SOUTH BAY COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY REGULAR BOARD MEETING JULY 13, :00 P.M.

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1 SOUTH BAY COMMUNITY DEVELOPMENT DISTRICT HILLSBOROUGH COUNTY REGULAR BOARD MEETING JULY 13, :00 P.M. Special District Services, Inc. The Oaks Center 2501A Burns Road Palm Beach Gardens, FL Telephone 877.SDS.4922 Toll Free Facsimile

2 AGENDA SOUTH BAY COMMUNITY DEVELOPMENT DISTRICT 536 Bahia Beach Boulevard, Building B First Floor Ruskin, FL REGULAR BOARD MEETING July 13, :00 P.M. A. Call to Order B. Proof of Publication Page 1 C. Establish Quorum D. Consider Appointment of Board Member(s) Administer Oath of Office as Required and Review Board Member Responsibilities.Page 2 E. Additions or Deletions to Agenda F. Approval of Minutes 1. May 4, 2018 Regular Board Meeting...Page 5 G. Reports 1. Financial Report.Page Legal Report a. Update on Protecting CDD Rights Regarding AC and 99 Slip Marina T-Docks b. Consider Approval of Draft Complaint Against Little Harbour Development Regarding AC Marina T-docks and Authorize Counsel to File c. WCI/Lennar Issues Discuss Legal Action on: Removal of Unapproved Sales Signs and Pole Banners Removal of Unauthorized "Private" Road Street Sign Require Corrective Clean-Up of AC Retention Pond Next to Unauthorized Concrete Wash Out Area 3. Chairman s Report a. Update on Hooks Signs Removal b. Update on Rope for Poles Around Tennis Courts c. Discussion Regarding POA Agreements with CDD that have Expired d. AC Marina Area Parking Action Taken Regarding Parking e. Status of WCI/Lennar Landscaping 4. POA Report a. Consideration of Additional Funding for Extra Work in N/S Parking Lots 5. Consider Adoption of Policy Regarding Solicitation of Business by Outside Vendors 6. Authorize Action to Remove Unapproved Signs at AC Marina and AC in General

3 7. Consider Adoption of Interim Policy Regarding Removal and Approval of Signs on CDD Property until Formal Agreement with POA can be Reached 8. Bond Holder s Report 9. Landowner s Report H. Old Business I. New Business 1. Consider Approval of Request to Install Security Cameras at Townhome Light Poles 2. Consider Approval of New Irrigation Well Agreement with WCI/Lennar 3. Consider Approval of New Jet Ski Beach Rental Agreement to Include Charging for Beach Towels...Page Consider Approval of Fee for Use of Beach by General Public J. Administrative Matters K. Comments by the Public for Matters not on the Agenda L. Board Members Comments M. Adjourn

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5 EXECUTIVE RESUME: Travis Biggar High performance consultant w/26 years in the defense industry. Served in various leadership roles: active duty officer (USAF), contractor support, defense advisor; leading teams in joint acquisition and financial management environments. Preparing/drafting policy and guidance, conducting audits, developing forecasts, and budget decisions for security cooperation/homeland security. Ability to adapt to environments and cater to any need. Extensive experience managing complex, multi cultural projects and programs. Since 2012, volunteered/held positions in Mira Bay and Little Harbor homeowner associations applying strong interpersonal skills and thoughtful, logical, common sense approaches to solving problem and advancing goals using uncompromising ethical principles. EXPERIENCE/QUALIFICATIONS: Security Clearance Leadership Financial Management Consulting/Advising Executing Budgets Policy Development Risk/Trade off Analysis Schedule Analysis Forecasting Program Management Data Collection Consulting/Advising Data Analysis Business Case Analysis Contract Oversight Auditing Financial Reporting EMPLOYMENT HISTORY: 2015 Present CEO, Biggar Consulting Services Inc various locations across US & Middle East Senior Budget/Cost Analyst, Jacobs Technologies, US SOCOM, MacDill AFB, FL United States Air Force 1992 to United States Special Operations Command, MacDill AFB, Tampa, FL Student, Air Force Institute of Technology, Syracuse NY Financial Manager for Officer Force Development, Secretary of the Air Force Financial Management & Policy, Pentagon, Washington D.C Weapon System/SW Cost Estimator, Air Force Cost Analysis Agency, VA Weapon System Cost Analyst, Electronic System Center, Hanscom AFB, MA United States Air Force active duty Enlisted transitioning to active duty officer EDUCATION/LICENSES/CERTIFICATIONS: Master s in Business Administration (MPA) Syracuse University Master s in Public Administration (MPA) Syracuse University> Bachelor s in Finance (BA) University of Texas GOALS & OBJECTIVES FOR BECOMING CDD MEMBER A) Learn as much as possible from the existing board members B) Apply thorough analysis to board activities and decisions C) Seek to reduces costs/spend wisely maximize the use of resources to benefit the community D) Maximize efforts to pay down debt faster E) Think outside of the box not follow (always) the status quo 3127 Christopher s Watch LN, Ruskin, Florida tabiggar@yahoo.com Page 2

6 June 21, 2018 SENT VIA Kathleen Dailey, SW FL District Manager Special District Services, Inc Riverview Center Blvd., #253 Bonita Springs, Florida RE: Appointment of Supervisor Dear Ms. Dailey: On behalf of LEN-Little Harbor, LLC, this letter is a request for the South Bay Community Development District Board of Supervisors to appoint KELLY EVANS to the Supervisor position recently vacated by Mr. Brady Lefere at the July Board meeting. Attached to this letter is a description of Ms. Kelly s professional background, which includes extensive experience working with master planned communities, community development districts, homeowner associations, and recreational / resort amenities. LEN-Little Harbor believes that Ms. Kelly has the requisite experience needed to assist the District as it continues to take steps toward buildout of the community. Additionally, Ms. Kelly otherwise meets all the requirements set forth in Chapter 190, Florida Statutes for a Supervisor and is prepared to take the required oath of office. If you have any questions prior to the July meeting, please do not hesitate to contact me. Sincerely, PETITT WORRELL ROCHA SHEPPARD PLLC By: Michael Brooks, Of Counsel to the Firm Cc: Thomas Grimm (via mrwtgrimm@aol.com) Thomas Cloud (via Thomas.Cloud@gray-robinson.com) Page 3

7 KELLY EVANS LAND DEVELOPMENT MANAGER, LENNAR HOMES PROFESSIONAL BACKGROUND CALATLANTIC HOMES a LENNAR Corporation, Tampa, FL 2/2016 PRESENT Land Development Manager Land Development Project Manager involved in all components of the land development processes and timing/sequencing of all phases of those processes to prepare a site for the construction of houses. Primary team member to manage the Declarant controlled communities through turnover i.e. all HOA, CDD, and ACC matters. RIZZETTA & COMPANY, INC., Tampa, FL 3/2008 2/2016 Director of Amenity Services Rizzetta Amenity Services, Inc. (RASI) Management and consulting company focused on master planned communities, community development districts, and community association management. The amenity division services both entities specializing in the amenity management, lifestyle programming and field services. LINDELL PROPERTIES, Tampa, FL 11/2001-3/2008 Developer of Wilderness Lake Preserve (CDD), Land O Lakes, FL. A national award winning master planned community focused on nature, education, health and wellness, lifestyle activities... all in a five star resort style amenity. Lodge Director Managed the day to day operations of the Lodge and amenities which included: Theatre, Nature Center, Lake Activities, Fitness Center, Spa, Activities Center, Lodge, 3 pools, tennis and play courts. Awards listed below: CLUBCORP, Tampa, FL 3/ /2001 National leader in private golf and country club management. Clubcorp acquired Cobblestone Golf Group March Regional Member Relations and Activities Director Focused on member retention through lifestyle programming and the promotion of the Five Star CCA experience for all members of the family. As a Regional Director, assisted in promoting member retention, programming and staff training. COBBLESTONE GOLF GROUP, Tampa, FL 10/1995-2/1997 Third largest private golf and country club management firm. National Activities Director Managed the Member Relations and Activities Directors for 24 elite private country clubs. Focused on diversified programming and member retention by delivering a consistent customer service experience. EDUCATION Virginia Polytechnic Institute (Virginia Tech) Blacksburg, VA. Bachelor of Science, Recreation Management Page 4

8 SOUTH BAY COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING MAY 4, 2018 A. CALL TO ORDER The May 4, 2018, Regular Board Meeting of the South Bay Community Development District was called to order at 1:02 p.m. in the Conference Room of Harborside Suites located at 536 Bahia Beach Boulevard, Building B, First Floor, Ruskin, Florida B. PROOF OF PUBLICATION Proof of publication was presented that notice of the Regular Board Meeting had been published in The Tampa Tribune on September 20, 2017, as part of the District s Fiscal Year 2018/2019 Regular Meeting Schedule, as legally required. C. ESTABLISH A QUORUM It was determined that the following Supervisors constituted a quorum and was in order for the meeting to commence: Chairman W. Thomas Grimm Present Vice Chairman Brett Vogeler Present Supervisor Vacant Supervisor Leah Popelka Present Supervisor Robert McCarthy Present The following staff were in attendance: District Manager Kathleen Dailey Special District Services, Inc. General Counsel Tom Cloud Gray-Robinson Also present were the following: Jeff Walker (via telephone) Special District Services, Inc.; Michael Brooks (via telephone) Lennar Attorney; Parker Hirons Lennar Homes; Nancy Bryant Carter Hospitality; Zina Lucas Community Manager; and the following District residents: Kent Wanninger (via telephone); and Hud Richard. D. CONSIDER RESGINATION AND APPOINTMENT OF BOARD MEMBER A motion was made by Mr. McCarthy, seconded by Ms. Popelka and passed unanimously to accept the resignation of Brady Lefere. Mr. Grimm stated that Lennar would like the Board to consider the name of Kelly Evans as a nominee for the Board. Mr. McCarthy introduced Travis Biggar who is the President of the Antigua Cove Association as another candidate to consider. Mr. Cloud suggested Page 1 of 6 Page 5

9 SOUTH BAY COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING MAY 4, 2018 that Lennar or any other candidate give the Board official notification that they would like to be considered for appointment. It was consensus of the Board to include resumes on the next agenda of those interested in the nomination. E. ADDITIONS OR DELETIONS TO AGENDA Mr. Grimm requested the addition of the irrigation well used by Lennar for its amenities and townhomes and also the Hook Sign. There was a consensus of the Board to add these items under the Chairman s report as Items 3a and 3b. Ms. Dailey requested to delete Item F and there was a consensus of the Board to do so. F. CONSIDER REORGANIZATION OF THE BOARD This item was deleted from the agenda. G. APPROVAL OF MINUTES 1. April 6, 2018, Regular Board Meeting The April 6, 2018, Regular Board Meeting minutes were presented for approval. Mr. Vogeler advised that Item 4E, Request for CDD to Cost Share in the Appraisal for Land with Stakeholders, the minutes should reflect that he voted against the motion. A motion was then made by Ms. Popelka, seconded by Mr. Vogeler and carried unanimously approving the minutes of the April 6, 2018, Regular Board Meeting, as amended. H. REPORTS 1. Financial Report Ms. Dailey went over the financials. Mr. Vogeler indicated that he would like to see a line item for reserves. A motion was made by Mr. Vogeler, seconded by Mr. McCarthy and passed unanimously to include a reserves line item on the balance sheet. Mr. Walker indicated that on the September 30 financial report he would be able to set up the reserves, since it will be at the end of the fiscal year. 2. Legal Report a. Update on Protecting CDD Rights Regarding AC and 99 Slip Marina T-Docks Page 2 of 6 Page 6

10 SOUTH BAY COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING MAY 4, 2018 Mr. Cloud advised that he was authoring the complaint and would bring it to the Board before filing. 3. Chairman s Report a. Irrigation Mr. Grimm advised that had he spent a lot of time this past month on irrigation, as Lennar had tapped into the CDD s water for new amenities and townhomes. He stated that a meter was needed so that the water could be paid for accordingly. Mr. Hirons stated he would find out what had happened. b. Signs & Garbage Bin Mr. Grimm stated that the bottom of the Hooks sign needed to be addressed, as it was added without approval. Mr. Grimm also advised that their garbage dumpster had been placed on property that is being damaged and is not enclosed. A motion was made by Ms. Popelka, seconded by Mr. McCarthy and passed unanimously directing Counsel to draft a letter to Little Harbor Development to remove the signs and remedy the garbage bin situation within two weeks. 4. POA Report a. Update on Beach Parking Paving Construction Schedule Ms. Lucas stated that the project was scheduled for the week of May b. Status on Task Force Pending Appraisals Mr. Wanninger advised that there was no update at this time. Mr. Grimm added that there was no interest by appraisers due to zoning issues. c. Consider Requote on Speed Signs/Names Ms. Lucas went over two proposals, one of which included frames on the signs. A motion was made by Ms. McCarthy, seconded by Ms. Popelka and passed unanimously to go with the lower proposal from Onsight Industries in the amount of $12, d. Update on CDD Commercial Guidelines Ms. Lucas advised that this was a work in progress. 5. Bondholder s Report Page 3 of 6 Page 7

11 SOUTH BAY COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING MAY 4, 2018 There was no Bondholder s report at this time. 6. Landowners Report There was no Landowners Report at this time. I. OLD BUSINESS There were no Old Business items to come before the Board. J. NEW BUSINESS 1. Consider Approval of Request to Install Security Cameras at Townhome Light Poles Mr. Wanninger advised that the plan was conceptual. Mr. Grimm added that the District owns the parking lot. Mr. Cloud stated that a license agreement would be necessary. There was a consensus in favor of the project. A motion was made by Ms. Popelka, seconded by Mr. McCarthy and passed unanimously to allow the Chair to execute a license agreement on behalf of the District between meetings. 2. Consider Authorization for Chair to Sign Indemnity and Permit to Trim Point Townhome Mangroves Mr. McCarthy advised that he had requested that the Chair sign once Counsel approves the documents. A motion was made by Mr. McCarthy, seconded by Ms. Popelka and passed unanimously authorizing the Chair to sign the indemnity and permit to trim the Point Townhome mangroves, subject to approval by Mr. Cloud. 3. Presentation of Road Reserves Study Mr. Vogeler advised that he had issues with the study, as some of the numbers were wrong. He stated that the reserves numbers and what is needed for other projects were incorrect in the report. Ms. Popelka indicated that she would speak with Reserve Study Advisors about correcting the report. 4. Consider Resolution No Adopting a Fiscal Year 2018/2019 Proposed Budget Resolution No was presented, entitled: Page 4 of 6 Page 8

12 SOUTH BAY COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING MAY 4, 2018 RESOLUTION NO A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SOUTH BAY COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2018/2019; AND PROVIDING AN EFFECTIVE DATE. Mr. Walker went over the budget and debt service. There was general discussion on the seawall repairs and roadway maintenance. Mr. Grimm noted that more legal funds may be necessary if there is litigation and that Land Use Planning could be removed. Mr. Vogeler suggested that the seawall reserves be lowered to balance any items that need to increase. A motion was made by Ma. Popelka, seconded by Mr. McCarthy approving Resolution No with the following amendments: increase legal by $50,000; remove land use; budget $163,000 for POA; drop property taxes to $500; and set seawall repairs at $97,000 for 2 years. The roadways line item was changed to Seawall Reserves and lowered from $150,000 to $20,000. K. ADMINISTRATIVE MATTERS Ms. Dailey went over the meeting schedule: June 1, July 13 and the budget public hearing on August 3. It was the consensus of the Board to cancel the June 1 meeting. L. COMMENTS FROM THE PUBLIC FOR MATTERS NOT ON THE AGENDA There were no comments from the public for matters not on the agenda. M. BOARD MEMBER COMMENTS There were no comments from the Board Members. N. ADJOURNMENT There being no further business to come before the Board, a motion was made by Ms. Popelka, seconded by Mr. McCarthy and unanimously passed to adjourn the Regular Board Meeting at 3:00 p.m.. Page 5 of 6 Page 9

13 SOUTH BAY COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING MAY 4, 2018 Secretary/Assistant Secretary Chair/Vice-Chair Page 6 of 6 Page 10

14 South Bay Community Development District Financial Report For May 2018 Page 11

15 SOUTH BAY COMMUNITY DEVELOPMENT DISTRICT MONTHLY FINANCIAL REPORT MAY 2018 Year Year Annual To Date To Date Budget Actual Actual Budget REVENUES 10/1/17-9/30/18 May-18 10/1/17-5/31/18 10/1/17-5/31/18 Administrative Assessments (On-Roll) 67,040 4,242 71,686 65,030 Administrative Assessments (Off-Roll) 153,052 44, , ,887 Maintenance Assessments (On-Roll) 91,199 5,778 97,522 88,330 Maintenance Assessments (Off-Roll) 208,285 61, , ,040 Debt Assessments - A1 (On-Roll) 613,443 38, , ,365 Debt Assessments - A1 (Off-Roll) 245,958 5, , ,958 Debt Assessments - B1 (Off-Roll) 464,838 4, , ,694 Other Income Lennar Contribution - Seawall Repairs 0 125, ,092 0 Interest Income TOTAL REVENUES $ 1,844,175 $ 289,844 $ 1,724,615 $ 1,545,544 O & M EXPENDITURES Supervisor Fees 6, ,200 4,000 Payroll Taxes (Employer) Engineering 4, ,669 3,000 Surveying 1, ,000 Management 35,208 2,934 23,472 23,472 Legal 42,000 6,030 70,986 28,000 Legal - Extraordinary/Litigation 5, ,600 3,500 Assessment Roll 6, Auditing Fees 6,850 1,500 3,000 3,000 Arbitrage Rebate Fee 1,950 1,950 1,950 1,950 Travel Per Diam 3, ,000 Insurance 7, ,801 7,200 Legal Advertising 3, ,000 Miscellaneous 1, ,263 1,000 Postage Office Supplies 1, Dues & Subscriptions Website Management 1, ,000 1,000 Trustee Fees 11, ,081 11,200 Continuing Disclosure Fee 5, ,000 5,000 Property Taxes 1, ,666 1,000 Land Use Planning 15, ,000 Reserve 56, ,000 TOTAL ADMINISTRATIVE EXPENDITURES $ 216,443 $ 14,111 $ 143,013 $ 144,841 MAINTENANCE EXPENDITURES POA Maintenance 144,000 12,000 96,000 96,000 Roadway Maintenance 150, ,900 10,000 Street Signage 0 6,273 6,273 0 Capital Outlay - Seawall Repairs 0 125, ,092 0 TOTAL MAINTENANCE EXPENDITURES $ 294,000 $ 143,365 $ 231,265 $ 106,000 TOTAL EXPENDITURES $ 510,443 $ 157,476 $ 374,278 $ 250,841 EXCESS/(SHORTFALL) $ 1,333,732 $ 132,368 $ 1,350,337 $ 1,294,703 Payment To Trustee (A-1 Bond) (822,593) (43,372) (809,634) (807,327) Payment To Trustee (B-1 Bond) (464,838) (4,637) (241,693) (241,694) BALANCE $ 46,301 $ 84,359 $ 299,010 $ 245,682 County Appraiser & Tax Collector Fee (15,434) (979) (14,777) (14,860) Discounts for Early Payments (30,867) 0 (25,569) (29,885) NET EXCESS/(SHORTFALL) $ 0 $ 83,380 $ 258,664 $ 200,937 Bank Balance As Of 4/30/18 $ 754, Funds Received: 5/1/18-5/31/18 $ 288, Disbursements: 5/1/18-5/31/18 $ 324, Bank Balance As Of 5/31/18 $ 718, Accounts Payable As Of 5/31/18 $ 13, Accounts Receivable As Of 5/31/18 $ - Reserve For Seawall Repairs As Of 5/31/18 $ 150, Available Funds As Of 5/31/18 $ 555, Page 12

16 South Bay Community Development District Expenditures May 2018 Date Num Name Memo Debit Expenditures Payroll tax expense 05/10/2018 PR MTG CK ( Grimm W, Mccarthy R, Popelka L, Vogeler B) Total Payroll tax expense Supervisors Fee 05/10/2018 PR MTG CK ( Grimm W, Mccarthy R, Popelka L, Vogeler B) Total Supervisors Fee Infrastructure Maintenance 05/15/ Onsight Industries Deposit for street signage 6, Total Infrastructure Maintenance 6, Engineering 05/25/ Hole Montes Professional Services for Total Engineering Management Fees 05/31/ Special District Services, Inc. Invoice for May , Total Management Fees 2, Legal Fees 05/31/ Gray Robinson File# General Representation May , Total Legal Fees 6, Audit Fees 05/01/ Carr Riggs & Ingram Client No ND progress payment for FY 2016/2017 audit 1, Total Audit Fees 1, Arbitrage Rebate Fee 05/01/ LLS Tax Solutions, Inc. Arbitrage rebate calculation report fee Series 2015 A-2 & 2015B /01/ LLS Tax Solutions, Inc. Arbitrage rebate calculation report fee Series 2005A /01/ LLS Tax Solutions, Inc. Arbitrage rebate calculation report fee Series 2005A -1 & 2015 B Total Arbitrage Rebate Fee 1, Miscellaneous 05/10/2018 PR MTG CK ( Grimm W, Mccarthy R, Popelka L, Vogeler B) /31/ Special District Services, Inc. Invoice for May /31/ Special District Services, Inc. Invoice for May Total Miscellaneous Postage and Delivery 05/31/ Special District Services, Inc. Invoice for May /31/ Special District Services, Inc. Invoice for May Total Postage and Delivery Office Supplies 05/31/ Special District Services, Inc. Invoice for May /31/ Special District Services, Inc. Invoice for May Total Office Supplies Website Hosting Fees Page 13

17 South Bay Community Development District Expenditures May 2018 Date Num Name Memo Debit 05/31/ Special District Services, Inc. Invoice for May Total Website Hosting Fees Common Area Maintenance 05/01/2018 May 2018 Little Harbor POA (Monthly) Common Area Maintenance May , Total Common Area Maintenance 12, Legal -Extraordinary/Litigation 05/31/ Gray Robinson File# Serenity Bay, Inc May Total Legal -Extraordinary/Litigation Capital Outlay-Seawall Repairs 05/16/ Waterline Commercial Construction Inc. Plans, Permits & Seawall Panels 125, Total Capital Outlay-Seawall Repairs 125, Total Expenditures 157, Page 14

18 South Bay Community Development District Balance Sheet As of May 31, 2018 Operating Fund Debt Service Fund (05) Debt Service Fund (15) Capital Projects Fund Gen Fixed Assets Fund Long Term Debt Fund TOTAL ASSETS Current Assets Checking/Savings Seacoast Bank 718, , Total Checking/Savings 718, , Total Current Assets 718, , Other Assets Investments - Construction Fund Investments - Interest Account (A1) Investments - Revenue Account , , Investments - Reserve Account (A) Investments - Reserve Account (B1) Investments - Prepayment Account (A1) , , Investments - Reserve Account (B2) Investments - Interest Account (B1) , , Investments - Interest Account (B2) Investments - Revenue Account (2015-1) , , Investments - Reserve Account (2015-A1) , , Investments - Reserve Account (2015-B1) , , Investments - Revenue Account (2015-2) , , Investments - Reserve Account (2015-A2) ,073, ,073, Investments - Reserve Account (2015-B2) , , Investments - Cost Of Issuance (2015-1) Due From General Fund A/R Non Ad Valorem Receipts A/R Miscellaneous Land ,812, ,812, Infrastructure ,853, ,853, Accumulated Depreciation ,321, ,321, Amount Available In DSF (2005) , , Amount Available In DSF (2015) ,323, ,323, Amount To Be Provided ,973, ,973, Total Other Assets , ,323, ,344, ,315, ,001, TOTAL ASSETS 718, , ,323, ,344, ,315, ,719, Page 15

19 South Bay Community Development District Balance Sheet As of May 31, 2018 Operating Fund Debt Service Fund (05) Debt Service Fund (15) Capital Projects Fund Gen Fixed Assets Fund Long Term Debt Fund TOTAL LIABILITIES & EQUITY Liabilities Current Liabilities Reserve For Seawall Repairs 150, , Due To Bondholders ,755, ,755, Accounts Payable 13, , Total Accounts Payable 163, ,755, ,918, Total Current Liabilities 163, ,755, ,918, Long Term Liabilities Special Assessment Debt (2005) ,755, ,755, Special Assessment Debt (2015A-1) ,035, ,035, Special Assessment Debt (2015B-1) ,070, ,070, Special Assessment Debt (2015A-2) ,280, ,280, Special Assessment Debt (2015B-2) ,175, ,175, Total Long Term Liabilities ,315, ,315, Total Liabilities 163, ,755, ,315, ,233, Equity Investment In General Fixed Assets ,666, ,666, Retained Earnings 296, ,737, ,577, ,321, ,184, Current Year Depreciation Net Income 258, , , Total Equity 555, ,737, ,323, ,344, ,486, TOTAL LIABILITIES & EQUITY 718, , ,323, ,344, ,315, ,719, Page 16

20 Changes will only apply to pages 1 & 2 Temporary License Agreement This Temporary License Agreement is made and executed this day of July, 2018 by SouthBay Community Development District, an independent special district formed under Chapter 190 Florida Statutes ( District ), Little Harbor Property Owners Association, Inc., a Florida corporation, ( Licensor ), to and in favor of SouthShore Water Sports, LLC (together, the Licensee ). 5 th paragraph of agreement: WHEREAS, Licensee desires to use the Property for the purpose of operating jet skis, non motorized boat and bicycle rentals; to include beach equipment rentals (i.e., chairs and umbrellas rental, (the Purpose), and the Licensee has requested from Licensee a license to use the property for such purpose, subject to and in accordance with the terms, provisions, covenants and conditions provided herein; and Section 3. Duration. Licensee agrees to provide the above referenced rental service for a term commencing on July, 2018 and ending July, For any or no reason, any party shall have the right to terminate this license upon mailing written notice of termination at least sixty (60) days in advance of such a termination date. Section 5. Insurance. SouthShore Water Sports is requesting for a change in the minimum limits of liability to $1M per occurrence and total policy limits of not less than $2M with deductible not in excess of $10K. The current agreement required $2M per occurrence with policy limits of not less than $5M with deductible not in excess of $10K. Rental Charge Fee Jet Ski Rental Kayak Rental Stand up Paddleboard Rental ½ hour $60 1 hour $25 1 hour $25 1 hour $100 Bike Rental Guided Dolphin Tours **2 Chairs 1 Umbrella Rental ½ day $15 Call for times & info. ALL Day $15 1 day $25 Page 17

21 ** Chairs & Umbrella rental will be offered on the resort side of the beach Homeowners and family are exempt from paying the rental fee. Rental Fees will be charged to resort guests and/or short & long term renters. Page 18