Amelia Walk

Community Development District

September 27, 2018

AGENDA

Amelia Walk

Community Development District
Continued Meeting Agenda

Thursday	Amelia Walk Amenity Center	
September 27, 2018	85287 Majestic Walk Circle	
2:00 p.m.	Fernandina Beach, FL 32034	
	Call In # 1-800-264-8432 Code 895984	
	www.ameliawalkcdd.com	

I.	Roll Call

II.	Audience Comments

III.	Financing Matters

A.	Consideration of Engineer’s Report

B.	Consideration of Assessment Methodology

C.	Consideration of Resolution 2018-15, Declaring Special Assessments

D.	Consideration of Resolution 2018-16, Setting Public Hearing Date IV. Other Business
V.	Supervisors’ Request and Audience Comments

VI.	Next Meeting Scheduled for October 16, 2018 at 2:00 p.m. at the Amelia Walk	
	Amenity Center, 85287 Majestic Walk Circle, Fernandina Beach	
VII.	Adjournment	

THIRD ORDER OF BUSINESS

B.

DRAFT

Amelia Walk

Community Development District

Special Assessment Methodology Report for the Special Assessment Bonds Series 2018A-1 (Assessment Area 3B)

September 27, 2018

Prepared by

Governmental Management Services, LLC

Table of Contents

1.0	Introduction

1.1   Purpose	3

1.2   Special Benefits and General Benefits	4

1.3   Requirements of a Valid Assessment Methodology	4

2.0	The Series 2018A-1 Bonds

	2.1   Development Plan Overview  ……………………………………..5

2.2	Bond Description	……….……………………………………….5

3.0	Assessment Allocation

3.1   Structure	5

3.2   Assessment Allocation	6

4.0	True-Up Mechanism

4.1   Structure	6

4.2   Additional Stipulations   ……….……………………………………7

............................................................................................................

5.0	Appendix

Table 1  Development Plan Series 2018A-1 Bonds …………………...8

Table 2  Bond Series 2018A-1 Sources and Uses  ...………………….9

Table 3  Par Debt and Debt Service Allocation Series 2018A-1......10

Table 4  Assessment Roll Series 2018A-1  ..…...................................11

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1.0	Introduction

	1.1   Purpose

	1.1.1  The District

Amelia Walk Community Development District (the “Amelia Walk CDD” or “District”), a local unit of special-purpose government, was established by ordinance number 2005-81, enacted by the Board of County Commissioners of Nassau County, Florida on December 22, 2005. The District encompasses approximately 563 acres of land located within the unincorporated area of Nassau County, Florida, and was established for the purpose of, among other things, financing and managing the acquisition, construction, maintenance and operation of major infrastructure necessary for development to occur within the Amelia Walk (“Community”).

Amelia Walk is a planned community located in the eastern part of Nassau County located halfway between I-95 and the intercoastal, waterway accessible off State Road 200/ Highway A1A. The Community is planned to include 749 single-family homes and a community recreation center.

1.1.2  Purpose

This report provides a methodology for allocating the proposed debt to be issued by the Amelia Walk CDD to properties in the District related to phases 4B and 5 (“Assessment Area 3B”) of the Community. A sketch and legal description of Assessment Area 3B is attached to this report.

1.1.3 Assessment Area 3B

Assessment Area 3B comprising phases 4B and 5 contains 129.27 acres and is planned for 258 residential lots. Phase 4B contains 32.76 acres and is planned for 65 residential units

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while phase 5 contains 96.56 acres and is planned for 193 residential units.

1.1.5 The Series 2018A-1 Bonds

The District is issuing Special Assessment Bonds Series 2018A-1 (“Series 2018A-1 Bonds”) to fund a portion of infrastructure improvements associated with Assessment Area 3B which includes development phases 4B and 5. The construction proceeds from the Series 2018A-1 Bonds will be utilized for roadway improvements, potable water, wastewater, landscaping, monumentation, signage and stormwater improvements. The details of the construction program (“CIP”) are outlined in the Engineer’s Report amended for Sub Phase 4B & Phase 5, dated September 25, 2018 (“2018 Amended Engineer’s Report”).

1.2	Special Benefits and General Benefits

Improvements undertaken by the District create special and unique benefits to the property, different in kind and degree than general benefits, for properties within its borders as well as general benefits to the public at large. The allocation of benefits will continue to be proportional to the special benefit associated with each residential lot.

1.3	Requirements of a Valid Assessment Methodology

Special assessments under Florida law, to be valid, must meet two requirements. The first requirement is that the properties assessed must receive a special benefit from the improvements paid for by the assessments. The second requirement is that the assessments must be fairly and reasonably allocated to the properties being assessed.

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

As previously noted the allocation of the Series 2018A-1 special assessments will be proportional to the benefit

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associated with each parcel or residential lot within Assessment Area 3B.

2.0	The Series 2018A-1 Bonds

2.1	Development Plan - Overview

	The primary landowner (“Landowner”) of the property within the District has defined the land uses for Assessment Area 3B. The land uses for phases 4B and 5 are described in the Development Plan in Table 1 (Appendix). The Development Plan may change depending upon market conditions.

2.2	Series 2018A-1 Bond Description

	The Series 2018A-1 Bonds are anticipated to be issued at a par amount of amount of $9,500,000 and have a term of 30-years, with an average coupon interest rate of 5.50 %. See estimated bond terms on Table 2 along with a summary of the sources and uses of the Series 2018A-1 Bond proceeds.

3.1	Assessment Allocation

3.1	Structure

	The debt required to finance the CIP infrastructure for the 258 lots is allocated to Assessment Area 3B, being the specific benefited lands within the District. Table 3 provides for the par debt and debt service allocations based upon a per lot basis for the Series 2018A-1 Bonds. The annual debt service amounts are net of collection costs for Nassau County of 3% and maximum early payment discounts of 4% provided by Florida Statutes.

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3.2	Assessment Allocation

Based upon the District’s CIP, the District’s assessment advisor and underwriter determined the amount of bonds required to fund the infrastructure costs.

The District’s CIP consists of roadway improvements, potable water, wastewater, landscaping, monumentation, signage, and stormwater improvements that benefit the assessed lands within the District. Assessment Area 3B lands will pay assessments on an equal acreage basis until the single-family lots are platted at which time the assessments will be determined on a per lot Equivalent Residential Unit (“ERU”) basis.

As lands are platted within Assessment Area 3B, each lot will be assessed a proportional share of the total Series 2018A-1 Bond debt in accordance with Table 3 below according to lot size and the remaining debt and debt service assessment will be allocated in the manner described in the above paragraph on an acreage basis. The relative assessment allocations are not on a strict lot front footage basis but on an average basis for the designated lot type.

4.1	True-Up Mechanism

4.1  Structure

Assessment Area 3B will be platted in two or more separate plats. In order to ensure that the District’s debt will not unfairly burden the unplatted acres, and ensure non-ad valorem special assessments will be constitutionally lienable on the property, the District shall the follow the procedures set forth below.

To ensure that there will always be sufficient development potential remaining in the unplatted property and to assure payment of debt service after a plat or site plan approval, the debt per acre remaining on the unsubdivided land will never be allowed to increase above its maximum debt per acre level. Initially, the maximum level of debt per acre is calculated as the total amount of debt for the Series 2018A-1

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Bond divided by the total number of acres in Assessment Area 3B, i.e., $9,500,000 divided by 129.32 acres, or $73,461 per acre. Every time a plat approval is presented, the debt on the land remaining after the plat approval must remain at or below $ 73.461 per acre. If the initial debt per acre amount would be exceeded after a plat is approved, then in connection with the Landowner receiving a plat approval from Nassau County, the Landowner will be required to make a true-up payment so that the $73,461 per acre debt level for Series 2018A-1 Bonds is not exceeded.

4.2	Additional Stipulations

Certain financing, development, and engineering data was provided by members of District staff and/or the Landowner. The allocation methodology described herein was based on information provided by those professionals. Governmental Management Services, LLC makes no representations regarding said information transactions beyond restatement of the factual information necessary for compilation of this report. For further information about the Series 2018A-1 Bonds, please refer to the Indentures.

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Table 1

Amelia Walk Community Development District

Development Program Series 2018A-1 Special Assessment Bonds

		ERU Per	Total	
Land Use	2018A-1 Units	Unit	ERUs	
Single Family				
Residential:				
Phases 4B and 5				
65' lot	219	1	219	
80' lot	39	1.23	47.97	
Sub Total				
	258		266.97	

Prepared By: Governmental Management Services, LLC

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Table 2

Amelia Walk Community Development District

Series 2018A-1 Special Assessment Bonds- Sources and Uses of Funds

Sources:	2018A-1		
Bond Proceeds - Par Amount	$9,500,000		
Total Sources of Funds			
	$9,500,000		
Uses:			
Construction Funds	$7,223,952		
Debt Service Reserve Fund MADS	$689,700		
Interest Reserve	$1,121,348		
Cost of Issuance	$465,000		
Rounding	$0		
Total Uses of Funds			
	$9,500,000		
Average Coupon Interest Rate	5.50%		
Term	30 years		
CAPI period	thru 11/1/19		

(1) Amounts are preliminary and subject to change.

Prepared By: Governmental Management Services, LLC

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Table 3

Amelia Walk Community Development District

Par Debt and Debt Service Allocations Series 2018A-1

Special Assessment Bonds

Land Use				2018A-1 Bond 2018A-1 Bond	2018A-1 Bond		
		Par	Total	Net per Unit	Total	Gross per Unit		
Single Family		Debt per Unit	Par Debt	Annual	Annual Net	Annual		
Residential:	No. of Units	2018A-1 Bond	2018A-1 Bond	Debt Service	Debt Service	Debt Service (1)		
65' lot	219	$35,584.52	$7,793,010	$2,583	$565,772.56	$2,778		
80' lot	39	$43,768.96	$1,706,990	$3,178	$123,927.44	$3,417		
Total								
	258		$9,500,000		$689,700			

(1) Includes 4% provision for early payment discount and 3% collection costs for Nassau County.

Prepared By: Governmental Management Services, LLC

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TABLE 4

AMELIA WALK CDD

ASSESSMENT ROLL BOND SERIES 2018A-1

SERIES 2018A-1 DEVELOPMENT PLAN							
			UPDATED		SERIES 2018-1			
			ASMT	SERIES 2018A-1	MAX ANNUAL			
PROPERTY ID #	OWNER	ACREAGE	UNITS	BOND PAR	NET			
		32.76	65	$2,406,588	$174,718	Phase 4B		
		96.56	193	$7,093,412	$514,982	Phase 5		
TOTAL SERIES 2018A-1								
		129.32	258	$9,500,000	$689,700			

Prepared By: Governmental Management Services, LLC

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C.

RESOLUTION 2018-15

A RESOLUTION OF THE BOARD OF SUPERVISORS OF

THE  AMELIA  WALK  COMMUNITY  DEVELOPMENT
DISTRICT  DECLARING  SPECIAL  ASSESSMENTS  FOR
ASSESSMENT AREA FOUR B AND ASSESSMENT AREA
FIVE;  INDICATING  THE  LOCATION,  NATURE  AND
ESTIMATED	COST   OF   THOSE   INFRASTRUCTURE
IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED
BY  THE  SPECIAL  ASSESSMENTS;  PROVIDING  THE
PORTION	OF   THE   ESTIMATED   COST   OF   THE
IMPROVEMENTS TO BE DEFRAYED BY THE SPECIAL
ASSESSMENTS; PROVIDING THE MANNER IN WHICH
SUCH	SPECIAL  ASSESSMENTS  SHALL  BE  MADE;
PROVIDING	WHEN  SUCH  SPECIAL  ASSESSMENTS
SHALL BE PAID; DESIGNATING LANDS UPON WHICH
THE	SPECIAL  ASSESSMENTS  SHALL  BE  LEVIED;
PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A
PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR
PUBLICATION OF THIS RESOLUTION.

WHEREAS, the Board of Supervisors (the “Board”) of the Amelia Walk Community Development District (the “District”) hereby determines to undertake, install, plan, establish, construct or reconstruct, enlarge or extend, equip, acquire, operate, and/or maintain the infrastructure improvements (the “Improvements”) described in the District’s Engineer’s Report (amended for Sub-Phase 4b and Phase 5), dated July 19, 2018, attached hereto as Exhibit A and incorporated herein by reference; and

WHEREAS, it is in the best interest of the District to pay the cost of the Improvements by special assessments pursuant to Chapter 190, Florida Statutes, (the “Assessments”); and

WHEREAS, the District is empowered by Chapter 190, the Uniform Community Development District Act, Chapter 170, Supplemental and Alternative Method of Making Local Municipal Improvements, and Chapter 197, the Uniform Method for the Levy, Collection and Enforcement of Non-Ad Valorem Assessments, Florida Statutes, to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate, and maintain the Improvements and to impose, levy and collect the Assessments; and

WHEREAS, the District hereby determines that benefits will accrue to the property improved, the amount of those benefits, and that special assessments will be made in proportion to the benefits received as set forth in the Supplemental Special Assessment Methodology

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Report, dated September 27, 2018, attached hereto as Exhibit B and incorporated herein by reference and on file at c/o Governmental Management Services, 475 West Town Place, Suite 114, St. Augustine, Florida 32092 (the “District Records Office”), and at the offices of McCranie & Associates, 3 South 2nd Street, Fernandina Beach, Florida 32034 (“District Local Records Office”); and

WHEREAS, the District hereby determines that the Assessments to be levied will not exceed the benefit to the property improved.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD

OF	SUPERVISORS	OF	THE	AMELIA	WALK
COMMUNITY DEVELOPMENT DISTRICT:

1.	Assessments shall be levied to defray the cost of the Improvements.

2.	The nature and general location of, and plans and specifications for, the Improvements are described in Exhibit A, which is on file at the District Records Office. Exhibit B is also on file and available for public inspection at the same location.

3.	The  total  estimated  cost  of  the  Improvements  is  $7,223,952  (the  “Estimated

	Cost”).

4.	The Assessments will defray approximately $________________, which includes the Estimated Cost, plus financing-related costs, capitalized interest, debt service reserve and contingency.

5.	The manner in which the Assessments shall be apportioned and paid is set forth in Exhibit B, including provisions for supplemental assessment resolutions.

6.	The Assessments shall be levied, within the District, on all lots and lands adjoining and contiguous or bounding and abutting upon such improvements or specially benefitted thereby and further designated by the assessment plat hereinafter provided for.

7.	There is on file, at the District Records Office, an assessment plat showing the area to be assessed, with certain plans and specifications describing the Improvements and the estimated cost of the Improvements, all of which shall be open to inspection by the public.

8. Commencing with the year in which the Assessments are confirmed, the Assessments shall be paid in not more than (30) thirty annual installments. The Assessments may be payable at the same time and in the same manner as are ad-valorem taxes and collected pursuant to Chapter 197, Florida Statutes; provided, however, that in the event the uniform non ad-valorem assessment method of collecting the Assessments is not available to the District in

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any year, or if determined by the District to be in its best interest, the Assessments may be collected as is otherwise permitted by law.

9. The District Manager has caused to be made a preliminary assessment roll, in accordance with the method of assessment described in Exhibit B hereto, which shows the lots and lands assessed, the amount of benefit to and the assessment against each lot or parcel of land and the number of annual installments into which the assessment may be divided, which assessment roll is hereby adopted and approved as the District's preliminary assessment roll.

10.	The Board shall adopt a subsequent resolution to fix a time and place at which the owners of property to be assessed or any other persons interested therein may appear before the Board and be heard as to the propriety and advisability of the assessments or the making of the Improvements, the cost thereof, the manner of payment therefore, or the amount thereof to be assessed against each property as improved.

11.	The District Manager is hereby directed to cause this Resolution to be published twice (once a week for two (2) weeks) in a newspaper of general circulation within Nassau County and to provide such other notice as may be required by law or desired in the best interests of the District.

12.	This Resolution shall become effective upon its passage.

PASSED AND ADOPTED this 27th day of September, 2018.

ATTEST:	AMELIA WALK COMMUNITY

DEVELOPMENT DISTRICT

_____________________________	____________________________________

ASSISTANT SECRETARY	CHAIRPERSON

Exhibit A: Amelia Walk Community Development District Engineer’s Report (amended for Sub-Phase 4b and Phase 5), dated July 19, 2018

Exhibit B: Amelia Walk Community Development District’s Supplemental Special Assessment Methodology Report, dated September 27, 2018

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D.

RESOLUTION 2018-16

A RESOLUTION OF THE BOARD OF SUPERVISORS OF

THE  AMELIA  WALK  COMMUNITY  DEVELOPMENT
DISTRICT SETTING A PUBLIC HEARING TO BE HELD
ON	NOVEMBER  27,  2018,  AT  2:00  P.M.  AT  85287
MAJESTIC	WALK   CIRCLE,   FERNANDINA   BEACH
FLORIDA  32034,  FOR  THE  PURPOSE  OF  HEARING
PUBLIC	COMMENT   ON   IMPOSING   A   SPECIAL
ASSESSMENT  ON  CERTAIN  PROPERTY  WITHIN  THE
DISTRICT GENERALLY DESCRIBED AS THE AMELIA
WALK	COMMUNITY  DEVELOPMENT  DISTRICT  IN
ACCORDANCE  WITH  CHAPTERS  170,  190  AND  197
FLORIDA STATUTES.

WHEREAS, the Board of Supervisors of the Amelia Walk Community Development District, ("Board") has previously adopted Resolution 2018-15, entitled

A RESOLUTION OF THE BOARD OF SUPERVISORS OF

THE  AMELIA  WALK  COMMUNITY  DEVELOPMENT
DISTRICT  DECLARING  SPECIAL  ASSESSMENTS  FOR
ASSESSMENT AREA FOUR B AND ASSESSMENT AREA
FIVE;  INDICATING  THE  LOCATION,  NATURE  AND
ESTIMATED	COST   OF   THOSE   INFRASTRUCTURE
IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED
BY  THE  SPECIAL  ASSESSMENTS;  PROVIDING  THE
PORTION	OF   THE   ESTIMATED   COST   OF   THE
IMPROVEMENTS TO BE DEFRAYED BY THE SPECIAL
ASSESSMENTS; PROVIDING THE MANNER IN WHICH
SUCH	SPECIAL  ASSESSMENTS  SHALL  BE  MADE;
PROVIDING	WHEN  SUCH  SPECIAL  ASSESSMENTS
SHALL BE PAID; DESIGNATING LANDS UPON WHICH
THE	SPECIAL  ASSESSMENTS  SHALL  BE  LEVIED;
PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A

PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR
PUBLICATION OF THIS RESOLUTION.

WHEREAS, in accordance with Resolution 2018-15, a preliminary assessment roll has been prepared and all other conditions precedent set forth in Chapters 170, 190, and 197, Florida Statutes, to the holding of the aforementioned public hearing have been satisfied, and the roll and related documents are available for public inspection at 475 West Town Place, Suite 114, St. Augustine, Florida 32092 (“District Records Office”), and at the offices of McCranie & Associates, 3 South 2nd Street, Fernandina Beach, Florida 32034 (“Local District Records Office”).

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NOW THEREFORE BE IT RESOLVED BY THE BOARD

OF	SUPERVISORS	OF	THE	AMELIA	WALK
COMMUNITY DEVELOPMENT DISTRICT:

1.	There is hereby declared a public hearing to be held at 2:00 P.M., November 27, 2018, at 85287 Majestic Walk Circle, Fernandina Beach, Florida 32034, for the purpose of hearing comment and objections to the proposed special assessment program for District improvements as identified in the preliminary assessment roll, a copy of which is on file. Affected parties may appear at that hearing or submit their comments in writing prior to the meeting to the office of the District Manager at Governmental Management Services, 475 West Town Place, Suite 114, St. Augustine, Florida 32092.

2.	Notice of said hearing shall be advertised in accordance with Chapters 170, 190, and 197, Florida Statutes, and the District Manager is hereby authorized and directed to place said notice in a newspaper of general circulation within Nassau County (by two publications one week apart with the first publication at least twenty (20) days prior to the date of the hearing established herein). The District Manager shall file a publisher's affidavit with the District Secretary verifying such publication of notice. The District Manager is further authorized and directed to give (30) thirty days written notice by mail of the time and place of this hearing to the owners of all property to be assessed and include in such notice the amount of the assessment for each such property owner, a description of the areas to be improved and notice that information concerning all assessments may be ascertained at the District Office and the Local District Records Office. The District Manager shall file proof of such mailing by affidavit with the District Secretary.

3.	This Resolution shall become effective upon its passage.

PASSED AND ADOPTED this 27th day of September, 2018.

ATTEST:

BOARD OF SUPERVISORS OF THE AMELIA WALK COMMUNITY DEVELOPMENT DISTRICT

_____________________________	____________________________________

Secretary	Chairperson

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