Sunbridge
Stewardship District
3501 Quadrangle Blvd., Suite 270, Orlando, FL 32817
Phone: 407-723-5935
https://www.sunbridgesd.com

Notice is hereby given that the Sunbridge Stewardship District will hold a meeting of the Auditor Selection Committee and Board of Supervisors on Thursday, April 2, 2026, at 11:00 a.m. at 6900 Tavistock Lakes Blvd, Ste 200, Orlando, FL 32827. Questions or comments on the Board Meeting or proposed agenda may be addressed to Lynne Mullins at mullinsl@pfm.com or (407) 723-5900. A quorum (consisting of at least three of the five Board Members) will be confirmed prior to the start of the Board Meeting.

Please use the following information to join the telephonic conferencing via Microsoft Teams:

Phone: +1 689-218-0591 Code: 143 682 325#

AUDITOR SELECTION COMMITTEE MEETING AGENDA

Roll Call to Confirm Quorum
Review and Approval of Audit Documents
Audit RFP
Instructions to Proposers
Evaluation Criteria – with and without price
Adjournment

BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Roll Call to Confirm a Quorum
Public Comment Period
Consideration of the Minutes of the February 5, 2026, Board of Supervisors’ Meeting
Consideration of Resolution 2026-09, Setting the Date, Time, and Location for the Landowner’s Election

Finance Matters
Consideration of Resolution 2026-10, Supplemental Assessment Resolution for Del Webb Phase 3

Business Matters
Consideration of Proposal from Cherrylake for Weslyn Park Entrance Line of Sight Issues
Consideration of a Not-to-Exceed Amount to Replace Light Fixtures on the Cyrils Drive Bridge
Review and Acceptance of Fiscal Year 2025 Audit
Ratification of the Data Sharing and Usage Agreement with the Osceola County Property Appraiser
Ratification of Operations and Maintenance Expenditures paid in January 2026 in an amount totaling $108,681.03

Ratification of Operations and Maintenance Expenditures paid in February 2026 in an amount totaling $30,446.11
Review of District’s Financial Position and Budget to Actual YTD

Other Business
Staff Reports
District Counsel
District Manager
District Engineer
District Landscape Supervisor

Supervisor Requests
Adjournment

Sunbridge Stewardship District

Audit Documents

SUNBRIDGE STEWARDSHIP DISTRICT
REQUEST FOR PROPOSALS FOR ANNUAL AUDIT SERVICES

The Sunbridge Stewardship District hereby requests proposals for annual financial auditing services. The proposal must provide for the auditing of the District’s financial records for the fiscal year ending September 30, 2026, with an option for four (4) additional annual renewals. The District is a local unit of special-purpose government created and existing under Chapter 2017-220, Laws of Florida, for the purpose of financing, constructing, and maintaining public infrastructure. The District is located in Osceola County and has an operating budget of approximately
$879,421.93. The final contract will require that, among other things, the audit for the period ending September 30, 2026, must be completed no later than June 1, 2027.

Each auditing entity submitting a proposal must be authorized to do business in Florida; hold all applicable state and federal professional licenses in good standing, including but not limited to a license under Chapter 473, Florida Statutes; and be qualified to conduct audits in accordance with “Government Auditing Standards,” as adopted by the Florida Board of Accountancy. Audits shall be conducted in accordance with Florida law and particularly Section 218.39, Florida Statutes, and the rules of the Florida Auditor General.
Proposal packages, which include evaluation criteria and instructions to proposers, are available from the District Manager at the address and telephone number listed below.

Proposers must provide three (3) hard copies of their proposal and one (1) electronic copy (flash drive) to Lynne Mullins, District Manager, located at 3501 Quadrangle Boulevard, Suite 270, Orlando, Florida 32187, in an envelope marked on the outside “Auditing Services – Sunbridge Stewardship District.” Proposals must be received by 	 _, 2026, at  :00 a/p. m., at the office of the District Manager. Please direct all questions regarding this Request for Proposals to the District Manager, who can be reached at (407) 723-5935.

Any protest regarding the terms of this Notice, or the proposal packages on file with the District Manager, must be filed in writing at the offices of the District Manager within seventy-two (72) calendar hours (excluding weekends and state holidays) after publication of this Notice. The formal protest setting forth with particularity the facts and law upon which the protest is based shall be filed within seven (7) calendar days (including weekends and state holidays) after the initial notice of protest was filed. Failure to timely file a notice of protest or failure to timely file a formal written protest shall constitute a waiver of any right to object or protest with respect to aforesaid Notice or proposal package documents.

Sunbridge Stewardship District Lynne Mullins, District Manager

Sunbridge Stewardship District Request for Proposals

District Auditing Services
Osceola County, Florida
Instructions to Proposers

SECTION 1.  DUE DATE. Sealed proposals must be received no later than    _, 2026, at  :00 a/p.m., at the offices of the District Manager, PFM Group Consulting LLC, located at 3501 Quadrangle Boulevard, Suite 270, Orlando, Florida 32187.

Section 2.  Familiarity with the Law. By submitting a proposal, the Proposer is assumed to be familiar with all federal, state, and local laws, ordinances, rules and regulations that in any manner affect the work. Ignorance on the part of the Proposer will in no way relieve it from responsibility to perform the work covered by the proposal in compliance with all such laws, ordinances and regulations.
Section 3.  Qualifications of Proposer. The contract, if awarded, will only be awarded to a responsible Proposer who is qualified by experience and licensing to do the work specified herein. The Proposer shall submit with its proposal satisfactory evidence of experience in similar work and show that it is fully prepared to complete the work to the satisfaction of the District.

Section 4.	Submission of Only One Proposal.	Proposers shall be
disqualified and their proposals rejected if the District has reason to believe that collusion may exist among the Proposers, the Proposer has defaulted on any previous contract or is in arrears on any previous or existing contract, or for failure to demonstrate proper licensure and business organization.
Section 5.  Submission of Proposal. Each Proposer shall submit three (3) hard copies and one (1) electronic copy of the Proposal Documents (defined below), and other requested attachments at the time and place indicated herein, which shall be enclosed in an opaque sealed envelope, marked with the title “Auditing Services – Sunbridge Stewardship District” on the face of it.

Section 6. Modification and Withdrawal. Proposals may be modified or withdrawn by an appropriate document duly executed and delivered to the place where proposals are to be submitted at any time prior to the time and date the proposals are due. No proposal may be withdrawn after opening for a period of ninety (90) days.

Section 7.  Proposal Documents. The proposal documents shall consist of the notice announcing the request for proposals, these instructions, the evaluation criteria and a proposal with all required documentation pursuant to Section 12 of these instructions (the “Proposal Documents”).

Section 8.  Proposal. In making its proposal, each Proposer represents that it has read and understands the Proposal Documents and that the proposal is made in accordance therewith.

Section 9.  Basis of Award/Right to Reject. The District reserves the right to reject any and all proposals, make modifications to the work, and waive any informalities or irregularities in proposals as it is deemed in the best interests of the District.

Section 10. Contract Award. Within fourteen (14) days of receipt of the Notice of Award from the District, the Proposer shall enter into and execute a contract or engagement letter with the District.
Section 11. Limitation of Liability. Nothing herein shall be construed as or constitute a waiver of District’s limited waiver of liability contained in section 768.28, Florida Statutes, or any other statute or law.

Section 12. Miscellaneous. All proposals shall include the following information in addition to any other requirements of the Proposal Documents.
List position or title of all personnel to perform work on the District audit. Include resumes for each person listed; list years of experience in present position for each party listed and years of related experience.

Describe proposed staffing levels, including resumes with applicable certifications.
Provide three (3) references from projects of similar size and scope. The Proposer should include information relating to the work it conducted for each reference as well as a name, address and phone number of a contact person. Identify any work previously conducted for other independent special districts.
The lump sum cost of the provision of the services under the proposal, plus the cost of four (4) annual renewals.

Section 13. Protests. In accordance with the District’s Rules of Procedure, any protest regarding the Proposal Documents, must be filed in writing, at the offices of the District Manager, within seventy-two (72) calendar hours (excluding Saturday, Sunday and state holidays) after the receipt of the Proposal Documents. The formal protest setting forth with particularity the facts and law upon which the protest is based shall be filed within seven (7) calendar days (including Saturday, Sunday and state holidays) after the initial notice of protest was filed. Failure to timely file a notice of protest or failure to timely file a formal written protest shall constitute a waiver of any right to object or protest with respect to aforesaid Proposal Documents.
Section 14. Evaluation of Proposals. The criteria to be used in the evaluation of proposals are presented in the evaluation criteria, contained within the Proposal Documents.

AUDITOR SELECTION EVALUATION CRITERIA (WITH PRICE)

Ability of Personnel.	(20 Points)

This includes the geographic locations of the firm’s headquarters or permanent office in relation to the project; capabilities and experience of key personnel; present ability to manage this project; evaluation of existing workload; proposed staffing levels, etc.

Proposer’s Experience.	(20 Points)

This includes past record and experience of the Proposer in similar projects; volume of work previously performed by the firm; past performance for other community development districts in other contracts; character, integrity, reputation, of respondent, etc.

Understanding of Scope of Work.	(20 Points)
Extent to which the proposal demonstrates an understanding of the District’s needs for the services requested.
Ability to Furnish the Required Services.
(20 Points)

Extent to which the proposal demonstrates the adequacy of Proposer’s financial resources and stability as a business entity necessary to complete the services required.

Price.	(20 Points)

Points will be awarded based upon the lowest total bid for rendering the services and the reasonableness of the proposal.

Sunbridge Stewardship District

Minutes of the February 5, 2026, Board of Supervisors’ Meeting

SUNBRIDGE STEWARDSHIP DISTRICT BOARD OF SUPERVISORS’ MEETING
Thursday, February 5, 2026, at 11:00 a.m.
6900 Tavistock Lakes Blvd., Ste. 200, Orlando, FL 32827

Board Members Present:

Richard Levey	Chair
Rob Adams	Vice Chair
Frank Paris	Assistant Secretary
Katia Moraes	Assistant Secretary
Ron Domingue	Assistant Secretary Also Present:
Lynne Mullins	PFM		
Kevin Plenzler	PFM		
Amanda Lane	PFM	(via phone)	
Jennifer Walden	PFM	(via phone)	
Angeline Agoncillo	PFM	(via phone)	
Blake Firth	PFM	(via phone)	
Brent Wilder	PFM	(via phone)	
Clint Beaty	Tavistock	(via phone)	
Rudy Bautista	Tavistock		
Cristyann Courtney	Tavistock	(via phone)	
Stephanie MacMillan	Tavistock	(via phone)	
Will Stafford	Tavistock		
Victoria Chandler	Tavistock	(via phone)	
Jonathan Johnson	Kutak Rock	(via phone)	
Christy Baxter	Poulos & Bennett	(via phone)	
JD Humphreys	SLR	(via phone)	
DJ Batten	Berman	(via phone)	
Carlos Negron	Berman		
Pete Fussell	Berman		
Drew Dawson	Berman		
Misty Taylor	BMO		
Brett Sealy	MBS		
Various residents in person and via Teams

FIRST ORDER OF BUSINESS	ORGANIZATIONAL MATTERS

Roll Call to Confirm a Quorum
The meeting was called to order at 11:00 a.m. The Board Members, staff, and public in attendance are outlined above.

SECOND ORDER OF BUSINESS	Public Comment Period
Dr. Levey opened the floor for public comments.

Ms. Henry, a resident in Weslynn Park, requested an update regarding a date for when the roads and street signs will be handed over to the County as there are issues with the roads that need to be repaired. It was noted the neighborhood roads have been turned over to the County and the plat can provide clarification regarding the landscaping. Dr. Levey recommended that all issues be sent to District Management via email with pictures in order to provide information and clarification. Ms. Mullins requested that an email be sent prior to Monday as there is a meeting being held on Tuesday.

There was brief discussion regarding the infrastructure owned by the County and the various entities.
Ms. Henry also commented regarding the Homegrown National Park Initiative and recommended that Sunbridge have their own signs for resident purchase. It was noted HOA marketing is working on signs that are compliant with state and local statute.

There were no further public comments at this time.

THIRD ORDER OF BUSINESS	Consideration of the Minutes of the December 18, 2025, Special Board of Supervisors’ Meeting

The Board reviewed the minutes.

On MOTION by Mr. Domingue, seconded by Mr. Adams, with all in favor, the Board of Supervisors for the Sunbridge Stewardship District approved Minutes of the December 18, 2025, Special Board of Supervisors’ Meeting.

FOURTH ORDER OF BUSINESS	FINANCE MATTERS  
Public Hearing on the Imposition of Special Assessments for Del Webb Phase 3
Public Comments and Testimony
Board Comments
Consideration of Resolution 2026-06, Levying Special Assessments (Del Webb Phase 3)

Ms. Mullins noted the Public Hearing was advertised per Florida statutory requirements.

On MOTION by Mr. Adams, seconded by Mr. Paris, with all in favor, the Board of Supervisors for the Sunbridge Stewardship District opened the Public Hearing on the Imposition of Special Assessments for Del Webb Phase 3.

On MOTION by Ms. Moraes, seconded by Mr. Paris, with all in favor, the Board of Supervisors for the Sunbridge Stewardship District closed the Public Hearing on the Imposition of Special Assessments.

There were no public comments at this time. There were no Board comments at this time.

Mr. Johnson gave an overview of the resolution and noted this is for the final phase of bonds for the Del Webb community. This is only for residents within Phase 3 of Del Webb.

On MOTION by Mr. Adams, seconded by Mr. Paris, with all in favor, the Board of Supervisors for the Sunbridge Stewardship District approved Resolution 2026-06, Levying Special Assessments (Del Webb Phase 3.

FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2026-07, Delegation Award Resolution
Ms. Taylor gave an overview. This is a supplemental resolution authorizing a specific issuance of the bonds for Phase 3 Del Webb project. It authorizes bonds in an amount not to exceed $13.5 million and approves the documents in substantial form and authorizes the Chair and District Staff to execute any documents needed.

On MOTION by Mr. Paris, seconded by Mr. Adams, with all in favor, the Board of Supervisors for the Sunbridge Stewardship District approved Resolution 2026-07, Delegation Award Resolution.

SIXTH ORDER OF BUSINESS	BUSINESS MATTERS 

Consideration of Proposal from Cherrylake for Weslyn Park Entrance Line of Sight Issues
Mr. Batten gave an overview. He noted the proposal is high and needs to be repriced based on scope of work. The plant materials creating the line-of-sight issues have been removed.

Ms. Mullins noted there is $40,000.00 left in the landscape budget for the fiscal year. This item was tabled.

SEVENTH ORDER OF BUSINESS	Consideration of Roux Trail Maintenance
Ms. McMillan gave an overview of the trails. She noted that as Sunbridge constructs more of the planned trail network and connections, it is important to understand the maintenance and upkeep that the District will be responsible for. Roux Trail is the first trail that will be turned over to the District.

Ms. MacMillan gave an overview of the maintenance and upkeep responsibilities and costs related to the trail. It was noted that there is currently a monthly maintenance plan in place, and the boardwalk is still under warranty.
Mr. Stafford gave an overview of the environmental enhancements. It was noted these are one-time costs.

Dr. Levey noted that the Developer is ready to turn over the trail, but it is not within the District’s budget for this fiscal year. The Developer has agreed to carry it through the end of the fiscal year. The environmental enhancements may be able to be completed in this fiscal year if there are funds available. The trail will be within the budget starting October 1, 2026.

Ms. MacMillan gave an overview of the previous proposals received for monthly maintenance on the trail.

EIGHTH ORDER OF BUSINESS	Consideration of Proposal from Berman for Graffiti Removal at Sunbridge
Ms. Mullins gave an overview of the proposal. This proposal is for graffiti on the trees within Weslynn Park, in the amount of $300.00. It was noted the proposal was just received the day before the meeting.

There was brief discussion regarding having the Chair approve these types of proposals outside of a meeting when under $1,000.00.

On MOTION by Mr. Adams, seconded by Mr. Paris, with all in favor, the Board of Supervisors for the Sunbridge Stewardship District approved the Proposal from Berman for Graffiti Removal at Sunbridge.

NINTH ORDER OF BUSINESS	Consideration of Resolution 2026-08, Adopting a Buildout Budget for City of Orlando
Mr. Johnson gave an overview. This resolution puts future property owners on notice as to what the buildout budget will look like and meets the public notice requirements. It was noted that a Public Hearing will be required.

Ms. Mullins recommended May 7, 2026, at 11:00 a.m., at the same location, for the Public Hearing. The Board agreed.

On MOTION by Mr. Adams, seconded by Ms. Moraes, with all in favor, the Board of Supervisors for the Sunbridge Stewardship District approved Resolution 2026-08, Adopting a Buildout Budget for City of Orlando, and set the Public Hearing for May 7, 2026, at 11:00 a.m.

TENTH ORDER OF BUSINESS	Ratification of Operations and Maintenance Expenditures paid in October, November and December  2025  in  an  amount  totaling
$300,250.77
Dr. Levey noted these were previously approved and paid. This is solely for ratification.

On MOTION by Mr. Adams, seconded by Mr. Paris, with all in favor, the Board of Supervisors for the Sunbridge Stewardship District ratified the Operations and Maintenance Expenditures paid in October, November, and December 2025 in an amount totaling $300,250.77.

ELEVENTH ORDER OF BUSINESS	Review of District’s Financial Position and
Budget to Actual YTD Ms. Mullins stated that the District has spent 27% of their budget as of December. No action was required by the Board.

TWELFTH ORDER OF BUSINESS	OTHER BUSINESS
Staff Reports

District Counsel –	Mr. Johnson gave an update on the legislative session.

District Manager –	Ms. Mullins noted the next meeting is scheduled for March 5, 2026.
District Engineer –	No report.

Landscape Supervisor-	Mr. Batten noted there is some freeze damage throughout the community.
Once the plants have revived themselves and the weather changes, remedies will be brought before the Board.
It was noted there was a previous high water bill, due to a mainline break, but that should now be rectified. The Developer has agreed to pay the difference.

THIRTEENTH ORDER OF BUSINESS	Supervisor Requests & Audience Comments
There were no further audience comments or Supervisor requests at this time.

FOURTEENTH ORDER OF BUSINESS	Adjournment
Dr. Levey called for a motion to adjourn.

On MOTION by Ms. Moraes, seconded by Mr. Paris, with all in favor, the February 5, 2026, Meeting of the Board of Supervisors for the Sunbridge Stewardship District was adjourned.

Secretary / Assistant Secretary	Chair / Vice Chair

Sunbridge Stewardship District

Resolution 2026-09,
Setting the Date, Time, and Location for the Landowner’s Election

RESOLUTION 2026-09
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SUNBRIDGE STEWARDSHIP DISTRICT DESIGNATING A DATE, TIME AND LOCATION FOR A LANDOWNERS’ MEETING AND ELECTION; PROVIDING FOR PUBLICATION; ESTABLISHING FORMS FOR THE LANDOWNER ELECTION; AND PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE.

WHEREAS, Sunbridge Stewardship District (“District”) is a local unit of special-purpose government created and existing pursuant to Chapter 2017-220, Laws of Florida, as amended, being situated within Osceola County and the City of Orlando, Florida; and

WHEREAS, the District’s Board of Supervisors (“Board”) is statutorily authorized to exercise the powers granted to the District; and
WHEREAS, all meetings of the Board shall be open to the public and governed by provisions of Chapter 286, Florida Statutes; and

WHEREAS, the District is statutorily required to hold a meeting of the landowners of the District for the purpose of electing supervisors for the District on the first Tuesday after the first Monday in November, which shall be noticed pursuant to Chapter 2017-220(5), Laws of Florida.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF SUNBRIDGE STEWARDSHIP DISTRICT:
EXISTING BOARD SUPERVISORS; SEATS SUBJECT TO ELECTIONS. The Board is
currently made up of the following individuals:

Seat Number	Supervisor	Term Expiration Date	
1	Richard Levey	11/2028	
2	Ron Domingue	11/2028	
3	Frank Paris	11/2028	
4	Rob Adams	11/2026	
5	Katia Moraes	11/2026	

This year, Seat 4, currently held by Rob Adams, and Seat 5, currently held by Katia Moraes, are subject to election by landowners on November 3, 2026. The two candidates receiving the highest number of votes shall be elected for a term of four (4) years. The term of office for each successful candidate shall commence upon termination of the current Supervisor seat.

LANDOWNERS’ ELECTION. In accordance with Chapter 2017-220 (5), Laws of Florida, the meeting of the landowners to elect two (2) supervisors of the District, shall be held on November 3, 2026, at 9:30
a.m. at the Tavistock Development Company at 6900 Tavistock Lakes Blvd., Suite 200, Orlando, Florida 32827.

PUBLICATION. The District’s Secretary is hereby directed to publish notice of this landowners’ meeting in accordance with the requirements of Chapter 2017-220(5), Laws of Florida.
FORMS. Pursuant to Chapter 2017-220(5), Laws of Florida, the landowners’ meeting and election has been announced by the Board at its March 5, 2026 meeting. A sample notice of landowners’ meeting and election, proxy, ballot form and instructions were presented at such meeting and are attached hereto as Exhibit
A. Such documents are available for review and copying during normal business hours at the office of the District Manager, PFM Group Consulting, LLC, located at 3501 Quadrangle Blvd., Suite 270, Orlando, Florida 32817.
SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

EFFECTIVE DATE. This Resolution shall become effective immediately upon its adoption.
PASSED AND ADOPTED THIS 2nd DAY OF APRIL, 2026.

SUNBRIDGE STEWARDSHIP DISTRICT

ATTEST:	CHAIRMAN / VICE CHAIRMAN

SECRETARY / ASST. SECRETARY

NOTICE OF LANDOWNERS’ MEETING AND ELECTION AND MEETING OF THE BOARD OF SUPERVISORS OF THE SUNBRIDGE STEWARDSHIP DISTRICT
Notice is hereby given to the public and all landowners within Sunbridge Stewardship District (the “District”) the location of which is generally described as comprising a parcel or parcels of land containing approximately26,870 acres, located within Osceola County and the City of Orlando, Florida, advising that a meeting of landowners will be held for the purpose of electing two (2) persons to the District Board of Supervisors. Immediately following the landowners’ meeting there will be convened a meeting of the Board of Supervisors for the purpose of considering certain matters of the Board to include election of certain District officers, and other such business which may properly come before the Board.

DATE:	Tuesday, November 3, 2026
TIME:		
PLACE:		

Each landowner may vote in person or by written proxy. Proxy forms may be obtained upon request at the office of the District Manager, 3501 Quadrangle Blvd., Suite 270, Orlando, Florida 32817, (407) 723-5900 (“District Manager’s Office”). At said meeting each landowner or his or her proxy shall be entitled to nominate persons for the position of Supervisor and cast one vote per acre of land, or fractional portion thereof, owned by him or her and located within the District for each person to be elected to the position of Supervisor. A fraction of an acre shall be treated as one acre, entitling the landowner to one vote with respect thereto. Platted lots shall be counted individually and rounded up to the nearest whole acre. The acreage of platted lots shall not be aggregated for determining the number of voting units held by a landowner or a landowner’s proxy. At the landowners’ meeting the landowners shall select a person to serve as the meeting chair and who shall conduct the meeting.

The landowners’ meeting and the Board of Supervisors meeting are open to the public and will be conducted in accordance with the provisions of Florida law. One or both of the meetings may be continued to a date, time, and place to be specified on the record at such meeting. A copy of the agenda for these meetings may be obtained from the District Manager’s Office. There may be an occasion where one or more supervisors will participate by telephone.

Any person requiring special accommodations to participate in these meetings is asked to contact the District Manager’s Office at least 48 hours before the hearing. If you are hearing or speech impaired, please contact the Florida Relay Service at (800) 955-8770 for aid in contacting the District Office.
A person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that such person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which the appeal is to be based.

District Manager
Run Date(s): 	 & 	

PUBLISH: ONCE A WEEK FOR 2 CONSECUTIVE WEEKS, THE LAST DAY OF PUBLICATION TO BE NOT FEWER THAN 14 DAYS OR MORE THAN 28 DAYS BEFORE THE DATE OF ELECTION, IN A NEWSPAPER WHICH IS IN GENERAL CIRCULATION IN THE AREA OF THE DISTRICT

INSTRUCTIONS RELATING TO LANDOWNERS’ MEETING OF SUNBRIDGE STEWARDSHIP DISTRICT
FOR THE ELECTION OF SUPERVISORS

DATE OF LANDOWNERS’ MEETING: Tuesday, November 3, 2026

TIME: 	 _.M.
LOCATION:		

Pursuant to Chapter 2017-220(5)(2)(b), Laws of Florida, after the Sunbridge Stewardship District (“District”) has been established and the landowners have held their initial election, there shall be a subsequent landowners’ meeting for the purpose of electing members of the Board of Supervisors every two years until the District qualifies to have its board members elected by the qualified electors of the district. The following instructions on how all landowners may participate in the election is intended to comply with Chapter 2017-220(5)(2)(b), Laws of Florida.

A landowner may vote in person at the landowners’ meeting, or the landowner may nominate a proxy holder to vote at the meeting in place of the landowner. Whether in person or by proxy, each landowner shall be entitled to cast one vote per acre of land owned by him or her and located within the District, for each position on the Board that is open for election for the upcoming term. A fraction of an acre shall be treated as one (1) acre, entitling the landowner to one vote with respect thereto. For purposes of determining voting interests, platted lots shall be counted individually and rounded up to the nearest whole acre. Moreover, please note that a particular parcel of real property is entitled to only one vote for each eligible acre of land or fraction thereof; therefore, two or more people who own real property in common, that is one acre or less, are together entitled to only one vote for that real property.
At the landowners’ meeting, the first step is to elect a chair for the meeting, who may be any person present at the meeting. The landowners shall also elect a secretary for the meeting who may be any person present at the meeting. The secretary shall be responsible for the minutes of the meeting. The chair shall conduct the nominations and the voting. If the chair is a landowner or proxy holder of a landowner, he or she may nominate candidates and make and second motions. Candidates must be nominated and then shall be elected by a vote of the landowners. Nominees may be elected only to a position on the Board that is open for election for the upcoming term.

This year, two (s) seats on the Board will be up for election by landowners. Each candidate shall be elected for a term of four (4) years. The term of office for each successful candidate shall commence upon termination of the current applicable seat.
A proxy is available upon request. To be valid, each proxy must be signed by one of the legal owners of the property for which the vote is cast and must contain the typed or printed name of the individual who signed the proxy; the street address, legal description of the property or tax parcel identification number; and the number of authorized votes. If the proxy authorizes more than one vote, each property must be listed and the number of acres of each property must be included. The signature on a proxy does not need to be notarized.

LANDOWNER PROXY
SUNBRIDGE STEWARDSHIP DISTRICT OSCEOLA & ORANGE COUNTIES, FLORIDA LANDOWNERS’ MEETING – NOVEMBER 3, 2026

KNOW ALL MEN BY THESE PRESENTS, that the undersigned, the fee simple owner of the lands described herein, hereby constitutes and appoints 		 (“Proxy Holder”) for and on behalf of the undersigned, to vote as proxy at the meeting of the landowners of the Sunbridge Stewardship District to be held at the offices of 	, on Tuesday, November 3, 2026, at 	.m., and at any adjournments thereof, according to the number of acres of unplatted land and/or platted lots owned by the undersigned landowner that the undersigned would be entitled to vote if then personally present, upon any question, proposition, or resolution or any other matter or thing that may be considered at said meeting including, but not limited to, the election of members of the Board of Supervisors. Said Proxy Holder may vote in accordance with his or her discretion on all matters not known or determined at the time of solicitation of this proxy, which may legally be considered at said meeting.

Any proxy heretofore given by the undersigned for said meeting is hereby revoked. This proxy is to continue in full force and effect from the date hereof until the conclusion of the landowners’ meeting and any adjournment or adjournments thereof, but may be revoked at any time by written notice of such revocation presented at the landowners’ meeting prior to the Proxy Holder’s exercising the voting rights conferred herein.

Printed Name of Legal Owner

By: 			Date		
Title: 	

Parcel Description		
Acreage	
Authorized Votes	

[Insert above the street address of each parcel, the legal description of each parcel, or the tax identification number of each parcel. If more space is needed, identification of parcels owned may be incorporated by reference to an attachment hereto.]
Total Number of Authorized Votes:

NOTES: * Pursuant to Chapter 2017-220(5)(2)(b), Laws of Florida, a fraction of an acre is treated as one (1) acre entitling the landowner to one vote with respect thereto. Moreover, two (2) or more persons who own real property in common that is one acre or less are together entitled to only one vote for that real property.

If the fee simple landowner is not an individual, and is instead a corporation, limited liability company, limited partnership or other entity, evidence that the individual signing on behalf of the entity has the authority to do so should be attached hereto (e.g., bylaws, corporate resolution, etc.).

OFFICIAL BALLOT SUNBRIDGE STEWARDSHIP DISTRICT
OSCEOLA & ORANGE COUNTIES, FLORIDA LANDOWNERS’ MEETING – NOVEMBER 3, 2026

For Election (2 Supervisors): The two (2) candidates receiving the highest number of votes will each receive a four
(4) year term, with the term of office for each successful candidate commencing upon termination of the current applicable seat.

The undersigned certifies that he/she/it is the fee simple owner of land, or the proxy holder for the fee simple owner of land, located within the Sunbridge Stewardship District and described as follows:

Description	Acreage

[Insert above the street address of each parcel, the legal description of each parcel, or the tax identification number of each parcel.] [If more space is needed, identification of parcels owned may be incorporated by reference to an attachment hereto.]
or

Attach Proxy.
I, 	, as Landowner, or as the proxy holder of 	 (Landowner) pursuant to the Landowner’s Proxy attached hereto, do cast my votes as follows:

NAME OF CANDIDATE	NUMBER OF VOTES

 		 	

Date: 		Signed: 	
Printed Name: 	

Sunbridge Stewardship District

Resolution 2026-10, Supplemental Assessment Resolution for
Del Webb Phase 3

RESOLUTION 2026-10

A RESOLUTION SETTING FORTH THE SPECIFIC TERMS OF THE SUNBRIDGE STEWARDSHIP DISTRICT’S SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2026 (DEL WEBB PHASE 2D/3 PROJECT); CONFIRMING THE DISTRICT’S PROVISION OF INFRASTRUCTURE IMPROVEMENTS AND ADOPTING AN ENGINEER’S REPORT; CONFIRMING AND ADOPTING A SUPPLEMENTAL ASSESSMENT REPORT; CONFIRMING, ALLOCATING AND AUTHORIZING THE COLLECTION OF SPECIAL ASSESSMENTS SECURING THE SERIES 2026 BONDS; PROVIDING FOR THE APPLICATION OF TRUE-UP PAYMENTS; PROVIDING FOR THE SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR THE RECORDING OF A NOTICE OF SERIES 2026 SPECIAL ASSESSMENTS; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN EFFECTIVE DATE.

WHEREAS, the Sunbridge Stewardship District (“District”) has previously indicated its intention to undertake, install, establish, construct or acquire certain public infrastructure improvements and to finance such public infrastructure improvements through the imposition of special assessments on benefitted property within the District and the issuance of bonds; and
WHEREAS, the District’s Board of Supervisors (“Board”) has previously adopted, after notice and public hearing, Resolution 2026-06 relating to the imposition, levy, collection and enforcement of such special assessments; and

WHEREAS, pursuant to and consistent with the terms of Resolution 2026-06, this Resolution shall set forth the terms of bonds actually issued by the District, and apply the adopted special assessment methodology to the actual scope of the project to be completed with a series of bonds and the terms of the bond issue; and
WHEREAS, on March 13, 2026, the District entered into a Bond Purchase Agreement whereby it agreed to sell its $10,255,000 Special Assessment Revenue Bonds, Series 2026 (Del Webb Phase 2D/3 Project) (the “Series 2026 Bonds”); and
WHEREAS, pursuant to and consistent with Resolution 2026-06, the District desires to set forth the particular terms of the sale of the Series 2026 Bonds and confirm the lien of the special assessments securing the Series 2026 Bonds (the “Series 2026 Assessments”).

NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SUNBRIDGE STEWARDSHIP DISTRICT AS FOLLOWS:

SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Florida law, including Chapters 170 and 197, Florida Statutes, and Resolution 2026-06.
SECTION 2. FINDINGS. The Board of Supervisors of the Sunbridge Stewardship District hereby finds and determines as follows:

On February 5, 2026, the District, after due notice and public hearing, adopted Resolution 2026-06, which, among other things, equalized, approved, confirmed and levied special assessments on property benefitting from the infrastructure improvements authorized by the District. That Resolution provided that as each series of bonds was issued to fund all or any portion of the District’s infrastructure improvements, a supplemental resolution would be adopted to set forth the specific terms of the bonds and certifying the amount of the lien of the special assessments securing any portion of the bonds, including interest, costs of issuance, the number of payments due, the True-Up amounts and the application of receipt of True-Up proceeds.

The Supplemental Engineer’s Report for Capital Improvements – Del Webb Phase 2D & 3 Assessment Area, dated December 17, 2025, attached to this Resolution as Exhibit A (the “Engineer’s Report”), identifies and describes the presently expected components of the improvements to be financed with the Series 2026 Bonds (the “Improvements”). The District hereby confirms that the Improvements serve a proper, essential and valid public purpose. The Engineer’s Report is hereby confirmed. The District ratifies its use in connection with the sale of the Series 2026 Bonds.

The Supplemental Assessment Methodology Del Webb Phase 2D/3 Assessment Area, dated March 13, 2026, attached to this Resolution as Exhibit B (the “Supplemental Assessment Report”), applies the Master Assessment Methodology Del Webb Phase 2D/3 Assessment Area, dated December 18, 2026 (the “Master Assessment Methodology”) to the actual terms of the Series 2026 Bonds. The Supplemental Assessment Report is hereby approved, adopted and confirmed. The District ratifies its use in connection with the sale of the Series 2026 Bonds.
The Improvements will specially benefit all of the developable acreage within the areas comprising the Del Webb Phase 2D/3 Project within the District, as set forth in the Supplemental Assessment Report. It is reasonable, proper, just and right to assess the portion of the costs of the Improvements financed with the Series 2026 Bonds to the specially benefited properties within the District as set forth in Resolution 2026-06 and this Resolution.

SECTION 3. CONFIRMATION OF MAXIMUM ASSESSMENT LIEN FOR SERIES 2026 BONDS.
As provided in Resolution 2026-06, this Resolution is intended to set forth the terms of the Series 2026 Bonds and the final amount of the lien of the special assessments securing those bonds.

The Series 2026 Bonds, in a par amount of $10,255,000 shall bear such rates of interest and maturity as shown on Exhibit C attached hereto. The final payment on the Series 2026 Bonds shall be due on May 1, 2056. The sources and uses of funds of the Series 2026 Bonds shall be as set forth in Exhibit D. The debt service due on the Series 2026 Bonds is set forth on Exhibit E attached hereto. The lien of the special assessments securing the Series 2026 Bonds on all developable land within the areas comprising the Del Webb Phase 2D/3 Project within the District shall be the principal amount due on the Series 2026 Bonds, together with accrued but unpaid interest thereon, and together with the amount by which annual assessments are grossed up to include early payment discounts required by law and costs of collection.

SECTION 4. ALLOCATION OF ASSESSMENTS SECURING SERIES 2026 BONDS.
The special assessments for the Series 2026 Bonds shall be allocated in accordance with Exhibit B which allocation shall initially be on a per acre basis and further allocated as lands are platted. The Supplemental Assessment Report is consistent with the District’s Master Assessment Methodology. The Supplemental Assessment Report, considered herein, reflects the actual terms of the issuance of the District’s Series 2026 Bonds. The estimated costs of collection of the special assessments for the Series 2026 Bonds are as set forth in the Supplemental Assessment Report.
The lien of the special assessments securing the Series 2026 Bonds includes all developable land within the Del Webb Phase 2D/3 Project of the District, and as such land is ultimately defined and set forth in plats or other designations of developable acreage. To the extent land is added to the District, the District may, by supplemental resolution, determine such land to be benefited by the Improvements and reallocate the special assessments securing the Series 2026 Bonds and impose special assessments on the newly added and benefited property.

Taking into account capitalized interest and earnings on certain funds and accounts as set forth in the Master Trust Indenture and Third Supplemental Trust Indenture, the District shall begin annual collection of special assessments for the Series 2026 Bonds debt service payments using the methods available to it by law. Debt service payments and semi-annual installments of interest are reflected on Exhibit E. The Series 2026 Bonds include an amount for capitalized interest through November 1, 2026.
The District hereby certifies the special assessments for collection and directs staff to take all actions necessary to meet the time and other deadlines imposed by Osceola County for collection and other Florida law. The District intends, to the extent possible and subject to entering into the appropriate agreements with the Osceola County Tax Collector and Osceola County Property Appraiser, to collect the Series 2026 Assessments on platted lands using the Uniform Method in Chapter 197, Florida Statutes. The District intends, to the extent possible, to directly bill, collect and enforce the Series 2026 Assessments on unplatted lands. The District Manager shall prepare or cause to be prepared each year a tax roll for purposes of effecting the

collection of the special assessments and present same to the District Board as required by law. The District Manager is further directed and authorized to take all actions necessary to collect any prepayments of debt as and when due and to collect special assessments on unplatted property using methods available to the District authorized by Florida law
SECTION 5.  APPLICATION OF TRUE-UP PAYMENTS.  Pursuant to Resolution 2026-06,
there may be required from time to time certain True-Up payments. As lands are platted or approved for development, the special assessments securing the Series 2026 Bonds shall be allocated to the platted lands and the unplatted lands as set forth in Resolution 2026-06, this Resolution, and the Supplemental Assessment Report, including, without limitation, the application of the True-Up process set forth in Resolution 2026-06. Based on the final par amount of $10,255,000 in Series 2026 Bonds, the True-Up calculations will be made in accordance with the process set forth in the Supplemental Assessment Report. The District shall apply all True-Up payments related to the Series 2026 Bonds only to the credit of the Series 2026 Bonds. All True-Up payments, as well as all other prepayments of assessments, shall be deposited into the accounts specified in the Third Supplemental Indenture, dated as of April 1, 2026, governing the Series 2026 Bonds.

SECTION 6. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this Resolution these special assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s Improvement Lien Book. The special assessment or assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims.

SECTION 7. OTHER PROVISIONS REMAIN IN EFFECT. This Resolution is intended to supplement Resolution 2026-06, which remains in full force and effect. This Resolution and Resolution 2026-06 shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed.
SECTION 8. ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a Notice of Series 2026 Special Assessments (Del Webb Phase 2D/3 Project) securing the Series 2026 Bonds in the Official Records of Osceola County, Florida, or such other instrument evidencing the actions taken by the District.

SECTION 9. SEVERABILITY. If any section or part of a section of this resolution be declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

SECTION 10. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

PASSED AND ADOPTED this 2nd day of April, 2026.

ATTEST:	SUNBRIDGE STEWARDSHIP
DISTRICT

Secretary	Richard Levey, Chairman

Exhibit A:	Supplemental Engineer’s Report for Capital Improvements – Del Webb Phase 2D & 3 Assessment Area, dated December 17, 2025
Exhibit B:	Supplemental Assessment Methodology Del Webb Phase 2D/3 Assessment Area,
dated March 13, 2026
Exhibit C:	Maturities and Coupon of Series 2026 Bonds
Exhibit D:	Sources and Uses of Funds for Series 2026 Bonds
Exhibit E:	Annual Debt Service Payment Due on Series 2026 Bonds

Exhibit A

Engineers Report

This item has been electronically signed and sealed by Christina M. Baxter on the date adjacent to the seal using a SHA authentication code. Printed copies of this document are not considered signed and sealed and the SHA authentication code must be verified on any electronic copies.

Sunbridge Stewardship
District Supplemental Engineer’s Report for Capital Improvements
Del Webb Phase 2D & 3 Assessment Area
Osceola County, Florida
Prepared For Tavistock East Services, LLC
6900 Tavistock Lakes Blvd., Suite 200
Orlando, FL 32827
Date
December 17, 2025

TABLE OF CONTENTS

Section 1	Introduction Section 2	Government Actions
Section 3	Infrastructure Benefit Section 4	Capital Improvement Plan Section 5	Ownership & Maintenance
Section 6	Roadway Rights-of-Way, Stormwater Management Ponds & Other Open Spaces Section 7	Estimate of Probable Capital Improvement Costs – Assessment Area
Section 8	Conclusions and Summary Opinion

Exhibits
Exhibit 1	Assessment Area Map

Exhibit 2	Master Roadway Infrastructure Map

Exhibits 2a	Master Roadway Typical Sections

Exhibit 3	Master Stormwater Infrastructure Map

Exhibit 4	Potable Water Distribution System Map

Exhibit 5	Reclaimed Water Distribution System Map

Exhibit 6	Wastewater System Map
Exhibit 7	Estimate of Probable Capital Improvement Costs
Exhibit 7a	Estimate of Probable Capital Improvement Costs –
Detailed
Exhibit 8	Del Webb Phase 2D & 3 Special Warranty Deed

Section 1	Introduction
Background and Purpose
The Sunbridge Stewardship District (the “District”) was established for the purpose of financing, acquiring or constructing, maintaining and operating a portion of the public infrastructure necessary for development of the lands within or outside the District. The purpose of the Engineer’s Report is to provide a description of the public infrastructure improvements to be provided by the District. The District will finance, acquire and/or, construct, operate, and maintain certain public infrastructure improvements that are needed to serve the development. A portion of the infrastructure improvements will be financed with the proceeds of bonds issued by the District.
The proposed public infrastructure improvements are necessary for the development of the lands within or outside the District as required by the applicable independent unit of local government.

This Supplemental Engineer’s Report – Del Webb Phases 2D & 3 2026 Assessment Area (“Report”) is to provide a description of the public infrastructure improvements within the anticipated Assessment Area and establish cost estimates for the bond series.

Cost Estimates contained in this report have been prepared based on the best available information at this time. The actual costs of construction, final engineering design, planning, approvals and permitting may vary from the cost estimates presented.
Location and General Description
The overall District consists of 19,560 +/- acres located in Osceola County, Florida. More specifically, the parcel is located within Sections 1-2, 11-14, 23-24, Township 25 South, Range 31 East as well as Sections 5-
8, 17-20, Township 25 South, Range 32 East.
The Development is for the Osceola County’s Northeast District Element (CPA09-009) effective on July 27, 2011 providing the comprehensive plan approval for the 19,140 +/- acres within the northeast zone of Osceola County. This comprehensive plan element provides the framework for development planned in the Northeast District Buildout Scenario consisting of residential units, commercial/office/industrial use, institutional/civic use, and hotel rooms.
Description of Land Use
The lands within the District encompass approximately 19,560 +\- acre. The lands within the Del Webb Phases 2D & 3 Assessment Areas is approximately 302 acres.
The anticipated Land Development Program within the Assessment Area planned by the land owners includes the following:

Assessment Area Development Program

Neighborhood	Single Family Units	Multi-Family Units	Civic (sf)	Commercial (sf)	Office (sf)	Hotel (sf)	
Del Webb Phases 2D & 3 2026 Assessment Area	
Neighborhood G (Del Webb) Phases 2D
& 3	
534	
---	
---	
---	
---	
---	
TOTAL	534	0	0	0	0	0	

Section 2  Government Actions
The following are the permitting agencies that will have jurisdiction for approval of construction within the District. Depending on the location and scope of each phase of project design, the individual permits that need to be obtained will need to be evaluated and not all of the permits listed below will necessarily apply to every sub-phase within the District. The property is located in Osceola County.
Permitting Agencies & Permits Required

Osceola County
Preliminary Subdivision Plan
Mass Grading
Site Development Plan
Building Permits
Final Plat
South Florida Water Management District (SFWMD)
Consumptive Use Permit (CUP)
Environmental Resource Permit
Conceptual Permit
Mass Grading/Master Stormwater Construction
Final Engineering for Onsite and Offsite Improvements
Water Use Permit (Dewatering)
Mass Grading/Master Storm
Final Engineering for Onsite and Offsite Improvements
Right-of-Way Utilization Permit
Toho Water Authority/Sunbridge Stewardship District
Master Utility Plan
Final Engineering for Water, Reclaim and Sewer Utilities

Florida Department of Environmental Protection (FDEP)
Water Distribution System
Wastewater Treatment Plant
Sanitary Sewer Collection and Transmission System
National Pollutant Discharge Elimination System (NPDES)
Federal Emergency Management Agency
Letter of Map Revision
Army Corp of Engineers
Dredge and Fill Permit
Section 408 Permit

Florida Fish and Wildlife Conservation Commission (FWC)
Section 3  Infrastructure Benefit
The District may fund, and in certain cases, maintain and operate public infrastructure yielding two types of public benefits. These benefits include:

Project wide public benefits
Incidental public benefits

The project wide public benefits are provided by infrastructure improvements that serve all lands in the District. These public infrastructure improvements include construction of the master stormwater management system, the sanitary sewer, potable water, and reclaimed water mains, roadway network, offsite roadway and utility improvements, recreational facilities, and perimeter landscape and irrigation improvements within or outside the District boundary. However, some incidental public benefits include those benefits received by the general public who do not necessarily reside on land owned or within the District.

The proposed capital improvements identified in this report are intended to provide specific benefit to the assessable real property within the boundaries of the District. As the entire property is currently undeveloped, the construction and maintenance of the proposed infrastructure improvements are necessary and will benefit the property for the intended use as a mixed use community. The District can construct, acquire, own, operate and/or maintain any portion or all of the proposed infrastructure. The Developer and/or other party/parties may construct and fund the infrastructure not funded by the District. The lands within the District may not be developed absent the implementation of the Capital Improvement Plan.
Section 4  Capital Improvement Plan
The District capital improvements will connect and interact with the adjacent offsite roads, potable water, reclaimed water, and wastewater systems. The proposed infrastructure includes the master stormwater management and drainage systems, master roadway improvements, and local utilities. Detailed descriptions of the proposed capital improvements are provided in the following sections and Exhibits 1 through Exhibit 5. Estimate of Probable Capital Improvement Costs Exhibits 7 and 7a, details the Cost Opinion for the Assessment Area.

The Capital Improvement Plan will be constructed and financed in logical segments, as property within or outside the District is developed by the Developer. The District anticipates bonds to fund all or a portion of the Capital Improvement Plan.

Section 5	Ownership and Maintenance

Capital Improvements Plan	Ownership	Maintenance	
Master Infrastructure Roadways & Stormwater System	
Master Infrastructure Roadways & Related
Drainage	HOA with Drainage
Easement to County	HOA with Drainage
Easement to County	
Master Stormwater Management System	HOA with Drainage
Easement to County	HOA with Drainage
Easement to County	
Utility Lines	
Potable Water Distribution System	Toho Water Authority	Toho Water Authority	
Sanitary Sewer System (1)	Toho Water Authority	Toho Water Authority	
Reclaimed	Water	Distribution	System
(if financed by the District)	Toho Water Authority	Toho Water Authority	
Street Lighting/Electrical	OUC	OUC	

Section 6	Roadway	Rights-of-Way,	Stormwater	Management Ponds and Other Open Spaces
Real property interests for lands within or outside the District needed for construction, operation, and maintenance of District facilities will be conveyed and/or dedicated by the owner thereof to the District or other Public entity.
Section 7	Estimate of Probable Capital Improvement Costs –
Assessment Area
The Estimate of Probable Capital Improvement Plan Costs for the Assessment Area is provided in Exhibits 7 and 7a and are summarized below. Costs associated with construction of the improvements described in this report have been estimated based on the best available information. Other soft costs include consultant fees associated with design, engineering, permitting, and construction administration for District capital improvements, regulatory permitting inspection fees and materials testing. In addition, a reasonable project contingency estimate has been included.

Please note that the costs are preliminary in nature and subject to change based on final engineering, permitting, and changes in the Concept Plan and construction cost due to market fluctuation.

Master Infrastructure Roadways, Stormwater, Earthworks & Utilities

Cyrils Drive: Neighborhood C to Crosswater Blvd
The roadway segment includes a 4-lane boulevard section and a bridge to provide access over a South Florida Water Management District easement depicted in Exhibits 2 & 2a.
The master stormwater network to service the roadway segment is depicted in Exhibit 3.
The water, reclaimed water, and wastewater transmission networks as constructed are depicted in Exhibits 4, 5, & 6.
Utility Lines

The water, reclaimed water, and wastewater distribution networks costs within the Assessment Areas are determined based on the line sizes designed and depicted in Exhibits 4, 5, & 6.

A. Del Webb Phase 2D & 3 Utilities
Section 8	Conclusions and Summary Opinion
The Capital Improvement Plan as described is necessary for the functional development of the property within or outside the District as required by the applicable local governmental agencies. The planning and design of the infrastructure will be in accordance with current governmental regulatory requirements. The public infrastructure as described in this Report will serve its intended function provided the construction is in substantial compliance with the future design and permits which will be required by the District for the various jurisdictional entities outlined earlier in this report. In addition to the annual non-ad valorem assessments to be levied and collected to pay debt service on the proposed bonds, the District will levy and collect an annual operating and maintenance assessments to be determined, assessed and levied by the District's Board of Supervisors upon the assessable real property within the District, for the purpose of defraying the cost and expenses of maintaining District-owned improvements.

The construction costs for the District’s Capital Improvement Plan in this report are based generally on the final engineering design for the respective projects. In our professional opinion, and to the best of our knowledge and belief, the costs provided herein for the District are reasonable to complete the construction of the infrastructure improvements described herein. All of the proposed infrastructure Capital Improvement Plan costs are public improvements or community facilities as set forth in chapter 2017-2201 Laws of Florida.

The summary of probable infrastructure construction costs within the Assessment Area is only an opinion and not a guaranteed maximum price. Historical costs, actual bids and information from other professionals or contractors have been used in the preparation of this report. Contractors who have contributed in providing the cost data included in this report are reputable entities with experience in Central Florida. It is therefore our opinion that the construction of the proposed District Capital Improvement Plan can be completed at the costs as stated.

The labor market, future costs of equipment and materials, increased regulatory actions and requirements, and the actual construction process are all beyond our control. Due to this inherent opportunity for fluctuation in cost, the total final cost may be more or less than this opinion.

As District Engineer: Poulos & Bennett, LLC

Christina M. Baxter, P.E.
State of Florida Professional Engineer No. 67547

Exhibits

LEGEND

DEL WEBB PHASE 2D & 3 ASSESSMENT AREA 2026 DEL WEBB PHASE 1 & 2 ASSESSMENT AREA 2022

SUNBRIDGE BOUNDARY

LAKE AJAY

DEL WEBB PHASE 1 & 2 ASSESSMENT AREA

LAKE HENDON

LAKE MYRTLE

DEL WEBB PHASE 2D & 3 ASSESSMENT AREA

JACK BRACK ROAD

LAKE BULLOCK

Assessment Areas Map
Sunbridge Stewardship District	N

December 17, 2025

2 6 0 2 E . L I V I N G S T O N S T | O R L A N D O , F L 3 2 8 0 3 | 4 0 7 . 4 8 7 . 2 5 9 4

PD Job No.:	18-203

FLORIDA ENGINEERING FIRM #39101 I FLORIDA SURVEYING FIRM #LB8694

Exhibit 1

SUNBRIDGE BOUNDARY

LAKE AJAY

DEL WEBB PHASE 1 & 2 ASSESSMENT AREA

LAKE HENDON

LAKE MYRTLE

DEL WEBB PHASE 2D & 3 ASSESSMENT AREA

JACK BRACK ROAD

					
Assessment Areas - Master Roadway Infrastructure Map
Sunbridge Stewardship District

LAKE BULLOCK

N

December 17, 2025

2 6 0 2 E . L I V I N G S T O N S T | O R L A N D O , F L 3 2 8 0 3 | 4 0 7 . 4 8 7 . 2 5 9 4

PD Job No.:	18-203

FLORIDA ENGINEERING FIRM #39101 I FLORIDA SURVEYING FIRM #LB8694

Exhibit 2

1

CYRILS DR. TYPICAL ROAD SECTION (164' R/W)
N.T.S.

2

CYRILS DR TYPICAL ROAD SECTION (171' R/W)
N.T.S.

3

CYRILS DR. TYPICAL ROAD SECTION (171' R/W)
N.T.S.

4

CYRILS DR. BRIDGE TYPICAL ROAD SECTION (171' R/W)
N.T.S.
Assessment Areas - Master Roadway Typical Sections
Sunbridge Stewardship District

December 17, 2025
P & B Job No.: 18-203

2 6 0 2 E . L I V I N G S T O N S T | O R L A N D O , F L 3 2 8 0 3 | 4 0 7 . 4 8 7 . 2 5 9 4
FLORIDA ENGINEERING FIRM #39101 I FLORIDA SURVEYING FIRM #LB8694

Exhibit 2a

SUNBRIDGE BOUNDARY

MASTER STORMWATER INFRASTRUCTURE SERVING CYRILS DRIVE

DEL WEBB PHASE 1 & 2 ASSESSMENT AREA

LAKE MYRTLE

DEL WEBB PHASE 2D & 3 ASSESSMENT AREA

JACK BRACK ROAD

LEGEND

LAKE
BULLOCK

Assessment Areas - Master Stormwater Infrastructure Map
Sunbridge Stewardship District	N

December 17, 2025

2 60 2 E . LI V I N G ST ON S T | O R L A N D O , F L 3 28 0 3 | 4 0 7 . 4 87 . 25 9 4

PD Job No.:  18-203

FLORIDA ENGINEERING FIRM #39101 I FLORIDA SURVEYING FIRM #LB8694

Exhibit 3

SUNBRIDGE BOUNDARY

DEL WEBB PHASE 1 & 2 ASSESSMENT AREA

LAKE MYRTLE
LEGEND
TRANSMISSION MAINS

DEL WEBB PHASE 2D & 3 ASSESSMENT AREA
DISTRIBUTION MAINS

JACK BRACK ROAD

LAKE
BULLOCK

Assessment Areas - Potable Water Distribution System Map
Sunbridge Stewardship District	N

December 17, 2025

2 60 2 E . LI V I N G ST ON S T | O R L A N D O , F L 3 28 0 3 | 4 0 7 . 4 87 . 25 9 4

PD Job No.:  18-203

FLORIDA ENGINEERING FIRM #39101 I FLORIDA SURVEYING FIRM #LB8694

Exhibit PW-4

SUNBRIDGE BOUNDARY

DEL WEBB PHASE 1 & 2 ASSESSMENT AREA

LAKE MYRTLE

LEGEND
TRANSMISSION MAINS

DEL WEBB PHASE 2D & 3 ASSESSMENT AREA

DISTRIBUTION MAINS

JACK BRACK ROAD

LAKE
BULLOCK

Assessment Areas - Reclaimed Water Distribution System Map
Sunbridge Stewardship District	N

December 17, 2025

2 60 2 E . LI V I N G ST ON S T | O R L A N D O , F L 3 28 0 3 | 4 0 7 . 4 87 . 25 9 4

PD Job No.:  18-203

FLORIDA ENGINEERING FIRM #39101 I FLORIDA SURVEYING FIRM #LB8694

Exhibit RW-5

SUNBRIDGE BOUNDARY

DEL WEBB PHASE 1 & 2 ASSESSMENT AREA

LAKE MYRTLE

LEGEND
MASTER INFRASTRUCTURE

DEL WEBB PHASE 2D & 3 ASSESSMENT AREA

DEL WEBB INFRASTRUCTURE

JACK BRACK ROAD

LAKE
BULLOCK

Assessment Areas - Wastewater System Map
Sunbridge Stewardship District	N

December 17, 2025

2 60 2 E . LI V I N G ST ON S T | O R L A N D O , F L 3 28 0 3 | 4 0 7 . 4 87 . 25 9 4

PD Job No.:  18-203

FLORIDA ENGINEERING FIRM #39101 I FLORIDA SURVEYING FIRM #LB8694

Exhibit WW-6

Exhibit 7

Sunbridge Stewardship District - Assessement Areas Estimate of Probable Capital Improvement Costs

Facility

Del Webb Ph 2D & 3 Assessment Area Cost

Cyrils Dr: Neighborhood C to Crosswater Blvd (Roadways, Stormwater, Earthworks, Potable Water, Reclaimed Water, Sanitary Sewer)
Utility Lines
Total

$	8,028,868

$	11,184,238
$	19,213,105

Notes:
All Cost are Preliminary Estimates and are subject to change based on actual bid prices. Also note that cost shown includes may include soft costs, including but not limited to Engineering, Legal, and Permitting as well as a 10% contingency depending on the stage of design & construction
Professional fees are included within each category.
Prepared 12/17/2025.

Exhibit 7a
Sunbridge Stewardship District - Assessment Areas Estimate of Probable Capital Improvement Costs
Master Infrastructure Roadways, Stormwater, Earthworks & Utilities
	Del Webb Ph 2D & 3 Assessment Area Cost	
			Mobility Fee		
Roadway Segment	
Roadway Limits	
CIP Amount	Credits from Osceola County (52% of County	Del Webb Ph 2 & 3D Assessment Area Cost (Net CIP)	
			creditable costs)4		

D	Cyrils Dr: Neighborhood C to Crosswater Blvd (Roadways, Stormwater, Earthworks, Potable Water, Reclaimed Water, Sanitary Sewer)	
$	16,726,808	
$	8,697,940	
$	8,028,868	
Total Master Infrastructure Roadways and Stormwater System Costs	$	8,028,868	
Utility Lines
Del Webb Phase 2D Utilities (Water, Reclaim, Wastewater)			$	714,734	
Del Webb Phase 3 Utilities (Water, Reclaim, Wastewater)			$	10,469,503	
Utility Lines Total	$	11,184,238	

$	19,213,105

Total

Notes:
All Cost are Preliminary Estimates and are subject to change based on actual bid prices. Also note that cost shown includes may include soft costs, including but not limited to Engineering, Legal, and Permitting as well as a 10% contingency depending on the stage of design & construction.
Professional fees are included within each category.
Prepared 12/17/25.
Cyrils Drive Improvements are eligible for Reimbursement from Osceola County in the form of Mobility fee credits for 52% of the actual cost of design, permitting, and construction.
Del Webb utility costs include an additional 8% soft costs and 10% contingiencies.

Prepared By and Return To:

Sara W. Bernard, Esq.
Holland & Knight LLP
200 South Orange Avenue, Suite 2600
Orlando, Florida 32801

SPECIAL WARRANTY DEED
(Del Webb Sunbridge Phase 2D)

KNOW ALL MEN BY THESE PRESENTS that TAVISTOCK EAST I, LLC, a
Florida limited liability company, whose mailing address is 6900 Tavistock Lakes Boulevard, Suite 200, Orlando, Florida 32827 ("Grantor"), for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, has GRANTED, BARGAINED, SOLD and CONVEYED, and by these presents does GRANT, BARGAIN, SELL and CONVEY unto PULTE HOME COMPANY, LLC, a Michigan limited liability company, whose address is 4901 Vineland Road, Suite 500, Orlando, Florida 32811 ("Grantee"), that certain parcel of land located in Osceola County, Florida, more particularly described in Exhibit "A" attached hereto and made a part hereof, together with all improvements, tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining (the "Property").

This conveyance is made by Grantor and accepted by Grantee subject to: (1) the matters set forth in Exhibit "B" attached hereto and made a part hereof (the "Permitted Exceptions"), none of which are sought to be reimposed hereby; (2) the "Use Restriction" as defined and set forth in Exhibit "C" attached hereto and made a part hereof; and (3) the "ROFO Term" as defined and set forth in Exhibit "D" attached hereto and made a part hereof

TO HAVE AND TO HOLD the Property, subject to the Permitted Exceptions, unto Grantee, and its successors and assigns, and Grantor does hereby WARRANT and FOREVER DEFEND all and singular the Property unto Grantee, and its successors and assigns, against every person whomsoever, lawfully claiming or to claim the same or any part thereof, by, through or under Grantor, but not otherwise.

Grantee, by its acceptance hereof, solely for the benefit of Grantor and its successors and assigns, does hereby assume and agree to pay all ad valorem and non-ad valorem taxes pertaining to the Property for the calendar year 2024 and subsequent years, and Grantee does further agree to defend, indemnify and hold Grantor harmless from any liability for the payment thereof.

Effective as of the 21st day of December, 2023.

-1-
#234837455_v3 162756.00001
ORLDOCS 21058130 2

Recorded in Osceola County, FL KELVIN SOTO, ESQ., CLERK OF COURT 12/27/2023 02:16:54 PM RECEIPT# 2852389 Rec Fees 69.50 DEED DOC 7,892.50 EXTRA NAMES
CFN# 2023167863 BK 6525 PG 1170 PAGE 1 OF 8

Signed, scaled and delivered in the presence of:

TAVISTOCK EAST I, LLC,
a Florida limited liability company

By: Tavistock East Development, LLC, a

Florida limited lia

STATE OF FLORIDA	)
)
COUNTY OF ORANGE	)

The foregoing instrument was acknowledged before me by means ��!] physical presence or
[  ] online notarization, this � . . , day of -----"-"""'----"--'-'C...,_._�=------->----  2023, by T. Craig Collin, as
President of Tavistock East Development, LLC, a Florida limited liability company, as the Manager of TAVISTOCK EAST I, LLC, a Florida limited liability company, on behalf of said company. He is personally known to me or has produced 	 as ident1ficat10r1(iflefi blank, then personally known to me).

--_-.-�-:;:�;i<<vr•<1.:1p.,__-,·_- .

NATAUE F, COcON

, • ,�· ,,..,(•�., Notary Public• State :it �lorica

'}{�-'

---,p� r::,. •	My Comm. Expires May 5, 202 7 Bonded through Natioral Notary Assn.

Commission• Hrl 390228

(Typed name of Notary Public) Notary Public, State of Florida
Commission No.:-----------My Commission Expires:	

-2-

Property

PHASE2D
That part of Section 14, Township 25 South, Range 31 East, Osceola County, Florida, described as follows:
BEGIN at the Southwest corner of DEL WEBB SUNBRIDGE PHASE 2A, according to the plat thereof, as recorded in Plat Book 32, Pages 15 through 24 of the Public Records of Osceola County, Florida; thence S64°40'30"W along the South line of lands described as Phase 2C in Official Records Book 6104, Page 1685, of said Public Records, 205.52 feet; thence S64°47'17"W along said South line, 1160.85 feet to the Southwest corner of said lands; thence departing said South line run S54°18'34"E, 950.23 feet; thence N50°21'30"E, 950.30 feet; thence N26°45'33"W, 594.11 feet to the POINT OF BEGINNING; bearings and distances are based on the Florida State Plane Coordinate System, East Zone, NAD 83 (NSRS 2007); the reciprocal grid factor is l.000055212684272.

3

Permitted Exceptions

Taxes and assessments for the year 2024, and subsequent years, which are not yet due and payable.
For a period of fifty (50) years after the date of recording of this Special Warranty Deed, Grantee acknowledges and agrees that Grantee and its successors and assigns shall be prohibited from using any portion of the Property for purposes other than the Permitted Use (as defined herein) without the prior written consent of Grantor in Grantor's sole and absolute discretion in each instance.
Interlocal Agreement between the City of St. Cloud and Orlando Utilities Commission recorded November 1, 2001, in Official Records Book 1951, Page 1574, in the Public Records of Osceola County, Florida.

Notice of Creation and Establishment of the Sunbridge Stewardship District recorded July 5, 2017 in Official Records Book 5173, Page 2300, in the Public Records of Osceola County, Florida.

Sunbridge Stewardship District Notice oflmposition of Special Assessments (Del Webb 2019 Assessment Area) recorded February 4, 2020 in Official Records Book 5668, Page 2718, in the Public Records of Osceola County, Florida.

Agreement for Cyrils Drive by and between Osceola County, a political subdivision of the State of Florida, and Tavistock East Services, LLC, a Florida limited liability company, as joined in and consented to by Central Florida Property Holdings 700, LLC, a Florida limited liability company, Suburban Land Reserve, Inc., a Utah corporation, Central Florida Property Holdings 500, LLC, a Florida limited liability company, Central Florida Property Holdings 300, LLC, a Florida limited liability company, Tavistock East I, LLC, a Florida limited liability company, and Sunbridge Stewardship District, a local unit of special purpose government established pursuant to Chapter 2017 - 220, Laws of Florida, recorded November 5, 2020 in Official Records Book 5827, Page 2213, as amended by that certain First Amendment to Agreement for Cyrils Drive recorded October 11, 2021 in Official Records Book 6062, Page 1476, and as further amended by that certain Second Amendment to Agreement for Cyrils Drive recorded July 20, 2023 in Official Records Book 6443, Page 1418, all in the Public Records of Osceola County, Florida.

Sunbridge Development Agreement by and between Central Florida Property Holdings 300, LLC, a Florida limited liability company, Central Florida Property Holdings 400, LLC, a Florida limited liability company, Central Florida Property Holdings 500, LLC, a Florida limited liability company, Central Florida Property Holdings 600, LLC, a Florida limited liability company, Central Florida Property Holdings 700, LLC, a Florida limited liability company, Central Florida Property Holdings 800, LLC, a Florida limited liability company, Central Florida Property Holdings 900, LLC, a Florida limited liability company, Central

Florida Property Holdings 1000, LLC, a Florida limited liability company, Central Florida Property Holdings 1100, LLC, a Florida limited liability company, Central Florida Property Holdings 1200, LLC, a Florida limited liability company, Central Florida Property Holdings 1300, LLC, a Florida limited liability company, Farmland Reserve, Inc., a Utah corporation, Suburban Land Reserve, Inc., a Utah corporation, Tavistock East I, LLC, a Florida limited liability company, Tavistock East II, LLC, a Florida limited liability company, Tavistock East III, LLC, a Florida limited liability company, and Sunbridge Stewardship District, a local unity of special-purpose government established pursuant to Chapter 2017-220, Law of Florida, recorded December 29, 2021 in Official Records Book 6117, Page 2435, as amended by that certain First Amendment to Sunbridge Development Agreement recorded January 11, 2023 in Official Records Book 6343, Page 781, both in the Public Records of Osceola County, Florida.

Right of Way Utilization Interlocal Agreement for Specialty Street Signs y and between Osceola County, and Sunbridge Stewardship District recorded October 25, 2022 in Official Records Book 6305, Page 410, in the Public Records of Osceola County, Florida.

School Capacity Mitigation and Funding Agreement by and among the School Board of Osceola County, Florida, a public body corporate organized and existing under the Constitution and laws of the State of Florida, Tavistock East Services, LLC, a Florida limited liability company, and Osceola County, Florida, a political subdivision of the State of Florida, recorded April 26, 2022 in Official Records Book 6201, Page 930, as amended by that certain First Amendment to School Capacity Mitigation and Funding Agreement (Sunbridge) recorded April 26, 2022 in Official Records Book 6201, Page 966, as affected by that certain Memorandum of Agreement recorded April 26, 2022 in Official Records Book 621, Page 978, as further amended by that certain Second Amendment to School Capacity Mitigation and Funding Agreement (Sunbridge) recorded December 1, 2022 in Official Records Book 6323, Page 663, and as further amended by that certain Third Amendment to School Capacity Mitigation and Funding Agreement (Sunbridge) recorded February 17, 2023 in Official Records Book 6359, Page 2067, and as re-recorded April 14, 2023 in Official Records Book 6388, Page 1273, all in the Public Records of Osceola County, Florida.

Restrictions and obligations as set forth in that certain Special Warranty Deed by Central Florida Property Holdings 300, LLC, a Florida limited liability company, as grantor, to and in favor of Tavistock East I, LLC, a Florida limited liability company, as grantee, recorded of even date herewith in the Public Records of Osceola County, Florida.

Memorandum of Additional Purchase Price Obligation by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, recorded February 5, 2019 in Official Records Book 5472, Page 2464, as amended by that certain First Amendment to Memorandum of Additional Purchase Price Obligation by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, recorded December 9, 2021 in Official Records Book 6104, Page 1701, and as further amended by that certain Second Amendment to Memorandum of Additional Purchase Price Obligation recorded of even date herewith, all in the Public Records of Osceola County, Florida.

Memorandum of Repurchase Option by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, recorded February 5, 2019 in Official Records Book 5472, Page 2469, as amended by that certain First Amendment to Memorandum of Repurchase Option by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, recorded December 9, 2021 in Official Records Book 6104, Page 1707, and as further amended by that certain Second Amendment to Memorandum of Repurchase Option recorded of even date herewith, all in the Public Records of Osceola County, Florida.

Unrecorded Development Agreement by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, with an effective date of February 4, 2019, as reflected in that certain Memorandum of Development Agreement recorded February 5, 2019 in Official Records Book 5472, Page 2480, as amended by that certain First Amendment to Development Agreement by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, recorded June 23, 2020 in Official Records Book 5741, Page 2763, as re-recorded on June 24, 2020 in Official Records Book 5743, Page 243, as further amended by that certain unrecorded Second Amendment to Development Agreement dated December 8, 2021 by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, as further amended by that certain First Amendment to Memorandum of Development Agreement recorded December 9, 2021 in Official Records Book 6104, Page 1713, as further amended by that certain unrecorded Third Amendment to Development Agreement dated of even date herewith by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, and as further amended by that certain Second Amendment to Memorandum of Development Agreement recorded of even date herewith, all in the Public Records of Osceola County, Florida.
All matters shown on that certain ALTA/NSPS Boundary Survey for Del Webb Additional Property Phase 2D prepared by Donald W. McIntosh Associates, Inc., under Job Number 22583.001 [Last Revised December 13, 2023].

EXHIBIT "C"

Use Restriction

The Property conveyed hereby is subject to, and this conveyance is conditioned upon the Grantee's and its successor's, assign' s, lessee's, sublessee' s, and occupant's (collectively, the "Grantee Parties") agreement to limit and restrict the use of the Property to the Permitted Use (as defined herein), unless the prior written consent of Grantor is obtained to allow for such other uses, which consent may be withheld or conditioned in Grantor's sole and absolute discretion (the "Use Restriction"). The Use Restriction shall run with title to the land, and shall be binding upon Grantee, the Grantee Parties and each of their successors-in-interest for a term of fifty (50) years after the date ofrecording of this Special Warranty Deed (the "Term").

Subject to and otherwise in compliance with all Senior Housing Laws, the use of the Property shall be limited to an age-restricted residential, gated community for Consumers who are 55 years of age or older to include the product mix and lot types and sizes for single-family detached homes and single-family attached villas, common areas, open spaces, roadways, Amenity Center, Model Center and other subdivision improvements specifically described on, and otherwise consistent with, the Site Plan approved by Grantor (the "Permitted Use"). For purposes of this Permitted Use, at least 80% of the homes within the Property shall be occupied by at least one (1) person of the age of fifty-five (55) years or older consistent with the Federal Fair Housing Amendments Act, 42 U.S.C. §3601, et. seq. (1988) and the exemption therefrom provided by the Housing for Older Persons Act of 1995, 42 U.S.C. §3607(b)(2)(c).

Any capitalized term not otherwise defined herein shall have the meaning ascribed to it under that certain Land Sale and Purchase Agreement between Grantor, as seller, and Grantee as buyer, dated May 27, 2016, together with all amendments thereto.

C-1

EXHIBIT "D"

ROFOTerm

As of the date of recording of this Special Warranty Deed and continuing for a period of five (5) years thereafter (the "ROFO Term"), Grantee and any successor owner will be required to notify the Grantor of its intent to transfer or ground lease any undeveloped portions of the Property to any entity unaffiliated with Grantee (the "ROFO Notice"), which ROFO Notice shall set forth all material economic terms, including acreage, purchase price or rent, financing contingencies (if any) and other economic consideration, and shall offer Grantor the opportunity to purchase or ground lease the Property at a purchase price (payable in cash or by financing if included in the ROFO Notice) equal to the purchase price or rent set forth in the ROFO Notice (the "ROFO"). If Grantor declines such offer, or if Grantor accepts and thereafter fails to close within ninety (90) days after the offer is first made, then Grantee will be free to ground lease the offered portion of the Property to any third party at a rent amount, or to sell the offered portion of the Property to any third party for a cash price, that is not less than the rent or price that was offered to Grantor.
(b)  After receipt of the ROFO Notice, Grantor shall have a period of thirty (30) days from the date of receipt of the ROFO Notice within which to notify Grantee in writing of its election to purchase or lease the offered portion of the Property on the terms set forth in the ROFO Notice without modification or condition (the "Purchase Notice"). In the event Grantor fails to timely deliver Grantee the Purchase Notice as required herein, Grantor shall be deemed to have waived its rights with respect to the portion of the Property contained in the Offer Notice, Grantee may thereupon proceed with the sale or ground lease of the offered portion of the Property on terms no more favorable to the prospective buyer or lessee than set forth in the ROFO Notice. Grantee and Grantor shall consummate the sale or ground lease of the Property within sixty (60) days after Grantee's receipt of the Purchase Notice in accordance with the other terms set forth in the ROFO Notice. Grantor and Grantee shall each be entitled to any and all remedies at law or in equity in the event of a breach of this provision by the other party (or any subsequent party in interest).

Prepared By and Return To:

Sara W. Bernard, Esq.
Holland & Knight LLP
200 South Orange Avenue, Suite 2600
Orlando, Florida 32801

SPECIAL WARRANTY DEED
(Del Webb Sunbridge Phase 3)

KNOW ALL MEN BY THESE PRESENTS that TAVISTOCK EAST I, LLC, a
Florida limited liability company, whose mailing address is 6900 Tavistock Lakes Boulevard, Suite 200, Orlando, Florida 32827 ("Grantor"), for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, has GRANTED, BARGAINED, SOLD and CONVEYED, and by these presents does GRANT, BARGAIN, SELL and CONVEY unto PULTE HOME COMPANY, LLC, a Michigan limited liability company, whose address is 4901 Vineland Road, Suite 500, Orlando, Florida 32811 ("Grantee"), that certain parcel of land located in Osceola County, Florida, more particularly described in Exhibit "A" attached hereto and made a part hereof, together with all improvements, tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining (the "Property").

This conveyance is made by Grantor and accepted by Grantee subject to: (1) the matters set forth in Exhibit "B" attached hereto and made a part hereof (the "Permitted Exceptions"), none of which are sought to be reimposed hereby; (2) the "Use Restriction" as defined and set forth in Exhibit "C" attached hereto and made a part hereof; and (3) the "ROFO Term" as defined and set forth in Exhibit "D" attached hereto and made a part hereof

TO HAVE AND TO HOLD the Property, subject to the Permitted Exceptions, unto Grantee, and its successors and assigns, and Grantor does hereby WARRANT and FOREVER DEFEND all and singular the Property unto Grantee, and its successors and assigns, against every person whomsoever, lawfully claiming or to claim the same or any part thereof, by, through or under Grantor, but not otherwise.

Grantee, by its acceptance hereof, solely for the benefit of Grantor and its successors and assigns, does hereby assume and agree to pay all ad valorem and non-ad valorem taxes pertaining to the Property for the calendar year 2025 and subsequent years, and Grantee does further agree to defend, indemnify and hold Grantor harmless from any liability for the payment thereof.

Effective as of the 20th day of	December	, 2024.

#510976842_v6 162756.00001

-1-

Recorded in Osceola County, FL KELVIN SOTO, ESQ., CLERK OF COURT 12/27/2024 09:39:46 AM RECEIPT# 2992612 Rec Fees 86.50 DEED DOC 94,902.50 EXTRA NAMES
CFN# 2024162499 BK 6716 PG 1207 PAGE 1 OF 10

Signed, sealed and delivered in the presence of:

rin�	Natalie F. Cofon.

Address: 6900 Tavistock Lakes Blvd.. Suite
200. Orlando. FL 32827	

TAVISTOCK EAST I, LLC,
a Florida limited liability company
By: Tavistock East Development, LLC, a Florida limit·	i	ility company, its

T. Craig Collin, President

Address:6900 Tavistock Lakes Blvd.. Suite
200. Orlando. FL 32827	

STATE OF FLORIDA    )
)
COUNTY OF ORANGE  )	\
The foregoing instrument y,as acknowle_iiied before me by means of[\iJ physical presence or [ ] online notarization, thi�6?-Wl day of  WQw vw.'12""-	, 2024, by T. Craig Collin, as President of Tavistock East Development, LLC, a Florida limited liability company, as the Manager
a( TAVISTOCK EAST I, LLC, a Florida limited liability company, on behalf of said company. He'N] is personally known to me or [] has produced 	as 1dent1hcation (1fleU blanl<, then personally known to me).

(Typed name of Notary Public) Notary Public, State of Florida
Commission No.:	 _ My Commission Expires:	_

-2-
#510976842_ v4 162756 00001
ORLDOCS 21058130 2

Property

PHASE 3:

That part of Sections 11 and 14, Township 25 South, Range 31 East, Osceola County, Florida, described as follows:

COMMENCE at the Northwest corner of said Section 11; thence S00°06'10"E along the West line of said Section 11 for a distance of 210.01 feet to the POINT OF BEGINNING; thence continue S00°06'10"E along said West line, 5158.80 feet to the Southwest corner of said Section 11; thence run S00°03'13"W along the West line of aforesaid Section 14, a distance of 2640.87 feet to the North line of the Northwest 1/4 of the Southwest 1/4 of said Section 14; thence run N89°11'32"E along said North line, 30.00 feet to the East line of the 30.00-foot wide Right-of-Way as described in Deed Book 95, Page 353, of the Public Records of Osceola County, Florida; thence run S00°03'13"W along said East line, 615.81 feet to a non-tangent curve concave Southerly having a radius of 1540.00 feet and a chord bearing of S73°23'17"E; thence departing said East line, run Easterly along the arc of said curve through a central angle of 02°18'04" for a distance of 61.85 feet to the point ofreverse curvature of a curve concave Northerly having a radius of 1460.00 feet and a chord bearing of S8 l007'07"E; thence Easterly along the arc of said curve through a central angle of 17°45'45" for a distance of 452.62 feet to the point of tangency; thence N90°00'00"E, 1258.99 feet; thence N69°41'37"E, 30.10 feet; thence N26°47'25"E, 22.51 feet; thence N00°00'00"E, 474.65 feet; thence N90°00'00"E, 270.87 feet; thence N00°00'00"E, 351.54 feet;
thence N64°47'17"E, 837.76 feet to the Southernmost corner of DEL WEBB SUNBRIDGE PHASE 2C, according to the plat thereof, as recorded in Plat Book 34, Pages 147 through 159 of the Public Records of Osceola County, Florida; thence run N45°08'25"W along the West boundary of said DEL WEBB SUNBRIDGE PHASE 2C, a distance of 1905.55 feet to the Westernmost corner of said PHASE 2C; thence continue along said West boundary, N13°48'53"E, 1920.87 feet to the Northernmost corner of said PHASE 2C and the Southernmost corner of DEL WEBB SUNBRIDGE PHASE ID, according to the plat thereof, as recorded in Plat Book 30, Pages 57 through 66 of said Public Records; thence run N36°45'14"W along the West boundary of said PHASE ID, a distance of 1752.48 feet to the Northwest corner of said PHASE ID and the Southwest corner of TRACT C-1, DEL WEBB SUNBRIDGE PHASE 1, according to the plat thereof, as recorded in Plat Book 28, Pages 185 through 197 of said Public Records; thence run the following three (3) courses along the West boundary of said PHASE I: N36°45'14"W, 211.65 feet; thence N00°14'04"W, 1072.12 feet; thence N29°01'20"W, 416.52 feet to the Northwest corner of TRACT B-1 of said PHASE 1, and the Southwest corner of DEL WEBB SUNBRIDGE PHASE IE, according to the plat thereof, as recorded in Plat Book 30, Pages 112 through 116 of said Public Records; thence run N29°01'20"W along the West boundary of said PHASE IE, a distance of 1222.85 feet to the POINT OF BEGINNING; Bearings and distances are based on the Florida State Plane Coordinate System East Zone, NAD 83 (NSRS 2007); the reciprocal grid factor of l.000055212684272.

3

Permitted Exceptions

Taxes and assessments for the year 2025, and subsequent years, which are not yet due and payable.
For a period of fifty (50) years after the date of recording of this Special Warranty Deed, Grantee acknowledges and agrees that Grantee and its successors and assigns shall be prohibited from using any portion of the Property for purposes other than the Permitted Use (as defined herein) without the prior written consent of Grantor in Grantor's sole and absolute discretion in each instance.
Notice of Creation and Establishment of the Sunbridge Stewardship District recorded July 5, 2017 in Official Records Book 5173, Page 2300, together with Sunbridge Stewardship District Notice of Imposition of Special Assessments (Del Webb 2019 Assessment Area) recorded February 4, 2020 in Official Records Book 5668, Page 2718, both in the Public Records of Osceola County, Florida.
Agreement for Cyrils Drive by and between Osceola County, a political subdivision of the State of Florida, and Tavistock East Services, LLC, a Florida limited liability company, as joined in and consented to by Central Florida Property Holdings 700, LLC, a Florida limited liability company, Suburban Land Reserve, Inc., a Utah corporation, Central Florida Property Holdings 500, LLC, a Florida limited liability company, Central Florida Property Holdings 300, LLC, a Florida limited liability company, Tavistock East I, LLC, a Florida limited liability company, Tavistock East II, LLC, a Florida limited liability company, and Sunbridge Stewardship District, a local unit of special purpose government established pursuant to Chapter 2017 - 220, Laws of Florida, recorded November 5, 2020 in Official Records Book 5827, Page 2213, as amended by that certain First Amendment to Agreement for Cyrils Drive recorded October 11, 2021 in Official Records Book 6062, Page 1476, and as further amended by that certain Second Amendment to Agreement for Cyrils Drive recorded July 20, 2023 in Official Records Book 6443, Page 1418, all in the Public Records of Osceola County, Florida.
Right of Way Utilization Interlocal Agreement for Landscape, Hardscape, Specialty Street Signs and Irrigation by and between Osceola County and the Sunbridge Stewardship District recorded March 17, 2021 in Official Records Book 5914, Page 374, in the Public Records of Osceola County, Florida.
Sunbridge Development Agreement by and between Central Florida Property Holdings 300, LLC, a Florida limited liability company, Central Florida Property Holdings 400, LLC, a Florida limited liability company, Central Florida Property Holdings 500, LLC, a Florida limited liability company, Central Florida Property Holdings 600, LLC, a Florida limited liability company, Central Florida Property Holdings 700, LLC, a Florida limited liability company, Central Florida Property Holdings 800, LLC, a Florida limited liability company, Central Florida Property Holdings 900, LLC, a Florida limited liability company, Central Florida Property Holdings 1000, LLC, a Florida limited liability company, Central Florida Property Holdings 1100, LLC, a Florida limited liability company, Central Florida Property

Holdings 1200, LLC, a Florida limited liability company, Central Florida Property Holdings 1300, LLC, a Florida limited liability company, Farmland Reserve, Inc., a Utah corporation, Suburban Land Reserve, Inc., a Utah corporation, Tavistock East I, LLC, a Florida limited liability company, Tavistock East II, LLC, a Florida limited liability company, Tavistock East III, LLC, a Florida limited liability company, and Sunbridge Stewardship District, a local unity of special-purpose government established pursuant to Chapter 2017-220, Law of Florida, recorded December 29, 2021 in Official Records Book 6117, Page 2435, as amended by that certain First Amendment to Sunbridge Development Agreement recorded January 11, 2023 in Official Records Book 6343, Page 781, and as affected by that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Sunbridge Stewardship District, a local unit of special-purpose government established pursuant to Chapter 2017-220, Laws of Florida, recorded July 24, 2024 in Official Records Book 6638, Page 1623, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Tavistock East Services, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1627, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Suburban Land Reserve, Inc., a Utah corporation, recorded July 24, 2024 in Official Records Book 6638, Page 1631, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Central Florida Property Holdings 400, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1635, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Central Florida Property Holdings 500, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1639, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Central Florida Property Holdings 600, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1643, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Central Florida Property Holdings 700, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1647, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Central Florida Property Holdings 800, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1651, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Central Florida Property Holdings 900, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1655, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Central Florida Property Holdings 1000, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1659, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Central Florida Property Holdings 1100, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1663, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Central Florida Property Holdings 1200, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1667, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Central Florida Property Holdings 1300, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1671, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Farmland Reserve, Inc, a Utah corporation, recorded July 24, 2024 in Official Records Book 6638, Page 1675, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Tavistock East I, LLC, a Florida limited liability

company, recorded July 24, 2024 in Official Records Book 6638, Page 1679, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Tavistock East II, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1683, and that certain Joinder and Consent to Permanent Access & Drainage Easement Agreement by Tavistock East III, LLC, a Florida limited liability company, recorded July 24, 2024 in Official Records Book 6638, Page 1687, all in the Public Records of Osceola County, Florida.
Memorandum of Additional Purchase Price Obligation by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, recorded February 5, 2019 in Official Records Book 5472, Page 2464, as amended by that certain First Amendment to Memorandum of Additional Purchase Price Obligation by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, recorded December 9, 2021 in Official Records Book 6104, Page 1701, as further amended by that certain Second Amendment to Memorandum of Additional Purchase Price Obligation recorded August 28, 2023 in Official Records Book 6465, Page 38, as further amended by that certain Third Amendment to Memorandum of Additional Purchase Price Obligation recorded December 27, 2023 in Official Records Book 6525, Page 1178, as further amended by that certain Fourth Amendment to Memorandum of Additional Purchase Price Obligation recorded September 16, 2024 in Official Records Book 6665, Page 1095, and as further amended by that certain Fifth Amendment to Memorandum of Additional Purchase Price Obligation recorded of even date herewith, all in the Public Records of Osceola County, Florida.
Memorandum of Repurchase Option by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, recorded February 5, 2019 in Official Records Book 5472, Page 2469, as amended by that certain First Amendment to Memorandum of Repurchase Option by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, recorded December 9, 2021 in Official Records Book 6104, Page 1707, and as further amended by that certain Second Amendment to Memorandum of Repurchase Option recorded August 28, 2023 in Official Records Book 6465, Page 42, as further amended by that certain Third Amendment to Memorandum of Repurchase Option recorded December 27, 2023 in Official Records Book 6525, Page 1183, as further amended by that certain Fourth Amendment to Memorandum of Repurchase Option recorded September 16, 2024 in Official Records Book 6665, Page 1099, and as further amended by that certain Fifth Amendment to Memorandum of Repurchase Option recorded of even date herewith, all in the Public Records of Osceola County, Florida.
Unrecorded Development Agreement by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, with an effective date of February 4, 2019, as reflected in that certain Memorandum of Development Agreement recorded February 5, 2019 in Official Records Book 5472, Page 2480, as amended by that certain First Amendment to Development Agreement by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, recorded June 23, 2020 in Official Records Book 5741, Page 2763, as re-recorded on June 24, 2020 in Official Records Book 5743, Page 243, as further amended

by that certain unrecorded Second Amendment to Development Agreement by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, as reflected in that certain First Amendment to Memorandum of Development Agreement recorded December 9, 2021 in Official Records Book 6104, Page 1713, as further amended by that certain unrecorded Third Amendment to Development Agreement by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, as reflected in that certain Second Amendment to Memorandum of Development Agreement recorded December 27, 2023, in Official Records Book 6525, Page 1195, as further amended by that certain unrecorded Fourth Amendment to Development Agreement by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, as reflected in that certain Third Amendment to Memorandum of Development Agreement recorded November 7, 2024 in Official Records Book 6692, Page 1079, and as further amended by that certain Fifth Amendment to Development Agreement by and between Tavistock East I, LLC, a Florida limited liability company, and Pulte Home Company, LLC, a Michigan limited liability company, as reflected in that certain Fourth Amendment to Memorandum of Development Agreement recorded of even date herewith, all in the Public Records of Osceola County, Florida.
Right of Way Utilization Interlocal Agreement for Specialty Street Signs by and between Osceola County, and Sunbridge Stewardship District recorded October 25, 2022 in Official Records Book 6305, Page 410, in the Public Records of Osceola County, Florida.
Any losses, costs, damages or attorney's fees resulting from that certain pending litigation as filed under that certain case styled Osceola County, a political subdivision of the State of Florida, vs Central Florida Property Holdings 300, LLC, a Florida limited liability company, et al, under Case No. 2024 CA 000992 ED, Osceola County, Florida, as evidenced by that certain Notice of Lis Pendens recorded April 11, 2024 in Official Records Book 6581, Page 613, in the Public Records of Osceola County, Florida.
Permanent Easement in favor of Osceola County, a political subdivision of the State of Florida, as set forth in Notice of Lis Pendens recorded April 11, 2024 in Official Records Book 6581, Page 613, together with Resolution No. 24-006R recorded January 19, 2024 in Official Records Book 6536, Page 2105, in the Public Records of Osceola County, Florida.
Covenants and agreements as set forth in that certain Special Warranty Deed by Central Florida Property Holdings 300, LLC, a Florida limited liability company, and Central Florida Property Holdings 500, LLC, a Florida limited liability company, collectively, as grantor, to and in favor ofTavistockEast I, LLC, a Florida limited liability company, as grantee, recorded July 1, 2024, in Official Records Book 6626, Page 741, in the Public Records of Osceola County, Florida.
Terms and conditions of the Access Easement Agreement by Central Florida Property Holdings 500, LLC, a Florida limited liability company, to and in favor of Tavistock East I, LLC, a Florida limited liability company, recorded July 1, 2024 in Official Records Book 6626, Page 750, as amended by that certain First Amendment to Access Easement recorded July 31, 2024 in Official Records Book 6642, Page 136, and as further amended by that certain Second Amendment to Access Easement recorded September 11, 2024 in Official Records Book 6662,

Page 2940, and as re-recorded recorded September 13, 2024, in Official Records Book 6664, Page 2985, all in the Public Records of Osceola County, Florida.
Permanent Access & Drainage Easement Agreement with Joinder and Consent by Central Florida Property Holdings 300, LLC, a Florida limited liability company, to and in favor of Osceola County, a political subdivision of the State of Florida, recorded July 19, 2024 in Official Records Book 6636, Page 976, in the Public Records of Osceola County, Florida.
All matters as shown on that certain ALTA/NSPS Boundary Survey for Del Webb Phase 3 dated November 20, 2024 prepared by Donald W. McIntosh Associates, Inc., under Job Number 17079, including but not limited to:
Barbed wire fences with gates running along the western boundary of the Property, which extends beyond the northern and southern boundary of the Property.
Barbed wire fence along a 10' dirt trail in the southern portion of the Property, and extending beyond the southern boundary of the Property.
Two (2) corrugated metal pipes located in the center of the Property.
Three (3) wood posts with guy anchor tree supports located on the western boundary of the Property.
One (1) wood post located on the western boundary of the Property.
Drainage line and corrugated metal pipe located near the northwestern boundary of the Property.

EXHIBIT "C"

Use Restriction

The Property conveyed hereby is subject to, and this conveyance is conditioned upon the Grantee's and its successor's, assign's, lessee's, sublessee's, and occupant's (collectively, the "Grantee Parties") agreement to limit and restrict the use of the Property to the Permitted Use (as defined herein), unless the prior written consent of Grantor is obtained to allow for such other uses, which consent may be withheld or conditioned in Grantor's sole and absolute discretion (the "Use Restriction"). The Use Restriction shall run with title to the land, and shall be binding upon Grantee, the Grantee Parties and each of their successors-in-interest for a term of fifty (50) years after the date ofrecording of this Special Warranty Deed (the "Term").

Subject to and otherwise in compliance with all Senior Housing Laws, the use of the Property shall be limited to an age-restricted residential, gated community for Consumers who are 55 years of age or older to include the product mix and lot types and sizes for single-family detached homes and single-family attached villas, common areas, open spaces, roadways, Amenity Center, Model Center and other subdivision improvements specifically described on, and otherwise consistent with, the Site Plan approved by Grantor (the "Permitted Use"). For purposes of this Permitted Use, at least 80% of the homes within the Property shall be occupied by at least one (1) person of the age of fifty-five (55) years or older consistent with the Federal Fair Housing Amendments Act, 42 U.S.C. §3601, et. seq. (1988) and the exemption therefrom provided by the Housing for Older Persons Act of 1995, 42 U.S.C. §3607(b)(2)(c).

Any capitalized term not otherwise defined herein shall have the meaning ascribed to it under that certain Land Sale and Purchase Agreement between Grantor, as seller, and Grantee as buyer, dated May 27, 2016, together with all amendments thereto.

C-1

EXHIBIT "D"

ROFOTerm

As of the date of recording of this Special Warranty Deed and continuing for a period of five (5) years thereafter (the "ROFO Term"), Grantee and any successor owner will be required to notify the Grantor of its intent to transfer or ground lease any undeveloped portions of the Property to any entity unaffiliated with Grantee (the "ROFO Notice"), which ROFO Notice shall set forth all material economic terms, including acreage, purchase price or rent, financing contingencies (if any) and other economic consideration, and shall offer Grantor the opportunity to purchase or ground lease the Property at a purchase price (payable in cash or by financing if included in the ROFO Notice) equal to the purchase price or rent set forth in the ROFO Notice (the "ROFO"). If Grantor declines such offer, or if Grantor accepts and thereafter fails to close within ninety (90) days after the offer is first made, then Grantee will be free to ground lease the offered portion of the Property to any third party at a rent amount, or to sell the offered portion of the Property to any third party for a cash price, that is not less than the rent or price that was offered to Grantor.
(b)  After receipt of the ROFO Notice, Grantor shall have a period of thirty (30) days from the date ofreceipt of the ROFO Notice within which to notify Grantee in writing of its election to purchase or lease the offered portion of the Property on the terms set forth in the ROFO Notice without modification or condition (the "Purchase Notice"). In the event Grantor fails to timely deliver Grantee the Purchase Notice as required herein, Grantor shall be deemed to have waived its rights with respect to the portion of the Property contained in the Offer Notice, Grantee may thereupon proceed with the sale or ground lease of the offered portion of the Property on terms no more favorable to the prospective buyer or lessee than set forth in the ROFO Notice. Grantee and Grantor shall consummate the sale or ground lease of the Property within sixty (60) days after Grantee's receipt of the Purchase Notice in accordance with the other terms set forth in the ROFO Notice. Grantor and Grantee shall each be entitled to any and all remedies at law or in equity in the event of a breach of this provision by the other party (or any subsequent party in interest).

Exhibit B

Supplemental Assessment Methodology Report

SUPPLEMENTAL ASSESSMENT METHODOLOGY
DEL WEBB PHASE 2D/3 ASSESSMENT AREA

SUNBRIDGE STEWARDSHIP DISTRICT

March 2026

Prepared for:

Members of the Board of Supervisors, Sunbridge Stewardship District

Prepared on March 13, 2026

PFM Financial Advisors LLC
3501 Quadrangle Boulevard, Ste 270
Orlando, FL 32817

SUPPLEMENTAL ASSESSMENT METHODOLOGY DEL WEBB PHASE 2D/3 ASSESSMENT AREA SUNBRIDGE STEWARDHSIP DISTRICT
March 13, 2026

Introduction

Purpose

This “Supplemental Assessment Methodology Report Del Webb Ph2D/3 Assessment Area, Series 2026 Bonds” (“Supplemental Report”) provides a methodology for allocating the assessments securing the repayment of the planned Series 2026 Capital Improvement Revenue Bonds (“Series 2026 Bonds” or “Bonds”) to be issued by the Sunbridge Stewardship District (the, “District”). This Supplemental Report applies and operates pursuant to the “Master Assessment Methodology Del Webb Phase 2D/3 Assessment Area” (“Master Methodology”) dated December 18, 2025.
This Supplemental Methodology provides a system for the allocation of non-ad valorem special assessments securing the repayment of bond debt planned to be issued by the Sunbridge Stewardship District (“District”) to fund beneficial public infrastructure improvements and facilities within the Del Webb Phase 2D and Phase 3 areas (“Phases 2D/3 Assessment Area”) within the District. The Methodology described herein has two goals: (1) quantifying the special benefits received by properties within the District as a result of the construction of the District’s improvements and facilities, and (2) equitably allocating the costs incurred by the District to provide these benefits to properties in the District.

The District plans to implement its Del Webb Phase 2D & Phase 3 Capital Improvement Program (“Del Webb Phase 2D/3 CIP”) that will allow for the development of property within the Del Webb Phase 2D/3 Assessment Area. The District plans to fund a portion of its Del Webb Phase 2D/3 CIP through bond debt financing. This bond debt will be repaid from the proceeds of non-ad valorem special assessments levied by the District. These special assessments will serve as liens against properties within the boundary of Del Webb Phase 2D/3 Assessment Area that receive a special benefit from the Del Webb Phase 2D/3 CIP. This Methodology is designed to conform to the requirements of Chapters 170, 197 of the Florida Statutes and Chapter 2005-338, Laws of Florida, as amended with respect to special assessments and is consistent with our understanding of the case law on this subject.

Background

The District is an independent special district created pursuant to Chapter 2017-220, Laws of Florida, Acts of 2017, House Bill No. 1333 was established on June 6, 2017. The District encompasses approximately 19,560+/- acres within Osceola County and per a boundary amendment approved in July 2025 now includes 7,310+/- acres in Orange County, specifically within the boundaries of the City of

Orlando, FL. Del Webb Phase 2D/3 Assessment Area comprises 302 acres within the District’s Osceola County area. The District Engineer’s report of December 12, 2025 (“Engineer’s Report”)1 provides a description of the area.

This Methodology provides a methodology to allocate the debt over the approximately 302 acres within the Del Webb Phase 2D/ 3 Assessment Area that will receive a special benefit from the installation of the District’s portion of the proposed Del Webb Phase 2D/3 CIP. It is the District’s debt-funded capital infrastructure improvements that will allow the development of the lands in Del Webb Phase 2D/3 Assessment Area. By making development of the lands within Del Webb Phase 2D/3 Assessment Area possible, the District creates benefits to these lands within the Del Webb Phase 2D/3 Assessment Area. The methodology described herein allocates the District’s debt to the Del Webb Phase 2D/3 Assessment Area lands based upon the benefits received from the infrastructure program.

Projected Land Use Plan for Del Webb Phase 2D/3 Assessment Area

As detailed in the Engineer’s Report, the number of units permitted per the current development plan is 534 units. Based on discussions with Pulte Home Company, LLC (“Developer”), the current plan envisions the development of 534 residential units.

At the outset, the Del Webb Phase 2D/3 CIP is based on the land uses the Developer plans for the lands within Del Webb Phase 2D/3 Assessment Area as shown in Table 1. Del Webb Phase 2D/3 Assessment Area is planned for 534 residential units including villas and single-family lots of various sizes; and the associated infrastructure detailed in the Del Webb Phase 2D/3 CIP. Table 2, as provided in the Engineer’s Report, details an initial mix of residential product and phasing planned for Del Webb Phase 2D/3 Assessment Area. However, until either: (a) parcels of land along with their development entitlements are sold by the landowner to the new landowner and entitlements conveyed or (b) plats are filed, the precise land uses are unknown.

Table 1. Development Plan for Del Webb Phase 2D/3 Assessment Area

Category	Del Webb Ph 2D&3	
Villas (33')	190	
SF 50'	207	
SF 65'	137	
TOTAL	534	
Source: Developer

Therefore, the District initially will impose assessments (“Assessments”) on a per gross acre basis on the unsold and unplatted properties within the Del Webb Phase 2D/3 Assessment Area based on the land use plan outlined in Table 1 (or in any updates issued from time to time), and on any sold or platted property in accordance with its actual land use or contractual entitlement as transferred to the new landowner from the landowner.

1 Pape-Dawson (December 12, 2025) Sunbridge Stewardship District Supplemental Engineer’s Report Capital Improvements – Del Webb Phases 2D & 3 Assessment Area

There is one important proviso. The debt per acre on the properties that remain unplatted in Del Webb Phase 2D/3 Assessment Area is not allowed to increase above its Ceiling Amount. The Ceiling Amount is set whenever the District issues debt. It is calculated by dividing the unplatted acres of the properties in Del Webb Phase 2D/ 3 Assessment Area into the debt allocated to the unplatted properties. In addition, this requirement will be tested at four intervals based upon the percentage of total acres that are developed. The intervals are at 25%, 50%, 75% and 100% of the gross acres.

CIP - Infrastructure Installation

The District will acquire or construct its public infrastructure and improvements as outlined in the Engineer’s Report. The District infrastructure and improvements for the Del Webb Phase 2D/3 CIP are presented in Table 2.

Table 2: District Engineer’s Estimated Costs for
The District’s Capital Improvement Program for Del Webb Phase 2D/3 CIP

	Category	Del Webb Ph 2D&3	
	Master Roadways & Stormwater System	$8,028,868	
	Utility Lines	$11,184,238	
	Total	$19,213,105	
	Source: District Engineer’s Report		
(1)  Any costs outlined in the Engineer's Report not funded with bond proceeds will be funded by the Developer via Developer's Completion Agreement with the District.	

Requirements of a Valid Assessment Methodology

In PFM Financial Advisors LLC, the Assessment Consultant’s (“PFM” and/or “AC”) experience, there are two primary requirements for special assessments to be valid under Florida law. First, the properties assessed must receive a special benefit from the improvements paid for via the assessments. Second, the assessments must be fairly and reasonably allocated to the properties being assessed. If these two characteristics of valid special assessments are adhered to, Florida law provides some latitude to legislative bodies, such as the District’s Board of Supervisors, in approving special assessments. Indeed, Florida courts have found that the mathematical perfection of calculating special benefit is impossible, and, accordingly, a special assessment is valid as long as there is a logical relationship between the services provided and the benefit to real property. A court must give deference to the District’s determinations regarding the levy of special assessments, and such special assessments are only invalid if the District’s determinations are found to be arbitrary.

Special Benefits and General Benefits

Improvements undertaken by Del Webb Phase 2D/3 Assessment Area create both special benefits and general benefits to property owners located within and surrounding Del Webb Phase 2D/ 3 Assessment Area. However, in PFM’s opinion, the general benefits to the public at large are incidental in nature and are readily distinguishable from the special benefits which accrue to property located within Del Webb

Phase 2D/ 3 Assessment Area. It is Del Webb Phase 2D/3 CIP that enables properties within Del Webb Phase 2D/ 3 Assessment Area’s boundaries to be developed. Without Del Webb Phase 2D/3 CIP there would be no infrastructure to support development of land within Del Webb Phase 2D/3 Assessment Area. Without these improvements, development of property in Del Webb Phase 2D/3 Assessment Area would not be permitted.

The new infrastructure improvements included in the CIP create both: (1) special benefits to the developable property within Del Webb Phase 2D/3 Assessment Area and (2) general benefits to properties outside Del Webb Phase 2D/3 Assessment Area. However, as discussed below, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to the developable property within Del Webb Phase 2D/3 Assessment Area. The Del Webb Phase 2D/3 CIP described in the District Engineer’s Report enables the developable property within Del Webb Phase 2D/3 Assessment Area to be developed. Without the Del Webb Phase 2D/3 CIP, there would be no infrastructure to support development of the developable property within Del Webb Phase 2D/3 Assessment Area.

CIP Plan of Finance

The District’s Series 2026 Bonds will have a total par value of $10,255,000. Table 3 presents the details for the Series 2026 Bonds.

Table 3. District Bond Financing Details for Del Webb Phase 2D/3 Assessment Area

Category	Amount	
Par Amount	$10,255,000	
Original Issue Discount	-$54,757	
Total Sources	$10,200,243	
Construction Fund	$9,147,242	
Debt Service Reserve Fund (50% MADS)	$349,563	
Capitalized Interest	$310,965	
Cost of Issuance	$238,648	
Underwriter's Discount	$153,825	
Total Uses	$10,200,243	
Rate	5.50%	
Term	30	
Maximum Net Annual Debt Service:	$699,125	
Maximum Gross Annual Debt Service(1):	$743,750	
Source: MBS Capital Markets LLC
(1) Gross assessments represent the assessment placed on the County tax roll each year, if the District elects to use the Uniform Method of collecting non-ad valorem assessments authorized by Chapter 197 of the Florida Statutes. Gross assessments include a 6.0% gross-up to account for the fees of the County Property Appraiser and Tax Collector and the statutory early payment discount.

Assessment Methodology

Assessment Foundation

The assessment methodology associated with the allocation of the costs of the Del Webb Phase 2D/3 CIP is a four-step process. First, the District Engineer determines the costs for the District’s infrastructure and related improvements. Second, an estimate of the amount of bonds required to finance the infrastructure improvements is calculated. Third, the District Engineer outlines which parcels benefit from the provision of the infrastructure and improvements. Finally, the as-financed costs of the infrastructure and related improvements are allocated to the benefiting properties based on the approximate relative benefit each unit receives.

Allocation of Specific Assessments

The discussion offered below illustrates the process by which the District will allocate bond debt it incurs to fund its Del Webb Phase 2D/3 CIP. The District’s Series 2026 Bonds of $10,255,000 is detailed in Table 3. The District’s bond debt will be secured by special assessments allocated to properties in the District based on and proportional to the benefits that each property receives from the Del Webb Phase 2D/ 3 CIP. As described above, until such time as either: (a) properties are sold along with their entitlements or (b) plats are recorded; the specific land uses in the District are not known with certainty. Therefore, at the outset, the debt is allocated on an acreage basis across all benefited acres in the District totaling approximately 302 acres. As the sale and platting process unfolds, the District will more finely articulate the allocation of debt to benefiting properties based on their land uses.

As noted above, as long as two basic principles are adhered to, Florida law generally allows the District Board some latitude in determining the appropriate methodology to allocate the costs of its CIP to benefiting properties in the District. The two principles are: (1) the properties being assessed must receive a special benefit from the CIP and (2) the assessments allocated to each property must be fairly and reasonably apportioned among the benefiting properties.

In allocating special assessments to benefiting property, Florida governments have used a variety of methods including, but not limited to, front footage, area, trip rates, equivalent residential units (“ERU”), dwelling units, and acreage. These ERU values equate the benefit received by a stated amount of such particular land use category to the benefit received by a typical single-family residence. The use of ERU values to estimate the benefit derived from infrastructure improvements is recognized as a simple, fair, and reasonable method for apportioning benefit. The Florida Supreme Court concluded that the ERU method was a valid methodology in its decision in Winter Springs v. State.2 In addition, the ERU methodology is widely used in other similar CDDs.
Table 4 contains the allocation of the District’s CIP costs, as financed, to the Development Units planned for the District based on the ERU value assigned to each Development Unit. Table 5 shows the annual bond debt service assessments associated with the bond par allocations found in Table 4. Table 5 becomes important as the land within the District is platted, as specific bond debt service assessments will be assigned to the individual Development Units at that time.

2 City of Winter Springs v. State, 776 So.2d 255 (Fla 2003)

Table 4. Allocation of the Costs of the District’s Del Webb Phase 2D & 3 CIP, as Financed

Land Use	Units	ERU/Unit	ERUs	%ERU	Total Par Debt	Par Debt/Unit	
Villas (33')	190	0.66	125.4	24.6%	$2,519,054	$13,258	
SF 50'	207	1	207.0	40.5%	$4,158,247	$20,088	
SF 65'	137	1.30	178.1	34.9%	$3,577,699	$26,115	
TOTAL	534		510.5	100.0%	$10,255,000		
Source: PFM Financial Advisors LLC

Table 5. Summary of Annual Assessments

Acres	
Annual Assessments (net)	Annual Assessments per
Unit (net)	
Annual Assessments (gross)	Annual Assessments per
Unit (gross)	
Villas (33')	$171,734	$903.86	$182,696	$961.56	
SF 50'	$283,485	$1,369.49	$301,579	$1,456.90	
SF 65'	$243,906	$1,780.34	$259,475	$1,893.98	
TOTAL	$699,125		$743,750		
					
Land Use	Debt/Unit	Net Debt Service	Administrative Expenses	Total Debt Service	
Villas (33')	$13,258	$903.86	$57.69	$961.56	
SF 50'	$20,088	$1,369.49	$87.41	$1,456.90	
SF 65'	$26,115	$1,780.34	$113.64	$1,893.98	
Source: PFM Financial Advisors LLC
(1) Gross assessments represent the assessment placed on the County tax roll each year, if the District elects to use the Uniform Method of collecting non-ad valorem assessments authorized by Chapter 197 of the Florida Statutes. Gross assessments include a 6.0% gross-up to account for the fees of the County Property Appraiser and Tax Collector and the statutory early payment discount.

True-Up Mechanism

Although the District does not process plats, it does have an important role to play during the course of development. Whenever a parcel’s land use and development density and intensity is determined with sufficient certainty, the District must allocate a portion of its debt to the parcel according to the procedures outlined in Section 3.2 above. In addition, the District must also prevent any buildup of debt on land that has not yet been developed. Otherwise, the land could be fully subdivided without all of the debt being allocated.
To preclude this, a test is conducted when development thresholds are reached within the District. If the development at these thresholds does not cause the debt on the remaining land to increase above a debt “Ceiling Level” illustrated in Table 6, then no further action in necessary. However, if the debt on the remaining land does increase, a debt reduction payment will be necessary.

A portion of the Del Webb Phase 2D/3 Assessment Area has been platted with 92 lots. The balance of the Phase 2D/3 Assessment Area is unplatted. The ceiling level of debt is established at the time each series of bonds is issued. For example, the District plans to issue up to $10,255,000 Bonds to fund the

Del Webb Phase 2D/3 CIP. According to the Engineer’s Report, there are approximately 302 gross acres of land within the Del Webb Phase 2D/ 3 Assessment Area. Based on the platting of the Phase 2D & 3 lots (92 lots with an associated allocation of $2,095,194 in Series 2026 Bonds principal), the remaining Phase 2D & 3 unplatted 245+/- acres will initially be assigned an equal amount of the remaining unassigned bond debt assessments. The initial ceiling level of debt for gross acres within the unplatted acres within Phase 2D & 3 of the Del Webb Phase 2D/3 Assessment Area is $33,299 per acre ($8,159,806/245.1). This ceiling level is based upon the best information available at the time of this report, is subject to change, and will only be finalized at the time of the District’s first bond issuance.

A test will be conducted when 25%, 50%, 75%, and 90% of the acreage as the District is developed. The ceiling amount of debt is determined at the time any District bond issuance is closed. Table 7 illustrates when the true-up test will be applied to determine if debt reduction payments are required. However, a true-up payment may be suspended at the District’s discretion. If the property owner can demonstrate to the District, and the District finds in its discretion (consistent with the opinion of the District Engineer), that all necessary land use approvals, including applicable zoning, can reasonably and economically support development totaling greater than or equal to 534 units for the District on the remaining unplatted developable acreage within the remaining acres, a true-up payment may be suspended.

Table 6. True- Up Thresholds, Phase 2D & 3 Lands

Category	25%	50%	75%	90%	100%	
Cumulative Acres	61.3	122.5	183.8	220.5	245.1	
Unallocated Acres	183.8	122.5	61.3	24.5	0.0	
Debt Ceiling per Acre	$33,299	$33,299	$33,299	$33,299	$33,299	
Source: PFM Financial Advisors LLC

In the event that additional land not currently subject to the assessments required to repay the debt associated with the Del Webb Phase 2D/3 CIP is developed in such a manner as to receive special benefit from the Del Webb Phase 2D/3 CIP, it is contemplated that this Methodology will be re-applied to include such new parcels. The additional land, as a result of applying this Methodology, will be allocated an appropriate share of the special assessments, with all previously-assessed parcels receiving a relative adjustment in their assessment levels.

Assessment Roll

Table 7 summarizes the assessment roll. Given the platting of Phase 2D and Phase 3 lots, Exhibit A outlines the maximum bond principal assessment per platted parcel and unplatted assessable acres for the lands within the Del Webb Phase 2D/3 Assessment Area. The assessments shall be paid in not more than thirty (30) annual installments.

Table 7. Assessment Roll

Category	Lots - Assessable Acreage	Bond Principal Assessment	Bond Principal Assessment
per Acre	Net Total Bond Annual Assessment	Net Annual Assessment
per Acre	Bond Gross
Annual Assessment
(1)	Bond Gross
Annual Assessment per Acre (1)	
Phase 2D&3 Platted Lots - Exhibit A	92	$2,095,194	-	$142,838	-	$151,955	-	
Tract FD-1	138.80	$4,621,837	$33,298.54	$315,089	$2,270.10	$335,201	$2,415.00	
Tract FD-2	106.25	$3,537,969	$33,298.54	$241,198	$2,270.10	$256,593	$2,415.00	
TOTAL		$10,255,000		$699,125		$743,750		
Source: PFM Financial Advisors LLC
(1)  Gross assessments represent the assessment placed on the County tax roll each year, if the District elects to use the Uniform Method of collecting non-ad valorem assessments authorized by Chapter 197 of the Florida Statutes. Gross assessments include a 6.0% gross-up to account for the fees of the County Property Appraiser and Tax Collector and the statutory early payment discount.

Exhibit A Assessment Roll

PARCELNO	
Acres	
LU Code	
DORDesc	
Property Owner	
Lot No.	
MaillingAd	
Category - Lot Size	Series 2026
Principal	Series 2026
Assessment (Net)	Series 2026
Assessment (Gross)	
SubName	
14-25-31-5725-0001-0A10	2.12	901	Vacant Common Area	Del Webb Sunbridge HOA Inc	Tract A1	4901 VINELAND RD STE 500 ORLANDO FL 32811	Vacant Common Area	-	-	-	PH2D	
14-25-31-5725-0001-0A20	4.99	901	Vacant Common Area	Del Webb Sunbridge HOA Inc	Tract A2	4901 VINELAND RD STE 500 ORLANDO FL 32811	Vacant Common Area	-	-	-	PH2D	
14-25-31-5725-0001-00B0	1.54	901	Vacant Common Area	Del Webb Sunbridge HOA Inc	Tract B	4901 VINELAND RD STE 500 ORLANDO FL 32811	Vacant Common Area	-	-	-	PH2D	
14-25-31-5725-0001-9010	0.23	01	Vacant Residential	Pulte Home Company LLC	901	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9020	0.25	01	Vacant Residential	Pulte Home Company LLC	902	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9030	0.26	01	Vacant Residential	Pulte Home Company LLC	903	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9040	0.33	01	Vacant Residential	Pulte Home Company LLC	904	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9050	0.41	01	Vacant Residential	Pulte Home Company LLC	905	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9060	0.31	01	Vacant Residential	Pulte Home Company LLC	906	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9070	0.21	01	Vacant Residential	Pulte Home Company LLC	907	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9080	0.22	01	Vacant Residential	Pulte Home Company LLC	908	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9090	0.24	01	Vacant Residential	Pulte Home Company LLC	909	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9100	0.27	01	Vacant Residential	Pulte Home Company LLC	910	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9110	0.29	01	Vacant Residential	Pulte Home Company LLC	911	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9120	0.31	01	Vacant Residential	Pulte Home Company LLC	912	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9130	0.47	01	Vacant Residential	Pulte Home Company LLC	913	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9140	0.37	01	Vacant Residential	Pulte Home Company LLC	914	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9150	0.33	01	Vacant Residential	Pulte Home Company LLC	915	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9160	0.28	01	Vacant Residential	Pulte Home Company LLC	916	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9170	0.22	01	Vacant Residential	Pulte Home Company LLC	917	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9180	0.22	01	Vacant Residential	Pulte Home Company LLC	918	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9190	0.24	01	Vacant Residential	Pulte Home Company LLC	919	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9200	0.18	01	Vacant Residential	Pulte Home Company LLC	920	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9210	0.18	01	Vacant Residential	Pulte Home Company LLC	921	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9220	0.28	01	Vacant Residential	Pulte Home Company LLC	922	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9230	0.24	01	Vacant Residential	Pulte Home Company LLC	923	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9240	0.22	01	Vacant Residential	Pulte Home Company LLC	924	4902 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9250	0.22	01	Vacant Residential	Pulte Home Company LLC	925	4903 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9260	0.22	01	Vacant Residential	Pulte Home Company LLC	926	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9270	0.14	01	Vacant Residential	Pulte Home Company LLC	927	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9280	0.14	01	Vacant Residential	Pulte Home Company LLC	928	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9290	0.14	01	Vacant Residential	Pulte Home Company LLC	929	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9300	0.14	01	Vacant Residential	Pulte Home Company LLC	930	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9310	0.14	01	Vacant Residential	Pulte Home Company LLC	931	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9320	0.14	01	Vacant Residential	Pulte Home Company LLC	932	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9330	0.19	01	Vacant Residential	Pulte Home Company LLC	933	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9340	0.25	01	Vacant Residential	Pulte Home Company LLC	934	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
14-25-31-5725-0001-9350	0.14	01	Vacant Residential	Pulte Home Company LLC	935	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9360	0.14	01	Vacant Residential	Pulte Home Company LLC	936	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9370	0.14	01	Vacant Residential	Pulte Home Company LLC	937	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9380	0.14	01	Vacant Residential	Pulte Home Company LLC	938	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9390	0.14	01	Vacant Residential	Pulte Home Company LLC	939	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9400	0.14	01	Vacant Residential	Pulte Home Company LLC	940	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH2D	
14-25-31-5725-0001-9410	0.25	01	Vacant Residential	Pulte Home Company LLC	941	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH2D	
11-25-31-5726-0001-0B10	9.09	901	Conservation	DEL WEBB SUNBRIDGE HOA INC	Tract B-1	4901 VINELAND RD STE 500 ORLANDO FL 32811	Conservation	-	-	-	PH3A	
11-25-31-5726-0001-0C10	5.57	901	Conservation	DEL WEBB SUNBRIDGE HOA INC	Tract C-1	4901 VINELAND RD STE 500 ORLANDO FL 32811	Conservation	-	-	-	PH3A	
11-25-31-5726-0001-0U20	0.12	901	Open Space	DEL WEBB SUNBRIDGE HOA INC	Tract U-2	4901 VINELAND RD STE 500 ORLANDO FL 32811	Open Space	-	-	-	PH3A	
11-25-31-5726-0001-0V20	0.1	901	Open Space	DEL WEBB SUNBRIDGE HOA INC	Tract V-2	4901 VINELAND RD STE 500 ORLANDO FL 32811	Open Space	-	-	-	PH3A	
11-25-31-5726-0001-0E10	2.55	901	Conservation	DEL WEBB SUNBRIDGE HOA INC	Tract E-1	4901 VINELAND RD STE 500 ORLANDO FL 32811	Conservation	-	-	-	PH3A	
11-25-31-5726-0001-0P10	2.91	901	Stormwater Mngmt	DEL WEBB SUNBRIDGE HOA INC	Tract P-1	4901 VINELAND RD STE 500 ORLANDO FL 32811	Stormwater Mngmt	-	-	-	PH3A	
11-25-31-5726-0001-0WW0	0.93	901	Open Space	DEL WEBB SUNBRIDGE HOA INC	Tract WW	4901 VINELAND RD STE 500 ORLANDO FL 32811	Open Space	-	-	-	PH3A	

PARCELNO	
Acres	
LU Code	
DORDesc	
Property Owner	
Lot No.	
MaillingAd	
Category - Lot Size	Series 2026
Principal	Series 2026
Assessment (Net)	Series 2026
Assessment (Gross)	
SubName	
11-25-31-5726-0001-0X20	0.29	901	Open Space	DEL WEBB SUNBRIDGE HOA INC	Tract X-2	4901 VINELAND RD STE 500 ORLANDO FL 32811	Open Space	-	-	-	PH3A	
11-25-31-5726-0001-0Y20	0.61	901	Open Space	DEL WEBB SUNBRIDGE HOA INC	Tract Y-2	4901 VINELAND RD STE 500 ORLANDO FL 32811	Open Space	-	-	-	PH3A	
11-25-31-5726-0001-0Z20	1.09	901	Open Space	DEL WEBB SUNBRIDGE HOA INC	Tract Z-2	4901 VINELAND RD STE 500 ORLANDO FL 32811	Open Space	-	-	-	PH3A	
11-25-31-5726-0001-0E50	2.65	901	Road ROW	DEL WEBB SUNBRIDGE HOA INC	Tract E-5	4901 VINELAND RD STE 500 ORLANDO FL 32811	Road ROW	-	-	-	PH3A	
11-25-31-5726-0001-FD10	138.8	01	Future Development	Pulte Home Company LLC	Tract FD-1	4901 VINELAND RD STE 500 ORLANDO FL 32811	Future Development	$4,621,837	$315,089	$335,201	PH3B	
11-25-31-5726-0001-FD20	106.25	01	Future Development	Pulte Home Company LLC	Tract FD-2	4901 VINELAND RD STE 500 ORLANDO FL 32811	Future Development	$3,537,969	$241,198	$256,593	PH3C	
11-25-31-5726-0001-9430	-	01	Vacant Residential	Pulte Home Company LLC	943	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9440	-	01	Vacant Residential	Pulte Home Company LLC	944	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9450	-	01	Vacant Residential	Pulte Home Company LLC	945	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9460	-	01	Vacant Residential	Pulte Home Company LLC	946	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9470	-	01	Vacant Residential	Pulte Home Company LLC	947	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9480	-	01	Vacant Residential	Pulte Home Company LLC	948	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9490	-	01	Vacant Residential	Pulte Home Company LLC	949	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9500	-	01	Vacant Residential	Pulte Home Company LLC	950	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9510	-	01	Vacant Residential	Pulte Home Company LLC	951	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9520	-	01	Vacant Residential	Pulte Home Company LLC	952	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9530	-	01	Vacant Residential	Pulte Home Company LLC	953	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9540	-	01	Vacant Residential	Pulte Home Company LLC	954	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9550	-	01	Vacant Residential	Pulte Home Company LLC	955	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9560	-	01	Vacant Residential	Pulte Home Company LLC	956	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9570	-	01	Vacant Residential	Pulte Home Company LLC	957	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9580	-	01	Vacant Residential	Pulte Home Company LLC	958	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9590	-	01	Vacant Residential	Pulte Home Company LLC	959	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9600	-	01	Vacant Residential	Pulte Home Company LLC	960	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9610	-	01	Vacant Residential	Pulte Home Company LLC	961	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9620	-	01	Vacant Residential	Pulte Home Company LLC	962	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9630	-	01	Vacant Residential	Pulte Home Company LLC	963	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9640	-	01	Vacant Residential	Pulte Home Company LLC	964	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9650	-	01	Vacant Residential	Pulte Home Company LLC	965	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9660	-	01	Vacant Residential	Pulte Home Company LLC	966	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9670	-	01	Vacant Residential	Pulte Home Company LLC	967	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 65'	$26,115	$1,780	$1,894	PH3A	
11-25-31-5726-0001-9680	-	01	Vacant Residential	Pulte Home Company LLC	968	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9690	-	01	Vacant Residential	Pulte Home Company LLC	969	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9700	-	01	Vacant Residential	Pulte Home Company LLC	970	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9710	-	01	Vacant Residential	Pulte Home Company LLC	971	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9720	-	01	Vacant Residential	Pulte Home Company LLC	972	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9730	-	01	Vacant Residential	Pulte Home Company LLC	973	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9740	-	01	Vacant Residential	Pulte Home Company LLC	974	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9750	-	01	Vacant Residential	Pulte Home Company LLC	975	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9760	-	01	Vacant Residential	Pulte Home Company LLC	976	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9770	-	01	Vacant Residential	Pulte Home Company LLC	977	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9780	-	01	Vacant Residential	Pulte Home Company LLC	978	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9790	-	01	Vacant Residential	Pulte Home Company LLC	979	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9800	-	01	Vacant Residential	Pulte Home Company LLC	980	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9810	-	01	Vacant Residential	Pulte Home Company LLC	981	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9820	-	01	Vacant Residential	Pulte Home Company LLC	982	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9830	-	01	Vacant Residential	Pulte Home Company LLC	983	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9840	-	01	Vacant Residential	Pulte Home Company LLC	984	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9850	-	01	Vacant Residential	Pulte Home Company LLC	985	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9860	-	01	Vacant Residential	Pulte Home Company LLC	986	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9870	-	01	Vacant Residential	Pulte Home Company LLC	987	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9880	-	01	Vacant Residential	Pulte Home Company LLC	988	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9890	-	01	Vacant Residential	Pulte Home Company LLC	989	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9900	-	01	Vacant Residential	Pulte Home Company LLC	990	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	

PARCELNO	
Acres	
LU Code	
DORDesc	
Property Owner	
Lot No.	
MaillingAd	
Category - Lot Size	Series 2026
Principal	Series 2026
Assessment (Net)	Series 2026
Assessment (Gross)	
SubName	
11-25-31-5726-0001-9910	-	01	Vacant Residential	Pulte Home Company LLC	991	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9920	-	01	Vacant Residential	Pulte Home Company LLC	992	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
11-25-31-5726-0001-9930	-	01	Vacant Residential	Pulte Home Company LLC	993	4901 VINELAND RD STE 500 ORLANDO FL 32811	SF 50'	$20,088	$1,369	$1,457	PH3A	
Total								$10,255,000	$699,125.00	$743,750.00		

Annual Debt Service Payment Due on Series 2026 Bonds

Period Ending	
Principal	
Coupon	
Interest	
Debt Service	Annual Debt Service	
11/01/2053			54,140.63	S4,140.63	694,312.51	
05/01/2054	605,000	5.625%	54,140.63	659.140.63		
11/01/2054			37,125.00	37.125.00	696,265.63	
05/01/2055	640,000	5.625%	37,125.00	677.125.00		
11/01/2055			19,125.00	19,125.00	696,250.00	
05/01/2056	680,000	5.625%	19,125.00	699.125.00		
11/01/2056					699,125.00	
	10,255,000		10,947,568.10	21.202.56&.10	21,202,56&.10	

Sunbridge Stewardship District

Proposal from Cherrylake for Weslyn Park Entrance Line of Sight Issues

PROPOSAL
March 18, 2026

Customer:	Job:
DJ Batten	Cyrils Drive Line-of-Sight Enhancement Berman
6820 Marwick Lane, Suite 150
Orlando, FL 32827

Qty	Description	Speciﬁcation	Price	Extended
1,600	Bahia Sod	SF	$0.40	$640.00	
350	Black Eyed Susan	1 gal	$4.50	$1,575.00	
5	Blue Porterweed	1 gal	$4.50	$22.50	
1,250	Sunshine Mimosa	1 gal	$4.50	$5,625.00	
500	Golden Glory Ornamental Peanut	1 gal	$4.50	$2,250.00	
6	Landscape Boulders	Each	$225.00	$1,350.00	
100	Landscape Labor / Demo	Manhours	$30.20	$3,020.00	
Total	$14,482.50 If you should have questions, please do not hesitate to contact me at (689) 253-8503.

Accepted By (Printed Name):
Signature Date of Acceptance

			

-,·.0�..	L	

T NIC

0

s

	25	12"0.	350	
Stachytarpheta jamaicesis / Blue Parerweed	EC25	36" o.c.	5	

i�

GROUND COVERS	

Arachis glabrata 'Ecoturf / Perennial Peanut	EC25	18" o.c.	500	
Mimosa strigillosa / Sunsine Mimosa	EC25	18"0.C.	1250
1600	

Papsulum notatum/ Bahia Grass	Sod

sqft

Not-to-Exceed Amount to Replace Light Fixtures on the Cyrils Drive Bridge

Fiscal Year 2025 Audit

Sunbridge Stewardship District
FINANCIAL STATEMENTS
September 30, 2025

Table of Contents

Page

REPORT
Independent Auditor’s Report ..............................................................................................	1
FINANCIAL STATEMENTS
Management’s Discussion And Analysis (required supplemental information) ..................	4
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position .............................................................................................	9
Statement of Activities ...................................................................................................	10
Fund Financial Statements
Balance Sheet – Governmental Funds ...........................................................................	11
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net
Position ...........................................................................................................................	12
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds ......................................................................................................	13
Reconciliation of the Statement of Revenue, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities .........................	14
Notes to Financial Statements ..............................................................................................	15
Required Supplemental Information (other than MD&A)
Budget to Actual Comparison Schedule - General Fund ...................................................	24
Independent Auditor’s Report on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance With Government Auditing Standards ........................................	25
Management Letter ..............................................................................................................	27
Independent Accountant’s Report on Compliance with Section 218.415 Florida Statutes .	30

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors Sunbridge Stewardship District Osceola, Florida

Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of Sunbridge Stewardship District (hereinafter referred to as “District”), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2025, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the District, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the District’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budget to actual comparison information on pages 4 - 8 and 24 be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our

inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 6, 2026, on our consideration of the District's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

CARR, RIGGS & INGRAM, L.L.C.

Miramar Beach, Florida March 6, 2026

Management’s Discussion And Analysis

Our discussion and analysis of the Sunbridge Stewardship District’s financial performance provides an overview of the District’s financial activities for the fiscal year ended September 30, 2025. Please read it in conjunction with the District’s financial statements, which begin on page 9.

FINANCIAL HIGHLIGHTS

At September 30, 2025, the liabilities of the District exceeded its assets by approximately
$30.9 million (deficit net position).

During the year ended September 30, 2025, the District incurred approximately $1.9 million of interest expenditures and repaid $625,000 of outstanding long-term principal.

During the year ended September 30, 2025, the District constructed infrastructure totaling approximately $3.5 million.

USING THE ANNUAL REPORT
This annual report consists of a series of financial statements. The Statement of Net Position and the Statement of Activities on pages 9 – 10 provide information about the activities of the District as a whole and present a longer-term view of the District’s finances. Fund financial statements start on page 11. For governmental activities, these statements tell how these services were financed in the short-term as well as what remains for future spending. Fund financial statements also report the District’s operations in more detail than the government-wide statements by providing information about the District’s most significant funds.

Reporting the District as a Whole

Our analysis of the District as a whole begins on page 5. One of the most important questions asked about the District’s finances is, “Is the District as a whole better off or worse off as a result of the year’s activities?” The Statement of Net Position and the Statement of Activities report information about the District as a whole and about its activities in a way that helps answer this question. These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the accounting used by most private-sector companies. All of the current year’s revenues and expenses are taken into account regardless of when cash is received or paid.

These two statements report the District’s net position and related changes during the current year. You can think of the District’s net position – the difference between assets and liabilities – as one way to measure the District’s financial health, or financial position. Over time, increases or decreases in the District’s net position is one indicator of whether its financial health is improving or deteriorating. You will need to consider other nonfinancial factors; however, such as changes in the District’s assessment base and the condition of the District’s infrastructure, to assess the overall health of the District.

Reporting the District’s Most Significant Funds
Our analysis of the District’s major funds begins on page 7. The fund financial statements begin on page 11 and provide detailed information about the most significant funds – not the District as a whole. Some funds are required to be established by State law and by bond covenants. All of the District’s funds are governmental fund-types.

Governmental funds – All of the District’s basic services are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end that are available for spending. The governmental fund statements provide a detailed short-term view of the District’s general government operations and the basic services it provides. Governmental fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the District’s programs.

THE DISTRICT AS A WHOLE

The following table reflects the condensed Statement of Net Position and is compared to the prior year. For more detailed information, see the accompanying Statement of Net Position.

September 30,	2025	2024	Change	
Assets				
Current and other assets	$	2,855,430	$	6,111,316	$  (3,255,886)	
Capital assets, net	3,546,266	-	3,546,266	
Total assets	$	6,401,696	$	6,111,316	$	290,380	
Liabilities				
Current liabilities	$	953,537	$	850,194	$	103,343	
Non-current liabilities	36,292,096	36,915,109	(623,013)	
Total liabilities	37,245,633	37,765,303	(519,670)	
Deferred Inflows of Resources				
Deferred revenue	100,000	2,200	97,800	
Total deferred inflows of resources	100,000	2,200	97,800	
Net position				
Restricted	597,485	1,048,736	(451,251)	
Unrestricted	(31,541,422)	(32,704,923)	1,163,501	
Total net position (deficit)	(30,943,937)	(31,656,187)	712,250	
Total liabilities, deferred inflows of resources and net position (deficit)	
$	6,401,696	
$	6,111,316	
$	290,380	

During the fiscal year ended September 30, 2025, total assets and deferred inflows of resources increased by approximately $290,000 and $98,000, respectively, over the prior year while total liabilities decreased by approximately $520,000. The increase in assets is primarily due to the current year surplus. The decrease in liabilities is primarily due to principal payments on the Series 2022 bonds.

The following schedule compares the Statement of Activities for the current and previous fiscal year. For more detailed information, see the accompanying Statement of Activities.

For the year ended September 30,	2025	2024	Change	
Revenue:
Program revenue: Charges for services	
$	2,977,154	
$	2,893,362	
$	83,792	
Grants and contributions	297,110	406,631	(109,521)	
General revenue:
Miscellaneous revenue	126,400	-	126,400	
Total revenue	3,400,664	3,299,993	100,671	
Expenses:
General government	
196,205	
147,507	
48,698	
Maintenance and operations	565,067	339,121	225,946	
Interest	1,927,142	1,953,467	(26,325)	
Capital asset conveyance	-	16,576,262	(16,576,262)	
Total expenses	2,688,414	19,016,357	(16,327,943)	
Change in net position	712,250	(15,716,364)	16,428,614	
Net position (deficit), beginning of year	(31,656,187)	(15,939,823)	(15,716,364)	
Net position (deficit), end of year	$	(30,943,937)	$	(31,656,187)	$	712,250	
Revenue increased over the prior year by approximately $101,000, while expenses decreased by approximately $16.3 million. Revenue increased primarily due to agreements executed during the year for reimbursement of certain landscaping expenses by TOHO and consulting expenses by the Florida Headwaters Foundation. The decrease in expenses is primarily due to conveyance of completed infrastructure to Osceola County and TWA in the prior year. The overall result was a
$712,250 increase in net position for fiscal year 2025.

THE DISTRICT’S FUNDS

As the District completed the year, its governmental funds (as presented in the balance sheet on page 11) reported a combined fund balance of approximately $2.6 million. Significant transactions are discussed below:

During the year ended September 30, 2025, the District incurred approximately $2 million of interest expenditures and repaid $625,000 of outstanding long-term principal.

During the year ended September 30, 2025, the District constructed infrastructure totaling approximately $3.5 million.

The overall decrease in fund balance for the year ended September 30, 2025 totaled approximately
$3.5 million.

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets

At September 30, 2025, the District had $3.5 million invested in capital assets. This amount represents an increase of approximately $3.5 million from the fiscal year 2024 total. A listing of capital assets for the current and prior year follows:

September 30,	2025	2024	Change	
Capital assets not being depreciated	$	3,546,266	$	-	$	3,546,266	
Total capital assets, net	$	3,546,266	$	-	$	3,546,266	
More information about the District’s statements.	capital assets are presented in Note	3 to the financial	
Debt			

At September 30, 2025, the District had approximately $36.3 million of bonds outstanding. This amount represents a decrease of $625,000 from the fiscal year 2024 total.
A listing of debt amounts outstanding for the current and prior year is as follows:

September 30,	2025	2024	Change	
Special Assessment Revenue Bonds: Series 2022	
$	36,345,000	
$	36,970,000	
$	(625,000)	
Total	$	36,345,000	$	36,970,000	$	(625,000)	

More information about the District’s long-term debt is presented in Note 4 to the financial statements.

GOVERNMENTAL FUNDS BUDGETARY HIGHLIGHTS

An Operating budget was established by the governing board for the District pursuant to the requirements of Florida Statutes. The budget to actual comparison for the General Fund, including the original budget and final adopted budget, is shown at page 24.

The District experienced an unfavorable variance in revenue and a favorable variance in expenditures of approximately $161,000 and $27,000, respectively, as compared to the budget. The variance in revenue occurred primarily due to budgeted developer contributions in excess of those received during the year. The variance in expenditures occurred primarily due to conservative budgeting for contingency expenditures.

FUTURE FINANCIAL FACTORS

Sunbridge Stewardship District is an independent special district that operates under the provisions of Chapter 189, Florida Statutes, and Chapter 2017-220, Laws of Florida. The District operates under an elected Board of Supervisors, which establishes policy and sets assessment rates.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

This financial report is designed to provide a general overview of the District’s finances. If you have questions about this report or need additional financial information, contact the Sunbridge Stewardship District’s management company at 3501 Quadrangle Blvd., Suite 270, Orlando, Florida 32817.

Basic Financial Statements

September 30,	2025	
	Governmental	
	Activities	
Assets
Cash and cash equivalents	$	2,819,458	
Accounts receivable, net	32,549	
Prepaid expenses	3,183	
Deposits	240	
Capital assets:
Not being depreciated	3,546,266	
Total assets	6,401,696	
Liabilities
Accounts payable	
108,903	
Accrued interest payable	795,634	
Due to developer	49,000	
Non-current liabilities:
Due within one year	650,000	
Due in more than one year	35,642,096	
Total liabilities	37,245,633	
Deferred Inflows of Resources
Unearned revenue	
100,000	
Total deferred inflows of resources	100,000	
Net Position
Restricted for debt service	
558,195	
Restricted for capital projects	39,290	
Unrestricted	(31,541,422)	
Total net position (deficit)	$	(30,943,937)	

For the year ended September 30,

2025

Program Revenue

Net (Expense) Revenue and Changes in Net Position

Functions/Programs	
Expenses	Charges for Services	Operating
Grants and
Contributions	Capital
Grants and
Contributions	Governmental Activities	
Primary government:						
Governmental activities:
General government	$	(196,205)	$	108,857	$	18,383	$	134,806	$	65,841	
Maintenance and operations	(565,067)	313,508	-	-	(251,559)	
Interest	(1,927,142)	2,554,789	131,077	-	758,724	
Total governmental activities	$	(2,688,414)	$	2,977,154	$	149,460	$	134,806	573,006	

General revenue
Interest	12,844	
Miscellaneous revenue	126,400	
Change in net position	712,250	
Net position (deficit) - beginning of year	(31,656,187)	
Net position (deficit) - end of year	$ (30,943,937)	

September 30,		2025		
			Total	
		Debt Service	Capital Projects	Governmental	
	General Fund	Fund	Fund	Funds	
Assets				
Cash and cash equivalents	$	161,017	$	2,619,284  $	39,157	$	2,819,458	
Accounts receivable, net	23,570	8,846	133	32,549	
Prepaid expenses	3,183	-	-	3,183	
Deposits	240	-	-	240	
Total assets	$	188,010	$	2,628,130	$	39,290	$	2,855,430	

Liabilities and Fund Balance
Liabilities
Accounts payable	$	108,903	$	-	$	-	$	108,903	
Due to developer	49,000	-	-	49,000	
Total liabilities	157,903	-	-	157,903	

Deferred Inflows of resources					
Unearned revenue	100,000	-	-	100,000	
Total deferred inflows of resources	100,000	-	-	100,000	

Fund balances					
Nonspendable	3,423	-	-	3,423	
Restricted for debt service	-	2,628,130	-	2,628,130	
Restricted for capital projects	-	-	39,290	39,290	
Unassigned	(73,316)	-	-	(73,316)	
Total fund balances	(69,893)	2,628,130	39,290	2,597,527	
Total liabilities, deferred inflows of resources and fund balances	

$	188,010	

$	2,628,130	

$	39,290	

$	2,855,430	

Net Position

September 30,	2025	
Total fund balances, governmental funds	$	2,597,527	
Capital assets used in governmental activities are not financial resources and therefore are not reported in the fund level financial statements.	
3,546,266	
Liabilities, not due and payable from current resources, including accrued interest, are not reported in the fund financial statements.	
(37,087,730)	
Total net position (deficit) - governmental activities	$  (30,943,937)	

Statement of Revenue, Expenditures and Changes In Fund Balance –
Governmental Funds

For the year ended September 30,			2025		
				Total	
		Debt Service	Capital Projects	Governmental	
	General Fund	Fund	Fund	Funds	
Revenue					
Assessments	$	422,365	$ 2,554,789	$	-	$	2,977,154	
Interest	12,844	131,077	134,806	278,727	
Miscellaneous revenue	144,783	-	-	144,783	
Total revenue	579,992	2,685,866	134,806	3,400,664	
Expenditures					
Current:					
General government	158,836	37,369	-	196,205	
Maintenance and operations Debt service:	565,067	-	-	565,067	
Principal	-	625,000	-	625,000	
Interest	-	1,936,401	-	1,936,401	
Capital outlay	-	-	3,546,266	3,546,266	
Total expenditures	723,903	2,598,770	3,546,266	6,868,939	
Net change in fund balances	
(143,911)	
87,096	
(3,411,460)	
(3,468,275)	
Fund balances, beginning of year	74,018	2,541,034	3,450,750	6,065,802	

Fund balances (deficits), end of year	
$	(69,893)	
$ 2,628,130	
$	39,290	
$	2,597,527	

In Fund Balance of Governmental Funds to the Statement of Activities

For the year ended September 30,	2025	
Net change in fund balances - governmental funds	$	(3,468,275)	
Capital outlay, reported as expenditures in the governmental funds, is shown as capital assets on the Statement of Net Position.	
3,546,266	
Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position.	
625,000	
Bond discount amortization is not recognized in the fund financial statements but is		
reported as an expense in the Statement of Activities.	(1,987)	
The change in accrued interest between the current and prior year is recorded on the		
Statement of Activities but not on the fund financial statements.	11,246	
Change in net position of governmental activities	$	712,250	

The Sunbridge Stewardship District (the “District”) was established on June 6, 2017 pursuant to Chapter 189, Florida Statutes, by Chapter 2017-220, Laws of Florida, as amended by Chapter 2025-245, Laws of Florida. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance, and operation of a portion of the infrastructure necessary for community development within the District.

The District is governed by a Board of Supervisors (“Board”), which is comprised of five members. The Supervisors are elected on an at large basis by the owners of the property within the District. Certain supervisors are affiliated with Tavistock East Services, LLC (the "Developer"). The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 2017-220, Laws of Florida.

The Board has the final responsibility for:
Assessing and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

In evaluating how to define the government, for financial reporting purposes, management has considered all potential component units. The decision to include or exclude a potential component unit in the reporting entity was made by applying the criteria set forth by Generally Accepted Accounting Principles (GAAP) as defined by the Governmental Accounting Standards Board (GASB). Based on the criteria identified therein, no potential component units were found.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies of the District conform to GAAP as applicable to governments in accordance with those promulgated by GASB. The following is a summary of the more significant policies:

Government-wide and Fund Financial Statements

The basic financial statements include both government-wide and fund financial statements.

The government-wide financial statements (i.e., the Statement of Net Position and the Statement of Activities) report information on all the non-fiduciary activities of the primary government. Governmental activities, which normally are supported by assessments, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The business-type activities are reported separately in government-wide financial statements; however, at September 30, 2025, the District did not have any significant business-type activities. Therefore, no business-type activities are reported. Assessments and other items not properly included as program revenues (i.e., charges to customers or applicants who purchase, use, or directly benefit from goods or services) are reported as general revenues.

Separate financial statements are provided for governmental funds. Major individual governmental funds are reported as separate columns in the fund financial statements.

Measurement Focus, Basis of Accounting and Basis of Presentation

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of the related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and other similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
Assessments are non ad-valorem special assessments imposed on all lands located within the District and benefited by the District’s activities, operation, and maintenance. Assessments are levied and certified for collection by the District prior to the start of the fiscal year, which begins October 1st and ends on September 30th. Operation and maintenance special assessments are imposed upon all benefited lands located in the District.

Assessments, developer contributions, and interest associated with the current fiscal period are all considered to be susceptible to accrual and have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the District.

The District reports the following major governmental funds:

General Fund – The General Fund is the primary operating fund of the District. It is used to account for all financial resources except those required to be accounted for in other funds.

Debt Service Fund – The Debt Service Fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.

Capital Projects Fund – The Capital Projects Fund is used to account for the financial resources to be used in the acquisition or construction of major infrastructure within the District.

For the year ended September 30, 2025, the District does not report any proprietary funds.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.

When both restricted and unrestricted resources are available for use, it is the District’s policy to use restricted resources first, then unrestricted resources as they are needed. When committed, assigned, or unassigned resources are available for use in the governmental fund financial statements, it is the government’s policy to use committed resources first, followed by assigned resources, then unassigned resources as needed.

Cash, Deposits and Investments
The District maintains deposits with "Qualified Public Depositories" as defined in Chapter 280, Florida Statutes. All Qualified Public Depositories must place with the Treasurer of the State of Florida securities in accordance with collateral requirements determined by the State’s Chief Financial Officer. In the event of default by a Qualified Public Depository, the State Treasurer will pay public depositors all losses. Losses in excess of insurance and collateral will be paid through assessments between all Qualified Public Depositories.

Under this method, all the District's deposits are fully insured or collateralized at the highest level of security as defined by GASB, Statement Number 40, Deposits and Investment Disclosures (An Amendment of GASB, Statement Number 3).

The District is authorized to invest in financial instruments as established by Section 218.415, Florida Statutes. The authorized investments include among others negotiable direct or indirect obligations which are secured by the United States Government; the Local Government Surplus Trust Funds as created by Section 218.405, Florida Statutes; SEC registered money market funds with the highest credit quality rating from a nationally recognized rating agency; and interest-bearing time deposits or savings accounts in authorized financial institutions.

Capital Assets

Capital assets, which include primarily infrastructure assets (e.g., roads, sidewalks, water management systems and similar items), are reported in the governmental activities column in the government-wide financial statements. Capital assets are defined by the District as assets with an initial/individual cost of more than $5,000 and an estimated useful life in excess of two years. Such assets are recorded at historical cost and estimated historical cost if purchased or constructed. Donated assets are recorded at estimated fair market value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Deferred Outflows/Inflows of Resources

In addition to assets, the Statement of Net Position and Balance Sheet – Governmental Funds will sometimes include a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District does not have any of this type of item at September 30, 2025.

In addition to liabilities, the Statement of Net Position and Balance Sheet – Governmental Funds will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. At September 30, 2025, the District’s statement of net position and balance sheet – governmental funds has $100,000 of deferred inflows of resources relating to contributions received in the current year that apply to future periods.

Fund Equity

Net position in the government-wide financial statements is categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment, net of any related debt. Restricted net position represents net position restricted by outside entities.

Governmental fund equity is classified as fund balance. Fund balance is further classified as nonspendable, restricted, committed, assigned, or unassigned. Nonspendable fund balance cannot be spent because of its form. Restricted fund balance has limitations imposed by creditors, grantors, or contributors or by enabling legislation or constitutional provisions. Committed fund balance is a limitation imposed by the District board through approval of resolutions. Assigned fund balance is a limitation imposed by a designee of the District board. Unassigned fund balance in the General Fund is the net resources in excess of what can be properly classified in one of the above four categories. Negative unassigned fund balance in other governmental funds represents excess expenditures incurred over the amounts restricted, committed, or assigned to those purposes.

Budgets

The District is required to establish a budgetary system and an approved annual budget. Annual budgets are legally adopted on a basis consistent with GAAP for the General Fund. Any revision to the budget must be approved by the District Board. The budgets are compared to actual expenditures. In instances where budget appropriations and estimated revenues have been revised during the year, budget data presented in the financial statements represent final authorization amounts.
The District follows these procedures in establishing the budgetary data reflected in the financial statements:

Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the following October 1.
A public hearing is conducted to obtain comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
Budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America.

Subsequent Events

Management has evaluated subsequent events through the date the financial statements were available to be issued, March 6, 2026. See Note 9 for relevant disclosure. No subsequent events occurring after this date have been evaluated for inclusion in these financial statements.

NOTE 3: CAPITAL ASSETS

The following is a summary of changes in the capital assets for the year ended September 30, 2025:

	Beginning
Balance	Additions	Subtractions	Ending
Balance	
Governmental activities:
Capital assets, not being depreciated
Construction in progress	
$	-	
$  3,546,266	
$	-	
$  3,546,266	
Governmental activities capital assets	$	-	$ 3,546,266	$	-	$ 3,546,266	

NOTE 4: BONDS PAYABLE					

On June 17, 2022, the District issued $14,130,000 of Special Assessment Revenue Bonds, Series 2022, consisting of $1,120,000 2022 Term Bonds due May 1, 2027 with a fixed interest rate of 4.5%,
$1,415,000 2022 Term Bonds due May 1, 2032 with a fixed interest rate of 5.05%, $4,250,000 2022 Term Bonds due May 1, 2042 with a fixed interest rate of 5.4%, and $7,345,000 2022 Term Bonds due May 1, 2052 with a fixed interest rate of 5.5%. The Bonds were issued to finance the acquisition and construction of certain improvements for the Dell Webb project phases 1 and 2. Interest is due semiannually on each May 1 and November 1. Principal on the Series 2022 Bonds is due serially commencing on May 1, 2023 through May 1, 2052.

On August 18, 2022, the District issued $24,030,000 of Special Assessment Revenue Bonds, Series 2022, consisting of $1,985,000 2022 Term Bonds due May 1, 2027 with a fixed interest rate of 4.2%,
$2,470,000 2022 Term Bonds due May 1, 2032 with a fixed interest rate of 4.6%, $7,260,000 2022 Term Bonds due May 1, 2042 with a fixed interest rate of 5.2%, and $12,315,000 2022 Term Bonds due May 1, 2052 with a fixed interest rate of 5.35%. The Bonds were issued to finance the acquisition and construction of certain improvements for the Weslyn Park project. Interest is due semiannually on each May 1 and November 1. Principal on the Series 2022 Bonds is due serially commencing on May 1, 2023 through May 1, 2052.

The Bond Indentures have certain restrictions and requirements relating principally to the use of proceeds to pay for infrastructure improvements and the procedure to be followed by the District on assessments to property owners. The District agreed to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the debt service reserve requirements. The District is in compliance with the requirements of the Bond Indentures.

The Bond Indentures require that the District maintain adequate funds in the reserve accounts to meet the debt service reserve requirements as defined in the Indentures. These requirements have been met for the fiscal year ended September 30, 2025.

Long-term liability activity for the year ended September 30, 2025 was as follows:

	Beginning
Balance	Additions	Reductions	Ending Balance	Due Within
One Year	
Governmental Activities
Bonds Payable:
Series 2022 - Dell Webb	
$ 13,685,000	
$	-	
$ (230,000)	
$  13,455,000	
$	235,000	
Series 2022 - Weslyn Park	23,285,000	-	(395,000)	22,890,000	415,000	
	$ 36,970,000	$	-	$ (625,000)	$  36,345,000	$	650,000	
The balance of the long-term bonds at September 30, 2025 is summarized as follows:

	2025		
Bond principal balance	$	36,345,000	
Less unamortized bond discount		(52,904)	
	$	36,292,096	

At September 30, 2025, the scheduled debt service requirements on bonds payable were as follows:

For the Year Ending September 30,	Principal	Interest	Total Debt
Service	
2026	$	650,000	$	1,909,523	$	2,559,523	
2027	665,000	1,881,518	2,546,518	
2028	705,000	1,852,883	2,557,883	
2029	740,000	1,819,433	2,559,433	
2030	775,000	1,784,313	2,559,313	
2031 - 2035	4,505,000	8,318,183	12,823,183	
2036 - 2040	5,860,000	7,008,273	12,868,273	
2041 - 2045	7,620,000	5,283,388	12,903,388	
2046 - 2050	10,005,000	2,984,175	12,989,175	
2051 - 2052	4,820,000	394,378	5,214,378	
	$	36,345,000	$	33,236,067	$	69,581,067	

NOTE 5: RISK MANAGEMENT				

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District maintains commercial insurance coverage to mitigate the risk of loss. Coverage may not extend to all situations. Management believes such coverage is sufficient to preclude any significant uninsured losses to the District. Settled claims have not exceeded this commercial coverage in the previous three years.

NOTE 6: MANAGEMENT COMPANY

The District has contracted with a management company to perform management advisory services, which include financial and accounting advisory services. Certain employees of the management company also serve as officers (Board appointed non-voting positions) of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, and other administrative costs.

NOTE 7: RELATED PARTY TRANSACTIONS

A significant portion of the District’s activity is dependent upon the continued involvement of the Developer, Tavistock East Services, LLC, the loss of which could have a material adverse effect on the District’s operations.

Sunbridge Stewardship District Notes to Financial Statements

NOTE 7: RELATED PARTY TRANSACTIONS (Continued)

During the current year, the Developer contributed $50,000 to the District for landscaping reimbursement, which is included in miscellaneous revenue on the Statement of Activities and Statement of Revenue, Expenditures and Changes in Fund Balance – Governmental Funds. During the year ended September 30, 2025, the Developer advanced the District $125,000 for current year operating costs. The District reimbursed the Developer $76,000 of this amount during the current year with the remaining amount reported as Due to developer on the accompanying Statement of Net Position and Balance Sheet – Governmental Funds. The Developer has also advanced the District $100,000 for fiscal year 2026 operating costs, which is reported as unearned revenue on the accompanying Statement of Net Position and Balance Sheet – Governmental Funds. In addition, the Developer paid assessments on lots owned totaling approximately $920,000 for operations and debt service, which is included in assessment revenue on the accompanying Statement of Activities and Statement of Revenues, Expenditures, and Changes in Fund Balance – Governmental Funds.

NOTE 8: CONCENTRATIONS
The District assessed a significant non-developer landowner approximately $590,000 for operations and debt service through the local tax collector, which represents approximately 20% of total assessments for the year ended September 30, 2025.

NOTE 9: SUBSEQUENT EVENTS

The District has approved the issuance of $10,000,000 of Special Assessment Revenue Bonds, Series 2026. The Bonds will be issued to finance the acquisition and construction of certain improvements for the Dell Webb phases 2D and 3 project.

Required Supplemental Information (Other Than MD&A)

Sunbridge Stewardship District Budget to Actual Comparison Schedule – General Fund

For the year ended September 30,			2025		
	Original	Final		Variance with	
	Budget*	Budget*	Actual Amounts	Final Budget	
Revenue					
Assessments	$	402,099	$ 402,099	$	422,365	$	20,266	
Developer contributions	50,000	239,000	-	(239,000)	
Interest	5,000	5,000	12,844	7,844	
Miscellaneous revenue	100,000	94,783	144,783	50,000	
Total revenue	557,099	740,882	579,992	(160,890)	
Expenditures					
General government	158,929	169,855	158,836	11,019	
Maintenance and operations	408,170	581,027	565,067	15,960	
Total expenditures	567,099	750,882	723,903	26,979	
Excess (deficit) of revenue over expenditures	
$	(10,000)	
$  (10,000)	
$	(143,911)	
$	(133,911)	
*The District budgeted to utilize a prior year surplus of $10,000 in the fiscal year 2025 budget.

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors Sunbridge Stewardship District Osceola, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, each major fund and the aggregate remaining fund information of Sunbridge Stewardship District (hereinafter referred to as the “District”), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our report thereon dated March 6, 2026
Report on Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Report on Compliance and Other Matters

As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

CARR, RIGGS & INGRAM, LLC
Miramar Beach, Florida March 6, 2026

MANAGEMENT LETTER

To the Board of Supervisors Sunbridge Stewardship District Osceola, Florida

Report on the Financial Statements

We have audited the financial statements of Sunbridge Stewardship District (“District”) as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated March 6, 2026

Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor General.

Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards and Independent Accountants’ Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in these reports, which are dated March 6, 2026, should be considered in conjunction with this management letter.

Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no findings or recommendations made in the preceding annual audit report.

Official Title and Legal Authority

Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. The information required is disclosed in the notes to the financial statements.

Financial Condition and Management

Section 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the District met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the District did not meet any of the conditions described in Section 218.503(1), Florida Statutes.

Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the District. It is management’s responsibility to monitor the District’s financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations.
Specific Information
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General, the Sunbridge Stewardship District reported:

The total number of district employees compensated in the last pay period of the district’s fiscal year as 0.

The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as 0.

All compensation earned by or awarded to employees whether paid or accrued, regardless of contingency as $0.

All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $137,799.

The District does not have any construction projects with a total cost of at least $65,000 that are scheduled to begin on or after October 1 of the fiscal year being reported.

A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the district amends a final adopted budget under Section 189.016(6), Florida Statutes, as $133,911.

As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)9, Rules of the Auditor General, the Sunbridge Stewardship District reported:

The rate or rates of non-ad valorem special assessments imposed by the District as ranging from $846 to $2,450 per lot.

The total amount of special assessments collected by or on behalf of the District as
$2,977,154.

The total amount of outstanding bonds issued by the District as $36,345,000.

Additional Matters

Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not have any such findings.

Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Board of Supervisors, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties.

CARR, RIGGS & INGRAM, LLC

Miramar Beach, Florida March 6, 2026

INDEPENDENT ACCOUNTANT’S REPORT

To the Board of Supervisors Sunbridge Stewardship District Osceola, Florida

We have examined Sunbridge Stewardship District’s compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during the year ended September 30, 2025. Management of the District is responsible for the District’s compliance with the specified requirements. Our responsibility is to express an opinion on the District’s compliance with the specified requirements based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and performed the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the District complied with specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement.

Our examination does not provide a legal determination on the District’s compliance with specified requirements.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2025.
This report is intended solely for the information and use of management and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties.

CARR, RIGGS & INGRAM, LLC
Miramar Beach, Florida March 6, 2026

Sunbridge Stewardship District

Data Sharing and Usage Agreement with the Osceola County Property Appraiser

KATRI _A SCARBOROUGH, CFA, CCF,	CF
OSCEOLA COUNTY PROPERTY APPRAliSER

Sunbridge Stewardship District

This Data Sharing And Usage Agreement, hereafter referred to as "Agreement," establishes the terms and conditions under which the Sunbridge Stewardship District, hereafter referred to as agency, can acquire and use Osceola County Property Appraiser (OCPA) data that is exempt from Public Records disclosure as defined in FS 119.071.
Please note the referenced statute was amended as of October 1, 2021. The paragraph below reflects the changes.

The confidentiality of personal identifying and location information including: names, mailing addresses, or any other descriptive property information that may reveal identity or home address pertaining to parcels owned by individuals that have received exempt/confidential status, hereafter referred to as confidential personal identifying and location information, will be protected as follows:
The agency will not release confidential personal identifying and location information that may reveal identifying and location information of individuals exempted from Public Records disclosure.
The agency will not present the confidential personal identifying and location information in the results of data analysis (including maps) in any manner that would reveal personal identifying and location information of individuals exempted from Public Records disclosure.
The agency shall comply with all State laws and regulations governing the confidentiality of personal identifying and location information that is the subject of this Agreement.
The agency shall ensure any employee granted access to confidential personal identifying and location information is subject to the terms and conditions of this Agreement.
The agency shall ensure any third party granted access to confidential personal identifying and location information is subject to the terms and conditions of this Agreement. Acceptance of these terms must be provided in writing to the agency by the third party before personal identifying and location information is released.
The terms of this Agreement shall commence on January 1, 2026, and shall run until December 31, 2026, the date of signature by the parties notwithstanding. This Agreement shall not automatically renew. A new agreement will be provided annually for the following year.
IN WITNESS THEREOF, both the Osceola County Property Appraiser, through its duly authorized representative,. and the agency, through its duly authorized representative, have hereunto executed this Data Sharing and Usage Agreement as of the last below written date.

SunbridgeS�
Signature:_""�. ,,...	 _ Print: (Co�� Aav,.,, S
Title:V�� �1R 
Date: �AN	131 z_o2-'-
Please return this signed original copy no later than January 31, 2026

2505 E IRLO BRONSON MEMORIAL HWY, KISSIMMEE, FL 34744	(407) 742-5000 INFO@PROPERTY-APPRAISER.ORG • PROPERTY-APPRAISER.ORG

Sunbridge Stewardship District

Operation and Maintenance Expenditures paid in January 2026 in an amount totaling $108,681.03

SUNBRIDGE STEWARDSHIP DISTRICT
DISTRICT OFFICE ● 3501 QUADRANGLE BLVD STE 270 ● ORLANDO, FL 32817 PHONE: (407) 723-5900 ● FAX: (407) 723-5901
Operation and Maintenance Expenditures For Board Approval

Attached please find the check register listing Operations and Maintenance expenditures paid from January 1, 2026 through January 31, 2026. This does not include expenditures previously approved by the Board.

The total items being presented:   $108,681.03

Approval of Expenditures:

	Chairman

	Vice Chairman

	Assistant Secretary

Sunbridge Stewardship District
AP Check Register (Current by Bank)
Check Dates: 1/1/2026 to 1/31/2026

Check No.	Date	Status*	Vendor ID	Payee Name	Amount	
BANK ID: OM6557 - VALLEY BANK	001-101-0000-00-01	
1655	01/05/26	P	ORLSEN	Orlando Sentinel		$1,388.00	
1656	01/05/26	P	PJONES	Pierce Jones, PhD		$2,200.00	
1657	01/26/26	P	BERMAN	Berman Construction		$1,250.00	
1658	01/26/26	P	CMG	Cherrylake Maintenance Group		$74,833.98	
1659	01/26/26	P	KUTAK	Kutak Rock		$3,436.50	
1660	01/26/26	P	PFMGC	PFM Group Consulting		$7,171.77	
1661	01/28/26	P	CMG	Cherrylake Maintenance Group		$6,562.00	
1662	01/28/26	P	ORLSEN	Orlando Sentinel		$215.75	
1663	01/28/26	P	PJONES	Pierce Jones, PhD		$2,200.00	
1664	01/28/26	P	POUBEN	Poulos & Bennett		$2,487.50	
1665	01/28/26	P	VGLOBA	VGlobalTech		$300.00	
					BANK OM6557 REGISTER TOTAL:	$102,045.50	
BANK ID: OM-ACH - VALLEY BANK - ACH & WIRES	001-101-0000-00-01	
70074	01/14/26	M	TRUSTE	US Bank as Trustee for Sunbrid		$41,002.61	
70075	01/09/26	M	OUC	Orlando Utilities Commission		$2,502.93	
70076	01/10/26	M	TOHO	TOHO Water Authority		$181.98	
70077	01/11/26	M	TOHO	TOHO Water Authority		$409.38	
70078	01/26/26	M	TOHO	TOHO Water Authority		$31.62	
70079	01/05/26	M	TOHO	TOHO Water Authority		$3,509.62	
					BANK OM-ACH REGISTER TOTAL:	$47,638.14	
					GRAND TOTAL :	$149,683.64	

* Check Status Types: "P" - Printed ; "M" - Manual ; "V" - Void ( Void Date ); "A" - Application; "E" - EFT
** Denotes broken check sequence.

Sunbridge Stewardship District	
January 2026 AP Remittance Report	

BANK:	OM6557	CHECK:	1655	AMOUNT:  $1,388.00	DATE:	01/05/26	VEND ID: ORLSEN	
Date
12/07/25	Invoice Number
OSC128951446	Invoice Description
PA 327 - Ad: 7896701 ; FY 2026		Discount Taken
$0.00		Amount Paid
$1,388.00	
			TOTALS:	$0.00		$1,388.00	
BANK:	OM6557	CHECK:	1656	AMOUNT:  $2,200.00	DATE:	01/05/26	VEND ID: PJONES	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
12/14/25	122025	PA 327 - Dec. landscape analyt		$0.00		$2,200.00	
			TOTALS:	$0.00		$2,200.00	
BANK:	OM-ACH	CHECK:	70074	AMOUNT:  $41,002.61	DATE:	01/14/26	VEND ID: TRUSTE	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
01/13/26	2026.01.12A	FY 2026 S2022 - Del Webb - 26		$0.00		$2,983.55	
01/13/26	2026.01.12B	FY 2026 S2022 - Del Webb - 26		$0.00		$16,850.53	
01/13/26	2026.01.12B	FY 2026 S2022 - Weslyn Park -		$0.00		$21,168.53	
			TOTALS:	$0.00		$41,002.61	
BANK:	OM-ACH	CHECK:	70075	AMOUNT:  $2,502.93	DATE:	01/09/26	VEND ID: OUC	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
12/23/25	05831-122325	PA 328 - OUC 2025.12.23 - Stre		$0.00		$2,360.80	
12/23/25	05831-122325	PA 328 - OUC 2025.12.23 - Elec		$0.00		$142.13	
			TOTALS:	$0.00		$2,502.93	
BANK:	OM6557	CHECK:	1657	AMOUNT:  $1,250.00	DATE:	01/26/26	VEND ID: BERMAN	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
12/01/25	93179	PA 325 - Dec. irrigation & adm		$0.00		$625.00	
01/01/26	93854	PA 330 - Jan. irrigation & adm		$0.00		$625.00	
			TOTALS:	$0.00		$1,250.00	
BANK:	OM6557	CHECK:	1658	AMOUNT:  $74,833.98	DATE:	01/26/26	VEND ID: CMG	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
12/08/25	143113	PA 326 - Dec. Weslyn Park land		$0.00		$8,333.33	
12/08/25	143117	PA 326 - Dec. Cyrils Drive lan		$0.00		$32,789.00	
12/31/25	143435	PA 330 - Firecracker removal		$0.00		$922.65	
01/12/26	144196	PA 330 - Jan. Cyrils Drive lan		$0.00		$32,789.00	
			TOTALS:	$0.00		$74,833.98	
BANK:	OM6557	CHECK:	1659	AMOUNT:  $3,436.50	DATE:	01/26/26	VEND ID: KUTAK	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
12/19/25	3674266	PA 328 - Gen. legal thru 11/30		$0.00		$3,436.50	
			TOTALS:	$0.00		$3,436.50	
BANK:	OM6557	CHECK:	1660	AMOUNT:  $7,171.77	DATE:	01/26/26	VEND ID: PFMGC	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
12/05/25	139529	PA 329 - Nov. mileage, tolls,		$0.00		$74.15	
12/15/25	139792	PA 328 - 2026.Q1 quarterly dis		$0.00		$1,250.00	
12/15/25	139792	PA 328 - 2026.Q1 quarterly dis		$0.00		$1,250.00	
01/05/26	DM-01-2026-61	PA 330 - DM fee: Jan. 2026		$0.00		$4,583.33	
01/06/26	OE-EXP-01-2026-21	PA 329 - Dec. postage		$0.00		$2.96	
12/05/25	OE-EXP-12-2025-18	PA 326 - Nov. postage		$0.00		$11.33	
			TOTALS:	$0.00		$7,171.77	
BANK:	OM-ACH	CHECK:	70076	AMOUNT:  $181.98	DATE:	01/10/26	VEND ID: TOHO	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
12/22/25	70561-122225	PA 329 - 6200 Cyrils Dr irriga		$0.00		$181.98	
			TOTALS:	$0.00		$181.98	

Sunbridge Stewardship District	
January 2026 AP Remittance Report	

BANK:	OM-ACH	CHECK:  70077	AMOUNT:	$409.38	DATE:	01/11/26	VEND ID:	TOHO	
Date
12/22/25	Invoice Number
71904-122225	Invoice Description
PA 331 - 2900 Marina Landings		Discount Taken
$0.00		Amount Paid
$409.38	
			TOTALS:	$0.00		$409.38	
BANK:	OM-ACH	CHECK:	70078	AMOUNT:  $31.62	DATE:	01/26/26	VEND ID: TOHO	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
01/07/26	5640626	PA 330 - 6450 Cyrils Dr irriga		$0.00		$31.62	
			TOTALS:	$0.00		$31.62	
BANK:	OM6557	CHECK:	1661	AMOUNT:  $6,562.00	DATE:	01/28/26	VEND ID: CMG	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
01/16/26	144438	PA 331 - Jan. Crosswater Blvd		$0.00		$6,562.00	
			TOTALS:	$0.00		$6,562.00	
BANK:	OM6557	CHECK:	1662	AMOUNT:  $215.75	DATE:	01/28/26	VEND ID: ORLSEN	
Date
01/11/26	Invoice Number
OSC131019379	Invoice Description
PA 331 - Ad: 7904367 ; Jan. co		Discount Taken
$0.00		Amount Paid
$215.75	
			TOTALS:	$0.00		$215.75	
BANK:	OM6557	CHECK:	1663	AMOUNT:  $2,200.00	DATE:	01/28/26	VEND ID: PJONES	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
01/05/26	12026	PA 329 - Jan. landscape analyt		$0.00		$2,200.00	
			TOTALS:	$0.00		$2,200.00	
BANK:	OM6557	CHECK:	1664	AMOUNT:  $2,487.50	DATE:	01/28/26	VEND ID: POUBEN	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
12/29/25	20500034-001-3	PA 329 - Eng. srvs. thru 11/21		$0.00		$2,487.50	
			TOTALS:	$0.00		$2,487.50	
BANK:	OM6557	CHECK:	1665	AMOUNT:  $300.00	DATE:	01/28/26	VEND ID: VGLOBA	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
12/01/25	7944	PA 331 - Oct. - Dec. ADA audit		$0.00		$300.00	
			TOTALS:	$0.00		$300.00	
BANK:	OM-ACH	CHECK:	70079	AMOUNT:  $3,509.62	DATE:	01/05/26	VEND ID: TOHO	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
12/11/25	71904-121125	PA 331 - 2900 Marina Landings		$0.00		$3,509.62	
			TOTALS:	$0.00		$3,509.62	

Sunbridge Stewardship District

Operation and Maintenance Expenditures paid in
February 2026 in an amount totaling $30,446.11

SUNBRIDGE STEWARDSHIP DISTRICT
DISTRICT OFFICE ● 3501 QUADRANGLE BLVD STE 270 ● ORLANDO, FL 32817 PHONE: (407) 723-5900 ● FAX: (407) 723-5901
Operation and Maintenance Expenditures For Board Approval

Attached please find the check register listing Operations and Maintenance expenditures paid from February 1, 2026 through February 28, 2026. This does not include expenditures previously approved by the Board.

The total items being presented:   $30,446.11

Approval of Expenditures:

	Chairman

	Vice Chairman

	Assistant Secretary

Sunbridge Stewardship District
AP Check Register (Current by Bank)
Check Dates: 2/1/2026 to 2/28/2026

Check No.	Date	Status*	Vendor ID	Payee Name	Amount	
BANK ID: OM6557 - VALLEY BANK	001-101-0000-00-01	
1666	02/04/26	P	CMG	Cherrylake Maintenance Group		$8,333.33	
1667	02/04/26	P	ORLSEN	Orlando Sentinel		$2,081.00	
1668	02/04/26	P	PFMGC	PFM Group Consulting		$28.00	
1669	02/04/26	P	VGLOBA	VGlobalTech		$160.00	
1670	02/11/26	P	ORLSEN	Orlando Sentinel		$2,081.00	
1671	02/11/26	P	PFMGC	PFM Group Consulting		$4,583.33	
1672	02/18/26	P	CRI	Carr Riggs & Ingram		$5,000.00	
1673	02/18/26	P	OCPA	Osceola Co. Property Appraiser		$1,622.74	
1674	02/24/26	P	PJONES	Pierce Jones, PhD		$2,200.00	
					BANK OM6557 REGISTER TOTAL:	$26,089.40	
BANK ID: OM-ACH - VALLEY BANK - ACH & WIRES	001-101-0000-00-01	
70080	02/10/26	M	TRUSTE	US Bank as Trustee for Sunbrid		$120,440.19	
70081	02/10/26	M	OUC	Orlando Utilities Commission		$2,511.03	
70082	02/09/26	M	TOHO	TOHO Water Authority		$1,685.68	
70083	02/18/26	M	VGLOBA	VGlobalTech		$160.00	
					BANK OM-ACH REGISTER TOTAL:	$124,796.90	
					GRAND TOTAL :	$150,886.30	

* Check Status Types: "P" - Printed ; "M" - Manual ; "V" - Void ( Void Date ); "A" - Application; "E" - EFT
** Denotes broken check sequence.

Sunbridge Stewardship District	
February 2026 AP Remittance Report	

BANK:	OM6557	CHECK:	1666	AMOUNT:  $8,333.33	DATE:	02/04/26	VEND ID: CMG	
Date	Invoice Number		Invoice Description	Discount Taken	Amount Paid	
01/12/26	144193		PA 330 - Jan. Weslyn Park land	$0.00	$8,333.33	
TOTALS:	$0.00	$8,333.33
BANK:	OM6557	CHECK:	1667	AMOUNT:  $2,081.00	DATE:	02/04/26	VEND ID: ORLSEN	
Date	Invoice Number		Invoice Description	Discount Taken	Amount Paid	
01/18/26	OSC131419820		PA 332 - Ad: 7912661 ; Ph 3 as	$0.00	$2,081.00	
TOTALS:	$0.00	$2,081.00
BANK:	OM6557	CHECK:	1668	AMOUNT:  $28.00	DATE:	02/04/26	VEND ID: PFMGC	
Date	Invoice Number		Invoice Description	Discount Taken	Amount Paid	
01/14/26	140437		PA 332 - Dec. mileage	$0.00	$28.00	
TOTALS:	$0.00	$28.00

BANK:	OM6557	CHECK:	1669	AMOUNT:  $160.00	DATE:	02/04/26	VEND ID: VGLOBA	
Date	Invoice Number		Invoice Description	Discount Taken	Amount Paid	
01/01/26	8095		PA 332 - Jan. website maint.	$0.00	$160.00	
TOTALS:	$0.00	$160.00
BANK:
Date	OM-ACH	CHECK:
Invoice Number	70080	AMOUNT:  $120,440.19
Invoice Description	DATE:	02/10/26	VEND ID: TRUSTE
Discount Taken	
Amount Paid	
02/10/26	2026.02.09		FY 2026 S2022 - Del Webb - 26				$0.00	$23,751.05	
02/10/26	2026.02.09		FY 2026 S2022 - Weslyn Park -				$0.00	$96,689.14	

BANK:	
OM-ACH	CHECK:	
70081	
AMOUNT:  $2,511.03	
DATE:	
02/10/26	TOTALS:
VEND ID: OUC	$0.00	$120,440.19	
Date	Invoice Number	Invoice Description		Discount Taken		Amount Paid	
01/23/26	05831-012326	PA 332 - OUC 2026.01.23 - Elec		$0.00		$143.03	
01/23/26	05831-012326	PA 332 - OUC 2026.01.23 - Stre		$0.00		$2,368.00	
			TOTALS:	$0.00		$2,511.03	

BANK:
Date	OM-ACH	CHECK:  70082	AMOUNT:  $1,685.68
Invoice Number	Invoice Description	DATE:	02/09/26	VEND ID: TOHO
Discount Taken	
Amount Paid	
01/07/26	5640626-DUPLICATE	PA 330 - 6450 Cyrils Dr irriga				$0.00	$31.62	
01/21/26	70561-012126	PA 331 - 6200 Cyrils Dr irriga				$0.00	$35.20	
01/21/26	70650-012126	PA 331 - 6450 Cyrils Dr irriga				$0.00	$946.82	
01/21/26	71904-012126	PA 331 - 2900 Marina Landings				$0.00	$672.04	

BANK:	
OM6557	CHECK:  1670	AMOUNT:  $2,081.00	
DATE:	
02/11/26	TOTALS:
VEND ID: ORLSEN	$0.00	$1,685.68	

Date	Invoice Number	Invoice Description

Discount Taken

Amount Paid

01/25/26	OSC131820464	PA 333 - Ad: 7912663 ; 170 ass	$0.00

TOTALS:	$0.00

$2,081.00

$2,081.00

BANK:
Date	OM6557	CHECK:
Invoice Number	1671	AMOUNT:  $4,583.33
Invoice Description	DATE:	02/11/26	VEND ID:	PFMGC
Discount Taken	
Amount Paid	
02/05/26	DM-02-2026-61	PA 333 - DM fee: Feb. 2026		$0.00	$4,583.33	
			TOTALS:	
$0.00	$4,583.33	

Sunbridge Stewardship District	
February 2026 AP Remittance Report	

BANK:
Date	OM-ACH	CHECK:
Invoice Number	70083	AMOUNT:  $160.00
Invoice Description	DATE:	02/18/26	VEND ID: VGLOBA
Discount Taken	
Amount Paid	
02/01/26	8175			PA 334 - Feb. website maint.				$0.00	$160.00	

BANK:	
OM6557	
CHECK:	
1672	
AMOUNT:  $5,000.00	
DATE:	
02/18/26	TOTALS:
VEND ID: CRI	$0.00	$160.00	

Date	Invoice Number	Invoice Description

Discount Taken

Amount Paid

01/30/26	113966385	PA 334 - FY 2025 audit	$0.00

TOTALS:	$0.00

$5,000.00

$5,000.00

BANK:
Date	OM6557	CHECK:
Invoice Number	1673	AMOUNT:  $1,622.74
Invoice Description	DATE:	02/18/26	VEND ID: OCPA
Discount Taken	
Amount Paid	
02/09/26	2019066			PA 334 - FY 2026 annual admin				$0.00	$1,622.74	

BANK:	
OM6557	
CHECK:	
1674	
AMOUNT:  $2,200.00	
DATE:	
02/24/26	TOTALS:
VEND ID: PJONES	$0.00	$1,622.74	

Date	Invoice Number	Invoice Description

Discount Taken

Amount Paid

02/09/26	22026	PA 334 - Feb. landscape analyt	$0.00

TOTALS:	$0.00

$2,200.00

$2,200.00

Sunbridge Stewardship District

District’s Financial Position and Budget to Actual YTD

Sunbridge Stewardship District
February 2026 Financial Package

February 28, 2026

PFM Group Consulting LLC
3501 Quadrangle Boulevard
Suite 270
Orlando, FL 32817-8329
(407) 723-5900

General Fund	Debt Service Fund	Capital Projects
Fund

Long-Term Debt Fund

Total

Current Assets	
General Checking Account	
Sustainability Reserve	
Infrastructure Capital Reserve	
Accounts Receivable	
On-Roll Assessments Receivable	
Off-Roll Assessments Receivable	
Deposits	
Assessments Receivable	
S2022 (DW) - Debt Service Reserve	
S2022 (WP) - Debt Service Reserve	
S2022 (DW) - Revenue	
S2022 (WP) - Revenue	
S2022 (DW) - Prepayment	
S2022 (DW) - Acquisition/Construction	
S2022 (WP) - Acquisition/Construction	
Total Current Assets	

$	305,703.08	
60,469.65	
32,160.86	
8,333.33	
17,197.75	
146,147.25	
240.00	
73,415.25	
478,325.00	
795,976.25	
1,053,774.84	
1,822,023.99	
2,129.51	
7,962.17	
31,818.74	
$	4,835,677.67	

Assets

$	305,703.08	
60,469.65	
32,160.86	
8,333.33	
17,197.75	
146,147.25	
240.00	

$	73,415.25	
478,325.00	
795,976.25	
1,053,774.84	
1,822,023.99	
2,129.51	

$	570,251.92	$	4,225,644.84	$	-

$	-	$	-	$	-

				

$	7,962.17	
31,818.74	
$	39,780.91	

Investments	
Amount Available in Debt Service Funds	
Amount To Be Provided	
Total Investments	

$	4,152,229.59	
32,182,770.41	
$	36,335,000.00	

$	4,152,229.59	
32,182,770.41	
$	36,335,000.00	

Total Assets

$	570,251.92

$	4,225,644.84	$

39,780.91

$	36,335,000.00

$	41,170,677.67

General Fund	Debt Service Fund	Capital Projects
Fund

Long-Term Debt Fund

Total

$	52,594.48	
137,914.29	
8,333.33	
17,197.75	
146,147.25	
73,415.25	
$	435,602.35	

Liabilities and Net Assets

$	52,594.48	
137,914.29	
8,333.33	
17,197.75	
146,147.25	

Current Liabilities	
Accounts Payable	
Due to Developer	
Deferred Revenue	
Deferred Revenue - On-Roll	
Deferred Revenue - Off-Roll	
Deferred Revenue	
Total Current Liabilities	

$

$	362,187.10	$

73,415.25

73,415.25	$	-	$	-

Long Term Liabilities	
Revenue Bonds Payable - Long-Term	
Total Long Term Liabilities	

	
	$	36,335,000.00		$	36,335,000.00	
$	-	$	-	$	-	$	36,335,000.00		$	36,335,000.00	

				

Total Liabilities

$	362,187.10	$

73,415.25	$

-	$	36,335,000.00

$	36,770,602.35

				

Net Assets	
Net Assets, Unrestricted	
Current Year Net Assets, Unrestricted	

$	(254,308.70)	
(38,000.00)	

$	(254,308.70)	
(38,000.00)	

Net Assets - General Government	
Current Year Net Assets - General Government	

184,416.76	
315,956.76	

184,416.76	
315,956.76	

Net Assets, Unrestricted	
Current Year Net Assets, Unrestricted	

$	2,628,129.88	
1,524,099.71	

2,628,129.88	
1,524,099.71	

Net Assets, Unrestricted	
Current Year Net Assets, Unrestricted	

			
$	39,288.88	
492.03	

		
39,288.88	
492.03	

Total Net Assets

$	208,064.82

$	4,152,229.59	$

39,780.91	$

-	$	4,400,075.32

				

Total Liabilities and Net Assets

$	570,251.92

$	4,225,644.84	$

39,780.91

$	36,335,000.00

$	41,170,677.67

Sunbridge Stewardship District	
Statement of Activities	
As of 2/28/2026	

General Fund	Debt Service Fund	Capital Projects
Fund

Long-Term Debt Fund

Total

$	576,193.23	
13,484.89	
15,010.75	
33,333.32	
11,000.00	
2,452,970.19	
$	3,101,992.38	

Revenues

$	576,193.23	
13,484.89	
15,010.75	
33,333.32	
11,000.00	

On-Roll Assessments	
Off-Roll Assessments	
Other Income & Other Financing Sources	
Landscaping Contribution	
Sustainability Revenue	
On-Roll Assessments	
Total Revenues	

$	649,022.19

$	2,452,970.19

$	2,452,970.19	$	-	$	-

Expenses

D&O Insurance	
Trustee Services	
Management	
Engineering	
Disclosure	
Property Appraiser	
District Counsel	
Assessment Administration	
Audit	
Travel and Per Diem	
Postage & Shipping	
Legal Advertising	
Web Site Maintenance	
Dues, Licenses, and Fees	
Electric	
Water Reclaimed	
General Insurance	
Property & Casualty	
Other Insurance	

$	3,178.00	
7,089.66	
22,916.65	
7,347.50	
2,500.00	
1,622.74	
5,409.00	
15,000.00	
5,000.00	
184.17	
35.79	
9,675.94	
1,030.00	
175.00	
706.16	
4,659.91	
7,417.00	
6,453.00	
500.00	

$	3,178.00	
7,089.66	
22,916.65	
7,347.50	
2,500.00	
1,622.74	
5,409.00	
15,000.00	
5,000.00	
184.17	
35.79	
9,675.94	
1,030.00	
175.00	
706.16	
4,659.91	
7,417.00	
6,453.00	
500.00	

General Fund	Debt Service Fund	Capital Projects

Irrigation	
Landscaping Maintenance & Material	
Landscape Improvements	
Tree Trimming	
Contingency	
Pest Control	
Sustainability Agreement	
Watershed Maintenance	
Streetlights	
Personnel Leasing Agreement	
Principal Payments - Del Webb	
Interest Payments - Del Webb	
Interest Payments - Weslyn Park	
Total Expenses	

$	1,463.64	
218,735.65	
922.65	
528.00	
2,220.00	
750.00	
11,000.00	
27,000.00	
11,818.40	
3,125.00	
10,000.00	
362,020.00	
592,741.25	
$	1,343,225.11	

Fund

Long-Term Debt Fund

Total

$	10,000.00	
362,020.00	
592,741.25	
$	378,463.86	$	964,761.25	

Interest Income	
Dividend Income	
Dividend Income	
Total Other Revenues (Expenses) & Gains (Losses)	

$	7,398.43	
35,890.77	
492.03	
$	43,781.23	

$	1,463.64	
218,735.65	
922.65	
528.00	
2,220.00	
750.00	
11,000.00	
27,000.00	
11,818.40	
3,125.00	

Other Revenues (Expenses) & Gains (Losses)				$	-		$	-	
	$	7,398.43	
$	35,890.77		

$	492.03				
	$	7,398.43	$	35,890.77		$	492.03		$	-	
Change In Net Assets	$	277,956.76	$	1,524,099.71		$	492.03		$	-	$	1,802,548.50	
Net Assets At Beginning Of Year	$	(69,891.94)	$	2,628,129.88		$	39,288.88		$	-	$	2,597,526.82	

Net Assets At End Of Year	
$	208,064.82	
$	4,152,229.59		
$	39,780.91		
$	

-	$	4,400,075.32	

Revenues	
On-Roll Assessments	
Off-Roll Assessments	
Other Income & Other Financing Sources	
Landscaping Contribution Agreement - TE3	
Landscaping Contribution Agreement - TOHO	
Sustainability Revenue	
Net Revenues	

	
$ 576,193.23	$	313,759.16	
13,484.89	-	
15,010.75	-	
16,666.64	20,833.30	
16,666.68	20,833.35	
11,000.00	11,000.00	
$ 649,022.19	$	366,425.81	

	
$  262,434.07	$ 753,021.97	76.52%	
13,484.89	-		
15,010.75	-		
(4,166.66)	49,999.92	33.33%	
(4,166.67)	50,000.04	33.33%	
-	26,400.00	41.67%	
$  282,596.38	$ 879,421.93	73.80%	

General & Administrative Expenses	
D&O Insurance	
Trustee Services	
Management	
Engineering	
Disclosure	
Property Appraiser	
District Counsel	
Assessment Administration	
Reamortization Schedules	
Audit	
Arbitrage Calculation	
Tax Preparation	
Travel and Per Diem	
Telephone	
Postage & Shipping	
Copies	
Legal Advertising	
Miscellaneous	
Web Site Maintenance	
Dues, Licenses, and Fees	
Total General & Administrative Expenses	

$	3,178.00	$	1,405.42	
7,089.66	3,546.78	
22,916.65	22,916.67	
7,347.50	3,333.33	
2,500.00	4,166.67	
1,622.74	229.17	
5,409.00	16,666.67	
15,000.00	6,250.00	
-	52.08	
5,000.00	3,437.50	
-	291.67	
-	10.00	
184.17	208.33	
-	10.42	
35.79	62.50	
-	62.50	
9,675.94	3,125.00	
-	20.83	
1,030.00	1,125.00	
175.00	72.92	
$	81,164.45	$	66,993.46	

$	1,772.58	$	3,373.00	94.22%	
3,542.88	8,512.26	83.29%	
(0.02)	55,000.00	41.67%	
4,014.17	8,000.00	91.84%	
(1,666.67)	10,000.00	25.00%	
1,393.57	550.00	295.04%	
(11,257.67)	40,000.00	13.52%	
8,750.00	15,000.00	100.00%	
(52.08)	125.00	0.00%	
1,562.50	8,250.00	60.61%	
(291.67)	700.00	0.00%	
(10.00)	24.00	0.00%	
(24.16)	500.00	36.83%	
(10.42)	25.00	0.00%	
(26.71)	150.00	23.86%	
(62.50)	150.00	0.00%	
6,550.94	7,500.00	129.01%	
(20.83)	50.00	0.00%	
(95.00)	2,700.00	38.15%	
102.08	175.00	100.00%	
$	14,170.99	$ 160,784.26	50.48%	

$	706.16	
4,659.91	
-	
7,417.00	
6,453.00	
500.00	
528.00	
2,220.00	
750.00	
-	
-	

	
$	(2.17)	
4,659.91	
(4,166.67)	
5,699.08	
5,989.67	
(1,270.42)	
(1,555.33)	
(1,946.67)	
333.33	
(416.67)	
(4,166.67)	

 
$	1,700.00	
-	
10,000.00	
4,123.00	
1,112.00	
4,249.00	
5,000.00	
10,000.00	
1,000.00	
1,000.00	
10,000.00	

Field Expenses - All	
Electric	
Water Reclaimed	
Infrastructure Capital Reserve	
General Insurance	
Property & Casualty Insurance	
Other Insurance	
Tree Trimming	
Contingency	
Pest Control	
Signage & Amenities Repair	
Hurricane Cleanup	
Sustainability Agreement	
Pierce Jones	
Watershed Maintenance Reserve	
Trail Maintenance	
Canal Maintenance	
Total Field Expenses - All	

$	708.33	
-	
4,166.67	
1,717.92	
463.33	
1,770.42	
2,083.33	
4,166.67	
416.67	
416.67	
4,166.67	
-	
11,000.00	
-	
-	
-	
$	31,076.68	

41.54%	
0.00%	
179.89%	
580.31%	
11.77%	
10.56%	
22.20%	
75.00%	
0.00%	
0.00%	
41.67%	

11,000.00	
27,000.00	
-	
-	
$	61,234.07	

-	26,400.00
27,000.00	-
-	-
-	-

$	30,157.39

$  74,584.00

82.10%

Field Expenses - Orange Co.	
Irrigation	
Irrigation Parts	
Landscaping Maintenance & Material	
Landscape Improvements	
Streetlights	
Personnel Leasing Agreement	
Conservation Easement Maintenance	
Developer Repayment	
Total Field Expenses - Orange Co.	

	
$	-	$	-	
-	-	
-	-	
-	-	
-	-	
-	-	
-	-	
-	-	
$	-	$	-	

	
$	-	$	-	
-	-	
-	-	
-	-	
-	-	
-	-	
-	-	
-	-	
$	-	$	-	

Field Expenses - Osceola Co.	
Irrigation	
Irrigation Parts	
Landscaping Maintenance & Material	
Landscape Improvements	
Streetlights	
Personnel Leasing Agreement	
Conservation Easement Maintenance	
Developer Repayment	
Total Field Expenses - Osceola Co.	

$	1,463.64	$	14,583.33	
-	2,916.65	
218,735.65	205,611.65	
922.65	10,416.67	
11,818.40	12,500.00	
3,125.00	3,125.00	
-	-	
-	21,285.70	
$ 236,065.34	$	270,439.00	

$  (13,119.69)	$	35,000.00	4.18%	
(2,916.65)	7,000.00	0.00%	
13,124.00	493,467.96	44.33%	
(9,494.02)	25,000.00	3.69%	
(681.60)	30,000.00	39.39%	
-	7,500.00	41.67%	
-	-		
(21,285.70)	51,085.71	0.00%	
$  (34,373.66)	$ 649,053.67	36.37%	

Total Expenses

 $ 378,463.86 

 $	368,509.14 

 $	9,954.72 

 $ 884,421.93 

	42.79%	

Income (Loss) from Operations

Other Income (Expense)	
Interest Income	
Total Other Income (Expense)	

$ 270,558.33	$

$	7,398.43	$

$	7,398.43	$

(2,083.33)

2,083.33
2,083.33

$  272,641.66

$	5,315.10
$	5,315.10

$	(5,000.00)

$	5,000.00

$	5,000.00

147.97%
147.97%

   

Net Income (Loss)

$ 277,956.76	$

-	$  277,956.76	$	-

   

Sunbridge Stewardship District	
Cash Flow	

Beg. Cash	

8/1/2025	
134,337.57	
9/1/2025	66,224.52	
10/1/2025	67,752.08	
11/1/2025	91,121.38	
12/1/2025	124,981.48	
1/1/2026	379,113.20	
2/1/2026	302,717.79	
3/1/2026	305,703.08	

FY25 Inflows	FY25 Outflows	
14,966.77	(81,705.82)	
4,379.99	(2,852.43)	
44,166.67	(107,870.43)	
19,403.50	(11,032.20)	
-	-	
-	-	
-	-	
-	-	

FY26 Inflows	FY26 Outflows	End. Cash	

-	
(1,374.00)	
66,224.52		
-	-	67,752.08		
108,686.90	(21,613.84)	91,121.38		
640,741.22	(615,252.42)	124,981.48		
2,241,226.70	(1,987,094.98)	379,113.20		
73,288.23	(149,683.64)	302,717.79		
153,871.59	(150,886.30)	305,703.08		
155,256.58	(67,758.17)	393,201.49	as of 03/26/2026	

82,916.93	(203,460.88)	

3,373,071.22	(2,993,663.35)