Cypress Park Estates Community Development District
Continued Meeting Agenda June 13, 2022

Cypress Park Estates
Community Development District

219 East Livingston Street, Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526

June 6, 2022

Board of Supervisors Cypress Park Estates
Community Development District

Dear Board Members:

A continued meeting of the Board of Supervisors of the Cypress Park Estates Community Development District will be held Monday, June 13, 2022 at 11:00 AM at the Lake Alfred Public Library, 245 N. Seminole Ave., Lake Alfred, FL 33850.

Zoom Link: https://us06web.zoom.us/j/81799454221
Call-In Information: 1-646-876-9923
Meeting ID: 817 9945 4221

Following is the advance agenda for the meeting:

Board of Supervisors Meeting

Roll Call
Public Comment Period (1Speakers may submit questions and comments to the District Manager prior to the beginning of the meeting via email at jburns@gmscfl.com)
Consideration of Resolution 2022-04 Supplemental Assessment Resolution
Staff Reports
Attorney
Engineer
Field Manager’s Report
District Manager’s Report
Other Business
Supervisors Requests and Audience Comments
Adjournment

1 Comments will be limited to three (3) minutes

SECTION III
RESOLUTION 2022-04

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CYPRESS PARK ESTATES COMMUNITY DEVELOPMENT DISTRICT SETTING FORTH THE SPECIFIC TERMS OF THE DISTRICT’S SPECIAL ASSESSMENT BONDS, SERIES 2022 (SERIES 2022 PROJECT); CONFIRMING THE DISTRICT’S PROVISION OF IMPROVEMENTS; CONFIRMING THE SUPPLEMENTAL ENGINEER’S REPORT AND THE SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT; CONFIRMING, ALLOCATING AND AUTHORIZING THE COLLECTION OF SPECIAL ASSESSMENTS SECURING THE SERIES 2022 BONDS; PROVIDING FOR THE APPLICATION OF TRUE-UP PAYMENTS; PROVIDING FOR THE SUPPLEMENTATION OF THE IMPROVEMENT LIEN BOOK; PROVIDING FOR THE RECORDING OF A NOTICE OF ASSESSMENT SERIES 2022 SPECIAL ASSESSMENTS; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN EFFECTIVE DATE

WHEREAS, the Cypress Park Estates Community Development District (“District”) has previously indicated its intention to undertake, install, establish, construct or acquire certain public improvements and to finance such public improvements through the imposition of special assessments on benefited property within the District and the issuance of bonds; and

WHEREAS, the District’s Board of Supervisors (“Board”) has previously adopted, after notice and public hearing, Resolution 2020-28, relating to the imposition, levy, collection and enforcement of such special assessments; and

WHEREAS, pursuant to and consistent with the terms of Resolution 2020-28, this Resolution shall set forth the terms of bonds actually issued by the District, and apply the adopted special assessment methodology to the actual scope of the project to be completed with a series of bonds and the terms of the bond issue; and

WHEREAS, on June 1, 2022, the District entered into a Bond Purchase Contract, whereby it agreed to sell $7,865,000 par amount of its Special Assessment Bonds, Series 2022 (Series 2022 Project) (the “Series 2022 Bonds”); and

WHEREAS, pursuant to and consistent with Resolution 2020-28, the District desires to set forth the particular terms of the sale of the Series 2022 Bonds and to confirm the liens of the levy of special assessments securing the Series 2022 Bonds.

NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE CYPRESS PARK ESTATES COMMUNITY DEVELOPMENT DISTRICT AS FOLLOWS:
SECTION 1.  AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Florida law, including Chapters 170, 190 and 197, Florida Statutes, and Resolution 2020-28.

SECTION 2. FINDINGS. The Board of Supervisors of the Cypress Park Estates Community Development District hereby finds and determines as follows:

On January 28, 2020, the District, after due notice and public hearing, adopted Resolution 2020-28, which, among other things, equalized, approved, confirmed and levied special assessments on property benefiting from the improvements authorized by the District. That Resolution provides that as each series of bonds is issued to fund all or any portion of the District’s improvements, a supplemental resolution will be adopted to set forth the specific terms of each series of the bonds and certifying the amount of the liens of the special assessments securing any portion of the bonds, including interest, costs of issuance, the number of payments due, any True-Up amounts and the application of receipt of any True-Up proceeds.

The Cypress Park Estates Community Development District Engineer’s Report for Capital Improvements, dated December 11, 2019, as supplemented by the Cypress Park Estates Community Development District Supplemental Engineer’s Report for Capital Improvements, dated May 23, 2022, attached to this Resolution as Composite Exhibit A (the “Engineer’s Report”), which identifies and describes the presently expected components of the infrastructure improvements identified as Phase 2 and Phase 3 of the District (the “Improvements”), to be financed all or in part with the Series 2022 Bonds benefiting those lands within the District (the “Series 2022 Project”), as described in the Engineer’s Report, and the estimated costs of the Series 2022 Project as $9,914,779. The District hereby confirms that the Series 2022 Project serves a proper, essential and valid public purpose. The Engineer’s Report is hereby approved, adopted, and confirmed. The District ratifies its use in connection with the sale of the Series 2022 Bonds.

The Master Assessment Methodology Report, dated December 11, 2019 (the “Master Report”), as supplemented by the Second Supplemental Assessment Methodology for the Series 2022 Assessment Area (Phase 2 and Phase 3), dated June 1, 2022 (the “Supplemental Report” and together with Master Report, the “Assessment Report”), attached to this Resolution as Composite Exhibit B, is applied to the actual terms of the Series 2022 Bonds. The Assessment Report is hereby approved, adopted and confirmed. The District ratifies its use in connection with the sale of the Series 2022 Bonds.

The Series 2022 Project will specially benefit certain property within the District, a legal description of which is attached hereto as Exhibit C (“Series 2022 Assessment Area”). It is reasonable, proper, just and right to assess the portion of the costs of the Series 2022 Project financed with the Series 2022 Bonds to the specially benefited properties within the District as set forth in Resolution 2020-28, and this Resolution.

SECTION 3.	CONFIRMATION OF MAXIMUM ASSESSMENT LIEN FOR SERIES 2022
BONDS. As provided in Resolution 2020-28, this Resolution is intended to set forth the terms of
the Series 2022 Bonds and the final amount of the liens of the special assessments securing those bonds.

The Series 2022 Bonds, in a par amount of $7,865,000, shall bear such rates of interest and maturity as shown on Exhibit D attached hereto. The final payment on the Series 2022 Bonds shall be due on May 1, 2052. The estimated sources and uses of funds of the Series 2022 Bonds shall be as set forth in Exhibit E. The debt service due on the Series 2022 Bonds is set forth on Exhibit F attached hereto.

The lien of the special assessments securing the Series 2022 Bonds on Series 2022 Assessment Area (the “Series 2022 Special Assessments”), shall be the principal amount due on the Series 2022 Bonds, together with accrued but unpaid interest thereon, and together with the amount by which annual assessments are grossed up to include early payment discounts required by law and costs of collection. The Series 2022 Bonds are secured solely by the lien against Series 2022 Assessment Area.

SECTION 4.	ALLOCATION OF ASSESSMENTS SECURING THE SERIES 2022 BONDS.

The Series 2022 Special Assessments for the Series 2022 Bonds shall be allocated in accordance with Composite Exhibit B, which allocation shall initially be on an acreage basis and further allocated as lands are platted. The District’s Supplemental Report is consistent with the District’s Master Report. The Assessment Report, considered herein, reflects the actual terms of the issuance of the District’s Series 2022 Bonds. The estimated costs of collection of the Series 2022 Special Assessments for the Series 2022 Bonds are as set forth in the Assessment Report.

The lien of the Series 2022 Special Assessments securing the Series 2022 Bonds includes all property within Series 2022 Assessment Area, and as such land is ultimately defined and set forth in any plats, certificates of occupancy or other designations of developable acreage. The lien of the Series 2022 Special assessments shall be comprised of two separate and distinct liens, one on the Phase 2 land and one on the Phase 3 land in the amounts set forth herein.

Taking into account capitalized interest and earnings on certain funds and accounts as set forth in the Master Trust Indenture, dated as of November 1, 2020, and the Third Supplemental Trust Indenture, dated as of June 1, 2022 (together, the “Indenture”), the District shall begin annual collection of the Series 2022 Special Assessments for the Series 2022 Bonds debt service payments using the methods available to it by law. Debt service payments and semi-annual installments of interest are reflected on Exhibit F.

The Series 2022 Special Assessments may be paid in not more than thirty (30) substantially equal consecutive annual installments of principal and interest. Series 2022 Special Assessments may be paid in full without interest at any time within thirty (30) days after the completion of the Improvements and the adoption by the Board of a resolution accepting the Improvements; provided, however, that the Board shall at any time make such adjustments by resolution, at a noticed meeting of the Board, to that payment schedule as may be necessary and in the best interests of the District to account for changes in long and short term debt as actually
issued by the District. All impact fee credits received shall be applied against the outstanding indebtedness of any debt issuance that funded the improvement giving rise to the credits which application may be addressed by such resolutions. At any time subsequent to thirty (30) days after the Improvements have been completed and a resolution accepting the Improvements has been adopted by the Board, the Series 2022 Special Assessments may be prepaid in full including interest amounts to the next succeeding interest payment date or to the second succeeding interest payment date if such a prepayment is made within forty-five (45) calendar days before an interest payment date (or such other time as set forth in the supplemental indenture for the applicable series of bonds secured by the debt assessment in question). The owner of property subject to Series 2022 Special Assessments may prepay the entire remaining balance of the Series 2022 Special Assessments at any time, or a portion of the remaining balance of the Series 2022 Special Assessments one time if there is also paid, in addition to the prepaid principal balance of the Series 2022 Special Assessments, an amount equal to the interest that would otherwise be due on such prepaid amount on the next succeeding interest payment date, or, if prepaid during the forty-five (45) day period preceding such interest payment date, to the interest payment date following such next succeeding interest payment date (or such other time as set forth in the supplemental indenture for the applicable series of bonds secured by the debt assessment in question). Prepayment of Series 2022 Special Assessments does not entitle the property owner to any discounts for early payment.

The District hereby certifies the Series 2022 Special Assessments for collection and directs staff to take all actions necessary to meet the time and other deadlines imposed by Polk County and Florida law for collection. The District intends, to the extent possible and subject to entering into the appropriate agreements with the Polk County Tax Collector and Polk County Property Appraiser (or other appropriate Polk County, Florida officials) to collect the Series 2022 Special Assessments on platted lands contained within a plat or certificate of occupancy using the Uniform Method in Chapter 197, Florida Statutes. The District intends, to the extent possible, to directly bill, collect and enforce the Series 2022 Special Assessments on lands not included within an approved plat or certificate of occupancy unless in any year, the District determines it to be in its best interest to collect such assessments using the Uniform Method in Chapter 197, Florida Statutes. The District Manager shall prepare or cause to be prepared each year an assessment roll for purposes of effecting the collection of the Series 2022 Special Assessments and present same to the District Board as required by law. The District Manager is further directed and authorized to take all actions necessary to collect special assessments on property using methods available to the District authorized by Florida law in order to provide for the timely payment of debt service.

SECTION 5.	APPROVAL OF TRUE-UP PROCESS AND APPLICATION OF TRUE-UP
PAYMENTS. Pursuant to Resolution 2020-28, there may be required from time to time certain True-Up payments. As parcels of land are included in a plat or certificate of occupancy, the Series 2022 Special Assessments securing the Series 2022 Bonds shall be allocated as set forth in Resolution 2020-28, this Resolution, and the Assessment Report, including, without limitation, the application of the True-Up process set forth in the Assessment Report.

Based on the final par amount of $7,865,000 in Series 2022 Bonds, the True-Up calculations will be made in accordance with the process set forth in the Assessment Report.
The District shall apply all True-Up payments related to the Series 2022 Bonds only to the credit of the Series 2022 Bonds. All True-Up payments, as well as all other prepayments of Series 2022 Special Assessments, shall be deposited into the accounts specified in the Indenture governing the Series 2022 Bonds.

SECTION 6. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this Resolution, the Series 2022 Special Assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s Improvement Lien Book. The Series 2022 Special Assessments or assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims.

SECTION 7. OTHER PROVISIONS REMAIN IN EFFECT. This Resolution is intended to supplement Resolution 2020-28, which remains in full force and effect. This Resolution and Resolution 2020-28 shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed.

SECTION 8. ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a Notice of Assessment Area One Special Assessments securing the Series 2022 Bonds in the Official Records of Polk County, Florida, or such other instrument evidencing the actions taken by the District.

SECTION 9. SEVERABILITY. If any section or part of a section of this resolution be declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

SECTION 10. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

[Remainder of page left intentionally blank]

APPROVED AND ADOPTED this 	 day of June 2022.

ATTEST:	CYPRESS PARK ESTATES COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairperson, Board of Supervisors

Composite Exhibit A:	Cypress Park Estates Community Development District Engineer’s
Report for Capital Improvements, dated December 11, 2019, as supplemented by the Cypress Park Estates Community Development District Supplemental Engineer’s Report for Capital Improvements, dated May 23, 2022
Composite Exhibit B:	Master Assessment Methodology Report, dated December 11,
2019; Second Supplemental Assessment Methodology for the Series 2022 Assessment Area (Phase 2 and Phase 3), dated June 1,
2022
Exhibit C:	Legal Description of Series 2022 Assessment Area
Exhibit D:	Maturities and Coupons of Series 2022 Bonds
Exhibit E:	Sources and Uses of Funds for Series 2022 Bonds
Exhibit F:	Annual Debt Service Payment Due on Series 2022 Bonds
Composite Exhibit A

Cypress Park Estates Community Development District Engineer’s Report for Capital Improvements, dated December 11, 2019, as supplemented by the Cypress Park Estates Community Development District Supplemental Engineer’s Report for Capital Improvements, dated May 23, 2022

CYPRESS PARK ESTATES COMMUNITY DEVELOPMENT DISTRICT

ENGINEER’S REPORT
FOR CAPITAL IMPROVEMENTS

Prepared for:

BOARD OF SUPERVISORS CYPRESS PARK ESTATES
COMMUNITY DEVELOPMENT DISTRICT

Prepared by:

GADD & ASSOCIATES, LLC 1925 US HWY 98 S.
LAKELAND, FL 33801
PH: 863-940-9979

December 11, 2019,
Adopted January 28, 2020

CYPRESS PARK ESTATESCOMMUNITY DEVELOPMENT DISTRICT

TABLE OF CONTENTS
INTRODUCTION	4
PURPOSE AND SCOPE	5
THE DEVELOPMENT	6
THE CAPITAL IMPROVEMENTS	6
CAPITAL IMPROVEMENT PLAN COMPONENTS	7
Stormwater Management Facilities	7
Public Roadways	8
Water, Reclaim, and Wastewater Facilities	9
Off-site Improvements	10
Amenities and Parks	10
Electric and Lighting	10
Entry Features, Landscaping, & Irrigation	11
Miscellaneous	11
PERMITTING	11
RECOMMENDATION	13
REPORT MODIFICATION	13
CONCLUSION	14

LIST OF EXHIBITS

EXHIBIT 1- Location Map
EXHIBIT 2- Legal Description EXHIBIT 3- Land Use Map
EXHIBIT 4- Zoning Map
EXHIBIT 5- Drainage Flow Pattern Map EXHIBIT 6 - Utility Extension Map
EXHIBIT 7 - Summary of Opinion of Probable Costs EXHIBIT 8 - Summary of Proposed District Facilities EXHIBIT 9 - Overall Site Plan

ENGINEER’S REPORT CYPRESS PARK ESTATES
COMMUNITY DEVELOPMENT DISTRICT

INTRODUCTION

The Cypress Park Estates Community Development District (the “District” or “CDD”) is generally east of Power Line Road, and south of Baker Dairy Road within Haines City, Florida (the “City”). The District currently contains approximately 155.5 acres and is expected to consist of approximately 703 single family lots, recreation/amenity areas, parks, and associated infrastructure.

The CDD was established by City Ordinance No. 19-1664 which was approved by the City Commission on December 5, 2019. The District will own and operate the public roadways and stormwater management facilities, as well as the landscape, irrigation, signage, and recreational facilities within the development.

Public improvements and facilities financed, acquired, and/or constructed by the District will be designed and constructed to conform to regulatory criteria from the City, Polk County, Florida (the “County”), Southwest Florida Water Management District (SWFWMD), and other applicable agencies with regulatory jurisdiction over the development, defined below. Any public improvements or facilities acquired by the District will be at the lesser of actual cost of construction or fair market value. An overall estimate of probable cost of the public improvements is provided in Exhibit 7 of this report.

This “Engineer’s Report for Capital Improvements” or “Report” reflects the present intentions of the District and the landowners. It should be noted that the location of proposed facilities and improvements may be adjusted during the final design, permitting, and implementation phases. It should also be noted that these modifications

are not expected to diminish the benefits received by the developable land within the District. The District reserves the right to make reasonable adjustments to this Report to meet applicable regulatory requirements of agencies with jurisdiction over the development, while maintaining comparable levels of benefit to the developable lands served by the improvements. Changes and modifications are expected as changes in regulatory criteria are implemented.

Implementation of any proposed facilities or improvements outlined in this Report requires written approval from the District’s Board of Supervisors. Estimated costs outlined in this Report are based on best available information, which includes but is not limited to previous experience with similar projects. Actual costs could be different than estimates because final engineering and specific field conditions may affect construction costs.

All roadway improvements including sidewalks in the right-of-way and storm drainage collection systems (from the curb inlets to their connection to the stormwater ponds) within the development, with the exception of all improvements to be included within the proposed Bice Grove Rd. right-of-way, will be maintained by the District. Water distribution, wastewater collection systems (gravity lines, force mains, and lift stations), reclaim water distribution, and all improvements within the proposed Bice Rd. right-of- way will, upon completion, be dedicated to the City for ownership and maintenance.

PURPOSE AND SCOPE

The purpose of this Report is to provide engineering support to fund improvements in the District. This Report will identify the proposed public infrastructure to be constructed or acquired by the District along with an opinion of probable cost.

Contained within this Report is a brief description of the public infrastructure to be constructed or acquired by the District. The District will finance, construct, acquire,

operate, and maintain all or specific portions of the proposed public infrastructure. An assessment methodology consultant has been retained by the District, who will develop the assessment and financing methodology to be applied using this Report.

The predominant portion of this Report provides descriptions of the proposed public infrastructure improvements, determination of estimated probable construction costs, and the corresponding benefits associated with the implementation of the described improvements. Detailed site construction plans and specifications have not yet been completed and permitted for the improvements described herein. The engineer has considered, and in specific instances has relied upon, the information and documentation prepared or supplied by others, and information that may have been provided by public entities, public employees, the landowner, site construction contractors, other engineering professionals, land surveyors, and the District Board of Supervisors, including its staff and consultants.

THE DEVELOPMENT

The development will consist of 703 single family homes and associated infrastructure. The development is a planned residential community located east of Power Line Road and south of Baker Dairy Road within the City. The property in the City has a land use designation of LDR (Low Density Residential) and will have a zoning of RPUD (Residential Planned Unit Development). The development will be constructed in three
(3) phases.

THE CAPITAL IMPROVEMENTS

The Capital Improvement Plan, (the “CIP”), consists of public infrastructure necessary to support residential development of Phases 1, 2, and 3. The primary portions of the CIP will entail stormwater pond construction, roadways built to an "urban" typical section, water and sewer facilities and off-site improvements (including turn lanes / intersection improvements and extension of water and sewer mains to serve the development).

There will also be stormwater structures and conveyance culverts within the CIP which will outfall into the on-site retention ponds. These structures and pond areas comprise the overall stormwater facilities of the CIP. Installation of the water/reclaim distribution and wastewater collection system will occur as needed in each phase. Below ground installation of telecommunications and cable TV will occur but will not be funded by the District.

As a part of the recreational component of the CIP, a public park/amenity center will be constructed within the development. The public park/amenity center will have connectivity to each of the phases via sidewalks to each portion of the District. The public park/amenity center will be accessed by the public roadways and sidewalks.

CAPITAL IMPROVEMENT PLAN COMPONENTS
The Capital Improvement Plan includes the following:

Stormwater Management Facilities

Stormwater management facilities consisting of storm conveyance systems and retention ponds are contained within the District boundaries. Stormwater will runoff via roadway curb and gutter to storm inlets. Storm culverts convey the runoff into the proposed retention ponds for water quality treatment and attenuation. The proposed stormwater systems will utilize dry retention for biological pollutant assimilation to achieve water quality treatment. The design criteria for the District’s stormwater management systems is regulated by the City, the County, and the SWFWMD. There are no known natural surface waters within the District.

Federal Emergency Management Agency Flood Insurance Rate Map (FEMA FIRM) Panel No. 12105C-0380G demonstrates that the property is located within Flood Zone
X. Based on this information and the site topography, it does not appear that floodplain compensation will be required.

During the construction of stormwater management facilities, utilities and roadway improvements, the District or its contractors will be required to adhere to a Stormwater Pollution Prevention Plan (SWPPP) as required by Florida Department of Environmental Protection (FDEP) as delegated by the Environmental Protection Agency (EPA). The SWPPP will be prepared to depict for the contractor the proposed locations of required erosion control measures and staked turbidity barriers specifically along the down gradient side of any proposed construction activity. The site contractor will be required to provide the necessary reporting on various forms associated with erosion control, its maintenance and any rainfall events that occur during construction activity

Public Roadways

The “internal” proposed public roadway sections are to be 50’ rights-of-way with 24’ of asphalt and Miami curb or Type F curb and gutter on both sides. The proposed roadway section will consist of stabilized subgrade, lime rock, crushed concrete or cement treated base and asphalt wearing surface. The proposed curb is to be 2’ wide and placed along the edge of the proposed roadway section for purposes of protecting the integrity of the pavement and also to provide stormwater runoff conveyance to the proposed stormwater inlets.
The proposed Bice Grove Rd. public roadway section is to be of a right-of-way width, pavement section, and curb to be determined based on City requirements. The proposed roadway section will consist of stabilized subgrade, lime rock, crushed concrete or cement treated base and asphalt wearing surface. Additional improvements will include pavement widening, turn lanes, and other improvements as required by City, County, and State requirements. The proposed roadways will also require signing and pavement markings within the public rights-of-way, as well as street signs depicting street name identifications, and addressing, which will be utilized by the residents and public. As stated above, the District's funding of roadway construction will occur for all public roadways within the development and outside of development as required by City, County, and State.

Water Reclaim and Wastewater Facilities

A potable water system inclusive of water main, gate valves, fire hydrants and appurtenances will be installed for the development. The water service provider will be the City of Haines City Public Utilities. The water system will be a "looped" system. These facilities will be installed within the proposed public rights-of-way within the District and within existing public right-of-ways adjacent to the District. This water will provide the potable (domestic) and fire protection services which will serve the lands within the District.

A domestic wastewater collection system inclusive of gravity sanitary sewer mains and sewer laterals will be installed. The gravity sanitary sewer mains will be 8" diameter PVC. The gravity sanitary sewer lines will be placed inside of the proposed public rights- of-way, under the proposed paved roadways. Branching off from these sewer lines will be laterals to serve the individual lots. Lift stations will transport wastewater flow from the lift stations, via a 10” force main being constructed along Johnson Ave.

A reclaimed water system inclusive of mains, gate valves, and appurtenances will be installed for the development. The reclaimed service provider will be the City of Haines City Public Utilities. The reclaimed system will be a “looped” system. These facilities will be installed within the proposed public rights-of-way within the District and along Johnson Ave. This reclaimed water will provide irrigation services which will serve the lands of the District. Any water, sewer, or reclaim water pipes or facilities placed on private property will not be publicly funded.

Water, sewer, and reclaim water is not immediately adjacent to the development for connection. Water and reclaim connection locations are located approximately one mile west of the development. Sewer connection is located along a route approximately 1.5 miles west of the development.  The District anticipates constructing or otherwise

providing for the proposed utility extensions pursuant to a utility services agreement with the city of Haines City, the utility service provider.

Off-Site Improvements

The District will provide funding for the anticipated turn lane(s) and offsite roadway improvements necessary at the development entrance(s). Anticipated improvements include turn lane construction at the intersection of US 17/92 and Baker Dairy Road, widening of Baker Dairy Road., and a turn lane at the project entrances on Johnson Ave. The site construction activities associated with the CIP are anticipated for completion by phases based on the following estimated schedule: Phase 1 in 2020; Phase 2 in 2021; Phase 3 in 2022. Upon completion of each phase of these improvements, inspection/certifications will be obtained from the SWFWMD; the Polk County Health Department (water distribution system), Florida Department of Environmental Protection (FDEP) (wastewater collection) and the City/County.

Amenities and Parks

The District will provide funding for an Amenity Center to include the following: parking area, pavilion with restroom facilities, pool, tot lot, dog park/all-purpose play field, and walking trails between the phases to provide connectivity to the Amenity Center, and passive parks throughout the development which will include benches and walking trails. All paths, parks, etc. discussed in this paragraph are available to the general public.

Electric and Lighting

The electric distribution system serving the development is currently planned to be underground. The District presently intends to fund and construct the electric conduit, transformer/cabinet pads, and electric manholes required by DUKE to underground such systems on public right of way. Electric facilities funded by the District will be owned and maintained by the District, with DUKE providing underground electrical service to the development. The CDD presently intends to purchase and install the street lighting

along the internal roadways within the CDD. These lights are presently anticipated to be owned, operated, and maintained by the District. Alternatively, the District may fund and install the necessary electrical conduit and enter into a lease agreement with DUKE for the street lights.

Entry Feature, Landscaping, and Irrigation

Landscaping, irrigation, entry features and walls at the entrances and along the outside boundary of the development will be provided by the District. The irrigation system will utilize reclaimed water. The irrigation reclaimed mains to the various phases of the development will be constructed or acquired by the CDD with District funds and operated and maintained by the CDD. Landscaping for the roadways will consist of sod, annual flowers, shrubs, ground cover and trees for the internal roadways within the development. Perimeter fencing will be provided at the site entrances and perimeters of the development. These items will be funded, owned and maintained by the CDD.

Miscellaneous

The stormwater improvements, landscaping and irrigation, recreational improvements, street lighting, and certain permits and professional fees as described in this report, are being financed by the District with the intention for benefiting all of the developable real property within the District. The construction and maintenance of the proposed public improvements will benefit the development for the intended use as a single-family planned development.

PERMITTING

Construction permits for all phases are required and include the SWFWMD Environmental Resource Permit (ERP), Polk County Health Department, Florida Department of Environmental Protection (FDEP), Army Corps of Engineer Permit (ACOE), and City construction plan approval.

Following is a summary of required permits obtained and pending for the construction of the public infrastructure improvements for the District:

PHASE 1

Permits / Approvals	Approval / Expected Date	
Zoning Approval	January 2020	
Preliminary Plat	February 2020	
SWFWMD ERP	March 2020	
Construction Permits	March 2020	
Polk County Health Department Water	March 2020	
FDEP Sewer	March 2020	
FDEP NOI	February 2020	
ACOE	Not applicable	

PHASE 2

Permits / Approvals	Approval / Expected Date	
Zoning Approval	January 2020	
Preliminary Plat	February 2020	
SWFWMD ERP	March 2020	
Construction Permits	March 2020	
Polk County Health Department Water	March 2020	
FDEP Sewer	March 2020	
FDEP NOI	February 2020	
ACOE	Not Applicable	

PHASE 3

Permits / Approvals	Approval / Expected Date	
Zoning Approval	February 2020	
Preliminary Plat	January 2021	
SWFWMD ERP	March 2021	
Construction Permits	March 2021	
Polk County Health Department Water	March 2021	
FDEP Sewer	March 2021	
FDEP NOI	March 2021	
ACOE	Not Applicable	

RECOMMENDATION

As previously described within this Report, the public infrastructure as described is necessary for the development and functional operation as required by the City. The site planning, engineering design and construction plans for the infrastructure are in accordance with the applicable requirements of the City, and the SWFWMD. It should be noted that the infrastructure will provide its intended use and function so long as the construction and installation is in substantial conformance with the design construction plans and regulatory permits.

Items utilized in the Opinion of Probable Costs for this report are based upon proposed plan infrastructure as shown on construction drawings incorporating specifications in the most current SWFWMD and the City regulations.

REPORT MODIFICATION

During development and implementation of the public infrastructure improvements as described for the District, it may be necessary to make modifications and/or deviations for the plans. However, if such deviations and/or revisions do not change the overall primary objective of the plan for such improvements, then the costs differences would

not materially affect the proposed cost estimates.

CONCLUSION

It is our professional opinion that the public infrastructure costs for the CIP provided in this Report are reasonable to complete the construction of the public infrastructure improvements. Furthermore, the public infrastructure improvements will benefit and add value to lands within the District at least equal to the costs of such improvements.

The Opinion of Probable Costs of the public infrastructure improvements is only an estimate and is not a guaranteed maximum price. The estimated costs are based upon unit prices currently experienced on an ongoing and similar basis for work in the County. However, labor market, future costs of equipment, materials, changes to the regulatory permitting agencies activities, and the actual construction processes employed by the chosen site contractor are beyond the engineer’s control. Due to this inherent opportunity for changes (upward or downward) in the construction costs, the total, final construction cost may be more or less than this estimate.

Based upon the presumption that the CIP construction continues in a timely manner, it is our professional opinion that the proposed public infrastructure improvements when constructed and built in substantial conformance with the approved plans and specifications, can be completed and used for their intended function. Be advised that we have utilized historical costs and direct unit costs from site contractors and consultants in the County, which we believe to be necessary in order to facilitate accuracy associated with the Opinion of Probable Costs. Based upon the information above, it is our professional opinion that the acquisition and construction costs of the proposed CIP can be completed at the cost as stated.

EXHIBIT 1 – Location Map

EXHIBIT 2 – Legal Description

EXHIBIT 3 – Land Use Map

EXHIBIT 4 – Zoning Map

EXHIBIT 5 – Drainage Flow Pattern Map

EXHIBIT 6 – Utility Extension Map

FINAL

EXHIBIT 7 – Summary of Probable Costs

Number of Lots	350	182	171	703	
Infrastructure (1)	Phase 1	Phase 2	Phase 3	Total	
Offsite Improvements (5)(6)	$1,470,000	$136,000	$127,000	$1,733,000	
Stormwater Management (2)(3)(5)(6)	$3,220,000	$1,583,000	$1,663,000	$6,466,000	
Utilities (Water, Sewer, Re‐use & Street Lighting) (5)(6)(8)	
$2,975,000	
$1,674,000	
$1,693,000	
$6,342,000	
Roadway (4)(5)(6)	$1,505,000	$846,000	$874,000	$3,225,000	
Entry Feature & Signage(6)(7)	$1,015,000	$287,000	$273,000	$1,575,000	
Park and Recreational Facilities(6)	$1,050,000	$227,000	$237,000	$1,514,000	
Contingency	$875,000	$391,000	$383,000	$1,649,000	
TOTAL	$12,110,000	$5,144,000	$5,250,000	$22,504,000	

Notes:
Infrastructure consists of public roadway improvements, stormwater management facilities, master sanitary sewer lift station and utilities, entry feature, landscaping and signage, and parks and recreational facilities.
Excludes grading of each lot both for initial pad construction and in conjunction with home construction, which will be provided by developer or homebuilder.
Includes stormwater pond excavation. Costs do not include transportation to or placement of fill on private property.
Includes sub‐grade, base, asphalt paving, curbing, and civil/site engineering.
Includes subdivision infrastructure (including a 2-lane collector road) and civil/site engineering. Offsite Improvements include turn lanes/intersection improvements and extension of offsite utilities.
Estimates are based on 2019 cost.
Includes entry features, signage, hardscape, landscape, irrigation and fencing.
CDD will enter into a Lighting Agreement with Duke Energy for the street light poles and lighting service. Only undergrounding of wire in public right‐of‐way and on District land is included.
Estimates based on Master Infrastructure to support development of 703 lots.
EXHIBIT 8 – Summary of Proposed Facilities

EXHIBIT 9 – Overall Site Plan

CYPRESS PARK ESTATES COMMUNITY DEVELOPMENT DISTRICT

SUPPLEMENTAL ENGINEER’S REPORT
FOR CAPITAL IMPROVEMENTS

Prepared for:

BOARD OF SUPERVISORS CYPRESS PARK ESTATES
COMMUNITY DEVELOPMENT DISTRICT

Prepared by:

GADD & ASSOCIATES, LLC 1925 US HWY 98 S.
LAKELAND, FL 33801
PH: 863-940-9979

May 23, 2022

CYPRESS PARK ESTATESCOMMUNITY DEVELOPMENT DISTRICT

TABLE OF CONTENTS
PURPOSE	3
REVISED PERMIT SUMMARY	3
EXHIBIT 7 (Summary of Probable Cost).	4
ENGINEER’S REPORT CYPRESS PARK ESTATES
COMMUNITY DEVELOPMENT DISTRICT

PURPOSE

The purpose of this report is to amend the Engineer’s Report for the Cypress Park Estates CDD. The Engineer’s Report has been modified to reflect anticipated costs now that permitting is nearing completion. The permit summary has also been revised to reflect current permitting status.

REVISED PERMIT SUMMARY PHASE 1

Permits / Approvals	Approval / Expected Date	
Zoning Approval	December 2019 (Complete)	
Preliminary Plat	April 2020 (Complete)	
SWFWMD ERP	May 2020 (Complete)	
Construction Permits	June 2020 (Complete)	
Polk County Health Department Water	August 2020 (Complete)	
FDEP Sewer	July 2020 (Complete)	
FDEP NOI	February 2020 (Complete)	
ACOE	Not applicable	

PHASE 2

Permits / Approvals	Approval / Expected Date	
Zoning Approval	December 2019 (Complete)	
Preliminary Plat	April 2020 (Complete)	
SWFWMD ERP	May 2020 (Complete)	
Construction Permits	June 2020 (Complete)	
Polk County Health Department Water	August 2020 (Complete)	
FDEP Sewer	July 2020 (Complete)	
FDEP NOI	February 2020 (Complete)	
ACOE	Not applicable	

PHASE 3

Permits / Approvals	Approval / Expected Date	
Zoning Approval	May 2020 (Complete)	
Preliminary Plat	December 2021 (Complete)	
SWFWMD ERP	June 2022	
Construction Permits	June 2022	
Polk County Health Department Water	July 2022	
FDEP Sewer	April 2022 (Complete)	
FDEP NOI	June 2022	
ACOE	Not Applicable	

EXHIBIT 7

The cost projections have been adjusted to reflect more recent bidding information and anticipated costs
EXHIBIT 7
CYPRESS PARK ESTATES COMMUNITY DEVELOPMENT DISTRICT SUMMARY OF OPINION OF PROBABLE COSTS UPDATED

	2022 Series	2022 Series			
Number of Lots	178	171	349		
Infrastructure (1)(10)	Phase 2	Phase 3	Total		
					
Offsite Improvements (6) (7)	$	512,634	$	555,745	$	1,068,379		
Stormwater Management (2)(3)(5)(7)	$	639,845	$	956,349	$	1,596,194		
Utilities (Water, Sewer, Re‐use & Street Lighting) (5)(7)(9)	$	1,693,636	$	1,546,384	$	3,240,020		
Roadway (4)(7)	$	1,085,982	$	910,595	$	1,996,577		
Entry Feature & Signage(7)(8)	$	470,075	$	484,107	$	954,182		
Park and Recreational Facilities (7)	$	125,000	$	200,000	$	325,000		
Contingency	$	362,174	$	372,254	$	734,428		
TOTAL	$	4,889,346	$	5,025,433	$	9,914,779		

Notes:

Infrastructure consists of public roadway improvements, stormwater management facilities, master sanitary sewer and utilities, entry feature, landscaping and signage, and parks and recreational facilities.
Excludes grading of each lot both for initial pad construction and in conjunction with home construction, which will be provided by developer or homebuilder.
Includes stormwater pond excavation. Costs do not include transportation to or placement of fill on private property.
Includes sub‐grade, base, asphalt paving, curbing, and civil/site engineering
Includes subdivision infrastructure and civil/site engineering.
Offsite Improvements include turn lanes/intersection improvements and extension of offsite utilities.
Estimates are based on 2022 costs with common costs allocated to each phase.
Includes entry features, signage, hardscape, landscape, irrigation and walls.
CDD will enter into a Lighting Agreement with Duke Energy for the street light poles and lighting service. Only undergrounding of wire in public right‐of‐way and on District land is included.
Includes cost funded by developer during the construction of phase 1 that benefited phase 3.
Estimates based on Master Infrastructure to support development of 349 lots.
Composite Exhibit B

Master Assessment Methodology Report, dated December 11, 2019, as supplemented by the Second Supplemental Assessment Methodology for the Series 2022 Assessment Area (Phase 2 and Phase 3), dated June 1, 2022

8

MASTER ASSESSMENT METHODOLOGY

FOR

CYPRESS PARK ESTATES

COMMUNITY DEVELOPMENT DISTRICT

Date: December 11, 2019

Prepared by

Governmental Management Services - Central Florida, LLC 219 E. Livingston St.
Orlando, FL 32801
Table of Contents
Introduction	3
Purpose	3
Background	3
Special Benefits and General Benefits	4
Requirements of a Valid Assessment Methodology	4
Special Benefits Exceed the Costs Allocated	5
Assessment Methodology	5
Overview	5
Allocation of Debt	6
Allocation·of Benefit	6
Lienability Test: Special and Peculiar Benefit to the Property	6
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments	7
3.0 True-Up Mechanism	8
4.0 Assessment Roll	8
5.0 Appendix	9
Table 1: Development Program	9
Table 2: Capital Improvement Cost Estimates	10
Table 3: Bond Sizing	11
Table 4: Allocation of Improvement Costs	12
Table 5: Allocation of Total Par Debt to Each Product Type	13
Table 6: Par Debt and Annual Assessments	14
Table 7: Preliminary Assessment Roll	15

GMS-CF. LLC does not represent the Cypress Park Estates Community Development District as a Municipal Advisor or Securities Broker nor is GMS-CF, LLC registered to
provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, GMS-CF, LLC
does not provide the Cypress Park Estates Community Development District with financial advisory services or offer investment advice in any form.
Introduction

The Cypress Park Estates Community Development District (the "District") is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes as amended. The District anticipates the issuance at this time of not to exceed $29,000,000 of tax exempt bonds in one or more series (the "Bonds") for the purpose of financing certain infrastructure improvements ("Capital Improvement Plan") within the District more specifically described in the Engineer's Report dated November 2019 prepared by Gadd & Associates, LLC, as may be amended and supplemented from time to time (the "Engineer's Report"). The District anticipates the construction of all or a portion of the improvements contained in the Capital Improvement Plan ("Capital Improvements") that benefit property owners within the District.

Purpose

This Master Assessment Methodology (the "Assessment Report") provides for an assessment methodology that allocates the debt to be incurred by the District to benefiting properties within the District. This Assessment Report allocates the debt to properties based on the special benefits each receives from the Capital Improvements. This Assessment Report will be supplemented with one or more supplemental methodology reports to reflect the actual terms and conditions at the time of the issuance of each series of Bonds issued to finance all or a portion of the Capital Improvements. This Assessment Report is designed to conform to the requirements of Chapters 190 and 170, Florida Statutes with respect to special assessments and is consistent with our understanding of case law on this subject.

The District intends to impose non ad valorem special assessments ("Special Assessments") on the benefited lands within the District based on this Assessment Report to secure repayment of the Bonds. It is anticipated that all of the proposed Special Assessments will be collected through the Uniform Method of Collection described in Section 197.3632, Florida Statutes or any other legal means available to the District. It is not the intent of this Assessment Report to address any other assessments, if applicable, that may be levied by the District, a homeowner's association, or any other unit of government.

Background

The District currently includes approximately 155.5 acres within Polk County, Florida. The development program for the District currently envisions approximately 703 residential units. The proposed development program is depicted in Table1. It is recognized that such development plan may change, and this Assessment Report will be modified or supplemented accordingly.

The Capital Improvements contemplated by the District in the Capital Improvement Plan will provide infrastructure necessary to support development of the property within the District. Specifically, the District will construct and/or acquire certain offsite improvements, stormwater management facilities, utility facilities, roadways, entry
features, and park and amenity features. The acquisition and construction costs are summarized in Table 2.

The assessment methodology is a four-step process.

The District Engineer must first determine the public infrastructure improvements that may be provided by the District and the costs to implement the Capital Improvements.
The District Engineer determines the assessable acres that benefit from the District's Capital Improvements.
A calculation is made to determine the funding amounts necessary to acquire and/ or construct the Capital Improvements.
This amount is initially divided equally among the benefited properties on a prorated assessable acreage basis. Ultimately, as land is platted, this amount will be assigned to each of the benefited properties based on the number and type of platted units.

Special Benefits and General Benefits

Capital Improvements undertaken by the District create special and peculiar benefits to the property, different in kind and degree, for properties within its borders as well as general benefits to the public at large. However, as discussed within this Assessment Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits, which accrue to property within the District. The implementation of the Capital Improvement Plan enables properties within the boundaries of the District to be developed. Without the District's Capital Improvement Plan, there would be no infrastructure to support development of land within the District. Without these improvements, development of the property within the District would be prohibited by law.

The general public and property owners outside of the District may benefit from the provision of the Capital Improvements. However, any such benefit will be incidental for the purpose of the Capital Improvement Plan, which is designed specifically to meet the needs of property within the District. Properties outside of the District boundaries do not depend upon the District's Capital Improvements. The property owners within the District are therefore receiving special benefits not received by the general public and those outside the District's boundaries.

Requirements of a Valid Assessment Methodology

There are two requirements under Florida law for a valid special assessment:

The properties must receive a special benefit from the Capital Improvements being paid for.
The assessments must be fairly and reasonably allocated or apportioned to the properties being assessed based on the special benefit such properties receive.

Florida law provides for a wide application of special assessments that meet these two characteristics of special assessments.

Special Benefits Will Equal or Exceed the Costs Allocated

The special benefits provided to the property within the District will be equal to or greater than the costs associated with providing these benefits. The District Engineer estimates that the District's Capital Improvement Plan that is necessary to support full development of property within the District will cost approximately $22,504,000. The District's Underwriter projects that financing costs required to fund the Capital Improvement Plan costs, the cost of issuance of the Bonds, the funding of a debt service reserve account and capitalized interest, will be approximately $29,000,000. Without the Capital Improvement Plan, the property within the District would not be able to be developed and occupied by future residents of the community.

Assessment Methodology

Overview

The District anticipates issuing approximately $29,000,000 in Bonds in one or more series to fund the District's entire Capital Improvement Plan, provide for capitalized interest, a debt service reserve account and pay cost of issuance. It is the purpose of this Assessment Report to allocate the $29,000,000 in debt to the properties within the District benefiting from the Capital Improvement Plan. This report will be supplemented to reflect actual bond terms at the time of issuance.

Table 1 identifies the land uses and lot sizes in the development as identified by the Developer within the District. The District has commissioned an Engineer's Report that includes estimated construction costs for the Capital Improvements needed to support the development; these construction costs are outlined in Table 2. The Capital Improvements needed to support the development are described in detail in the Engineer's Report and are estimated to cost $22,504,000. Based on the estimated costs, the size of the Bond issue under current market conditions needed to generate funds to pay for the Capital Improvements and related costs was determined by the District's Underwriter to total approximately $29,000,000. Table 3 shows the breakdown of the Bond sizing.

Allocation of Debt

Allocation of debt is a continuous process until the development plan for the District is completed. Until the platting process occurs, the Capital Improvements funded by District Bonds benefits all acres within the District.

The initial assessments will be levied on an equal basis to all gross acreage within the District. A fair and reasonable methodology allocates the debt incurred by the District proportionately to the properties receiving the special benefits. At this point all of the lands within the District are benefiting from the Capital Improvements.

Once platting or the recording of a declaration of condominium of any portion of the District into individual lots or units ("Assigned Properties") has begun, the Special Assessments will be levied to the Assigned Properties based on the benefits they receive, on a first platted, first assigned basis. The "Unassigned Properties" defined as property that has not been platted or subjected to a declaration of condominium, will continue to be assessed on a per acre basis. Eventually the development plan will be completed and the debt relating to the Bonds will be allocated to the assigned properties within the District, which are the beneficiaries of the Capital Improvement Plan, as depicted in Table 5 and Table 6. If there are changes to development plan, a true up of the assessment will be calculated to determine if a debt reduction or true­ up payment from the Developer is required. The process is outlined in Section 3.0.

The assignment of debt in this Assessment Report sets forth the process by which debt is apportioned. As mentioned herein, this Assessment Report will be supplemented from time to time.

Allocation of Benefit

The Capital Improvement Plan consists of offsite improvements, stormwater management facilities, utility facilities, roadways, entry features, and park and amenity features and professional fees along with related incidental costs. There is currently one product types within the planned development. The single-family home has been set as the base unit and has been assigned one equivalent residential unit ("ERV"). Table 4 shows the allocation of benefit to the particular product type. It is important to note that the benefit derived from the Capital Improvements on a particular unit will exceed the assessments allocated to that unit to repay the costs for the improvements providing such benefits.

Lienability Test: Special and Peculiar Benefit to the Property

Construction and/or acquisition by the District of its proposed Capital Improvements will provide several types of infrastructure systems, facilities and services for its
residents. These include offsite improvements, stormwater management facilities, utility facilities, roadways, entry features, and park and amenity features. The benefit from the Capital Improvements accrue in differing amounts and are somewhat dependent on the product type receiving the special benefits peculiar to that property type, which flow from the logical relationship of the Capital Improvements to the assigned properties.

Once these determinations are made, they are reviewed in the light of the special benefits peculiar to the property, which flow to the properties as a result of their logical connection from the Capital Improvements actually provided.

For the provision of the Capital Improvement Plan, the special and peculiar benefits are:

the added use of the property,
added enjoyment of the property, and
the increased marketability and value of the property.

These special and peculiar benefits are real and ascertainable but are not yet capable of being calculated as to value with mathematical certainty. However, each is more valuable than either the cost of, or the actual Special Assessment levied for the Capital Improvement as allocated.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments

A reasonable estimate of the proportion of special and peculiar benefits received from the public improvements described in the Capital Improvement Plan is delineated in Table 5 (expressed as Allocation of Par Debt per Product Type). This is also shown on Table 7 depicting Allocation of Par Debt per Product Type.

The determination has been made that the duty to pay the non-ad valorem special assessments is fairly and reasonably apportioned because the special and peculiar benefits to the property derived from the acquisition and/ or construction of Capital Improvement Plan have been apportioned to the property within the District according to reasonable estimates of the special and peculiar benefits provided consistent with the product type of assignable properties.

Accordingly, no acre or parcel of property within the boundaries of the District will have a lien for the payment of any Special Assessment more than the determined special benefit particular to that property and therefore, the debt allocation will not be increased more than the debt allocation set forth in this Assessment Report.
In accordance with the benefit allocation suggested for the product types in Table 4, a total debt per unit and an annual assessment per unit have been calculated for each product type (Table 6). These amounts represent the preliminary anticipated per unit debt allocation assuming all anticipated assigned properties are built and sold as planned, and the entire proposed Capital Improvement Plan is constructed.

3.0	True Up Mechanism

Although the District does not process plats, declaration of condominiums, site plans or revisions thereto, it does have an important role to play during the course of platting and site planning. Whenever a plat, declaration of condominium or site plan is approved, the District must allocate a portion of its debt to the property according to this Assessment Report outlined herein ("Assigned Property"). In addition, the District must also prevent any buildup of debt on property or land that could be fully conveyed and/ or platted without all of the debt being allocated ("Unassigned Property"). To preclude this, when platting for 25%, 50%, 75% and 100% of the units planned for platting has occurred within the District, the District will determine the amount of anticipated Bond Special Assessment revenue that remains on the Unassigned Properties, taking into account the full development plan of the District. If the total anticipated Bond Special Assessment revenue to be generated from the Assigned and Unassigned Properties is greater than or equal to the maximum annual debt service then no debt reduction or true-up payment is required. In the case that the revenue generated is less then the required amount then a debt reduction or true­ up payment by the landowner in the amount necessary to reduce the par amount of the outstanding Bonds plus accrued interest to a level that will be supported by the new net annual debt service assessments will be required.

If a true-up payment is made less than 45 days prior to an interest payment date, the amount of accrued interest will be calculated to the next succeeding interest payment date.

4.0	Assessment Roll

The District will initially distribute the Special Assessments across the property within the District boundaries on a gross acreage basis. As Assigned Properties become known with certainty, the District will refine its allocation of debt from a per acre basis to a per unit basis as shown in Table 6. If the land use plan or product type changes, then the District will update Table 6 to reflect the changes as part of the foregoing true­ up process. As a result, the assessment liens are not finalized with certainty on any acre of land in the District prior to the time final Assigned Properties become known. The preliminary assessment roll is attached as Table 7.

Land Use/Product Ty_p_e*	
Phase 1	
Phase 2	
Phase 3	Total Assessible Units	
ERUs per Unit (1)	
Total ERUs	

Single Family	
350	
182	
171	
703	
1.00	
703	
Total Units				703		703	

Benefit is allocated on an ERU basis; based on density of planned development, with Single Family = 1 ERU

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

Capital Improvement Plan ("CIP") (1)	Phase 1	Phase 2	Phase 3
- Cost Estimate

	Offsite Improvements	$	1,470,000	$	136,000	$	127,000	$	1,733,000	
	Stormwater Management	$	3,220,000	$	1,583,000	$	1,663,000	$	6,466,000	
	Utilities (Water, Sewer, & Street Lighting)	$	2,975,000	$	1,674,000	$	1,693,000	$	6,342,000	
	Roadway	$	1,505,000	$	846,000	$	874,000	$	3,225,000	
	Entry Feature	$	1,015,000	$	287,000	$	273,000	$	1,575,000	
	Parks and Amenities	$	1,050,000	$	227,000	$	237,000	$	1,514,000	
	Contingencies	$	875,000	$	391,000	$	383,000	$	1,649,000	
		$	12,110,000	$	5,144,000	$	5,250,000	$	22,504,000	

A detailed description of these improvements is provided in the Engineer's Report dated November 2019.

Description Construction Funds Debt Service Reserve Capitalized Interest Underwriters Discount Cost of Issuance Contingency

Par Amount*
Total
$	22,504,000
$	2,106,818
$	3,480,000
$	220,000
$	580,000
$	109,182

$	29,000,000

Bond Assumptions:

* Par amount is subject to change based on the actual terms at the sale of the bonds

Land Use/Product Type
% of Total
No. of Units*	ERU Factor Total ERUs	ERUs
Total Improvements
Costs Per Product Type
Improvement Costs Per Unit

Single Family	703	1	703	100.00%	$	22,504,000	$32,011

Totals	703	703	100.00%	$	22,504,000

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

Total Improvements	 Allocation of Par Costs Per Product	Debt Per Product
Land Use/Product Type		No. of Units *	Type	Type		Par Debt Per Unit

	Single Family		703	$	22,504,000	$	29,000,000	$41,252	
		Totals	703	$	22,504,000	$	29,000,000		

Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

Allocation of Par

Maximum
Net Annual Debt
Gross Annual Debt
Debt Per Product	Total Par Debt Per Land Use/Product Type	No. of Units*	Type		Unit
Annual Debt Service
Assessment Assessment Per Per Unit	Unit (1)

Single Family	703	$	29,000,000	$41,252	$

Totals	703	$	29,000,000	$
2,106,818	$	2,997	$	3,222

2,106,818

(1) This amount includes 7% collection fees and early payment discounts when collected on the Polk County Tax Bill utilizing the uniform met

Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

Owner	Property ID #'s
Total Par Debt		Net Annual Debt		Gross Annual Allocation Per	Total Par Debt		Assessment	Debt Assessment
:_	Acres		Acre	Allocated	Allocation	Allocation (1) 

Wheeler Farms, Inc.	272723000000023001	138.08	$184,408	$	25,463,055	$	1,849,863	$	1,989,100		
Crooked C Ranch, Inc.	272724000000044020	19.18	$184,408	$	3,536,945	$	256,955	$	276,296		

Totals	
157.26	s	
29,000,000	
$	
2,106,818	
$	
2,265,396	

(1) This amount includes 7% to cover collection fees and early payment discounts when collected on the Polk County Tax Bill utilizing the uniform method.

- See Legal Description attached as Exhibit A

Prepared by: Governmental Management Services - Central Florida, LLC

SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR
THE SERIES 2022 ASSESSMENT AREA (PHASE 2 & PHASE 3)

CYPRESS PARK ESTATES COMMUNITY DEVELOPMENT DISTRICT

Date: June 1, 2022

Prepared by

Governmental Management Services – Central Florida, LLC 219 E. Livingston St.
Orlando, FL 32801
Table of Contents

Introduction	3
Purpose	3
Background	3
Special Benefits and General Benefits	4
Requirements of a Valid Assessment Methodology	5
Special Benefits Exceed the Costs Allocated	5
Assessment Methodology	5
Overview	5
Allocation of Debt	6
Allocation of Benefit	7
Lienability Test: Special and Peculiar Benefit to the Property	7
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments	8
3.0 True-Up Mechanism	8
4.0 Assessment Roll	9
5.0 Appendix	10
Table 1: Development Program	10
Table 2: Capital Improvement Cost Estimates	11
Table 3: Bond Sizing	12
Table 4: Allocation of Improvement Costs	13
Table 5: Allocation of Total Par Debt to Each Product Type	14
Table 6: Par Debt and Annual Assessments	15
Table 7: Preliminary Assessment Roll	16

GMS-CF, LLC does not represent the Cypress Park Estates Community Development District as a Municipal Advisor or Securities Broker nor is GMS-CF, LLC registered to
provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, GMS-CF, LLC
does not provide the Cypress Park Estates Community Development District with financial advisory services or offer investment advice in any form.
Introduction

The Cypress Park Estates Community Development District (the “District”) is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes as amended. The District is will issue on June 15, 2022, $7,865,000 of tax exempt bonds in one or more series (the “Bonds”) for the purpose of financing certain infrastructure improvements (the “Series 2022 Project”) within Phase 2 and Phase 3 of the District (the “Series 2022 Assessment Area”) more specifically described in the Supplemental Engineer’s Report dated May 23, 2022, prepared by Gadd & Associates, LLC , as may be amended and supplemented from time to time (the “Engineer’s Report”).

Purpose

This Second Supplemental Assessment Methodology (the “Assessment Report”) supplements the Master Assessment Methodology, dated December 11, 2019. The Assessment Report provides for an assessment methodology that allocates the debt to be incurred by the District to benefiting properties within the Series 2022 Assessment Area of the District. This Assessment Report allocates the debt to properties based on the special benefits each receives from the Series 2022 Project. This Assessment Report may be supplemented with one or more supplemental methodology reports to reflect the actual terms and conditions at the time of the issuance of each series of Bonds issued to finance all or a portion of the Series 2022 Project. This Assessment Report is designed to conform to the requirements of Chapters 190 and 170, Florida Statutes with respect to special assessments and is consistent with our understanding of case law on this subject.

The District has imposed non ad valorem special assessments (“Special Assessments”) on the benefited lands within the District based on this Assessment Report to secure repayment of the Bonds. It is anticipated that all of the proposed Special Assessments will be collected through the Uniform Method of Collection described in Section 197.3632, Florida Statutes or any other legal means available to the District. It is not the intent of this Assessment Report to address any other assessments, if applicable, that may be levied by the District, a homeowner’s association, or any other unit of government.

Background

The District currently includes approximately 155.5 acres within Polk County, Florida. The development program for the Series 2022 Assessment Area of the District currently envisions approximately 349 residential units. The proposed development program is depicted in Table 1. It is recognized that such development plan may change, and this Assessment Report will be modified or supplemented accordingly.
The Series 2022 Project contemplated by the District will provide infrastructure necessary to support development of the property within the Series 2022 Assessment Area of the District. Specifically, the District will construct and/or acquire certain offsite improvements, stormwater management facilities, utility facilities, roadways, entry features and signage, and park and recreational facilities. The acquisition and construction costs are summarized in Table 2.

The assessment methodology is a four-step process.

The District Engineer must first determine the public infrastructure improvements that may be provided by the District and the costs to implement the Capital Improvements.
The District Engineer determines the assessable acres that benefit from the District’s Capital Improvements.
A calculation is made to determine the funding amounts necessary to acquire and/or construct the Capital Improvements.
This amount is initially divided equally among the benefited properties on a prorated assessable acreage basis. Ultimately, as land is platted, this amount will be assigned to each of the benefited properties based on the number and type of platted units.

Special Benefits and General Benefits

Capital Improvements undertaken by the District create special and peculiar benefits to the property, different in kind and degree, for properties within its borders as well as general benefits to the public at large. However, as discussed within this Assessment Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits, which accrue to property within the District. The implementation of the Series 2022 Project enables properties within the boundaries of the Series 2022 Assessment Area of the District to be developed. Without the District’s Series 2022 Project, there would be no infrastructure to support development of land within the Series 2022 Assessment Area of the District. Without these improvements, development of the property within the Series 2022 Assessment Area of the District would be prohibited by law.

The general public and property owners outside of the Series 2022 Assessment Area of the District may benefit from the provision of the Series 2022 Project. However, any such benefit will be incidental for the purpose of the Series 2022 Project, which is designed specifically to meet the needs of property within the Series 2022 Assessment Area of the District. Properties outside of the Series 2022 Assessment Area of the District do not depend upon the District’s Series 2022 Project. The property owners within the Series 2022 Assessment Area of the District are therefore receiving special benefits not received by the general public and those outside the Series 2022 Assessment Area within the District’s boundaries.

Requirements of a Valid Assessment Methodology

There are two requirements under Florida law for a valid special assessment:

The properties must receive a special benefit from the Capital Improvements being paid for.
The assessments must be fairly and reasonably allocated or apportioned to the properties being assessed based on the special benefit such properties receive.

Florida law provides for a wide application of special assessments that meet these two characteristics of special assessments.

Special Benefits Will Equal or Exceed the Costs Allocated

The special benefits provided to the property within the Series 2022 Assessment Area of the District will be equal to or greater than the costs associated with providing these benefits. The District Engineer estimates that the District’s Series 2022 Project that is necessary to support full development of property within the Series 2022 Assessment Area of the District will cost approximately $9,914,779. The District’s Underwriter projects that financing costs required to fund the Series 2022 Project, the cost of issuance of the Bonds, the funding of a debt service reserve account and capitalized interest, will be $7,865,000. Without the Series 2022 Project, the property within the Series 2022 Assessment Area of the District would not be able to be developed and occupied by future residents.

Assessment Methodology

Overview

The District will issue on June 15, 2022, $7,865,000 in Bonds in one or more series to fund a portion of the District’s Series 2022 Project, provide for capitalized interest, a debt service reserve account and pay cost of issuance. It is the purpose of this Assessment Report to allocate the $7,865,000 in debt to the properties within the Series 2022 Assessment Area of the District benefiting from the Series 2022 Project.

Table 1 identifies the land uses and lot sizes in the development as identified by the Developer within the Series 2022 Assessment Area of the District. The District has commissioned an Engineer’s Report that includes estimated construction costs for the Series 2022 Project needed to support the development of properties within the Series 2022 Assessment Area; these construction costs are outlined in Table 2. The Capital Improvements needed to support the development are described in detail in the Engineer’s Report and are estimated to cost $9,914,779. Based on the estimated costs,
the size of the Bond issue under current market conditions needed to generate funds to pay for the Series 2022 Project and related costs was determined by the District’s Underwriter to total $7,865,000. Table 3 shows the breakdown of the Bond sizing.

Allocation of Debt

Allocation of debt is a continuous process until the development plan for the Series 2022 Assessment Area within the District is completed. Until the platting process occurs, the Series 2022 Project funded by District Bonds benefit all acres within the Series 2022 Assessment Area of the District.

The initial assessments will be levied on an equal basis to all gross acreage within the Series 2022 Assessment Area of the District. A fair and reasonable methodology allocates the debt incurred by the District proportionately to the properties receiving the special benefits. At this point all of the lands within the Series 2022 Assessment Area of the District are benefiting from the Series 2022 Project.

Once platting or the recording of a declaration of condominium of property within the Series 2022 Assessment Area of the District into individual lots or units (“Assigned Properties”) has begun, the Special Assessments will be levied to the Assigned Properties based on the benefits they receive, on a first platted, first assigned basis. The “Unassigned Properties” defined as property that has not been platted or subjected to a declaration of condominium, will continue to be assessed on a per acre basis. Eventually the development plan will be completed and the debt relating to the Bonds will be allocated to the assigned properties within the Series 2022 Assessment Area of the District, which are the beneficiaries of the Series 2022 Project, as depicted in Table 5 and Table 6. If there are changes to the development plan, a true up of the assessments will be calculated to determine if a debt reduction or true-up payment from the Developer is required. The process is outlined in Section 3.0.

The assignment of debt in this Assessment Report sets forth the process by which debt is apportioned. As mentioned herein, this Assessment Report may be supplemented from time to time.

Allocation of Benefit

The Series 2022 Project consists of offsite improvements, stormwater management facilities, utility facilities, roadways, entry features and signage, and park and recreational facilities and professional fees along with related incidental costs. There is currently one product type within the planned development. The single-family home has been set as the base unit and has been assigned one equivalent residential unit (“ERU”). Table 4 shows the allocation of benefit to the particular product type. It is important to note that the benefit derived from the Capital Improvements on a
particular unit will exceed the assessments allocated to that unit to repay the costs for the improvements providing such benefits.

Lienability Test: Special and Peculiar Benefit to the Property

Construction and/or acquisition by the District of its proposed Series 2022 Project will provide several types of infrastructure systems, facilities and services for its residents. These include offsite improvements, stormwater management facilities, utility facilities, roadways, entry features and signage, and parks and recreational facilities. The benefit from the Series 2022 Project accrue in differing amounts and are somewhat dependent on the product type receiving the special benefits peculiar to that property type, which flow from the logical relationship of the Series 2022 Project to the assigned properties within the Series 2022 Assessment Area of the District.

Once these determinations are made, they are reviewed in the light of the special benefits peculiar to the property within the Series 2022 Assessment Area of the District, which flow to the properties as a result of their logical connection from the Series 2022 Project.

For the provision of the Series 2022 Project, the special and peculiar benefits are:

the added use of the property,
added enjoyment of the property, and
the increased marketability and value of the property.

These special and peculiar benefits are real and ascertainable but are not yet capable of being calculated as to value with mathematical certainty. However, each is more valuable than either the cost of, or the actual Special Assessment levied for the Capital Improvement as allocated.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments

A reasonable estimate of the proportion of special and peculiar benefits received from the public improvements described in the Series 2022 Project is delineated in Table 5 (expressed as Allocation of Par Debt per Product Type). This is also shown on Table 7 depicting Allocation of Par Debt per Product Type.

The determination has been made that the duty to pay the non-ad valorem special assessments is fairly and reasonably apportioned because the special and peculiar benefits to the property derived from the acquisition and/or construction of the Series 2022 Project have been apportioned to the property within the Series 2022 Assessment Area of the District according to reasonable estimates of the special and peculiar benefits provided consistent with the product type of assignable properties.
Accordingly, no acre or parcel of property within the boundaries of the District will have a lien for the payment of any Special Assessment more than the determined special benefit particular to that property and therefore, the debt allocation will not be increased more than the debt allocation set forth in this Assessment Report.

In accordance with the benefit allocation suggested for the product types in Table 4, a total debt per unit and an annual assessment per unit have been calculated for each product type (Table 6). These amounts represent the preliminary anticipated per unit debt allocation assuming all anticipated assigned properties within the Series 2022 Assessment Area of the District are built and sold as planned, and the entire proposed Series 2022 Project is constructed.

3.0	True Up Mechanism

Although the District does not process plats, declaration of condominiums, site plans or revisions thereto, it does have an important role to play during the course of platting and site planning. Whenever a plat, declaration of condominium or site plan is approved, the District must allocate a portion of its debt to the property according to this Assessment Report outlined herein (“Assigned Property”). In addition, the District must also prevent any buildup of debt on property or land that could be fully conveyed and/or platted without all of the debt being allocated (“Unassigned Property”). To preclude this, when platting for 25%, 50%, 75% and 100% of the units planned for platting has occurred within the Series 2022 Assessment Area of the District, the District will determine the amount of anticipated Bond Special Assessment revenue that remains on the Unassigned Properties, taking into account the full development plan of the Series 2022 Assessment Area within the District. If the total anticipated Bond Special Assessment revenue to be generated from the Assigned and Unassigned Properties is greater than or equal to the maximum annual debt service then no debt reduction or true-up payment is required. In the case that the revenue generated is less then the required amount then a debt reduction or true- up payment by the landowner in the amount necessary to reduce the par amount of the outstanding Bonds plus accrued interest to a level that will be supported by the new net annual debt service assessments will be required.

If a true-up payment is made less than 45 days prior to an interest payment date, the amount of accrued interest will be calculated to the next succeeding interest payment date.

4.0	Assessment Roll

The District will initially distribute the Special Assessments across the property within the Series 2022 Assessment Area of the District boundaries on a gross acreage basis. As Assigned Properties become known with certainty, the District will refine its allocation of debt from a per acre basis to a per unit basis as shown in Table 6. If the
land use plan or product type changes, then the District will update Table 6 to reflect the changes as part of the foregoing true-up process. As a result, the assessment liens are not finalized with certainty on any acre of land in the District prior to the time final Assigned Properties become known. The preliminary assessment roll is attached as Table 7.

Land Use	Total Assessable Units	ERUs per Unit (1)	Total ERUs	
Single Family - Phase 2	178	1.00	178	
Single Family - Phase 3	171	1.00	171	
Total Units	349		349	

(1) Benefit is allocated on an ERU basis; based on density of planned development, with Single Family = 1 ERU

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

10

Series 2022 Project (1)	Phase 2	Phase 3	Total Cost Estimate	
Offsite Improvements	$512,634	$555,745	$1,068,378	
Stormwater Management	$639,845	$956,349	$1,596,194	
Utilities (Water, Sewer, & Street Lighting)	$1,693,636	$1,546,384	$3,240,020	
Roadway	$1,085,982	$910,595	$1,996,577	
Entry Feature & Signage	$470,075	$484,107	$954,182	
Parks and Recreation Facilities	$125,000	$200,000	$325,000	
Contingencies	$362,174	$372,254	$734,428	
	$4,889,346	$5,025,434	$9,914,779	

(1) A detailed description of these improvements are provided in the Engineer's Report dated May 23, 2022.

Prepared by: Governmental Management Services - Central Florida, LLC

Description	Phase 2	Phase 3	Total	
Phase 2 Acquisition and Construction Account	$2,624,638	$0	$2,624,638	
Phase 3 Escrow Subaccount	$0	$4,234,959	$4,234,959	
Debt Service Reserve	$195,800	$315,931	$511,731	
Capitalized Interest	$56,675	$91,447	$148,122	
Underwriters Discount	$60,187	$97,113	$157,300	
Cost of Issuance	$72,029	$116,221	$188,250	
Par Amount	$3,009,328	$4,855,672	$7,865,000	
Bond Assumptions:				
Average Coupon Rate	5.05%				
Amortization	30 years				
Capitalized Interest	Thru 11/1/22				
Debt Service Reserve	Max Annual Debt Service				
Underwriters Discount	2%				

Prepared by: Governmental Management Services - Central Florida, LLC

Land Use	No. of Units *	ERU Factor  Total ERUs
% of Total ERUs
Total Improvements Costs Per Product Type
Improvement Costs Per Unit
Single Family - Phase 2	178	1	178	100.00%	$4,889,346	$27,468	
Single Family - Phase 3	171	1	171	100.00%	$5,025,434	$29,389	
Totals	349		349		$9,914,779		

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

	Total Improvements Costs Per Product	Allocation of Par Debt Per Product			
Land Use	No. of Units *	Type(1)	Type(1)	Par Debt Per Unit(1)	
Single Family - Phase 2	178	$4,889,346	$3,009,328	$16,906	
Single Family - Phase 3	171	$5,025,434	$4,855,672	$28,396	
Totals	349	$9,914,779	$7,865,000		

Unit mix is subject to change based on marketing and other factors

(1) Please note there are additional Improvements benefitting the Phase 2 Property and District debt assessments levied on the Phase 2 property. Refer to the District's Supplemental Assessment Methodology (Phase 1 and Phase 2) dated October 30, 2020.

Prepared by: Governmental Management Services - Central Florida, LLC

Series 2022 Bonds							
		Allocation of Par		Maximum	Net Annual
Debt	Gross Annual
Debt	

Land Use	
No. of Units *	Debt Per Product
Type	Total Par Debt
Per Unit	Annual Debt
Service	Assessment
Per Unit	Assessment
Per Unit (1)	
Single Family - Phase 2	178	$3,009,328	$16,906	$195,800	$1,100.00	$1,182.80	
Single Family - Phase 3	171	$4,855,672	$28,396	$315,931	$1,847.55	$1,986.61	
Totals	349	$7,865,000		$511,731			
Series 2020 Bonds (Previous Bond Issue)(Phase 2)							

Allocation of Par		
Maximum	Net Annual
Debt	Gross Annual
Debt			
Debt Per Product	Total Par Debt	Annual Debt	Assessment	Assessment			
Land Use	No. of Units *	Type	Per Unit	Service	Per Unit	Per Unit (1)			
Single Family - Phase 2	178	$1,185,000	$6,657	$71,200	$400.00	$430.11			
Totals	178	$1,185,000		$71,200					
Combined Assessments (Phase 2)							

Allocation of Par		
Maximum	Net Annual
Debt	Gross Annual
Debt			
Debt Per Product	Total Par Debt	Annual Debt	Assessment	Assessment			
Land Use	No. of Units *	Type	Per Unit	Service	Per Unit	Per Unit (1)			
Single Family - Phase 2	178	$4,194,328	$23,564	$267,000	$1,500.00	$1,612.90			
Totals	178	$4,194,328		$267,000					

(1) This amount includes collection fees and early payment discounts when collected on the Polk County Tax Bill

Unit mix is subject to change based on marketing and other factors Prepared by: Governmental Management Services - Central Florida, LLC

Series 2022 Bonds							
			Total Par Debt Allocation Per	
Total Par Debt	Net Annual Debt Assessment	Gross Annual Debt Assessment	
Owner	Property*	Acres	Acre	Allocated	Allocation	Allocation (1)	
KRPC East Johnson, LLC	27-27-23-000000-023001(2)	58.10	$102,209	$5,938,356	$386,375	$415,457	
KRPC East Johnson, LLC	27-27-24-000000-044020	18.85	$102,209	$1,926,644	$125,356	$134,791	
Totals		76.95		$7,865,000	$511,731	$550,248	

This amount includes 7% to cover collection fees and early payment discounts when collected utilizing the uniform method.

Please note that approximately 35.55 acres of this property are also subject to the debt assessments previously levied on the Phase 2 property. Refer to the District's Supplemental Assessment Methodology (Phase 1 and Phase 2) date October 30, 2020.

*Refer to Legal Description attached as "Exhibit A"		
Annual Assessment Periods	30	
Average Coupon Rate (%)	5.05%	
Maximum Annual Debt Service	$511,731	

Prepared by: Governmental Management Services - Central Florida, LLC

That portion of the Southeast 1/4 of Section 23, Township 27 South, Range 27 East, Polk County, Florida, being described as follows:
Phase 2 of the proposed plat of Cypress Park Estates, being described as follows:
Commence at the southwest corner of the North 1/2 of said Southeast 1/4 of Section 23 for the Point of Beginning; thence North 00°02'08" West, along the west line of said Southeast 1/4 of Section 23, a distance of 1313.42 feet to the northwest corner of said Southeast 1/4 of Section 23; thence South 90°00'00" East, along the north line of said Southeast 1/4, a distance of 232.51 feet; thence departing said north line, South 88°42'12" East, 62.50 feet; thence North 89°44'09" East, 303.66 feet; thence North 88°15'07" East, 2.82 feet to said north line of the Southeast 1/4 of Section 23; thence South 90°00'00" East, along said north line, 778.41 feet; thence South 00°14'00" East, 203.06 feet; thence South 89°46'00" West, 30.00 feet; thence South 00°14'00" East, 384.00 feet; thence South 89°46'00" West,
270.00 feet; thence South 00°14'00" East, 280.00 feet; thence South 89°46'00" West, 51.00 feet; thence South 00°14'00" East, 160.00 feet; thence South 89°46'00" West, 50.00 feet; thence South 00°14'00" East, 160.00 feet; thence North 89°46'00" East, 6.54 feet; thence South 00°14'00" East, 122.70 feet to said south line of the North 1/2 of the Southeast 1/4 of Section 23; thence South 89°52'49" West, along said south line, 989.94 feet to the Point of Beginning.
Parcel containing 35.55 acres, more or less.
That portion of the Southeast 1/4 of Section 23 and the Southwest 1/4 of Section 24, Township 27 South, Range 27 East, Polk County, Florida, being described as follows:
Phase 3 of the proposed plat of Cypress Park Estates, being described as follows:
Commence at the southwest corner of the North 1/2 of said Southeast 1/4 of Section 23; thence North 89°52'49" East, along the south line of said North 1/2 of the Southeast 1/4 of Section 23, a distance of 2654.58 feet to the south line of the North 1/2 of said Southwest 1/4 of Section 24; thence North 89°51'27" East, along said south line, 658.56 feet to the Point of Beginning; thence continue Easterly, along said south line, 658.56 feet; thence South 00°05'15" West, 1265.40 feet; thence South 89°45'02" West, 1248.85 feet; thence North 00°14'00" West, 198.81 feet; thence South 89°46'00" West, 120.00 feet; thence North 00°14'00" West, 2179.00 feet; thence North 89°46'00" East, 120.00 feet; thence South 00°14'00" East, 1111.03 feet; thence North 89°46'00" East, 597.38 feet to the Point of Beginning.

Parcel containing 42.41 acres, more or less.