May 25, 2018 Lee County Administration East Building 2201 Second Street Suite 500 Fort Myers, FL 33901

May 25, 2018 Lee County Administration East Building 2201 Second Street Suite 500 Fort Myers, FL 33901 I. Call to Order II. III. Guest Introductions Approval of Minutes a. January 26, 2017 IV. Treasurer's Report a. Financials (February, March, & April 2018) b. Investment of Surplus Funds V. New Business a. Approve Knott Ebelini Hart Invoices November, December 2017; January, February, March, & April 2018 VI. VII. Lee County Economic Development Director Comments Adjournment Next Meeting: Friday, June 22, 2018 10:00 a.m. Lee County Economic Development Office 2201 2nd Street Suite 500 Fort Myers, FL 33901 (239) 533-6800 1

LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY January 26, 2018 Members Present: Member(s) Absent: Staff and Guests Present: Tom Hoolihan, Wayne Kirkwood, Gail Markham and Robbie Roepstorff David Barton, Ed Bolter and Douglas Gyure Warren Baucom, Rachel Busch, Rebecca Czyz, Antranette Forbes, Tiffany Grint, Pamela Johnson, Glen Salyer, Benjamin Small, Jim Humphrey (IDA Counsel), and Gary Griffin (Horizon Foundation) I. CALL TO ORDER Chair Robbie Roepstorff called the meeting to order at 10:07 a.m., followed by roll call. David Barton was excused from the meeting due to illness. II. III. IV. GUEST INTRODUCTIONS Gary Griffin, President of the Horizon Foundation, and Lee County performance analyst Benjamin Small were introduced. APPROVAL OF MINUTES A motion to approve the November 17, 2017 IDA meeting minutes was made by Gail Markham, seconded by Wayne Kirkwood, and unanimously approved. TREASURER S REPORT Roepstorff suggested that going forward the monthly financial reports would be presented for informational purposes only, due to timing issues of receiving bank statements and/or notices. On a quarterly basis, financials should be detailed and presented for acceptance by the members. This was agreed upon by all members present. Roepstorff also noted the Lee County Industrial Development Authority (IDA) board members also serve as members of the Lee County Educational Facilities Authority (EFA) except for one additional education representative. Glen Salyer announced that Chris Westley of FGCU has agreed to join the Lee County EFA. Jim Humphrey asked that Salyer request the Board of County Commissioners to confirm reappointment of the EFA members and appointment of the new member. 2

V. UNFINISHED BUSINESS a. IDA/Horizon Foundation Agreement Humphrey explained that the IDA/Horizon Foundation agreement states that the IDA will assist the Horizon Foundation by reimbursing funding, up to a maximum of $50,000.00 during calendar year 2018 for their contracted 1099 employee, whose duties are to solicit funding support from the community for marketing purposes. The Foundation will issue a written report quarterly to the IDA, and present an oral report within six months following the retaining of the fundraiser. A motion was made to authorize the IDA Chair to execute the IDA/Horizon Foundation agreement to reimburse the Foundation for the contracted 1099 fundraising position, in an amount not to exceed $50,000.00 annually, with quarterly reporting and billing, by Markham, seconded by Kirkwood, and unanimously approved. Griffin thanked the IDA for their support on behalf of the Horizon Foundation. Two qualified candidates for the position have been selected to be interviewed. b. Final Acceptance/Distribution of Modified Budget The FY17-18 budget was accepted on November 17, 2017, with $150,000.00 designated for EDO marketing support and $50,000.00 set aside to reimburse the Horizon Foundation s contracted 1099 position. The $50,000.00 line item will be moved to non-operating expenditures. The budget will also be modified to reflect an increase of the legal fees line item from $20,000.00 to $30,000.00. A motion was made to accept the final FY17-18 modified budget increasing the legal fees from $20,000.00 to $30,000.00 under operating expenditures, and move the Horizon Foundation Administration $50,000.00 line item to a non-operating expenditure item by Markham, seconded by Hoolihan, and unanimously approved. c. Volunteers of America Bond Status The Volunteers of America (VOA) bond closing was held on December 21, 2017 resulting in $46,850,000.00 for Series A bonds and $4,155,000.00 for Series B, generating bond proceeds of $255,025.00 for the IDA. The proceeds were deposited on January 8, 2018. Ed Bolter, Pamela Johnson, Kirkwood and Roepstorff will attend the VOA groundbreaking ceremony on February 8, 2018. d. Website Updates Following the direction of the October 27, 2017 IDA meeting referencing the Florida Special District website requirements, the following updates were made to the IDA website to be in compliance with Florida statutes: The IDA website was moved to its own domain www.leecoida.com Email addresses were added for Board members Fiscal year October 1 through September 30 was added to the home page 3

A link was included for the Department of Financial Services Local Government Financial Reporting webpage, so public can view the special district s Annual Financial Report James Humphrey was added as the registered agent Term limits were added to each Board member The sentence The geographic boundaries of the IDA encompasses all of Lee County was added The sentence It is operated under Chapter 189, Florida Statutes Uniform District Accountability Act. (in the 2 nd paragraph) was added The following sentence The Board was established in 1975. was revised to read The board was established on June 25, 1975, under Part III of Chapter 159 of the Florida Statutes by the Board of County Commissioners. Board member titles still need to be added. Currently, EDO is serving as the IDA s webmaster and maintains the site s administration rights. e. Credit Card Authorization for Pamela Johnson With the transition of EDO Directors, the credit card for John Boland was closed, and a request was made to authorize Johnson for an IDA credit card. A motion was made to authorize an IDA credit card for Pamela Johnson, with a collective limit of $5,000.00 between IDA cards held by Johnson and Antranette Forbes, by Markham, seconded by Hoolihan and unanimously approved. VI. NEW BUSINESS a. Legal Fees (October & November 2017) Humphrey asked to defer the November 2017 Knott Ebelini Hart invoice to the February meeting to ensure accuracy. A motion was made to accept the Knott Ebelini invoice for October 2017 in the amount of $6,446.00 by Kirkwood, seconded by Markham, and unanimously approved. b. Investment of Surplus Funds Humphrey noted that although the FDIC provides a limitation of $250,000.00, the federal regulations allow for a depository that meets certain collateral requirements to accept more than $250,000.00. A motion was made to authorize Counsel Jim Humphrey to proceed with contacting lenders and work with the Chair to select qualified public depositories and negotiate agreements by Hoolihan, seconded by Kirkwood, and unanimously approved. VII. DIRECTOR COMMENTS Johnson shared that on January 16, 2018 the Board of County Commissioners approved the North Fort Myers revitalization pilot program. Rachel Busch discussed the Mixed Use Overlay and the $2 million incentive fund, and how these regulatory and financial incentives are currently being marketed to property owners, and local and national developers. The website for more information is www.incentives.developnfm.com. 4

VIII. ADJOURN With no further business, a motion to adjourn was made by Kirkwood, seconded by Hoolihan and unanimously approved. The meeting was adjourned at 11:52 a.m. 5

Lee County Industrial Development Authority IDA Financial Summary as of February 28, 2018 Current Assets Balance Edison Bank-Operating (Statement Bal.) Edison Bank-Money Market (Statement Bal.) Other Assets Bank United (matures 01/17/18) Centennial Bank (matures 12/12/18) EverBank (matures 03/27/18) Florida Community Bank (matures 11/04/18) PNC Bank (matures 03/21/18) Preferred Community Bank (matures 03/08/18) Subtotal Operating Funds 568,061.43 207,771.77 245,000.00 244,764.44 245,891.66 246,917.85 245,000.00 246,597.24 2,250,004.39 Current Liabilities Less Uncleared Transactions Less Accounts Payable Subtotal Operating Less AP and Uncleared Transactions TOTAL AVAILABLE OPERATING FUNDS (20,000.00) (9,136.88) 2,220,867.51 2,220,867.51 Designated Funds: HF 1099 Administration Gold Key Program Economic Development Programs Subtotal Designated Funds NET UNDESIGNATED FUNDS 50,000.00 5,000.00 900,000.00 955,000.00 1,265,867.51 6

Lee County Industrial Development Authority 4:53 PM Balance Sheet 03/08/18 As of February 28, 2018 Accrual Basis Feb 28, 18 ASSETS Current Assets Checking/Savings Edison National Checking 548,061.43 Edison National Money Market 207,771.77 Total Checking/Savings 755,833.20 Total Current Assets 755,833.20 Other Assets Bank United CD #1815057021 245,000.00 Centennial Bank 244,764.44 EverBank 245,891.66 Florida Community Bank 246,917.85 PNC Bank CD 245,000.00 Preferred Community Bank CD 246,597.24 Total Other Assets 1,474,171.19 TOTAL ASSETS 2,230,004.39 LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 9,136.88 Total Accounts Payable 9,136.88 Total Current Liabilities 9,136.88 Total Liabilities 9,136.88 Equity Opening Bal Equity 1,206,642.56 Retained Earnings 789,510.17 Net Income 224,714.78 Total Equity 2,220,867.51 TOTAL LIABILITIES & EQUITY 2,230,004.39 7

Lee County Industrial Development Authority 4:43 PM Profit & Loss 03/08/18 As of February 28, 2018 Accrual Basis Income Oct '17 - Feb '18 Bond Closing 255,025.00 Interest Income 2,596.95 Total Income 257,621.95 Gross Profit 257,621.95 Expense Non-Operating Expenditures Horizon Foundation Sponsorship 20,000.00 Total Non-Operating Expenditures 20,000.00 Operating Expenditures Legal Fees 12,401.88 Meeting Costs 188.41 Miscellaneous 316.88 Total Operating Expenditures 12,907.17 Total Expense 12,907.17 Net Income 224,714.78 8

Lee County Industrial Development Authority 4:53 PM Budget vs. Actual 03/08/18 As of February 28, 2018 Accrual Basis Income Oct '17 - Feb 18 Budget $ Over Budget % of Budget Bond Application Fees 0.00 0.00 0.00 0.0% Bond Closing 255,025.00 250,000.00 5,025.00 102.01% Interest Income 2,596.95 4,500.00-1,903.05 57.71% Total Income 257,621.95 254,500.00 3,121.95 101.23% Gross Profit 257,621.95 254,500.00 3,121.95 101.23% Expense Designated Funds Designated for Eco Dev Programs Gold Key Program Total Designated Funds Non-Operating Expenditures 0.00 900,000.00-900,000.00 0.0% 0.00 5,000.00-5,000.00 0.0% 0.00 905,000.00-905,000.00 0.0% HF 1099 Administration 0.00 50,000.00-50,000.00 0.0% Horizon Foundation Sponsorship 20,000.00 20,000.00 0.00 100.0% Marketing Support 0.00 150,000.00-150,000.00 0.0% Total Non-Operating Expenditures 20,000.00 220,000.00-200,000.00 9.09% Operating Expenditures Audit Fees 0.00 7,500.00-7,500.00 0.0% Bank Service Charge 0.00 100.00-100.00 0.0% Business Entertainment 0.00 5,000.00-5,000.00 0.0% FGCU Economic Impact Models 0.00 5,000.00-5,000.00 0.0% Legal Fees 12,401.88 30,000.00-17,598.12 41.34% Meeting Costs 188.41 2,500.00-2,311.59 7.54% Miscellaneous 316.88 2,000.00-1,683.12 15.84% Printing 0.00 250.00-250.00 0.0% Total Operating Expenditures 12,907.17 52,350.00-39,442.83 24.66% Total Expense 32,907.17 1,177,350.00-1,144,442.83 2.8% Net Income 224,714.78-922,850.00 1,147,564.78-24.35% 9

Lee County Industrial Development Authority 12:00 PM General Ledger 05/11/18 As of February 28, 2018 Accrual Basis Type Date Num Name Memo Split Debit Credit Balance Edison National Checking 571,313.33 Bill Pmt -Check 02/06/2018 1357 Knott Ebelini Hart October legal fees Accounts Payable 3,265.00 568,048.33 Check 02/06/2018 1358 Horizon Foundation 2018 investment Horizon Foundation Sponsor... 20,000.00 548,048.33 Deposit 02/28/2018 Interest Interest Income 13.10 548,061.43 Total Edison National Checking 13.10 23,265.00 548,061.43 Edison National Money Market 207,766.99 Deposit 02/28/2018 Interest Interest Income 4.78 207,771.77 Total Edison National Money Market 4.78 0.00 207,771.77 Accounts Receivable 0.00 Total Accounts Receivable 0.00 Undeposited Funds 0.00 Total Undeposited Funds 0.00 Bank United CD #1815057021 245,000.00 Total Bank United CD #1815057021 245,000.00 Centennial Bank 244,764.44 Total Centennial Bank 244,764.44 EverBank 245,891.66 Total EverBank 245,891.66 Florida Community Bank 246,917.85 Total Florida Community Bank 246,917.85 PNC Bank CD 245,000.00 Total PNC Bank CD 245,000.00 Preferred Community Bank CD 246,597.24 Total Preferred Community Bank CD 246,597.24 Regions CD # 0132551835 0.00 Total Regions CD # 0132551835 0.00 Accounts Payable -7,771.38 Bill Pmt -Check 02/06/2018 1357 Knott Ebelini Hart October legal fees Edison National Checking 3,265.00-4,506.38 Bill 02/13/2018 398 Knott Ebelini Hart January 2018 invoice Legal Fees 4,630.50-9,136.88 Total Accounts Payable 3,265.00 4,630.50-9,136.88 Opening Bal Equity -1,206,642.56 Total Opening Bal Equity -1,206,642.56 Retained Earnings -789,510.17 Total Retained Earnings -789,510.17 Bond Closing -255,025.00 Total Bond Closing -255,025.00 Interest Income -2,579.07 Deposit 02/28/2018 Interest Edison National Money Market 4.78-2,583.85 Deposit 02/28/2018 Interest Edison National Checking 13.10-2,596.95 Total Interest Income 0.00 17.88-2,596.95 Non-Operating Expenditures 0.00 Horizon Foundation Sponsorship 0.00 Check 02/06/2018 1358 Horizon Foundation 2018 investment Edison National Checking 20,000.00 20,000.00 Total Horizon Foundation Sponsorship 20,000.00 0.00 20,000.00 Total Non-Operating Expenditures 20,000.00 0.00 20,000.00 Operating Expenditures 8,276.67 10 Page 1

Lee County Industrial Development Authority 12:00 PM General Ledger 05/11/18 As of February 28, 2018 Accrual Basis Type Date Num Name Memo Split Debit Credit Balance Legal Fees 7,771.38 Bill 02/13/2018 398 Knott Ebelini Hart January 2018 legal fees Accounts Payable 4,630.50 12,401.88 Total Legal Fees 4,630.50 0.00 12,401.88 Meeting Costs 188.41 Total Meeting Costs 188.41 Miscellaneous 316.88 Total Miscellaneous 316.88 Total Operating Expenditures 4,630.50 0.00 12,907.17 TOTAL 27,913.38 27,913.38 0.00 11 Page 2

Lee County Industrial Development Authority IDA Financial Summary as of March 31, 2018 Current Assets Edison Bank-Operating (Statement Bal.) 794,212.89 Edison Bank-Money Market (Statement Bal.) 207,777.24 Current Assets Petty Cash 114.59 Other Assets Bank United (matures 1/17/19) 247,581.97 Centennial Bank (matures 12/12/18) 244,764.44 EverBank (matures 6/27/18) 246,498.71 Florida Community Bank (matures 11/4/18) 246,917.85 PNC Bank (matures 9/21/18) 245,668.97 Subtotal Operating Funds 2,233,536.66 Current Liabilities Less Accounts Payable Subtotal Operating Less AP TOTAL AVAILABLE OPERATING FUNDS (10,649.89) 2,222,886.77 2,222,886.77 Designated Funds: HF 1099 Administration Gold Key Program Economic Development Programs Subtotal Designated Funds NET UNDESIGNATED FUNDS 50,000.00 5,000.00 900,000.00 955,000.00 1,267,886.77 12

Lee County Industrial Development Authority Mar 31, 18 ASSETS Current Assets Checking/Savings Edison National Checking 794,212.89 Edison National Money Market 207,777.24 Total Checking/Savings 1,001,990.13 Other Current Assets Petty Cash 114.59 Total Other Current Assets 114.59 Total Current Assets 1,002,104.72 Other Assets Bank United CD #1815057021 247,581.97 Centennial Bank 244,764.44 EverBank 246,498.71 Florida Community Bank 246,917.85 PNC Bank CD 245,668.97 Total Other Assets 1,231,431.94 TOTAL ASSETS 2,233,536.66 LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable Accounts Payable 10,649.89 Total Accounts Payable 10,649.89 Total Current Liabilities 10,649.89 Total Liabilities 10,649.89 Equity Opening Bal Equity 1,206,757.15 Retained Earnings 789,510.17 Net Income 226,619.45 Total Equity 2,222,886.77 TOTAL LIABILITIES & EQUITY 2,233,536.66 1:52 PM Balance Sheet 05/11/18 As of March 31, 2018 Accrual Basis 13 Page 1

Lee County Industrial Development Authority Oct '17 - Mar 18 Income Bond Closing 255,025.00 Interest Income 8,133.63 Total Income 263,158.63 Gross Profit 263,158.63 Expense Non-Operating Expenditures Horizon Foundation Sponsorship 20,000.00 Total Non-Operating Expenditures 20,000.00 Operating Expenditures Insurance 2,119.00 Legal Fees 13,914.89 Meeting Costs 188.41 Miscellaneous 316.88 Total Operating Expenditures 16,539.18 Total Expense 36,539.18 Net Income 226,619.45 1:54 PM Profit & Loss 05/11/18 October 2017 through March 2018 Accrual Basis 14 Page 1

12:45 PM Lee County Industrial Development Authority 05/11/18 Profit & Loss Budget vs. Actual Accrual Basis October 2017 through March 2018 Oct '17 - Mar 18 Budget $ Over Budget % of Budget Income Bond Closing 255,025.00 250,000.00 5,025.00 102.0% Interest Income 8,133.63 4,500.00 3,633.63 180.7% Total Income 263,158.63 254,500.00 8,658.63 103.4% Gross Profit 263,158.63 254,500.00 8,658.63 103.4% Expense Designated Funds Designated for Eco Dev Programs 0.00 900,000.00-900,000.00 0.0% Gold Key Program 0.00 5,000.00-5,000.00 0.0% Total Designated Funds 0.00 905,000.00-905,000.00 0.0% Non-Operating Expenditures HF 1099 Administration 0.00 50,000.00-50,000.00 0.0% Horizon Foundation Sponsorship 20,000.00 20,000.00 0.00 100.0% Marketing Support 0.00 150,000.00-150,000.00 0.0% Total Non-Operating Expenditures 20,000.00 220,000.00-200,000.00 9.1% Operating Expenditures Audit Fees 0.00 7,500.00-7,500.00 0.0% Bank Service Charge 0.00 100.00-100.00 0.0% Business Entertainment 0.00 5,000.00-5,000.00 0.0% FGCU Economic Impact Models 0.00 5,000.00-5,000.00 0.0% Insurance 2,119.00 Legal Fees 13,914.89 30,000.00-16,085.11 46.4% Meeting Costs 188.41 2,500.00-2,311.59 7.5% Miscellaneous 316.88 2,000.00-1,683.12 15.8% Printing 0.00 250.00-250.00 0.0% Total Operating Expenditures 16,539.18 52,350.00-35,810.82 31.6% Total Expense 36,539.18 1,177,350.00-1,140,810.82 3.1% Net Income 226,619.45-922,850.00 1,149,469.45-24.6% 15 Page 1

Lee County Industrial Development Authority 1:56 PM General Ledger 05/11/18 As of March 31, 2018 Accrual Basis Type Date Num Name Memo Split Debit Credit Balance Edison National Checking 548,061.43 General Journal 03/08/2018 94 Preferred Community Bank Preferred Community Bank... 248,253.52 796,314.95 Check 03/20/2018 1359 The Thompson Agency Commercial General and Public Official Liability Insurance Insurance 2,119.00 794,195.95 Deposit 03/31/2018 Interest Interest Income 16.94 794,212.89 Total Edison National Checking 248,270.46 2,119.00 794,212.89 Edison National Money Market 207,771.77 Deposit 03/30/2018 Interest Interest Income 5.47 207,777.24 Total Edison National Money Market 5.47 0.00 207,777.24 Accounts Receivable 0.00 Total Accounts Receivable 0.00 Petty Cash 0.00 Deposit 03/31/2018 Account Opening Balance Opening Bal Equity 114.59 114.59 Total Petty Cash 114.59 0.00 114.59 Undeposited Funds 0.00 Total Undeposited Funds 0.00 Bank United CD #1815057021 245,000.00 General Journal 03/31/2018 93 Interest Interest Income 2,581.97 247,581.97 Total Bank United CD #1815057021 2,581.97 0.00 247,581.97 Centennial Bank 244,764.44 Total Centennial Bank 244,764.44 EverBank 245,891.66 General Journal 03/27/2018 92 Interest Income Interest Income 607.05 246,498.71 Total EverBank 607.05 0.00 246,498.71 Florida Community Bank 246,917.85 Total Florida Community Bank 246,917.85 PNC Bank CD 245,000.00 General Journal 03/12/2018 95 Interest Interest Income 668.97 245,668.97 Total PNC Bank CD 668.97 0.00 245,668.97 Preferred Community Bank CD 246,597.24 General Journal 03/07/2018 95 Interest is the CD cash out value of $248,253.52 - Original... Interest Income 1,656.28 248,253.52 General Journal 03/08/2018 94 Preferred Community Bank Edison National Checking 248,253.52 0.00 Total Preferred Community Bank CD 1,656.28 248,253.52 0.00 Regions CD # 0132551835 0.00 Total Regions CD # 0132551835 0.00 Accounts Payable -9,136.88 Bill 03/12/2018 399 Knott Ebelini Hart March Legal Fees Legal Fees 1,513.01-10,649.89 Total Accounts Payable 0.00 1,513.01-10,649.89 Opening Bal Equity -1,206,642.56 Deposit 03/31/2018 Account Opening Balance Petty Cash 114.59-1,206,757.15 Total Opening Bal Equity 0.00 114.59-1,206,757.15 Retained Earnings -789,510.17 Total Retained Earnings -789,510.17 Bond Closing -255,025.00 Total Bond Closing -255,025.00 Interest Income -2,596.95 General Journal 03/07/2018 95 Interest is the CD cash out value of $248,253.52 - Original... Preferred Community Bank... 1,656.28-4,253.23 General Journal 03/12/2018 95 Interest PNC Bank CD 668.97-4,922.20 16 Page 1

Lee County Industrial Development Authority 1:56 PM General Ledger 05/11/18 As of March 31, 2018 Accrual Basis Type Date Num Name Memo Split Debit Credit Balance General Journal 03/27/2018 92 Interest Income EverBank 607.05-5,529.25 Deposit 03/30/2018 Interest Edison National Money Market 5.47-5,534.72 General Journal 03/31/2018 93 Interest Bank United CD #1815057021 2,581.97-8,116.69 Deposit 03/31/2018 Interest Edison National Checking 16.94-8,133.63 Total Interest Income 0.00 5,536.68-8,133.63 Non-Operating Expenditures 20,000.00 Horizon Foundation Sponsorship 20,000.00 Total Horizon Foundation Sponsorship 20,000.00 Total Non-Operating Expenditures 20,000.00 Operating Expenditures 12,907.17 Insurance 0.00 Check 03/20/2018 1359 The Thompson Agency Commercial General and Public Official Liability Insurance Edison National Checking 2,119.00 2,119.00 Total Insurance 2,119.00 0.00 2,119.00 Legal Fees 12,401.88 Bill 03/12/2018 399 Knott Ebelini Hart March Legal Fees Accounts Payable 1,513.01 13,914.89 Total Legal Fees 1,513.01 0.00 13,914.89 Meeting Costs 188.41 Total Meeting Costs 188.41 Miscellaneous 316.88 Total Miscellaneous 316.88 Total Operating Expenditures 3,632.01 0.00 16,539.18 TOTAL 257,536.80 257,536.80 0.00 17 Page 2

Lee County Industrial Development Authority IDA Financial Summary as of April 30, 2018 Current Assets Edison Bank-Operating (Statement Bal.) Edison Bank-Money Market (Statement Bal.) Other Current Assets Petty Cash 794,231.82 207,782.19 114.59 Other Assets Bank United (matures 1/17/19) 247,581.97 Centennial Bank (matures 12/12/18) 244,764.44 EverBank (matures 6/27/18) 246,498.71 Florida Community Bank (matures 11/4/18) 246,917.85 PNC Bank (matures 9/21/18) 245,668.97 Subtotal Operating Funds 2,233,560.54 Current Liabilities Less Accounts Payable Subtotal Operating Less AP TOTAL AVAILABLE OPERATING FUNDS (10,649.89) 2,222,910.65 2,222,910.65 Designated Funds: HF 1099 Administration Gold Key Program Economic Development Programs Subtotal Designated Funds NET UNDESIGNATED FUNDS 50,000.00 5,000.00 900,000.00 955,000.00 1,267,910.65 18

Lee County Industrial Development Authority Apr 30, 18 ASSETS Current Assets Checking/Savings Edison National Checking 794,231.82 Edison National Money Market 207,782.19 Total Checking/Savings 1,002,014.01 Other Current Assets Petty Cash 114.59 Total Other Current Assets 114.59 Total Current Assets 1,002,128.60 Other Assets Bank United CD #1815057021 247,581.97 Centennial Bank 244,764.44 EverBank 246,498.71 Florida Community Bank 246,917.85 PNC Bank CD 245,668.97 Total Other Assets 1,231,431.94 TOTAL ASSETS 2,233,560.54 LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable Accounts Payable 10,649.89 Total Accounts Payable 10,649.89 Total Current Liabilities 10,649.89 Total Liabilities 10,649.89 Equity Opening Bal Equity 1,206,757.15 Retained Earnings 789,510.17 Net Income 226,643.33 Total Equity 2,222,910.65 TOTAL LIABILITIES & EQUITY 2,233,560.54 7:50 PM Balance Sheet 05/10/18 As of April 30, 2018 Accrual Basis 19 Page 1

Lee County Industrial Development Authority Oct '17 - Apr 18 Income Bond Closing 255,025.00 Interest Income 8,157.51 Total Income 263,182.51 Gross Profit 263,182.51 Expense Non-Operating Expenditures Horizon Foundation Sponsorship 20,000.00 Total Non-Operating Expenditures 20,000.00 Operating Expenditures Insurance 2,119.00 Legal Fees 13,914.89 Meeting Costs 188.41 Miscellaneous 316.88 Total Operating Expenditures 16,539.18 Total Expense 36,539.18 Net Income 226,643.33 7:52 PM Profit & Loss 05/10/18 October 2017 through April 2018 Accrual Basis 20 Page 1

7:54 PM Lee County Industrial Development Authority 05/10/18 Profit & Loss Budget vs. Actual Accrual Basis October 2017 through April 2018 Oct '17 - Apr 18 Budget $ Over Budget % of Budget Income Bond Closing 255,025.00 250,000.00 5,025.00 102.0% Interest Income 8,157.51 4,500.00 3,657.51 181.3% Total Income 263,182.51 254,500.00 8,682.51 103.4% Gross Profit 263,182.51 254,500.00 8,682.51 103.4% Expense Designated Funds Designated for Eco Dev Programs 0.00 900,000.00-900,000.00 0.0% Gold Key Program 0.00 5,000.00-5,000.00 0.0% Total Designated Funds 0.00 905,000.00-905,000.00 0.0% Non-Operating Expenditures HF 1099 Administration 0.00 50,000.00-50,000.00 0.0% Horizon Foundation Sponsorship 20,000.00 20,000.00 0.00 100.0% Marketing Support 0.00 150,000.00-150,000.00 0.0% Total Non-Operating Expenditures 20,000.00 220,000.00-200,000.00 9.1% Operating Expenditures Audit Fees 0.00 7,500.00-7,500.00 0.0% Bank Service Charge 0.00 100.00-100.00 0.0% Business Entertainment 0.00 5,000.00-5,000.00 0.0% FGCU Economic Impact Models 0.00 5,000.00-5,000.00 0.0% Insurance 2,119.00 Legal Fees 13,914.89 30,000.00-16,085.11 46.4% Meeting Costs 188.41 2,500.00-2,311.59 7.5% Miscellaneous 316.88 2,000.00-1,683.12 15.8% Printing 0.00 250.00-250.00 0.0% Total Operating Expenditures 16,539.18 52,350.00-35,810.82 31.6% Total Expense 36,539.18 1,177,350.00-1,140,810.82 3.1% Net Income 226,643.33-922,850.00 1,149,493.33-24.6% 21 Page 1

Lee County Industrial Development Authority 8:00 PM General Ledger 05/10/18 As of April 30, 2018 Accrual Basis Type Date Num Name Memo Split Debit Credit Balance Edison National Checking 794,212.89 Deposit 04/30/2018 Interest Interest Income 18.93 794,231.82 Total Edison National Checking 18.93 0.00 794,231.82 Edison National Money Market 207,777.24 Deposit 04/30/2018 Interest Interest Income 4.95 207,782.19 Total Edison National Money Market 4.95 0.00 207,782.19 Accounts Receivable 0.00 Total Accounts Receivable 0.00 Petty Cash 114.59 Total Petty Cash 114.59 Undeposited Funds 0.00 Total Undeposited Funds 0.00 Bank United CD #1815057021 247,581.97 Total Bank United CD #1815057021 247,581.97 Centennial Bank 244,764.44 Total Centennial Bank 244,764.44 EverBank 246,498.71 Total EverBank 246,498.71 Florida Community Bank 246,917.85 Total Florida Community Bank 246,917.85 PNC Bank CD 245,668.97 Total PNC Bank CD 245,668.97 Regions CD # 0132551835 0.00 Total Regions CD # 0132551835 0.00 Accounts Payable -10,649.89 Total Accounts Payable -10,649.89 Opening Bal Equity -1,206,757.15 Total Opening Bal Equity -1,206,757.15 Retained Earnings -789,510.17 Total Retained Earnings -789,510.17 Bond Closing -255,025.00 Total Bond Closing -255,025.00 Interest Income -8,133.63 Deposit 04/30/2018 Interest Edison National Checking 18.93-8,152.56 Deposit 04/30/2018 Interest Edison National Money Market 4.95-8,157.51 Total Interest Income 0.00 23.88-8,157.51 Non-Operating Expenditures 20,000.00 Horizon Foundation Sponsorship 20,000.00 Total Horizon Foundation Sponsorship 20,000.00 Total Non-Operating Expenditures 20,000.00 Operating Expenditures 16,539.18 Insurance 2,119.00 Total Insurance 2,119.00 Legal Fees 13,914.89 Total Legal Fees 13,914.89 Meeting Costs 188.41 22 Page 1

Lee County Industrial Development Authority 8:00 PM General Ledger 05/10/18 As of April 30, 2018 Accrual Basis Type Date Num Name Memo Split Debit Credit Balance Total Meeting Costs 188.41 Miscellaneous 316.88 Total Miscellaneous 316.88 Total Operating Expenditures 16,539.18 TOTAL 23.88 23.88 0.00 23 Page 2

LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY FY 2017-2018 REVISED Budgeted Expenditures and Designated Funds Cash carry forward at 1 October 2017 $ 1,995,002 Revenues Bond Issuance Fees $ 250,000 Interest and Investment Income $ 4,500 Total Revenues and Cash Available $ 2,249,502 Operating Expenditures Legal $ 30,000 Audit $ 7,500 FGCU Economic Impact Models $ 5,000 Business Entertainment $ 5,000 Meeting Costs $ 2,500 Miscellaneous $ 2,000 Printing $ 250 Bank Service Charges $ 100 Total Operating Expenditures $ 52,350 Non-Operating Expenditures Designated for Economic Development Programs $ 900,000 Marketing Support $ 150,000 Foundation Administration $ 50,000 Horizon Foundation Sponsorship $ 20,000 Gold Key Program $ 5,000 Total Non-Operating Expenditures $ 1,125,000 Excess of Revenues and Cash Carry Forward over Expenditures - estimated cash carry forward at 30 September 2018 $ 1,072,152 24

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1625 Hendry Street Third Floor (33901) P.O. Box 2449 Fort Myers, Florida 33902-2449 Telephone: (239) 334-2722 Facsimile: (239) 334-1446 www.knott-law.com Lee County Industrial Development Authority Economic Development Office Attn: Robbie Roepstoff, Chairperson 2201 Second St. Suite 500 Fort Myers, FL 33901 ACCOUNT #: INVOICE # PAGE: 1 05/18/2018 472-080 401 Re: General INVOICE 04/04/2018 JTH Reviewed Florida Statutes; reviewed and revised draft Memorandum to Members and draft Procurement Policy; reviewed Florida PRIME materials related to the investment of Surplus Funds; prepared for and participated in meeting with Robbie Roepstorff and Patrick Philbin HOURS 1.80 405.00 04/05/2018 JTH Receipt and review of e-mail from Pamela Johnson; instructions to staff to schedule meeting with Pamela and Glen Salyer 0.40 90.00 04/06/2018 JTH Review of notes from meeting with Robbie Roepstorff; review draft Memorandum to Authority Members and draft of Procurement Policy; Reviewed applicable sections for Florida Statutes to include chapters 189,159, and 255; made revisions to the draft Policy; Instructions to staff;phone conference with Wayne Kirkwood; prepared Memorandum to Wayne 2.20 495.00 0.70 157.50 0.70 157.50 1.10 247.50 1.50 337.50 04/22/2018 JTH Review of Florida Statutes; made additional revisions to proposed Procurement Policy in anticipation of April 25 meeting with Vice Chair Wayne Kirkwood 04/24/2018 JTH Receipt and review of Agenda and meeting materials for April 27 monthly meeting; review of Florida PRIME materials, as Investment of Surplus Funds will be reviewed at the meeting Worked on further revisions to Procurement Policy; telephone conference with Wayne Kirkwood; review of e-mails; prepared for upcoming meetings with Wayne, EDO staff and Glen Salyer JTH 04/25/2018 JTH Prepared for and hosted meeting with Wayne Kirkwood; reviewed Florida Statutes; further review and revisions to the Procurement Policy resulting from the meeting 39

Page: 2 Lee County Industrial Development Authority 05/18/2018 ACCOUNT #: 472-080M STATEMENT NO: 401 General HOURS 04/26/2018 JTH Began revisions to the Procurement Policy; prepared for and participated in meeting with Pamela Johnson and Glen Salyer 0.80 180.00 FOR SERVICES RENDERED 9.20 2,070.00 TOTAL CURRENT WORK 2,070.00 PREVIOUS BALANCE $13,102.39 BALANCE DUE $15,172.39 Statement reflects services rendered through 04/30/2018. ** A finance charge of 1% per month will be assessed on all accounts past due 30 days.** Please indicate acct. # on checks 40