CITYPLACE COMMUNITY DEVELOPMENT DISTRICT PALM BEACH COUNTY REGULAR BOARD MEETING NOVEMBER 13, :00 A.M.

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1 CITYPLACE COMMUNITY DEVELOPMENT DISTRICT PALM BEACH COUNTY REGULAR BOARD MEETING NOVEMBER 13, :00 A.M. Special District Services, Inc. The Oaks Center 2501A Burns Road Palm Beach Gardens, FL Telephone 877.SDS.4922 Toll Free Facsimile

2 AGENDA CITYPLACE COMMUNITY DEVELOPMENT DISTRICT Chamber of Commerce of the Palm Beaches 401 North Flagler Drive West Palm Beach, Florida REGULAR BOARD MEETING November 13, :00 a.m. A. Call to Order B. Proof of Publication Page 1 C. Establish Quorum D. Additions or Deletions to Agenda E. Comments from the Public for Items Not on the Agenda F. Approval of Minutes 1. August 14, 2015 Regular Board Meeting & Public Hearing Minutes..Page 2 G. Old Business H. New Business 1. Consider Resolution No Adopting a Fiscal Year 2014/2015 Amended Budget Page 5 I. Administrative Matters J. Board Members Comments K. Adjourn

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4 CITYPLACE COMMUNITY DEVELOPMENT DISTRICT PUBLIC HEARING & REGULAR BOARD MEETING AUGUST 14, 2015 A. CALL TO ORDER District Manager Richard Ellington called the August 14, 2015, Regular Board Meeting of the CityPlace Community Development District to order at 9:00 a.m. at the Chamber of Commerce of the Palm Beaches located at 401 North Flagler Drive, West Palm Beach, Florida B. PROOF OF PUBLICATION Proof of publication was presented that notice of the Regular Board Meeting had been published in The Palm Beach Post on November 3, 2014, as part of the District s Fiscal Year 2014/2015 Regular Meeting Schedule, as legally required. C. ESTABLISH A QUORUM It was determined that the attendance of Chairperson Lynn Harris, Vice Chairman Ryan Hallihan and Supervisors Dennis Grady and Wendy Sartory Link (via telephone) constituted a quorum and it was in order to proceed with the meeting. Staff in attendance was: District Manager Richard Ellington of Special District Services, Inc. D. ADDITIONS OR DELETIONS TO THE AGENDA There were no additions or deletions to the agenda. E. COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA There were no comments from the public for items not on the agenda. F. APPROVAL OF MINUTES 1. May 8, 2015, Regular Board Meeting Mr. Ellington presented the minutes of the May 8, 2015, Regular Board Meeting and without comment, Mr. Grady moved and Mr. Hallihan seconded that the minutes of the May 8, 2015, Regular Board Meeting be approved, as presented. That motion carried 4 to 0. Mr. Ellington then recessed the Regular Board Meeting and convened the Public Hearing. G. PUBLIC HEARING 1. Proof of Publication Proof of publication was presented that notice of the Public Hearing had been published in The Palm Beach Post on July 27, 2015, and August 3, 2015, as legally required. Page 2

5 CITYPLACE COMMUNITY DEVELOPMENT DISTRICT PUBLIC HEARING & REGULAR BOARD MEETING AUGUST 14, Receive Public Comment on the Fiscal Year 2015/2016 Final Budget There was no public comment on the Fiscal Year 2015/2016 Final Budget. 3. Consider Resolution No Adopting a Fiscal Year 2015/2016 Final Budget Mr. Ellington presented Resolution No , entitled: RESOLUTION NO A RESOLUTION OF THE CITYPLACE COMMUNITY DEVELOPMENT DISTRICT ADOPTING A FISCAL YEAR 2015/2016 BUDGET. Mr. Ellington asked if there were any questions related to the final budget. There being none, Mr. Grady moved and Mr. Hallihan seconded that Resolution No be approved and that motion carried 4 to 0. Mr. Ellington then closed the Public Hearing and reconvened the Regular Board Meeting. H. OLD BUSINESS There were no Old Business items to come before the Board. I. NEW BUSINESS 1. Consider Resolution No Adopting a Fiscal Year 2015/2016 Regular Meeting Schedule Mr. Ellington introduced Resolution No , entitled: RESOLUTION NO A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CITYPLACE COMMUNITY DEVELOPMENT DISTRICT, ESTABLISHING A REGULAR MEETING SCHEDULE FOR FISCAL YEAR 2015/2016 AND SETTING THE TIME AND LOCATION OF SAID DISTRICT MEETINGS; AND PROVIDING AN EFFECTIVE DATE. Ms. Link moved approval, Mr. Hallihan seconded and without comment, the motion carried 4 to 0 approving Resolution No , as presented. J. ADMINISTRATIVE MATTERS Page 3

6 CITYPLACE COMMUNITY DEVELOPMENT DISTRICT PUBLIC HEARING & REGULAR BOARD MEETING AUGUST 14, 2015 There were no Administrative Matters to come before the Board. K. BOARD MEMBER COMMENTS There were no comments from the Members of the Board. L. ADJOURNMENT There being no further business to come before the Board, the Regular Board Meeting was adjourned at 9:05 a.m. on a motion from Mr. Grady, seconded by Mr. Hallihan and the motion carried 4 to 0. Secretary/Assistant Secretary Chair/Vice-Chair Page 4

7 RESOLUTION NO A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CITYPLACE COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING AND ADOPTING AN AMENDED FINAL FISCAL YEAR 2014/2015 BUDGET ( AMENDED BUDGET ), PURSUANT TO CHAPTER 189, FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of Supervisors of the CityPlace Community Development District ( District ) is empowered to provide a funding source and to impose special assessments upon the properties within the District; and, WHEREAS, the District has prepared for consideration and approval an Amended Budget. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE CITYPLACE COMMUNITY DEVELOPMENT DISTRICT, THAT: Section 1. The Amended Budget for Fiscal Year 2014/2015 attached hereto as Exhibit A is hereby approved and adopted. Section 2. The Secretary/Assistant Secretary of the District is authorized to execute any and all necessary transmittals, certifications or other acknowledgements or writings, as necessary, to comply with the intent of this Resolution. PASSED, ADOPTED and EFFECTIVE this 13 th day of November, ATTEST: CITYPLACE COMMUNITY DEVELOPMENT DISTRICT By: Secretary/Assistant Secretary By: Chairperson/Vice Chairperson Page 5

8 City Place Community Development District Amended Final Budget For Fiscal Year 2014/2015 October 1, September 30, 2015 Page 6

9 CONTENTS I II AMENDED FINAL OPERATING FUND BUDGET AMENDED FINAL DEBT SERVICE FUND BUDGET Page 7

10 AMENDED FINAL BUDGET CITY PLACE COMMUNITY DEVELOPMENT DISTRICT OPERATING FUND FISCAL YEAR 2014/2015 OCTOBER 1, SEPTEMBER 30, 2015 FISCAL YEAR AMENDED YEAR 2014/2015 FINAL TO DATE BUDGET BUDGET ACTUAL/ALLOCATION REVENUES 10/1/14-9/30/15 10/1/14-9/30/15 10/1/14-9/29/15 Assessments - Administrative 124, , ,293 Assessments - Maintenance 1,023,170 1,534,755 1,534,755 Parking Revenue 4,945,160 7,417,740 7,317,740 Sponsor & Promotion 108, , ,450 Rental Income 35,420 53,130 53,130 Tenant CAM Reimbursement 1,412,900 2,119,350 2,119,350 Interest Income TOTAL REVENUES $ 7,649,755 $ 11,408,893 $ 11,308,893 EXPENDITURES ADMINISTRATIVE EXPENDITURES Supervisor Fees 4,000 2,754 2,754 Payroll Taxes - Employer Engineering 2, Management Fee 36,660 36,660 36,660 Legal 9,000 5,200 4,195 Audit Fees 12,200 8,000 8,000 Arbitrage Rebate Fee 1, Insurance 46,000 42,488 42,488 Legal Advertising 1,200 1,600 1,376 Bank Service Charges Miscellanous 1, Postage Office Supplies Dues & Subscriptions Trustee Fees 8,500 7,358 7,358 Continuing Disclosure Fee 1,000 1,000 1,000 TOTAL ADMINISTRATIVE EXPENDITURES $ 124,805 $ 108,078 $ 106,481 MAINTENANCE EXPENDITURES Palladium CDD Property Parking Expense 2,050,000 3,075,000 3,075,000 Administrative 375, , ,500 Payroll 713,500 1,070,250 1,070,250 Professional Fees 45,000 67,500 67,500 Sweeping and Cleaning 385, , ,845 Utilities 785,860 1,178,790 1,178,790 Insurance 65,000 97,500 97,500 Landscaping & Irrigation 247, , ,850 Contracted Services 138, , ,990 Repairs & Maintenance 155, , ,010 Security 1,750,000 2,625,000 2,625,000 Marketing 400, , ,000 Management Fee 200, , ,000 Plaza CDD Property Plaza Entertainment 185, , ,895 Signage 27,530 41,295 41,295 TOTAL MAINTENANCE EXPENDITURES $ 7,524,950 $ 11,287,425 $ 11,187,425 TOTAL EXPENDITURES $ 7,649,755 $ 11,395,503 $ 11,293,906 EXCESS/ (SHORTFALL) $ - $ 13,390 $ 14,987 Fund Balance As Of 9/30/2014 $102,811 FY 2014/2015 Activity $13,390 Fund Balance As Of 9/30/2015 $116,201 Notes Maintenance (Non-Management) Line Items Are Allocated At 150 Percent Of Fiscal Year 2014/2015 Budget. 11/4/2015 7:40 AM I Page 8

11 AMENDED FINAL BUDGET CITY PLACE COMMUNITY DEVELOPMENT DISTRICT DEBT SERVICE FUND FISCAL YEAR 2014/2015 OCTOBER 1, SEPTEMBER 30, 2015 FISCAL YEAR AMENDED YEAR 2014/2015 FINAL TO DATE BUDGET BUDGET ACTUAL REVENUES 10/1/14-9/30/15 10/1/14-9/30/15 10/1/14-9/29/15 Interest Income Tax Incremental Revenues 3,430,921 3,589,798 3,589,798 Tax Coverage Revenues 0 2,897,906 2,897,906 Payment From Developer 128, Total Revenues $ 3,560,375 $ 6,488,324 $ 6,488,324 EXPENDITURES Principal Payments 1,765,000 1,765,000 1,765,000 Interest Payments 1,795,375 1,839,500 1,839,500 Coverage Revenues Returned To WPB CRA 0 2,897,970 2,897,970 Total Expenditures $ 3,560,375 $ 6,502,470 $ 6,502,470 Excess/ (Shortfall) $ - $ (14,146) $ (14,146) Fund Balance As Of 9/30/2014 $5,145,352 FY 2014/2015 Activity ($14,146) Fund Balance As Of 9/30/2015 $5,131,206 Notes Reserve Fund Balance = $4,208,155*. Revenue Fund Balance = $923,041*. Revenue Fund Balance To Be Used To Make 11/1/2015 Interest Payment Of $875,625. * Approximate Amounts Series 2012 Refunding Bonds Information Original Par Amount = $39,890,000 Annual Principal Payments Due: Interest Rate = 5.00% May 1st Issue Date = April 2012 Annual Interest Payments Due: Maturity Date = May 2026 May 1st & November 1st 11/4/2015 7:40 AM II Page 9