MINUTES OF MEETING RIVERWALK
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Riverwalk Community Development District was held Wednesday, February 19, 2025, at 3:30 p.m. at 219 E Livingston St, Orlando, Florida.

Present and constituting a quorum were:

Chris Wrenn	Chairman
Eric Baker	Vice Chairman
Val Lescano	Assistant Secretary Also present were:
George Flint	District Manager
Tucker Mackie by phone	District Counsel
John Townsend	District Engineer
Jarett Wright	Field Manager
Steve Sanford by phone	Bond Counsel

FIRST ORDER OF BUSINESS	Roll Call
Mr. Flint called the meeting to order and called the roll. Three Board members were present constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
There were no members of the public to provide comment.

THIRD ORDER OF BUSINESS	Approval of Minutes of the January 15,
2025, Meeting
Mr. Flint presented the minutes from the January 15, 2025, Board of Supervisors meeting. He asked the Board for any comments, corrections, or changes. The Board had no changes to the minutes.

On MOTION by Mr. Baker, seconded by Ms. Lescano, with all in favor, the Minutes of the January 15, 2024, Meeting, were approved, as presented.

FOURTH ORDER OF BUSINESS	Financing Matters
Consideration of Second Supplemental Engineer’s Report
Ms. Mackie stated these documents were preliminary and subject to change. She added they were looking to issue a series of bonds over Phase 2 platted lots to provide for additional financing related to the District’s Master CIP.
Mr. Townsend stated the Engineer’s Report provides the limits and the platting mix break down for Phase 2. He noted Phase 2 is 329 units in various plat sizes. He added the cost benefits are related to the construction cost by the contractor. He stated all approvals have been confirmed and they are starting construction in Phase 2. He offered to answer any questions on the report.

On MOTION by Mr. Wrenn, seconded by Mr. Baker, with all in favor, the Second Supplemental Engineer’s Report, was approved.

Consideration of Preliminary Supplemental Assessment Methodology for the 2025 Project Area
Mr. Flint noted this was still preliminary and when the bonds are priced it will be updated with the correct pricing. He added when it does get finalized, the Board will approve the finalized version. He stated table one is the development plan that was taken from the Engineer’s Report. He added table two was the cost estimate given in the Engineer’s Report for $9.5 million in cost. He noted table three was for bond sizing that was provided by the underwriter for 5.5% for a 30- year ownership with 3 months capitalized interest, 50% capital reserve, and 2% underwriters discount for $4,895,000. He noted table four demonstrates the allocation of benefits based on improvement costs. He stated table five demonstrates the benefits based on the par debt. He noted table six is the gross and net annual assessments. He stated that table 7 shows the platted lots and the assessments that would be assigned to each one. Mr. Sanford stated he received an email stating John wants to change the reserve requirement to 25% and he will have to revise that.

On MOTION by Mr. Wrenn, seconded by Mr. Baker, with all in favor, the Preliminary Supplemental Assessment Methodology for the 2025 Project Area, was approved in substantial form.

Consideration of Resolution 2025-04 Bond Delegation Resolution & Exhibits
Exhibit A: Form of Bond Purchase Contract
Exhibit B: Draft Preliminary Limited Offering Memorandum
Exhibit C: Form of Continuing Disclosure Agreement
Exhibit D: Form of Second Supplemental Trust Indenture

Mr. Sanford stated this resolution authorizes the Chair and the Vice Chair to sign a contract without calling a special meeting. He noted this was not to exceed $6 million to finance a portion of the public infrastructure in Phase 2. He noted they will not issue bonds that exceed the rate provided in the Florida Statute. He added the term of the bonds would last 30 years. He noted it will be subject to change.
Mr. Stanford stated Exhibit ‘A’ is the Form of Bond Purchase Contract and is for FMS. He added the exhibit is the Draft Preliminary Limited Offering Memorandum which is the marketing tool used to find investors. Exhibit ‘C’ is the form of Continuing Disclosure Agreement that requires there to be updated annual information regarding the project and the bonds. Exhibit ‘B’ is the form of Second Supplemental Trust Indenture that is between the District and the Bond Trustee.

On MOTION by Mr. Wrenn, seconded by Mr. Baker, with all in favor, Resolution 2025-04 Bond Delegation Resolution & Exhibits, was approved.

FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2025-05
Recognizing Satisfaction of Contributions for the 2024 Assessments & Providing Additional Authorization
Ms. Mackie presented Resolution 2025-05. She stated there was a contribution requirement that was indicated in the bond offering that provided the ability to target assessments at certain levels. She noted the purpose is to recognize the developer has met the contribution requirements through contributing infrastructure that was included.

On MOTION by Mr. Baker, seconded by Mr. Wrenn, with all in favor, Resolution 2025-05 Recognizing Satisfaction of Contributions for the 2024 Assessments & Providing Additional Authorization, was approved.

SIXTH ORDER OF BUSINESS	Consideration	of	Underwriting
Agreement	&	G-17	Disclosure	with FMSBonds, Inc.
Mr. Flint stated for each bond issue they enter into with FMS, the Underwriters are required to give certain disclosures under this agreement.

On MOTION by Mr. Wrenn, seconded by Mr. Baker, with all in favor, the Underwriting Agreement & G-17 Disclosure with FMSBonds, was approved.

SEVENTH ORDER OF BUSINESS	Ratification of Series 2024 Requisitions #2-
#3
Mr. Flint stated requisition 2 is the reimbursement to the PulteGroup and requisition 3 is for $610 to McIntosh for engineering expenses.

On MOTION by Mr. Wrenn, seconded by Mr. Baker, with all in favor, Series 2024 Requisitions #2 and #3, were ratified.

EIGHTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Mackie asked the Board to understand the potential reduction in the debt service requirement may affect the amount of funds that go into the construction account. She noted they have additional costs acquired in case this happens.

Engineer
There being no comments, the next item followed.

District Manager’s Report
Approval of Check Register
Mr. Flint presented the check register for $245,102. He offered to answer any questions.

On MOTION by Mr. Wrenn, seconded by Mr. Baker, with all in favor, the Check Register, was approved.

Balance Sheet and Income Statement
Mr. Flint stated there was no action required.

Field Manager’s Report
Mr. Wright stated they have reviewed all the fountains and they have found issues with the lighting; however, they have someone scheduled to fix this issue. He added they have a contract with the HOA that will be presented soon.
Proposal for Mulching

Mr. Wright stated this proposal is to mulch with pine straw and pine bark. Mr. Wrenn stated they need to make sure they hit the timeline because they have a presidential meeting. The Board decided to only use pine bark.

On MOTION by Mr. Baker, seconded by Ms. Lescano, with all in favor, the Proposal for Mulching, was approved.

Proposal for Pond bank Clean Up
Mr. Wright stated this proposal will clean up the weeds along the bank for $330. Mr. Townsend noted the city is making them add planting around the banks. Mr. Wright noted they have already been adding shelf planting, but not to the extent of the code. Mr. Baker stated he would like to see more speed limit signs or adding lanes to slow drivers down.
NINTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

TENTH ORDER OF BUSINESS	Supervisor’s Requests
There being no comments, the next item followed.

ELEVENTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Wrenn, seconded by Mr. Baker, with all in favor, the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman