MINUTES OF MEETING EAST547
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the East 547 Community Development District was held Wednesday, February 24, 2021 at I:30 p.m. at the Offices of Highland Homes, 3020 S. Florida Ave., Suite IO1, Lakeland, Florida.

Present and constituting a quorum:

Brian Walsh Milton Andrade Jeff Shenefield Garret Parkinson Joel Adams

Also present were: Jill Burns
Bob Gang via Zoom Michelle Rigoni Dennis Wood

Fffi.ST ORDER OF BUSINESS

Chairman
Vice Chairman Assistant Secretary Assistant Secretary Assistant Secretary

District Manager, GMS Greenberg Traurig Hopping Green & Sams District Engineer

Roll Call

Ms. Burns called the meeting to order and called the roll. Five Board members were present constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
Ms. Bums noted that there were no members of the public present for the meeting.

THIRD ORDER OF BUSNESS	Approval of Minutes of the November 12,
2020 Board of Supervisors Meeting
Ms. Bums presented the minutes of the November 12, 2020 Board of Supervisors meeting and asked for any comments, questions, or corrections. The Board had no changes.

On MOTION by Mr. Walsh, seconded by Mr. Andrade, with all in favor, the Minutes of the November 12, 2020 Board of Supervisors Meeting, were approved.

FOURTH ORDER OF BUSINESS

Presentation of Supplemental Engineer's Report

Mr. Wood reviewed the Supplemental Engineer's Report that was provided to adjust Exhibit 7, the new total construction costs totaled $15,000,000. Ms. Rigoni reviewed the legal requirements.

On MOTION by Mr. Adams, seconded by Mr. Walsh with all in favor, the Supplemental Engineer's Report, was approved.

FIFTH ORDER OF BUSINESS	Presentation of Amended Master Assessment Methodology
Ms. Bums stated the Master Assessment Methodology was amended in accordance with the increased cost adjustments on the Supplemental Engineer's Report, that resulted in a bond sizing of $19,500,000. Ms. Rigoni reviewed the legal requirements.

On MOTION by Mr. Adams, seconded by Mr. Andrade with all in favor, the Amended Master Assessment Methodology for Assessment Area 1, was approved.

SIXTH ORDER OF BUSINESS	Presentation of Supplemental Assessment
Methodology for AAl
Ms. Bums stated this was for Assessment Area 1, which will have 261 units and an estimated capital improvement plan of $8,634,825. The bond sizing results in improvement costs of $33,084. The par debt per unit is $21,609. The net and gross annual assessment per unit will be
$1,250/lot, and the gross annual debt assessment will be $1,344/lot.

On MOTION by Mr. Adams, seconded by Mr. Shenefield,  with all in favor, the Supplemental Assessment Methodology for AAI, was approved as amended:

SEVENTH ORDER OF BUSINESS	Consideration of Resolution 2021-06
Delegation Resolution
Mr. Gang reviewed the Resolution 2021-06 Delegation Resolution which supplements the original bond resolution adopted on September 10, 2020. It is delegated with parameters under which the District can accept from the underwriter. The total of outside principal amounts are not to exceed $6.5 million. The current interest rate is at 5.13 as a maximum rate and can't be exceeded. The final maturity is 30 years of assessment amortization. The underwriters can't exceed 2% of bonds. This approves a Preliminary Limited Offering Memorandum and a Continuing Disclosure Agreement that obligates the District to file annual financials and the Developer to file during construction period. The Assessment Area 1 of 261 lots is ready for consideration.

On MOTION by Mr. Walsh, seconde·d by Mr. Adams, with all in favor, Resolution 2021-06 Delegation Resolution, was approved.

EIGHIB ORDER OF BUSINESS	Consideration of Series 2021 Developer's
Agreements (Assessment Area 1)
Acquisition Agreement
Ms. Burns stated they would request all be approved in substantial form  and finalized on closing. Ms. Bums reviewed all Tables of the Developer's Agreements.

On MOTION by Mr. Adams, seconded by Mr. Shenefield,  with all in favor, the Series 2021 Developer's Acquisition Agreement (Assessment Area 1), was approved.

Completion Agreement
Ms. Bums stated the landowners requested the District limit the amount of assessments imposed on Assessment Area 1, allowing them to directly fund a portion of the Assessment Area 1, and agree to provide the funds the portion of the Assessment Area 1 project, not funded by the Assessment Area 1 bonds.

On MOTION by Mr. Adams, seconded by Mr. Walsh, with all in favor, the Series 2021 Developer Completion Agreement (Assessment Area I) was approved.

True-Up Agreement
Ms. Bums stated this outlined the True-up agreement, which outlines  the District and the landowners intent to make payments related to the assessment.

On MOTION by Mr. Adams, seconded by Mr. Andrade, with all in favor, the Series 2021 Developer True-Up Agreement (Assessment Area 1), was approved.

Collateral Assignment and Assumption
Ms. Bums stated in the event of default the Developer agrees to assign certain rates that allows the District to complete the project.

On MOTION by Mr. Adams, seconded by Mr. Andrade, with all in favor, the Series 2021 Developer Collateral Assignment and Assumption Agreement (Assessment Area 1), was approved.

Declaration of Consent
Ms. Bums stated this says the landowner confirms and agrees that debt assessments have been adopted by the Board and all proceedings are in accordance with Florida law.

On MOTION by Mr. Adams, seconded by Mr. Parkinson, with all in favor, the Series 2021 Developer Agreement Declaration of Consent (Assessment Area 1), was approved.

NINTH ORDER OF BUSINESS	Consideration of Fee Increase Letter for
District Counsel Services from Hopping, Green & Sams
Ms. Rigoni explained the adjusted increase for District Counsel Services.

On MOTION by Mr. Adams, seconded by Mr. Andrade, with aH in favor, the Fee Increase Letter for District Counsel Services from Hopping, Green & Sams, was approved.

TENTH ORDER OF BUSINESS	Consideration of Memorandum from
Hopping, Green & Sams Regarding E­ Verify Requirements in 2021
Ms. Burns explained the new legal requirements for Districts to enroll in the E-Verify system for contract vendors.

On MOTION by Mr. Walsh, seconded by Mr. Adams, with all in favor, Execution of the Memorandum from Hopping, Green & Sams Regarding E-Verify Requirements, was ratified.

ELEVENTH ORDER OF BUSINESS

Consideration of Resolution 2021-07 Appointing Treasurer and Assistant Treasurer

Ms. Burns stated that Ariel Lovera, the current Treasurer, is retiring. He will be replaced with George Flint and Katie Costa will be the Assistant Treasurer.

On MOTION by Mr. Andrade, seconded by Mr. Adams, with all in favor, the Resolution 2021-07 Appointing Treasurer as George Flint and the Assistant Treasurer as Katie Costa, was approved.

TWELTH ORDER OF BUSINESS	Ratification of 2021 Data Sharing and
Usage Agreement with Polk County Property Appraiser
Ms. Burns stated this is a required annual agreement.

On MOTION by Mr. Andrade, seconded by Mr. Adams, with all in favor, the 2021 Data Sharing and Usage Agreement with Polk County Property Appraiser, was ratified.

THIRTEENTH  ORDER OF BUSINESS	Ratification of Contract Agreement with
Polk County Property Appraiser
Ms. Bums stated this is a required annual agreement for the upcoming tax bi)] in November of 2021.

On MOTION by Mr. Walsh, seconded by Mr. Shenefield, with all in favor, the Contract Agreement with Polk County Property Appraiser, was ratified.

FOURTEENTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Rigoni updated the Board on some monitoring of bills in the 2021 legislature that may affect CDD business. One bill may affect virtual meetings.

Engineer
Mr. Wood had nothing further to report to the Board. Mr. Wood replied  to a question on all related permits. He stated that the water and sewer application was submitted and signed. The city and county were in a joint effort working to modify plans on the left tum lane. He also stated that clearing could begin once the permits were rece.ived.

District Manager's Report
Approval of Check Register
Ms. Bums stated this was included in the Board package and was from October 1, 2020- February 2, 2021, totaling $44,743.88.

On MOTION by Mr. Adams, seconded by Mr. Andrade, with all in favor, the Check Register for $44,743,88, was approved.

Balance Sheet & Income Statement
Ms. Bums stated this was included in the package and no action was needed.

FIFTEENTH ORDER OF BUSINESS
There being none, the next item followed.

SIXTEENIB ORDER OF BUSINESS

There being none, the next item followed.

Other Business

Supervisors	Requests	and	Audience Comments

SEVENTEENTH ORDER OF BUSINESS	Adjournment

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

Ms. Burns adjourned the meeting.

Chamnan/Vice Chairman