MINUTES OF MEETING CROSSINGS
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Crossings Community Development District was held on Thursday, May 12, 2022 at 9:15 a.m. at the West Osceola Branch Library, 305 Campus Street, Celebration, Florida.

Present and constituting a quorum were:

Brian Walsh	Chairman
Milton Andrade	Vice Chairman
Jeff Shenefield	Assistant Secretary Also, present were:
Jill Burns	District Manager, GMS
Lauren Gentry	KE Law
Grace Kobitter	KE Law
Lisa Kelley by Zoom	Dewberry
Ashton Bligh	Greenberg Traurig

The following is a summary of the discussions and actions taken at the May 12, 2022 Crossings Community Development District’s regular Board of Supervisor’s Meeting.

FIRST ORDER OF BUSINESS	Roll Call
Ms. Burns called the meeting to order at 9:15 a.m. Three Supervisors were in attendance at the meeting constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
There were no members of the public members present.

THIRD ORDER OF BUSINESS	Approval of Minutes of the April 14,
2022 Board of Supervisors Meeting
Ms. Burns presented the minutes of the April 14, 2022 meeting and asked if there were any corrections. The Board had no changes to the minutes.

On MOTION by Mr. Walsh, seconded by Mr. Andrade, with all in favor, the Minutes of the April 14, 2022 Board of Supervisors Meeting, were approved.

FOURTH ORDER OF BUSINESS	Presentation and Approval of Preliminary
First	Supplemental	Assessment Methodology for Series 2022 Project
Ms. Burns reviewed the supplemental methodology for the Board. The assessment report allocates debt to properties based on the special benefits that each receives from the Series 2022 Project. This assessment area consists of 340 units with three product types: 144 22’ townhomes, 68 single family 32’ bungalows, and 128 single family 50’ homes. Table 2 lists the full costs for the entire project at $26,783,214. Table 3 presents a bond sizing of $5,645,000 for the first assessment area. Table 4 shows the improvement costs per unit. Table 5 shows the par debt per unit. For the 22’ townhomes it will be $10,459, the 32’ bungalows will be $18,677, and the 50’ single family homes will be $22,413. Table 6 shows the net and gross annual debt assessment for each of those units. Table 7 is the preliminary assessment roll which allocates the debt by acre.
Ms. Burns noted that there is one property owner Clayton Properties Group, Inc. She stated that she believes the assessments are fairly and reasonably apportioned across the product types and that the benefit to the each of those product units are equal to or in excess to the of the burden placed against them by the assessments. This Supplemental Assessment Methodology is consistent with the master report.

On MOTION by Mr. Andrade, seconded by Mr. Shenfield, with all in favor, the Preliminary First Supplemental Assessment Methodology for Series 2022 Project, was approved.

FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-40
Delegation Resolution
Ms. Bligh reported that this is the supplemental resolution that was contemplated when the Board adopted the original resolution earlier in the year. This contains documents as exhibits to sell the first series of bonds for the District, the First Supplemental Trust Indenture, a Bond Purchase Contract, a Preliminary Limited Offering Memorandum, a Rule 15c212 Certificate, and a Continuing Disclosure Agreement.

Ms. Bligh pointed out that under Florida law in order to do a public negotiated offer certain findings are required, and those findings are listed under section four. Section five includes the parameters for the bonds. Any optional redemption of the bonds will be determined at pricing. The interest rate on the Series 2022 bonds will not exceed the maximum rate under Florida law. The aggregate principal amount of the Series 2022 bonds shall not exceed $7,000,000. The Series 2022 bonds shall ha e a final maturity not later than the maximum term allowed by Florida law which is 30 years of principal amortization. The price at which the Series 2022 bonds will be sold to the underwriter will not be less than 98% of the aggregate face amount of the Series 2022 bonds. There were no questions for Ms. Bligh, so Ms. Burns asked for a motion of approval.

On MOTION by Mr. Walsh, seconded by Mr. Andrade, with all in favor, Resolution 2022-40 Delegation Resolution, was approved.

SIXTH ORDER OF BUSINESS	Consideration of Series 2022 Ancillary
Financing Documents
True-Up Agreement
Ms. Gentry presented the developer agreements to the Board in connection with closing on the bonds. The true-up agreement states that if fewer than the anticipated lots are platted and results in too much debt being placed on all of the lots that are platted, then the developer will owe a true- up payment to bring those assessment levels and the debt assignments back to the target numbers in the methodology report.

Collateral Assignment Agreement
Ms. Gentry stated that in the event that the developer defaults on payment of the bonds, the District is assigned the rights to complete that project.

Acquisition Agreement
Ms. Gentry noted that this sets out the terms by which the District can acquire infrastructure that has already been completed by the developer and be paid out of the bond proceeds if they are available.

Completion Agreement
Ms. Gentry stated that the completion agreement sets forth the developer’s agreement to actually complete the improvements that constitutes the capital improvement plan in order to ensure that all of those are actually constructed as planned.

Declaration of Consent
The declaration of consent is where the developer acknowledges that the assessments are valid and there will not be a challenge to those and that the finance agreements have all been entered into legally and correctly.

Notice of Special Assessments
Lastly, Ms. Gentry presented the notice of special assessments which will only be recorded after the closing of the bonds and the assessment lien is finalized. It sets forth all of the resolutions that the District has adopted to levy those assessments and describes the assessment report. It is then recorded in the public records so that anybody buying property can see that there is an assessment lien on this property.

On MOTION by Mr. Andrade, seconded by Mr. Shenefield, with all in favor, the Series 2022 Ancillary Financing Documents, were approved in substantial form.

Consideration of Resolution 2022-41 Supplemental Delegation Assessment Resolution
Ms. Gentry presented the resolution to the Board and stated that it will apply the terms of the master assessment resolution to the actual terms of the Series 2022 bonds once they are issued. This will delegate authority to the Chairman and to District staff to take all necessary actions to finalize the assessments based on the terms of the bonds to get all of this accomplished without needing a second meeting for Board approval. This will expedite the process allowing for more flexibility at closing. This also confirms the maximum assessment lien and confirms that the assessments as projected will be in accordance with that maximum assessment lien. It sets forth the terms of allocation and collection, impact fee credits, terms of prepayment, application of true- up payments if they should apply, and then there are a number of administrative sections. There being no questions, Ms. Burns asked for a motion of approval.

On MOTION by Mr. Shenefield seconded by Mr. Andrade, with all in favor, Resolution 2022-41 Supplemental Delegation Assessment Resolution, was approved.

SEVENTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Gentry had nothing further for the Board.

Engineer
Ms. Kelley had nothing further to report.

Consideration of Proposal to Provide Professional Consulting Services
Ms. Burns stated that this is a proposal to provide professional consulting services. This is a general work authorization for services as they were selected as the District engineer. The annual cost is $10,000 which matches what is in the budget.

On MOTION by Mr. Andrade seconded by Mr. Shenefield, with all in favor, the Proposal to Provide Professional Consulting Services, was approved.

District Manager’s Report
Approval of Check Register
Ms. Burns presented the check register to the Board which was included in the agenda package. It is through April 30th totaling $13,235.43.

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

Balance Sheet and Income Statement
Ms. Burns stated that the financial statements are also included in the agenda package and there is no action necessary from the Board.

EIGHTH ORDER OF BUSINESS	Other Business
There being none, the next item followed.

NINTH ORDER OF BUSINESS	Supervisors Requests and Audience
Comments
There being none, the next item followed.

TENTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Walsh, seconded by Mr. Shenefield, with all in favor, the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman