f\S:FICIAl FILE COPY
\	.RK OF THE BOARD OF COUNTY COMMISSIONERS
MIAMI-DADE COUNTY, FLORIDA
Date:	October 24, 2006

Agenda Item No. 5(B)

To:	Honorable Chairman Joe A. Martinez

Memorandum  mMmIAMI·•

and Members, Board of County ¢oiomissioners

Subject:		Ordinance Creating the Grand Bay at Doral Community Development District (Commission District No. 12).	0#06-153

RECOMMENDATION

It is recommended that the Board adopt the attached Ordinance creating the Grand Bay at Doral Community Development District (COD) in the City of Doral, pursuant to the authority granted by the Miami-Dade County Home Rule Charter for the purposes set forth in Chapter 190 of the Florida Statutes, subject to acceptance of the declaration of restrictive covenants running with the lands within the jurisdiction of the COD. The City of Doral has approved the creation of the Grand Bay Al Doral COD by Resolution No. 206-04.

BACKGROUND

Century Grand I, LLLP (Century Grand), owner of the Grand Bay at Doral Development, (Grand Bay) has filed an application lo create the Grand Bay at Doral COD in connection with said development. Grand Bay is a proposed 179.52 acre residential condominium and townhome development with units of workshop space lying wholly within the City of Doral, in an area bounded by NW 102 Avenue  on the east, theoretical NW 80 Street on !he south, NW 107 Avenue on the west and NW 90 Street on the north. The COD is designed to provide a financing mechanism for community infrastructure, facilities and services, along with certain ongoing operations and maintenance for the Grand Bay al Doral Development. The development plan for the lands within the proposed COD include construction of 1,343 condominiums, 500 townhomes, and 144 units of workshop space with associated roadway, earthwork, storm drainage and water and sewer facilities estimated to cost approximately $56.985 Million. A detailed summary of COD elements. as well as their cos! and anticipated lack of fiscal impacts lo government agencies, is presented in the attached application submitted by Century Grand. In accordance with Florida Statute  190, Century Grand I, LLLP. has paid a filing fee of $15,000 to the County.

I

CDDIREVISfO GRAND BAY AT OOR,\L CDD ORDINA.NC8 MEMO-OMS
10'512006

Honorable Chairman Joe A.	.rtinez	'-·7_ and Members, Board of County Commissioners
Page2	-.-. ,.,...,

A declaration of restrictive covenants has been submitted consistent with the requirements of Resolution R-413-05 adopted by the Board on April 5, 2005, and as amended by Resolution- No. R- 883-06, adopted on July 18, 2006, to add language regarding the option to pay capital asseSSJl1ents in full at time of closing. The restrictive covenant provides for notice in the public records of the projected taxes and assessments to be levied by the COD, individual prior notice to the initial purchaser of a residential lot or unit within the development and provisions for remedial opJions to initial purchasers whose contract for sale did not include timely notice of the existence and extent of COD liens and special assessments.
This Board is authorized by the Florida Constitution and the Miami-Dade County Home Rule Charter to establish governmental units such as this COD within Miami-Dade County and to prescribe such government's jurisdiction and powers.
This development has private roads that are to be maintained by Homeowner Associations or the COD. With the City's approval, a special taxing district was created to maintain the development's infrastructure such as private roadways, private area storm drainage and landscape, should the CDD be dissolved or fail to fulfill its maintenance obligations. The special taxing district will remain dormant until such time as the City of Doral requests Miami-Dade County to activate it.

FISCAL IMPACT
The creation of the Grand Bay at  Doral Community Development District will have no fiscal impact to	\

Assista

1 M

Miami-Dade County.	J

Date

COO\llEVISED GRAND 9AY AT DORAL COD ORDINANCE MEMO-GMB
l&"S/1006

MEMORANDUM
(Revised)

TQ:	,	U9nori])le Chairman  Joe A. Martinez	.	DATE:
,	ap.tl Members, Board of County Commissioners
..    ·.	·-     -.-,_'..!'/{):\·:	.

October 24, 2006

FROM:	SUBJECT:  Agenda Item No.	5 ( B)

Please note any items checked.

"4-Day Rule" ("3-Day Rule" for committees) applicable If raised

 		6 weeks required between first reading and public hearing

 		4 weeks notification to municipal officials required prior to public hearing

 		Decreases revenues or increases expenditures without balancing budget

 		Budget required

 		Statement of fiscal impact required

 		Bid waiver requiring County Manager's written recommendation

 		Ordinance creating a new board requires detailed County Manager's report for public hearing

 		Housekeeping item (no policy decision required)

 		No committee review

3

Approved   	

_	 	Mayor	_;,genda Item No.	5 ( B)

Veto		 Override    	

10-24-06	•
OFFICIAL FILE COPY	.-- , CLERK OF THE BOARD
OF COUNTY COMMISSIONERS MIAMI-DADE COUNTY, FLORIDA

ORDINANCE NO.	06-153 -----

ORDINANCE GRANTING PETITION OF CENTURY GRAND I, LLLP, ("CENTURY GRAND" OR "PETITIONER") FOR ESTABLISHMENT OF A COMMUNITY DEVELOPMENT DISTRICT; CREATING AND ESTABLISHING GRAND BAY AT DORAL COMMUNITY DEVELOPMENT DISTRICT ("DISTRICT"); PROVIDING FOR NAME, POWERS AND DUTIES; PROVIDING DESCRIPTION AND BOUNDARIES; PROVIDING INITIAL MEMBERS OF BOARD OF SUPERVISORS; ACCEPTING PROFFERED DECLARATION OF RESTRICTIVE COVENANTS; PROVIDING SEVERABILITY; EXCLUSION FROM THE CODE AND AN EFFECTIVE DATE

WHEREAS, the Florida Legislature created and amended Chapter 190, Florida Statutes, to provide an alternative method to finance and manage basic services for community development; and
WHEREAS, Section l.0l(A)(21) of the Miami-Dade County Home Rule Charter grants the Miami-Dade County Board of County Commissioners the authority to exercise all powers and privileges granted to municipalities and counties by the laws of this State; and
WHEREAS, Article VIII, Section 6(1) of the Florida Constitution provides for exclusive County Charter authority to establish all governmental units within Miami-Dade County and to provide for their government and prescribe their jurisdiction and powers; and
WHEREAS, Century Grand I, LLLP, ("Century Grand" or "Petitioner") has petitioned for the establishment of the Grand Bay at Doral Community Development District (the "District"); and

CD O\!tEVISEO GRAND BAY AT OORALCDDORDINANCH
09/12/2006

enda Item No.	5 ( B )
Page2

WHEREAS, a public hearing has been conducted by the Miami-Dade County Board of County   Commissioners   in   accordance   with   the   requirements   and   procedures   of Section 190.005(2)(b), Florida Statutes, and the applicable requirements and procedures ·of the Miami-Dade County Home Rule Charter and Code; and
WHEREAS, the District will constitute a timely, efficient, effective, responsive and economic way to deliver community development services in the area, thereby providing a solution to the County's planning, management and financing needs for delivery of capital infrastructure therein without overburdening the County and its taxpayers; and
WHEREAS, the Board of County Commissioners finds that the statements contained in the Petition are true and correct; and
WHEREAS, the creation of the District is not inconsistent with any applicable element or portion of the State comprehensive plan or the Miami-Dade County Comprehensive Development Master Plan; and
WHEREAS, the area of land within the District is of sufficient size, is sufficiently compact, and is sufficiently contiguous to be developable as one functional interrelated community; and
WHEREAS, the creation of the District is the best alternative available for delivering community development facilities and services to the area that will be served by the District; and WHEREAS, the proposed facilities and services to be provided by the District will be compatible with the capacity and uses of existing local and regional community development
facilities and services; and

WHEREAS, the area that will be served by the District is amenable to separate special­ district government; and

CDD\JtEVISEDGRANDRAY AT OORAl.CDDOROINANCB
OWll/2006

.genda Item No.	5 ( B ) Page 3

WHEREAS,   the  owner  of  the  property  that  is  to  be  developed   and  served by the	···-, community development services and facilities to be provided by the District has submitted an
executed declaration of restrictive covenants pledging among other things to provide·initial purchasers of individual residential units with notice of liens and assessments applicable to such parcels, with certain remedial rights vesting in the purchasers of such parcels if such notice is not provided in a timely and accurate manner; and
WHEREAS, having made the foregoing findings, after a public hearing, the Miami-Dade County Board of County Commissioners wishes to exercise the powers bestowed upon it by Section L0l(A)(21) of the Miami-Dade County Home Rule Charter in the manner provided by Chapter 190, Florida Statutes; and
WHEREAS, because the proposed District is located wholly within the municipal

boundaries of the City of Doral, the City is in a position to be well informed regarding the merits	-.,,,
))
of this District; and

WHEREAS, The City of Doral has consented to the creation of the District within the municipal boundaries subject to certain conditions that the petitioner shall have to satisfy; and the Board of County Commissioners desires to establish the District; and
WHEREAS, based on the written consent of the City of Doral, the Miami-Dade County Board of County Commissioners finds that the District shall have those general and special powers authorized by Sections 190.011 and 190.012, Florida Statutes, and set forth herein, and that it is in the public interest of all of the citizens of Miami-Dade County that the District have such powers.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA:

CDc:AAP:VISED<lRANO QAY AT DORAL CXID OJUl{NANCE
09/17/2006

Section I.

enda Item No.	5 ( B )
Page4

The foregoing findings, which are expressly set forth herein, are hereby

adopted and made a part hereof.

Section 2. The Petition to establish the Grand Bay at Doral Community Development District over the real property described in Exhibit A attached hereto, which was filed  by Century Grand I, LLLP, a Florida partnership, on December 9, 2005, and which Petition is on  file at the Office of the Clerk of the Board, is hereby granted. A copy of the Petition is attached and incorporated herein (Exhibit B).
Section 3.  The external boundaries of the District shall be as depicted on the location map attached hereto and incorporated herein as Exhibit C.

Section 4.

Section 5.

The initial members of the Board of Supervisors shall be as follows:

Cesar Llano Catherine Burns Jessica Gonzalez Brandon Immerman Barbara Pico
The name of the District shall be the "Grand Bay at Doral Community

Development District."

Section 6.   The Grand  Bay at Doral Community Development  District is created  for the purposes set forth in Chapter 190, Florida Statutes, pursuant to the authority granted by Section I.Ol(A)(21) of the Miami-Dade County Home Rule Charter.
Section 7. Pursuant to Section 190.005  (2) (d), Florida Statutes,  the charter for the  Grand Bay at Doral Community Development District shall be Sections 190.006 through 190.041, Florida Statutes.

,,I,J,I,B..VJSl'DGRAND BAY AT OORALCDDORDINANCE

,genda Item No.	5 ( B)
Page5

Section 8.	The Miami-Dade County Board of County Commissioners hereby grants

to the Grand Bay at Doral Community Development District all general powers authorized pursuant to Section 190.01 I, Florida Statutes, and hereby finds that it is in the public interest of all citizens of Miami-Dade County to grant such general powers.
Section 9.     The Miami-Dade  County Board of County Commissioners  hereby'grants to the Grand Bay at Doral Community Development District the special powers authorized pursuant to Section 190.012 (1), Florida Statutes and Sections 190.012 (2) (a) (d) and (t), (except for powers regarding waste disposal), Florida Statutes and Section 190.012 (3), Florida Statutes, and hereby finds that it is in the public interest of all citizens of Miami-Dade County to grant such special powers; provided that the District's exercise of power  under Section  190.012(l)(b),
Florida Statutes, pertaining to  water, waste water  and reuse water services shall be pursuant  to

that Declaration  of Restrictive Covenants submitted  to the Board of  County Commissioners in	···-,,
)
connection with the petition.

Section 10. All bonds issued by the Grand Bay at Doral Community Development District pursuant to the powers granted by this ordinance shall be validated pursuant to Chapter 75, Florida Statutes.
Section 11. No bond, debt or other obligation of the Grand Bay at Doral Community Development District, nor any default thereon, shall constitute a debt or obligation of Miami-Dade County, except upon the express approval and agreement of the Miami-Dade Board of County Commissioners.
Section 12. Notwithstanding any power granted to the Grand Bay at Doral Community Development District pursuant to this Ordinance, neither the District nor any real or personal property or revenue in the district shall, solely by reason of the District's creation and existence, be exempted from any requirement for the payment of any and all rates, fees, charges, permitting

CD D\Rf!VISl!DOJUNDBAY AT DORALCOD ORDINANCE
09/l:v:2006

0#06-153
_;enda Item No.	5 ( B)
Page6

fees, impact fees, connection fees, or similar County rates, fees or charges, or special taxing districts special assessments which are required by law, ordinance or County rule or regulation to be imposed within or upon any local government within the County.
Section 13. Notwithstanding any power granted to the Grand Bay at Doral Community Development District pursuant to this Ordinance, the District may exercise the power of eminent domain outside the District's existing boundaries only with the prior specific and express approval of the Board of County Commissioners of Miami-Dade County.
Section 14. This Board hereby accepts that Declaration of Restrictive Covenants proffered by the owners of the lands within the jurisdiction of the Grand Bay at Doral Community Development District, in connection with the petition submitted by Century Grand, and approved herein.
Section 15.     If any section, subsection. sentence, clause or  provision of this ordinance is held invalid, the remainder of this ordinance shall not be affected by such invalidity.
Section 16. It is the intention of the Board of County Commissioners, and it is hereby ordained that the provisions of this ordinance shall be excluded from the Code of Miami-Dade County.
Section 17. This ordinance shall become effective ten (10) days after the date of enactment unless vetoed by the Mayor, and if vetoed, shall become effective only upon an override by this Board.

PASSED AND ADOPTED:	October 24, 2006

Approved by County Attorney as to form and legal sufficiency:

Prepared by:

Gerald T. Heffernan

CD OIR£VIS£DGRAND BAY AT DORALCDDORDIMANCE Q9/12f.1006

RESOLUTION Z06 • 04

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DORAL, FLORIDA SUPPORTING THE ESTABLISHMENT OF THE GRAND BAY AT DORAL COMMUNITY DEVELOPMENT  DISTRICT; PROVIDING AN EFFECTIVE DATE

WHEREAS, Special District Services Inc., (''Applicant") has requested a resolution supporting the establishment of the Grand Bay at Doral Community Development District; and WHEREAS, Applicant has requested the rights to exercise all powers provided for in
Sections 190.06 and 190.41, Florida Statutes; and

WHEREAS, the areas which will  be  enforced  by  the  District  include  earth  work, waste water, water supply system, surface water management,  roads,  paving,  and  landscaping; and
WHEREAS, the proposed Community Development District will allow the Applicant to seek approval from the County to create the District for the construction and financing of public infrastructure required to service this project; and
WHEREAS, the City Council, after careful review and deliberation, and the recommendation of staff, determined that it is in the best interests of the citizens of the City of Doral to support the establishment of the Grand Bay at Doral Community Development District, subject to conditions;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE

CITY OF DORAL, FLORIDA THAT:

Section I. The foregoing "WHEREAS" clauses are hereby  ratified  and  confirmed  as being true and correct and are hereby made a part of this Resolution upon adoption hereof.
Page I of3

(0

Section 2. The City Council of the City of Doral hereby supportS Applicant's application for the establishment of the Grand Bay at Doral Community Development District, subject to the following conditions:
The City of Doral will be named as a beneficiary in the Declaration of  Restrictions proffered to Miami-Dade County.
The City of Doral will be allowed to appoint two of the five original members to the District.
The Community Development District  documents  shall  specify  that  all  site improvements shall be constructed to applicable Miami-Dade County and City of Doral, Public Work standards and procedures.
Any amendments or modifications to the petition  on  file  with  the  City  must  be submitted for review and approval within 30 days of such changes.
All current names and contacts associated with the Community Development District and Declaration of Restrictions shall be submitted to the City of Doral Community Development Director, and kept up-to-date.
All proposed designs shall comply with all of the City of Doral guidelines. codes. ordinances and procedures.
This property shall be platted and recorded prior to  any  building  permits  being applied for. Final Plat must be approved by the City of Doral. Right-of-way requirement  and  Improvements must seek City of Doral Public Works approval.
If the Community Development District is approved by the County, within 45 days of

such approval, Applicant shall meet with the City of Doral Planning and Zoning Department and
Page 2 of3

{ (

'
;

the City of Doral Public Works Department and outline which roads, utility lines, and right-of­ way improvements are to be dedicated and which ones are to be maintained by the Community Development District.
Section 3.	This resolution shall become effective upon its passage and adoption by

the City Council and is binding on all successors and assigns.

WHEREAS, on March 22, 2006 a motion to approve the Resolution was offered by Vice Mayor Cabrera, who moved its  adoption.  The  motion  was seconded  by  Councilman  DiPietro and upon being put to a vote. the vote was as follows:

Mayor Juan Carlos Bermudez
Vice Mayor Peter Cabrera Councilmember Michael DiPietro Councilwoman Sandra Ruiz Councilmember Robert Van Name

yes
yes yes yes yes

PASSED AND ADOPTED this 22°• day of March, 2006.

JUAN ERMUDEZ, MAYOR

ATTEST:
v3<Ah(Yl C-	I		-II
BARBARA HERRERA-HILL, CITY CLERK

Page 3 of3

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SURVEYOR'S NOTES:	1/181,.	,
•J  -This  fs not  a Boundary Survey,  but  only a  GRAPHIC DEPICTION of	the description shown hereon.
2) -Not valid without the signature and the  original  raised seal of o Florida  Licensed  Surveyor and Mapper. Additions or deletions to survey maps or reports by  other  than  the  signing  party or parties is prohibited. without written consent of the signing party or parties.

3)

- There  may be additional  Restrictions  not  shown  on  this Sketch  &: Legal  that  may be found	•
in the Public Records of this County, Examination of ABSlRACT OF TITLE will be mode to
determine recorded instruments, if any affecting this property.

4} -North arrow direction and Bearings shown hereon ore based on assumed value of Na9•39•2a"E, along the North Line of Section B, Township 53 South, Range 40 Eost, as shown on the Section  Sheet thereof of the Public Records of Miami-Dode County. Florido.
-The Sketch ond Legal Description shown herein Is based on the information provided by the Client.
-No title research hos been performed  to  determine if  there are any conflict  existing  or arising  out of the creation of the easements, Right of Ways Parcel Descriptions, or e1ny other type of encumbrances that the herein described legal may be t.:!!!!2:es for.
SURVEYOR'S CERTlFICATE:
I Hereby Certify to the best of my knowledge and belief that this drawing is a true and correct ' representation af the SKETCH AND LEGAL DESCRIPTION of the reol property described hereon.
I further certify that this sketch was prepared in accordance with the applicable provisions of

Chapter 61G17-6, Florida Administrative Code.
Ford. Armenteros &- Manucy. Inc. L.B. 6557
Dale: August 22. 2006.

.,--\.-•. )	(-"·\· ,·

--- -.-

l:::-:.=-· -·
Ricardo Rodrigui<Jz, ;:>_.,_._M.-

•

Profe::.sionol S!Jrveyor al"!d Mapper Stele of Florida, Registration No.5936

	GRAND BAY AT DORAL COD	
	ORD. ARMENTEROS & MANUCY, INC.
1950 NW. 94th AVENUE. 2nd FLOOR MIAMI. FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805	SKETCH AND LEGAL DESCRIPTION
.........	LOCATION MAP AND NOTES	
		.. .. ATLAS PROPERTY. LLC	
		lltAJtl1M R. RODRIGUEZ
.......	IIAlli AUGUST 22. 2006.
NIA	,
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LEGAL DESCRIPTION,
A   portion   of  Section  8,   Township   53   South,  Range  40  East, Miami-Dode  County,	\
Florida,  being  more  particularly  described as  follows:	)
COMMENCE at the Northwest Corner of said  Section  8;  thence  N89degJ9min2BsecE. along  the  North  Line  of  said  Section  8,  for  o  distance   of   40.01   feet   to  the  POINT OF BEGINNING of the hereinafter described Parcel of Land; thence continue N89deg39min28secE,  along  the  lost  described  line  for  a  distance  of  2616.18  feet; thence  S01deg44min24secE  for  a  distance  of  3358.11  feet;   thence S89deg39min25secW for o distance of 2617.08 feet; thence  N01deg43min29secW, along  a  line  40.00  feet  East  of  and  parallel  with   the   West  Line   of   said  Section   8, for a distance of 3358.12 feet to the POINT OF BEGINNING.

LESS THE FOLLOWING DESCRIBED LANDS:

The East 400 feet of the West 970 feet of the North 240 feet. and the East 450
.,	feet  of  the  West  970   feet  of  the  South  250  feet  of  the  North  490  feet  of Section
8,  Township  53  South,  Range  40  East, Miami-Dode  County.  Florido,  as  described in
a Special Warranty Deed recorded in Official Records  Book  18896,  at  Page  765  of the Public Records of Miami-Dode County, Florido.

LESS THE °FOLLOWING DESCRIBED LANDS:

A portion of the Northwest 1/4 of Section 8, Township 53 South, Range 40 East.
Miami-Dade County. Florido, being more particularly described as follows:

COMMENCE at the Northwest Corner of said Section 8; thence  South 01deg43min29sec East. along  the  West  Line  of  the  Northwest  1/4  of  said Section 8, for a  distance  of  240.07  feet;  thence  North  89deg39min28sec  East  for  a distance of 40.01 feet to the POINT OF BEGINNING of  the  hereinafter  described Parcel of Land; thence continue North 89ded39min28sec East for a distance of

)

310.09 feet; thence South 01deg43min29sec East for a distance of 399.33 feet; thence South 88deg16min31sec West for a distance of 310.00 feet; thence North 01deg43min29sec  West,  along  a Line  40.00  feet  East  of  and parallel  with  the West
Line  of  the  Northwest  1/4   of   said  Section  8,  for  a  distance  of  406.81  feet  to  the
POINT OF BEGINNING.
LESS THE FOLLOWING DESCRIBED LANDS:

A portion of the Northwest 1/4 and the Southwest 1/4  of  Section  8,  Township  53 South, Range 40  East.  Miami-Dade  County,  Florido,  being  more  particularly described as follows:

COMMENCE at the  Northwest  comer  of  said  Section  8;  thence  South 01deg43min29sec  East,  along   the  West  Line  of   the  Northwest  1/4   of   said  Section 8,  for  a  distance  of  647.85   feet;   thence  North   88deg16min31sec  Ecst.  for   a distance of 40.00 feet  to  the  POINT  OF  BEGINNING  of  the  hereinafter  described Parcel of Land; thence continue North 88deg16min31sec East for a distance of
feet; thence South 01deg43min29sec East, along a line 350.00 fe t East of
and parallel with the West Line  of  the  Northwest  1/4  of  said  Section  8,  for  a distance of 547.52  feet  to  o  point  hereinafter  refer  to  as  Reference  Point  "A"; thence South 88deg16min31sec West for a distance of 104.00 feet; thence North 01deg43min29sec West for  o  distance  of  100.00  feet;  thence  South 88deg16min31sec West for  o  distance  of  206.00  feet;  thence  North 01deg43min29sec West, along a line 40.00 feet East  of  and  parallel  with  the  West Line of the Northwest 1/4 of said Section 8, for o distance. of 447.52 feet to the
POINT OF BEGINNING.

AND

•

GRAND BAY AT DORAL COD
SKETCH AND LEGAL DESCRIPTION

ORD, ARMENTEROS & MANUCY, INC.

MIAMI. FLORIDA 33172	w 111 n R. RODRIGUEZ

1950 NW 941h AVENUE.1od FLOOR

""'"'""'

LEGAL DESCRIPTION TO ACCOMPANY SKETCH ATLAS PROPERTY, LLC

out, AUGUST 22. 2006.

PH.(305)477-6472	01C.O(Cllll8Y:	SCUI:	NIA	2
 	FAX_1_3o_s_)4_1_0-_1s_o_s 	, "'-""-"-- 	."."' _'"os-_c9"5_.,°c:c' .'--' 	c",;·:?-_

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COMMENCE  at  the  aforementioned  Reference  Point  "A";  thence  South 01deg43min29sec  East,  along  a  line  350.00  feet  East  of  and  parallel  with  the  West Line  of  the  Northwest  1/4  of  said  Section  8,  for  a  distance  of   50.00  feet   to   the POINT OF BEGINNING of the hereinafter described Parcel of Land: thence continue
South 01deg43min29sec East, along the last described line. for o distance of
1364.00 feet to a point hereinafter refer to as Reference Point "8"; thence South 88deg16min3lsec  West  for  a  distance  of  310.00  feet;   thence  North 01deg43min29sec West. along to line 40.00 feet East of and parallel with the West
Line of  the  Northwest  1/4  of  said  Section  8.  for  a  distance  of  1259.68  feet; thence North 88deg16min31sec East for o distance of 206.00 feet; thence North 01deg43min29sec West for a distance  of  104.32  feet;  thence  North 88deg16mln31sec East for a distance of 104.00 feet to the POINT OF BEGINNING.

AND

COMMENCE at the aforementioned Reference Point  "B";  thence  South 01deg43min29sec East, along a line 350.00  feet  East  of  and  parallel  with  the  West Line of the Southwest  1/4  of  said  Section  8,  for  o  distance  of  60.00  feet  to  the POINT OF BEGINNING of the hereinafter described Parcel of Land;  thence  continue South  01deg43min29sec  East,  along  the  lost  described  for   a  distance  of  697.19 feet; thence  South  89deg39min25sec  West  for  a  distance  of  310.00  feet;  thence North 01deg43min29sec West. along a line 40.00  feet  East  of  and  parallel  with  the West Line of the Southwest 1/4 of said Section 8, for a distance of 689.72 feet;
thence North 88deg16min31sec East for o distance of 310.00 feet to the POINT OF BEGINNING.

Containing 7,685,385.79 Square Feet or 176.43 Acres more or less.

GRANDBAYATDORALCDD
SKETCH AND LEGAL DESCRIPTION

FORD, ARMENTEROS & MANUCY, INC.
1950 N.W 94th AVENUE, 2nd FLOOR MIAMI. FLORIDA 33171
PH. (305) 477-6471
FAX (305\ 470-1805

""""""

LEGAL DESCRIPTION TO ACCOMPANY SKETCH ATLAS PROPERTY, LLC

ww '"- R. RODRIGUEZ

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MATCH LINE

GRAND BAY AT DORAL COD	
ORD. ARMENTEROS & MANUCY, INC.
1950 NW. 941h AVENUE. 2nd FLOOR MIAMI. FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805
-----------------.	SKETCH AND LEGAL DESCRIPTION
SKETCH TO ACCOMPANY LEGAL DESCRIPTION
ATLAS PROPERTY, LLC	
	*   at  R. RODRIGUEZ	OAlt: AUGUST 22. 2006.	4	
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GRAND BAY AT DORAL COD
ORD, ARMENTEROS & MANUCY, INC.	SKETCH AND LEGAL DESCRIPTION	

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH (305) 477-6472
FAX (305) 470-2805		
	SKETCH TO ACCOMPANY LEGAL DESCRIPTION	
	ATLAS PROPERTY, LLC	
	DU., ft  R.RODRIGUEZ	os.1t: AUGUST 22. 2006.	5	
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LEGEND
P.O.t - PffiNT Of COMlll!IC£
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- PL\T BOOK l'G. - PAG!

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GRAND BAY AT DORAL COD
"" ""'" SKETCH AND LEGAL DESCRIPTION

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PH.{305} 477-6472	ric.111:im ll'l';	SOU:	1=·   200· 	6
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LEGEND
P.O.C. - POINT If COIIMDl!I
P.0.B. - POINT If  BWNIING
P.O. - PLIT BOOK PG. - PAGE

NOT SUBDIVIDED PORTION OF
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I	a.
I

SKETCH AND LEGAL DESCRIPTION
SKETCH TO ACCOMPANY LEGAL DESCRIPTION ATLAS PROPERTY, LLC

GRAND BAY AT DORAL COD

ORD, ARMENTEROS & MANUCY, INC.

tiAlt: AUGUST 22, 2006.

1:1P• '"- R RODRIGUEZ

1950 N.W. 94th AVENUE. 2nd FLOOR MIAMI. FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805

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P.O.C - POOi! If calMENC!
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'
GRAND BAY AT DORAL COD
""""""' SKETCH AND LEGAL DESCRIPTION

ORD, ARMENTEROS & MANUCY, INC.	""'""	SKETCH TO ACCOMPANY LEGAL DESCRIPTION
1950 NW. 94th AVENUE. 2nd FLOOR	""""'"	ATLAS PROPERTY, LLC

8

MIAMI, FLORIDA 33172	IKllll..,. R. RODRIGUEZ I OAtr.- AUGUST 22, 2006. j 9£11:
PH. {305) 477-6472	0,0    '""'"-	I"-"'	1- a 200'	J

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GRAND BAY AT DORAL CDD	
ORD, ARMENTEROS & MANUCY, INC.
1950 N.W. 941h AVENUE. 2nd FLOOR MIAMI. FLORIDA 33172
PH (305) 477-6472
FAX (305) 470-1805	,.,.....	SKETCH AND LEGAL DESCRIPTION
SKETCH TO ACCOMPANY LEGAL DESCRIPTION	
	ATLAS PROPERTY, LLC
IIIAIN!!! R. RODRIGUEZ	OAtr; AUGUST 22. 2006.
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LEGEND
P.0.C - P«NT If ca!MENC[
P.0.B. - PDNT If IIEGNNING
P.B. - PLAT BOO<

I	o	P	- PAII

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P.O.C. - Pmll Of OOIUENC[
P.0.8. - Pf,NT Of BWHNING
P.H.    -   PL\T 8()(11(
PG.      -  PAG!:

'

GRAND BAY AT DORAL COD	
ORD, ARMENTEROS & MANUCY, INC.
1950 NW. 94Ih AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805	,..,.,..	SKETCH AND LEGAL DESCRIPTION
SKETCH TO ACCOMPANY LEGAL DESCRIPTION ATLAS PROPERTY, LLC	
			
	W¥1 ti'\ R. RODRIGUEZ	out: AUGUST 22, 2 06.	10	

EXHIBIT "B"

INRE:        AN ORDINANCE TO ESTABLISH	) THE GRAND BAY AT DORAL	) COMMUNITY DEVELOPMENT DISTRICT )

PETITION

Petitioner, Century Grand I, LLLP ("Petitioner"), hereby petitions the Miami­ Dade County Commission to establish a Community Development District ("District") with respect to the land described herein and in support of the Petition. Petitioner states:

The proposed District is located within the incorporated area of the City of Doral, Miami-Dade County. Exhibit I depicts the general location of the project. The proposed District covers approximately 179.52 acres of land. The metes and bounds description of the external boundaries of the District is set forth in Exhibit 2. There is no real property within the external boundaries of the proposed District, which is to be excluded from the District.

Attached to this Petition as Exhibit 3 and made a part hereof is the written consent to the establishment of the District by the owner of l00% of the real  property  to be included in tlie District.

The five persons designated to serve as initial members of the Board of Supervisors of the proposed District are as follows:

Cesar Llano	743 Sistina Avenue	Coral Gables Fl 33146	
Catherine Burns	5501 NW 112th Court	Miami, Fl 33178	
Jessica Gonzalez	16248 SW 67th Terrace	Miami, Fl 33193	
Brandon Immerman	12474 SW 121st Lane	Miami, Fl 33186	
Barbara Pico	9770 SW 217th Street	Miami, Fl 33190	
The City of Doral will reserve the right to name two (2) members to the initial Board in lieu of two (2) persons named to this initial Board.

The proposed name of the District to be established is Grand Bay at Doral Community Development District ("GBDCDD").

There are no existing major trunk water mams, sewer interceptors or outfalls currently existing on the site.

The proposed timetable for the construction of District services  is shown on Exhibit 4A and the estimated cost of constructing the services,  based  on available  data, is shown on Exhibit 4B. These are good faith estimates but are not binding on the Petitioner or the District and are subject to change.

Petitioner is in the process of developing the project as a Traditional Neighborhood District (TND). The proposed uses for the land within the District are, 500

Townhomes, 1343 Condominiums and 144 units of workshop space. The proposed uses for the land included within the proposed District are in compliance with Miami­ Dade County Future Land Use Element. The County Master Plan and Future Land Use Element designate the land contained within the proposed District  for  low-medium density residential with one density increase with urban design. The future general distribution, location and extent of public and private uses of land proposed for the area within the District are shown on Exhibit 5.	·

Exhibit 6 is a Statement of Estimated Regulatory Costs prepared in accordance with the requirements of Section 120.541, Florida Statutes.

Exhibit 7 is the proposed boundaries of the community development
district.

Exhibit 8 consists of the reswnes of the proposed supervisors.

I1.	Petitioner hereby requests that the proposed district be granted the right to exercise all powers provided for in Sections 190.012(1), 2(a) and 2(d), Florida Statutes, as amended.

h

The Petitioner is Century Grand I. LLLP whose address is 7270 NW 121
Street.# 410, Miami, Fl.33126.

The property within the proposed District is amenable to operating as an independent special district for the following reasons:

a	Establishment of the District and all land uses and services planned within the proposed District are not inconsistent with applicable elements or portions of the effective Miami-Dade County Comprehensive Development Master  Plan,  as amended.

The area of land within the proposed District is part of a unified plan of development for which a development plan has been or will be approved by Miami-Dade County. The land encompassing the proposed District is of sufficient  size and is sufficiently compact and contiguous to be developed as one functional interrelated community.

The community development services of the District will be compatible with the capacity and use of existing local and regional community development services and facilities.

The proposed Distri<;t will be the best alternative available for delivering community development services to the area to be served because the District provides a governmental entity for delivering those services and facilities  in a  manner that does not financially impact persons residing outside the District and provides a responsible perpetual entity capable of making reasonable provisions for  the operation and maintenance of the District services and facilities in the future.

2

Townhomes, 1343 Condominiums and 144 units of workshop space. The proposed uses for the land included within the proposed District are in compliance with Miami­ Dade County Future Land Use Element. The County Master Plan and Future Land Use Element designate the land contained within the proposed District for low-medium density residential with one density increase with urban design. The future general distribution, location and extent of public and private uses of land proposed for the area within the District are shown on Exhibit 5.

Exhibit 6 is a Statement of Estimated Regulatory Costs prepared m accordance with the requirements of Section 120.541, Florida Statutes.

Exhibit 7 is the proposed boundaries of the community development
district.

Exhibit 8 consists of the resumes of the proposed supervisors.

Petitioner hereby requests that the proposed district be granted the right to exercise all powers provided for in Se.ctions 190.012(1), 2(a) and 2(d), Florida Statutes, as amended.

The Petitioner is Atlas Property I, LLC whose address is 7270 NW 12th Street. #410. Miami. Fl.33126.

The property within the proposed District is amenable to operating as an independent special district for the following reasons:

a	Establishment of the District and all land uses and services planned within the proposed District are not inconsistent with applicable elements or portions of the effective Miami-Dade County Comprehensive Development Master Plan, as amended.

The area of land within the proposed District is part of a unified plan of development for which a development plan has been or will be approved by Miami-Dade County. The land encompassing the proposed District is of sufficient size and is sufficiently compact and contiguous to be developed as one functional interrelated community.

The community development services of the District will be compatible with the capacity and use of existing local and regional community development services and facilities.

The proposed District will be the best alternative available for delivering community development services to the area to be served because the District provides a governmental entity for delivering those services and facilities in a manner that does not financially impact persons residing outside the District and provides a responsible perpetual entity capable of making reasonable provisions for the operation and maintenance of the District services and facilities in the future.

2

WHEREFORE, Petitioner respectfully requests the Miami-Dade County  Commission to:

I. Hold a public hearing  as  required  by  Section  190.005(2)  (b),  Florida  Statutes to consider the establishment of the Grand Bay at Doral Community Development District and;

2.    Adopt  an  ordinance  pursuant  to Chapter  190,  Florida  Statutes,  granting this Petition and establishing the Grand Bay at Doral Community  Development District.

Respectfully submitted this z50,\	2006.

)
Century Grandi, LLLj>
\
By: Century,Grand I Management, LLC
Sergio Pino-  Manager
7270 NW 12'" Street,# 410, Miami, FI 33126

EXHIBIT3
AFFIDAVIT OF OWNERSHIP AND CONSENT TO THE CREATION OF THE
GRAND BAY AT DORAL COMMUNITY DEVELOPMENT DISTRICT

STATE OF FLORIDA	) COUNTY OF MIAMI-DADE	)
On this b'W    day of    't-\/Yl	2006, personally appeared before me, an officer duly authorized to administer oaths and take acknowledgments,  Sergio Pino. who after being duly sworn, deposes and says:

I. Affiant, Sergio Pino, an individual, is a Manager of, Centurv Grand I Management, LLC a Florida Limited Liability Company: and

The Centurv Grand I. LLLP is the owner of the following described property, to wit:
See Exhibit "A" attached hereto (the "Property").

Affiant Sergio Pino, hereby represents that he has full authority to execute all documents and instruments on behalf of the Company, including the Petition before the Board of County Commissioners of Miami-Dade County,  Florida, to enact an ordinance to establish the Grand Bay at Doral Community Development District (the "Proposed COD").

The property represents all of the real property to be included in the Proposed COD.

Affiant, Sergio Pino on behalf of Centurv Grand I. LLLP as the sole owner of the property in the capacity described above, . hereby consents to the establishment of the proposed COD.	/
':-   '•
FURTHER,  AFFIANT SAYETH NOT.	.,·-.......

Sergio Pino
/	..
Sµ  scribed  andJWorn to  before me this	/     day of	f f 1-• •   j	, 2006 by
 	
..x,'  J,	f-'•.•t•-	, who personally appeare<:f before me, and is personally known.			·	·	·-·-	(,	/···;/ .,
Notary:	· };f, 1 ·,... --:::: ::...;;;i:;,,	--
Print Name:	':.tt,Lef ["''
Notary Public, State fFlorida

;;_7

JOINDER AND CONSENT OF MORTGAGEE

BANKUNITED, FSB, being the mortgagee under that certain mortgage from Century Grand I, LLLP, a Florida limited liability limited partnership recorded in Official Records_ Book 24379 at Page I 927 of the Public Records of Miami-Dade County, Florida, covering all or  a portion of the property described in the foregoing Declaration of Restrictive Covenants, encumbering all or portions of the real property described in the foregoing Declaration of Restrictive Covenants, hereby consents to and acknowledges that the terms of the Declaration of Restrictive Covenants are and shall be binding upon the undersigned and its successors in title.

Signed, sealed and delivered in the prF:,nce pf: 	)

'")	_...,

( 	_.,{.,_L,	.JJ./_;i(---

BANKUNITED, FSB

.·_,.	\  ,;·.,	1. ,P	I

 	-(,	,-.-..,-..---
Title:	\Ji '?ws;,i,,,,+
(CORPORATE SEAL)

)
STATE OF FLORIDA	)
) ss: COUNTY OF MIAMI-DADE	)

(Print,
Notal'J'

...:;::,:	= •---- -

JOIINDER AND CONSENT OF MORTGAGEE

OC:EC<r,  [::C,r-,i,L.	

being the mortgagee under that certain mortgage

fromCt".)07De Clr'Ol:rl-°lcota'ed in Official Records Book,,Y{ at Page H71 of the Public Records of Miami-Dade County, Florida, covering all  or  a portion  of  the property described  in the foregoing Declaration of Restrictive Covenants, encumbering all or portions  of  the  real property described in the foregoing Declaration of Restrictive Covenants, hereby consents to and acknowledges that the terms of the Declaration of Restrictive Covenants are and shall be binding upon the undersigned and its successors in title.

STATE OF FLORIDA	)
) ss: COUNTY OF MIAMI-DADE	)

foregoing	instrument  /' was .	before	me	this  w6	day
r--'.o! lf-'f--+--l 2006, by	,	,11·	as

.IL..,.,._,:  ,_,µ_,="''"'--- of-"-<--""'-'<'..!....;<""-'""'-' on behalf of the bank. He/she is personally known to me   	 (type of identification) as identification.

(Print, Type or Stamp Commissioned Name of Notary Public)

STATEMENT OF ESTIMATED REGULATORY COSTS

Introduction

Purpose and Scope

This Statement of Estimated Regulatory Costs ("SERC") supports the petition to establish the Grand Bay at Doral Community Development District ("District"). The District comprises approximately 179.52 acres of land located in the incorporat d area of the City of Doral. Miami-Dade County, Florida. The limitations on the scope of this SERC are explicitly set out in Section 190.002(2) (d). F.S. (governing District establishment) as follows:

"That the process of establishing such a district pursuant to uniform general law shall be fair and based only on factors material to managing and financing the service delivery function of the district. so that any matter concerning permitting or planning of the development is not material or relevant (emphasis added)."

Overview of Grand Bay at Doral Community Development District

The District is designed to provide district infrastructure. services. and facilities along with their operations and maintenance to a master planned residential development containing 500 Townhomes, 1343 Condominiums and 144 workshop units within the boundaries of the District.

Requirements for Statement of Estimated Regulatory Costs

Section 120.541(2). F.S. (1997). defines the elements a statement of estimated regulatory costs must contain:

A good faith estimate of the number of individuals and entities likely to be required to comply with the rule, together with a general description of the types of individuals likely to be affected by the rule.

A good faith estimate of the cost to the agency, and to any other state and local government entities. of implementing and enforcing the proposed rule. and any anticipated effect on state and local revenues.

A good faith estimate of the transactional costs likely to be incurred by individuals and entities. including local governmental entities. required to comply with the requirements of the ordinance. As used in this paragraph, "transactional costs" are direct costs that are readily ascertainable based upon standard business practices, and include filing fees, the cost of obtaining a license. the cost of equipment required to be installed or used or procedures required to be employed in complying with the rule. additional operating costs incurred, and the cost of monitoring and reporting.

An analysis of the impact on small  businesses  as  defined  by Section  288.703,  F.S.,. and an analysis of the impact on small counties and small cities as  defined  by  Section 120.52, F.S. Miami-Dade County is not defined as a small County for purposes of this requirement.

Any additional information that the agency determines may be useful.

In the statement or revised statement, whichever applies, a description o( any good faith written proposal submitted under paragraph (1) (a) and either a statement adopting the alternative or a statement of the reasons for rejecting the alternative in favor of the proposed ordinance.

"Note: the references to "rule" in the statutory requirements for the Statement of Estimated Regulatory Costs also apply to an "ordinance" under section 190.005(2) (a), Florida Statutes."

2.0    A good faith estimate of the number of individuals and entities likely to be required to comply with the. ordinance, together with a general description of the types of Individuals likely to be affected by the ordinance.

The Grand Bay at Doral Community Development District serves land that comprises a 179.52 acre Traditional Neighborhood Development to be made up of an estimated 500 Townhomes, 1343 Condominiums and 144 workshop units. The estimated population of the residential portion of the District is 4128. The property owners in the District will generally be individuals, families, and business owners.

A good faith estimate of the cost to the agency, and to any other state and local government entities, of implementing and enforcing the proposed rule, and any anticipated effect on state or local revenues.

There is no state agency promulgating any rule relating to this project that is anticipated to effect state or local revenues.

Costs to Governmental Agencies of Implementing and Enforcing Ordinance

Because the results of adopting the ordinance is establishment of a local special purpose government, there will be no enforcing responsibilities of any other government entity, but there will be various implementing responsibilities which are identified with their costs herein.

State Governmental Entities

There will be only modest costs to various State governmental entities to implement and enforce the proposed establishment of the District. The District as established on the proposed land. will encompass under 1,000 acres, therefore, Miami-Dade County is the establishing entity under 190.005(2), F.S. The modest costs to various State entities to

implement and enforce the proposed ordinance relate strictly to the receipt and processing of various reports that the District is required to file with the State and its various entities. Appendix A lists the reporting rc;quirements. The costs to those State agencies that will receive and process the District's reports are very small, because the District is only one of many governmental units that are required to submit the various reports. Therefore, the marginal cost of processing one additional set of reports is inconsequential. Additionally, pursuant to section 189.412, F.S., the District must pay an annual fee to the State of Florida Department of Community Affairs which offsets such costs.

Miami-Dade County

There will be only modest costs to the County for a number of reasons. First, review of the petition to establish the District does not include analysis of the project itself. Second, the petition itself provides much of the information needed for a staff review. Third, the County already possesses the staff needed to conduct the review without the need for new staff. Fourth, there is no capital required to review the petition. Finally, the County routinely process similar petitions though for entirely different subjects. for land uses and zoning changes that are far more complex than is the petition to establish a community development district.

The annual costs to Miami-Dade County, because of the establishment of the District, are also very small. The District is an independent unit of local government. The only annual costs the County faces are the minimal costs of receiving and reviewing the
various  reports  that  the  District  is required  to provide  to  the County,  or any monitoring	· \ expenses  the  County  may  incur  if  it establishes  a  monitoring  program  for this District.		; However, the Petitioner  has  included  a  payment  of  $15,000  to  offset  any  expenses  the County may incur in the processing of this Petition, or in the monitoring of this District.

Impact on State and Local Revennes

Adoption of the proposed ordinance will have no negative impact on state or local revenues. The District is an independent unit of local government. It is designed to provide infrastructure facilities and services to serve the development project and it has its own sources of revenue. No state or local subsidies are required or expected.

In this regard it is important to note that any debt obligations incurred by the District to construct its infrastructure, or for any other reason, are not debts of the State of Florida or any other of local government. In accordance with State law, debts of the District are strictly its own responsibility.

A good faith estimate of the transactional costs likely to be incnrred by individuals and entities required to comply with the requirements of the ordinance.

Table 1 provides an outline of the various  facilities  and  services  the proposed  District may provide.

Table 1

Proposed Facilities and Services

FACILITY	FUNDED BY	O&MBY	OWNERSJilP BY	
Earthwork	CDD	CDD	CDD	
Wastewater System	CDD	WASA	WASA	
Water Sunnly System	CDD	WASA	WASA	
Swface Water Management	CDD	CDD	CDD	
Roads and Paving	CDD	CDD	CDD	

The petitioner has estimated the costs for providing the capital facilities outlined in Table
The cost estimates are shown in Table 2 below. Total costs for those facilities, which may be provided, are estimated to be approximately $561984,752. The District may issue special assessment bonds to fund the costs of these facilities. These bonds would be repaid through non ad valorem special assessments levied on all properties in the District that may benefit from the District's infrastructure program as outlined in Table 2.

Prospective future landowners in the District may be required to pay non-ad valorem assessments levied by the District to secure the debt incurred through bond issuance. In addition to the levy of non ad valorem special assessments for debt service, the District may also impose a non-ad valorem assessment to fund the operations and maintenance of the District and its facilities and services.

Furthermore, locating in the District by new property owners is completely voluntary. So, ultimately, all owners and users of the affected property choose to accept the non ad valorem special assessments by various names and user fees as a tradeoff for the benefits and facilities that the District provides.

A Community Development District ("CDD") provides property owners with the option of having higher levels of facilities and services financed through self-imposed assessments. The District is an alternative means to manage necessary development services with related financing powers. District management is no more expensive, and often less expensive, than the alternatives of a municipal service taxing unit (MSTU), a property association, County provision, or through developer equity and/or bank loans.

In considering these costs it shall be noted that owners of the lands to be included within the District will receive three major classes of benefits.

First, landowners in the District will receive a higher long-term sustained level of public services and amenities sooner than would otherwise be the case.

Second, a CDD is a mechanism for assuring that the community services and amenities will be completed concurrently with development of lands within the District. This satisfies the revised growth management legislation, and it assures that growth pays for

itself without undue burden on other consumers. Establishment of the District will ensure that these landowners pay for the provision of facilities, services and improvements to these lands.

Third, a CDD is the sole form of governance which allows District landowners, through landowner voting, to determine the type, quality and expense of District services they receive, provided they meet the County's overall requirements.

The cost impact on the ultimate landowners in the District is not the total cost for the District to provide infrastructure services and facilities. Instead, it is the incremental costs above what the landowners would have paid to install infrastructure via an alternative management mechanism. Given the low cost of capital for a CDD, the cost impact to landowners is negligible. This incremental cost of the high quality infrastructure provided by the District is likely to be fairly low.

Table2

Cost Estimate for District Facilities

Earthwork	$ 36,087,700	
Wastewater	$	4,882,942	
Water Sunnlv	$	4,422,638	
Surface Water Mana.,ement	$	5,236,506	
Roads & Paving	$  6,355,866

$56,984.752	

TOTAL		

Table3

Estimated Construction Timetable For District Facilities

Cate.,orv	
Comuletion Date	
Earthwork	June 2008	
Waste Water S vstem	October 2007	
Water Sunnlv System	Februarv 2008	
Surface Water Mana!!:ement	December 2007	
Roads and Pavin"	June2008	
Lift Station	Aoril 2007	

\

5.0 An analysis of the impact on small businesses as defined  by Section  288.703,  F.S.,  and an analysis of the impact on small counties and small cities as defined  by Section 120.52, F.S.

There will be no impact on small businesses because of the establishment of the District. The Miami-Dade County has an estimated population in 20053 that is greater than 10,000; therefore the County is not defined as a "small" County according to Section 120.52, F.S, and there will accordingly be no impact on a small County because of the formation of the District.	·

6.0	Any additional useful information.

The analysis provided above is based on a straightforward application of economic theory, especially as it relates to tracking the incidence of regulatory costs and benefits. Inputs were received from the Petitioner's Engineer and other professionals associated with the Petitioner.

****************

REPORT

APPENDIX A
LIST OF REPORTING REQUIREMENTS

FL. STATUTE	DUE DATE CITATION

Annual Financial Audit

Annual Financial Report

TRIM Compliance Report

11.45		within 45 days of audit completion, but no later than 12 months after end of fiscal year	'

within 45 days of financial audit completion, but no later than 12 months after end of fiscal year; if no audit required, by 4/30

2005.068 no later than 30 days following the adoption of the property tax levy ordinance/resolution (if levying property taxes)

Form 1: Statement of Financial	112.3145	within 30 days of accepting interest the appointment, then every year thereafter by 7/1 (by "local officers" appointed to special district's board); during the qualifying period, then every year thereafter by 7/1 (by "local officers" elected to special district's board)	
Public Facilities Report	189.415	within one year of special district's creation; then annual notice of any changes; and updated report every 5 years, 12 months prior to submission of local government's evaluation and appraisal report	
Public Meetings Schedule	189.417	quarterly, semiannually. or annually	
Bond Report	218.38	when issued	
Registered Agent	189.416	within 30 days after first meeting of governing board	
Proposed Budget	189.418	prior to end of current fiscal year	
Public Depositor Report	280.17	annually by 11/30	

- ,,

EXHIBIT4A GOOD FAITH ESTIMATE
ESTIMATED INFRASTRUCTURE CONSTRUCTION TIMETABLE GRAND BAY AT DORAL COMMUNITY DEVELOPMENT DISTRICT

IMPROVEMENT	START DATE	COMPLETE DATE	
EARTHWORK	JUNE2006	JUNE2008	
WASTEWATER SYSTEM	OCTOBER 2006	OCTOBER 2007	
WATER SUPPLY SYSTEM	FEBRUARY 2007	FEBRUARY 2008	
SURFACE WATER MGMT	DECEMBER 2006	DECEMBER 2007	
ROADS AND PAVING	APRIL2007	JUNE2008	
LIFT STATION	OCTOBER 2006	APRIL2007	

37

EXHIBIT4B	\
GOOD FAITH ESTIMATE CONSTRUCTION COSTS ESTIMATES
GRAND BAY AT DORAL COMMUNITY DEVELOPMENT DISTRICT

EARTHWORK	$	36,087,700	
			
WASTEWATER SYSTEM	$	4,882,042	
			
WATER SUPPLY SYSTEM	$	4,422,638	
			
SURFACE WATER MANAGEMENT	$	5,236,506	
		
ROADS AND PAVING	$	6,355,866	
			
TOTAL ESTIMATED PROJECT COSTS	$	56,984,752	

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DISTRICT BOUNDARIES -----

THEO.	NW	80	ST

GRAND BAY AT DORAL
COMMUNITY DEVELOPMENT DISTRICT

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(COMM. 012)
SECTION: 8-53-40

EXHIBIT "C"

This instrument was prepared by:	
Name: Address:	Robert D. Norris
Special District Services, Inc.
11000 Prosperity Farms Road, Suite 104 Palm Beach Gardens, FL 33410		

'
(Space Reserved for Clerk)	
DECLARATION OF RESTRICTIVE COVENANTS

WHEREAS, the undersigned Owner holds the fee simple title to the land described in

the attached Exhibit A (the "Property"), located in Miami-Dade County, Florida (the "County");

and

WHEREAS, Owner desires to provide certain covenants to the County Board of County

Commissioners (the "Board") in support of a Petition (the "Petition") for creation of the Grand

Bay at Doral Community Development District (the "District") filed December 9, 2005, and approved pursuant  to Ordinance No. 	enacted  by the Board on	(the
"Ordinance"), in accordance with the requirements of Chapter 190, Florida Statutes, and Section l.0l(A)(21) of the County Home Rule Charter; and
WHEREAS,   among  those  covenants  are  provisions  for  the  timely,  accurate,  and

enforceable  disclosure,  to all prospective  initial  purchasers  who have entered  or will enter  into

contracts   for   improved   residential   units   within   the   Property   (each   a   "Prospective Initial

Purchaser"), of the obligation to pay to the District: (I) the pro-rata share for each Dwelling Unit (defined below) of the cost of the acquisition, construction, reconstruction, and equipping of certain public infrastructure which benefit the Property either as a one time assessment at the time of closing or as an annual assessment based on the debt service on bonds to be issued by the
District   to   finance  such  capital   costs   until   such   bonds   are   retired (collectively,  "Capital
\
)

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Assessments"),  and   (2)   the  costs  associated   with   (i)  operations   of  the  District including

administration ("Operations  Assessments")  and  (ii) maintenance of public infrastructure by the

District ("Infrastructure Maintenance Assessments"; Operations and Infrastructure Maintenance

Assessments are hereinafter collectively referred to as "Administrative Assessments"); and

WHEREAS, other covenants made by Owner include provisions for the lol)g-term maintenance of infrastructure serving the Property including, but not limited to, roadways, drainage,andlandscaping;and
WHEREAS, such covenants of Owner are made in order to assure the Board that the representations made by Owner in support of the Petition will be abided by,
NOW, THEREFORE, Owner freely, voluntarily, and without duress,  and  on behalf of its heirs, successors, and assigns, makes the following Declaration of Restrictive Covenants
covering and running with the Property (this ''Declaration"):

COVENANTS.
I.I     Public Records Notice of Existence of DistricfThis  Declaration shall serve as notice in the public records of the County that unless the District is terminated in accorlance with the requirements of Chapter 190, Florida Statutes, and such termination is reflected in the public records of the County, the Property and all lands, parcels, lots, and units located within the District's boundaries are subject to the Capital Assessments and Administrative Assessments levied and imposed by the District, subject only to the exceptions or exemptions from such assessments expressly provided by Florida law.
COD and Purchase Contract Notices.

1.2.I	Owner  shall  be  required   to  provide  to  each  Prospective Initial

Purchaser of an  improved  individual  residential  lot or unit  within  the Property (individually, a

2
L{ (

"Dwelling  Unit") written notice of the estimated  annual  Capital  Assessments and Administrative

Assessments (the "CDD Notice") to be imposed on such individual Dwelling substantially in the

form  attached  hereto as Exhibit  B  prior  to, or contemporaneously  with,  the  execudon  of a

purchase  and sale contract  ("Purchase  Contract")  for such  Dwelling  Unit.   For  the  purposes of

this Declaration, the term "Owner" means each seller of Dwelling Units within the Property. Notwithstanding the foregoing, if a Prospective Initial Purchaser executed a Purchase Contract before the effective date (10 days after enactment) of the Ordinance but was not given an contemporaneous CDD Notice, Owner may still give the COD Notice to such Prospective Initial Purchaser; provided, however, such CDD notice must be given together with the following written notice and must be sent to such Prospective Purchaser by certified mail, professional overnight delivery or hand delivery, with return receipt, not later than the first business day following the Effective Date of the Ordinance:
THE DWELLING UNIT YOU ARE PURCHASING IS SUBJECT TO A
COMMUNITY		DEVELOPMENT		D[STRICT	AND		A		RELATED DECLARATION OF RESTRICTIVE COVENANTS WHICH REQUIRES THAT CERTAIN NOTICES BE GIVEN TO PURCHASERS BY OWNER. THIS NOTICE AND THE ATTACHED CDD NOTICE ARE BEING GIVEN TO YOU PURSUANT TO SUCH DECLARATION. PLEASE NOTE THAT THE DISTRICT PLANS TO ISSUE OR HAS ISSUED BONDS THAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO THIS DWELLING UNIT OVER A PERIOD OF UP TO THIRTY (30) YEARS TO FUND		CONSTRUCTION		OF	INFRASTRUCTURE   SERVING	THE PROPERTY IN THE ESTIMATED AGGREGATE AMOUNT OF $SEE EXHIBIT B-TABLE 3. THIS DWELLING UNIT SHALL BE ASSESSED AN ESTIMATED CAPITAL ASSESSMENT OF$ SEE EXHIBIT B-TABLE 3 IF PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT	OF	$		SEE	EXHIBIT	B-TABLE	I	FOR		ITS PROPORTIONATE SHARE OF DEBT SERVICE ON THE BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETHER THE CAPITAL ASSESSMENT IS PAID ONE TIME AT CLOSING OR IN ANNUAL INSTALLMENTS IS AT THE OPTION OF THE PURCHASER TO BE EXERCISED AT THE TIME OF CLOSlNG. THE ATTACHED NOTICE FULLY DESCRIBES YOUR OBLIGATIONS. YOU MAY ELECT TO RESCIND THE PURCHASE CONTRACT FOR A PERIOD OF THIRTY (JO) DAYS   FOLLOWING    RECEIPT   OF THIS  NOTICE.		UPON SUCH ELECTION, OWNER SHALL RETURN ALL MONIES PAID BY YOU AS THE	PROSPECTIVE		INITIAL		PURCHASER		REGARDING	THE PURCHASE OF THE REAL PROPERTY IDENTIFIED IN THE PURCHASE CONTRACT WITHIN TEN (10) CALENDAR DAYS AFTER RECEIVING

3

YOUR WRITTEN NOTICE TIIAT YOU HAVE ELECTED TO  RESCIND TIIE PURCHASE CONTRACT, AND ALL OTIIER PROVISIONS OF TIIE DECLARATION OF RESTRICTIVE COVENANTS NOT INCONSISTENT WITII TIIE REMEDIES SET FORTII HEREIN SHALL  GOVERN.  NO OTIIER REMEDIES ARE AVAILABLE TO PURCHASER WHETIIER OR NOT YOU ELECT TO RESCIND EXCEPT IN TIIE EVENT OF AN OWNER DEFAULT WITH RESPECT TO TIIE CDD NOTICE AND TIIEN ONLY IN ACCORDANCE WITII TIIE DECLARATION.

Owner shall promptly refund any amounts due under the foregoing notice if a Prospective Initial Purchaser properly rescinds a Purchase Contract during the time provided. No other remedies provided in Section 1.4 shall be available to a Prospective Initial Purchaser who terminates a Purchase Contract pursuant to the foregoing notice.
1.2.2	Owner shall also provide substantially the following disclosure

("Purchase Contract Notice") on the first page of each Purchase Contract executed after the Effective Date of the Ordinance for a Dwelling Unit within the Property, immediately after disclosure of the purchase price for the Dwelling Unit:
IBIS DWELLING UNIT IS WITIIIN A COMMUNITY DEVELOPMENT DISTRICT ("DISTRICT''). TIIE DISTRICT PLANS TO ISSUE OR HAS ISSUED BONDS THAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO TIIIS DWELLING  UNIT OVER A PERIOD OF UP TO TIIIRTY (30) YEARS TO FUND CONSTRUCTION OF INFRASTRUCTURE SERVING TIIE PROPERTY IN TIIE ESTIMATED AGGREGATE    AMOUNT   OF   $   SEE    EXHIBIT  B-TABLE   3.		TIIIS DWELLING UNIT SHALL BE ASSESSED AN ESTIMATED CAPITAL ASSESSMENT OF $ SEE EXHIBIT B-TABLE 3 IF PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT OF $ SEE EXHIBIT B-TABLE I FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON TIIE BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETIIER THE CAPITAL ASSESSMENT IS PAID ONE  TIME  AT CLOSING OR IN ANNUAL INSTALLMENTS IS AT TIIE OPTION OF TI-IE PURCHASER TO BE EXERCISED AT TIIE TIME OF CLOSING. TIIESE AMOUNTS ARE DUE OVER TIIE TERM OF THE  BONDS  IN ADDITION TO	THE	PURCHASE	PRICE.		INITIAL	PURCHASER	ALSO UNDERSTANDS	THAT	IF	THE	ACTUAL	ANNUAL	CAPITAL ASSESSMENTS ON THE DWELLING· UNIT ARE MORE TIIAN FIVE PERCENT (5%) HIGHER TIIAN THE ESTIMATED AMOUNT PROVIDED HEREIN, INITIAL PURCHASER SHALL HAVE TIIE RIGHT TO RESCIND TIIIS AGREEMENT AT ANY TIME PRIOR TO CLOSING. INITIAL PURCHASER FURTIIER ACKNOWLEDGES AND AGREES THAT TIIE ESTIMATED AMOUNT OF CAPITAL ASSESSMENTS DOES  NOT INCLUDE   ADMINISTRATIVE   ASSESSMENTS	WHICH SHALL BE LEVIED BY TIIE DISTRICT FOR OPERATIONS AND INFRASTRUCTURE MAINTENANCE AND MAY VARY FROM YEAR TO YEAR AND FROM

4

TIME TO TIME. IN THE EVENT OF ANY CONFLICT BETWEEN THE DISCLOSURES IN THIS PROVISION AND THE ATTACHED CDD NOTICE, THE CDD NOTICE SHALL CONTROL.

PURCHASER'S INITIALS:

Owner shall cause each Prospective Initial Purchaser to initial the Purchaser Contract Notice where indicated.
Relief to Prospective Initial Purchaser for Owner Default.

1.3.1	Owner shall provide relief, in the manner provided by this Section

to any Prospective Initial Purchaser who has not yet closed on a Dwelling Unit if any one of

the following events shall occur (an "Owner Default"):

1.3.1.l.Owner fails to provide a timely CDD Notice or Purchase Contract Notice as required; and/or
1.3.1.2.0wner  provides  a  timely CDD Notice;  however, such CDD	\,
.ti
/
Notice underestimates the aggregate or monthly actual Administrative Assessments for the District's first three fiscal years by more than five percent (5%); and/or
1.3.1.3.Owner provides a timely CDD Notice and/or Purchase Contract; however, such CDD Notice and/or Purchase Contract Notice underestimates the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or  monthly actual Annual Capital Assessments by more than five percent (5%).
In the event of any Owner Default that is not cured by a timely Late Notice (as hereinafter defined), a Prospective Initial Purchaser may, in writing (a
"Termination Notice"), elect to rescind the Purchase Contract at any time prior to closing. Upon such election, Owner shall return all monies paid by the Prospective Initial Purchaser regarding the purchase of the real property identified in the Purchase Contract within ten (10) calendar
5

days after receiving written notice from the Prospective Initial Purchaser that such Prospective Initial Purchaser has elected to rescind the Purchase Contract. No other remedies provided in Section I.4 shall be available to a Prospective Initial Purchaser who terminates a Purchase Contract pursuantto this provision.
Prior to the receipt of a Termination Notice from a Prospective Initial Purchaser affected by an Owner Default, Owner shall have an opportunity to cure any
Owner Default by providing a written notice (a ''Late Notice") to such affected  Prospective Initial Purchaser (i) prior to closing and (ii) within the later of ninety (90) days from (x) the date
of execution  of  the Purchase  Contract  or  (y) the  Effective  Date of  the Ordinance  (the "Cure

Period"). If the Owner Default set forth in Section 1.3.1.3 is due solely to a fluctuation  of interest rates on the bonds once the pricing of the bonds is completed, Owner shall have the opportunity  to cure such Owner Default  by providing  a  written  notice  setting  forth  the  new
annual  Capital  Assessments  to such affected Prospective Initial  Purchaser (the ''Extended Late

Notice") no later than  the earlier of (i) the closing  date of the Dwelling  Unit  or  (ii) ninety (90)

days from the pricing of the bonds (the "Extended Cure Period"). An Owner Default cannot be cured as to an affected Prospective Initial Purchaser after the expiration of the applicable Cure Period or applicable Extended Cure Period. If Owner provides (i) a Late Notice to a Prospective Initial Purchaser during the applicable Cure Period or (ii) an Extended Late Notice during applicable Extended Cure Period, then such Prospective Initial Purchaser may still elect  to rescind the Purchase Contract at anytime for a period of thirty (30) days following receipt of Late Notice or Extended Late Notice. Upon such election, Owner shall return all monies paid by the Prospective Initial Purchaser regarding the purchase of the real property identified in  the Purchase Contract within ten (I 0) calendar days after receiving written notice from the

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Prospective Initial Purchaser that such Prospective Initial Purchaser has elected to rescind the Purchase Contract. No other remedies provided in Section 1.4 shall be available to a Prospective Initial Purchaser who receives an accurate Late Notice or Extended Late Notice during the Cure Period or Extended Cure Period, as applicable, regardless of whether the Prospective Initial Purchaser elects to rescind the Purchase Contract.
Every Late Notice or Extended Late Notice sent by Owner to a Prospective Initial Purchaser must include the following in bold type in a font at least as large as the largest font in such Late Notice or Extended Late Notice (with correct type of notice indicated):

)

THE DWELLING UNIT YOU ARE PURCHASING IS SUBJECT TO A COMMUNITY DEVELOPMENT DISTRICT AND A RELATED DECLARATION OF RESTRICTIVE COVENANTS WHICH REQUIRES THAT CERTAIN NOTICES BE GIVEN TO PURCHASERS BY OWNER. THIS IS A [LATE N011CE or EXTENDED LATE N011CEJ UNDER SUCH DECLARATION. IF OWNER PROVIDES YOU WIDl THIS [LATE N011CE or   EXTENDED   LATE   N011CE]   DURING   THE   APPLICABLE  CURE
PERJOD, THEN YOU AS A PROSPECTIVE INITIAL PURCHASER MAY STILL ELECT TO RESCIND THE PURCHASE CONTRACT FOR A PERJOD OF THIRTY (30) DAYS FOLLOWING RECEIPT OF THIS [LATE N011CE. or   EXTENDED   LATE   N011CE].     UPON   SUCH ELECTION,
OWNER SHALL RETURN ALL MONIES PAID BY YOU AS THE PROSPECTIVE INITIAL PURCHASER REGARDING THE PURCHASE OF THE REAL PROPERTY IDENTIFIED IN THE PURCHASE CONTRACT WITHIN TEN (JO) CALENDAR DAYS AFTER RECEIVING YOUR WRITTEN NOTICE YOU HAVE ELECTED TO RESCIND THE PURCHASE CONTRACT., AND ALL OTHER PROVISIONS OF THE  DECLARATION OF RESTRICTIVE COVENANTS NOT INCONSISTENT WITH THE REMEDIES SET FORTH HEREIN SHALL GOVERN. NO OTHER REMEDIES PROVIDED IN SECTION 1.4 OF THE DECLARATION SHALL BE AVAILABLE TO YOU AS A PROSPECTIVE INITIAL PURCHASER IF YOU RECEIVE THIS [LATE N011CE or EXTENDED LATE NOTICE] DURING THE APPLICABLE CURE PERIOD,  REGARDLESS  OF WHETHER YOU AS A PROSPECTIVE INITIAL PURCHASER ELECT TO RESCIND THE PURCHASE CONTRACT.

If the Owner Default involves the failure to provide a Purchase Contract Notice or Owner provided a Purchase Contract Notice in substantially the correct form and location; however, such Purchase Contract Notice underestimated the actual Capital

7

Assessment, if paid in full at closing, by more than five percent (5%) and/or the annual Capital Assessments by more than five percent (5%), then the Late Notice or Extended Late Notice shall also contain the following:
YOUR PURCHASE CONTRACT PROVIDES THAT TIIE  PURCHASE PRICE   FOR   YOUR   DWELLING   UNlT   IS  AS  FOLLOWS:			[INSERT PURCHASE PRICE INFORMATION]. THIS DWELLING UNIT IS OR WILL BE WITIIlN A COMMUNITY DEVELOPMENf DISTRICT ("DISTRICT"). TIIE DISTRICT PLANS TO ISSUE OR HAS ISSUED BONDS THAT WILL HAVE PRINCIPAL AND INTEREST PAYMENfS APPLICABLE TO THIS DWELLING UNlT OVER A PERIOD OF UP TO THIRTY (30) YEARS TO FUND	CONSTRUCTION		OF	INFRASTRUCTURE	SERVING	THE PROPERTY IN THE ESTIMATED AGGREGATE AMOUNT OF $ SEE EXHIBIT B-TABLE 3. THIS DWELLING UNlT SHALL BE ASSESSED AN ESTIMATED CAPITAL ASSESSMENT OF$ SEE EXHIBIT B-TABLE 3 IF PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT	OF	$	SEE	EXHIBIT	B-TABLE		I	FOR		ITS PROPORTIONATE SHARE OF DEBT SERVICE ON TIIE BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETIIER THE CAPITAL ASSESSMENf    IS   PAID   IN   FULL   AT   CLOSING OR   IN		ANNUAL INSTALLMENTS IS AT THE OPTION OF TIIE PURCHASER TO BE EXERCISED AT TIIE TIME OF CLOSING.THESE AMOUNTS ARE DUE OVER TIIE TERM OF TIIE BONDS IN ADDIDON TO TIIE PURCHASE PRICE. PURCHASER ALSO UNDERSTANDS THAT IF THE ACTUAL ANNUAL CAPITAL ASSESSMENTS ON THE DWELLING UNIT ARE MORE THAN FIVE PERCENT (5%) HIGHER THAN TIIE ESTIMATED AMOUNT PROVIDED HEREIN, PURCHASER SHALL HAVE THE RIGHT TO RESCIND THIS AGREEMENT AT ANY TIME PRIOR TO CLOSING. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT THE ESTIMATED AMOUNT OF CAPITAL ASSESSMENTS DOES NOT INCLUDE ADMINISTRATIVE ASSESSMENTS WHICH  SHALL  BE LEVIED BY THE DISTRICT FOR OPERATIONS AND INFRASTRUCTURE MAINTENANCE AND MAY VARY FROM YEAR TO YEAR AND FROM TIME TO TIME. IN TIIE EVENT OF ANY CONFLICT BETWEEN THE DISCLOSURES IN THIS PROVISION AND THE  ATTACHED  COD NOTICE, TIIE COD NOTICE SHALL CONTROL.

If the Owner Default involves the failure to provide a CDD Notice or Owner provided a timely CDD Notice; however, such CDD Notice underestimated (i) the actual aggregate Administrative Assessments for each of the District's first three fiscal years by more than five percent (5%) and/or (ii) the actual Capital Assessment, if  paid in full at closing, by more than five percent (5%) and/or the actual annual Capital Assessment by more than five percent (5%), then the Late Notice or Extended Late Notice must also include a CDD Notice, if

8

L{7

•

the Owner Default involves a failure to provide a CDD Notice or an accurate revised CDD
)
Notice, if the Owner Default involves a timely but inaccurate CDD Notice.	,·
Relief to a Prospective Initial Purchaser Who Actually Closes on a

Dwelling Unit After an Uncorrected Owner Default.

In the event Owner fails to give a Prospective Initial Purchaser a timely CDD Notice, and such failure is not corrected by a timely and accurate Late Notice, then
a Prospective Initial Purchaser that closes on the Dwelling Unit ("Actual Initial Pm-chaser") may demand, in writing, that Owner pay such Actual Initial Purchaser (i) the amount necessary to prepay all Capital Assessments principal, and interest on such Capital Assessments principal due through the next applicable bond payment date respecting the Dwelling Unit plus (ii) an amount equal to the sum of the share of the actual Administrative Assessments levied by the District on
such Dwelling Unit for the District's first three (3) fiscal years immediately  following the closing	·"
}
respecting the Dwelling Unit.

In the event that Owner gave to an Actual Initial Purchaser (i) both a timely CDD Notice and Purchase Contract Notice and either underestimated the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or the actual annual Capital Assessments (as set forth in Table I of the CDD Notice) by more than five percent (5%) and such underestimate was not corrected by a timely and accurate Late Notice or Extended Late Notice or (ii) a timely CDD Notice and no Purchase Contract Notice, if applicable, and the CDD Notice underestimated the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or the actual annual Capital Assessments by more than five percent (5%) and such underestimate was not corrected by a timely and accurate Late Notice or Extended Late Notice, then such Actual Initial Purchaser may demand, in writing, that Owner (a) pay such

9

actual Initial Purchaser, in the event he or she elects to pay the Capital Assessment in full at closing, an amount equal to the difference between the actual Capital Assessment due at closing and the estimated Capital Assessment due at closing disclosed in the CDD Notice to the Actual Initial Purchaser or pay such Actual Initial Purchaser, in the event he or she elects to pay an annual Capital Assessment, an amount equal to the difference between the actual aggregate amount of annual Capital Assessments, calculated over the term of the bonds,  levied  and imposed by the District on such Dwelling Unit and the aggregate amount of estimated annual Capital Assessments, calculated over the term of the bonds, actually disclosed in the CDD Notice to the Actual Initial Purchaser or, (b) if less, the amount necessary to prepay all Capital Assessments principal and interest on such Capital Assessments principal through the next applicable bond payment date with respect to the Dwelling Unit.
In the event that Owner gave an Actual Initial Purchaser a timely CDD Notice and such CDD Notice underestimated the  a:tual  annual  Administrative Assessments by more than five percent (5%) and such underestimate was not corrected by a timely and accurate Late Notice, then such Actual Initial Purchaser may demand, in writing, that Owner pay such Actual Initial Purchaser an amount equal to the difference between the actual amount of the Administrative Assessments levied and imposed by the District on such Dwelling Unit and the amount of estimated Administrative Assessments disclosed to the Actual Initial Purchaser in the CDD Notice calculated for the District's first three (3) fiscal years immediately following the closing based on the initial actual annual Administrative Assessments.
Upon such demand by an Actual Initial Purchaser under this Section 1.4, Owner shall deliver the applicable amount to the Actual Initial Purchaser within ten
(10) calendar days after: (1) receipt of written demand, or (2) after the date Capital Assessments

10

and Administrative Assessments first become payable, whichever is later, unless Owner and Actual  Initial  Purchaser   agree  to  another  manner  or  time  of  payment.	An Actual Initial Purchaser shall provide to Owner written notice of election of remedy in this Section on  or  before one (I) year after the earlier of (1) the date that Capital Assessments and Administrative Assessments first appear on the Actual Initial Purchaser's Combined Real Property  tax b!ll  for the affected Dwelling Unit or (2) if such assessments are directly billed by the District and do not appear on the Actual Initial Purchaser's Combined Real Property tax bill, then the date that such Capital Assessment and Administrative Assessments first appear on any bill sent to the Actual Initial Purchaser by the District for the affected Dwelling Unit. After the expiration of that year, Owner shall not be obligated to provide any relief to such Actual Initial Purchaser under this Declaration.
Nothing in this Section I.4 shall be construed to relieve any Actual Initial Purchaser of the individual Dwelling Unit of liability for all lawful taxes and assessments including, but not limited to, any tax liability resulting :from Owner's payments to such Actual Initial Purchaser under Section 1.4.
Additional Disclosure through District Sign. Owner shall display at every entrance to a sales office or area, in a conspicuous location readily available for viewing by Prospective Initial Purchasers of Dwelling Units, a sign with information about the District. The remedy provisions discussed in Section 1.4 shall not apply to this Section. Such sign(s) shall be no smaller than twenty-four inches by thirty-six_ inches (24" x 36"), and shall contain the following language in substantially similar form in large, boldface type:

11

GRAND BAY AT DORAL COMMUNITY DEVELOPMENT DISTRICT

PURSUANT TO CHAPTER 190, FLORIDA STATUTES, THE GRAND BAY AT  DORAL   COMMUNITY   DEVELOPMENT   DISTRICT   MAY IMPOSE
TAXES OR ASSESSMENTS,  OR BOTH TAXES  AND ASSESSMENTS, ON
nns  PROPERTY  THROUGH  A  SPECIAL  TAXING  DISTRICT.   THESE
TAXES AND ASSESSMENTS PAY THE CONSTRUCTION, OPERATION, AND MAINTENANCE COSTS OF CERTAIN PUBLIC FACILITIES OF THE DISTRICT AND ARE SET ANNUALLY BY THE GOVERNING BOARD IN ADDITION TO COUNTY AND ALL OTHER TAXES AND ASSESSMENTS PROVIDED FOR BY LAW. THE GRAND BAY AT DORAL COMMUNITY DEVELOPMENT DISTRICT EXPECTS TO ISSUE BONDS TO FINANCE A PORTION	OF	THE	CONSTRUCTION	OF	REQUIRED	PUBLIC INFRASTRUCTURE IN GRAND BAY AT DORAL COMMUNITY DEVELOPMENT DISTRICT. A PURCHASER OF PROPERTY IN [INSERT NAME OF COMMUNllY] WILL BE OBLIGATED TO PAY ANNUAL ASSESSMENTS TO AMORTIZE THE DEBT AND FOR DISTRICT ADMINISTRATION, WIDCH AMOUNTS ARE SEPARATE FROM THE. PURCHASE PRICE OF THE PROPERTY AND OTHER ASSESSMENTS ON THE PROPERTY, AND WHICH MAY VARY FROM YEAR TO YEAR AND FROM TIME TO TIME. THE TOTAL ANNUAL ASSESSMENTS VARY IN RELATION TO THE INFRASTRUCTURE BENEFIT ALLOCATED TO THE PROPERTY ASSESSED, AND ARE EXPECTED TO APPEAR ON A PURCHASER'S PROPERTY TAX BILL EACH YEAR, BUT  MAY  BE BILLED DIRECTI.Y BY THE GRAND BAY AT DORAL COMMUNITY DEVELOPMENT DISTRICT. A PURCHASER SHALL HAVE THE OPTION TO PAY IN FULL AT ANY TIME THE PRO RATA  SHARE,  AS ALLOCATED TO THE PURCHASER'S PROPERTY, OF THE TOTAL AMOUNT OF DISTRICT CAPITAL ASSESSMENTS DUE. FOR FURTHER INFORMATION ON THE GRAND BAY AT DORAL COMMUNITY DEVELOPMENT DISTRICT AND A'·--PURCHASER'S BENEFITS AND OBLIGATIONS RELATING THERETO, CONTACT SPECIAL DISTRICT SERVICES, INC., 11000 PROSPERITY FARMS ROAD, SUITE 104, PALM BEACH GARDENS, FL 33410; (561) 630-4922 OR TOLL FREE (877) 737-
4922."

Inspection of District Records by County RepresentativesOwner shall allow or provide for the District to allow County representatives to review all pertinent records in order to assess the overall performance of Owner in providing timely and accurate disclosure of estimated Capital Assessments and Administrative Assessments on Dwelling Units within the District. Prompt access shall be provided without prior notice of inspection by the County representatives, but only during normal business hours and without  disruption  of  sales operations. The purpose of such inspection is only to determine  Owner's overall  compliance  with the aforementioned notice requirements and such inspection shall not authorize the County

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to seek any relief provided under Section 1.4, either on behalf of itself or on behalf of any Prospective Initial Purchaser or Actual Initial Purchaser.
Sole	Provider	of	Water,	Wastewater,	and	Reuse	ServiceOwner

acknowledges and agrees that the Miami-Dade County Water and Sewer Departni:ent

("WASD"), or its successor agency or department, shall be the exclusive provider of ,water, wastewater, and reuse service to all lands within the Property. Service shall be provided by WASD in accordance with its general policies and procedures for providing service throughout the County.
Application for Multi-Purpose Special Trucing District to Maintain

InfrastructureThe costs of maintaining the infrastructure constructed with funding provided through  the District shall  be the responsibility of the District  and  its successors  and  assigns. In
order to assure that such maintenance is performed, however, on or before the recording of a

-B

\
final  plat on any portion of  the Property,  Owner shall  apply  to the Board  for the creation  of a	.•

multi-purpose special taxing district to maintain the infrastructure serving the Property including, but not limited to, roadways, drainage, walls, and landscaping, as applicable. Upon approval of the multi-purpose special trucing district by the Board, such taxing district may remain dormant until, in the sole and exclusive opinion of the Board, both the District and any homeowners' or similar association shall have failed to maintain the infrastructure serving ff:te Property, as such failure is defined in any easement and/or covenant recorded in the public records and governing the infrastructure or similar agreement provided by Owner, or in the absence of such easement, covenant or agreement, as determined by the Board. Upon such determination, the Board shall authorize the activation of the multi-purpose special trucing district and cause the infrastructure to
be maintained at the expense of such trucing district.  By this provision, Owner hereby authorizes

13

the Board and its officials, employees, and agents to enter upon the Property if the special taxing district is activated for the purpose of maintaining the infrastructure serving the Property. Owner further agrees to apply, at the time of plat, replat, or waiver of plat, as applicable, to provide for an easement for the benefit of the County and providing that at any and all times during which the infrastructure or any portion thereof is maintained by the County, the public shall have right of perpetual access and use in those portions of the Property on which the  infrastructure is located including, but not limited to, the roadways serving the Property.
BENEFITS AND ENFORCEMENT.

The covenants set forth in Sections 1.2, 1.3 and 1.4 shall run and be in favor of and to the benefit of Prospective Initial Purchasers and Actual Initial Purchasers of individual Dwelling Units within the Prq,erty, and their heirs, successors, and assigns, and shall be enforceable exclusively by such persons. After an individual Dwelling Unit has been once conveyed to an Actual Initial Purchaser, no further notice shall be required to be provided by Owner to any purchaser ofa Dwelling Unit if the same has been improved with a residence. Ifa Dwelling Unit is conveyed as unimproved land, then such Dwelling Unit shall not be deemed to
have been conveyed to a Prospective Initial Purchaser or Actual Initial Purchaser, and all of the covenants set forth in Sections 1.2, 1.3 and I.4 shall apply to the Dwelling Unit and any Owner offering such Dwelling Unit for sale to Prospective Initial Purchasers.
The covenants set forth in Sections 1.6, 1.7 and 1.8 shall run and be in favor of and to the benefit of the County or any successor municipal government, and shall be enforceable exclusively by such governmental entity.
Enforcement shall be by action against any party or person violating, or attempting to violate, any covenants herein. The prevailing party in any action or suit pertaining to or arising out of this Declaration shall be entitled to recover, in addition to costs and

14

•

•
disbursements allowed by law, such sum as the Court may adjudge to be reasonable for attorney and paraprofessional fees and costs and expenses and trial and upon appeal. This enforcement provision shall be in addition to any other remedies available at law or in equity, or both.
COVENANT RUNNING WITH THE LAND.
This Declaration  on the part of Owner shall  constitute a covenant  running with the land
'
and shall be recorded, at the expense of Owner in the public records of the County, following the acceptance by the Board of an ordinance approving the creation of the District, and shall remain in full force and effect and be binding upon the undersigned Owner, and its successors and assigns, until such time as the same is modified or released. These restrictions during their lifetime shall be for the benefit of, and litigation upon, all present and future owners of the
Property  and  for the public welfare.   Owner, on behalf  of itself  and  its  heirs, successors, and
assigns,  acknowledges  that  acceptance of  this Declaration  does not  in  any  way  obligate the	-,
County  to  undertake  the construction  or maintenance  of  any  infrastructure or  any  other duty or	/ -

obligation of the District.

TERM.

This Declaration is to run with the land and shall be binding on all parties and all persons claiming under it for a period of thirty (30) years from the date this Declaraticn is recorded, after which time it shall be extended automatically for successive periods of ten (10) years  each, unless an instrument signed by the then owner(s) of the Property has been recorded agreeing to change the covenant in whole, or in part, provided that the Declaration has first been modified or released by the County.
MODIFICATION, AMENDMENT, OR RELEASE.
This Declaration may be modified, amended, or released as to the land herein described, or any portion thereof, by a written instrument executed by the then owner(s) of all of the

15

Property, or of such portion as will be affected by the modification, amendment, or release, including joinders of any and all mortgagees, provided that the same is also approved by the Board, after public hearing.
Should this Declaration be modified, amended, or released, the County Managet or successor official of the County, or the assistant in charge of the office in the County Mll\Jager's absence, shall forthwith execute a written instrument effectuating and acknowledging such modification, amendment, or release.
ELECTION OF REMEDIES.
All rights, remedies, and privileges granted herein shall be deemed to be cumulative, and the exercise of any one or more shall neither be deemed to constitute an election ofremedies, nor shall such exercise preclude the party exercising the same from exercising such other additional rights, remedies, or privileges.
SEVERABILITY.
Invalidation of any one of the covenants herein by judgment of Court shall not affect any of the other provisions of this Declaration  which shall remain in full force and effect.  However, if any material portion of the covenants herein is invalidated and such provision is not timely amended or replaced, or cannot be timely amended or replaced in an enforceable way with materially the same effect as the invalidated provision, the County shall be entitled to revoke any approval predicated upon the invalidated portion. It shall be Owner's obligation to apply for and diligently pursue any such application for amendment or replacement.
ACCEPTANCE OF DECLARATION.
Owner acknowledges that acceptance of this Declaration does not obligate the County in any manner with respect to the District, or with respect to any land use application on the Property, nor does it entitle Owner to a favorable recommendation or the approval of any

16

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•

application, zoning or otherwise, and the Board and/or any Community Zoning Appeals Board
j
and other County boards, officials, and employees retain full authority to approve or deny such application.
IN WITNESS WHEREOF, the undersigned has set its hand and seal to this Declaration
of Restrictive Covenants this'2.5 "' day of _)._\,'-'j	, 201> .
OWNER:
Century Grand I,lLLP

By:		Century-iliand I Management, LLC Serj!i6 Pino, M ager·
-·7

STATE OF FLORIDA COUNTY OF MIAMI-DADE

• ·   .;1,,.	k- • SARY FAR
1.-:··i >-:-_·-_i.\.Notrny 1-'ut;lic - State of Flotldo
j: .(; : - :)• }Ww(<. ,nrnlSliionExpieSJan19,2008
1 ·;: :-.i·\ -}/	Commission # DD279122

Signature:	_·· / 
Name: 		Q 1.J.C>
Owner's Addrs:m-0 NW 12 Street, #410
Miami, Fl 33126

Notary P1.1Ii ic, S ate of· Florida at Large
Print Name:	/-;tt;L/ -14/

i, '•,:,,,•:,;,\,··· R,(.,ncted By Notional Notary Assn.
_.;,,, --

My commission expfres: C"-l'I-117-/,O"-i'-,,r'-"  ---

17	-e,,

Exhibit A

LEGAL DESCRIPTION

A portion of Section 8, Township 53 South, Range 40 East, Miami-Dade County, Florida, being more particularly described as follows:

COMMENCE at the Northwest Comer of said Section 8; thence North 89deg39min28sec East, along the North Line of said Section 8, for a distance of 2656.19 feet; thence South 01deg44min24sec East for a distance of 3358.11 feet; thence South 89deg39min25sec West for a distance of 2657.09 feet; thence North 01 deg43min29sec West, along the West Line of said Section 8, for a distance of 3358.12' feet to the POINT OF BEGINNING:

LESS THE FOLLOWING DESCRIBED LANDS

A portion of Northwest 1/4 of Section 8, Township 53 South, Range 40 East, Miami-Dade County, Florida, being more particularly described as follows:

COMMENCE at the Northwest Corner of said Section 8; thence South 01deg43min29sec East, along the West Line of the Northwest 1/4 of said Section 8, for a distance of 240.07 feet to the POINT OF BEGINNING of the hereinafter described Parcel of Land; thence continue North 89deg39min28sec East for a distance of310.09 feet; thence South 01deg43min29sec East for a distance of 399.33 feet; thence South 88deg16min31sec West for a distance of 310.00 feet; thence North 01deg43min29sec West, along a Line 40.00 feet East of and parallel with the West Line of the Northwest ¼ of said Section 8, for a distance of 406.81 feet to the POINT OF BEGINNING.

LESS THE FOLLOWING DESCRIBED LANDS

A portion of the Northwest 1/4 and the Southwest 1/4 of Section 8, Township 53 South, Range 40 East, Miami-Dade County, Florida, being more particularly described as follows:

COMMENCE at the Northwest 114 of said Section 8; thence South 01deg43min29sec East, along the West Line of said Section 8, for a distance of 647.85 feet; thence North 88deg16min31sec East for a distance of 40.00 feet to the POINT OF BEGINNING of the hereinafter described Parcel of Land; thence continue North 88deg16min31sec East for a distance of 310.00; thence South 01deg43min29sec East along a line 350.00 feet East of and parallel with the WEST Line of the Northwest 114. of said Section 8, for a distance of 547.52 feet to a point hereinafter referred to as Reference Point "A"; thence South 88deg16min31sec West for a distance of 104.00 feet; thence North 01deg43min29sec West for a distance of 100.00 feet; thence South 88deg16min31sec West for a distance of 206.00 feet; thence North 01deg43min29sec West along a line 40.00 feet East of and parallel with the West Line of the Northwest 1/4, of said Section 8, for a distance of 447.52 to the POINT OF BEGINNING.

AND

Commence at the aforementioned Reference Point "A"; thence South 01deg43min29sec East along a line
350.00 feet East of and parallel with the West Line of the Northwest 1/4 of said Section 8, for a distance of 50.00 feet to the POINT OF BEGINNING of the hereinafter described Parcel of Land; thence continue South 01deg43min29sec East along the last described line, for a distance of 1364.00 feet to a point hereinafter referred to as Reference Point "B"; thence South 88deg16min31sec West for a distance of

310.00 feet; thence North 01deg43min29sec West along a line 40.00 feet East of and parallel with the West Line of the Northwest 1/4 of said Section 8, for a distance of 1259.68 feet; thence North 88deg16min31 sec East for a distance of 206.00 feet; thence North 01deg43min29sec West for a distance of 104.32 feet; thence North 8Sdeg16min31sec East for a distance of 104.00 feet to the POINT OF BEGINNING.

ANO

Commence at the aforementioned Reference Point "B"; thence South 01deg43min29sec East along a line
350.00 feet East of and parallel with the West Line of the Southwest 1/4 of said Section 8, for  a  distance of 60.00 feet to the POINT OF BEGINNING of the hereinafter described Parcel of Land; thence continue South 01deg43min29sec East along the last described line, for a distance of 697.19 feet; thence_ South 88deg39min25sec West, for a  distance of 310.00  feet; thence North 01deg43min29sec  West along a line
40.00 feet East of and parallel with the West Line of the Southwest 1/4 of said Section 8, for a distance of
feet; thence North 88deg16min31sec East for a distance of 310.00 feet to the POINT OF BEGINNING.

Containing 7,819,710.68 Square Feet or 179.52 Acres more or less.

/

19

Exhibit B

CDDNOTICE
ll!llkJ.. ESTIMAfflD TOTAL ANNUAL DISTRICT ASSESSMENTS DUE PER DWELLING UNIT FOR EACH OF- THE
DISTRICT'S FIRST THREE (3) PISCAL YEA.RS (adual assfflmentl may vary from die amounts set rorlb bdow and Operatfoos·aod lnfraslruclure Mafntenance Assen·oients mav bebfaberln aublec uent vtar.s baaed on actual bud1tels adoBled bv lbe Districtl.

Type ofDweWog Unll (and Phase, ir
Applicable)	Eatlmated Annlw District Capital Asseuments rnetudlng PrincJpa.f and Interest
{seeSeedoas 3.1 and
3.ZBelow)	
Estimated ADml Admlnislralive Aummenh (Includes both Operations and lnf'r.utructurc Malntenam::eAue.uments) (see Sectlo■3,4 Below)	

Estimated Total 4Jlwml Dlstricl Assessments Due for eac:h of rhe District's first fbrec (3) Rscal years (Sn Section 3.5 Below)	
Townhomcs	$1132	$J(j	$ll68	
Condominiums	$994	$36	$1030	
Workshoos	$938	$36	$914	
llll!ll:.l BREAKDOWN OF ESTIMATED MONTHLY DISTRICT ASSl!SSMENTS FOR EACH OFTHE FIRST THREE (J) FISCAL
YEARS (actual asseumePts may vary rrom the amounts Ht  rorth hdow llnd Operations and Infrastructure Malnteuance Assessments
mav be hi11:ber in sub111nuenl veara based on actual budi:rets adooted1,v the D11lrlct).	

Type of Dwelling UnU (and Phase. ir
Appll'3ble)	EstimatedMutbll Dis..ttr.,iect nOPUm1uflon1
111	Esdmaled M9.!!!!!h: District
Infrastructure Ma•ntenanse
AH§tl!RDff	E1ttmated MAAthlY District capi1aT As!essmentr (Raffmated Annual District Capital Assessments dMded by ll)	
Townhomcs	$3	$0	$94	
Condominiums	$3	so	$83	
Workshons	$3	$0	$78	
.I!J!!tA. ESTIMATED INITIAL PAYOFF OF CAfflAL ASSESSMENTS (does not lndude i11tertat on the bond principal due through the next Payment Date) AND ESTIMATED TOTAL PAYMENTS JFANNUAL PAYMENTS ARE MADE OVl!:R THE TERM OFTHE BONDS

Type ofDwellfog Unit (and Phase, if
Applicable)	Initial Ettfmated Prepayment Amount co Pay oi?Dweutna UaJ1's pr rata sbare ofDJa1rlctllondlat timeDwelling UailQo,ea (tbls amount de<:ltoe.s as prindpal payment, are made aanually and does Nor Include Interest that'. may he due through rbe next applleabJe bond payment date	Esdmated nu! CapUal Aaw,mentt includlq Prl11tipaJ and lnterut itCapllal  Asseu111.ents are Paid AnnuaDy (No Prepayment) overTfdrly (30) years (Estimated Annual District Capital Asseumeof.l times 30)	
Townhomc.s:	SI• 9ll	$33,941	
Condominiums	$14848	$29808	
Worksho»s	$14023	$28162	
PURCHASERS INITIALS

10/5/06 '.U9 PM

•

•

The District. All of the residential dwelling units ("Dwelling  Units")  in  the Grand Bay at Doral Community Development District (the "Development") are also located within the boundaries of the Grand Bay at Doral Community Development District Community Development District (the "District"). The District is a local unit of special-purpose government organized and existing under the laws of the State of Florida and the Home Rule Charter ,of Miami-Dade County, Florida and located in Miami-Dade County ("Countv"). The primary purpose of the District is to finance the cost of the public infrastructure of  the Development which may include, without limitation, water and sewer facilities, environmental mitigation, roadways, the surface water management system, utility plants and lines, land acquisition, miscellaneous utilities for the Development, as applicable, and other infrastructure projects and services necessitated by the development of land within the Development (collectively, the "Public Infrastructure").

 	 PURCHASER'S INITIALS

The District Board. The Board of Supervisors of the District (the "District Board") is initially elected by the landowner in the District. The Board is required to advertise its meetings in advance and all District Board meetings are required to  be open to the public. The District Board is required to prepare a budget each fiscal year and adopt  the same in an open, public meeting. All owners of property within the District are invited to attend District Board meetings and participate in the public process.
PURCHASER'S INITIALS

District Finance and Assessments. The current plan is for the District to issue bonds to acquire, construct, reconstruct, and equip all or a portion of the Public Infrastructure identified in Section 1. Currently, it is estimated that  the Dwelling  Units in the Development will be assessed based on the Capital and Administrative Assessments listed in Table I  above and in Sections 3.1 and 3.4 below (if paid in November) to retire the debt of the District, to pay for operations of the District and maintenance of the Public Infrastructure. District assessments will either appear on the County real estate tax bill of each property located within the District and will be paid at the same time as County taxes are paid, or will be directly billed by the District. Capital assessments to repay the principal portion of the bond debt could be levied by the District for a period ofup to thirty (30) years.

 	 PURCHASER'S INITIALS

District Capital Assessments. The District expects to issue bonds (the "Bonds"), the principal of and interest on which will be payable from non ad valorem special assessments ("District Capital Assessments") levied by the District on the property within the Development, which property is found to be specially benefited by the Public Infrastructure. Each Dwelling Unit is subject to a District Capital Assessment to repay the bonds.

 	 PURCHASER'S INITIALS

Amount. The estimated amount of annual District Capital Assessments including principal and interest levied on each Dwelling Unit is expected to be approximately $ SEE EXHIBIT B-TABLE I (approximately $SEE EXHIBIT B-TABLE I per month), which sum shall be

2	9/1/06 12:27 PM

payable annually for the term of the Bonds (the principal repayment period may not exceed thirty
(30) years). The aggregate amount of District Capital Assessments including principal and interest expected to be levied and imposed on each Dwelling Unit over the term of the Bonds (thirty (30) years), is approximately$ SEE EXHIBIT B.

 	  PURCHASER'S INITIALS

Prepay Option. Each owner of a Dwelling Unit has the option  of prepaying the aggregate amount of District Capital Assessments levied on the owner's Dwelling Unit. The prepayment amount at any time will be equal to the remaining outstanding pro rata share of principal and interest due through the next applicable payment date due on the bonds for each Dwelling Unit. Such prepayment amount will decline each year as the District Capital Assessments are paid.

 	  PURCHASER'S INITIALS

District Administrative Assessments. In addition to District Capital Assessments, the District will impose an annual non ad valorem assessment to fund District operations and maintenance of its Public Infrastructure (collectively, "District Administrative Assessments"). Each Dwelling Unit shall be subject to District Administrative Assessments. The budget from which District Administrative Assessments are derived is subject to change each year, and may vary from year to year and from time to time. During each of the first three
(3) fiscal years of the District, it is anticipated that District Administrative Assessments for the Dwelling Unit will be approximately $36.00 per year per Dwelling Unit, after which time such assessments may vary from year to year and from time to.time.

 	  PURCHASER'S INITIALS

District Assessments. District Administrative Assessments together with District Capital Assessments shall comprise the "District Assessments." While the District Assessments are not taxes under Florida law, the District Assessments will constitute a lien coequal with the lien of State, County, Municipal, and School Board taxes, and are expected to appear on the ad valorem tax bill sent each year by the Miami-Dade County Tax Collector. The Homestead Exemption is not applicable to the District Assessments. Because a tax bill cannot be paid in part, failure to pay the District Assessments or any other portion of the tax bill will result in the sale of tax certificates and could ultimately result in the loss of title to the Dwelling Unit of the delinquent taxpayer through the issuance of a tax deed. If billed directly by the District, nonpayment could result in foreclosure on and loss of title to the Dwelling Unit.

 	  PURCHASER'S INITIALS

PURCHASER:	PURCHASER:

Print Name: 		                  Date: 	

Print Name: 		_ Date: 	_

3	9nt06 12:27 PM

STATE OF FLORIDA COUNTY OF MIAMI-DADE

)
)	SS:
)

I, HARVEY RUVIN, Clerk of the Circuit and County Courts, in and for  Miami­ Dade County, Florida, and Ex-Officio Clerk of the Board of County Commissioners of said County, Do Hereby Certify, that the above and foregoing  is a true  and correct  copy of Ordinance 06-153, adopted by the Board of County Commissioners at its meeting of October 24, 2006, as appears of record.

IN WITNESS WHEREOF, I have hereunto set my hand and official  seal on this yth day November, A.O. 2006.

HARVEY RUVIN, Clerk

Board of County Commissioners Miami-Dade County, Florida

By: ---'?"""2"2/L-"---=----' 7)""'-c_----:.=--­
Deputy Clerk

Board of County Commissioners Miami-Dade County, Florida