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05/13/2020 Minutes t61 1 MINUTES OF MEETING CURRENTS COMMUNITY DEVELOPMENT DISTRICT The Regular Meeting of the Board of Supervisors of the Currents Community Development District was held on Wednesday, May 13, 2020 at 1:30 p.m., at the Offices Coleman,Yovanovich and Koester,4001 Tamiami Trail North, Suite 300, Naples, Florida 34103. Present and constituting a quorum: Charles Cook Chairperson Ryan Futch Vice Chairperson Robert D. Summers, II Assistant Secretary Brian Keller Assistant Secretary Also present were: James P.Ward District Manager Greg Urbancic District Counsel Audience: All resident's names were not included with the minutes. If a resident did not identify themselves or the audio file did not pick up the name,the name was not recorded in these minutes. PORTIONS OF THIS MEETING WERE TRANSCRIBED VERBATIM. ALL VERBATIM PORTIONS WERE TRANSCRIBED IN ITALICS. FIRST ORDER OF BUSINESS Call to Order/Roll Call District Manager James P.Ward called the meeting to order at approximately 1:40 p.m. He reported with the State of Emergency in Florida, and pursuant to Executive Orders 20-52 and 20-69 issued by Governor DeSantis on March 9, 2020 and March 20, 2020 respectively, and pursuant to Section 120.54(5)9b)2., Florida, Statutes, this meeting was being held utilizing communication media technology due to the current COVID-19 public health emergency. He explained all Members of the Board and Staff were present via videoconference or telephone;no persons were present in the on-site meeting room location. He asked all speakers to state their names for the record prior to speaking. He conducted roll call; all Members of the Board were present at roll call constituting a quorum. SECOND ORDER OF BUSINESS Consideration to fill Seat 5 Consideration to fill Seat 5,formerly Mr.Tim Martin whose resignation took effect January 29,2020 Mr. Ward indicated this was a carryover Item from the previous Meeting. He asked if the Board was prepared to appoint a new Member. He noted if not, this Item could again be continued until the next Meeting. Wage t61l Currents Community Development District May 13, 2020 Mr. Charles Cook recommended continuing this Item until the next Meeting. The Board agreed. I. Appointment of individual to fill Seat 5,whose term is set to expire November 2021 II. Oath of Office III. Guide to the Sunshine Law and Code of Ethics for Public Employees IV. Form 1—Statement of Financial Interests THIRD ORDER OF BUSINESS Consideration of Resolution 2020-13 Consideration of Resolution 2020-13 re-designation the Officers of the District Mr.Ward indicated due to the previous Item being continued,this Item would also be continued until the next Meeting. FOURTH ORDER OF BUSINESS Consideration of Minutes April 1, 2020 Regular Meeting Mr.Ward asked if there were any corrections,additions,or deletions of the April 1, 2020 Regular Meeting Minutes; hearing none, he called for a motion to approve the Minutes. On MOTION made by Mr. Brian Keller,seconded by Mr. Rob Summers, and with all in favor, the April 1, 2020 Regular Meeting Minutes were approved. FIFTH ORDER OF BUSINESS Consideration of Resolution 2020-11 Consideration of Resolution 2020-11 Approving the Proposed Fiscal Year 2021 Budget and setting the Public Hearing on Wednesday July 8,2020 at 1:30 P.M.at the offices of Coleman,Yovanovich&Koester, 4001 Tamiami Trail North,Suite 300, Naples, Florida 34103 Mr.Ward noted this Item had been deferred during the last Board Meeting. He stated he had revised and updated the Budget for Fiscal Year 2021 which was enclosed in the Agenda Package. He explained the Budget essentially included line items for the full operations of the District's stormwater management system which was intended to come online during the year. He indicated this was the primary change to the Budget. Mr. Ward: The one item that I will bring to your attention is that the cost per unit on a$500,000 dollar budget for only the Phase I units, the 263 lots, becomes an inordinately high number. It is well over$1,200 to$1,500 dollars per unit per year,so what we did on this budget is I'm showing you an estimate for a full buildout cost for the entire drainage system and the operations of the District itself. Then what I did was I took that buildout cost per unit and applied it only to the Fiscal Year 2021 Phase I units, which are 263. That generates about$154,000 dollars in revenue from assessments for just the Phase I area. Then, the balance of the funds will be in a line item which we call"Contributions,private sources, by Taylor Morrison" Wage 16 1 1 Currents Community Development District May 13, 2020 and that amount will be $345,536 dollars. The intent on this Budget is that property owners within the Phase / area will pay an amount consistent with the full buildout cost ranging between $305.71 a unit, upwards to $747.28 per unit, depending upon the size of the property that you have within the District. That is consistent with the way that the methodology was done for the Capital Improvement program. Then the difference between the$154,000 and what's anticipated to be needed for Fiscal Year 2021 will be an amount, which is a contribution, not to exceed the$345,536 dollars from Taylor Morrison. If it goes under that amount Taylor Morrison would only be required to pay up to that. If it goes over that amount the District would have to amend the agreement that we will have to put in place at the Public Hearing to allow for that. Both parties will need to agree to that at that point in time. That's kind of the substance of your Budget. Mr. Charles Cook: That's basically just like a deficit funding, like an HOA right? Same kind of a payment. And I don't have it in front of me right at the moment. What is the largest single expense the District is incurring in the coming year? Or maybe the top 2? Mr. Ward: The largest is the storm water management system operation. Then the balance of it really is just the administration of the District itself which is consistent from year to year. So, $500,000, of that $113,000 is really admin. The balance of it is really your storm water management system operations and maintenance. Mr. Cook: Okay. We prepared that exhibit which showed what the HOA's maintaining versus what the CDD is maintaining, and that's what you're basing the storm water management component on right? Those properties owned by the District. Mr. Ward: Correct. Mr. Cook: Is that payment made lump sum and pulled from as those expenses come up, or are they processed through that deficit funding mechanism? Mr. Ward: I generally bill it on a quarterly basis in advance, so I will bill%of it on a quarterly basis when we start the program. If there is any leftover at the end of the quarter that will roll into the amount that's billed to the following quarter. Mr. Greg Urbancic: Just so I understand, the theory here is that the Phase I units are getting a certain benefit, and that's why we are allocating a specific cost to them, and then the undeveloped properties are essentially getting the balance of it. Is that kind of what we are doing? Mr. Ward: Correct. Mr.Ward asked if there were any additional questions or comments;hearing none,he called for a motion. On MOTION made by Mr.Charles Cook,seconded by Mr.Rob Summers, and with all in favor, Resolution 2020-11 was adopted, and the Chair was authorized to sign. SIXTH ORDER OF BUSINESS Staff Reports 3IPage 16 t i Currents Community Development District May 13,2020 a)District Attorney Mr. Urbancic: The only thing I wanted to mention was in connection with what you announced earlier. We also had two other executive orders. 1 know we need a checklist at this point, but 20-112 and 20-114 ultimately extended this 60 more days, our ability to have these conferences, so if we push that out we might ultimately be having that July hearing in this same manner if those executive orders are still in place. I just wanted to make that note. We will just have to keep tracking the orders and keep our laundry list going. b) District Engineer No District Engineer was present;there was no report. c)District Manager a. Report on Number of Registered Voters as of April 17,2020 b. Financial Statements—March 31,2020(Unaudited) c. Financial Statements—April 30,2020(Unaudited) Mr. Ward: The only thing 1 had for you is the Supervisor of Elections in the County where the District is located is required to report to us each year,as of April 15, the number of registered voters in the District. You have zero M. It becomes significant when you hit two thresholds. One is six years from the date of establishment and two is 250 qualified electors, you will begin to transition the District to a qualified elector-based election when you hit both of those thresholds. It looks like roughly November of 2026 before you begin that transition. There is no action required of the Board. If you have any questions, I will be glad to answer them for you. There were none. SEVENTH ORDER OF BUSINESS Supervisor's Requests and Audience Comments There were no Supervisor's requests and no audience members were present. EIGHTH ORDER OF BUSINESS Adjournment Mr.Ward adjourned the Meeting at approximately 1:53 P.m. On MOTION made by Mr.Charles Cook,seconded by Mr. ian Keller, and with all in favor,the meeting was adjourned 1 Currents Co nit evelopment District mil e James P. Ward, Secretary Char oak, airperson 4IPage