WEBVTT 1 00:00:00.095 --> 00:00:01.645 James Stone, we're looking at real estate. 2 00:00:01.745 --> 00:00:05.125 I'm call to order the meeting 3 00:00:05.125 --> 00:00:07.485 of the Sumter Landing Community Development District 4 00:00:07.505 --> 00:00:09.365 for July 14th, 2025. 5 00:00:10.185 --> 00:00:12.045 Let the record reflect that with the exception of Mr. 6 00:00:12.145 --> 00:00:14.085 Nesbit, all supervisors are present. 7 00:00:14.785 --> 00:00:16.605 Uh, if you would please join us in the Pledge of Allegiance 8 00:00:20.405 --> 00:00:23.645 I reasons to the flag of the United States of America, 9 00:00:24.065 --> 00:00:25.925 and choose the republic for which it stands, 10 00:00:26.545 --> 00:00:30.605 one Nation under God, individual with liberty, justice fraud 11 00:00:30.945 --> 00:00:33.765 to please remain standing and join us during silence. 12 00:00:42.185 --> 00:00:42.655 Thank you. 13 00:00:48.805 --> 00:00:52.175 Yeah, I started looking, I did too. It on even. 14 00:00:52.175 --> 00:00:56.615 It's on our toes. Um, like to walk those in attendance. 15 00:00:58.125 --> 00:01:02.545 Big crowd today. Um, well, Andrew, this time we're open 16 00:01:02.545 --> 00:01:03.745 to full to any audience comments. 17 00:01:05.495 --> 00:01:09.505 Hearing none, we will move, uh, to the consent agenda. 18 00:01:09.765 --> 00:01:11.985 Do we have motion for approval? I be that motion. 19 00:01:13.375 --> 00:01:17.705 I'll second. Any changes to the, no, sir. All good. 20 00:01:17.815 --> 00:01:20.305 Have a motion and a second. All those in favor? Aye. 21 00:01:20.305 --> 00:01:24.505 Motion is approved. New business review 22 00:01:24.505 --> 00:01:27.825 and adoption of joint resolution 20 25 13 amending exhibit A 23 00:01:27.885 --> 00:01:29.945 to the Third amendment and Restain in your agreement. 24 00:01:30.215 --> 00:01:32.745 Maintenance of project wide improvements. Yes, sir. 25 00:01:32.745 --> 00:01:34.705 Mr. Brown will go over that agenda item. 26 00:01:35.415 --> 00:01:37.425 That project ride did approve this morning as well. 27 00:01:38.975 --> 00:01:40.265 Good morning, Mr. Chairman Board. 28 00:01:41.085 --> 00:01:43.625 Uh, so what you have before you today is, uh, 29 00:01:43.885 --> 00:01:46.985 to review an adoption of joint resolution 2 0 2 5 dash three 30 00:01:46.985 --> 00:01:50.305 amending exhibit A to the third amended 31 00:01:50.305 --> 00:01:52.265 and restate interlocal agreement for the maintenance 32 00:01:52.265 --> 00:01:53.625 of project wide improvements. 33 00:01:53.655 --> 00:01:58.145 Essentially, uh, this one will remove 34 00:01:58.615 --> 00:02:02.825 what is listed as the landing on exhibit A, which is the, 35 00:02:02.925 --> 00:02:05.345 uh, ramp and the gazebo structure 36 00:02:05.405 --> 00:02:07.305 and the finger piers that are existing now. 37 00:02:08.155 --> 00:02:09.935 But the gazebo is no longer existing. 38 00:02:09.935 --> 00:02:11.495 It fell in the water during the storm. 39 00:02:12.075 --> 00:02:14.015 Uh, that will remove that off of exhibit A 40 00:02:14.015 --> 00:02:16.695 and will no longer be funded under maintenance 41 00:02:16.965 --> 00:02:19.135 assessments or maintenance fees. 42 00:02:19.555 --> 00:02:22.695 And it would recategorize recategorize that area 43 00:02:22.955 --> 00:02:25.935 as an amenity and, uh, project wide. 44 00:02:26.075 --> 00:02:28.495 And, uh, this board approved the engineering work 45 00:02:28.555 --> 00:02:32.095 to do the architectural design for a new amenity waterfront, 46 00:02:32.665 --> 00:02:36.055 which will, um, house the tour boats, the dragon boats, 47 00:02:36.115 --> 00:02:39.455 the kayaks, and several other things all in that same area, 48 00:02:39.595 --> 00:02:41.255 as well as rebuild a new 49 00:02:41.315 --> 00:02:46.295 and improved much larger, um, uh, gazebo type structure 50 00:02:46.515 --> 00:02:49.815 for residents to sit out and do the lake and the sunset 51 00:02:50.035 --> 00:02:51.535 and the sunrise, things like that. 52 00:02:52.725 --> 00:02:55.705 Um, the cost to the cost, the government cost estimate 53 00:02:55.705 --> 00:02:57.105 to rebuild the existing structure 54 00:02:57.205 --> 00:02:58.985 as is was about 2.7 billion. 55 00:02:59.985 --> 00:03:02.805 The cost estimate to rebuild it as an amenity 56 00:03:03.345 --> 00:03:04.805 was about $3 million. 57 00:03:05.785 --> 00:03:08.645 Um, I think we'll probably exceed that a little bit 58 00:03:08.645 --> 00:03:11.605 because it's gotten a little fancier in the design process, 59 00:03:11.985 --> 00:03:14.045 but, uh, we'll obviously know that once we go out to bid, 60 00:03:14.145 --> 00:03:16.245 but, so essentially this, uh, 61 00:03:18.185 --> 00:03:20.635 this agenda item, this resolution went through all 62 00:03:20.635 --> 00:03:23.115 of districts five through 13 last month, 63 00:03:23.135 --> 00:03:24.755 and they all unanimously approved it. 64 00:03:25.615 --> 00:03:29.635 And with your approval, it would remove the landing off 65 00:03:29.635 --> 00:03:34.235 of Exhibit A recategorize, recategorize it as an amenity 66 00:03:34.235 --> 00:03:35.715 to be funded with amenity funds, 67 00:03:35.985 --> 00:03:38.955 therefore, would no longer be funded with maintenance funds. 68 00:03:39.575 --> 00:03:43.755 We anticipate bringing the initial design to, uh, 69 00:03:43.755 --> 00:03:46.955 project wide and Sumter landing in the next 60 70 00:03:47.025 --> 00:03:48.315 days per review. 71 00:03:48.455 --> 00:03:51.315 And then once that concept design is approved, we would put 72 00:03:51.315 --> 00:03:54.195 that project out to bid to be constructed next year. 73 00:03:55.505 --> 00:03:56.765 So if there's any questions, 74 00:03:56.785 --> 00:03:59.605 unless there's any questions, uh, we recommend adoption 75 00:03:59.625 --> 00:04:03.205 of joint resolution 2 0 2 5 1 3 amending exhibit A to third 76 00:04:03.625 --> 00:04:05.525 and restated interlocal agreement 77 00:04:05.585 --> 00:04:06.925 for project wide improvements 78 00:04:07.305 --> 00:04:09.245 by removing the landing from Exhibit A. 79 00:04:12.495 --> 00:04:17.235 I'd make a motion to approve. I'll second. 80 00:04:18.295 --> 00:04:21.195 We have a motion and a second. All those in favor? Aye. Aye. 81 00:04:21.255 --> 00:04:23.475 Aye. Motions approve. Thank you. Thank you, sir. Very good. 82 00:04:23.475 --> 00:04:27.675 Thank you. Financial statements, I believe Mr. Boyle 83 00:04:27.735 --> 00:04:29.115 or you, Ms. 84 00:04:29.255 --> 00:04:33.395 Pierre is, um, um, no longer with the district 85 00:04:33.395 --> 00:04:35.675 as she has resigned and taken on another challenge. 86 00:04:35.935 --> 00:04:39.395 Uh, so Mr. Boyle has, uh, is standing it from his Pierre 87 00:04:39.395 --> 00:04:40.835 and going to the financial statements. 88 00:04:40.935 --> 00:04:43.435 So Sean, Sean Boyle Finance. 89 00:04:43.585 --> 00:04:47.235 With that said, my, my my delivery of financials is more, 90 00:04:47.575 --> 00:04:50.075 is more of a conversation and reading a statement. 91 00:04:50.255 --> 00:04:53.115 So with that said, I'd like to go through 92 00:04:53.135 --> 00:04:54.595 and point out some highlights. 93 00:04:55.415 --> 00:04:58.515 Uh, with the proprietary funds, we look at the revenues. 94 00:04:58.535 --> 00:05:01.595 We had budgeted $123 million for revenues, 95 00:05:02.375 --> 00:05:05.115 and we are currently at $80.1 billion. 96 00:05:05.535 --> 00:05:08.835 Um, so that puts us about 65%, 97 00:05:08.985 --> 00:05:11.515 even though we progressed about 68% 98 00:05:11.515 --> 00:05:13.035 through the, the budget year. 99 00:05:13.895 --> 00:05:17.515 Uh, there's two standouts That one is near 100 00:05:17.515 --> 00:05:19.355 and dear to one of you, and the other one is, 101 00:05:19.455 --> 00:05:21.035 uh, actually a good thing. 102 00:05:21.335 --> 00:05:23.875 Uh, we had a, a drive 103 00:05:23.975 --> 00:05:25.795 to increase enrollment in the fitness centers, 104 00:05:26.055 --> 00:05:27.955 and that was very successful actually. 105 00:05:28.015 --> 00:05:29.075 So I wanna point that out. 106 00:05:29.225 --> 00:05:31.715 It's not really easy to see on the financial statements. 107 00:05:32.255 --> 00:05:35.195 And so, uh, those revenues for the enrollment 108 00:05:35.195 --> 00:05:38.355 and memberships is actually up $400,000 over last year. 109 00:05:39.095 --> 00:05:40.475 So that's a, a notable. 110 00:05:41.375 --> 00:05:44.035 The second piece, which, um, a little bit more stubborn 111 00:05:45.175 --> 00:05:46.715 is the investment returns. 112 00:05:47.735 --> 00:05:49.995 Um, and as I said, those investment returns, 113 00:05:50.025 --> 00:05:51.795 even though we anticipated some 114 00:05:51.795 --> 00:05:53.435 of the contraction in the market 115 00:05:53.615 --> 00:05:56.775 and budgeted it that way, um, they are, 116 00:05:56.995 --> 00:06:00.485 they're substantially, uh, lower than they were last year. 117 00:06:00.665 --> 00:06:01.885 And primarily that's 118 00:06:01.885 --> 00:06:03.845 because of the domestic side of our portfolio, 119 00:06:03.845 --> 00:06:06.165 which is very short duration is 120 00:06:06.165 --> 00:06:08.525 between really three months and three years. 121 00:06:09.705 --> 00:06:11.765 Uh, and so what's happened is, uh, 122 00:06:12.235 --> 00:06:14.405 last year we were looking at, you know, 123 00:06:14.575 --> 00:06:17.925 three month treasuries that were in the five and a quarter. 124 00:06:18.185 --> 00:06:20.285 Now we're looking at a full point reduction, 125 00:06:20.285 --> 00:06:22.645 if not a point and a quarter. 126 00:06:23.385 --> 00:06:27.085 And so, uh, those, those returns are gonna be stubborn 127 00:06:27.145 --> 00:06:28.725 and are not gonna, uh, 128 00:06:28.895 --> 00:06:30.485 reach the levels that we had last year. 129 00:06:30.585 --> 00:06:32.085 So I don't anticipate that turning 130 00:06:32.085 --> 00:06:34.405 around the bright spot in the portfolio 131 00:06:34.865 --> 00:06:36.085 is the long-term portion. 132 00:06:36.785 --> 00:06:39.885 Um, and as you know, that portion of the portfolio is split 133 00:06:39.885 --> 00:06:43.085 between 60, 40, 40% in fixed, uh, income. 134 00:06:43.785 --> 00:06:48.405 Uh, and the other 60% is in, uh, international equities, 135 00:06:48.635 --> 00:06:50.445 even though there is a large portion of 136 00:06:50.445 --> 00:06:51.965 that concentrate is domestic equities. 137 00:06:52.115 --> 00:06:53.125 Even within that, 138 00:06:53.125 --> 00:06:55.885 because the United States is in the world market, um, 139 00:06:56.115 --> 00:06:57.685 there's a little shiny spot there. 140 00:06:57.975 --> 00:06:59.845 Those are starting to perform, uh, 141 00:06:59.925 --> 00:07:01.925 a little better than we had anticipated. 142 00:07:02.505 --> 00:07:04.205 So as you can see on the financial report, 143 00:07:04.205 --> 00:07:06.005 you'll see a slight uptick for those returns, 144 00:07:06.545 --> 00:07:08.805 but it is not large enough to compensate 145 00:07:08.805 --> 00:07:12.245 for the approximately 80, 81%, uh, 146 00:07:12.395 --> 00:07:14.965 that we have in the short, uh, fixed income area, 147 00:07:15.055 --> 00:07:18.765 which are those domestic type, uh, commercial paper 148 00:07:19.065 --> 00:07:22.805 and the, um, uh, treasuries and agencies. 149 00:07:22.905 --> 00:07:25.765 So we will, uh, we'll, we'll exceed budget, 150 00:07:25.785 --> 00:07:28.565 but we will, we will fall a little bit short from where we, 151 00:07:28.735 --> 00:07:30.005 where we were last year. 152 00:07:31.105 --> 00:07:33.565 Um, on the expenditure side of the proprietary funds. 153 00:07:34.265 --> 00:07:38.645 Um, the vast majority of, uh, the variances between 154 00:07:38.655 --> 00:07:40.125 where we actually budgeted 155 00:07:40.545 --> 00:07:43.405 and how we're progressing through the year, uh, 156 00:07:43.785 --> 00:07:46.485 is really attributed to projects, capital projects 157 00:07:46.625 --> 00:07:49.885 and, uh, furniture and those types of acquisitions. 158 00:07:51.585 --> 00:07:53.805 Though we've got COVID in the rear view mirror. 159 00:07:53.875 --> 00:07:55.965 Then we have some other, uh, 160 00:07:56.945 --> 00:07:59.005 supply chain disruptions that came along. 161 00:07:59.705 --> 00:08:02.125 And so we're trying to push those projects forward 162 00:08:02.125 --> 00:08:04.405 as quickly as we can, but we like to make sure 163 00:08:04.405 --> 00:08:06.525 that the materials are in place, um, 164 00:08:06.525 --> 00:08:08.085 before we start some of these projects. 165 00:08:08.545 --> 00:08:12.605 And also getting on the developers, uh, list of projects 166 00:08:12.605 --> 00:08:13.685 to complete for that year. 167 00:08:13.785 --> 00:08:17.005 So we're a little bit behind, um, scheduling some 168 00:08:17.005 --> 00:08:19.765 of those projects, but, um, we'll, we'll continue 169 00:08:19.765 --> 00:08:21.165 to push those forward as hard as we can. 170 00:08:21.645 --> 00:08:22.805 Whatever we don't accomplish this year, 171 00:08:22.815 --> 00:08:25.205 we'll be rebudgeting all over to next year. 172 00:08:26.265 --> 00:08:28.325 Um, looking at the governmental funds, 173 00:08:29.985 --> 00:08:33.965 if I can get this thing to work, um, there's really 174 00:08:35.025 --> 00:08:37.165 not a lot going on in the governmental funds. 175 00:08:37.465 --> 00:08:41.045 Um, really the vast, vast majority of the, uh, 176 00:08:42.195 --> 00:08:43.645 variances between budget 177 00:08:43.745 --> 00:08:46.445 and actuals is all attributed to seasonality. 178 00:08:47.295 --> 00:08:49.125 Again, um, as far 179 00:08:49.125 --> 00:08:52.725 as the revenue's concerned on the expenditure side, um, 180 00:08:52.985 --> 00:08:56.605 the same exact, it's a ditto from the, uh, 181 00:08:56.605 --> 00:08:57.605 proprietary funds. 182 00:08:57.605 --> 00:09:00.285 There are some things there that were delayed 183 00:09:00.425 --> 00:09:02.645 or, uh, we have some wolf projects 184 00:09:02.645 --> 00:09:05.805 and some boathouse projects that we, uh, set aside 185 00:09:05.825 --> 00:09:08.645 for budgetary funds and we haven't realized those. 186 00:09:08.825 --> 00:09:11.805 And so I think as the quarter progresses, you're gonna see 187 00:09:11.805 --> 00:09:13.365 that come back into a line. 188 00:09:14.635 --> 00:09:16.895 So I will stop and see if there's any questions 189 00:09:16.895 --> 00:09:17.935 that the board might have. 190 00:09:22.765 --> 00:09:25.665 In other words, everything's good. Thank you, sir. 191 00:09:25.665 --> 00:09:26.065 Thank you. 192 00:09:33.445 --> 00:09:34.985 Uh, merger of Citizens First Bank 193 00:09:34.985 --> 00:09:37.905 and CCOs Bank, just for informational purposes, just 194 00:09:37.905 --> 00:09:39.865 to show you that, that we did receive that notice 195 00:09:40.045 --> 00:09:41.985 as all the districts received that same notice. 196 00:09:42.325 --> 00:09:43.905 We just put it on there for disinformation. 197 00:09:47.155 --> 00:09:51.065 Those are my reports. Um, project wide advisory committee, 198 00:09:51.245 --> 00:09:54.825 so much of what you have on your consent agenda 199 00:09:54.965 --> 00:09:57.105 and the new business item you just approved was on the 200 00:09:57.105 --> 00:10:00.585 project wide, uh, committee, uh, uh, agenda this morning. 201 00:10:01.525 --> 00:10:03.985 The other thing that we, uh, did send out 202 00:10:03.985 --> 00:10:05.105 to them this morning as well 203 00:10:05.105 --> 00:10:09.305 as this board is a letter from myself, uh, as authorized 204 00:10:09.325 --> 00:10:11.145 by the Village Center, uh, 205 00:10:11.325 --> 00:10:14.345 and a copy of a resolution that was approved by the A a c, 206 00:10:14.565 --> 00:10:18.185 uh, last week in reference to, um, um, 207 00:10:18.615 --> 00:10:23.185 basically placing a deferral rate on amenity fees at $199. 208 00:10:24.045 --> 00:10:25.905 Uh, that was their resolution 209 00:10:25.905 --> 00:10:29.345 that they approved Village Center, uh, asked me to send 210 00:10:29.345 --> 00:10:31.905 that out to all amenity owners as well as a a c did 211 00:10:32.245 --> 00:10:35.825 to get their feedback, uh, on how they feel about, um, 212 00:10:36.345 --> 00:10:38.825 a deferral rate at set at $199. 213 00:10:39.485 --> 00:10:41.985 So I have noticed project wide yourself 214 00:10:42.245 --> 00:10:45.385 and the developer, so those are all the amenity owners, 215 00:10:46.125 --> 00:10:47.345 and get their feedback. 216 00:10:47.615 --> 00:10:50.385 This will be placed on the agenda for project wide 217 00:10:50.485 --> 00:10:53.665 and Sumter Landing next month to hear some feedback 218 00:10:53.685 --> 00:10:55.545 and conversation on the project wide level. 219 00:10:55.965 --> 00:10:58.705 And then we'll bring it, that conversation to this board 220 00:10:58.965 --> 00:11:00.225 to have the conversation as well. 221 00:11:00.845 --> 00:11:02.985 In the meantime, um, we are, um, 222 00:11:03.145 --> 00:11:06.505 anticipating some feedback from the developer as 223 00:11:06.565 --> 00:11:09.385 how they feel about a deferral rate of $199. 224 00:11:09.935 --> 00:11:11.505 Keep in mind, I think there's, uh, 225 00:11:11.825 --> 00:11:14.785 a ECI think there was comments that, um, 226 00:11:14.935 --> 00:11:18.225 they anticipate potentially maybe a counter 227 00:11:18.405 --> 00:11:22.505 or amended type of, uh, um, uh, resolution 228 00:11:22.525 --> 00:11:24.025 or some languish of that resolution 229 00:11:24.025 --> 00:11:25.985 that they would come back and entertain as well. 230 00:11:26.125 --> 00:11:29.065 So right now, you know, a EC has been talking about this 231 00:11:29.125 --> 00:11:30.185 for several months. 232 00:11:30.805 --> 00:11:32.745 Uh, we had a workshop, I believe in February 233 00:11:32.745 --> 00:11:35.265 where Mr. Stone gave his opinion as to how it works 234 00:11:36.005 --> 00:11:38.385 and that a EC, um, has been told. 235 00:11:38.685 --> 00:11:40.425 Uh, and I think they understand for the most part. 236 00:11:40.425 --> 00:11:43.265 Sometimes maybe they don't want to agree with it, that, uh, 237 00:11:43.585 --> 00:11:45.225 whatever change is made, all amenity 238 00:11:45.225 --> 00:11:46.385 owners have to agree to it. 239 00:11:46.525 --> 00:11:49.825 Um, so it just can't be arbitrarily done on one, uh, 240 00:11:49.825 --> 00:11:51.305 from one committee or one board. 241 00:11:51.445 --> 00:11:54.125 So you have that in your inbox, uh, 242 00:11:54.125 --> 00:11:55.845 and it will be on your agenda next month. 243 00:11:56.655 --> 00:11:58.235 So I just wanted to give you a heads up on that. 244 00:11:58.775 --> 00:12:00.915 And then the, uh, golf court report is 245 00:12:00.915 --> 00:12:01.955 there for your review. 246 00:12:01.955 --> 00:12:04.475 If you got any questions, uh, Mr. Jones 247 00:12:04.615 --> 00:12:06.075 or Mr. Williams is always available 248 00:12:06.215 --> 00:12:07.355 for any type of questions. 249 00:12:07.685 --> 00:12:09.795 Other than that, those are all my reports, sir. 250 00:12:10.065 --> 00:12:13.535 Okay, Ms. Walker, any questions 251 00:12:13.535 --> 00:12:17.735 for Moore, Mr. Stone? 252 00:12:18.085 --> 00:12:21.775 Nothing else. Thanks. Thanks sir. Any supervisor comments? 253 00:12:23.605 --> 00:12:25.935 Hearing none, we will entertain. Motion to adjourn. 254 00:12:26.215 --> 00:12:29.935 I make that motion. I'll second have a motion and a second. 255 00:12:29.955 --> 00:12:34.175 All in favor? Aye. Motion? Aye. Things are dry. Very good. 256 00:12:34.425 --> 00:12:34.895 Thank you. 257 00:12:41.165 --> 00:12:44.375 Take care. You guys have fun? 258 00:12:46.955 --> 00:12:47.175 Uh, 259 00:13:06.335 --> 00:13:07.015 mostly Italy. 260 00:13:07.395 --> 00:13:08.455 Uh, little bit of Spain, 261 00:13:08.455 --> 00:13:09.695 a little bit of France, mostly Italy. 262 00:13:09.695 --> 00:13:12.055 Good. It was, uh, 263 00:13:14.155 --> 00:13:16.295 or, uh, a little bit.