Magic Reserve Community Development District
12051 Corporate Boulevard, Orlando, FL 32817; 407-382-3256

The following is the proposed agenda for the Board of Supervisors' Meeting for the Magic Reserve Community Development District ("District"), scheduled to begin at 10:00 a.m. on October 17, 2016 in the offices located at the Historic Courthouse, 3 Courthouse Square, 2nd Floor Conference Room 204, Kissimmee, Florida 34741. Questions or comments on the Board Meeting or proposed agenda be addressed to Doris Houck dorish@fishkind.com or (407) 721-9370. A quorum consisting of at least three of the five Board Members) will be confirmed prior to the stmi of the Board Meeting.

For those unable to attend in person, you may participate by telephone:

Dial-In: Code:

1-877-864-6450
585986

BOARD OF SUPERVISORS' MEETING PROPOSED AGENDA

Organizational Matters
Roll call to confom a quorum
Public Comment Period (During which time any member of the public may speak on a specific agenda item before the item is considered by the Board of Supervisors.)
Consideration of Minutes of the September 12, 2016 Board of Supervisors' Meeting

General Business Matters
Ratification of Supplement to Engineer's Report Dated September 12, 2016
Ratification of Supplemental Methodology Report Dates October 13, 2016

Matters Related to District Financing
Consideration of Funding Request #7
Review of District's Financial Position and Budget to Actual Year to Date

Other Business
Staff Reports
District Counsel
District Manager
District Engineer
Audience Comments
Supervisor Requests

Adjournment

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MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Consideration of Minutes September 12, 2016 Board of Supervisors'
Meeting

MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS' MEETING MINUTES

FIRST ORDER OF BUSINESS

The Board of Supervisors' Meeting for the Magic Reserve Community Development District was called to order on Monday, September 12, 2016 at 10:00 a.m. in the offices located at the Historic Courthouse, 3 Courthouse Square, 2nd Floor Conference Room 204, Kissimmee, Florida 34741. Members listed below constituted a quorum.

Mike Donnel Liza Haynes Hector Lizasuain

Also attending:

Mark Watts Rachel Pringle Steve Boyd Doris Houck Mike Williams

SECOND ORDER OF BUSINESS

Board Member Board Member

Cobb Cole Cobb Cole
Boyd Civil Engineering Fishkind & Associates, Inc.
Ake1man Senterfitt	(via phone)

Public Comment Period

There were members of the public present.

THIRD ORDER OF BUSINESS		Consideration of Minutes of the July 11, 2016 Landowners' Meeting

The Board reviewed the minutes from the July 11, 2016 Landowners' Meeting.

On Motion by Mr. Donnel, second by Mr. Lizasuain, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved the Minutes of the July 11, 2016 Landowners' Meeting, as presented.

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FOURTH ORDER OF BUSINESS		Consideration of Proposal to Retain FMS Bonds Underwriter Services

Ms. Houck stated that Dr. Fishkind received the proposal from Jon Kessler's office. Ms. Houck requested a motion to accept that service.

On Motion by Mr. Donnel, second by Ms. Haynes with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved the proposal to Retain FMS Bonds Underwriter Services.

FIFTH ORDER OF BUSINESS		Consideration of Bond Financing Team Funding

Board Members reviewed the Bond Financing Team Funding Agreement. Mr. Watts explained that the agreement is very similar to the approved Developer Funding Agreement that is in place to fund the general District operations. Mr. Watts explained that the Bond Financing Team Funding Agreement is specific to costs associated the Bond process.

On Motion by Mr. Donnel, second by Mr. Lizasuain, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved The Bond Financing Team Funding Agreement, as presented.

SIXTH ORDER OF BUSINESS		Consideration	of Engineer's Report

Updated

Mr. Boyed explained that Table 4 of the Engineer's Report carries fmward the numbers from Table 3 in the Engineer's Report dated and approved by the Board on March 28, 2016. The first column of Table 4 represents the numbers from Table 3. The second two columns represent splitting those numbers out into two components. The 195 Town Home Unit portion of the project compared to the compared to the 68 Condo Unit po1iion of the project are not proportional numbers based on the value of construction for those representative scopes of work. The first Bond issue would be limited to the Townhome pmiion of the project. So the District needed to segregate the cost from the original Engineer's Report. Table 5 takes the cost that is associated with the Townhome pmiion of the project in the first column. The second column depicts the approximate value of construction completed to date and the third column depicts the approximate value of work remaining to be completed. Table 6 represents the value that is anticipated to be funded by the first Bond Issue for the 2016 Project from the Townhome portion of the project. It includes $3,852.00 in site work

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costs and about $599,665.00 in soft costs for a total of $4,451.67 that is anticipated. Two exhibits are included in the Supplemental Engineer's Report. Exhibit 1 is the boundary of the 2016 Project and Exhibit 2 is the legal description of the 2016 project. Mr. Watts requested approval in substantial form because there may be some revisions that District staff needs to make.

On Motion by Mr. Donnel, second by Mr. Lizasuain, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved the Supplemental Engineer in substantial with the final revision being approved by the Chairman.

SEVENTH ORDER OF BUSINESS	Consideration	of	Supplemental Methodology Report

Ms. Houck explained the Methodology Report to the Board. Ms. Houck explained that on Table 3 there are Parcel IDs to fill in with the landowner for Magic Reserve which is Magic Village II. The acreages from the Property Appraiser's website came out to 34.25 that were not considered wetlands. It was broken out as either commercial or wetland. Mr. Watts said that the first Parcel is the one associate with the future condominiums. He noted that it should only be the second two Parcels as part of this. Mr. Watts requested a motion to approve the Supplemental Methodology Report in substantial form so if revisions need to be made such as Table 3 District staff would be able to do that.

On Motion by Mr. Donnel, second by Ms. Haynes, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved the Supplemental Methodology Repmi in Substantial form and delegated to the Chairman the authority to approve the final version.

EIGHTH ORDER OF BUSINESS		Consideration of Resolution 2016- 26, Authorizing the Issuance of Special Assessment Revenue Bonds

This resolution will authorize the issuance of Special Assessment Revenue Bonds not to exceed
$5,000,000.00. Mr. Williams explained that the resolution approves several documents including the Supplemental Trust Indenture which sets forth all of the details of the Bonds. The resolution approved the Bond Purchase Contract which is a document between the District and FMS Bonds pursuant to which they price the Bonds and the Chair or Vice-Chair will sign that document and the District will move forward to closing on the Bonds. It approves the Preliminary Limited Offering Memorandum which is a document that FMS will take to the marketplace and market the Bonds. It approves the Continuing Disclosure Agreement pursuant to which the District will file their annual audit with some updated information from the offering document on a quaiierly basis

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which is required by SCC Rule 15-cl2. The resolution designates the Bond as the bank qualifies. He noted that if financial institutions buy these bonds they will be provided at a slightly lower interest rate than other entities because they get a deduction for the interest attributable to buying the Bonds in doing their tax return. The resolution authorizes the District officers and staff to take all actions to close the transaction. Mr. Watts requested approval of Resolution 2016-26 in substantial form subject to revision and approval by the Chairman.

On Motion by Mr. Lizasuain, second by Mr. Donnel, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved Resolution 2016-26, Authorizing the Issuance of Assessment Revenue Bonds in Substantial form subject to revision and approval by the Chairman.

NINTH ORDER OF BUSINESS		Consideration Agreement

of	True-Up

Mr. Watts explained that as the District goes through a phase development if there are any adjustments in the number of units or adjustment in how the assessment allocation should be made across the project once the closing occurs a True-Up Agreement says that the landowner is willing to agree to work with Bondholders and the District to make sure that if there is any redistribution of the assessments needed to true everything up the District will do that.

On Motion by Mr. Lizasuain, second by Mr. Donnel, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved the True-Up Agreement in Substantial fmm authorizing the Chair to approve the final document.

TENTH ORDER OF BUSINESS		Consideration Agreement

of	Acquisition

Mr. Watts explained that the Acquisition Agreement is an agreement that the District is going to acquire the completed 2016 Project as identified in the Engineer's Repmi from the Landowner and it sets forth the terms under which the District uses the Bond Proceeds to acquire that infrastructure.

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On Motion by Mr. Lizasuain, second by Mr. Donnel, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved the Acquisition Agreement in Substantial f01m authorizing the Chair to approve the final document.

ELEVENTH ORDER OF BUSINESS		Consideration Agreements

of	Completion

Mr. Watts explained that the under the Completion Agreement the District recognizes that Bond proceeds may not be sufficient to fund all the cost associated with the 2016 Project. If that is the case the Developer is ageing to use its own funds to complete elements of the 2016 Project. The Completion Agreement sets those te1ms and understanding.

On Motion by Mr. Lizasuain, second by Mr. Donnel, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved the Completion Agreement in Substantial f01m authorizing the Chair to approve the final document.

TWELFTH ORDER OF BUSINESS		Consideration	of	Partial Assignment and Assumption Agreement

Mr. Watts explained that there is an existing Construction Agreement between the Developer and JMHC for the work that is going on onsite. This partially assigns that the portions of that contract that relates to the 2016 Project to the District so the District could set in and have it or have a contractual relationship to complete the work or in the event of a default could set in and use the partial assignment to carry out that contract. It is part of the assurances that the District is providing the Bondholder as the District moves forward with finalizing construction.

On Motion by Mr. Lizasuain, second by Mr. Donnel, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved the Partial Assignment and Assumption Agreement in Substantial form authorizing the Chair to approve the final document.

THIRTEENTH ORDER OF BUSINESS	Co.nsideration  of  Declaration	of
Consent to Jurisdiction

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Mr. Watts explained that this declaration is the Landowner saying that they consent to the jurisdiction of the CDD and the CDD's action in imposing the Special Assessments, waving a number of the defenses that can be raised to the Special Assessments. Once this is in final form it will be recorded on the property aµd is another assurance that the Special Assessments are in place and valid. Mr. Lizasuain asked if this will show up on each individual property owners' tax bill. Mr. Watts said that this document is not what necessarily puts in place the assessment procedure this is declaring that in general the assessments are being consented to. There will be another process to put the assessments on the Tax Roll.

On Motion by Mr. Lizasuain, second by Mr. Donnel, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved the Declaration of Consent to Jurisdiction in Substantial form authorizing the Chair to approve the final document.

FOURTEENTH ORDER OF BUSINESS	Consideration	of	Collateral
Assignment	and	Assumption Development and Contract Rights

Mr. Watts explained that this is provided as a security to the Bondholders and the Trustee acting on behalf of the Bondholders. There are all kinds of permits associated with the overall development. In the event of a default Bondholders want to know if they can step in and be able to maintain the progress on the development as though they are the Landowner. This takes all of those permits and collaterally assigns them to the Bondholders and the Trustee so that those rights can be exercised.

On Motion by Mr. Lizasuain, second by Mr. Donnel, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved the Collateral Assignment and Assumption Development and Contract Rights in Substantial form authorizing the Chair to approve the final document.

FIFTEENTH ORDER OF BUSINESS

Board Members considered Funding Request #6.

Consideration of Funding Request No. 6

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On Motion by Mr. Lizasuain, second by Mr. Donnel, with all in favor, the Board of Supervisors for the Magic Reserve Community Development District approved Funding Request No. 6.

SIXTEENTH ORDER OF BUSINESS	Review	of	District's	Financial
Statements and Budget to Actual Year to Date.

The Board reviewed the financial statements of the District. There was no action required by the Board on these documents.

SEVENTEENTH ORDER OF BUSINESS	Staff Reports

District Counsel -	Nothing further to report.

District Engineer-	Nothing further to report

District Manager -	The next meeting is scheduled for October 3, 2016 at 10:00 a.m. at this location.

EIGHTEENTH ORDER OF BUSINESS	Supervisor and Audience Comments & Adjournment

There was no further business to discuss. Ms. Houck requested a motion to adjourn.

On Motion by Mr. Lizasuain, second by Ms. Haynes, with all in favor, the September 12, 2016 meeting of the Board of Supervisors for the Magic Reserve Community Development District was adjourned.

Secretary/Assistant Secretary	ChairNice Chair

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MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Ratification of Supplement to Engineer's Report Dated September 12, 2016

SUPPLEMENT TO THE ENGINEER'S REPORT FOR
MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT
Approved Sept 12, 2016

District Engineer:

Steven N. Boyd, P. E. Boyd Civil Engineering, Inc.
6816 Hanging Moss Road Orlando, FL 32807

District Manager and Assessment Consultant:

Fishkind  & Associates, Inc.
12051 Corporate Blvd.
Orlando, FL 32817

TABLE OF CONTENTS

SECTION	PAGE
Introduction	1
Completion Status of the 2016 Project	3

TABLES

Table 4- Costs Allocated between the Townhomes (2016 Project)
and the Condo Area	2

Table 5 -2016 Project Estimated Cost to Date and Cost to Complete	3

Table 6-	Construction and other Related Cost to be Funded
with the 2016 Project	4

EXHIBITS

Exhibit 1 - Location Map Exhibit 2 - District Boundary

INTRODUCTION

The purpose of this Supplemental Report to the Engineer's Report is to separate the costs associated with 195 town homes and the 68 condominium units for the purpose of defining the 2016 project. The 2016 Project includes land areas and infrastructure serving the 195 fee simple town home lots.

It is important to note that because the development units have not yet been platted, the original underlying parcels that include the 2016 Project area include some of the undevelopable wetland and conservation areas that lie east of the new extension of Reedy Creek Blvd. This can be seen in Exhibit 1.

The area of the 2016 project is shown in Exhibit 1. Exhibit 2 provides a legal description of the land areas associated with the 2016 Project.

Reference the Original Engineer's Report for Tables 1 through 3.

Tables 4 through 6 included with this Supplemental Report provide information on the costs associated with the Townhomes included in the 2016 Project, costs completed to date, and costs to be included with the 2016 Project.

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Table 4. Costs Allocations between the Townhomes (2016 Project) and Condo Area.
Total Project Costs are carried over from Table 3 in the Original Engineers Repmi

	Remaining Costs	
Original Total	Cost Allocated to	Allocated to the	
Budget from	the 2016 Project	Condo Building	
Site Construction	Table 3	195 Townhome Lots	68 Condo Units	
Land Acquisition(Roads, Drainage and Other  COD Common Areas)   $          6,193,600	NA	NA
Clearing	$	95,000	$	83,600	$	11,400
Earthwork and Retaining Walls	$          1,742,410	$	1,533,321	$	209,089
Master Stormwater System	$	639,330	$	562,610	$	76,720
Roads	$          1,568,270	$	1,380,078	$	188,192
Off-Site Improvements to Reedy Creek Blvd.	$	325,000	$		286,000	$		39,000 Water, Wastewater  and Reclaimed Water Systems	$          1,214,816	$	1,069,038	$	145,778 Lift Station	$	350,000	$		308,000	$		42,000
Electrical Infrastructure	$	1000000	$	880,000	$	120,000

Sub Total	$	13,128,426	$	6,102,647	$	832,179

Other Site Related Costs 2
Common Area Hardscape, Landscape, Irrigation	$          2,000,000	$	1,760,000	$	240,000 Clubhouse Bldg., Pools and Other Amenities	$          4,700,000				NIC				NIC Entry Features	$	600,000	$		528,000	$		72,000
Site Lighting	$	750,000	$	660 000	$	90,000

Sub Total	$	8,050,000	$	2,948,000	$	402,000

Professional, Permitting and lm1:1act Fees

Environmental Mitigation	$	196,000	$	172,480	$		23,520 Permitting   and Construction Inspection Fees	$	173,371	$	152,566	$		20,804 Professional Fees	$          1,000,000	$	880,000	$	120,000 TWA Water  and Sewer  Impact and Connection Fees 3	$          1,795,382			NA				NA Osceola Coun lm1:1act Fees 3	$          3,636,906			NA				NA
Sub Total	$          6,801,659	$	1,205,046	$	164,324

ICombined Total	$    21,9ao,oas 1       I$      10,2ss,s93 1      I$      1,398,504

Notes:
Budget for Common Area Site Hardscape, Landscape, Irrigation, not associated with specific building pad sites.
TWA and County Fees include a combination of Impact Fees that may be due prior to or at each building permit issuance.

COMPLETION STATUS OF THE 2016 PROJECT.

Grading is substantially completed.
Construction of the stormwater management system is complete.
Construction of underground water and sewer is substantially completed.
On-Site Road base has been completed
The Reedy Creek Blvd. Extension is nearing completion.
The final plat has been prepared and has been approved in form by Osceola County Staff. The Plat will be recorded upon construction completion.

Table 5. 2016 Project Estimated Cost to Date and Cost to Complete.

Total 2016
Site Construction	Project	Approximate Value of Construction
ComQleted to Date	Approximate Value of Work Remaining
to be ComQleted	
Land Acquisition(Roads, Drainage and Other CDD Common Areas)	NA	NA	NA	
Clearing	$	83,600	$	83,600	$	
Earthwork and Retaining Walls	$	1,533,321	$	1,073,324	$	459,996	
Master Stormwater System	$	562,610	$	450,088	$	112,522	
Roads	$	1,380,078	$	966,055	$	414,023	
Off-Site Improvements to Reedy Creek Blvd.	$	286,000	$	57,200	$	228,800	
Water, Wastewater and Reclaimed Water Systems	$	1,069,038	$	962,134	$	106,904	
Lift Station	$	308,000	$	215,600	$	92,400	
Electrical Infrastructure	$	880,000	$	44,000	$	836,000	
Sub Total	$	6,102,647	$	3,852,001	$	2,250,645	
Other Site Related Costs 2				
Common Area Hardscape, Landscape, Irrigation	$	1,760,000	$	$	1,760,000	
Clubhouse Bldg., Pools and Other Amenities	NIC	NA	NA	
Entry Features	$	528,000	$	$	528,000	
Site Lighting	$	660,000	$	$	660,000	
Sub Total	$	2,948,000	$	$	2,948,000	

Professional, Permitting and lmQact Fees			
-	
Environmental Mitigation	$	172,480	$	172,480	$	
Permitting and Construction Inspection Fees	$	152,566	$	152,566	$	
Professional Fees	$	880,000	$	427,185	$	452,815	
TWA Water and Sewer Impact and Connection Fees 3	NA	NA	NA	
Osceola Coun!}'. lm act Fees 3	NA	NA	NA	
Sub Total	$	1,205,046	$	752,231	$	452,815	

Icombined Total	$	10,2ss,s9a 11 i	4,so4,2aa 11 $	s,ss1,4so I

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Table 6. Construction and Other Related Costs to be Funded with the 2016 Project.

Approximate Value of Construction to be Funded by the
 Site Construction	 	2016 Project	
Clearing	$	83,600	
Earthwork and Retaining Walls	$	1,073,324	
Master Stormwater System	$	450,088	
Roads	$	966,055	
Off-Site Improvements to Reedy Creek Blvd.	$	57,200	
Water, Wastewater and Reclaimed Water Systems	$	962,134	
Lift Station	$	215,600	
 Electrical Infrastructure	$	44,000
Sub Total	$	3,852,001

Other Site Related Costs 2	 	

Common Area Hardscape, Landscape, Irrigation	$
Clubhouse Bldg., Pools and Other Amenities	$
Entry Features	$
 Site Li9!J!Lrlg		 $	
Sub Total	$

 Professional,  Permitting  and Impact Fees	 	

Environmental Mitigation
Permitting and Construction Inspection Fees Professional Fees
TWA Water and Sewer Impact and Connection Fees 3
Osceola Coun!Y...l!!!eact Fees 3
Sub Total

$	172,480

$	427,185

I
$	599,665

[ Combined Total	I$	4,451,667 I

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EXHIBITS

Exhibit 1 -Boundary of the 2016 Project

Exhibit 2 - Legal Description of the 2016 Project.

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Exhibit 1

Boundary of the 2016 Project Area

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Exhibit 2

Legal Description of the 2016 Project Area

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LEGAL DESCRIPTION

PARCEL ONE:

LOTS 3 AND 4, IN THE SOUTHWEST¼ OF SECTION 2, TOWNSHIP 25 SOUTH, RANGE 27 EAST, OSCEOLA COUNTY, FLORIDA; LESS THAT PART OF SAID LOT 3 LYING SOUTH OF A LINE 1819.04 FEET NORTH OF AND PARALLEL WITH THE SOUTH BOUNDARY OF SAID SOUTHWEST¼, ALL IN THE MAP OF FLORIDA FRUIT & TRUCK LAND CO. SUBDIVISION, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK "B" PAGE 68, OF THE PUBLIC RECORDS OF OSCEOLA COUNTY, FLORIDA.

PARCEL TWO:

THE WEST½ OF THE EAST½ OF THE SOUTHWEST¼ OF SECTION 2, TOWNSHIP 25 SOUTH, RANGE 27 EAST, LESS AND EXCEPT THE SOUTH 1336.22 FEET THEREOF, AND LESS THE NORTH 435.6 FEET OF THE WEST 100 FEET THEREOF, ALL LYING AND BEING IN OSCEOLA COUNTY, FLORIDA.

TOGETHER WITH THE FOLLOWING EASEMENTS FOR INGRESS AND EGRESS: PARCEL A:
THAT PORTION OF THE FOLLOWING DESCRIBED LAND, LYING NORTH OF STATE ROAD NO. 530; FROM THE SOUTHWEST CORNER OF THE WEST½ OF THE EAST½ OF THE SOUTHWEST¼ OF SECTION 2, TOWNSHIP 25 SOUTH, RANGE 27 EAST, OSCEOLA COUNTY, FLORIDA, RUN NORTH 89°43'13" EAST, ALONG THE SOUTH LINE OF SAID SECTION 2, 305.00 FEET TO THE POINT OF BEGINNING; RUN THENCE NORTH 00°01'20" EAST, PARALLEL TO THE WEST LINE OF SAID WEST½ OF THE EAST½ OF THE SOUTHWEST¼, 850.00 FEET; RUN THENCE NORTH 89°43'13" EAST 50.00 FEET; RUN THENCE SOUTH 00°01'20" FEET TO THE SOUTH LINE OF SAID SECTION 2; RUN THENCE 89°43'13" WEST, 50.00 FEET TO THE POINT OF BEGINNING.

PARCEL B:

A STRIP OF LAND 25.0 FEET IN WIDTH EACH SIDE OF THE FOLLOWING DESCRIBED LINE: FROM THE SOUTHWEST CORNER OF THE WEST½ OF THE EAST½ OF THE SOUTHWEST¼ OF SECTION 2, TOWNSHIP 25 SOUTH, RANGE 27 EAST, OSCEOLA COUNTY, FLORIDA, RUN NORTH 89°43'13" EAST, ALONG THE SOUTH LINE OF SECTION 2, 330.0 FEET; RUN THENCE NORTH 00°01'20" EAST, PARALLEL TO THE WEST LINE OF SAID WEST½ OF THE EAST½ OF THE SOUTHWEST 1/4, 850.0 FEET TO THE POINT OF BEGINNING; CONTINUE NORTH 00°01'20" EAST, 114.39 FEET TO THE POINT OF CURVE OF A
75.00 FOOT RADIUS CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 68°01'20"; RUN THENCE ALONG SAID CURVE, 89.04 FEET TO THE POINT OF TANGENT; RUN THENCE NORTH 68°00'00" WEST,
198.67 FEET TO THE POINT OF A CURVE OF A 110.0 FOOT RADIUS CURVE TO THE RIGHT, HAVING A CENTRAL ANGLE OF 68°01'20"; RUN THENCE ALONG SAID CURVE, 130.59 FEET TO THE POINT OF TANGENT; RUN THENCE NORTH 00°01'20" EAST, 124.34 FEET TO THE END OF SAID LINE.

TOGETHER WITH ALL RIGHTS TO SIGNAGE EASEMENT RESERVED IN THAT CERTAIN DEED RECORDED AT OFFICIAL RECORDS BOOK 550, PAGE 777, OF THE PUBLIC RECORDS OF OSCEOLA COUNTY, FLORIDA.

LESS THAT PORTION OF 30' PLATTED RIGHT OF WAY. PARCEL'S 1 & 2 CONTAIN 30.68 ACRES MORE OR LESS.
PARCEL THREE:

BEGIN AT THE SOUTHEAST CORNER OF THE NORTHWEST¼ OF SECTION 2, TOWNSHIP 25 SOUTH, RANGE 27 EAST, OSCEOLA COUNTY, FLORIDA, AND RUN N 00°26'22" E, ALONG THE EAST BOUNDARY OF SAID NORTHWEST¼, 500.02 FEET; THENCE RUNS 89°51'41" W, 819.46 FEET; THENCE S 00°01'20" W, 450.00 FEET; THENCE N 89°51'41" E, ALONG A LINE 50.00 FEET NORTH OF AND PARALLEL WITH THE SOUTH BOUNDARY OF SAID NORTHWEST¼ OF SAID SECTION 2, 296.13 FEET TO A POINT OF A CURVATURE OF A NON-TANGENT CURVE CONCAVE EASTERLY, HAVING A RADIUS OF 840.00 FEET; THENCE SOUTHEASTERLY ALONG SAID CURVE TO A POINT ON THE SOUTH LINE OF SAID NORTHWEST
¼ OF SAID SECTION 2, LYINGS 89°51'41" W, 512.10 FEET FROM SAID POINT OF BEGINNING; RUN THENCE N 89°51'41" E, 512.10 FEET TO THE POINT OF BEGINNING.

LESS THAT PORTION OF 30' PLATTED RIGHT OF WAY CONTAINING 8.84 ACRES MORE OR LESS.

MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Ratification of Final Supplemental Assessment Methodology Report Series 2016 Bonds
Dated October 13, 2016

FISHKIN
ASSOCIATES

FINAL SUPPLEMENTAL ASSESSMENT METHODOLOGY SERIES 2016 BONDS

MAGIC RESERVE COMMUNITY DEVELOPMENT	DISTRICT

Updated October 13, 2016

Prepared for:

Members of the Board of Supervisors,
Magic Reserve Community Development District

Prepared by:

Fishkind & Associates, Inc. 12051 Corporate Boulevard
Orlando, Florida 32817

FINAL SUPPLEMENTAL ASSESSMENT METHODOLOGY MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

October 13, 2016

1.0	Introduction

The Magic Reserve Community Development District ("District") adopted its Master Assessment Methodology ("Methodology") at is meeting on June 6, 2016. As anticipated in the Methodology, the District planned to issue bonds in phases to fund its capital improvement plan ("CIP"). The District has sold its Series 2016 Bonds in the amount of $5,160,000 to fund the initial phase of the CIP. This report supplements the Methodology by applying the Methodology to the Series 2016 Bonds.

The 2016 Project and the Series 2016 Bonds

The 2016 Project

The District Engineer has estimated the cost of the 2016 Project in his report of September 26, 2016. The Series 2016 Project has an estimated cost of
$4,251,904. The Series 2016 Project focuses on drainage, roadways, and utility improvements needed to support the development of the 195 townhomes planned for development in Phase 1 of the project.

The Series 2016 Bonds

The District's bond underwriter, FMS, has sold of the Series 2016 Bonds in the amount of $5,160,000 to fund the 2016 Project. Table 1 presents the bond sizing.

Table 1. Bond Sizing for the Series 2016 Bonds

CATEGORY	AMOUNT	
CONSTRUCTION FUND	$4,251,904	
DEBT SERVICE RESERVE FUND	$343,825	
CAPITALIZED INTEREST	$270,321	
COST OF ISSUANCE	$190,750	
UNDERWRITER'S DISCOUNT	$103,200	
ROUNDING

TOTAL	$0
----------
$5,160,000	

The average coupon rate on the Series 2016 Bonds is 5.177%. The construction fund is net funded so that interest earnings will make up the difference between the construction funded by bond proceeds and the Engineer's estimated cost for the Series 2016 Project. The debt service reserve is funded at maximum annual debt service. The cost of issuance pays for the professional fees and costs incurred for the transaction. The underwriter's discount compensates the Underwriter for their efforts in organizing the sale and purchasing the bonds.

3.0	Assessment Methodology

The Methodology allocates bond debt initially on the 30.68 gross acreage of the land benefitting from the Series 2016 Project. Exhibit #2 of the Engineer's Report provides a legal description of the Series 2016 Project areas. When the 30.68 acres of benefitting property is platted and the precise land uses are known, then the assessments on a gross acreage basis are refined to be on a land use basis as platted using the Methodology. The Methodology uses an equivalent residential unit ("ERU") method to allocate debt among land uses. The ERU assignment for a townhome is 1 ERU per unit.

Table 2 presents the allocation of the Series 2016 Bonds to the gross acres in the District. There are 30.68 acres projected to be used for the 195 townhome units when they are platted. The Series 2016 Bonds total
$5,160,000 making the debt per acre allocation of $168,188.

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Table 2. Allocation of the Series 2016 Bonds to Land in the District

CATEGORY	AMOUNTS	
ACRES BENEFITTING FROM THE SERIES 2016 PROJECT	30.68	
SERIES 2016 BONDS	$5,760,430	
DEBT PER BENEFITTING ACRE	$187,758	
ANNUAL DEBT SERVICE ASSESSMENT	$343,743	
ADMINISTRATIVE CHARGES	$27,499	
TOTAL ANNUAL ASSESSMENT	$371,243	

Based on the average coupon rate of 5.177%, the annual debt service payment on the 30.68 acres is $343,743. The administrative charges of 8% reflect the 4% early payment discount allowed for property tax assessments along with a maximum allowance of 4% for collection charges imposed by the property tax assessor and the property tax collector.

The development plan for the phase 1 area envisions the development of 195 townhomes. As noted above, the Methodology allocates 1 ERU per townhome. The allocated amount of Series 2016 Bonds is $26,462 per unit. The annual estimated assessment for debt service is $1,763. Administrative charges total 8% or $141. The total annual estimated assessment for debt service and charges totals $1,904.

Table 4. Allocation of the Series 2016 Bond Debt to the Land Uses Planned for the District

CATEGORY	AMOUNT	
TOWNHOMES	195	
BOND DEBT	$5,160,000	
DEBT PER TOWNHOME	$26,462	
ANNUAL ASSESSMENT FOR DEBT SERVICE PER UNIT	$1,763	
ADMINISTRATIVE CHARGES	$141	
TOTAL ANNUAL ASSESSMENT FOR DEBT SERVICE PER UNIT	$1,904	

Finally, the Ceiling Rate for the true up test would be set at the debt per gross acre of $168,188. As platting occurs, the debt per gross acre on the remaining unplatted property must not exceed the Ceiling Amount. Otherwise a pay down would be required pursuant to the true up test and agreement.

3

MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Consideration of Funding Request #7

Magic Reserve
COMMUNITY	DEVELOPMENT	DISTRICT

Funding Request No. 7		
10/10/2016					
Item No.	Payee	Invoice Billing#	General Fund	Capital
; Projects	
Boyd Civil Engineering
Attend COD Meetings	1345	$38.88

Fishkind & Associates
OM Fee: 9.2016 & Reimbursements	19337	$2,083.79

Osceola News Gazette
Legal advertising 9/10/16	300046800	$68.17
Legal advertising 10/6/16	00029230	$45.88

$2,236.72	$0.00

TOTAL	$2,236.72

Secretary	Chairperson

Please make check payable to:
Magic Reserve COD
Altn: Jennifer Glasgow 12051 Corporate Boulevard
Orlando, FL 32817

IL
NG

6816 Hanging Moss Road  •  Orlando, Florida  32807
407-494-2693  •  www.BoydCivil.com

INVOICE
October 5, 2016	Contract: 0I061.00 I
Invoice:	01345

Mr. Joe Maclaren District Manager Magic Reserve CDD
12051 Corporate Blvd.
Orlando, FL 32817

Email:   jennifgrg@fishkind.com

Re:		Master Agreement for District Engineer Magic Reserve COD
Miscellaneous Hourly Tasks as Requested
Services Performed: August 29, 2016 - October 5, 2016

Professional Hourly Services as Requested:
Date		Description	Hours	Hourly
Rate	Total Fee	
09/07/16	S. Boyd	Bond Team Conference Call	0.5	$ 185.00	$92.50	
09/08/16	S. Boyd	Prepare Supplemental Engineer's Report	4	$ 185.00	$740.00	
09/09/16	S. Boyd	Bond Team Conference Call and Report Revision	2	$ 185.00	$370.00	
09/12/16	
S. Boyd	
Attend CDD meeting	2	$ 185.06	$370.00	
09/23/16	S. Boyd	Changes to Engineers Report	2	$ 185.00	$370.00	
09/26/16	S. Boyd	Revisions to Engineers Report	2	$ 185.00	$370,Q0	
Total			12.5	(	$2,312.5C:f	

Reimbursable Expenses:
Date	Description		
Amount	

Mileage: Date	

Description	

Miles	

Rate	Amount	
09/12/16	S. Boyd - Attend CDD meeting	72	0.54	$38.88
/	·,,	

Total Reimbursables.

Total Amount Due:
•EXPERIENCE•	RESPONSIVENESS

$38.88

$2,351.38

Fishkind & Associates, Inc.
12051 Corporate Blvd.
Orlando, FL 32817

FISHKIND

& ASSOCIATES

Magic Reserve COD
c/o Fishkind & Associates, Inc. 12051 Corporate Blvd
Orlando, FL 32817

File: MagicReserveCDD

C,,Lff-n·01 -­
I-:;:r:,()..'\j
9 \	I,

Invoice

9/14/2016

RECEIVED SEP 1 5 2016

Invoice #: j19337

Maqic Reserve COD

Services:	Amount	
District Management Fee: Sept 2016 CUI <
Postage CD/-f)S'f --30:)1)- qa-D\	
),	
j	' ( _);,-,)	2,083.33
0.46	

Please include the invoice number on your remittance and submit to:
.Fishkind & Associates, Inc.
12051 Corporate Blvd.
Orlando, FL 32817
Ph: 407-382-3256
Fax: 407-382-3254

Balance Due	$2,083.79

PitneyBowes

Date Range: Aug 1, 2016 to Aug 31, 2016 Meler Group: All Meters
Meter 1MOO - 4232753 at ORLANDO, FL Meter 1W00 - 1376538 at ORLANDO, FL

Account Summary Report

Llll;;a1il!n	I	Meter Name
ORLANDO, FL	i 1MOO - 4232753 ORLANDO, FL	, lWOO -1376538

Meter Details

Mllw:l I Serial Humhet I ebe tu:wunt Humbet I S1ill.ll£ ! Lilst t:ranSJd:ian
!MOO	4232753	I           24978470	l   Inactive	Apr  30, 2012
lWOO	1376538	24978470	Active	Sep 2, 2016

Magic Reserve

Account Summary
Account	Sub Account	Sub Sub Account	Pieces	Total Charged
1

$0.465

Sub Total l	1
Total	1
Grand Total	1

$0,465
$0,465
$0.465

Legal Invoice

Osceola News Gazetfo
OBA Sun Publical.ions of Florida 108 Church Street
Kissimmee, FL 34741
Phone: 407-846-7600

111

Fax: URL:

407-846-8515
aroundosceola.com

Doris Houck
Fishkind & Associates Inc. 12051 Corporate Blvd.
Orlando, FL 32817

Acct. #:	00027 882
Phone:#:	(407)382-3256
Date:	09/10/2016 · Due Date:	10/27/2016 Invoice #:	300046800
PO#:
Salesperson: ONG08	Ad Taker: ONG08

E·------------·--·---··"·---......--..-------- ·-------·•---·--·-----		----···--·	
Ad #	Publication  _	Start	Stop	Descripti n	Amount)

00027119	4021 Sat. Osceola News	09/10/2016	09/10/2016	Fishkind*Magic Reserve
ONG Legal Proof

65.17
3.00

Ch(trtO
r1!

Rttt\\Jt.0 st.?\ 1	10\G

Dt. 
-- os r - oocv-Lt g- o I

 	
L	Please return - !y with payment	Tott-tl Due
------------------- ---------·-------------

- 8:17J
12

Legat Invoice

Osceola News Gazette
OBA Sun Publications of Florida 108 Church Street
Kissimmee, FL 34741
Phone: 407-846-7600

Fax:	407-846-8515
URL:	aroundosceola.com

Jennifer Glasgow		00031444		
Magic Reserve COD	Phone:	(407)382-3256		
12051 Corporate Blvd.	Date:	10/03/2016		
Orlando, FL 32817	Ad#:	00029230		
	Salesperson:	ONG08	Ad Taker:	ONG08	

/'	"'\ /'

Acct#:	'

\. 	)\.. 	.)

Class: Sort Line:

NG0093
Magic Reserve CDD*10/17/16

Ad Notes:	RECEIVED OCT O 3 2016

Description	Start	Stop	Ins.	CosUDay	Amount

ONLP ONG Legal Proof
4020 Thurs. Osceola News Gazette	10/06/2016	10/06/2016	1	42.88

3.00
42.88

CJ m2_,
'.\· :::() \''1
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ool	i  ·· '.'.Jfi:U ·,14 ':?.·· 1:·i\

Ad Text:
MAGIC RESERVE
Community Development District Notice of Meeting
The Board of Supervisors for the Magic Reserve Community Development District will hold its meeting at 10:00 a.m. on Monday, October 17, 2016 at the Historic Courthouse, 3 Courthouse Square, Conference Room 204, Kissimmee, Florida 34741. The meeting is open to the public and will be conducted in accordance with the provisions of Florida Law for Community Development Districts. A copy of the agenda for the meeting may be obtained from the District

Payment Reference:
Total:	45.88
Tax:	0.00
Net:	45.88
Prepaid:	0.00
(	Total Due	45.88)

MAGIC RESERVE COMMUNITY DEVELOPMENT DISTRICT

Review of District's Financial Position And Budget to Actual Year to Date

Magic Reserve CDD Statement of Financial Position As of 9/30/2016

General Fund	Capital Projects Fund

Total

Assets

Current Assets
General Checking Account	$2,644.36	$0.00	$2,644.36
Total Current Assets	$2,644.36	$0.00	$2,644.36

Total Assets	$2,644.36	$0.00	$2,644.36

Liabilities and Net Assets

Current Liabilities		
Accounts Payable	$11,663.64	$1,148.88	$12,812.52	
Total Current Liabilities	$11,663.64	$1,148.88	$12,812.52	

Total Liabilities	$11,663.64	$1,148.88	$12,812.52

Net Assets

Net Assets - General Government	($9,019.28)		($1,148.88)		($10,168.16)	
Total Net Assets	($9,019.28)		($1,148.88)		($10,168.16)	
						
Total Liabilities and Net Assets	$2,644.36		$0.00		$2,644.36	

Magic Reserve COD Statement of Activities (YTD) As of 9/30/2016

Revenues

General Fund		Capital Proiects

Total

Developer Contributions	$13,324.25		$0.00	$13,324.25	
Total Revenues	$13,324.25		$0.00	$13,324.25	

Expenses

Management	$12,499.98		$12,499.98	
Engineering	$1,001.95		$1,001.95	
District Counsel	$5,387.80		$5,387.80	
Telephone	$1.44		$1.44	
Postage & Shipping	$32.86		$32.86	
Printing & Binding	$290.70		$290.70	
Legal Advertising	$1,325.95		$1,325.95	
Office Supplies	$22.85		$22.85	
Insurance	$1,780.00		$1,780.00	
Engineering		$1,148.88	$1,148.88	
Total Expenses	$22,343.53		$1,148.88		$23,492.41	

Other Revenues (Expenses) & Gains (Losses)

Total Other Revenues (Expenses) & Gains (Losses)	$0.00		$0.00		$0.00	

Change In Net Assets	
($9,019.28)		
($1,148.88)		
($10,168.16)	

Net Assets At Beginning Of Year	
$0.00		
$0.00		
$0.00	

Net Assets At End Of Year	

($9,019.28)		

($1,148.88)		

($10,168.16)	

Magic Reserve CDD
Budget to Actual
For the period of 10/1/2015 Through 9/30/2016

	Year To Date		FY 2016	
Actual	Budget	Variance	Adopted
Budget	

Revenues

Developer Contributions	$13,324.25	$42,475.00	$(29,150.75)	$42,475.00	
Net Revenues	$13,324.25	$42,475.00	$(29,150.75)	$42,475.00	

General & Administrative Ex11enses					
Management	$12,499.98	$13,542.00	$(1,042.02)	$13,542.00	
Engineering	1,001.95	5,417.00	(4,415.05)	5,417.00	
District Counsel	5,387.80	13,542.00	(8,154.20)	13,542.00	
Telephone	1.44	542.00	(540.56)	542.00	
Postage & Shipping	32.86	163.00	(130.14)	163.00	
Copies	290.70	271.00	19.70	271.00	
Legal Advertising	1,325.95	2,708.00	(1,382.05)	2,708.00	
Bank Fees	0.00	135.00	(135.00)	135.00	
Office Supplies	22.85	0.00	22.85	0.00	
Miscellaneous	0.00	812.00	(812.00)	812.00	
Website	0.00	2,500.00	(2,500.00)	2,500.00	
Dues, Licenses, and Fees	0.00	135.00	(135.00)	135.00	
General Insurance	1,780.00	2,708.00	(928.00)	2,708.00	
Total General & Administrative Expenses	$22,343.53	$42,475.00	$(20,131.47)	$42,475.00	

Total Expenses	$22,343.53	$42,475.00	$(20,131.47)

Net Income (Loss)	$(9,019.28)	$0.00	$(9,019.28)	$0.00