WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT COLLIER COUNTY REGULAR BOARD MEETING APRIL 5, 2016 1:00 P.M. Special District Services, Inc. The Oaks Center 2501A Burns Road Palm Beach Gardens, FL 33410 www.windingcypresscdd.org 561.630.4922 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile
AGENDA Sales Office 7225 Wiregrass Court Naples, Florida 34114 REGULAR BOARD MEETING April 5, 2016 1:00 p.m. A. Call to Order B. Proof of Publication..Page 1 C. Establish a Quorum D. Additions or Deletions to Agenda E. Comments from the Public for Items Not on the Agenda F. Approval of Minutes 1. January 12, 2016 Regular Board Meeting & Public Hearing Minutes.Page 2 G. Old Business H. New Business 1. Consider Resolution No. 201605 Adopting a Fiscal Year 2016/2017 Proposed Budget Page 7 2. Presentations by Engineers Responding to Request for Qualifications for Engineering Services I. Administrative Matters Hole Montes JR Evan s Engineering J. Board Members Comments K. Adjourn
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A. CALL TO ORDER WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING & PUBLIC HEARINGS JANUARY 12, 2016 The Regular Board Meeting of the Winding Cypress Community Development District was called to order at 1:00 p.m. in the Sales Office located at 7225 Wiregrass Court, Naples, Florida 34114. B. PROOF OF PUBLICATION Proof of publication was presented that Notice of the Regular Board Meeting & Public Hearings had been published in the Naples Daily News on December 23, 2015, and December 30, 2015, as legally required. C. ESTABLISH A QUORUM It was determined that the attendance of the following Supervisors constituted a quorum and it was in order to proceed with the meeting: Scott Brooks Mike Hueniken Laura Ray Patrick Butler David Genson Present Present Present Present Absent Also present were the following Staff members: District Manager Kathleen Dailey Special District Services, Inc. District Manager Todd Wodraska (via telephone) Special District Services, Inc. District Counsel Alyssa Willson (via telephone) Hopping Green & Sams District Engineer Josh Evans (via telephone) JR Evans Engineering Also present was Michael McElligott of Special District Services, Inc. (via telephone). D. ADDITIONS OR DELETIONS TO THE AGENDA There were no additions or deletions to the agenda. E. COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA There were no comments from the public for items not on the agenda. F. APPROVAL OF MINUTES 1. December 21, 2015, Regular Board Meeting & Reconvened Public Hearing Page 1 of 5 Page 2
WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING & PUBLIC HEARINGS JANUARY 12, 2016 The minutes of the December 21, 2015, Regular Board Meeting & Reconvened Public Hearing were presented for approval. A motion was made by Ms. Ray, seconded by Mr. Hueniken and passed unanimously to approve the minutes of the December 21, 2015, Regular Board Meeting & Reconvened Public Hearing, as presented. The Regular Board Meeting was then recessed and the Public Hearing on the Fiscal Year 2014/2015 Final Budget was convened. G. PUBLIC HEARING 1. Proof of Publication Proof of publication was presented that Notice of the Regular Board Meeting & Public Hearings had been published in the Naples Daily News on December 23, 2015, and December 30, 2015, as legally required. 2. Receive Public Comment on Fiscal Year 2014/2015 Final Budget There was no public comment on the Fiscal Year 2014/2015 Final Budget. 3. Consider Resolution No. 201601 Adopting a Fiscal Year 2014/20/15 Final Budget Resolution No. 201601 was presented, entitled: RESOLUTION 201601 THE ANNUAL APPROPRIATION RESOLUTION OF THE WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT ( DISTRICT ) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2014, AND ENDING SEPTEMBER 30, 2015; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE. A motion was made by Mr. Brooks, seconded by Ms. Ray and passed unanimously adopting Resolution No. 201601, as presented. The Public Hearing on the Fiscal Year 2014/2015 Final Budget was then adjourned and the Public Hearing on the Fiscal Year 2015/2016 Final Budget was convened. H. PUBLIC HEARING 1. Proof of Publication Page 2 of 5 Page 3
WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING & PUBLIC HEARINGS JANUARY 12, 2016 Proof of publication was presented that Notice of the Regular Board Meeting & Public Hearings had been published in the Naples Daily News on December 23, 2015, and December 30, 2015, as legally required. 2. Receive Public Comment on Fiscal Year 2015/2016 Final Budget There was no public comment on the Fiscal Year 2015/2016 Final Budget. 3. Consider Resolution No. 201602 Adopting a Fiscal year 2015/2016 Final Budget Resolution No. 201602 was presented, entitled: RESOLUTION 201602 THE ANNUAL APPROPRIATION RESOLUTION OF THE WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT ( DISTRICT ) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2015, AND ENDING SEPTEMBER 30, 2016; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE. Mr. Wodraska went over the budget and developer contributions. Mr. Brooks asked if only one bond interest payment would be made in 2016 and Mr. Wodraska responded it would be in May and the second payment in November will be made in the next fiscal year. Going forward the payments would be made in November and May of each fiscal year. A motion was then made by Ms. Ray, seconded by Mr. Hueniken and passed unanimously adopting Resolution No. 20102, as presented. The Public Hearing on the Fiscal Year 2015/2016 Final Budget was then adjourned and the Regular Board Meeting was reconvened. I. OLD BUSINESS There were no Old Business items to come before the Board. J. NEW BUSINESS 1. Consider Resolution No. 201603 Adopting a Fiscal Year 2014/2015 Amended Budget Resolution No. 201603 was presented, entitled: RESOLUTION NO. 201603 Page 3 of 5 Page 4
WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING & PUBLIC HEARINGS JANUARY 12, 2016 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE AUTHORIZING AND ADOPTING AN AMENDED FINAL FISCAL YEAR 2014/2015 BUDGET ( AMENDED BUDGET ), PURSUANT TO CHAPTER 189, FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE. Mr. Wodraska explained the amended budget and the difference from the final budget. It was discovered that the chart for the final budget in Resolution 201602 had a scrivener s error whereas the developer contribution should be $8,000 not $43,000. A motion was made by Ms. Ray, seconded by Mr. Hueniken to accept Resolution 201602, as revised, to reflect the corrected amounts as discussed above. 2. Consider Resolution No. 201604 Ratifying, Confirming and Approving the Sale of the Special Assessment Bonds, Series 2015 Bonds Resolution No. 201604 was presented, entitled: RESOLUTION 201604 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE RATIFYING, CONFIRMING, AND APPROVING THE SALE OF THE SPECIAL ASSESSMENT BONDS, SERIES 2015 BONDS; RATIFYING, CONFIRMING, AND APPROVING THE ACTIONS OF THE CHAIRMAN, VICE CHAIRMAN, TREASURER, SECRETARY, ASSISTANT SECRETARIES, AND ALL DISTRICT STAFF REGARDING THE SALE AND CLOSING OF THE WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2015; DETERMINING SUCH ACTIONS AS BEING IN ACCORDANCE WITH THE AUTHORIZATION GRANTED BY THE BOARD; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. A motion was made by Ms. Ray, seconded by Mr. Hueniken and passed unanimously to adopt Resolution No. 201604, as presented. K. ADMINISTRATIVE MATTERS Ms. Dailey announced that an RFQ for Engineering Services would be put out in the next month. L. BOARD MEMBER COMMENTS Page 4 of 5 Page 5
WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING & PUBLIC HEARINGS JANUARY 12, 2016 There were no comments from the Members of the Board. M. ADJOURNMENT There being no further business to come before the Board, the Regular Board Meeting was adjourned at 1:17 p.m. on a motion made by Ms. Ray, seconded by Mr. Hueniken and passed unanimously. Chairman/Vice Chairman Secretary/Assistant Secretary Date Approved Page 5 of 5 Page 6
RESOLUTION 201605 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2016/2017 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Winding Cypress Community Development District ( District ) was recently established by Collier County, Florida effective September 8, 2015; and WHEREAS, the District Manager has prepared and submitted to the Board of Supervisors of the Winding Cypress Community Development District (the Board ) the proposed operating budget for Fiscal Year 2016/2017; and WHEREAS, the Board has considered the proposed budget and desires to set the required public hearing thereon. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT: 1. The operating budget proposed by the District Manager for Fiscal Year 2016/2017 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said budget. 2. The public hearing on said approved budget is hereby declared and set for the following date, hour and location: DATE: HOUR: 1:00 p.m. LOCATION: Sales Office 7225 Wiregrass Court Naples, Florida 34114 3. The District Manager is hereby directed to submit a copy of the proposed budget to Collier County at least 60 days prior to the hearing set above. 4. In accordance with Section 189.016, Florida Statutes, the District's Secretary is further directed to post the approved budget on the District's website at least two days before the budget hearing date as set forth in Section 2. If the District does not have its own website, the District's Secretary is directed to transmit the approved budget to the managers or administrators of Collier County for posting on their website. 5. Notice of this public hearing shall be published in the manner prescribed in Florida law. Page 7
6. This Resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this 5 th day of April, 2016. ATTEST: WINDING CYPRESS COMMUNITY DEVELOPMENT DISTRICT Secretary/Assistant Secretary Chairman Exhibit A: Fiscal Year 2016/2017 Budget Page 8
Winding Cypress Community Development District Proposed Budget For Fiscal Year 2016/2017 October 1, 2016 September 30, 2017 Page 9
CONTENTS I II III IV PROPOSED BUDGET DETAILED PROPOSED BUDGET DETAILED PROPOSED DEBT SERVICE FUND BUDGET ASSESSMENT COMPARISON Page 10
PROPOSED BUDGET FISCAL YEAR 2016/2017 OCTOBER 1, 2016 SEPTEMBER 30, 2017 FISCAL YEAR 2016/2017 REVENUES BUDGET O & M Assessments 89,833 Debt Assessments 513,776 Developer Contribution O & M 0 Developer Contribution Debt 0 Interest Income 60 TOTAL REVENUES $ 603,669 EXPENDITURES Supervisor Fees 0 Payroll Taxes Employer 0 Engineering/Inspections 7,500 Management 33,228 Legal 20,000 Assessment Roll 5,000 Audit Fees 4,000 Arbitrage Rebate Fee 650 Insurance 6,000 Legal Advertisements 1,200 Miscellaneous 750 Postage 250 Office Supplies 750 Dues & Subscriptions 175 Trustee Fee 4,000 Continuing Disclosure Fee 1,000 TOTAL EXPENDITURES $ 84,503 REVENUES LESS EXPENDITURES $ 519,166 Bond Payments (482,950) BALANCE $ 36,216 County Appraiser & Tax Collector Fee (12,072) Discounts For Early Payments (24,144) NET EXCESS/ (SHORTFALL) $ 3/27/2016 2:04 PM I Page 11
DETAILED PROPOSED BUDGET FISCAL YEAR 2016/2017 OCTOBER 1, 2016 SEPTEMBER 30, 2017 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2014/2015 2015/2016 2016/2017 REVENUES ACTUAL BUDGET BUDGET COMMENTS O & M Assessments 0 0 89,833 Expenditures Less Interest/.94 Debt Assessments 0 0 513,776 Bond Payments/.94 Developer Contribution O & M 10,000 81,825 0 Developer Contribution Debt 0 482,064 0 Interest Income 0 0 60 Interest Projected At $5 Per Month TOTAL REVENUES 10,000 $ 563,889 $ 603,669 EXPENDITURES Supervisor Fees 0 0 0 No Change From 2015/2016 Budget Payroll Taxes Employer 0 0 0 Projected At 8% Of Supervisor Fees Engineering/Inspections 0 15,000 7,500 $7,500 Decrease From 2015/2016 Budget Management 0 33,000 33,228 CPI Adjustment Legal 6,824 20,000 20,000 No Change From 2015/2016 Budget Assessment Roll 0 5,000 5,000 As Per Contract Audit Fees 0 0 4,000 First Year Of Expenditure Arbitrage Rebate Fee 0 0 650 First Year Of Expenditure Insurance 0 6,000 6,000 No Change From 2015/2016 Budget Legal Advertisements 757 1,200 1,200 No Change From 2015/2016 Budget Miscellaneous 0 500 750 $250 Increase From 2015/2016 Budget Postage 0 200 250 $50 Increase From 2015/2016 Budget Office Supplies 0 750 750 No Change From 2015/2016 Budget Dues & Subscriptions 0 175 175 No Change From 2015/2016 Budget Trustee Fee 0 0 4,000 First Year Of Expenditure Continuing Disclosure Fee 0 0 1,000 First Year Of Expenditure TOTAL EXPENDITURES 7,581 $ 81,825 $ 84,503 REVENUES LESS EXPENDITURES 2,419 $ 482,064 $ 519,166 Bond Payments 0 (482,064) (482,950) 2017 P & I Payments Less Earned Interest BALANCE 2,419 $ $ 36,216 County Appraiser & Tax Collector Fee 0 0 (12,072) Two Percent Of Total Assessment Roll Discounts For Early Payments 0 0 (24,144) Four Percent Of Total Assessment Roll EXCESS/ (SHORTFALL) $ 2,419 $ $ Carryover Funds From Prior Year 0 0 0 Carryover Funds From Prior Year NET EXCESS/ (SHORTFALL) $ 2,419 $ $ 3/27/2016 2:04 PM II Page 12
DETAILED PROPOSED DEBT SERVICE FUND BUDGET FISCAL YEAR 2016/2017 OCTOBER 1, 2016 SEPTEMBER 30, 2017 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2014/2015 2015/2016 2016/2017 REVENUES ACTUAL BUDGET BUDGET COMMENTS Interest Income 0 0 0 Projected Interest For 2016/2017 Developer Contribution 0 482,064 482,950 2016 Payments Were Developer Funded NAV Tax Collection 0 0 0 2017 P & I Payments Less Earned Interest Total Revenues $ $ 482,064 $ 482,950 EXPENDITURES Principal Payments 0 170,000 125,000 Principal Payment Due In 2017 Interest Payments 0 312,064 357,950 Interest Payments Due In 2017 Total Expenditures $ $ 482,064 $ 482,950 Excess/ (Shortfall) $ $ $ Series 2015 Bond Information Original Par Amount = $7,535,000 Annual Principal Payments Due = November 1st Interest Rate = 4.00% 5.00% Annual Interest Payments Due = May 1st & November 1st Issue Date = December 2015 Maturity Date = November 2045 3/27/2016 2:04 PM III Page 13
ASSESSMENT COMPARISON Original Fiscal Year Fiscal Year Projected 2015/2016 2016/2017 Assessment* Assessment* Projected Assessment* O & M For Phases 1 & 2 SF Villas $ $ $ 164.53 Debt For Phases 1 & 2 SF Villas $ 835.00 $ $ 835.00 Total For Phases 1 & 2 SF Villas $ 835.00 $ $ 999.53 O & M For Phases 1 & 2 SF 50' Units $ $ $ 164.53 Debt For Phases 1 & 2 SF 50' Units $ 939.00 $ $ 939.00 Total For Phases 1 & 2 SF 50' Units $ 939.00 $ $ 1,103.53 O & M For Phases 1 & 2 SF 65' Units $ $ $ 164.53 Debt For Phases 1 & 2 SF 65' Units $ 1,043.00 $ $ 1,043.00 Total For Phases 1 & 2 SF 65' Units $ 1,043.00 $ $ 1,207.53 O & M For Phase 3 SF Villas $ $ $ Debt For Phase 3 SF Villas $ $ $ Total For Phase 3 SF Villas $ $ $ O & M For Phase 3 SF 50' Units $ $ $ Debt For Phase 3 SF 50' Units $ $ $ Total For Phase 3 SF 50' Units $ $ $ O & M For Phase 3 SF 65' Units $ $ $ Debt For Phase 3 SF 65' Units $ $ $ Total For Phase 3 SF 65' Units $ $ $ * Assessments Include the Following : 4% Discount for Early Payments 1% County Tax Collector Fee 1% County Property Appraiser Fee Community Information: Phases 1 & 2: Phase 3: Phases 1 & 2: 546 Units Villas: 94 Units Villas: 28 Units Phase 3: 235 Units 50' Lots: 310 Units 50' Lots: 136 Units Total: 781 Units 65' Lots: 142 Units 65' Lots: 71 Units Total: 546 Units Total: 235 Units 3/27/2016 2:04 PM IV Page 14