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FY21/22 Proposed Budget AVE MARIA STEWARDSHIP COMMUNITY DISTRICT c/o Special District Services, Inc. 2501 Burns Road, Suite A Palm Beach Gardens, Florida 33410 (561) 630-4922 Fax: (561) 630-4923 July 15, 2021LED rs) VIA CERTIFIED MAIL— RETURN RECEIPT REQUESTED rn Clerk of the Circuit Court Collier County Courthouse 3315 Tamiami Trail East Naples, Florida 34112-5324 Re: Ave Maria Stewardship Community District To Whom It May Concern: Pursuant to Florida law, enclosed please find a copy of the following document relative to the above referenced Stewardship Community District: 1.) Proposed Budget Fiscal Year 2021/2022 (Oct. 1, 2021 — Sept. 30, 2022) Should you have any questions or comments, please do not hesitate to contact our office. Sincerely, SPECIAL DISTRICT SERVICES, INC. • Laura J. Arche Enclosure FILED? '9.'21 i326Coiii to Ave Maria Stewardship Community District Proposed Budget For Fiscal Year 2021/2022 October 1, 2021 - September 30, 2022 FILED 7 ;ic3 12+ y312 ,C i'Uiar-Co AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2021/2022 BUDGET TABLE OF CONTENTS Budget Summary Proposed Budget 3 Detailed Proposed Budget 4 Budget Comparison To Previous Year 5 Debt Service Detailed Proposed Series 2019(refi of 2006)Debt Service Fund Budget 6 Detailed Proposed Series 2012 Debt Service Fund Budget 7 Detailed Proposed Series 2015(Maple Ridge) Debt Service Fund Budget 8 Detailed Proposed Series 2016(Maple Ridge) Debt Service Fund Budget 9 Detailed Proposed Series 2016 BANS Debt Service Fund Budget 10 Detailed Proposed Series 2018(Maple Ridge)Debt Service Fund Budget 11 Detailed Proposed Series 2020(Maple Ridge)Debt Service Fund Budget 12 Maintenance&Assessments Breakdown Detailed Proposed Maintenance Budget 13 Assessment Breakdown 14 Assessment Comparison 15 PROPOSED BUDGET AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2021/2022 OCTOBER 1, 2021 -SEPTEMBER 30, 2022 Sources Revenue Percentage Assessments $ 5,468,704 73% Developer Contributions $ 2,024,059 27% Other $ 1 0% Total Revenue $ 7,492,764 100% 27% Assessments 73% ■Developer Contributions Sources Expenditures Percentage Administrative $ 309,198 4% Maintenance $ 2,350,500 31% Debt Payments $ 4,422,913 59% Discounts & Fees $ 410,153 5% Total Expenditures $ 7,492,764 100% 4% 6% ■Administrative 31% ■Maintenance 59% 10 •Debt Payments Discounts & Fees Page 3 DETAILED PROPOSED BUDGET AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2021/2022 OCTOBER 1, 2021 -SEPTEMBER 30, 2022 FISCAL YEAR 2021/2022 REVENUES BUDGET O& M ASSESSMENTS 1,456,471 DEBT ASSESSMENTS 4,012,233 DEVELOPER CONTRIBUTION FOR 0&M 1,312,462 DEVELOPER CONTRIBUTION FOR DEBT 711,597 OTHER REVENUES 0 INTEREST 1 TOTAL REVENUES $ 7,492,764 EXPENDITURES ADMINISTRATIVE EXPENDITURES SUPERVISORS FEES 8,000 PAYROLL TAX EXPENSE 612 ENGINEERING 55,000 MANAGEMENT 70,216 SECRETARIAL 4,500 LEGAL 70,000 ASSESSMENT ROLL 15,000 AUDIT FEES 13,000 ARBITRAGE REBATE FEE 3,250 TRAVEL& LODGING 4,000 INSURANCE 11,870 LEGAL ADVERTISING 5,000 MISCELLANEOUS 4,000 POSTAGE 1,750 OFFICE SUPPLIES 3,500 DUES, LICENSE, &SUBSCRIPTIONS 500 MISCELLANEOUS FILINGS, NOTICES, ETC. 500 WEBSITE HOSTING FEES 2,500 TRUSTEE FEES 27,000 CONTINUING DISCLOSURE FEE 9,000 TOTAL ADMINISTRATIVE EXPENDITURES $ 309,198 MAINTENANCE EXPENDITURES MAINTENANCE 2,350,500 TOTAL MAINTENANCE EXPENDITURES $ 2,350,500 TOTAL EXPENDITURES $ 2,659,698 EXCESS OR(SHORTFALL) $ 4,833,066 BOND PAYMENTS $ (4,422,913) BALANCE $ 410,153 COUNTY APPRAISER&TAX COLLECTOR COST (191,405) DISCOUNTS FOR EARLY PAYMENTS (218,748) NET EXCESS/(SHORTFALL) $ - Note: Reserve Fund Balance As Of 4-30-21 is$235,332.91 Page 4 DETAILED PROPOSED BUDGET COMPARISON AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2021/2022 OCTOBER 1, 2021 -SEPTEMBER 30, 2022 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2019/2020 2020/2021 2021/2022 REVENUES ACTUAL BUDGET BUDGET COMMENTS O&M ASSESSMENTS 1,109,196 1,264,670 1,456,471 See Detail on Page 9 DEBT ASSESSMENTS 3,223,964 4,012,233 4,012,233 See Detail on Page 9 DEVELOPER CONTRIBUTION FOR 0&M 1,313,971 1,289,378 1,312,462 DEVELOPER CONTRIBUTION FOR DEBT 1,762,132 12,309,101 711,597 OTHER REVENUES/FEMA 8,081 0 0 INTEREST 739 1 1 TOTAL REVENUES $ 7,418,084 $ 18,875,383 $ 7,492,764 EXPENDITURES ADMINISTRATIVE EXPENDITURES SUPERVISORS FEES 7,800 8,000 8,000 No Change From Previous Budget PAYROLL TAX EXPENSE 597 612 612 Supervisor Fees*7.65% ENGINEERING 57,391 55,000 55,000 No Change From Previous Budget MANAGEMENT 70,216 70,216 70,216 No Change From Previous Budget SECRETARIAL 4,500 4,500 4,500_No Change From Previous Budget LEGAL 69,997 60,000 70,000 $10,000 Increase From Previous Budget ASSESSMENT ROLL 15,000 15,000 15,000 No Change From Previous Budget AUDIT FEES 11,700 13,000 13,000 No Change From Previous Budget ARBITRAGE REBATE FEE 3,250 3,250 3,250 No Change From Previous Budget TRAVEL&LODGING 1,014 4,000 4,000 No Change From Previous Budget INSURANCE 9,706 11,870 11,870 No Change From Previous Budget LEGAL ADVERTISING 7,966 5,000 5,000 No Change From Previous Budget MISCELLANEOUS 3,805 4,000 4,000 No Change From Previous Budget POSTAGE 1,041 1,750 1,750 No Change From Previous Budget OFFICE SUPPLIES 2,178 3,500 3,500 No Change From Previous Budget DUES, LICENSE, &SUBSCRIPTIONS 175 500 500 No Change From Previous Budget MISCELLANEOUS FILINGS, NOTICES, ETC. 0 500 500 No Change From Previous Budget WEBSITE HOSTING FEES 2,500 2,500 2,500 No Change From Previous Budget TRUSTEE FEES 25,969 27,000 27,000 No Change From Previous Budget CONTINUING DISCLOSURE FEE 7,500 9,000 9,000 No Change From Previous Budget TOTAL ADMINISTRATIVE EXPENDITURES $ 302,303 $ 299,198 $ 309,198 MAINTENANCE EXPENDITURES MAINTENANCE 2,136,010 2,160,000 2,350,500 Total Maintenance-See Detail On Page 12 TOTAL MAINTENANCE EXPENDITURES $ 2,136,010 $ 2,160,000 $ 2,350,500 TOTAL EXPENDITURES $ 2,438,313 $ 2,459,198 $ 2,659,698 EXCESS OR(SHORTFALL) $ 4,979,770 $ 16,416,185 $ 4,833,066 BOND PAYMENTS (4,801,577) $ (16,020,417) $ (4,422,913) 2022 P&I Payments BALANCE $ 178,194 $ 395,768 $ 410,153 COUNTY APPRAISER&TAX COLLECTOR COST (75,958) (184,692) (191,405) 3.5%Of Total Roll(2%Appraiser, 1.5%Collector) DISCOUNTS FOR EARLY PAYMENTS (164,529) (211,076) (218,748) 4%Of Total Tax Roll NET EXCESS/(SHORTFALL) $ (62,294) $ - $ - Note: Reserve Fund Balance As Of 4-30-21 is$235,332.91 Page 5 DETAILED PROPOSED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT ' DEBT SERVICE FUND-SERIES 2019 FISCAL YEAR 2021/2022 OCTOBER 1,2021 -SEPTEMBER 30, 2022 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2019/2020 2020/2021 2021/2022 REVENUES ACTUAL BUDGET BUDGET Interest Income(19)(refi of 06) 716 1,073 500 Net NAV Collection(19)(refi of 06) 1,395,000 1,368,371 1,368,371 Developer Contribution(refi of 06) 0 0 0 Prepaid Bonds(19)(refi of 06) 0 0 0 Bond Proceeds 0 0 0 Total Revenues $ 1,395,716 $ 1,369,444 $ 1,368,871 EXPENDITURES Principal Payments(19)(refi of 06) 875,000 885,000 900,000 Extraordinary Principal Pymt(19)(refi of 06) 0 0 2,277 Interest Payments(19)(refi of 06) 431,271 484,444 466,594 Cost of Issuance 0 Total Expenditures $ 1,306,271 $ 1,369,444 $ 1,368,871 Net Excess/(Shortfall) $ 89,444 $ - $ - Series 2019 Bond Information(Refi of 2006) Original Par Amount= $20,310,000 Annual Principal Payments Due: Average Interest Rate= 2.725% May 1st Issue Date= June 2019 Annual Interest Payments Due. Maturity Date= May 2038 May 1st&November 1st Par Amount As Of 1/1/19= $20,310,000 Page 6 DETAILED PROPOSED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT • DEBT SERVICE FUND-SERIES 2012 FISCAL YEAR 2021/2022 OCTOBER 1, 2021 -SEPTEMBER 30,2022 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2019/2020 2020/2021 2021/2022 REVENUES ACTUAL BUDGET BUDGET Interest Income(12) 18,714 100 100 Net NAV Collection(12) 1,030,430 1,010,592 1,010,592 Developer Contribution(12) 1,196,206 1,234,985 1,232,298 Prepaid Bonds(12) 13,565 0 0 Total Revenues $ 2,258,915 $ 2,245,678 $ 2,242,990 EXPENDITURES Principal Payments(12) 500,000 535,000 570,000 Extraordinary Principal Payments(12) 0 0 0 Interest Payments(12) 1,762,100 1,710,678 1,672,990 Total Expenditures $ 2,262,100 $ 2,245,678 $ 2,242,990 Net Excess/(Shortfall) $ (3,185) $ - $ - Series 2012 Bond Information Original Par Amount $29,100,000 Annual Principal Payments Due: Interest Rate= 6.700% May 1st Issue Date= June 2012 Annual Interest Payments Due: Maturity Date= May 2042 May 1st&November 1st Par Amount As Of 1/1/19= $26,765,000 Page 7 DETAILED PROPOSED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND-SERIES 2015(MAPLE RIDGE) FISCAL YEAR 2021/2022 OCTOBER 1, 2021 -SEPTEMBER 30,2022 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2019/2020 2020/2021 2021/2022 REVENUES ACTUAL BUDGET BUDGET Interest Income(15) 1,822 100 100 Net NAV Collection(15) 166,976 163,890 163,890 Developer Contribution(15) 0 3,767 5,267 Prepaid Bonds(15) 0 0 0 Total Revenues $ 168,798 $ 167,756 $ 169,256 EXPENDITURES Principal Payments(15) 45,000 45,000 50,000 Extraordinary Principal Payments(15) 0 0 0 Interest Payments(15) 125,006 122,756 119,256 Total Expenditures $ 170,006 $ 167,756 $ 169,256 Net Excess/(Shortfall) $ (1,208) $ - $ - Series 2015 Bond(Maple Ridge)Information Original Par Amount= $2,530,000 Annual Principal Payments Due: Interest Rate= 5.0%-5.375% May 1st Issue Date= February 2015 Annual Interest Payments Due: Maturity Date= May 2045 May 1st&November 1st Par Amount As Of 1/1/19= $2,415,000 Page 8 DETAILED PROPOSED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND-SERIES 2016(MAPLE RIDGE) FISCAL YEAR 2021/2022 OCTOBER 1,2021 -SEPTEMBER 30,2022 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2019/2020 2020/2021 2021/2022 REVENUES ACTUAL BUDGET BUDGET Interest Income(16) 1,609 100 100 Net NAV Collection(16) 231,072 226,663 226,663 Developer Contribution(16) 0 0 0 Prepaid Bonds(16) 0 0 0 Total Revenues $ 232,681 $ 226,763 $ 226,763 EXPENDITURES Principal Payments(16) 55,000 55,000 60,000 Extraordinary Principal Payments(16) 0 3,369 1,388 Interest Payments(16) 172,725 168,394 165,375 Total Expenditures $ 227,725 $ 226,763 $ 226,763 Net Excess/(Shortfall) $ 4,956 $ - $ - Note:Capitalized Interest Was Set-Up Through November 1,2017 Series 2016 Bond(Maple Ridge)Information Original Par Amount= $3,390,000 Annual Principal Payments Due: Interest Rate= 5.250% May 1st Issue Date= October 2016 Annual Interest Payments Due: Maturity Date= May 2047 May 1st&November 1st Par Amount As Of 1/1/19= $3,340,000 Page 9 DETAILED PROPOSED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND-SERIES 2016(BOND ANTICIPATION NOTES) FISCAL YEAR 2021/2022 OCTOBER 1,2021 -SEPTEMBER 30, 2022 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2019/2020 2020/2021 2021/2022 REVENUES ACTUAL BUDGET BUDGET Interest Income(16 BANS) 3,685 100 0 Net NAV Collection(16 BANS) 0 0 0 Developer Contribution(16 BANS) 512,661 11,597,581 0 Prepaid Bonds(16 BANS) 0 0 0 Total Revenues $ 516,346 $ 11,597,681 $ - EXPENDITURES Principal Payments(16 BANS) 0 11,085,000 0 Extraordinary Principal Payments(16 BANS) 0 0 0 Interest Payments(16 BANS) 512,681 512,681 0 Total Expenditures $ 512,681 $ 11,597,681 $ - Net Excess/(Shortfall) $ 3,665 $ - $ - Note:This Bond is Currently in the Process of Being Refinanced-Funding Numbers Not Currently Available Series 2016 BANS Information Original Par Amount= $11,085,000 Annual Principal Payments Due: Interest Rate= 4.630% N/A Issue Date= October 2016 Annual Interest Payments Due: Maturity Date= November 2021 May 1st&November 1st Par Amount As Of 1/1/19= $11,085,000 Page 10 DETAILED PROPOSED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND-SERIES 2018(MAPLE RIDGE) FISCAL YEAR 2021/2022 OCTOBER 1,2021 -SEPTEMBER 30, 2022 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2019/2020 2020/2021 2021/2022 REVENUES ACTUAL BUDGET BUDGET Interest Income(18) 162 100 100 Net NAV Collection(18) 215,966 211,765 211,765 Developer Contribution(18) 53,266 54,377 56,315 Capitalized Interest 0 0 Total Revenues $ 269,394 $ 266,243 $ 268,180 EXPENDITURES Principal Payments(18) 60,000 60,000 65,000 Extraordinary Principal Payments(18) 0 0 0 Interest Payments(18) 210,653 206,243 203,180 Total Expenditures $ 270,653 $ 266,243 $ 268,180 Net Excess/(Shortfall) $ (1,258) $ - $ - Note:Capitalized Interest Was Set-Up Through May 1,2019 Series 2018 Bond(Maple Ridge)Information Original Par Amount= $4,000,000 Annual Principal Payments Due: Interest Rate= 4.9%-5.375% May 1st Issue Date= June 2018 Annual Interest Payments Due: Maturity Date= May 2049 May 1st&November 1st Par Amount As Of 1/1/19= $4,000,000 Page 11 DETAILED PROPOSED DEBT SERVICE BUDGET AVE MARIA STEWARDSHIP DEVELOPMENT DISTRICT DEBT SERVICE FUND-SERIES 2020(MAPLE RIDGE) FISCAL YEAR 2021/2022 OCTOBER 1, 2021 -SEPTEMBER 30, 2022 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2019/2020 2020/2021 2021/2022 REVENUES ACTUAL BUDGET BUDGET Interest Income(20) 3 0 0 Net NAV Collection(20) 0 0 0 Developer Contribution(20) 0 0 0 Capitalized Interest 146,853 146,853 Total Revenues $ 3 $ 146,853 $ 146,853 EXPENDITURES Principal Payments(20) 0 0 0 Extraordinary Principal Payments(20) 0 0 0 Interest Payments(20) 0 146,853 146,853 Total Expenditures $ -_ $ 146,853 $ 146,853 Net Excess/(Shortfall) $ 3 $ - $ - Note:Capitalized Interest Was Set-Up Through November 1,2022 Series 2020 Bond(Maple Ridge)Information Original Par Amount= $3,440,000 Annual Principal Payments Due: Interest Rate= 3.8%-4.45% May 1st Issue Date= July 2020 Annual Interest Payments Due: Maturity Date= May 2052 May 1st&November 1st Par Amount As Of 9/1/20= $3,440,000 Page 12 DETAILED PROPOSED MAINTENANCE BUDGET AVE MARIA STEWARDSHIP COMMUNITY DISTRICT FISCAL YEAR 2021/2022 OCTOBER 1, 2021 -SEPTEMBER 30, 2022 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2019/2020 2020/2021 2021/2022 ACTUAL BUDGET BUDGET MAINTENANCE EXPENDITURES AQUATIC REPLACEMENTS 0 0 0 IRRIGATION REPAIR 35,554 85,000 95,000 MISCELLANEOUS MAINTENANCE 3,260 10,000 10,000 ELECTRIC (STREETLIGHTS, LANDSCAPE) 91,513 85,000 85,000 STREET SWEEPING 0 1,000 1,000 STRIPING & TRAFFIC MARKINGS 2,994 25,000 15,000 STREET LIGHT MAINTENANCE 79,522 60,000 80,000 SIDEWALK/ CURB REPAIRS 94,213 50,000 70,000 LANDSCAPE MAINT/ ENHANCE (ROADWAY, ENTRIES): 32,625 30,000 30,000 MAINTENANCE CONTRACTS 675,082 630,000 630,000 TREE TRIMMING 28,680 30,000 50,000 STORM CLEANUP 0 25,000 25,000 STORM CLEANUP - ELECTRIC 0 25,000 25,000 STORM CLEANUP - LANDSCAPING 0 25,000 25,000 PLANT REPLACEMENT 95,594 70,000 90,000 MULCH & MISCELLANEOUS 84,945 140,000 140,000 WATER MANAGEMENT & DRAINAGE 3,600 4,000 4,000 ENTRY FEATURE WATER 3,276 3,000 4,500 IRRIGATION WATER 112,774 70,000 85,000 FOUNTAIN MAINTENANCE 3,411 15,000 25,000 RODENT/ PEST CONTROL 8,450 4,000 8,000 EQUIPMENT REPAIR 9,904 2,000 6,000 SIGNAGE REPAIR 0 10,000 10,000 STORM DRAIN CLEANING 0 10,000 10,000 DRAINAGE / LAKE MAINTENANCE/ LITTORALS 81,915 75,000 75,000 AERATORS 0 1,000 2,000 PRESERVE MAINTENANCE 31,639 50,000 60,000 SMALL TOOLS 1,524 2,500 2,500 VEHICLE LEASE / FUEL/ REPAIRS (MAINT TECH) 3,030 20,000 20,000 MOSQUITO CONTROL 330,002 300,000 400,000 TEMP FIRE FACILITY OPERATING COSTS 111,010 90,000 40,000 MAINTENANCE TECHNICIANS 103,323 100,000 110,000 BASE MANAGEMENT FEE 19,664 20,000 20,000 ADMIN PAYROLL 51,655 50,000 55,000 TOTAL MAINTENANCE EXPENDITURES $ 2,099,160 $ 2,117,500 $ 2,308,000 RESERVE FUND 27,500 27,500 27,500 CONTINGENCY FUND 9,350 15,000 15,000 TOTAL $ 2,136,010 $ 2,160,000 $ 2,350,500 Page 13 C A N0 O rDO OrDOO OI 0 CO el N 0 CO O 0N0 d- O co.M M CD en N+) E O 0 O ON ODaD ) N pNce C (D m,n ON�r c0 U0 N N D o N c", N O H y CD Ul CO CO O)V O co a)C p O M CD r 0 a Ni: a) rn N 0 0 O O O)(D O Cr)(D O (13 «a 0 0 0r0 v0 C0 a co c.i rci v cc;N v co N C 0 CO N. 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U. ~ y C ) m ' . cLL ° a h . . a) 0 Q s < w rn j .> Q N d gi Q o° J a d m 0 C1 Ave Maria Stewardship Community District Debt Assessment Comparison 2021-2022 FY 2020-2021 FY 2021-2022 Change - Number of Per Unit Per Unit Increase/ Type Bonds Series Platted Units Assessment Assessment (Decrease) Multi Family 2019 166 $729.15 $777.13 $47.98 2012 84 $988.15 $1,036.13 $47.98 Single Family 2019 1,167 $1,101.15 $1,149.13 $47.98 2019 + 2015 394 $1,550.84 $1,598.82 $47.98 2019 + 2016 270 $1,774.34 $1,822.32 $47.98 2019 + 2018 3 $1,768.60 $1,816.58 $47.98 2012 474 $1,597.15 $1,645.13 $47.98 2012 + 2016 94 $2,270.34 $2,318.32 $47.98 2012 + 2018 408 $2,264.60 $2,312.58 $47.98 2012 +2020 279 $2,267.15 $2,315.13 $47.98 ALF Apartments 0 $27.78 $27.54 ($0.24) Apartments 0 $69.44 $84.62 $15.18 Low Affordable Housing 48 $48.54 $55.95 $7.41 Retail/Entertainment/Service (sqft) 140,442 $0.37 $0.43 $0.06 Professional Offices (sqft) 51,529 $0.23 $0.28 $0.05 Light Manufacturing (sqft) 508,807 $0.15 $0.18 $0.03 Hotel (rooms) 0 $273.07 $314.74 $41.67 Medical Facilities (sqft) 10,904 $0.75 $0.87 $0.12 Institutional -AM University (students) 1,093 $16.58 $19.11 $2.53 Private K-12 School (students) 266 $25.90 $29.86 $3.96 Assessments Include the Following : 4% Discount for Early Payments 1.5% County Tax Collector Administrative Cost 2% County Property Appraiser Administrative Cost Page 15