SOMERSET COMMUNITY DEVELOPMENT DISTRICT

DISTRICT OFFICE · PANAMA CITY BEACH, FLORIDA (850) 334-9055 MAILING ADDDRESS – 3434 COLWELL AVENUE, SUITE 200, TAMPA, FL 33614
www.somersetcdd.org

EXECUTIVE SUMMARY
November 29, 2023

This following information is provided for informational purposes as it relates to the Somerset Community Development District (the “District”) and the role it plays in the development of Alys Beach. What follows is a summary of various matters pertaining to the District that is meant to give a basic summary of key District functions.
What is the District and how is governed?

The District was established on April 1, 2005, pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended. The District encompasses 158.49 acres of land located entirely within Walton County, Florida, encompassing the Alys Beach development. A general location map of the District is attached hereto as Attachment A. The District is a local unit of special-purpose government that exists for the limited purpose of providing an alternative means for financing, constructing, operating, and maintaining various public improvements within its jurisdiction. As a special-purpose governmental entity the District’s powers and authority are constrained. For example, the District does not have any planning, permitting, or architectural control or authority with respect to the development of any of the private property within the District.
The District is governed by a five-member Board of Supervisors (“Board”), the members of which are initially elected by landowners within the District and must be residents of the State and citizens of the United States. Upon the later of six (6) years after the District’s establishment and the year when the District next attains at least two hundred fifty (250) qualified electors, Supervisors whose terms are expiring will begin to be elected (as their terms expire) by qualified electors of the District. A qualified elector is a registered voter who is at least eighteen (18) years of age, a resident of the District and the State and a citizen of the United States. While the District

County Supervisor of Elections to the District on April 12, 2023, there were one hundred and eighteen (118) qualified electors within the District, thus the District has not yet transitioned seats to qualified electors. At the election where Supervisors are first elected by qualified electors, two Supervisors must be qualified electors and be elected by qualified electors, each elected to four- year terms. The seat of the remaining Supervisor whose term is expiring at such election shall be filled by a Supervisor who is elected by the landowners for a four-year term and who is not required to be a qualified elector. Thereafter, as terms expire, all Supervisors must be qualified electors and must be elected by qualified electors to serve staggered four-year terms. Accordingly, the District will ultimately be governed by a Board of residents of Alys Beach.
Board meetings are noticed in the local newspaper and are conducted in a public forum in which public participation is permitted. Consistent with Florida’s public records laws, the records of the District are available for public inspection during normal business hours. Board members are similarly bound by the State’s open meetings law and are subject to the same disclosure requirements as other elected officials under the State’s ethics laws.
Further, the District is required to maintain a website for the purpose of providing certain information and documents. Please visit somersetcdd.org to find information on an updated basis concerning the District, its Board, its meetings and its operation.

What is the District’s role in the development of Alys Beach and what powers does it have?

The District was created as a means of financing, constructing, and maintaining public infrastructure that was necessary to develop the property within its boundaries. The District has various powers to further this purpose, including to issue bonds and levy assessments, enter into contracts, and acquire property. While the District has these powers, it is not necessarily obligated to use them. For example, the District did not originally have an obligation to issue bonds, but having done so the District now has obligations to its bond holders regarding the levy and collection of assessments that secure those bonds. The District’s basic financial obligations are to collect assessments to repay its bonds and to service and maintain the infrastructure it owns and operates.
As a limited purpose entity, the District’s powers are all related to its role in financing, constructing, operating, and maintaining public infrastructure. The District’s statutory charter is clear that it has no land use or zoning authority or general police powers. The District cannot control, and has no authority over, development on private property. Further, the District’s operation of its own facilities and property is also subject to state law and local regulation.
However, to the extent future development raises issues regarding existing District-owned improvements or possible future public improvements, the District’s rights and powers may be implicated. For example, if future development on private property somehow impacts District- owned property or improvements, the District may have various rights or powers it could exercise to try and ensure those interests are protected. In addition, the District’s rights and powers are also implicated if future improvements not otherwise included within the District’s existing capital improvement plan are constructed that a party wants to convey to the District for long-term ownership and maintenance. The District is not necessarily obligated to take on that responsibility (conveyance to a property owner association is the typical alternative). There is no mandatory process for the District’s consideration of whether to accept future property or improvements not otherwise included within the District’s adopted capital improvement plan. Typically, this issue is addressed on a case-by-case basis.

Description of District Projects, Bonds and Debt Assessments

The District is authorized by Chapter 190, Florida Statutes, to finance, fund, plan, establish, acquire, install, equip, operate, extend, construct, or reconstruct dune restoration, transportation improvements, potable water and sanitary sewer systems, irrigation systems, surface water treatment facilities, public safety and security improvements, refuse and recycling collection improvements, and other infrastructure projects and services necessitated by the development of, and serving lands within, the District.
To finance the construction of such projects, the District is authorized to issue bonds that are secured by special assessments levied against properties within the District that are benefitted by the projects. On June 7, 2005, the Circuit Court of the First Judicial Circuit of Florida, in and for Walton County, entered a Final Judgment validating the District’s ability to issue not to exceed
$27,000,000 in Capital Improvement Revenue Bonds for infrastructure needs of the District.

District Bond Issuances

In accordance with its limited purpose, on July 12, 2005, the District issued its $21,045,000 Capital Improvement Revenue Bonds, Series 2005 (the “Series 2005 Bonds”), to finance a portion of its capital improvement plan, known as the “Series 2005 Project.” The Series 2005 Project is described in more detail in the Engineer’s Report on District Improvements and Estimated Probable Construction Costs, dated April 8, 2005 (“Engineer’s Report”). The Series 2005 Project was declared economically complete in 2008. Pursuant to an agreement between the District and EBSCO Gulf Coast Development, Inc. (“EBSCO”), EBSCO is required to complete the portion of Series 2005 Project not otherwise constructed and financed by the District, at its cost. On April 20, 2022, the District issued its $10,745,000 Capital Improvement Revenue Refunding Bonds, Series 2022 (the “Series 2022 Bonds”), in order to refinance its then outstanding Series 2005 Bonds to take advantage of interest rate savings.

Debt Assessments – How they are calculated and allocated

The District’s Series 2022 Bonds are secured by special assessments levied on the benefiting, assessable property within the District. These assessments are commonly referred to as “Debt Assessments.” Debt Assessments were determined at the time the bonds were issued, and do not fluctuate from year to year. However, the principal amount of the bonds associated with any particular lot or parcel are subject to potential prepayment. (For information concerning the status of Debt Assessments on your property, please contact the District Manager’s office). It’s important to note that all benefitting properties within the District are subject to Debt Assessments, including the portions of the Alys Beach development owned by development entities whether such property is developed or undeveloped.
The District’s Debt Assessments were determined and are allocated based on an assessment methodology adopted when the District’s Series 2005 Bonds were issued. A copy of the District’s current assessment methodology is attached as Attachment B. Assessments may be validly imposed and allocated using a variety of methodologies so long as the assessments ultimately satisfy two basic tests: (1) there is a special benefit from the services and improvements funded by the assessment, and (2) the assessment is reasonably apportioned between the properties receiving the benefit. A governmental entity’s determination of benefit and apportionment are entitled to deference and will only be overturned if found to be arbitrary and capricious (a high standard).
The assessment methodology at Somerset was developed in accordance with these basic legal requirements by a professional assessment consultant retained by the District. The assessment methodology was ultimately subject to the review and approval of the District’s Board of Supervisors. In summary, the District’s assessment methodology relies on type and relative size commercial uses as compared to a single-family unit to assign an “Equivalent Assessment Unit” (“EAU”) value to each unit type reflecting a reasonable determination of relative benefit received.
Thus, Single Family lots have an EAU of 1.00 and the commercial product has an EAU of
.75 per 1K SF. The Assessment Allocation from the current methodology which highlights per unit principal and annual unit debt assessment installments along with information relating to the savings realized as a result of the refinancing of the Series 2005 Bonds in 2022 appears as Table 4 to the methodology attached as Attachment B.

What improvements does the District own, operate and maintain and how does the District fund its annual Operation and Maintenance Budget?

District-Maintained Public Improvements

The District owns, operates and maintains certain public improvements within the Alys Beach development whereas the Alys Beach Neighborhood Association, Inc. (the “Association”) maintains (or will maintain) the private community infrastructure. Because certain systems have private and public components, the District and the Association entered into a Memorandum of Understanding on October 1, 2021, to clearly and logically delineate responsibilities between the Association and the District for the maintenance, repair and/or replacement of the Improvements1 as defined in the MOU. The MOU is attached hereto as Attachment C. Finally, the District commissioned the preparation of a reserve study to determine renewal and replacement values for certain infrastructure in order to effectively budget for the same2. The Reserve Study prepared by Custom Reserves LLC and dated October 1, 2021, is attached hereto as Attachment D.
Fiscal Year Operation and Maintenance Budget

The District’s fiscal year begins on October 1 and ends on September 30. Pursuant to Florida law, prior to October 1st of each year, the District adopts a budget for the ensuing fiscal year and appropriates such sums of money to defray all expenditures of the District during the ensuing fiscal year. The O&M Budget is discussed at open noticed meetings of the District’s Board of Supervisors and the District must publish notice and hold a public hearing on the O&M Budget before final adoption. The Fiscal Year 2023-24 Budget is attached hereto as Attachment E. While the District is not statutorily required to maintain a reserve, the District does so in order to offset the need for significant increases from year to year as certain systems require renewal and/or replacement.

1 Please note that while this document is exhaustive of current District maintenance responsibilities, it may not be an exhaustive and comprehensive list of all Association maintenance responsibilities.
2 The Board has budgeted for updates to the Reserve Study to account for cost increases and/or inflationary adjustments.

Operations and Maintenance Assessments

The District defrays the annual budgeted expenditures through the levy of operations and maintenance assessments (“O&M Assessments”) annually. The District’s O&M Assessments are determined, allocated, and levied annually based on the same assessment methodology used for the District’s Debt Assessments. However, the District’s O&M Assessments may fluctuate from year to year based on the District’s annually adopted general fund budget. Each year after the O&M Budget is adopted, the entirety of the budget is apportioned among all property owners within the District, including both developed and undeveloped land, according to the adopted assessment methodology to determine the O&M Assessments that will be levied and collected for the year. The District’s Board of Supervisors adopts a resolution annually levying and certifying these O&M Assessments for collection. If an assessment increase is anticipated, the District must provide mailed and published notice and conduct a public hearing prior to finalizing O&M Assessments for the coming year. O&M Assessments for platted properties are collected by the Walton County Tax Collector on the tax bill with other ad valorem taxes and non-ad valorem assessments. Debt Assessments on platted property are also collected on the tax bill. The District also has the ability to direct collect assessments and currently direct collects O&M Assessments and Debt Assessments on the unplatted parcels. The O&M Assessments and Debt Assessments by unit type for Fiscal Year 2023-24 are reflected in Attachment F.

Approved the 29th day of November 2023

ATTACHMENT A

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nl/ePAI I  IA AC::TeP Pl A I

ATTACHMENT B

Somerset Community Development District

Final Supplemental Special Assessment Allocation Report
Capital Improvement Revenue Refunding Bonds, Series 2022

3434 Colwell Avenue
Suite 130
Tampa, FL 33614 www.rizzetta.com

April 5, 2022

SOMERSET COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2022

	Table Of Contents		

I.	
INTRODUCTION ……………………………………….......………..…..................…	Page
1	
II.	DEFINED TERMS……..…………………...............................................................	1	
III.	DISTRICT INFORMATION……………….………………...........................................	2	
IV.	SERIES 2005 PROJECT.………………..……..…………………………...……….…	2	
V.	SERIES 2022 BONDS AND ASSESSMENTS…………..…………………………..…....	2	
VI	SERIES 2022 ASSESSMENT ALLOCATION………………………………………….…	3	
VII.	Prepayment of Series 2022 Assessments………………………………..….….	4	
VIII.	ADDITIONAL STIPULATIONS……………………………………………………………	4	
EXB “A”	ALLOCATION METHODOLOGY…………..…………………………………………………..	5	

Index Of Tables

Table	Description	Page	
1	REVISED DEVELOPMENT PLAN…………………….................................................	A-1	
2	Financing Information – Series 2022 Bonds………………..………………..…	A-2	
3	Financing Information – Series 2022 Assessments……………………………	A-2	
4	Assessment Allocation – Series 2022 Assessments……………………….…
SERIES 2022 ASSESSMENT ROLL………...…………….……………………..……..	A-3
A-4	

SOMERSET COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2022

Introduction

This Final Supplemental Special Assessment Allocation Report (the "Final Supplemental Report") is being presented in anticipation of the Somerset Community Development District (“District”), a local unit of special purpose government established pursuant to Chapter 190, Florida Statutes, undertaking a refunding and defeasance of the outstanding principal amount of the District’s Capital Improvement Revenue Bonds, Series 2005, issued by the District on July 12, 2005 (“Series 2005 Bonds”). The District proposes to issue Capital Improvement Revenue Refunding Bonds, Series 2022 (the “Series 2022 Bonds”), and has retained Rizzetta & Company, Inc. to prepare a methodology for reallocating the special assessments expected to be levied by the District in connection with the transaction.

Defined Terms

"District" – Somerset Community Development District.

“Equivalent Assessment Unit” or “EAU” – Allocation factor which reflects a quantitative measure of the amount of special benefit conferred by the District’s Series 2005 Project (hereinafter defined) on a particular land use, relative to other land uses.
“Indentures” – The Master Trust Indenture dated July 1, 2005 and the Second Supplemental Trust Indenture dated April 1, 2022.
“Platted Units” – Lands configured into their intended end-use and subject to a recorded plat.

“Series 2005 Assessments” – Annual assessments required to repay the Series 2005 Bonds.

“Series 2005 Assessment Reports” – The Preliminary Special Assessment Allocation Report dated April 11, 2005 and the Final Special Assessment Allocation Report dated May 23, 2005, which specified the allocation methodology to be used for the District’s Series 2005 Assessments.

“Series 2005 Bonds” – Somerset Community Development District Capital Improvement Revenue Bonds, Series 2005, issued on July 12, 2005, in the original principal amount of $21,045,000, of which $11,945,000 is currently outstanding.

“Series 2022 Assessments” – Annual assessments required to repay the Series 2022 Bonds (Special Assessments, as contemplated by Chapters 190, 170, and 197, Florida Statutes, securing repayment of the District’s Series 2022 Bonds).

1

SOMERSET COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2022

“Series 2022 Bonds” – The $10,745,000 Somerset Community Development District Capital Improvement Revenue Refunding Bonds, Series 2022
“Unplatted Parcels” – Undeveloped lands or parcels not yet subject to a recorded plat in their final end-use configuration.
All capitalized terms not defined herein shall retain the meaning ascribed in the Series 2005 Assessment Reports.

District Information

The District was established pursuant to the Walton County Ordinance No. 05-04, which became effective on April 1, 2005 and encompasses 158.49 acres. Pursuant to Resolution 2005-33, the District authorized the sale of the District’s Series 2005 Bonds to fund the acquisition and/or construction of that portion of the District’s Capital Improvement Program primarily consisting of infrastructure necessary to support the development within the District (the "Series 2005 Project"). Development is ongoing and currently consists of 409 single family residential units and 5,632 square feet of commercial space (the “Platted Units”). The remaining plan for development contemplates 369 single family residential units and 48,218 square feet of commercial space on the remaining Unplatted Parcels (the “Unplatted Parcels”). These Platted Units and Unplatted Parcels are subject to the Series 2005 Assessments.

See Table 1 for a detail of the current development plan associated with the Series 2005 Assessments.

Series 2005 Project

There are no changes to the Series 2005 Project associated with this refunding, as the Series 2005 Project was deemed complete on June 23, 2011.

Series 2022 Bonds and Assessments

As of the date of this Final Supplemental Report, the Series 2005 Bonds are currently outstanding in the principal amount of $11,945,000. In order to take advantage of market conditions and savings which can be realized by refinancing the District’s existing debt, the District intends to refund and defease the Series 2005 Bonds with the Series 2022 Bonds, repayment of which will be secured by the Series 2022 Assessments.
The Series 2022 Bonds will be issued in a par amount of $10,745,000. The bond proceeds will be combined with existing trust estate funds to make the required escrow deposits associated with the defeasance of the Series 2005 Bonds, with the remainder being used to fund associated issuance costs, fund the debt service reserve and interest through November 1, 2022. Detailed Series 2022 Bonds financing information can be found in Table
2. The Series 2022 Assessments will be imposed in an initial principal amount of $10,745,000 and will be structured to satisfy the District’s debt service payment obligations for the Series

2

SOMERSET COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2022

2022 Bonds. Because these assessments are normally collected via the Walton County tax bill process, the assessments have been augmented to allow for county collection costs and early payment discounts, which have been estimated for purposes of this report. See Table4.
Series 2022 Assessment Allocation

The District is securing repayment of the Series 2022 Bonds with the Series 2022 Assessments, as contemplated under Florida Statutes Chapter 170 and 190, which will be allocated to those parcels currently encumbered by Series 2005 Assessments. Unlike property taxes, which are ad valorem in nature, a community development district may levy special assessments under Florida Statute only if the parcels to be assessed receive special benefit from the infrastructure improvements acquired and/or constructed by the district. These special benefits are specific to lands within the district and differ in nature to those general or incidental benefits that landowners outside the district or the general public may enjoy. A district must also apportion or allocate its special assessments so that the assessments are fairly and reasonably distributed relative to the special benefit conferred. Generally speaking, this means the amount of special assessment levied on a parcel should not exceed the amount of special benefit enjoyed by that parcel. The district typically may develop and adopt an assessment methodology based on front footage, square footage, or any other reasonable allocation method, so long as the assessment meets the benefit requirement, and so long as the assessments are fairly and reasonably allocated.

Pursuant to District Resolution 2005-25, the District’s Board of Supervisors determined in relevant part that 1) the Series 2005 Project conferred special benefit upon the parcels to be encumbered with Series 2005 Assessments and 2) that the proposed allocation of Series 2005 Assessments, as specified in the Series 2005 Assessment Reports, was fair and reasonable. As stated above, the Series 2005 Project is now complete, and there are no changes to the Series 2005 Project associated with this refunding. As such, the District’s previous determination of special benefit is still valid.

The Series 2022 Assessments will be allocated among the parcels currently subject to the Series 2005 Assessments using the same methodology found in the Series 2005 Assessment Reports.

The configuration of parcels and the benefit conferred by the Series 2005 Project remains consistent. Accordingly, the Series 2022 Assessment allocation is fair and reasonable, and the resulting per unit amount of Series 2022 Assessments fall within acceptable benefit levels and maximum assessment levels established by the Series 2005 Assessment Reports. See Table 4 for the Series 2022 Assessments for each land use, along with a comparison of the existing annual installment of Series 2005 Assessments to illustrate the relative reduction in annual installment payments projected to be realized by each of the land uses.

The Series 2022 Assessment Roll can be found on page A-4.

3

SOMERSET COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2022

Prepayment of Series 2022 Assessments

The Series 2022 Assessments encumbering a parcel may be prepaid in full at any time, without penalty, together with interest at the rate on the corresponding Series 2022 Bonds to the bond interest payment date that is more than forty-five (45) days next succeeding the date of prepayment. Notwithstanding the preceding provisions, the District does not waive the right to assess penalties which would otherwise be permissible if the parcel being prepaid is subject to an assessment delinquency.

Additional Stipulations

All provisions of the Modifications and Revisions section of the Series 2005 Assessment Reports remain in full force and effect. To the extent any provisions of the Series 2005 Assessment Reports conflict with this Final Supplemental Report, the provisions of this report shall prevail. Certain financing and development data were provided by members of District staff and professionals retained in connection with the financing. The allocation methodology described herein was based on information regarding the underlying bond transaction provided by those professionals. Rizzetta & Company, Incorporated makes no representation regarding said transaction beyond restatement of the information necessary for compilation of this report, except for information incidental to the transaction with was provided by Rizzetta & Company, Incorporated. For additional information about the Series 2022 Bonds structure and related items, please refer to the Indentures.

Rizzetta & Company, Incorporated does not represent the District as a Municipal Advisor or Securities Broker nor is Rizzetta & Company, Incorporated, registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, Rizzetta & Company, Inc. does not provide the District with financial advisory services or offer investment advice in any form.

4

SOMERSET COMMUNITY DEVELOPMENT DISTRICT
	CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2022 

EXHIBIT A:

ALLOCATION METHODOLOGY

Rizzetta & Company

Professionals in Community Management

SOMERSET
COMMUNITY DEVELOPMENT DISTRICT
CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2022

TABLE 1: REVISE

PRODUCT	D DEVELOPMENT PLAN

SERIES 2005 UNITS	
Single Family Residence	778.00	Units	
Commercial	53.85	1K SF	
TOTAL:	831.85		

SOMERSET
COMMUNITY DEVELOPMENT DISTRICT
CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2022

TABLE 2: FINANCING INFORMATION - SERIE

Average Coupon Rate Term
Maximum Annual Debt Service ("MADS")	S 2022 BONDS

4.120%
15
$963,485.00		

SOURCES:			
Bond Proceeds:			
INITIAL PAR AMOUNT	$10,745,000.00	#	
Premium	$36,493.35		
Other Sources of Funds:			
Transfer of Revenue Fund	$1,269,978.28		
Transfer of Reserve Fund	$795,480.15		
Transfer of Prepayment Fund	$676.26		
Total Sources	$12,847,628.04		
USES:			
Refunding Escrow Deposits:			
Cash Deposit	($12,298,660.17)		
Other Fund Deposits:			
Debt Service Reserve Fund (through 11/1/22)	($240,871.25)	(1)	
Delivery Date Expenses:			
Cost of Issuance	($145,350.00)		
Underwriter's Discount	($161,175.00)		
Other Uses of Funds:			
Rounding	($1,571.62)		
Total Uses	($12,847,628.04)		

Source: District Underwriter.
(1) 25% of MADS			

TABLE 3: FINANCING INFORMATION - SERIES 2022 ASSESSMENTS

Estimated Average Interest Rate	4.120%

Aggregate Initial Principal Amount	$10,745,000

Aggregate Annual Installment	$963,485	(1)  #
Estimated County Collection Costs	2.00%	$20,499.68	(2)  #
Maximum Early Payment Discounts	4.00%	$40,999.36	(2)  #	
Estimated Total Annual Installment

Based on MADS for the Series 2022 Bonds.
May vary as provided by law.	$1,024,984.04	

SOMERSET
COMMUNITY DEVELOPMENT DISTRICT
CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2022

PRODUCT

Single Family Residence Commercial	

UNITS
778.00
53.85	TABLE

EAU
1.00
0.75	4: ASSESSMENT

PRODUCT TOTAL PRINCIPAL
$10,214,733.24
$530,266.76	ALLOCATION -

PER UNIT PRINCIPAL

$13,129.48
$9,847.11	SERIES 2022 ASSE

PRODUCT ANNUAL INSTLMT. (2)

$974,400.98
$50,583.06	SSMENTS (1)

PER UNIT INSTLMT. (2)

$1,252.44
$939.33		

SERIES 2005 REMAINING PRINCIPAL
$15,680.06
$11,762.79	

SERIES 2005 ANNUAL INSTLMT. (3)
$1,436.83
$1,077.63	
TOTAL	831.85		$10,745,000.00		
$1,024,984.04					

ANNUAL ASSESSMENT SAVINGS PER UNIT (based 
on new product mix	

Allocation of Series 2022 Assessments based on existing EAU methodology.
Includes estimated Walton County collection costs/payment discounts, which may fluctuate.
The Series 2005 Assessments based on new development plan.		
Single Family Commercial		% per year
12.8%
12.8%	$ per year
$184.39
$138.30	

SOMERSET COMMUNITY DEVELOPMENT DISTRICT	
SERIES 2022 ASSESSMENT ROLL	
			SERIES 2022	SERIES 2022	
PRDISP	OWNER	LU	PRINCIPAL (1)	ANNUAL INSTALLMENT (2)	

26-3S-18-16405-000-0110	EBSCO GULF COAST DEV INC	C	$9,847.11	$939.33	
26-3S-18-16405-000-0130	EBSCO GULF COAST DEV INC	C	$9,847.11	$939.33	
26-3S-18-16405-000-0120	EBSCO GULF COAST DEV INC	C	$9,847.11	$939.33	
26-3S-18-16435-000-1010	EBSCO GULF COAST DEVELOPMENT	C	$9,847.11	$939.33	
27-3S-18-16423-000-0010	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0020	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0030	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0040	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0050	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0060	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0070	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0080	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0090	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0100	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0110	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0120	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0130	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16423-000-0140	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0070	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0080	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16443-000-0100	FOX THOMAS W & MERRILEE	SF	$13,129.48	$1,252.44	
27-3S-18-16443-000-0110	MURDY MICHAEL J & BETH A	SF	$13,129.48	$1,252.44	
27-3S-18-16443-000-0120	PUGH FAMILY TRUST	SF	$13,129.48	$1,252.44	
27-3S-18-16443-000-0130	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16443-000-0140	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16443-000-0150	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16443-000-0160	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16443-000-0170	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16443-000-0180	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16443-000-0190	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16443-000-0200	RUSSELL PETER	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0010	TURK ALAN M AS TRUSTEE &	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0020	LEE HUI BAE HAROLD & JESSICA	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0030	VOGT ERIK N &	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0040	CORR GROUP LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0050	SINERVO KENNY R & CYNTHIA ANN	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0060	BACK 30 LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0070	GOLE NICHOLAS WILLIAM &	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0080	HEAD MARION D	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0090	RATHMINES LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0100	TESLOVICH BRIAN LYNN & CARA	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0110	46 N CHARLES ST LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0120	BARTON STONEY & STACI	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0130	HATTERICK PHILLIP KENT	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00A-0140	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00B-0010	P H LAYNE CAPITAL HOLDINGS LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00B-0020	HORTON KENNETH	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00B-0030	HAMM WILLIAM GERALD &	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00B-0040	WILLIS BRYAN & MOLLY	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00B-0070	LAWRENCE STEVE L &	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00B-0080	BOYCE CHRISTOPHER C & JULIET B	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00B-0090	CHRISTY SHEETS LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00B-0100	HELVESTON RONALD C & MELINDA H	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00C-0010	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00C-0020	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00C-0030	EVERS HENK H REVOCABLE TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00C-0040	BRYANT WILLIAM F & CAROL D	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00C-0050	MCRAE CHARLES F JR	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00C-0060	LOWDER JAMES K & MARGARET B	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00C-0070	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00C-0080	MCGEE CHARLES LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00D-0010	74 BUTTERWOOD ALLEY LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00D-0020	MAI KURT & ROBLYN	SF	$13,129.48	$1,252.44	

SOMERSET COMMUNITY DEVELOPMENT DISTRICT	
SERIES 2022 ASSESSMENT ROLL	
			SERIES 2022	SERIES 2022	
PRDISP	OWNER	LU	PRINCIPAL (1)	ANNUAL INSTALLMENT (2)	

26-3S-18-16400-00D-0030	BUTTERWOOD ASSOCIATES LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00D-0040	KOURTIS PETER TRUST (50%) AND	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00D-0050	QUINTERO FERNANDO & DOLORES	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00D-0060	JONES JAIME A & MARY A LIVING	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00D-0070	366 N SOMERSET STREET ALYS LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00D-0080	GLEATON LUCIA ANN &	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00D-0090	THOMPSON J LAMAR JR & ADA	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00D-0100	MCCANN BRIAN L & RHONDA H	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00E-0010	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00E-0020	POIRRER GARY & SHARON	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00E-0030	AQUINO VINCENT A & YVETTE C	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00E-0040	GREGORY ANDREW JAMIESON	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00E-0050	JRD LAND LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00E-0060	BAW INVESTMENTS LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00E-0070	SPALDING JOSEPH CLARENCE &	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00E-0080	WHITTAKER ROBERT N JR & PEGGY	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00E-0090	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00F-0010	WHITE GUY & ALLISON	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00F-0020	BELL-MER LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00F-0030	22 WHITBY COURT LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00F-0040	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00F-0070	TANGUAY SCOTT ALAN AS TRUSTEE	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00F-0080	POPE JONATHAN A & AMY	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00F-0090	TAUB DAVID & LEIGH	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00F-0100	CASITA BONITA TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00G-0010	WILSON HEATH E & MISTYE A	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00G-0020	YATES MICHAEL ZANE & LORA	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00G-0030	FAULCONER GERALD & KAREN LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00G-0040	TAYLOR-MAY TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00G-0050	DBB ALYS BEACH LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00G-0060	LIKE A G6 LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00G-0070	TODD JERRY & LESLIE	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00G-0080	RYMER DONALD & KRISTIN	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00G-0090	BERTOLET TODD & RHONDA W ET AL	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00G-0100	G10 LEGACY TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00H-0010	FIACCO MAUREEN & JOHN	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00H-0020	FIVE J'S TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00H-0030	FOGELMAN MARK A & MARGO C	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00H-0040	CRAZY HORSE REALTY LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00H-0050	ALLEN JANET L AS TRUSTEE &	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00H-0060	SOMERSET LAND TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00H-0070	LANIER DAN L & SHERRY S	SF	$13,129.48	$1,252.44	
26-3S-18-16400-00H-0080	BERK RAFAEL H,DOROTHY NELL	SF	$13,129.48	$1,252.44	
26-3S-18-16401-00B-0050	MY TURF INVESTMENTS LP	SF	$13,129.48	$1,252.44	
26-3S-18-16401-00B-0060	LI HONG CHARLES AS TRUSTEE OF	SF	$13,129.48	$1,252.44	
26-3S-18-16401-00F-0050	ASHFORD D LEON & BARBARA S	SF	$13,129.48	$1,252.44	
26-3S-18-16401-00F-0060	NATCHER JOE B JR REVOC TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16402-00D-0110	200 NORTH CHARLES LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16402-00D-0120	LOIA MICHAEL & KATHRYN	SF	$13,129.48	$1,252.44	
26-3S-18-16402-00D-0130	WEINER STEVEN FIELD AS TRUSTEE	SF	$13,129.48	$1,252.44	
26-3S-18-16405-000-0210	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16405-000-0220	NOEL ASHTON P &	SF	$13,129.48	$1,252.44	
26-3S-18-16405-000-0230	203 LUCIAN LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16405-000-0310	BEZANIS CHRISTIANA ZOUZIAS	SF	$13,129.48	$1,252.44	
26-3S-18-16405-000-0320	KIRBY C KENTON TRUSTEE AND	SF	$13,129.48	$1,252.44	
26-3S-18-16405-000-0330	PETERSEN/RHINEHEART-ALYS BEACH	SF	$13,129.48	$1,252.44	
26-3S-18-16405-000-0410	MADDOX RUSSELL W JR &	SF	$13,129.48	$1,252.44	
26-3S-18-16405-000-0420	BEN F BEARD FAMILY LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00Q-0010	BUTLER BEN ROBERT	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00Q-0020	1405 LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00Q-0030	TALUJU PROPERTIES AND	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00Q-0040	LATITUDE 30 LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00Q-0050	DOMIN RONALD M	SF	$13,129.48	$1,252.44	

SOMERSET COMMUNITY DEVELOPMENT DISTRICT	
SERIES 2022 ASSESSMENT ROLL	
			SERIES 2022	SERIES 2022	
PRDISP	OWNER	LU	PRINCIPAL (1)	ANNUAL INSTALLMENT (2)	

26-3S-18-16410-00Q-0060	MOON CANYON LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00Q-0080	DEBARTOLA FRANK & DEBORAH	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00Q-0090	59CALIZA LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00Q-0100	LAVMAC ALYS BEACH LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00R-0010	HOWELL PAMELA AS TRUSTEE	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00R-0020	ROGER FAMILY TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00R-0030	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00R-0040	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00R-0050	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00R-0060	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0030	GBH ALYS LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0040	FOGELMAN RICHARD L & KIMBERLY	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0050	36 SPICE BERRY ALLEY LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0060	BOOS JULIE AS TRUSTEE	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0070	SHEARER ANDREW B & STEPHANIE A	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0080	FULLER TODD MICHAEL &	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0090	FELTON JAMES B & HEATHER T	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0100	BENSON SHEILA D	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0110	CADOGAN MATTHEW J & MEGAN D	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0120	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0130	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0140	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0150	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0160	RESNICOW JACOB	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0170	MCDONALD RENEE L	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0180	MORRELL SCOTT & MONICA	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0190	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0200	HARRELL VICKI L	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0210	BARBIE LOVES ALYS LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0220	SUDDERTH WILLIAM P &	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0230	HOLLEY TERRI MCRAE REVOCABLE	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0240	DELLA BEACH LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0250	MILLER LAURA B	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0260	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0270	ARNOLD PAUL E & SILVANA	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0280	WRIGHT DENNIS JAMES &	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0290	DEMENT MATTHEW TRUSTEE	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0300	THOMPSON DAVID & SARAH MOODY	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0310	BENNETT BRUCE LEE &	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0320	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0330	RIBACIAUSKAS ZYDRUNAS &	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0340	HOKE GEORGE ALDEN & MARILYN K	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0350	MCCREERY DONNA S AS TRUSTEE OF	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0360	CIVELLO KENNETH & JENNIFER	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0370	WESTGATE CIRCLE TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0380	BAKER CORNELIA &	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0390	CMM NORTH FLORIDA INC	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0400	HANKINS WILLIAM J (1/3%) &	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0410	POPE MARION THOMAS III	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0420	WEAVER WILL & LAURA	SF	$13,129.48	$1,252.44	
26-3S-18-16410-00U-0430	GUNN JOSEPH M & JULIE W	SF	$13,129.48	$1,252.44	
26-3S-18-16411-00Q-0070	BARTLING JOHN B & LISA J	SF	$13,129.48	$1,252.44	
26-3S-18-16411-00Q-0140	TOMLIN GEORGE B III &	SF	$13,129.48	$1,252.44	
26-3S-18-16411-00Q-0150	18TH STREET DEVELOPMENT GROUP	SF	$13,129.48	$1,252.44	
26-3S-18-16412-00U-0010	LEESON DOUGLAS & HOLLY	SF	$13,129.48	$1,252.44	
26-3S-18-16412-00U-0020	DENBO FAMILY REVOCABLE TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16412-00U-0440	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16412-00U-0450	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16412-00U-0460	SILBER JUSTIN & JULIE C	SF	$13,129.48	$1,252.44	
26-3S-18-16413-00Q-0110	SELK JASON DAVID & MARA AILEEN	SF	$13,129.48	$1,252.44	
26-3S-18-16413-00Q-0120	RABITO FELIX G JR & MARY	SF	$13,129.48	$1,252.44	
26-3S-18-16420-000-00P1	138 N SOMERSET LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16420-000-00P2	BILLS REVOCABLE LIVING TRUST	SF	$13,129.48	$1,252.44	

SOMERSET COMMUNITY DEVELOPMENT DISTRICT	
SERIES 2022 ASSESSMENT ROLL	
			SERIES 2022	SERIES 2022	
PRDISP	OWNER	LU	PRINCIPAL (1)	ANNUAL INSTALLMENT (2)	

26-3S-18-16420-000-00P3	MORAN JERI &	SF	$13,129.48	$1,252.44	
26-3S-18-16420-000-00P4	WRIGHT BENJAMIN TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16420-000-00P5	HOKE GEORGE ALDEN & MARILYN K	SF	$13,129.48	$1,252.44	
26-3S-18-16420-000-00P6	YATES MICHAEL ZANE & LORI BETH	SF	$13,129.48	$1,252.44	
26-3S-18-16420-000-00P7	RIDGEWAY MICHAEL J	SF	$13,129.48	$1,252.44	
26-3S-18-16420-000-00P8	MULHEARN THOMAS JAMES IV &	SF	$13,129.48	$1,252.44	
26-3S-18-16420-000-00P9	STRENG JARROD T	SF	$13,129.48	$1,252.44	
26-3S-18-16430-00P-0100	MBC & ASSOCIATES HOLDINGS LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16430-00P-0110	WAHOO INVESTMENTS LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16430-00P-0120	ATKINSON WILLIAM &	SF	$13,129.48	$1,252.44	
26-3S-18-16430-00P-0130	SPELL R A & SANDRA D	SF	$13,129.48	$1,252.44	
26-3S-18-16430-00T-0070	MESHRI JULIA A REVOC TRUST	SF	$13,129.48	$1,252.44	
26-3S-18-16430-00T-0080	CALVERT NANCY & MICHAEL R	SF	$13,129.48	$1,252.44	
26-3S-18-16430-00T-0090	NONESUCH LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16430-00T-0100	LOCANDRO DREW M & BETH A	SF	$13,129.48	$1,252.44	
26-3S-18-16431-00T-0050	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16431-00T-0060	ROBINSON ROBERT D & LESLIE ANN	SF	$13,129.48	$1,252.44	
26-3S-18-16432-00T-0000	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16432-00T-0010	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16432-00T-0020	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16432-00T-0030	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16432-00T-0040	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
26-3S-18-16435-000-2010	CHOMSKY DON & AMY	SF	$13,129.48	$1,252.44	
26-3S-18-16435-000-2020	HAMILTON JACQUELYN P	SF	$13,129.48	$1,252.44	
26-3S-18-16435-000-2030	DALE MARJORIE S 2018 REVOCABLE	SF	$13,129.48	$1,252.44	
26-3S-18-16435-000-3010	LANE CHRIS M & LESLIE D	SF	$13,129.48	$1,252.44	
26-3S-18-16435-000-3020	BACKES MARISSA	SF	$13,129.48	$1,252.44	
26-3S-18-16435-000-3030	BIG RED VENTURES LLC	SF	$13,129.48	$1,252.44	
26-3S-18-16435-000-4010	CALVERT MICHAEL & NANCY	SF	$13,129.48	$1,252.44	
26-3S-18-16435-000-4020	528 AT THE LAKE LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0HH-0010	SEARS TERRY & CHERRY	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0HH-0020	ALYS ELC LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0HH-0030	DINKINS JEFFREY BRIAN	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0HH-0040	MKW PROPERTIES LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0HH-0050	CLEGG MARCUS & ANGELA	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0HH-0060	FREER JOHN T & NINA C	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0HH-0070	25 MOONGATE COURT LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0HH-0080	SMITH BILL I	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0HH-0090	LUANA BEACH INVESTMENTS LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0010	89SCHARLES LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0020	SANCHEZ CARLOS JOSE	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0030	TUCKER RICHARD B & JACLYN S	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0040	ALL STAR PROPERTIES I LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0050	ALL STAR PROPERTIES I LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0060	BUFFINGTON R STEVE	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0080	JAYNES RICHARD PATTON	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0090	FREESE RICHARD A	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0100	BREEDLOVE PAMELA	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0110	BRYANT JAMES E & TARA M	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0120	KEPANO ANTHONY H &	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0130	YOUNG GARY J & SANDRA P	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0140	DOHERTY DONALD P & JANE F	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0JJ-0150	SHAW ALYS BEACH LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0NN-0010	WONDERLAND IN ALYS LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0NN-0020	OBERFELD STEVEN JAMES &	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0NN-0030	ALLES RODNEY & ANGELA MARIE	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0NN-0040	FS PROPERTIES OF FLORIDA LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0NN-0050	PAYTON PATRICK SEAN	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0NN-0060	SHAW ALYS BEACH NN6 LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0NN-0070	PUGH MARK	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0NN-0080	PARKS BOB & MARIE	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0NN-0090	PHARMA-SERVE LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0NN-0100	WATSON IAIN M AS TRUSTEE AND	SF	$13,129.48	$1,252.44	

SOMERSET COMMUNITY DEVELOPMENT DISTRICT	
SERIES 2022 ASSESSMENT ROLL	
			SERIES 2022	SERIES 2022	
PRDISP	OWNER	LU	PRINCIPAL (1)	ANNUAL INSTALLMENT (2)	

27-3S-18-16420-0NN-0110	JOHNSON ISA IRREVOCABLE TRUST	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0PP-0010	GOLDEN SHORES LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0PP-0040	ROLLINS GLEN W &	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0PP-0050	NIKETAS VASILIOS A & HANNAH D	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0PP-0060	BOND MICHAEL S & JOHNNIE H	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0PP-0070	CASTRO DANIEL & ANNA	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0PP-0080	WEAVER WILL & LAURA	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0PP-0090	KING STEPHEN C	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0PP-0100	KING STEPHEN C	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0PP-0110	STEWART JAMES C	SF	$13,129.48	$1,252.44	
27-3S-18-16420-0PP-0120	OSBORNE DAVID	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0010	FRANKENBERG CHRISTOPHER &	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0020	NEWCASTLE HOLDINGS LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0030	HAMMOND LIVING TRUST	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0040	AMRICH PAUL &	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0050	WORLEY HOWARD DEAN & AMY	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0060	PATTERSON LIVING TRUST	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0070	SINERVO KENNY R & CYNTHIA ANN	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0080	WILLIAMS JAMES E &	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0090	SUDYSTIN LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0100	C C CAVENDER PROPERTIES LTD	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0110	J&KL LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16421-0LL-0120	GRB BEACH PROPERTIES LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16422-0PP-0020	III INVESTMENTS LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16422-0PP-0030	III INVESTMENTS LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0KK-0010	182 SEA GARDEN LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0KK-0020	MOSES CARL D & AMY E	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0KK-0030	CARNEY JAMES P & BARBARA C	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0KK-0040	FOWLER ROBIN J	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0KK-0050	KELLY PAPPAS CROCKETT	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0KK-0060	ROLLINS RUTH ELLEN	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0010	SAUNDERS ALEXEE ALLEN TRUST	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0020	OLIVE & ELOISE LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0030	WALLWORK TROY & PATRICIA	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0040	62 SVA LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0050	WEILL DAVID & JACQUELINE K	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0060	HIRSBERG BRYANT & JILL	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0070	SOAM LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0080	ANDERSON BARBARA T	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0090	ROLLINS RUTH ELLEN	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0100	CORR BRYAN A & TINA N	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0110	ROLLINS RUTH ELLEN	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0120	ALCHEMY VENTURE HOLDINGS LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0130	BLAKEY STEVE	SF	$13,129.48	$1,252.44	
27-3S-18-16430-0MM-0140	CRANE CHERYL	SF	$13,129.48	$1,252.44	
27-3S-18-16431-0AA-0010	TAYLOR ROBERT LEE III	SF	$13,129.48	$1,252.44	
27-3S-18-16431-0AA-0020	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-0AA-0030	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-0AA-0040	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-0AA-0050	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-0AA-0060	KNORR DANIEL J & ANGEL R	SF	$13,129.48	$1,252.44	
27-3S-18-16431-0AA-0070	CATOMA LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-0AA-0080	WATTS LIVING TRUST	SF	$13,129.48	$1,252.44	
27-3S-18-16431-00Z-0010	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-00Z-0020	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-00Z-0030	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-00Z-0040	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-00Z-0050	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-00Z-0060	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-00Z-0070	200 NORTH CHARLES LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-00Z-0080	200 NORTH CHARLES LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-00Z-0090	200 NORTH CHARLES LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16431-00Z-0210	RUSSELL PETER	SF	$13,129.48	$1,252.44	

SOMERSET COMMUNITY DEVELOPMENT DISTRICT	
SERIES 2022 ASSESSMENT ROLL	
			SERIES 2022	SERIES 2022	
PRDISP	OWNER	LU	PRINCIPAL (1)	ANNUAL INSTALLMENT (2)	

27-3S-18-16435-00J-0010	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0020	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0030	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0040	MILES SOUTH LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0050	FIELDSTONE TRAIL LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0060	RIBACIAUSKAS ZYDRUNAS &	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0070	WGB3 PROPERTIES LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0080	TERRY FALON H & SHANNON B	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0090	EUBANKS R GLENN AS TRUSTEE	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0100	BROOKS FRANKLIN H &	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0110	RSRH CHARLES ST LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0120	SAACKE CHARLES TRAVIS AS CO-	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0130	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16435-00J-0140	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16436-00K-0010	36 SEA STAR COURT LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16436-00K-0020	GARNER JAMES M & TRACIE G	SF	$13,129.48	$1,252.44	
27-3S-18-16436-00K-0030	JOHNSON MATTHEW S AS TRUSTEE &	SF	$13,129.48	$1,252.44	
27-3S-18-16436-00K-0040	MCCALLION JACK & CHERYL	SF	$13,129.48	$1,252.44	
27-3S-18-16436-00K-0050	NQL INVESTMENTS LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16436-00K-0060	BENEDETTO DEREK F & FARRAH S	SF	$13,129.48	$1,252.44	
27-3S-18-16436-00K-0070	MITCHELL JOHN DAVID & ANGELA S	SF	$13,129.48	$1,252.44	
27-3S-18-16436-00K-0080	MCWHORTER STUART CLAYTON AS	SF	$13,129.48	$1,252.44	
27-3S-18-16436-00K-0090	ROBERSON TIMOTHY R &	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0010	RODE JAMES P & SHELLY T	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0020	SMITH CHARLES RANDALL &	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0030	PELTS BARRY & BILLIE	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0040	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0050	ZELENAK JOHN	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0060	DEBOER DAVID KENT &	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0070	2019 RENFROE FAMILY REVOC TRST	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0080	SILVERTON ALYS TWO LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0090	HUMPHREY WILLIAM WARREN III &	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0100	DBB ALYS BEACH LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0110	CK BY THE SEA LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16437-00L-0120	GREEN CHILE BEACH LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0010	FREESE RICHARD A	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0020	STEWART JULIE	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0030	POIRRIER GARY & SHARON	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0040	37 SEA CASTLE ALLEY LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0050	ROLLINS GLEN W & MORGAN G	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0060	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0110	OCEAN BLUE DESTIN RESORT	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0120	DESTIN PROPERTIES III LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0210	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0220	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0230	NIKETAS VASILIOS A & HANNAH D	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0240	SKALLA ROBERT MARC	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0250	PERRY TIMOTHY E & HEIDI	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0260	103 SAND HILL CIRCLE LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0270	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16438-0AC-0280	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0010	DG30A LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0020	NQL INVESTMENTS LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0030	TYNER KEVIN J TRUST	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0040	EVANS RICHARD BRENT &	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0050	WALTER KARL FREDRICK &	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0080	30-A REALTY INC	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0090	SILVERTON ALYS ONE LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0100	EBSCO GULF COAST DEV INC	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0110	DARLAND TYE GARY AS TRUSTEE	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0120	CANNATA KATHERINE JOHNSON &	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0130	JANSON FAMILY TRUST &	SF	$13,129.48	$1,252.44	
27-3S-18-16439-00M-0140	KYNERD KEVIN BARTLEY	SF	$13,129.48	$1,252.44	

SOMERSET COMMUNITY DEVELOPMENT DISTRICT	
SERIES 2022 ASSESSMENT ROLL	
			SERIES 2022	SERIES 2022	
PRDISP	OWNER	LU	PRINCIPAL (1)	ANNUAL INSTALLMENT (2)	

27-3S-18-16440-00M-0060	HAMM HUNTER STEVEN	SF	$13,129.48	$1,252.44	
27-3S-18-16440-00M-0070	SIMON LESLY	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0010	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0020	SKRIEN SCOTT D &	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0040	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0050	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0060	MULLER CHRISTOPHER SEAN & TARA	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0100	SWINDAL ROY & DEBORAH	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0110	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0120	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0130	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0140	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0150	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0160	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16441-000-0170	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16442-000-0010	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16442-000-0020	30A HOMES DEVELOPMENT LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16442-000-0030	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16442-000-0040	LOIA MICHAEL & KATHRYN	SF	$13,129.48	$1,252.44	
27-3S-18-16442-000-0050	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16442-000-0060	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16442-000-0070	EBSCO GULF COAST DEVELOPMENT	SF	$13,129.48	$1,252.44	
27-3S-18-16000-027-0060	AB GF DEVELOPMENT LLC	SF	$13,129.48	$1,252.44	
27-3S-18-16000-027-0010	EBSCO GULF COAST DEVELOPMENT	Unplatted - 23.79 acres	$2,556,105.41	$243,831.29	
26-3S-18-16000-003-0000	EBSCO GULF COAST DEVELOPMENT	Unplatted - 27.336 acres	$2,937,103.72	$280,175.38	

TOTAL:	$10,745,000.00	$1,024,984.04

(1) For informational purposes only. Please contact the District Manager for a formal payoff.
(2) Installment amounts include Walton County collection costs and early payment discounts.

ATTACHMENT C

MEMORANDUM OF UNDERSTANDING BETWEEN THE ALYS BEACH NEIGHBORHOOD ASSOCIATION, INC., AND THE SOMERSET COMMUNITY DEVELOPMENT DISTRICT RELATIVE TO MAINTENANCE RESPONSIBILITY FOR VARIOUS IMPROVEMENTS LOCATED THROUGHOUT THE ALYS BEACH DEVELOPMENT

This Memorandum of Understanding (“MOU”) is entered into as of this 1st day of October, 2021, by and between the following:

ALYS BEACH NEIGHBORHOOD ASSOCIATION, INC., a Florida not-for-profit corporation whose mailing address is 120 Richard Jackson Boulevard, Suite 220, Panama City Beach, Florida 32407 (the “Association”); and

SOMERSET COMMUNITY DEVELOPMENT DISTRICT, a local unit of special-purpose government located in Walton County, Florida, with a mailing address of 120 Richard Jackson Boulevard, Suite 220, Panama City Beach, Florida 32407 (the “District” and together with the Association, the “Parties”).

Recitals

WHEREAS, the District is a local unit of special-purpose government established, pursuant to the Uniform Community Development District Act of 1980, as codified in Chapter 190, Florida Statutes, by ordinance of the Board of County Commissioners in and for Walton County, Florida, for the purpose of financing, acquiring, constructing and maintaining public infrastructure improvements on certain of the lands located within the Alys Beach development in Walton County, Florida (hereinafter, “Alys Beach”); and

Whereas, the Association is governed and operated pursuant to those certain Second Amended and Restated Declarations of Covenants, Conditions and Restrictions dated July 17, 2017 and recorded in the Official Records of Walton County at Book 3047, Page 4124; and

WHEREAS, the Parties each own and/or operate and maintain certain improvements (the “Improvements”) within the Alys Beach, which Improvements are described in more detail on Exhibit A; and

Whereas, the Parties pay for their respective operation and maintenance through the levy and collection of assessments from homeowners and other landowners within Alys Beach; and

Whereas, it is in the best interest of the Parties, and the homeowners and landowners of Alys Beach, to operate as efficiently and effectively as possible; and

Whereas, in an effort to operate as efficiently and effectively as possible, the Parties desire to enter into this MOU to clearly and logically delineate responsibilities between the Association and the District for the maintenance, repair and/or replacement of the Improvements.

NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties, the receipt of which and sufficiency of which is hereby acknowledged, the Parties agree as follows, to the extent not inconsistent with applicable law, the Ordinance(s) of Walton County, Florida, establishing the District and its obligations or the Governing Documents of Alys Beach:

Incorporation of Recitals. The Recitals stated above are true and correct and are incorporated herein as a material part of this MOU.

Division Of Responsibility For The Improvements.

ASSOCIATION. The Association shall be responsible for the routine repair and/or maintenance, and the extraordinary repair and/or replacement of those Improvement components identified on the attached Exhibit A as “Association” (hereinafter, the “Association Components”). The Association shall annually budget and collect assessments for the routine repair and/or maintenance, and the extraordinary repair and/or replacement of the Association Components. The funds budgeted for the extraordinary repair and/or replacement of the Association Components shall only be expended for the extraordinary repair and/or replacement of such improvements.

DISTRICT. The District shall be responsible for the routine repair and/or maintenance, and the extraordinary repair and/or replacement of those Improvement components identified on the attached Exhibit A as “District” (hereinafter, the “District Components”). The District shall annually budget and collect assessments for the routine repair and/or maintenance, and the extraordinary repair and/or replacement of the District Components. The funds budgeted for the extraordinary repair and/or replacement of the District Components shall only be expended for the extraordinary repair and/or replacement of such improvements.

License; Right of Access. The District hereby agrees to accept, and Association hereby agrees to grant to the District and its various maintenance contractors, a non-exclusive license to access, operate and maintain the District Components located on Association- owned property.

Notice of Termination. The parties shall provide a minimum of eighteen (18) months’ written notice of its intent to terminate the MOU, to each of the parties hereto.

Public Records. The Association understands and agrees that all documents of any kind provided to the Districts or to the Districts’ staff in connection with the activities contemplated under this MOU are public records pursuant to Chapter 119, Florida Statutes, and are treated as such in accordance with Florida law.

Enforcement. In the event that a party is required to enforce this MOU by court proceedings or otherwise, the parties agree that the substantially prevailing party shall be entitled to recover from the defaulting party all fees and costs incurred, including

reasonable attorneys’ fees, paralegal fees and expert witness fees, and costs for trial, alternative dispute resolution, or appellate proceedings.

Authorization. By execution below, the undersigned represent that they have been duly authorized by the appropriate body or official of their respective entity to execute this MOU, and that each party has complied with all the requirements of law and has full power and authority to comply with the terms and provisions of this instrument.

Amendments; Assignment. Amendments to and waivers of the provisions contained in this MOU may be made only by an instrument in writing which is executed by the Parties hereto. None of the Parties may assign their rights, duties or obligations under this MOU without the prior written approval of the other. Any purported assignment without said written authorization shall be void.

Severability. The invalidity or unenforceability of any one or more provisions of this MOU shall not affect the validity or enforceability of the remaining portions of this MOU, or any part of this MOU not held to be invalid or unenforceable.

Execution in Counterparts. This MOU may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute but one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this document to physically form one document.

Final Agreement.  This instrument shall constitute the final and complete expression between the District and the Association relating to the subject matter of this MOU.

[Signatures on Next Page]

IN WITNESS WHEREOF, the undersigned have executed this MOU effective as of the date set forth above.

ATTEST:	SOMERSET COMMUNITY DEVELOPMENT DISTRICT

Andrew O'Connell (Sep 24, 202112:51 CDT)

Chairman, Board of Supervisors

WITNESS:	ALYS BEACH NEIGHBORHOOD ASSOCIATION, INC.,
a Florida not-for-profit corporation

Scott Buchewicz (Sep 24, 202111:58 CDT)
	
Witness Signature	President, Board of Directors

EXHIBIT A: Designation of Responsibilities

Attachment A: Map of Irrigation Recharge Pipes and Distribution Mains
Attachment B: Map of Streetlighting and Pedestrian Lighting Improvement Locations

Exhibit A
Designation of Responsibilities Relative to Alys Beach Stormwater Management System

Facility	Maintenance	Repair	Replacement/ Reconstruction	
Roadway Curbs and
Gutters	Association	Association	Association	
Roadway Inlets, Including Grates and Inlet Covers	District	District	District	
Underground Inlet Boxes	District	District	District	
Swales/Berms on
Association Common Areas	Association	Association	Association	
Swales/Berms on Property
Owned by District	District	District	District	
Stormwater Management
Pipes and Overflow Outlet Structures	District	District	District	
Designation of Responsibilities Relative to Alys Beach Irrigation System

Facility	Maintenance	Repair	Replacement/
Reconstruction	
Irrigation Improvements
along 30A within the limits of Alys Beach	District	District	District	
Irrigation Wells (4) and
Irrigation Pump Station and Lake Marilyn	District	District	District	
Irrigation Recharge Pipes and Distribution Mains (see map attached as
Attachment A)	District	District	District	
Secondary Irrigation System beyond point of connection with Distribution Mains (with the exception of secondary irrigation improvements
w/in 30A)	Association	Association	Association	

Designation of Responsibilities Relative to Beach and Dune Improvements

Event	Entity Responsible	
Renourishment – any action taken to protect, maintain, preserve or enhance the Beaches and Dunes locating within the District, including, but not limited to, restoring or nourishing beach and dune systems, dune protection and restoration activities, construction of erosion control structures, supporting engineering and environmental studies, project monitoring, mitigation and removal of derelict structures
‘Beaches’ – means the zone of unconsolidated material that extends landward from the mean high-water line to the place where there is a marked change in material or physiographic form, or to the line of permanent vegetation.
‘Dunes’ – means a mound or ridge of loose sediments, usually
sand-sized sediments, lying landward of the Beach and deposited by natural or artificial means.	District	
To the extent it does not interfere with the activities of the District, aesthetic maintenance of the Beaches and Dunes that does not otherwise constitute “Renourishment” as defined
above.	Association	
Designation of Responsibilities Relative to Lighting System

Facility	Maintenance	Repair	Replacement/ Reconstruction	
Installed Streetlighting and
Pedestrian Pathway Lighting and Utilities Associated with Same (see Attachment B for Fixture
Locations)	District	District	District	

Designation of Responsibilities Relative to Improvements Along 30A Within the Limits of Alys Beach

Facility	Maintenance	Repair	Replacement/
Reconstruction	
Irrigation Improvements	District	District	District	
Landscape Improvements	District	District	District	
Lighting Improvements	District	District	District	
Slip Lane Pavers	District	District	District	
Pedestrian Crossing
Improvements	District	District	District	
Pedestrian Paths	Association	Association	Association	
Entry Monumentation/Structures	Association	Association	Association	
Signage Not Associated w/
Traffic	Association	Association	Association	
Roadways	County	County	County	
Traffic Regulation Signage	County	County	County	

Attachment A:
Map of Irrigation Recharge Pipes and Distribution Mains

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GRAPHIC SCALE
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LEGEND		
	
ALYS BEACH SITE BOUNDARY [±I 58.5 AC]	
	LAKE MARILYN {IRRIGATION STORAGE/ SUPPLY)	
		
	COUNTY ROAD 30A [± 6.7 AC]	
•	
4 IN DIAMETER IRRIGATION SUPPLY WELL
LAKE RECHARGE PIPE [6" DIAMETER) [~3,900 FT)	
	LAKE RECHARGE PIPE [4" DIAMETER) [-2,200 FT)	
	DISTRIBUTION MAIN [8"DIAMETER) [~l,IOOFT]	
	DISTRIBUTION MAIN {6" DIAMETER) [~1,400 FT]	
	DISTRIBUTION MAIN {CR 30A) {4" DIAMETER) [~3,400 FT]	
	DISTRIBUTION MAIN {CR 30A) {2.5" DIAMETER) [-4,000 FT]	
	IRRIGATION PIPE {CR 30A) {< 'Z' DIAMETER) [~10,000 FT]	
	BEACH ZONE	
	NEIGHBORHOOD BLOCK & LOT NUMBER	
	JURISDICTIONAL WETLANDS[± 20,4 AC)	
	
UPLAND NATURAL BUFFERS [± 3.1 AC]	
	ISOLATED WETLANDS [±0.97 AC]	
	UPLAND NATURAL BUFFERS [ISOLATED WTLD) [±0,67 AC]	
""-""""=	UPLAND VEGETATIVE PRESERVATION [±5,I AC]	

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NOTES:
	THIS MAP ISAN SCHEMATIC EXHIBIT PREPARED ON MAY 7, 2021 FROM VARIOUS SOURCES OF INFORMATION INCLUDING, BUT NOT LIMITED TO,THE ALYS BEACH MASTER PLAN BY KHORY VOGT ARCHITECTS DATED MARCH 10, 2021, THE BACKYARD MASTER PLAN BY HART HO\AJERTON, VEGETATIVE PRESERVATION MAP, 2021 BY IEC, A 2006IRRIGATIONDESIGNBY PREVOST IRRIGATION DESIGN, VARIOUS DESIGN DRAINING$ BY IEC, CONSUMPTIVE USE PERMIT APPLICATION RECORDS FROM THE NORTI-IWEST FLORIDA WATER MANAGEMENT DISTRICT ANO HISTORICALAERIALS ANOPHOTOGRAPHS.
THIS MAP ISNOT INTENDED TOINFER SURVEY GRADE ACCURACY. THIS MAP MAY BE UPDATED
FROM TIME TO TIME AS WARRANTED.
	AS OF THE DATE OF THIS EXHIBIT, ALYS BEACH IS CONTINUING BUILD-OUT DEVELOPMENT AND THEREFORE, COMMON/ RIGHT OF WAY I FINAL LOT CONFIGURATIONIS SUBJECT TO CHANGE FOR PORTIONS OF THE PROPERTY.
BLOCK 00, EE, FF, GG, AB,YY, KK &WN ARE DERIVED FROM THE LATEST PLANNING EXHIBITS AS

RECORD DATA OA'IT..:05.07.2021

JU:v.DAn::­ DRAWNBY:DCM Rl."Vll.'Wll8Y:JAM

.I	5.

THESE AREAS HAVE NOT BEEN COMPLETED AS OF THEDATE OF THIS EXHBIT.
THIS MAP ISINTENDEDTO BE SCHEMATIC ANO GRAPHICAL IN NATURE DEPICTING THE IRRIGATION SYSTEM COMPONENTS SPECIFICAU.Y UNDER THE OWNESHIP& MAINTENANCE RESPONSIBILITY OF THE SOMERSET COMMUNITY DEVELOPMENT DISTRICT (COO

8EACHZOIE

I		

I		

WW	I

l	i,
I
ss f

THESECCt.1PONENTS INCLUDE FOUR IRRIGATION SUPPLY WELLS,RECHARGE MAIN PIPES FROM
WELLS TO THE IRRIGATION LAKE, ANIRRIGATIONSUPPLY LAKE (LAKE MARILYN),IRRIGATION PUMP STATION, SELECT IRRIGATION DISTRIBUTION MAINS ASDEPICTED, SERVICEPIPING, IRRIGATION FITTINGS ANO SPRAY HEADS PARTICULARLY ALONG THE 30A CORRIDOR.

SHFEr TITLE
COD IRRIGATION SYSTEM COMPONENTS SCHEMATIC

IEC HAS CONOUCTED EXHAUSTIVE RESEARCH,SITEASSESSMENTS, INTERVIEWS ANOUTILIZED ALL READILY AVAILABLE OOC\JMENTATION BOTH CURRENT ANDHISTORICAL TOPORTRAYTHE IRRIGATION SYSTEM DEPICTED HEREON AS ACCURATELY ASPOSSIBLE. HOWEVER, THE

'a"."ue" PLAZA	j

vv	i

EI.IIOWBE,IOIIIJAD	UU

IRRIGATION SYSTEM HAS BEEN CONSTRUCTED ASDESIGN I BUILD I RETROFITFOR THE MOST PART OVER THE LAST 15 YEARS OR SO. THERE ARE NO ACCURATE SURVEYS OR RECORD ORAININGS OF THE UNDERGROUND SYSTEM THAT WERE AVAILABL£ OR PROVIDED TOIEC.

I
TT
J	&IJGGY'MtiPI.Al,E._

ADOITIONAU.Y, ALYS BEACH MAINTENANCE STAFF 'NERE UNSURE OF EXACTlY WHERE MANY OF
THEIRRIGATION COMPONENTS ARE. THEREFORE,THIS SCHEMATIC EXHIBITIS SOLELY FOR THE PURPOSES OF PRESENTING THEIRRIGATIONSYSTEM COMPONENTS INA SCHEMATIC I GRAPHICAL N.&.TURE ANO TO PROVIDE ROUGH QUANTITIES OF PIPES. IEC CANNOT CONFIRM THE ACCURACY OF TttS DRAWING.
a THIS COO ISRESPONSIBLE FOR ALL WELL ANDPUMP COMPONENTS, IRRIGATION PUMP STATION
COMPONENTS, LAKE MARILYN SUPPLY LAKE,IRRIGATION CONTROL VALVES, FITTINGS, AND OTHER APPURTENANCES IN ANO ALONG THEIRRIGATION NETWORK DEPICTED HEREON,

Attachment B:
Map of Streetlighting and Pedestrian Lighting Improvement Locations

•

•
•

I	•

I

ITREET LIGHTING
11
ar ll',O ,l

2021 09-23
AREAS THAT HAVE lANDSCAPE LIGl1TING OR
STRf£T LIGHITNG INSTAUfD

Created:

2021-09-24

By:

Kim O'Mera (komera@rizzetta.com)

Status:

Signed

Transaction ID:

CBJCHBCAABAAeak03ctgtMAZ8Q3IU4h4m-u7dlbC7o9X

2021-10-01 - Memoradum of Understanding
- Maintenance Responsiblities - HOA, unexecuted - Reduced size
Final Audit Report	2021-09-24

"2021-10-01 - Memoradum of Understanding - Maintenance Res ponsiblities - HOA, unexecuted - Reduced size" History
Document created by Kim O'Mera (komera@rizzetta.com)
2021-09-24-4:18:40 PM GMT- IP address: 69.47.64.156

C. Document emailed to Andrew O'Connell (andrew@aloconsultingllc.com) for signature
2021-09-24 - 4:19:38 PM GMT

E:. Document emailed to Tess Howard (thoward@alysbeach.com) for signature
2021-09-24 - 4:19:38 PM GMT

t2. Document emailed to Scott Buchewicz (sbuchewicz@alysbeach.com) for signature
2021-09-24 - 4:19:38 PM GMT

Email viewed by Tess Howard (thoward@alysbeach.com)
2021-09-24-4:27:12 PM GMT- IP address: 104.47.70.126

0o Document e-signed by Tess Howard (thoward@alysbeach.com)
Signature Date: 2021-09-24 - 4:28:49 PM GMT - Time Source: server- IP address: 192.231.246.166

Email viewed by Scott Buchewicz (sbuchewicz@alysbeach.com)
2021-09-24 - 4:55:45 PM GMT- IP address: 24.236.115.130

0o Document e-signed by Scott Buchewicz (sbuchewicz@alysbeach.com)
Signature Date: 2021-09-24 - 4:58:01 PM GMT - Time Source: server- IP address: 24.236.115.130

Email viewed by Andrew O'Connell (andrew@aloconsultingllc.com)
2021-09-24 - 5:50:20 PM GMT- IP address: 71.220.142.60

0o Document e-signed by Andrew O'Connell (andrew@aloconsultingllc.com)
Signature Date: 2021-09-24 - 5:51:10 PM GMT - Time Source: server- IP address: 71.220.142.60

0	Agreement completed.
2021-09-24- 5:51:10 PM GMT

ATTACHMENT D

-.:,

usomrv

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....I
....I
Office: (888) 927-7865
Fax: (813) 200-8448
Contact@customreserves.com 5470 E Busch Blvd., Unit 171
Tampa, FL 33617

Somerset Community Development District
FULL RESERVE	STUDY REPORT

For 30-Year Projection Period Beginning October 1, 2021

This report contains intellectual property developed by Custom Reserves, LLC specific to this engagement and cannot be reproduced or distributed to those who conduct reserve studies without the written consent of Custom Reserves, LLC. See the proposal for details concerning the use of this report.

Custom eserves
Table of Contents
Table of Contents	2
Property Overview	4
Executive Summary	5
Financial Analysis	6
Property Component Inventory	8
Reserve Expenses             Appendix A Condition Assessment	10
Beach and Dune Restoration	10
Irrigation System, Wells	10
Landscape Replacements	10
Light Fixtures, 30A	11
Light Poles	11
Parking Court Lights	11
Pavers and Curbing	11
Pond Aerators	12
Pond Fountain	12
Pond Liner	12
Pump Station, Complete	12
Pump Station, Partial	12
Signs, Crosswalks	13

Custom eserves
Storm Water System	13
Photographs	Appendix B
Expense Chart and Comparison Graph	15
Cash Flow Funding Plan         Appendix C Terms and Definitions	16
Disclosures and Limitations	18
Credentials	18

Custom eserves

PROPERTY OVERVIEW

N

•

.

W

-

E

s

WALTON	COUNTY,	FL LATITUDE: 30°17'7.44"N LONGITUDE:  86°  1'49.11"W

Custom eserves
EXECUTIVE SUMMARY

A site visit was conducted on September 7, 2021. There were 14 common area components identified that require reserve funding during the noninvasive, visual inspection of the community. Supplemental information to the physical inspection typically includes the following sources:

District board members, management and staff
Client's vendors
Declaration
Maintenance records of the reserve components where available
Project plans where available

Somerset Community Development District (Somerset CDD) is a local unit of special purpose government located within Walton County, Florida established by the county in 2005. The District has constructed and/or acquired certain public infrastructure within the Alys Beach Community being developed by EBSCO Gulf Coast Development, Inc. The development contains property site components.
A Reserve Study comprises two parts: Physical Analysis
Component Inventory
Condition Assessment
Estimated Useful Life
Remaining Useful Life
Replacement Cost

Financial Analysis
Fund Status
Funding Plan

The intention of the Reserve Study is to forecast the District's ability to repair or replace major components as they wear out in future years. This Reserve Study complies with or exceeds all applicable statutes and national standards. Reserve Studies are a guide and should be used for budgetary purposes. Actual expenses and times of replacements can
and/ or will vary.

Custom eserves
FINANCIAL ANALYSIS

This Reserve Study provides the 30-year cash flow analysis or pooling method to project and illustrate the reserve funding plan. The unaudited cash status of the reserve fund, as of October 31, 2021, as reported by Management is $244,042.  Somerset CDD budgeted
$698,556 for Reserves in the fiscal year FY1 2022.

The cash flow method of developing a reserve funding plan is where the reserve contributions are designed to offset the variable annual reserve expenses. Different reserve funding plans are tested against the anticipated schedule of reserve expenses until the desired adequate or sufficient funding goal is achieved.

The cash flow recommended 2023 reserve contribution is $650,000. The District can continue this budgeted amount until the next Reserve Study Update. The following table depicts the next 30 years of cash flow recommended contributions from Appendix C:

Year	Recommended Contribution	
Year	Recommended Contribution	
2023	$650,000	2038	$769,300	
2024	$650,000	2039	$802,400	
2025	$650,000	2040	$836,900	
2026	$650,000	2041	$872,900	
2027	$650,000	2042	$910,400	
2028	$650,000	2043	$949,500	
2029	$650,000	2044	$990,300	
2030	$650,000	2045	$1,032,900	
2031	$650,000	2046	$1,077,300	
2032	$650,000	2047	$1,123,600	
2033	$650,000	2048	$1,171,900	
2034	$650,000	2049	$1,222,300	
2035	$678,000	2050	$1,274,900	
2036	$707,200	2051	$1,329,700	
2037	$737,600	2052	$1,386,900	

1 FY 2022 starts October 1, 2021 and ends September 30, 2022.

Custom eserves
The funding goal of the cash flow analysis is to keep the reserve balance above a sufficient, not excessive threshold when reserves are needed the most due to one or more years of significant expenses. This threshold or risk year falls in 2025 and 2040 due to beach and dune restoration. The age and long-lived components of the property are considered in the accumulated year 2052 ending reserves.

External market factors incorporated in this Reserve Study are an inflation rate of 4.3% based on the Consumer Price Index published by the Bureau of Labor Statistics and interest rate of 0.35%. Most community bylaws provide that funds shall be held in a bank, with FDIC or similar insurance to cover all funds.

The actual timing of the events depicted may not occur exactly as projected. However, items that are within a high degree of accuracy are measurements, pricing and interest on reserves. Internal changes such as deferred or accelerated projects, interest and inflation rates are likely. Updates to the Reserve Study incorporate these changes. To ensure equity in the adopted funding plan, ongoing annual Board reviews and an update of this Reserve Study with an on-site visit is recommended anywhere from two- to three-years depending on the complexity of the community and changes in external market factors. It is recommended by the American Institute of Certified Public Accountants (AICPA) that your Reserve Study be updated annually. Component methods should be updated annually.

Custom eserves
PROPERTY COMPONENT INVENTORY

The analysis began by separating the property components into specific areas of responsibility for replacement and repair. These classes of property are as follows:

Reserve Components are defined by the following:

District responsibility
Limited useful life expectancies
Predictable remaining useful life expectancies
Replacement cost above a minimum threshold

Long-Lived Components are defined as those items without predictable remaining useful life expectancies:

Retaining Wall, Pond

Operating Budget Components or money provided for repairs and replacements relating but not limited to:

General maintenance to the common elements
Expenses less than $7,000
Infrequent replacements
Fountains (Non-Pond Related)
Windmill
Other Repairs normally funded through the Operating Budget

A contingency is intended to provide a hedge for unforeseen events. There is no set rule for the amount of contingency to be set aside other than the use of common sense based on experience.

Home Owner Components:

Homes

Other Property Components:

Lift Station (Regional Utilities)
Pipes, Subsurface Utilities, Water and Sewer (Regional Utilities)

Custom  eserves
The following 11X17 spreadsheets depict the reserve components, quantities, useful lives projected costs and estimated times of replacements for the next 30 years in Appendix A with a narrative condition assessment to follow.

CustomReserves

RESERVE EXPENSES

Somerset Community Development District

Projected Inflation Rate  4.3%

Appendix A

Page 1 of2

, , ....	, ..,.

,.,,,	, ..,.	, ..,,

,  ..,.	.

...

$1 750 000.00	$1750000

$1985596

$0

$500 000.00

$500 000

$7 500.00

$82 500

$10 000.00

$10 000

$7 500.00

$7 500

$50,000.00

$50 000

$2,900.00

$2 900

$2 900

$2900

2

2 to 3

2024

1 Allowance

1

Reserve Studv Uodate

$(

$0

$0

$0

$61715

$0

$0

$0

$0

$0

$668 018

5

to 5

2027

1 Allowance

1

Stonn Water Svstem Partial

14

$(

$0

$0

$0

$0

$0

$0

$0

$0

$0

$109 786

$26 000

$6 500.00

11

101015

2033

4 Each

4

Si□ns Crosswalks

13

$1095!

$10 504

$10 071

$9655

$9257

$8876

$8 510

$0

$0

$0

$298 419

3

to 5

2025

1 Allowance

1

Pumo Station Partial

12

$(

$0

$0

$0

$0

$0

$0

$0

$0

$0

$721982

$145 000

$145 000.00

13

1510 20

2035

1 Allowance

1

Pumo Station Comolete

11

$(

$0

$0

$0

$0

$0

$0

$0

$0

$0

$752185

$400 000

$400 000.00

15

to30

2037

1 Allowance

1

Pond Liner

10

$(

$0

$0

$0

$0

$0

$11 346

$0

$0

$0

$54 968

3

101015

2025

1 Each

1

Pond Fountain

9

$(

$0

$0

$0

$0

$23 668

$0

$0

$0

$0

$127 906

$20 000

$10 000.00

4

101015

2026

2 Each

2

Pond Aerators

8

$(

$171 208

$0

$0

$0

$0

$138 708

$0

$0

$0

$1 501406

$122 250

$1.50

3

3to 5

2025

Sauare Feet

81500

81500

Pavers and Curbina. Partial Resettina

7

$(

$0

$0

$0

$169 717

$0

$0

$0

$0

$137 500

$1974 548

$137 500

$137500.00

0

to 15

2022

1 Allowance

1

Par1<ina Court Liahts Phased

6

$12050

$115 539

$110 776

$106 209

$101 830

$97 632

$93 607

$89 748

$86 048

$20 000

S5 095 078

0

to 10

2022

11 Each

110

Liaht Poles Phased

5

$(

$0

$0

$0

$0

$0

$68 078

$0

$0

$0

$329 806

$60 000

$600.00

3

to 10

2025

100 Each

100

Liaht Fixtures 30A

4

$(

$0

$0

$0

$617151

$0

$0

$0

$0

$0

$2 989 827

5

to 10

2027

1 Allowance

1

Landscaoe Reolacements

3

$(

$0

$0

$0

$17,897

$0

$0

$0

$0

$14,500

$208 225

$14,500

$14,500.00

0

to 10

2022

1 Each

4

lrriaation Svstem, Wells, Phased

2

$(

$0

$0

$0

$0

$0

$0

$0

S5 719 435

3

101015

2025

1 Allowance

1

Beach and Dune Restoration

1

,. .,

"'"

Fiscal Year 2022

Total 30 Year Future Costs of Renlacement

Current Cost of Replacement ner Cvcle

2022
Unit Cost

Remaining
Lila Years

Useful Lila Years

1st Year of
Replacement

Unit
of Measurement

Per Phase Ouantitv

Total Cycle Ouantitv

Reserve ComPonent

Line
Item

Total Expanses	$20,554,489 $172,000  $86,048	$92,648 $2,305,845 $130,176 $977,567 $115,864 $120,846 $297,250 $131,462

CustomReserves

RESERVE EXPENSES

Somerset Community Development District

Appendix A

Page 2 of2

Line
Item	Reserve Component	
'"·"	
'"·'·'	
'"·-	
'"·"	

LOLffl	
'"·"	
, ...	'"·"	
,.-	.,,.	

LOWL	,._	,._	,._,	,._	

,ow,	,._	,._,	
,	..,	,.,,.	
'""'	
1 Beach and Dune Restoration	$0	$0	$0	$0	$0	$0	$0	$0	$3 733 839	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	
2 lrrioation Svstem, Wells,Phased	$22,091	$0	$0	$0	$0	$27,267	$0	$0	$0	$0	$33,655	$0	$0	$0	$0	$41,541	$0	$0	$0	$0	$51,274	
3 Landscaoe Retilacements	$0	$0	$0	$0	$0	$940 231	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1432444	$0	$0	$0	$0	$0	
4 Licht Fixtures 30A	$0	$0	$0	$103 716	$0	$0	$0	$0	$0	$0	$0	$0	$0	$158 012	$0	$0	$0	$0	$0	$0	$0	
Licht Poles Phased	$125689	$131 094	$136 731	$142 610	$148 742	$155138	$161 809	$168 767	$176 024	$183 593	$191487	$199 721	$208 309	$217 267	$226 609	$236 353	$246 516	$257117	$268173	$279 704	$291 731	
6 Parkino Court Liahts Phased	$209482	$0	$0	$0	$0	$258564	$0	$0	$0	$0	$319146	$0	$0	$0	$0	$393 922	$0	$0	$0	$0	$486 219	
7 Pavers and Curbina.Partial Resettina	$0	$0	$0	$211 322	$0	$0	$0	$0	$260 835	$0	$0	$0	$0	$321 950	$0	$0	$0	$0	$397 383	$0	$0	
8 Pond Aerators	$0	$0	$0	$0	$0	$0	$39 226	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$65 012	$0	$0	
9 Pond Fountain	$0	$0	$0	$17 286	$0	$0	$0	$0	$0	$0	$0	$0	$0	$26 335	$0	$0	$0	$0	$0	$0	$0	
10 Pond Liner	$0	$0	$0	$0	$0	$752185	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	
11 Pumo Station Comolete	$0	$0	$0	$250 648	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$471 334	$0	$0	
12 Pumo Station Partial	$11426	$11918	$12 430	$0	$0	$0	$0	$0	$16002	$16 690	$17 408	$18156	$18937	$19 752	$20 601	$21487	$22 411	$23 374	$0	$0	$0	
13 Sians Crosswalks	$0	$41314	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$68 472	$0	$0	$0	$0	$0	$0	$0	
14 Storm Water Svstem Partial	$76,175	$0	$0	$0	$0	$94 023	$0	$0	$0	$0	$116,053	$0	$0	$0	$0	$143 244	$0	$0	$0	$0	$176 807	
																						
Reserve Studv Uodate																						
																						
Total Expenses	$444,863	$184,325	$149,161	$725,582	$148,742	$2,227,408	$201,036	$168,767	$4,186,700	$200,283	$677,749	$217,878	$227,247	$811,787 $247,210	$2,268,992	$268,927	$280,491	$1,201,901	$279,704	$1,006,031	

Custom eserves
CONDITION  ASSESSMENT

The condition assessment of this Full Reserve Study includes narratives that describe the reserve components, documents specific problems and conditions based on representative samples.

Beach and Dune Restoration
The District maintains approximately 1,500 linear feet of beach and dune along the Gulf of Mexico. The beach and dune are in fair condition overall. The community utilizes dune walkovers. Foot traffic causes erosion over time and tropical storms can create blowouts in the dune system. Maintaining the vegetation helps stabilize coastal dunes. Somerset CDD should budget for annual fertilizer through the operating budget. A complete dune restoration is projected every 10- to 15-years or by 2025 and again by 2040. The times and costs of repairs will vary due to acts of nature. However, the District should budget for a threshold goal of reserve funds necessary for a complete dune restoration. Updates to the study will keep the reserve balance sufficient for when the actual need to restore the dune occurs. The District should continue to budget for annual maintenance currently with Dune Doctors through the operating budget.

Irrigation System, Wells
Somerset CDD currently maintains four irrigation wells. The wells are in fair to poor reported condition at various ages. Irrigation wells have a useful life of up to 10 years. The District should plan for phased replacements of the wells every five years beginning in 2022. Interim repairs and partial replacements should be funded through the operating budget as needed.

Landscape Replacements
The District maintains SO palm trees located along Highway 30A. Replacements are an ongoing need. Many communities budget for these replacements as normal maintenance. Other communities fund replacements through reserves. A large amount of palm tree replacement may need replacement due to disease, drought or other forces of nature. Funding

Custom eserves
from reserves is logical if the cost of periodic maintenance, removal and replacement is substantial. In consideration of these factors, an allowance for palm tree replacement is included every 10 years beginning by 2027.

Light Fixtures, 30A
Somerset CDD maintains 100 spot light fixtures located along Highway 30A. The light fixtures are in good condition at an age of seven years. Light fixtures of this type have a useful life of up to 10 years. The District should budget for replacements by 2025 and every 10 years thereafter.

Light Poles
The District maintains approximately 110 light poles and fixtures. The current light poles and fixtures are in fair overall condition at various ages. Management reports that the Somerset CDD maintains the light poles and fixtures annually and plans to replace four in 2022. In addition, the District should budget for phased replacements of up to ten percent (10%) of the light poles and fixtures every year thereafter.

Parking Court Lights
Somerset CDD will maintain the light fixtures located at 22 parking courts throughout the community. These light fixtures are in fair to poor condition at various ages. These lights have an estimated useful life of up to 15 years. The District should budget for phased replacements of up to twenty-five percent of the parking court lights beginning in 2022 and every five years thereafter.

Pavers and Curbing
The Highway 30A slip road pavers comprises approximately 81,500 square feet of pavers. The pavers are mostly original and in good overall condition. Pavers have a long useful life with the benefit of periodic maintenance. Periodic maintenance includes an application of sand between the pavers and resetting as needed. The District should budget for partial replacements of the pavers by 2025 and every five years thereafter.

Pond Aerators

Custom eserves

The District maintains two pond aerators. The pond aerators are in fair reported condition at an age of approximately eight years. Pond aerators have a useful life from 10- to 15-years. Somerset COD should budget for replacements by 2026 and every 12 years thereafter.

Pond Fountain
Somerset COD also maintains a pond fountain. The pond fountain is in fair reported condition at an age of seven years. Pond fountains also have a useful life from 10- to 15-years. The District should budget for replacement of the fountain by 2025 and every 10 years thereafter.

Pond Liner
Somerset COD maintains Lake Marilyn. Lake Marilyn utilizes a 30 mil high density polyethylene geomembrane pond liner. The pond liner is covered by approximately one foot of native sand to stabilize the membrane and prevent punctures. The pond liner has an anticipated useful life of up to 30 years. The District should budget for replacement of the pond liner by 2037.

Pump Station, Complete
The District maintains an irrigation pump station. The pump station comprises two pumps, controls, air conditioning equipment and a filter system. The pump station is in good reported condition at an age of two years. Maintenance of the equipment is ongoing. Pump stations of this type and usage have a useful life from 15- to 20-years. Somerset COD should budget for a complete replacement of the pump station by 2035 and again by 2049.

Pump Station, Partial
Somerset COD should also anticipate partial replacements of the variable frequency drives, motors and other equipment. The District should budget for partial replacements of the pump station equipment in five years after a complete replacement or by 2025 and every year thereafter.

Signs, Crosswalks

Custom eserves

The District maintains four crosswalk signs located along Highway 30A. The crosswalk signs are in good condition at an age of one year. This signage has an estimated useful life of 10- to 15-years. Somerset CDD should budget for replacements by 2033 and again by 2045.

Storm Water System
The storm water system comprises multiple storm water management components that act in concert with each other to capture, convey, store and release storm water runoff in a controlled manner. Particularly the system includes components such as, vegetative swales, shallow dry retention basins, catch basin inlets and manholes, conveyance piping, perforated retention piping of various diameters, course stone aggregate and geotextile fabric. The predominant components utilized in the overall system are the storm water exfiltration trench systems which include catch basin inlets and manholes, perforated plastic pipe (High Density Polyethylene (HDPE)) and coarse stone aggregate. Also, larger diameter, open bottom aluminum arch pipe storage is utilized for a portion of the system.

Generally, storm water components (i.e. concrete storm catch basins and inlets, storm pipe, swales, etc.) typically have an operational life of 50 years or more. Exfiltration systems typically will have a shorter operational life. Sediment accumulation and clogging by sediment fines can reduce the life of an exfiltration system. Total replacement of the system may be the only possible means of restoring the treatment capacity and recovery of the system. Periodic replacement of the system should be considered. Annual Inspection of components that serve as entry points into the exfiltration system (catch basin inlets) and annual removal of sediments at these locations is an important requirement to lengthen the life of the system. Achieving a longer operational life typically requires interim capital improvements and maintenance or partial replacements every five to ten years.

The District should anticipate annual removal of sediments within the storm water system as needed. Sediment removal is often completed manually or with the use of pump water jets and suction machinery. It is reasonable to anticipate 10% of the system to require cleaning / sediment removal annually. The District should also anticipate displacement or damage

Custom eserves
caused to catch basins due to varying reasons such as settlement / erosion factors. The District should plan to repair any displaced catch basins concurrently with surrounding pavers.

The following Appendix B pictures depict the reserve components and specific conditions noted in the condition assessment.

AppendixB
Figure 1 Beach Overview	Figure 4 Irrigation Well #2

Figure 2 Dune Overview

Figure 3 Irrigation Well #1

Figure 5 3OA Landscape and Lighting

Figure 6 Typical Light Pole

	

AppendixB

Figure 7 Parking Court Lights

Figure 8 Street Pavers

Figure 9 Pump Station

Figure 10 Pump Station Pumps

Figure 11 North Pond

Figure 12 South Pond

	

AppendixB
Figure 13 Pond Aerator

Figure 14 Pond Fountain

Figure 15 Cross Walk Sign Cross Walk Sign

Custom eserves

EXPENSE CHART AND  COMPARISON GRAPH

The Reserve Expenses reflect current and future local costs of replacements with anticipated inflation. The following chart illustrates the relative importance of the Reserve Expenses.

Significance of Future Expenses
Reserve Study Update
Pa  rsln 0.01%
Pond------:::;:;.iil	7''/;r emaining 5%		Components

6%

The following graph depicts the next 30 years of Projected Expenses, Reserve Balances and cash flow Recommended Contributions:

$8,000,000

$6,000,000

$4,000,000

$2,000,000

-Recommended Contributions
-Projected Expenses

$0

Reserve Balance

-$2,000,000

-$4,000,000

-$6,000,000

	 Page

15

CustomReserves

Cash Flow Funding Plan or Pooling Method Somerset
Community Development District

Appendix C

FY	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037
Beginning of Year Reserves Recommended Reserve Contributions
Anticipated Interest Earned	0.35%
Projected Expenses	$244,042	$771,452	$1,338,105	$1,900,140	$250,945	$771,648	$446,781	$982,481	$1,515,074	$1,873,127	$2,398,221	$2,611,752	$3,086,567	$3,598,210	$3,563,221	$4,134,150	
	698,556	650 000	650,000	650,000	650,000	650,000	650,000	650,000	650,000	650,000	650,000	650,000	650,000	678,000	707,200	737,600	
	854	2 700	4 683	6 650	878	2 701	1564	3439	5,303	6 556	8,394	9141	10 803	12 594	12,471	14 470	
	172,000	86,048	92,648	2,305,845	130,176	977,567	115,864	120,846	297,250	131,462	444,863	184,325	149,161	725,582	148,742	2,227,408	
Projected Year End Reserves	$771,452 $1,338,105 $1,900,140 $250,945 $771,648  $446,781  $982,481 $1,515,074 $1,873,127 $2,398,221 $2,611,752 $3,086,567 $3,598,210 $3,563,221 $4,134,150 $2,658,813
Threshold/ Risk Year

2038	2039	2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	2050	2051	2052
Beginning of Year Reserves Recommended Reserve Contributions
Anticipated Interest Earned	0.35%
Proiected Exoenses	$2,658,813	$3,236,383	$3,881,343	$545,128	$1,219,653	$1,456,572	$2,193,293	$2,964,023	$3,195,510	$4,036,784	$2,905,521	$3,818,663	$4,773,837	$4,863,544	$5,930,562	
	769,300	802,400	836,900	872,900	910,400	949,500	990,300	1,032,900	1,077,300	1,123,600	1,171,900	1,222,300	1,274,900	1,329,700	1,386,900	
	9,306	11,327	13,585	1,908	4,269	5,098	7,677	10,374	11,184	14,129	10,169	13,365	16,708	17,022	20,757	
	201,036	168,767	4,186,700	200,283	677,749	217,878	227,247	811,787	247,210	2,268,992	268,927	280,491	1,201,901	279,704	1,006,031	
Projected Year End Reserves	$3,236,383 $3,881,343 $545,128 $1,219,653 $1,456,572 $2,193,293 $2,964,023 $3,195,510 $4,036,784 $2,905,521 $3,818,663 $4,773,837 $4,863,544 $5,930,562 $6,332,188
Threshold/ Risk Year
Notes:
FY 2022 Begins October 1, 2021 and Ends September 30, 2022
FY 2022 Beginning Reserve Balance and Remaining Contributuions are as of:	10/31/21
Interest Earned is compounded on the Beginning Year Reserve Balance, the first year is a partial amount earned
Taxes on the interest earned are considered negligible

1/27/22

Custom eserves
	TERMS AND DEFINITIONS	
Cash Flow Method - A method of calculating Reserve contributions where contributions to the Reserve fund are designed to offset the variable annual expenditures from the Reserve fund. Different Reserve Funding Plans are tested against the anticipated schedule of Reserve expenses until the desired Funding Goal is achieved.

Component - An individual line item in the Reserve Study developed or updated in the Physical Analysis. These elements form the building blocks of the Reserve Study. Components typically are: 1) Association responsibility, 2) with limited Useful Life expectancies, 3) predictable Remaining Useful Life expectancies, 4) above a minimum threshold cost, and 5) as required by local codes.

Component Assessment and Valuation - The task of estimating Useful Life, Remaining Useful Life, and Repair or Replacement Costs for the Reserve components. This task is accomplished either with or without onsite visual observations, based on Level of Service selected by the client.

Component Inventory - The task of selecting and quantifying Reserve Components. This task is accomplished through onsite visual observations, review of association design and organizational documents, and a review of established association precedents.

Component Method - A method of calculating Reserve contributions where the total reserve contribution is based on the sum of contributions for individual components.

Effective Age - The difference between Useful Life and Remaining Useful Life. Not always equivalent to chronological age, since some components age irregularly. Used primarily in computation.

Financial Analysis - The portion of a Reserve Study where current status of the Reserves (measured as cash or Percent Funded) and a recommended Reserve contribution rate (Reserve Funding Plan) are derived. The Financial Analysis is one of the two parts of a Reserve Study.

Fully Funded - 100% Funded. When the actual (or projected) Reserve balance is equal to the Fully Funded Balance.

Fully Funded Balance (FFB) - Total Accrued Depreciation. An indicator against which Actual (or projected) Reserve balance can be compared. In essence, it is the Reserve balance that is proportional to the current Repair/ replacement cost and the fraction of life "used up". This number is calculated for each component, them summed together for an association total. Two formulae can be utilized, depending on the provider's sensitivity to interest and inflation effects. Note: both yield identical results when interest and inflation are equivalent.

Funding Goals - Independent of methodology utilized, the following represent the basic categories of Funding Plan goals.

Custom eserves
Baseline Funding - Establishing a Reserve funding goal of keeping the Reserve cash balance above zero.

Fully Funding - Setting a Reserve funding goal of attaining and maintaining Reserves at or near 100% funded.

Statutory Funding - Establishing a Reserve funding goal of setting aside the specific minimum amount of Reserves required by local statues.

Threshold Funding - Establishing a Reserve funding goal of keeping the Reserve balance above a specified dollar or Percent Funded amount. Depending on the threshold this may be more or less conservative than "Fully Funded".

Funding Plan - An Association's plan to provide income to a Reserve fund to offset anticipated expenditures from that fund.

Minimum Balance - A minimum Reserve balance established by the client.

Physical Analysis - The portion of the Reserve Study where the Component inventory, Condition Assessment and Life Adjustment and Valuation tasks are performed. This represents one of the two parts of the Reserve Study.

Remaining Useful Life (RUL) - Also referred to as "Remaining Life (RL). The estimated time, in years, that a reserve component can be expected to continue to serve its intended function. Replacements anticipated to occur in the initial or base year have "zero" Remaining Useful Life.

Reserve Assessments - The portion of assessments contributed to the Reserve Fund.

Reserve Balance - Actual or projected funds as of a particular point in time that the association has identified for use to defray the future repair or replacement of those major components which the association is obligated to maintain. Also known as Reserves, Reserve Accounts, Cash Reserves.

Special Assessment - An assessment levied on the members of an association in addition to regular assessments. Special Assessments are often regulated by Governing Documents or local statutes.

Straight Line - A formula used to calculate the annual reserve fund contribution for a specific component. Projected replacement cost divided by the useful life equals the annual payment.

Useful Life (UL) - Total Useful Life or Depreciable Life. The estimated time, in years, that a reserve component can be expected to serve its intended function in its present application or installation.

PAUL GRIFONI  Licensed Home Inspector
EDUCATION - University of Massachusetts - Bachelor of Science in Engineering
PROFESSIONAL AFFILIATIONS / DESIGNATIONS
Reserve Specialist (RS) - Community Associations Institute

Professional Reserves Analyst (PRA) - Association of Professional Reserve Analysts

ATTACHMENT E

Somerset Community Development District
www.somersetcdd.org

Adopted Budget for Fiscal Year 2023-2024 Presented by: Rizzetta & Company, Inc.

120 Richard Jackson Boulevard, Ste #220 Panama City Beach, FL 32407
Phone: 850-334-9055

rizzetta.com

Table of Contents

Page
General Fund Budget for Fiscal Year 2022/2023	1
Reserve Fund Budget for Fiscal Year 2022/2023	4
Debt Service Fund Budget for Fiscal Year 2022/2023	5
Assessments Charts for Fiscal Year 2022/2023	6
General Fund Budget Account Category Descriptions	8
Reserve Fund Budget Account Category Descriptions	11
Debt Service Fund Budget Account Category Descriptions	12

1
Adopted Budget
Somerset Community Development District General Fund
Fiscal Year 2023/2024

Chart of Accounts Classification	
Budget for 2023/2024	
		
REVENUES		
		
Special Assessments		
Tax Roll	$	594,758	
Off Roll	$	280,494	
		
TOTAL REVENUES	$	875,252	
		
Balance Forward from Prior Year	$	-	
		
TOTAL REVENUES AND BALANCE FORWARD	$	875,252	
		
EXPENDITURES - ADMINISTRATIVE		
		
Legislative		
Supervisor Fees	$	5,500	
Financial & Administrative		
Administrative Services	$	6,292	
District Management	$	30,283	
District Engineer	$	19,500	
Disclosure Report	$	1,500	
Trustees Fees	$	3,950	
Assessment Roll	$	6,050	
Financial & Revenue Collections	$	6,050	
Accounting Services	$	21,230	
Auditing Services	$	4,500	
Arbitrage Rebate Calculation	$	500	
Public Officials Liability Insurance	$	3,730	
Legal Advertising	$	2,000	
Dues, Licenses & Fees	$	175	
Miscellaneous Fees	$	250	
ADA Website Hosting, Maintenance,
Remediation and Compliance	
$	7,500	
Legal Counsel		
District Counsel	$	15,000	
		
Administrative Subtotal	$	134,010	
		
EXPENDITURES - FIELD OPERATIONS		
		
Electric Utility Services		
Utility - Street Lights	$	6,450	
Utility - Irrigation	$	36,500	
Stormwater Control		
Lake/Pond Bank Maintenance & Repair	$	5,000	

2
Adopted Budget
Somerset Community Development District General Fund
Fiscal Year 2023/2024

Chart of Accounts Classification	
Budget for 2023/2024	
Stormwater System Maintenance	$	675	
Pond Liner Repair	$	500	
Other Physical Environment		
Facility Management	$	59,592	
Dune Maintenance	$	107,500	

General Liability Insurance & Property Insurance	
$	28,700	
Landscape Maintenance	$	110,500	
Irrigation Maintenance & Repair	$	10,500	
Facilities Management - Additional Oversight	$	-	
Well Maintenance	$	66,575	
Landscape Replacement - Plants, Shrubs, Palms, Sod	
$	45,000	
Irrigation System - Supply Pump Maintenance	$	14,000	
NPDES Inspections	$	30,000	
Irrigation System - Feeder Pump Maintenance	$	2,000	
Irrigation System - Feeder Pump Chemicals	$	1,750	

Landscape Tree Services	
$	28,500	
Pedestrian Path Lighting Maintenance	$	70,000	
Beach and Dune Feasability Study	$	15,000	
Road & Street Facilities		
Slip Lane Maintenance	$	20,000	
Crosswalk Maintenance	$	7,500	
Crosswalk Installation	$	-	
Stormwater System Maintenance	$	25,000	
Street Light/Decorative Light Maintenance	$	40,000	
Contingency		
Miscellaneous Contingency	$	10,000	
		
Field Operations Subtotal	$	741,242	
		
TOTAL EXPENDITURES	$	875,252	
		
EXCESS OF REVENUES OVER EXPENDITURES	$	-	

3
Adopted Budget
Somerset Community Development District Reserve Fund
Fiscal Year 2023/2024

Chart of Accounts Classification	
Budget for 2023/2024	
		
REVENUES		
		
Special Assessments		
Tax Roll	$  489,260	
Off Roll	$  230,740	
		
TOTAL REVENUES	$  720,000	
		
TOTAL REVENUES AND BALANCE FORWARD	$  720,000	

EXPENDITURES		
		
Contingency		
Capital Reserves	$  650,000	
30A Traffic Management	$	70,000	
		
TOTAL EXPENDITURES	$  720,000	
		
EXCESS OF REVENUES OVER EXPENDITURES	$	-	

4
Somerset Community Development District Debt Service
Fiscal Year 2023/2024

Chart of Accounts Classification	Series 2022 (Refunding)	Budget for 2023/2024	
			
REVENUES			
Special Assessments			
Net Special Assessments	$963,480.69	$963,480.69	
			
TOTAL REVENUES	$963,480.69	$963,480.69	

EXPENDITURES			
Administrative			
Financial & Administrative			
Debt Service Obligation	$963,480.69	$963,480.69	
Administrative Subtotal	$963,480.69	$963,480.69	
			
TOTAL EXPENDITURES	$963,480.69	$963,480.69	
			
EXCESS OF REVENUES OVER EXPENDITURES	$0.00	$0.00	

Walton County Collecction Costs (2%) and Early Payment Discounts (4%):	6.0%

Gross assessments	$1,024,979.46

Notes:
1. Tax Roll Collection Costs and Early Payment Discounts are 6.0% of Tax Roll. Budgeted net of tax roll assessments. See Assessment Table.

SOMERSET COMMUNITY DEVELOPMENT DISTRICT

FISCAL YEAR 2023/2024 O&M & DEBT SERVICE ASSESSMENT SCHEDULE

(1) Due to a change in development plan and increase in unit density, the Series 2022 debt service assessments
have been reallocated.

5

2023/2024 O&M Budget		$1,595,252.00	
Waslton County Collection Costs @	2%	$33,941.53	
Early Payment Discount @	4%	$67,883.06	
2023/2024 Total		$1,697,076.60	

2022/2023 O&M Budget	$1,516,648.00		
2023/2024 O&M Budget	$1,595,252.00		
Total Difference	
$78,604.00		

PER UNIT ANNUAL ASSESSMENT	
Proposed Increase / Decrease	
	2022/2023	2023/2024	$	%	

Bond Series 2022 Debt Service - Commercial(1)	
$939.33	
$939.33	
$0.00	
0.00%	
Operations/Maintenance - Commercial	$1,478.63	$1,522.95	$44.32	3.00%	
Total	$2,417.96	$2,462.28	$44.32	1.83%	

Bond Series 2022 Debt Service - Single Family(1)	
$1,252.44	
$1,252.44	
$0.00	
0.00%	
Operations/Maintenance - Single Family	$1,971.51	$2,030.60	$59.09	3.00%	
Total	$3,223.95	$3,283.04	$59.09	1.83%	

6

SOMERSET COMMUNITY DEVELOPMENT DISTRICT

FISCAL YEAR 2023/2024 O&M & DEBT SERVICE ASSESSMENT SCHEDULE

TOTAL O&M BUDGET		$1,595,252.00	
COLLECTION COSTS @	2.0%	$33,941.53	
EARLY PAYMENT DISCOUNT @	4.0%		$67,883.06		
TOTAL O&M ASSESSMENT		  $1,697,076.60		

PER LOT ANNUAL ASSESSMENT	
	SERIES 2022		
	(REFUNDING)		
O&M (2)	DEBT SERVICE (3)(5)	TOTAL (4)	

$2,030.60	
$1,252.44	
$3,283.04	
$1,522.95	$939.33	$2,462.28	

$2,030.60	

$1,252.44	

$3,283.04	
$1,522.95	$939.33	$2,462.28	

	UNITS ASSESSED			ALLOCATION OF O&M ASSESSMENT		TOTAL SERIES 2022

LOT SIZE PLATTED LOTS	
O&M	(REFUNDING)
DEBT SERVICE (1)		
EAU FACTOR	TOTAL EAU's	% TOTAL EAU's	TOTAL O&M BUDGET		SERIES 2022 (REFUNDING)
DEBT SERVICE ASSESSMENT	
SINGLE & MULTI FAMILY	558	558		1.00	558.00	66.77%	$1,133,076.57		
$698,861.52	
COMMERCIAL	13.22	13.22	1K sf	0.75	9.92	1.19%	$20,133.43		$12,417.94	
Total Platted	571.22	571.22			567.92	67.95%	$1,153,210.00		$711,279.46	

UNPLATTED LOTS										
SINGLE & MULTI FAMILY	229	229		1.00	229.00	27.40%	$465,008.12		$268,214.76	
COMMERCIAL	51.78	51.78	1K sf	0.75	38.84	4.65%	$78,858.47		$45,485.24	
Total Unplatted	280.78	280.78			267.84	32.05%	$543,866.60		$313,700.00	
										
TOTAL COMMUNITY	852	852			835.75	100.00%	$1,697,076.60		$1,024,979.46	

		

LESS: Walton County Collection Costs (2%) and Early Payment Discounts (4%):	($101,824.60)	($61,498.77)

Net Revenue to be Collected:	  $1,595,252.00 	$963,480.69

	PER ACRE ASSESSMENTS - UNPLATTED	

UNPLAT BY ACREAGE (2)	
34.53	
34.53	
$543,866.60	
$313,700.00	O&M
$15,751.92	DEBT SERVICE
$9,085.64	TOTAL
$24,837.56	

(1) Reflects the number of total lots with Series 2022 debt outstanding.

(2) Assessments are allocated on an equal assessment per acre basis until lots are platted.

(3) Annual debt service assessment per lot adopted in connection with the Series 2022 bond issue. Annual assessment includes principal, interest, Walton County collection costs and early payment discounts.

(4) Annual assessment that will appear on November 2023 Walton County property tax bill. Amount shown includes all applicable collection costs and early payment discounts (up to 4% if paid early).

7

GENERAL FUND BUDGET ACCOUNT CATEGORY DESCRIPTION
The General Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all General Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County’s Tax Roll, to be collected with the County’s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County.

EXPENDITURES – ADMINISTRATIVE:

Supervisor Fees: The District may compensate its supervisors within the appropriate statutory limits of
$200.00 maximum per meeting within an annual cap of $4,800.00 per supervisor.

Administrative Services: The District will incur expenditures for the day to today operation of District matters. These services include support for the District Management function, recording and preparation of meeting minutes, records retention and maintenance in accordance with Chapter 119, Florida Statutes, and the District’s adopted Rules of Procedure, preparation and delivery of agenda, overnight deliveries, facsimiles, and phone calls.

District Management: The District as required by statute, will contract with a firm to provide for the management and administration of the District’s day-to-day needs. These services include the conducting of board meetings, workshops, the overall administration of District functions, all required state, and local filings, preparation of the annual budget, purchasing, risk management, preparing various resolutions, and all other secretarial duties requested by the District throughout the year is also reflected in this amount.
District Engineer: The District’s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of construction invoices and all other engineering services requested by the district throughout the year.

8

Disclosure Report: The District is required to file quarterly and annual disclosure reports, as required in the District’s Trust Indenture, with the specified repositories. This is contracted out to a third party in compliance with the Trust Indenture.
Trustee’s Fees: The District will incur annual trustee’s fees upon the issuance of bonds for the oversight of the various accounts relating to the bond issues.
Assessment Roll: The District will contract with a firm to prepare, maintain and certify the assessment roll(s) and annually levy a non-ad Valorem assessment for operating and debt service expenses.

Financial & Revenue Collections: Services of the Collection Agent include all functions necessary for the timely billing and collection and reporting of District assessments in order to ensure adequate funds to meet the District’s debt service and operations and maintenance obligations. The Collection Agent also maintains and updates the District’s lien book(s) annually and provides for the release of liens on the property after the full collection of bond debt levied on particular properties.
Accounting Services: Services include the preparation and delivery of the District’s financial statements in accordance with Governmental Accounting Standards, accounts payable and accounts receivable functions, asset tracking, investment tracking, capital program administration and requisition processing, filing of annual reports required by the State of Florida and monitoring of trust account activity.
Auditing Services: The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting firm, once it reaches certain revenue and expenditure levels, or has issued bonds and incurred debt.

Arbitrage Rebate Calculation: The District is required to calculate the interest earned from bond proceeds each year pursuant to the Internal Revenue Code of 1986. The Rebate Analyst is required to verify that the District has not received earnings higher than the yield of the bonds.
Public Officials Liability Insurance: The District will incur expenditures for public officials’ liability insurance for the Board and Staff.

Legal Advertising: The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to meeting schedules, special meeting notices, and public hearings, bidding etc. for the District based on statutory guidelines
Bank Fees: The District will incur bank service charges during the year.

Dues, Licenses & Fees: The District is required to pay an annual fee to the Department of Economic Opportunity, along with other items which may require licenses or permits, etc.
Miscellaneous Fees: The District could incur miscellaneous throughout the year, which may not fit into any standard categories.
Website Hosting, Maintenance and Email: The District may incur fees as they relate to the development and ongoing maintenance of its own website along with possible email services if requested.

9

District Counsel: The District’s legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts and all other legal services requested by the district throughout the year.

EXPENDITURES - FIELD OPERATIONS:

Electric Utility Services: The District will incur electric utility expenditures for general purposes such as irrigation timers, lift station pumps, fountains, etc.
Street Lights: The District may have expenditures relating to street lights throughout the community. These may be restricted to main arterial roads or in some cases to all street lights within the District’s boundaries.

Aquatic Maintenance: Expenses related to the care and maintenance of the lakes and ponds for the control of nuisance plant and algae species.
Lake/Pond Bank Maintenance: The District may incur expenditures to maintain lake banks, etc. for the ponds and lakes within the District’s boundaries, along with planting of beneficial aquatic plants, stocking of fish, mowing and landscaping of the banks as the District determines necessary.
General Liability Insurance: The District will incur fees to insure items owned by the District for its general liability needs

Property Insurance: The District will incur fees to insure items owned by the District for its property needs
Landscape Maintenance: The District will incur expenditures to maintain the rights-of-way, median strips, recreational facilities including pond banks, entryways, and similar planting areas within the District. These services include but are not limited to monthly landscape maintenance, fertilizer, pesticides, annuals, mulch, and irrigation repairs.

Irrigation Maintenance: The District will incur expenditures related to the maintenance of the irrigation systems.
Irrigation Repairs: The District will incur expenditures related to repairs of the irrigation systems.

Landscape Replacement: Expenditures related to replacement of turf, trees, shrubs etc.

Miscellaneous Fees: The District may incur miscellaneous expenses that do not readily fit into defined categories in field operations.
Facilities Management Contract: The District may contract with a firm to provide for the oversight of its recreation facilities.

10

Miscellaneous Fees: Monies collected and allocated for fees that the District could incur throughout the year, which may not fit into any standard categories.
Miscellaneous Contingency: Monies collected and allocated for expenses that the District could incur throughout the year, which may not fit into any standard categories.
Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements.

RESERVE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION
The Reserve Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Reserve Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County’s Tax Roll, to be collected with the County’s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County.

Off Roll: For lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner.
Developer Contributions: The District may enter into a funding agreement and receive certain prescribed dollars from the Developer to off-set expenditures of the District.
Miscellaneous Revenues: The District may receive monies for the sale or provision of electronic access cards, entry decals etc.

EXPENDITURES:

Capital Reserve: Monies collected and allocated for the future repair and replacement of various capital improvements such as club facilities, swimming pools, athletic courts, roads, etc.

Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements.

11

DEBT SERVICE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION
The Debt Service Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Debt Service Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Special Assessments: The District may levy special assessments to repay the debt incurred by the sale of bonds to raise working capital for certain public improvements. The assessments may be collected in the same fashion as described in the Operations and Maintenance Assessments.

EXPENDITURES – ADMINISTRATIVE:

Bank Fees: The District may incur bank service charges during the year.

Debt Service Obligation: This would a combination of the principal and interest payment to satisfy the annual repayment of the bond issue debt.

ATTACHMENT F

SOMERSET COMMUNITY DEVELOPMENT DISTRICT

FISCAL YEAR 2023/2024 O&M & DEBT SERVICE ASSESSMENT SCHEDULE

TOTAL O&M BUDGET		$1,595,252.00	
COLLECTION COSTS @	2.0%	$33,941.53	
EARLY PAYMENT DISCOUNT @	4.0%		$67,883.06		
TOTAL O&M ASSESSMENT		  $1,697,076.60		

PER LOT ANNUAL ASSESSMENT	
	SERIES 2022		
	(REFUNDING)		
O&M (2)	DEBT SERVICE (3)(5)	TOTAL (4)	

$2,030.60	
$1,252.44	
$3,283.04	
$1,522.95	$939.33	$2,462.28	

$2,030.60	

$1,252.44	

$3,283.04	
$1,522.95	$939.33	$2,462.28	

	UNITS ASSESSED			ALLOCATION OF O&M ASSESSMENT		TOTAL SERIES 2022

LOT SIZE PLATTED LOTS	
O&M	(REFUNDING)
DEBT SERVICE (1)		
EAU FACTOR	TOTAL EAU's	% TOTAL EAU's	TOTAL O&M BUDGET		SERIES 2022 (REFUNDING)
DEBT SERVICE ASSESSMENT	
SINGLE & MULTI FAMILY	558	558		1.00	558.00	66.77%	$1,133,076.57		
$698,861.52	
COMMERCIAL	13.22	13.22	1K sf	0.75	9.92	1.19%	$20,133.43		$12,417.94	
Total Platted	571.22	571.22			567.92	67.95%	$1,153,210.00		$711,279.46	

UNPLATTED LOTS										
SINGLE & MULTI FAMILY	229	229		1.00	229.00	27.40%	$465,008.12		$268,214.76	
COMMERCIAL	51.78	51.78	1K sf	0.75	38.84	4.65%	$78,858.47		$45,485.24	
Total Unplatted	280.78	280.78			267.84	32.05%	$543,866.60		$313,700.00	
										
TOTAL COMMUNITY	852	852			835.75	100.00%	$1,697,076.60		$1,024,979.46	

		

LESS: Walton County Collection Costs (2%) and Early Payment Discounts (4%):	($101,824.60)	($61,498.77)

Net Revenue to be Collected:	  $1,595,252.00 	$963,480.69

	PER ACRE ASSESSMENTS - UNPLATTED	

UNPLAT BY ACREAGE (2)	
34.53	
34.53	
$543,866.60	
$313,700.00	O&M
$15,751.92	DEBT SERVICE
$9,085.64	TOTAL
$24,837.56	

(1) Reflects the number of total lots with Series 2022 debt outstanding.

(2) Assessments are allocated on an equal assessment per acre basis until lots are platted.

(3) Annual debt service assessment per lot adopted in connection with the Series 2022 bond issue. Annual assessment includes principal, interest, Walton County collection costs and early payment discounts.

(4) Annual assessment that will appear on November 2023 Walton County property tax bill. Amount shown includes all applicable collection costs and early payment discounts (up to 4% if paid early).