.00	

TOTAL	$	3,755.06

ril",'i	of	u1JrkJ	 	
USec ary/Assislant Secretary	Chairperson

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1	Carol King Landscape Maintenance		
	Flush Cut Dead Pines	156752	$	750.00	
	Irrigation Services	156789	$	413.50	
2	Orlando Sentinel			
	Legal Advertising Through 08/06/2017	OSCM322937	$	3,347.50	

/-,fJ()l.

TOTAL	$	4,511.00

-I	1,[JJcLJ	 	

(j,ecretary/Assistant Secretary	Chairperson

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BOGGY CREEK IMPROVEMENT DISTRICT
DISTRICT OFFICE • 12051 CORPORATE BLVD • ORLANDO, FL 32817 PHONE: (407) 382-3256 • FAX: (407) 382-3254

Operation and Maintenance Expenditures For Board Approval

Attached please find the check register listing Operations and Maintenance expenditures paid from September 1, 2017 through September 30, 2017. This does not include expenditures previously approved by the Boa d.

The total items being presented:	$40,462.28

Approval of Expenditures:

Chairman Vice Chairman
 		Assistant Secretary

10/5/17
4:41:21 PM

Boggy Creek Improvement District
AP Check Register (Current by Bank)
Check Dates: 9/1/2017 to 9/30/2017

Page: 1

Check No.·	Date	Status	Vendor ID    Payee Name	Amount	
BANK ID: SUN - CITY NATIONAL BANK	001-101-0000-00-01	
3079	09/22/17.	P	VALLEY	BrightView Landscape Services		$8,710.25	
3080	09/22/17	p	CAROL	Carol King Landscape Maint.		$20,072.25	
3081	09/22/17	p	EGIS	Egis Insurance Advisors LLC		$6,986.00	
3082	09/22/17	p	HGS	Hopping Green & Sams		$1,702.22	
3083	09/22/17	p	JOHNDE	SiteOne Landscape Supply		$2,911.56	
3084	09/22/17	p	VENTUR	Venturesln.com		$80.00	
					BANK SUN REGISTER TOTAL:	$40,462.28	
					GRAND TOTAL :	$40,462.28	

Check Status Types: "P" - Printed ; "M" - Manual ; "V" - Void ( Void Date ); "A" - Application; "E" - EFT
•• Denotes broken check sequence.

BOGGY CREEK IMPROVE;MENT DISTRICT

Payment Authorization #322
9/15/:2017
Item	Payee	Invoice	General
 	No.		Number	Fund

eontrolle pair-  cfup 1,·uk	t1,,  P,4 321	=$ffl9&-	
Oak Tree Removal		54166.22	$	
Plant Replacements		5416629	$	
Plant Replacements		5416630	$	
Controller #12 Repair		5417866	$	
Controller#23 Rep ir		5417867	$	
Controller #13 Repair		5417868	$	
Controller #11 Repair		5417869	$	
Pine Tree Flush Cut		5419373	$	

1	BtightView landscape Services	+o
G-
1,165.00
3,010.00
3;010.00
207.75
73,50
110.25
1-83.75 950.00

2	Carol King Lanciscape Maintenance		
	September Landscape Maintenan	157200	$ 20,072.25	
3	Egis Insurance Advisors			
	FY 2018 Insurance	6183	$	6,986 00	
4	Hopping Green & Sams			
	General Counsel Through 07/31/2017	95631	$	1,702.22	
5	SiteOne Landscape Supply
Sensor Board Change	
82371054	
$	125.00	
	Troubleshoot Controller Onsite	82371187	$	125.00	
	Leak Tightening	82371492	$	125.00	
	New Gen Solen	82371680	$	577.28	
	New Gen Solen	82371911	$	640.28	
	Tested Controller Onsite	82372348	$	187.50	
	Eagle Output !3oarc!s	82372484	$	559.00	
	Refurbished Station Faceplate	82372617	$	572.50	
6	VenturesIn.com			
	September Application Hosting	43191	$	80.00	

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TOTAL

Chairperson

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FtECE!VED	22

Recommendation of
Work Authorization/Proposed Services
(if applicable)

Review of District's Financial Position and Budget to Actual YTD

Boggy Cree!c Improvement District
Statement of Financial Position As of 9/30/2017

General	Debt Service	Capital Projects	General Long-	Total
Term Debt

Current Assets		Assets		
General Checking Account	$5,263.27				$5,263.27	
State Board of Administration	1,227.63				1,227.63	
Due From Other Governmental Units	28,108.49				28,108.49	
Prepaid Expenses	8,557.35				8,557.35	
Deposits	4,300.00				4,300.00	
General Reserve	0.88				0.88	
Infrastructure Capital Reserve	39,276.91				39,276.91	
Interchange Maintenance Reserve	7,094.75				7,094.75	
Debt Service Reserve A1 Bond		$3,954,031.25			3,954,031.25.	
Revenue A1 Bond		57.38			57.38	
General Checking Account			$13,113.22		13,113.22	
Acquisition/Construction A1 Bond			2,165,831.16		2,165,831.16	
Total Current Assets	$93,829.28	$3,954,088.63	$2,178,944.38	$0.00	$6,226,862.29	

Investments
Amount Available in Debt Service Funds	$3,954,088.63	$3,954,088.63	
Amo.uni To Be Provided	48,270,911.37	48,270,911.37	
Total Investments	$0.00	$0.00	$0.00	$52,225,000.00	$52,225,000.00

Total Assets	$93,829.28	$3,954,088.63	$2,178,944.38	$52,225,000.00	$58,451,862.29

Liabilities and Net Assets

Current Liabilities		
Accounts Payable	$90,238.63				$90,238.63	
Accounts Payable			$74,678.68		74,678.68	
Total Current Liabilities	$90,238.63	$0.00	$74,678.68	$0.00	$164,917.31	

Long Term Liabilities
Revenue Bonds Payable - Long-Term				$52,225,000.00	$52,225,000.00	
Total Long Term Liabilities	$0.00	$0.00	$0.0ci	$52,225,000.00	$52,225,000.00	

Total Liabilities	$90,238.63	$0.00	$74,678.68	$52,225,000.00	$52,389,917.31

Net Assets·
Net Assets, Unrestricted	$69,306.58	$69,306.58	
Net Assets - General Government	75,639.03	75,639.03	
Current Year Net Assets - General Government	(141,354.96)	(141,354.96)	
Net Assets, Unrestricted	($4,117,957.20)	(4,117,957.20)	
Current Year Net Assets, Unrestricted	·. (1,988.20)	(1,988.20)	
Net Assets - General Government	8,074,034.03		8,074,034.03	
Net Assets, Unrestricted		($22,384,631.35)	(22,384,631.35)	
Net Assets, Unrestricted		(3,296,877.64)	(3,296,877.64)	
Current Year Net Assets, Unrestricted		1,088,798.53	1,088,798.53	

Net Assets - General Government	26,696,976.16	26,696,976.16
Total Net Assets	$3,590.65	$3,954,088.63	$2,104,265.70	$0.00	$6,061,944.98

Revenues

Statement of Activities As of 9/30/2017

General	Debt Service	Capital	General Long-	Total	
		Projects	Term Debt		

Off-Roll Assessments	$450,000.00				$450,000.00	
Off-Roll Assessments		$2,615,104.27			2,615,104.27	
Other Assessments		1,370,168.75			1,370,168.75	
Inter-Fund Group Transfers In		(7,745.82)			(7,745.82)	
Other Income & Other Financing Sources			$1,738,987.77		1,738,987.77	
Inter-Fund Transfers·In			7,745.82		7,745.82	
Total Revenues	$450,000.00	$3,977,527.20	$1,746,733.59	$0.00	$6,174,260.79	

Expenses

Supervisor Fees	$4,400.00				$4,400.00	
Public Officials' Liability Insurance	3,250.00				3,250.00	
Trustee Services	2,693.75				2,693.75	
Management	30,000.00				30,000.00	
Engineering	6,800.00				6,800.00	
Dissemination Agent	5,000.00				5,000.00	
District Counsel	16,096.46				16,096.46	
Audit	3,840.00				3,840.00	
Travel and Per Diem	659.74				659.74	
Telephone	210.43				210.43	
Postage & Shipping	145.41				145.41	
Copies	1,455.60				1,455.60	
Legal Advertising	6,814.56				6,814.56	
Bank Fees	15.00				15.00	
Miscellaneous	2,735.90				2,735.90	
Web Site Maintenance	1,156.99				1,156.99	
Dues, Licenses, and Fees	175.00				175.00	
Electric	1,800.96				1,800.96	
Water Reclaimed	23,504.88				23,504.88	
General Insurance	3,672.00				3,672.00	
Property & Casualty	64.00				64.00	
Irrigation	35,252.60				35,252.60	
Landscaping Maintenance & Material	278,424.00				278,424.00	
Tree Trimming	3,000.00				3,000.00	
Flower & Plant Replacement	30,656.62				30,656.62	
Contingency	9,417.24				9,417.24	
IME - Aquatics Maintenance	3,256.46				3,256.46	
IME - Landscaping	78,281.76				78,281.76	
IME - Lighiing	1,684.71				1,684.71	
IME - Water Reclaimed	471.59				471.59	
Streetlights	36,574.97				36,574.97	
Principal Payment - A3 Bond		$1,245,000.00			1,245,000.00	
Interest Payments - A1 bond		2,740,337.50			2,740,337.50	
Engineering			$496,562.76		496,562.76	
District Counsel			6,886.00		6,886.00	
Legal Advertising			2,612.92		2,612.92	
Landscaping Mainte_nance & Material			7,108.92		7,108.92	
Contingency			148,813.12		148,813.12	
Total Expenses	$591,510.63	$3,985,337.50	$661,983.72	$0.00	$5,238,831.85	

Other Revenues {Expenses) & Gains {Losses}						
Interest Income	$155.67				$155.67	
Interest Income		$5,822.10			5,822.10	
Interest Income			$4,048.66		4,048.66	
Total Other Revenues (Expenses) & Gains (Losses)	$155.67	$5,822.10	$4,048.66	$0.00	$10,026.43	

Change In Net Assets	($141,354.96)	($1,988.20)	$1,088,798.53	$0.00	
$945,455.37	

Net Assets At Beginning Of Year	
$144,945.61	
$3,956,076.83	
$1,015,467.17	
$0.00	
$5,116,489.61	

Budget to Actual
For the Month Ending 09/30/2017

YTD Actual	YTD Budget	YTD Variance	FY 2017
Adopted Budget

Revenues

Off-Roll Assessments	$	450,000.00	$	450,000.00	$	(0.00)	$	450,000.00	
Carry Forward Revenue (accrued)		81,743.87	(81,743.87)	81,743.87	
Carry Forward Reserves (accrued)	145,375.14	100,000.00	45,375.14	100,000.00	
Net Revenues	$	595,375.14	$	631,743.87	$	(36,368.73)	$	631,743.87	

Supervisor Fees	$	4:400.00	$	4,800.00	$	(400.00)	$	4,800.00	

Public Officials' Liability Insurance	3,250.00	2,750.00	500.00	2,750.00	
Trustee Services	2,693.75	6,000.00	{3,306.25)	6,000.00	
Management	30,000.00	30,000.00		30,000.00	
Engineering	6,800.00	10,000.00	{3,200.00)	10,000.00	
Dissemination Agent	5,000.00		5,000.00		
District Counsel	16,096.46	30,000.00	(13,903.54)	30,000.00	
Assessment Administration		7,500.00	{7,500.00)	7,500.00	
Audit	3,840.00	3,840.00		3,840.00	
Arbitrage Calculation		1,200.00	(1,200.00)	1,200.00	
Travel and Per Diem	659.74	500.00	159.74	500.00	
Telephone	210.43	1,000.00	(789.57)	1,000.00	
Postage & Shipping	145.41	1,000.00	(854.59)	1,000.00	
Copies	1,455.60	2,500.00	(1,044.40)	2,500.00	
Legal Advertising	6,814.56	4,000.00	2,814.56	4,000.00	
Bank Fees	15.00	50.00	(35.00)	50.00	
Miscellaneous	2,735.90	5,000.00	(2,264.10)	5,000.00	
Web Site Maintenance	1,156.99	1,100.00	56.99	1,100.00	
Dues, Licenses, and Fees	175.00	175.00		175.00	
Total General & Administrative Expenses	$	85,448.84	$	111,415.00	$	(25,966.16)	$	111,415.00	

General & Administrative ExQenses Legislative

Financial & Administrative

Page 1 of 2

Budget to Actual
For the Month Ending 09/30/2017

YTD Actual	YTD Budget	YTD Variance	FY 2017
Adopted Budget

Field OQerations ExQenses Electric Utility Services
Electric	$	1,800.96	$	2,000.00	$	(199.04)	$	2,000.00
Entry Lighting	500.00	(500.00)	500.00
Water-Sewer Combination Services
Water Reclaimed	23,504.88	20,000.00	3,504.88	20,000.00	
Stormwater Control					
Mitigation Area		5,000.00	(5,000.00)	5,000.00	
Aquatic Contract		5,000.00	(5,000.00)	5,000.00	
Other Physical Environment					
Equipment Rental		2,500.00	(2,500.00)	2,500.00	
General Insurance	3,672.00	4,000.00	(328.00)	4,000.00	
Property & Casualty	64.00	100.00	(36.00)	100.00	
Other Insurance		750.00	(750.00)	750.00	
Irrigation	35. 52.60	10,000.00	25,252.60	10,000.00	
Landscaping Maintenance & Material					
Yellowstone Landscape - LN Blvd.	278,424.00	272,473.33	5,950.67	272,473.33	
VCD Warranty• Laureate Blvd. Sec. 3 Ph 1		5,530.00	(5,530.00)	5,530.00	
VCD Warranty - Laureate Blvd. Sec. 3 Ph 2		2,370.00	(2,370.00)	2,370.00	
Landscape Improvements		8,000.00	(8,000.00)	8,000.00	
Tree Trimming	3,000.00	.11,000.00	(8,000.00)	11,000.00	
Flower & Plant Replacement	30,656.62	25,000.00	5,656.62	25,000.00	
. Contingency	9,417.24	20,809.70	(11,392.46)	20,809.70	
Interchange Maintenance Expenses					
IME - Aquatics Maintenance	3,2/ii/3.46	3,445.00	(188.54)	3,445.00	
IME - Irrigation		2,437.50	(2,437.50)	2,437.50	
IME - Landscaping	78,181.76	54,166.67	24,115.09	54,166.67	
IME - Lighting	1,684.71	2,437.50	(752.79)	2,437.50	
IME - Miscellaneous		. 312.50	(812.50)	812.50	
IME - Water Reclaimed	471.59	3,250.00	(2,778.41)	3,250.00	
Road & Street Facilities					
Entry and Wall Maintenance		5,000.00	(5,000.00)	5,000.00	
Streetlights	36,574.97	30,000.00	6,574.97	30,000.00	
Parks & Recreation					
Personnel Leasing Agreement	1,320.00	(1,320.00)	1,320.00	
Reserves					
Infrastructure Capital Reserve	20,1 6.67	20,166.67		20,166.67	
Interchange Maintenance Reserve	2,360.00	2,360.00		2,360.00	
Total Field Operations Expenses	$	s;rn,saa.46	$	520,428.87	$	8,159.59	$	520,428.87	

Total Expenses	$	614,037.3	$	631,843.87	$	(17,806.57)	$	631,843.87
-	 	-
Income (Loss) from Operations	$	(18,662.16)	$	(100.00)	$	(18,562.16)	$	(100.00)

Other Income {ExQense}
Interest Income	$	155.67	$	100.00	$	55.67	$	100.00	
Total Other Income (Expense)	$	155.67	$	100.00	$	55.67	$	100.00	
Net Income (Loss)	$	(18,506.49)	$	$	(18,506.49)	$	

Pag./{6f 2

Oct-15	Nov-15	Dec-15	Jan-16	Feb-16	Mar-16 •	Apr-16	May-16	Jun-16	Jul-16	Aug-16	Sep-16	YTDActual	

22,107.01	$ 34,278.30	
$ 168,614.69	
$ 29,459.23	
$ 83,040.77	
$	$ 28,192.62	
$ 84,307.38	
$	$	

$	$	
$ 450,000.00	
145,363.79	11.35								145,375.14	
$	167,470.80	$ 34,289.65	$ 168,614.69	29,459.23	$. 83,040.77	28,192.62	$ 84,307.38	$	$	$	$	$ 595,375.14	

$	
400.00	$	400.00	
$	400.00	

$	400.00	

$	400.00	
$	400.00	$	400.00	

$	400.00	
$	400.00	$	400.00	
$	$	400.00	
$	4,400.00	
	3,250.00								3,250.00	
	1,571.35						1,122.40		2,693.75	
	2,500.00	2,500.00	2,500.00	2,500.00	2,500.00	2,500.00	2,500.00	2,500.00	2,500.00	2,500.00	5,000.00	30,000.00	
	600.00	600.00	600.00	600.00	600.00	600.00	600.00	500.00	SOD.DO	500.00	1,100.00	6,800.00	
						5,000.00			5,000.00	
	1,660.00	1,571.67	1,108.90	1,947.25	597.00	2,007.23	3,789.13	1,713.06	1,702.22	16,096.46	
						3,840.00			3,840.00	
	
116.45	
48.87	
24.69	
53.34	
56.55	51.55	
38.57	9.13	51.99	208.60	659.74	
		35.99	9.38	11.53	26.97	33.82	31.81	5.16	10.44	45.33	210.43	
	2.53	12.43	10.46	3.13	5.31	19.38	20.79	29.4.8	26.72	15.18	145.41	
	153.00	94.50	. 169.50	91.50	300.00.	96.00	160.50	142.50	248.10	1·;455.60	
	1,023.86
15.00.	270.43	324.42	196.25	472.59	393.84	196.25	196. 5	196.25	3,347.50	196.92	6,814.56
fs.oo	
	902.57						1,833:·33		2,735.90	
	95.00	95.00	95.00	95.00	95.00	95.00	95.00	95.00	''_95.'D.D	1.11.99	95.oo·	95.09	1,1-56.99	
	175.00								/1s.oq	
7,991.35	7,468.41	$ 5,628.89	$ 5,242.35	$ 5,898.00	$     4,753.42	$ 4,393.59	$ 14,825.65	$  10,640.3_8	s 3,939.89	$   5,655.56	$	9,011.35 :_	$ 85,<148.84	

$	$	188.56	

$	177.86	

$	179.29	

$	172.83	

$	171.75	$	'179.46	

$	179.59	

$	184.20	$	186.01	
$.	$	181.41	
s· 1,800.96	

1,020.51	
1,453.14	
1,980.30	
1,604.94	
1,934.07	2,958.03	
4,730.64	
5,745.63	632.49	
1,445.13	
23,504.88	

3,672.00								

3,672.00	
64.00								64.00	
	
1,091.35	
4,491.00	
9,785.67	
6,079.75	2,386.93		7,649.15	2,240.50	413.50	1,114.75	35,252.60	

23,202.00	23,202.00	
23,202.00	
23,202.00	
23,202.00	
23,202.00	23,202.00	23,202.00	23,202.00	23,202.00	46,404.00	278,424.00	

1,300.00	
750.00	950.00	

3,000.00	
6,610.12			300.00	927.00	3,058.50	875.00		612.00	18,274.00	30,656.62	
297.00				1,762.68	191.50	4,067.00	187.50	2,911.56	9,417.24	

271.37	271.37	
271.37	
542.75		
542.75	
271.37	271.37	271.37	271.37	271.37	3,256.46	

6,523.48	
13,046.96	
6,523.48	
6,523.48	
6,523.48	
6,523.48	13,046.96	6,523.48	13,046.96	78,281.76	
53.64	94.31	87.16	
PaJN1ir2	45.47	47.67	38.48	38.24	1,184.77	44.86	1.684.71	

Revenues
Off-Roll Assessments Carryforward Revenue Carryforward Reserve
Net Revenues
General & Administrative Exeenses Legislative
Supervisor Fees
Financial & Administrative
Public Officials' Liability Insurance
Trustee Services Management Engineering Dissemination Agent District Counsel
Assessment Administration
Audit
ArtJitrage Calculation Travel and Per Diem Telephone
Postage & Shipping
Copies
Legal Advertising Bank Fees Miscellaneous
Web Site Maintenance Dues, Licenses, and Fees
Total General & Administrative Expenses

Field Operations

Electric Utility Services
Electric
Entry Lighting
Water 8 Sewer Combination Services
Water Reclaimed
Stormwater Control Mitigation Area Aquatic Contract
Other Physical Environment
Equipment Rental
General Insurance
Property & Casualty Insurance
Other Insurance Irrigation
Landscaping Maintenance & Material
Yellowstone Landscape - LN Blvd.
VCD Warranty• Laureate Blvd. Sec. 3 Ph 1 VCD Warranty - Laureate Blvd. Sec. 3 Ph 2
Landscape Improvements Tree Trimming
Flower & Plant Replacement
Contingency
Interchange Maintenance Expenses lME - Aquatics Maintenance
IME - Irrigation
IME - Landscaping IME - Lighting

YTDActual

-
471.59

-
36,574.97

20,166.67
2,360.00	
$   528,588.46

s  614 037.30	

$  {18,662.16)

$	155.67	
$	155.67	
s (18,506.49)	

Oct-15	Nov-15	Dec-15	Jan-16	Feb-16	Mar-16	Apr-16	May-16	Jun:16	Jul-16	Aug-16	Sep-16	
			
17.04	
20.41	
41.71	
131.86	
202.95	
28.48	
3.36		
25.78	

81.25	
4,814.02'	
3,070.27	
3,070.27	
2,989.02	
3,070.27	
3,210.27	
2,989:02	
3,232.77	
2,989.03		
·7,058,78	

!ME - Miscellaneous
IME - Water Reclaimed Road & Street Facilities
Entry and Wall Maintenance Streetlights
Parks & Recreation
Personnel Leasing Agreement
Reserves
Infrastructure Capital Reserve	20,166.67
Interchange Maintenance Reserve	2,360.00
Total Field Operations Expenses	$   33,814.10	$  36,457.22	$.     42,407.26	$   40,093.29	$  44,648.46	$   44,300.93	$   35,366.22	$ 43,079.53	$   77,412.97	s 37,233.01	$   2,046.87	$ 91,728.60

Total Expenses	$ 41,805.45	$ 43,925.63	$ 48,036.15	$ 45,335.64	$ 50,546.46	$ 49,054.35	i 39,759.81·	$ 57,905.18	$ 88,053.35	$ 41,172.90	$ 7,702.43	$ 100,739.95	
Income (Loss) from Operations	$ 125,665.35	$ (9,635.98)	'$ 120,578.54	$ (15,876.41)	S 32,494.31	$ (49,054.35)	S (11,567.19)	$ 26,402.20	$ (88,053.35)	$ (41,172.90)	$ (7,702.43)	$ (100,739.95)	

$	12.85	$	13.98	$	13.96-	$	14.29	$	17.77	$	14.20	$	12.82	$	15.10	$	12.37	$	10.93	$	10.23	$	7.17	
$	12.85	$	13.98	$	13.96	$	14.29	$	17.77	$	14.20	$	12.82	$	15.10	$	12.37	s	10.93	$	10.23	$	7.17	

Other lncorrie (Expense} Interest Income
Total Other Income (Expense)

Net Income (Loss]	· · '•$ ·125,678.20	$   (9,622.00)	$ 120,592.50	$  (15,862.12)	$  32,512.08	$  (49,040.15)	$ (11,554.37)	$  26,417.30	$  (88,040.98)	$  {41,161.97)	$ (7,692.20). $ {100,732.78)

Page 2 of;,