agenda-regular-council-meeting-12-08-21.pdf?sfvrsn=8325d553_22

AGENDA Regular Council Meeting Wednesday, December 8th, 2021 5:00 p.m.

REGULAR COUNCIL MEETING WEDNESDAY, DECEMBER 8, 2021 5:00 P.M. 1. CALL TO ORDER/ROLL CALL OF MEMBERS 2. PLEDGE OF ALLEGIANCE 3. PUBLIC COMMENTS: Any person wishing to address the Council, should state name, address, prior to making the statement, for the record. 4. PUBLIC HEARINGS: SECOND READING: TAB 1 A. AN ORDINANCE OF THE VILLAGE COUNCIL OF INDIAN CREEK VILLAGE, FLORIDA, AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $19,000,000 OF THE VILLAGE OF INDIAN CREEK, FLORIDA, ROADWAY IMPROVEMENT SPECIAL ASSESSMENT BONDS OR NOTES, SERIES 2021; PROVIDING FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE DETAILS OF SAID BONDS OR NOTES; PROVIDING FOR AN EFFECTIVE DATE. (Ordinance # 228) TAB 2 B. A RESOLUTION OF THE VILLAGE COUNCIL OF INDIAN CREEK VILLAGE, FLORIDA, RELATING TO THE PROVISION OF ROADWAY IMPROVEMENTS WITHIN THE VILLAGE; PROVIDING FOR AUTHORITY, DEFINITIONS, AND INTERPRETATION; LEVYING AND IMPOSING A SPECIAL ASSESSMENT FOR SAID ROADWAY IMPROVEMENTS; CONFIRMING INITIAL ASSESSMENT RESOLUTION; ESTABLISHING THE METHOD BY WHICH THE PROPOSED SPECIAL ASSESSMENT SHALL BE MADE; PROVIDING FOR EQUALIZATION, FILING, AND LIEN ON PROPERTIES TO BE ASSESSED; PROVIDING FOR EFFECT OF ADOPTION OF FINAL ASSESSMENT RESOLUTION; AND PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE. (Resolution # 828) TAB 3 C. A RESOLUTION OF THE VILLAGE OF INDIAN CREEK, FLORIDA, PROVIDING FOR THE UNIFORM METHOD OF LEVYING, COLLECTING AND ENFORCING NON- AD VALOREM ASSESSMENTS FOR ROADWAY IMPROVEMENTS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 197.3632, F.S. THROUGHOUT THE INCORPORATED AREA OF THE VILLAGE FOR THE FISCAL YEAR BEGINNING ON OCTOBER 1, 2022; STATING A NEED FOR SUCH LEVY; PROVIDING FOR THE MAILING AND TRANSMITTAL OF THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE. (Resolution # 829)

TAB 4 D. A RESOLUTION OF THE VILLAGE COUNCIL OF INDIAN CREEK VILLAGE, FLORIDA, AWARDING THE REQUEST FOR PROPOSALS FOR TAX-EXEMPT ROADWAY IMPROVEMENT SPECIAL ASSESSMENT BOND TO __________________; AUTHORIZING THE NEGOTIATION OF THE BOND IN AN AMOUNT NOT TO EXCEED $19,000,000 FOR A PERIOD OF 15 YEARS FOR THE CONSTRUCTION OF THE ROADWAY IMPROVEMENTS; PROVIDING FOR THE NEGOTIATIONS OF A LOAN AGREEMENT, BOND AND OTHER DOCUMENTS TO BE APPROVED BY SUBSEQUENT RESOLUTION; AUTHORIZING OTHER DOCUMENTS REQUIRED IN CONNECTION THEREWITH; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE. (Resolution # 830) 5. ORDINANCES: A. FIRST READING: TAB 5 AN ORDINANCE OF THE VILLAGE COUNCIL OF INDIAN CREEK VILLAGE, FLORIDA, ESTABLISHING A TEMPORARY BUILDING MORATORIUM FOR NEW BUILDINGS AND SUBSTANTIAL RENOVATIONS OF EXISTING BUILDINGS; PROVIDING FOR IMPLEMENTATION AND AN EFFECTIVE DATE. (Ordinance # 229) (SECOND READING SCHEDULED ON DECEMBER 20, 2021) 6. RESOLUTIONS: TAB 6 A. A RESOLUTION OF THE VILLAGE COUNCIL OF INDIAN CREEK VILLAGE, FLORIDA, ACCEPTING EASEMENTS FROM PROPERTY OWNERS FOR PLACEMENT OF SECURITY EQUIPMENT; PROVIDING FOR AN EFFECTIVE DATE. (Resolution # 831) 7. ADJOURNMENT

TAB 1

ORDINANCE NO. 228 AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF INDIAN CREEK, FLORIDA, AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $19,000,000 OF THE VILLAGE OF INDIAN CREEK, FLORIDA ROADWAY IMPROVEMENT SPECIAL ASSESSMENT BONDS OR NOTES, SERIES 2021; PROVIDING FOR A SUPPLEMENTAL RESOLUTION SETTING FORTH THE DETAILS OF SAID BONDS OR NOTES; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Village Council (the “Council”) of Indian Creek Village, Florida (the “Village”) desires to authorize the issuance of not exceeding $19,000,000 of bonds or notes for the purpose of financing a portion of the costs of the design and complete rebuilding of the existing 1.6- mile long roadway, including, but is not limited to, the realignment of the existing roadway, all paving, drainage, storm-water, potable water and a new sanitary sewer grinded/system, lighting, landscaping and a pedestrian pathway as well as the relocation of utilities such as telecommunication lines (the “Roadway Redevelopment Project”), and paying costs of issuance of the bonds or notes; and WHEREAS, the Council desires that the bonds or notes be on such terms and awarded to such purchasers and secured by special assessments imposed by the Village on the benefitted properties of the Village, as further specified by subsequent resolution of the Council. NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF INDIAN CREEK VILLAGE, FLORIDA, AS FOLLOWS: Section 1. In accordance with the provisions of the Charter of the Village, Chapter 20, Section 20-12 of the Code of Ordinances of the Village and Chapter 166, Florida Statutes, and other applicable provisions of law there are hereby authorized to be issued bonds or notes (the “Bonds”) of the Village, in an aggregate principal amount not to exceed $19,000,000, in one or more series, for the purpose of financing a portion of the costs of the Roadway Reconstruction Project within the Village and paying costs of issuance of the Bonds. The Bonds shall be designated “Indian Creek Village, Florida Roadway Improvement Special Assessment Bonds or Note” (with appropriate series designation), or such other designation as may be approved by supplemental resolution, shall be dated such date, shall be in such denominations, shall be stated to mature no later than thirty years from their date of issuance or two years after the last installment of special assessments levied to pay

Page 2 of Ordinance No. 2282 the bonds or notes, shall bear interest from their dated date at a rate or rates not exceeding the maximum rate permitted by law at the time of issuance of the Bonds, shall be subject to redemption at the option of the Village at such times and prices, and shall have such other details, all as shall hereafter be determined by the Council by supplemental resolution. The supplemental resolution may be adopted, and the Bonds may be issued, at any time after the effective date of this Ordinance. Section 2. The Village Manager is hereby authorized to negotiate with banks or other financial institutions for the purchase of the Bonds and with respect to the terms of the Bonds. The Village Attorney and Bond Counsel to the Village are hereby authorized to draft documents and to do all other things necessary to accomplish the issuance and sale of the Bonds. Section 3. This Ordinance will become effective immediately upon adoption on second reading. PASSED AND ADOPTED on first reading this 4th day of November, 2021. PASSED AND ADOPTED on second reading this 8th day of December, 2021. ____________________________ BERNARD KLEPACH, MAYOR ATTEST: __________________________ MARILANE LIMA, CMC VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY: ______________________________ WEISS SEROTA HELFMAN COLE & BIERMAN, P.L. VILLAGE ATTORNEY

TAB 2

RESOLUTION NO. 2021-828 A RESOLUTION OF THE VILLAGE COUNCIL OF INDIAN CREEK VILLAGE, FLORIDA, RELATING TO THE PROVISION OF ROADWAY IMPROVEMENTS WITHIN THE VILLAGE; PROVIDING FOR AUTHORITY, DEFINITIONS, AND INTERPRETATION; LEVYING AND IMPOSING A SPECIAL ASSESSMENT FOR SAID ROADWAY IMPROVEMENTS; CONFIRMING INITIAL ASSESSMENT RESOLUTION; ESTABLISHING THE METHOD BY WHICH THE PROPOSED SPECIAL ASSESSMENT SHALL BE MADE; PROVIDING FOR EQUALIZATION, FILING, AND LIEN ON PROPERTIES TO BE ASSESSED; PROVIDING FOR EFFECT OF ADOPTION OF FINAL ASSESSMENT RESOLUTION; AND PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE. WHEREAS, the Village Council of Indian Creek Village, Florida, (the “Village Council”) has enacted Ordinance No. 194 (the “Ordinance”), which authorizes the imposition of special assessments for improvements, including the Roadway Redevelopment Project; and WHEREAS, the Village Council, on November 4, 2021 adopted Resolution No. 2021- 827 (the “Initial Assessment Resolution”) establishing the imposition of a Roadway Assessment for the Roadway Redevelopment Project on all Assessed Properties located on Indian Creek Island; and WHEREAS, the Initial Assessment Resolution contains and references a brief and general description of the Roadway Redevelopment Project that provides for the total reconstruction of the Roadway; describes the method of apportioning the Roadway Cost to compute the individual Roadway Assessments; establishes the Annual Assessment Rate and the Lump Sum Assessment Rate of assessment; directs the preparation of the Preliminary

Page 2 of 6 Resolution 2021-828 Assessment Roll and provides for public notice required by the Ordinance and the Uniform Collection Act; and WHEREAS, the Initial Assessment Resolution authorized, pursuant to Section 197.3632, Florida Statutes (the “Uniform Collection Act”), the collection of such Roadway Assessments on the property tax bill (the “Uniform Method”), commencing with the tax bill issued in November 2022; and WHEREAS, in order to impose the Roadway Assessment for the Fiscal Year beginning October 1, 2022, the Ordinance and the Uniform Collection Act requires the Village Council to adopt a Final Assessment Resolution which establishes the maximum rates of assessment and approves the Assessment Roll, with such amendments as the Village Council deems appropriate, after hearing comments and objections of all interested parties; and WHEREAS, the Assessment Roll has heretofore been made available for inspection by the public, as required by the Ordinance and the Uniform Collection Act; and WHEREAS, notice of a public hearing has been published and mailed as required by the terms of the Ordinance and the Uniform Collection Act which provides notice to all interested persons of an opportunity to be heard; an affidavit regarding the form of notice mailed being attached hereto as Exhibit “A” and the proof of publication being attached hereto as Exhibit “B”; and WHEREAS, a public hearing was held on December 8, 2021 and comments and objections of all interested persons have been heard and considered as required by the terms of the Ordinance and the Uniform Collection Act; and

Page 3 of 6 Resolution 2021-828 WHEREAS, any and all complaints as to individual Roadway Assessments have been considered by the Village Council meeting for the purpose of considering the equalization of individual assessments. NOW, THEREFORE, BE IT RESOLVED BY THE INDIAN CREEK VILLAGE COUNCIL: SECTION 1. RECITALS. The recitals as set forth above, are true and correct and are hereby fully adopted, confirmed and incorporated herein. SECTION 2. AUTHORITY. This resolution is adopted pursuant to Ordinance No.194; Resolution No. 2021-827; Article VII, Section 2, Florida Constitution; Sections 166.02 and 166.041, Florida Statutes; the Uniform Collection Act and other applicable provisions of law. SECTION 3. DEFINITIONS AND INTERPRETATION. This resolution constitutes the Final Assessment Resolution as defined in Ordinance No. 194. All capitalized terms in this resolution shall have the meanings defined in the Ordinance and the Initial Assessment Resolution, as amended and supplemented hereby. SECTION 4. LEVY AND IMPOSITION OF ASSESSMENT. Having considered all testimony provided at the public hearing and based on the findings and professional reports described in the Initial Assessment Resolution, including the Technical Memorandum, as which has been revised based upon the financing proposals received by the Village, which is attached hereto and made a part hereof as Exhibit “C”, the Village Council has determined that it is appropriate, advisable, and in the best interests of the Village, its residents and property owners, to levy the Roadway Assessments, including the annual Roadway Assessments and the Lump

Page 4 of 6 Resolution 2021-828 Sum Assessments in the amounts and against the properties described in the Final Assessment Roll attached as Exhibit “D” to this Resolution, and said assessment is hereby levied and imposed. SECTION 5. CONFIRMATION OF INITIAL ASSESSMENT RESOLUTION. The Initial Assessment Resolution, as modified, amended and supplemented herein, is hereby confirmed. SECTION 6. COLLECTION. The Village Manager is hereby directed to take any and all appropriate steps to provide for the collection of such Roadway Assessments using the Uniform Method, commencing with the tax bill issued in November 2022. The Village Attorney is hereby authorized to initiate and maintain all proceedings necessary and appropriate to provide for the Uniform Method of collection of any and all Roadway Assessments, including the assessments based upon the Annual Assessment Rate and the Lump Sum Assessment Rate. SECTION 7. IMPOSITION OF ASSESSMENTS. The Roadway Assessments shall be imposed against all Assessed Parcels located in the Village for each Fiscal Year for fifteen (15) years commencing with Fiscal Year beginning on October 1, 2022, with the first fourteen (14) Fiscal Years in the amount of Annual Assessment Rate and the final Fiscal Year in the amount of the Lump Sum Assessment Rate, all of which shall be computed in accordance with the method set forth in Section 5 of the Initial Assessment Resolution. When imposed, the Roadway Assessments for each Fiscal Year shall constitute a lien upon the Assessed Property as provided by the Ordinance and the Uniform Collection Act

Page 5 of 6 Resolution 2021-828 SECTION 8. EQUALIZATION. Having considered all complaints as to individual Roadway Assessments, the Village Council has determined that no adjustment or equalization is necessary to provide for a just and fair result. SECTION 9. FILING. Upon adoption, this Resolution shall immediately be filed with the Village Clerk, and the Final Assessment Roll shall be filed with the Village Council, Village Clerk and the Miami-Dade Property Appraiser and Tax Collector in the manner provided in the Ordinance and the Uniform Collection Act. SECTION 10. EFFECT OF ADOPTION OF RESOLUTION. The adoption of this Final Assessment Resolution shall be the final adjudication of the issues presented (including, but not limited to, the determination of special benefit and fair appointment to the Assessed Property, the method of apportionment and assessment, the rates of assessments, the Final Assessment Roll and the levy and lien of the Roadway Assessments), unless proper steps shall be initiated in a court of competent jurisdiction within thirty (30) days of the filing with the Village Clerk of a copy of this Final Assessment Resolution as provided in Section 27.1-28 of the Ordinance. SECTION 12. SEVERABILITY. The provisions of this resolution are declared to be severable and if any section, sentence, clause or phrase of this resolution shall for any reason be held to be invalid or unconstitutional, such decision shall not affect the validity of the remaining sections, sentences, clauses, and phrases of this resolution but they shall remain in effect, it being the legislative intent that this resolution shall stand notwithstanding the invalidity of any part. SECTION 13. EFFECTIVE DATE. This Final Assessment Resolution shall take effect immediately upon its passage and adoption.

Page 6 of 6 Resolution 2021-828 PASSED, ADOPTED AND APPROVED THIS 8th day of December, 2021. ___________________________ BERNARD KLEPACH, MAYORATTEST: _________________________________ MARILANE LIMA. CMC VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY: ______________________________________________ WEISS SEROTA HELFMAN COLE & BIERMAN, P.L. VILLAGE ATTORNEY

EXHIBIT “A” Affidavit of Mailed Notice

7th December Personally known Jennifer Medina

EXHIBIT “B” Proof of Publication

EXHIBIT “C” TECHNICAL MEMORANDUM

14785 Old Saint Augustine Rd, Ste. 300, Jacksonville, FL 32258 | 386-546-7719 Management Services October 25, 2021 File No. 09221121.00 TECHNICAL MEMORANDUM TO: Indian Creek Village, Florida FROM: Vita Quinn, SCS Engineers SUBJECT: Road Capital Non-Ad Valorem Special Assessment Study BACKGROUND Indian Creek Village (Village), a small municipality along Biscayne Bay, has a total land area of approximately 294 acres. Connected by a bridge over Indian Creek waterway, the bulk of the Village is an island (Island) containing 39 platted waterfront residential home sites, the Island roadway, and the Indian Creek Country Club (ICCC or Golf Course Properties), which contains a clubhouse, golf course, dockage, and other facilities. There are two off-Island parcels, one owned by ICCC and another that houses Village government and operations. There is one dedicated 70-foot wide road (Roadway) within the residential subdivision serving the home sites. That Roadway is also used to access ICCC. The Village is undertaking a large capital project (Roadway Project) that will include improvements to the asphalt roadway and crosswalks, as well as to the retaining wall, lighting, and irrigation along the Roadway. Additionally, gutters and other stormwater improvements as part of the Roadway Project will reduce roadway flooding. The Village intends to issue a bond for the majority of the project costs. Roadway Project costs will be recovered through a special assessment against each of the residential home sites. 1 Special assessments, sometimes referred to as non-ad valorem special assessments, are a local government revenue source that can be used to fund all or a portion of the costs associated with some capital projects. The amount levied to recover these costs (Roadway Capital Assessments or Assessments) is apportioned among the benefitting properties. The Village has retained SCS Engineers to establish a program and associated methodology to fund costs associated with the Roadway Project and to assist in developing the property roll that will be delivered to the Miami-Dade County Property Appraiser (MDCPA). 1 The Roadway Project costs will be offset by a voluntary contribution from ICCC in the amount of $465,000.

Indian Creek Village October 25, 2021 Page 2 ASSESSMENT AREA The Assessment Area consists of 39 platted waterfront residential home sites, all zoned 0100 – Single Family – General by the MDCPA. Additionally, while the Roadway itself is a separate dedicated tract of land, it is not included in the Assessment Area. Therefore, it was determined that the Assessment Area should be only the 39 home site parcels in the Village located on the Island.

Indian Creek Village October 25, 2021 Page 3 METHODOLOGY Florida Law Regarding Special Assessments Florida law governing special assessments sets forth two basic requirements: 1. The improvements paid for by the assessment must convey a special benefit to the real property subject to the assessment, 2. The total amount imposed must be fairly and reasonably apportioned among the benefitting properties. Determination of Special Benefit In considering special benefit, it is important to consider whether the special benefit is derived from the improvements by all of the properties in the Assessment Area. All parcels in the Assessment Area are benefited by the proposed improvements, regardless of whether or not the property is developed. The benefits include: • Access to the property. • Enhanced property and rental value. • Ability to develop and/or market the property. • Increased use and enjoyment derived from access and reduced flooding to the property. • Enhanced marketability and value of the parcel when compared to a similarly situated parcel for which adequate road access and draining is not available. • Protection of the health and safety of the owners and occupants of assessed parcels due to reduced roadway flooding and improved lighting along the roadway. In the case of Indian Creek Village, all of the parcels on the Island will benefit from the Roadway Project. However, ICCC has already made a capital contribution toward the project and completed stormwater system improvements to reduce roadway flooding, and one of the parcels is the Roadway itself, as described in the previous subsection.Therefore, it is determined that all of the Village parcels located on the Island derive special benefit from the proposed project, but that ICCC and the Roadway should not be assessed. Thus, all parcels on the island, with the exception of parcels comprising the ICCC and the Roadway parcel, can be assessed. The first prong of the two-pronged test (the property burdened by the assessment must derive a special benefit from the service provided by the assessment) is met for the proposed Assessment Area, because each parcel will receive a special benefit from the Roadway Project. Fair and Reasonable Apportionment of Costs The second prong of the two-pronged test requires that the costs of the Assessment must be fairly and reasonably apportioned among the properties that receive the special benefit. The apportionment methodology is based on front footage, and is described on the following page.

Indian Creek Village October 25, 2021 Page 4 Working with our internal GIS staff, we mapped the frontage feet (Front Footage) for each parcel. This is defined as the portion of the parcel’s perimeter that faces the area to be improved, the Roadway. The revenue requirement was then divided by the total assessable Front Footage to get an annual Assessment amount per Front Foot. This methodology is often used to apportion costs for improvements such as sidewalks and roads, and represents a fair and reasonable method of allocating costs and benefits among the properties to be assessed. Therefore, the second prong of the two-pronged test is met by the recommended fair apportionment of costs based upon benefit. ANALYSIS The Village and its engineers provided the anticipated project costs of $17,158,017. From the anticipated project cost the amount of $465,000, contributed by the Golf Course Properties, was subtracted. The remaining project costs total approximately $16,693,017. The total amount to be assessed at 100% cost recovery is the Net Revenue Requirement (NRR). The NRR is based upon the anticipated maximum annual debt service provided by the Village and its Financial Advisor at the time of this analysis (shown in the table on the next page), and the costs of administering the assessment. The annual debt service for this project assumes that the debt issued will be a bank loan with the following terms: Bank Loan Assumptions Term: 15 Years Rate: 2.25% Debt Service Reserve: 1 Year of Maximum Annual Debt Service Cost of Issuance: $200,000 Lump Sum Balloon Payment: Year 15

Indian Creek Village October 25, 2021 Page 5 The calculation of annual assessments in Years 1-14 and the lump sum payment in Year 15 are detailed on the following pages using information provided by the Village’s Financial Advisor, shown in the table below. Maximum Annual Debt Service in Years 1-14 Lump Sum Debt Service in Year 15

Indian Creek Village October 25, 2021 Page 6 Net Revenue Requirement - Years 1-14 FY 2022 Financed Capital Costs 16,693,017$ Cost of Issuance 200,000$ Debt Service Reserve 1 942,894$ Project Costs 17,835,911$ Cost Recovery 100% Total Costs to Be Recovered in Assessment 17,835,911$ Maximum Annual Debt Service - Years 1-14 942,894$ Plus: Property Appraiser Expense 1.0% 10,031$ Plus: Tax Collector Expense 1.0% 10,031$ Plus: Prepayment Discount 4.0% 40,124$ Plus: Costs of Mailing 21$ Net Revenue Requirement 1,003,100$ % Cost Recovery 100% Amount to be Assessed 1,003,100$ Less: Prepayments and Costs of Administration (60,207)$ Estimated Net Collected Revenue 942,894$ Total Assessable Front Footage 7,562 Annual Assessment per Front Foot 132.65$ Net Revenue Requirement - Year 15 Lump Sum Balloon Payment 9,480,469$ Plus: Property Appraiser Expense 1.0% 100,856$ Plus: Tax Collector Expense 1.0% 100,856$ Plus: Prepayment Discount 4.0% 403,425$ Plus: Costs of Mailing 21$ Net Revenue Requirement 10,085,627$ % Cost Recovery 100% Amount to be Assessed 10,085,627$ Less: Prepayments and Costs of Administration (605,158)$ Estimated Net Collected Revenue 9,480,469$ Total Assessable Front Footage 7,562 Lump Sum Assessment per Front Foot 1,333.71$

Indian Creek Village October 25, 2021 Page 7 RECOMMENDATIONS Based upon the results of this study, it is recommended that the Village adopt an apportionment methodology for allocating the Roadway Capital Assessments based on the front footage associated with each parcel. Such methodology represents a fair and reasonable method of allocating costs and benefits among the properties to be assessed. The assessment schedule derived from such methodology and procedures for calculating the Roadway Capital Assessment per parcel is presented below: Annual Assessment Calculation Annual Roadway Capital Assessment: $132.65 per Front Foot per year in Years 1-14 $1,333.71 per Front Foot in Year 15 Billing Frequency: Bill annually on the property tax bill as a non-ad valorem special assessment. It is important to note that this analysis assumes that the Village will adopt the assessment at 100% cost recovery. Should the Village desire to adopt the assessment at less than 100% cost recovery, the amounts assessed per Front Foot would change and the remainder of the project costs would need to be funded with General Fund monies. Additionally, the above calculations take into consideration the Village’s desire to finance the Roadway Project over a 15-year borrowing with a balloon payment in Year 15. PROPERTY DATABASE Upon adoption of the assessment program, SCS Engineers will provide the Village with an electronic database in Microsoft Excel that includes all parcels to be assessed and their assessment amount for certification to be included on the tax bills as a non-ad valorem special assessment. We appreciate your participation in the analysis and the opportunity to be of service to the Village. We look forward to continuing to work with you in the future. If you have any questions or would like to discuss this further, please call me anytime at (386) 546-7719. Regards, Vita Quinn, MBA Kellyn Modlin, MBA Director of Management Services Management Analyst SCS Engineers SCS Engineers vquinn@scsengineers.com kmodlin@scsengineers.com 386-546-7719 316-494-7512

EXHIBIT “D” FINAL ASSESSMENT ROLL Parcel ID Owner Linear Footage Maximum Annual Assessment Rate per Linear Foot Maximum Annual Assessment Rate Maximum Lump Sum Assessment Rate per Linear Foot Maximum Lump Sum Assessment Rate 2122340020010 Norman Braman & W Irma 248.03 $ 132.65 $32,901.18 $1,333.71 $330,800.09 2122340020020 212A LLC 193.48 132.65 25,665.12 1,333.71 258,046.21 2122340020025 LTSC ICGCI LLC TRS 168.34 132.65 22,330.30 1,333.71 224,516.74 2122340020030 Somerville II Corporation 193.51 132.65 25,669.10 1,333.71 258,086.22 2122340020040 Somerville Corporation NV 199.39 132.65 26,449.08 1,333.71 265,928.44 2122340020050 Somerville Corporation NV 192.27 132.65 26,167.87 1,333.71 256,432.42 2122340020060 Miracreek LTD 192.17 132.65 25,491.35 1,333.71 256,432.42 2122340020070 Robert Diener 299.90 132.65 39,781.74 1,333.71 399,979.63 2122340020080 SMM Sunny Holding LLC 195.56 132.65 25,941.03 1,333.71 260,820.33 2122340020091 MTM Star International Corp. 89.18 132.65 11,829.72 1,333.71 118,940.26 2122340020100 MTM Star International Corp. 203.09 132.65 26,939.89 1,333.71 270,863.16 2122340020110 Indian Creek #1 LLC 198.21 132.65 26,292.56 1,333.71 264,354.66 2122340020120 Edward Scott Lampert 551.52 132.65 73,159.13 1,333.71 735,567.74 2122340020130 Penguin Estates LLC (FEE HLDR) 137.10 132.65 18,186.32 1,333.71 182,851.64 2122340020150 Mary A Stephens Shula & 147.79 132.65 19,064.34 1,333.71 197,109.00 2122340020160 Rakesh Gangwal 140.27 132.65 18,606.82 1,333.71 187,079.50 2122340020170 JGDB LTD 152.89 132.65 20,280.86 1,333.71 203,910.92 2122340020180 JGDB LTD 191.44 132.65 25,394.52 1,333.71 255,325.44 2122340020190 Elad Invest Holding Corp. 188.18 132.65 24,962.08 1,333.71 250,977.55 2122340020200 Elad Invest Holding Corp. 191.77 132.65 25,438.29 1,333.71 255,765.57 2122340020210 Francois M Chateau TRS 182.79 132.65 24,247.09 1,333.71 243,788.85 2122340020220 Rajendra Singh &W Neera 204.89 132.65 27,178,66 1,333.71 273,263.84 2122340020300 Carl C Icahn TRS 187.32 132.65 24,848.00 1,333.71 249,830.55 2122340020400 Itzhak Ezratti 182.00 132.65 24,142.30 1,333.71 242,735.22 2122340020250 Jacquelyn Soffer TRS 174.30 132.65 23,120.90 1,333.71 232,465.65 2122340020260 Jeffery Soffer 194.49 132.65 25,799.10 1,333.71 259,393.26 2122340020270 Javier J Holtz &W Andria A 178.27 132.65 23,647.52 1,333.71 237,760.48 2122340020280 Gary N Siegler 133.43 132.65 17,699.49 1,333.71 177,956.93 2122340020290 Four Palms Of Indian Creek LLC 119.06 132.65 15,793.31 1,333.71 158,791.51 2122340020300 Mirasong LTD 118.37 132.65 15,701.78 1,333.71 157,871.25 2122340020310 Desarrollo Inmobiliario PT 355.79 132.65 47,195.54 1,333.71 474,520.68 2122340020330 Bernard Klepach &W Juliet 359.82 132.65 47,730.12 1,333.71 479,895.53 2122340020350 Porpoise Investment Limited 178.23 132.65 23,642.21 1,333.71 237,707.13 2122340020360 Alex Meruelo &W Liset 132.32 132.65 17,552.25 1,333.71 176,476.51 2122340020370 Mario L Kreutzberger &W 146.60 132.65 19,446.49 1,333.71 195,521.89 2122340020380 Richard A Pitino TRS 148.98 132.65 19,762.20 1,333.71 198,696.12 2122340020390 Alicia Ziegert 147.57 132.65 19,575.16 1,333.71 196,815.59 2122340020401 Gerardus Johannes A Bakker TRS 153.82 132.65 20,404.22 1,333.71 205,151.27 2122340020410 Martin Silver &W Constance 189.96 132.65 25,198.19 1,333.71 253,351.55

TAB 3

RESOLUTION NO. 2021-829 A RESOLUTION OF THE VILLAGE OF INDIAN CREEK, FLORIDA, PROVIDING FOR THE UNIFORM METHOD OF LEVYING, COLLECTING AND ENFORCING NON-AD VALOREM ASSESSMENTS FOR ROADWAY IMPROVEMENTS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 197.3632, F.S. THROUGHOUT THE INCORPORATED AREA OF THE VILLAGE FOR THE FISCAL YEAR BEGINNING ON OCTOBER 1, 2022; STATING A NEED FOR SUCH LEVY; PROVIDING FOR THE MAILING AND TRANSMITTAL OF THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, pursuant to Chapter 20 of the Code of Ordinances and the Charter of the Village of Indian Creek, Florida (the “Village”), the Village has the authority to construct roadway improvements, as more particularly described in the plans and specifications on file with the Village (the “Roadway Improvements”) and to defray the cost of constructing such capital improvements in whole or in part by the imposition of non-ad valorem special assessments on the properties benefitted by such Roadway Improvements; and WHEREAS, the Village Council of the Village hereby determines that the construction of the Roadway Improvements are necessary for the health, safety and welfare of the residents of the Village; and WHEREAS, Section 197.3632, Florida Statutes establishes a uniform method for the levy, collection and enforcement of non-ad valorem assessments (the “Uniform Method”); and WHEREAS, Section 197.3632, Florida Statutes, authorizes the Village to elect to utilize the Uniform Method; and WHEREAS, the Village Council desires to use the Uniform Method for the purpose of collecting special assessments to be levied on those properties benefitted by the construction of the Roadway Improvements; and

Page 2 of 3 Resolution 829 WHEREAS, the Village Council has advertised and conducted a public hearing, as shown on the advertisement and proof of publication attached hereto and incorporated herein as Exhibits “A” and “B,” respectively, prior to the adoption of this Resolution; and WHEREAS, pursuant to Section 197.3632, Florida Statutes, the legal description of the boundaries of the properties which may be subject to the levy of non-ad valorem assessments is attached hereto and incorporated herein as Exhibit “C;” and WHEREAS, the Village Council finds that the adoption of this Resolution is in the best interest and welfare of the Village. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF INDIAN CREEK, FLORIDA AS FOLLOWS: Section 1. Recitals. The above recitals are true and correct and incorporated herein by reference. Section 2. Intent. Commencing with the fiscal year beginning October 1, 2022, the Village of Indian Creek intends to use the Uniform Method of collecting non-ad valorem assessments as authorized by Section 197.3632, Florida Statutes, as amended from time to time to fund the costs of the Roadway Improvements. Such non-ad valorem assessments will be levied within the island area of the incorporated area of the Village (the “Island”). A legal description of the Island area subject to the non-ad valorem assessment is attached hereto and incorporated herein as Exhibit “C.” The non-ad valorem assessments and the Village’s use of the Uniform Method of collecting such non-ad valorem assessments may continue for more than one year. Section 3. Need for Levy. The Village Council hereby determines that the levy of the non-ad valorem assessments is needed to fund the cost of designing and rebuilding the existing 1.6-mile roadway within the 70-feet of existing right-of-way, which traverses the Island located

Page 3 of 3 Resolution 829 within the Village and includes, but is not limited to, realignment of the existing roadway, all paving, drainage, storm water, potable water and a new sanitary sewer grinded/system, also includes lighting, landscaping and a pedestrian pathway as well as the relocation of utilities such as telecommunication lines within the incorporated Island area of the Village. Section 4. Authorization. The Village Council hereby authorizes the Village Manager to implement the intent and purpose of this Resolution by, including but not limited to, notifying the Miami-Dade County Property Appraiser’s office, the Tax Collector and the Department of Revenue for the State of Florida of the Village’s intent to collect such non-ad valorem assessments by using the uniform method of collection and entering into a written agreement with the Property Appraiser and Tax Collector for this purpose, subject to the approval of the Village Attorney as to form, content, and legal sufficiency. Section 5. Direction to Village Clerk. The Village Clerk is hereby directed to send certified copies of this Resolution to the Miami-Dade County Property Appraiser, Miami-Dade County Tax Collector, and the Florida Department of Revenue. Section 6. Effective Date. This Resolution shall become effective immediately upon adoption. PASSED AND ADOPTED this 8th day of December, 2021. BERNARD KLEPACH MAYORATTEST: MARILANE LIMA, CMC VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY: WEISS SEROTA HELFMAN COLE & BIERMAN, P.L. VILLAGE ATTORNEY

Page 4 of 3 Resolution 829 EXHIBIT A NOTICE BY THE VILLAGE OF INDIAN CREEK OF INTENT TO USE THE UNIFORM AD VALOREM METHOD OF COLLECTION OF A NON-AD VALOREM ASSESSMENT [insert copy of newspaper advertisement – entire page]

Page 5 of 3 Resolution 829 EXHIBIT B PROOF OF PUBLICATION OF NOTICE BY THE VILLAGE OF INDIAN CREEK OF INTENT TO USE THE UNIFORM AD VALOREM METHOD OF COLLECTION OF A NON-AD VALOREM ASSESSMENT [insert copy of proof of publication]

Page 6 of 3 Resolution 829 EXHIBIT C LEGAL DESCRIPTION OF AREAS SUBJECT TO ASSESSMENT The all residential properties located in the following corporate limits of Indian Creek Village: Beginning at a point marking the southeast corner of fractional section 34, Township 52 South, Range 42 East, Dade [Miami-Dade] County, Florida, which said point is 1,633.04 feet west of a concrete monument located in the southern boundary of the aforesaid Township 52 South, Range 42 East (the true bearing of the aforesaid southern boundary of township 52 South, Range 42 East, is North 87 degrees 22 minutes 30 seconds East); thence North 1 degree 49 minutes 55 seconds West along the east line of the aforesaid section 34 for a distance of 2,816.38 feet to a point; thence due west for a distance of 361.01 feet to the point of beginning of the tract of land and the waters herein described; thence North 49 degrees 19 minutes 57 seconds West for a distance of 812.80 feet to the beginning of a curve; thence northwesterly along the curve with a radius of 3,380.12 feet and a central angle of 24 degrees 2 minutes 59 seconds for an arc distance of 1,418.79 to the end of the curve; thence North 73 degrees 22 minutes 56 seconds West for a distance of 1,771.69 feet to a point on a curve to which curve the last aforesaid line is radial; thence in a southerly direction along a curve described by a radius of 12,130.51 feet for an arc distance of 3,823.28 feet to a point of compound curve; thence in a southerly, southeasterly and easterly direction along a curve described by a radius of 911.03 feet for an arc distance of 1,432.87 feet to a point of compound curve; thence in an easterly and northeasterly direction along a curve described by a radius of 3,227.21 feet for an arc distance of 2,380.75 feet to a point of compound curve; thence in a northeasterly and northerly direction along a curve described by a radius of 2,102.85 feet for an arc distance of 1,398.56 feet to a point of reverse curve; thence in a northerly and northeasterly direction along a curve described by a radius of 1,466.79 feet for an arc distance of 809.51 feet to the point of beginning of the tract of land herein described; together with all waters and submerged land within fifteen (15) feet beyond the lands hereinabove described; All as shown on the plat of Indian Creek Golf Club Island recorded in Plat Book 34, at page 33, of the Public Records of Dade [Miami-Dade] County, Florida; And including also Lots "V," "W" and "X" of the Amended Plat of a portion of Altos Del Mar No. 4, according to the plat thereof recorded in Plat Book 34, at page 7, of the Public Records of Dade [Miami-Dade] County, Florida; and the bridge between said Lots "V," "W" and "X" and the above described "Indian Creek Golf Club Island"; Provided, however, that the said bridge and the street leading therefrom to Indian Creek Drive [Indian Creek Island Road] and the said roadway designated Indian Creek Drive [Indian Creek Island Road] which are shown on the aforesaid plat of Indian Creek Golf Club Island recorded in Plat Book 34 at page 33, of the Public Records of Dade [Miami-Dade] County, Florida, shall

Page 7 of 3 Resolution 829 not be regarded as public highways and that the dedication of the said privately owned street and drive as shown on the said plat is hereby recognized, ratified and approved.

Page 6 of 3 Resolution 829 EXHIBIT C LEGAL DESCRIPTION OF AREAS SUBJECT TO ASSESSMENT The all residential properties located in the following corporate limits of Indian Creek Village: Beginning at a point marking the southeast corner of fractional section 34, Township 52 South, Range 42 East, Dade [Miami-Dade] County, Florida, which said point is 1,633.04 feet west of a concrete monument located in the southern boundary of the aforesaid Township 52 South, Range 42 East (the true bearing of the aforesaid southern boundary of township 52 South, Range 42 East, is North 87 degrees 22 minutes 30 seconds East); thence North 1 degree 49 minutes 55 seconds West along the east line of the aforesaid section 34 for a distance of 2,816.38 feet to a point; thence due west for a distance of 361.01 feet to the point of beginning of the tract of land and the waters herein described; thence North 49 degrees 19 minutes 57 seconds West for a distance of 812.80 feet to the beginning of a curve; thence northwesterly along the curve with a radius of 3,380.12 feet and a central angle of 24 degrees 2 minutes 59 seconds for an arc distance of 1,418.79 to the end of the curve; thence North 73 degrees 22 minutes 56 seconds West for a distance of 1,771.69 feet to a point on a curve to which curve the last aforesaid line is radial; thence in a southerly direction along a curve described by a radius of 12,130.51 feet for an arc distance of 3,823.28 feet to a point of compound curve; thence in a southerly, southeasterly and easterly direction along a curve described by a radius of 911.03 feet for an arc distance of 1,432.87 feet to a point of compound curve; thence in an easterly and northeasterly direction along a curve described by a radius of 3,227.21 feet for an arc distance of 2,380.75 feet to a point of compound curve; thence in a northeasterly and northerly direction along a curve described by a radius of 2,102.85 feet for an arc distance of 1,398.56 feet to a point of reverse curve; thence in a northerly and northeasterly direction along a curve described by a radius of 1,466.79 feet for an arc distance of 809.51 feet to the point of beginning of the tract of land herein described; together with all waters and submerged land within fifteen (15) feet beyond the lands hereinabove described; All as shown on the plat of Indian Creek Golf Club Island recorded in Plat Book 34, at page 33, of the Public Records of Dade [Miami-Dade] County, Florida; And including also Lots "V," "W" and "X" of the Amended Plat of a portion of Altos Del Mar No. 4, according to the plat thereof recorded in Plat Book 34, at page 7, of the Public Records of Dade [Miami-Dade] County, Florida; and the bridge between said Lots "V," "W" and "X" and the above described "Indian Creek Golf Club Island"; Provided, however, that the said bridge and the street leading therefrom to Indian Creek Drive [Indian Creek Island Road] and the said roadway designated Indian Creek Drive [Indian Creek Island Road] which are shown on the aforesaid plat of Indian Creek Golf Club Island recorded in Plat Book 34 at page 33, of the Public Records of Dade [Miami-Dade] County, Florida, shall

Page 7 of 3 Resolution 829 not be regarded as public highways and that the dedication of the said privately owned street and drive as shown on the said plat is hereby recognized, ratified and approved.

TAB 4

RESOLUTION NO. 2021 –830 A RESOLUTION OF THE VILLAGE COUNCIL OF INDIAN CREEK VILLAGE, FLORIDA, AWARDING THE REQUEST FOR PROPOSALS FOR TAX-EXEMPT ROADWAY IMPROVEMENT SPECIAL ASSESSMENT BOND TO __________________; AUTHORIZING THE NEGOTIATION OF THE BOND IN AN AMOUNT NOT TO EXCEED $19,000,000 FOR A PERIOD OF 15 YEARS FOR THE CONSTRUCTION OF THE ROADWAY IMPROVEMENTS; PROVIDING FOR THE NEGOTIATIONS OF A LOAN AGREEMENT, BOND AND OTHER DOCUMENTS TO BE APPROVED BY SUBSQUENT RESOLUTION; AUTHORIZING OTHER DOCUMENTS REQUIRED IN CONNECTION THEREWITH; PROVIDING FOR IMPLEMENTATION; AND PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the Village of Indian Creek, Florida (the “Village”), issued and advertised Request for Proposals “Not-to-exceed $19 Million Tax-Exempt Roadway Improvement Special Assessment Bonds, Series 2021” (the “RFP”), to obtain proposals for financing of the design and complete rebuilding of the existing 1.6-mile long Roadway, including, but is not limited to, the realignment of the existing roadway, all paving, drainage, storm-water, potable water and a new sanitary sewer grinder/system, lighting, landscaping and a pedestrian pathway as well as the relocation of utilities such as telecommunication lines (the “Roadway Redevelopment Project”); and WHEREAS, upon review of the proposals received, staff determined that ____________ (the “Bank”) was the lowest most responsive and responsible bidder; and WHEREAS, the Village Manager recommends that the Village award the RFP to Bank and allow for the purchase of the bonds based upon the proposal for a term of 15 years at a fixed interest rate of ___% per annum (the “Proposal”), which is attached hereto as Exhibit “A”, and

Page 2 of 3 Resolution 830 made a part hereof, and authorize the Village Manager to negotiate such other documentation as may be necessary to accomplish the desired financing; and WHEREAS, based on the need to issue the bonds upon the most favorable market conditions, the Village Council has determined that it is necessary and advisable and in the best interest of the Village and its citizens to accept the Proposal from the Bank to purchase the bonds through a negotiated private placement; and WHEREAS, the Village Council finds that this Resolution and the financing contemplated hereby is in the best interest and welfare of the citizens of the Village. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF INDIAN CREEK, FLORIDA, AS FOLLOWS: Section 1. Recitals. The above recitals are confirmed, adopted, and incorporated herein are incorporated herein and made a part hereof by this reference. Section 2. Award. Upon the recommendation of the Village Manager, the RFP is hereby awarded to Bank. This award, in and of itself, does not vest Bank with any rights, absent entering into agreements with the Village to purchase the bonds or note. Section 3. Authorization. The Village Manager is authorized to negotiate, the Roadway Improvement Special Assessment Bond (the “Bond”), and the other financing documents and certificates in connection with the financing (the “Financing Documents”), which such forms, terms and provisions are subject to approval by the Village Attorney as to form, content, and legal sufficiency, which such terms of the Bond and the Financing Documents shall be approved by subsequent resolution of the Village Council.

Page 3 of 3 Resolution 830 Section 4. Implementation. The Village Council hereby authorizes the Village Manager to take any action which is reasonably necessary to implement the purpose of this Resolution, including the construction and financing of the Roadway Redevelopment Project. Section 5. Effective Date. This Resolution shall become effective immediately upon adoption. PASSED AND ADOPTED this 8th day of December, 2021. __________________________ BERNARD KLEPACH MAYORATTEST: __________________________ MARILANE LIMA, CMC VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFFICIENCY: ______________________________________________ WEISS SEROTA HELFMAN COLE & BIERMAN, P.L. VILLAGE ATTORNEY

EXHIBIT “A” ATTACH PROPOSAL OF BANK