MINUTES OF MEETING KEPLER ROAD
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Kepler Road Community Development District was held Wednesday, April 14, 2025 at 11:01 a.m. at the Gateway Center for the Arts, 880 Highway 17, DeBary, Florida.

Present and constituting a quorum:
Tony Iorio	Chairman
Doug Beasley	Vice Chairman
Rocky Owen	Assistant Secretary
Tom Franklin	Assistant Secretary
Jason Lonas by phone	Assistant Secretary Also present were:
George Flint	District Manager, GMS
Michelle Rigoni by phone	District Counsel
Sean Fortier by phone	District Engineer, Kelly, Collins & Gentry, Inc.
Sara Zare by phone	MBS

FIRST ORDER OF BUSINESS	Roll Call
Mr. Iorio called the meeting to order at 11:01 a.m. and called roll. Four Board members were present constituting a quorum. Mr. Lonas joined by phone.

SECOND ORDER OF BUSINESS	Public Comment Period
Mr. Flint stated only Board members and staff were present.

THIRD ORDER OF BUSINESS	Approval of the Minutes of the December
18, 2024 Audit Committee and Board of Supervisors Meetings
Mr. Flint presented the minutes from the December 18, 2024, Audit Committee meeting and Board of Supervisors meeting and asked for any comments or corrections. Mr. Beasley stated he had no comments and made a motion to approve the minutes as presented.

On MOTION by Mr. Beasley, seconded by Mr. Owen, with all in favor, the Minutes from the December 18, 2024, Audit Committee meeting and Board of Supervisors Meetings, were approved.

FOURTH ORDER OF BUSINESS	Consideration	of	Resolution	2025-03
Approving the Fiscal Year 2026 Proposed Budget and Setting a Public Hearing to Adopt
Mr. Flint stated Resolution 2025-03 approves a proposed FY2026 budget and sets the public hearing for its final consideration. The adoption process for the CDD budget is a two-step process. The first step is approval of the proposed budget and setting the public hearing for its final adoption. The proposed budget is the start of the budget process. It is not binding on the Board. He recommended July 14, 2025 at 11:00 a.m. at this location for the public hearing. Attached to the resolution as exhibit A is the proposed budget. It includes admin and maintenance assessments on Phase 1, and admin only on the remaining phases and then a developer contribution to balance the budget. The administrative expenses have been streamlined to account for only two of the five Board members being compensated for an estimated four meetings a year. Estimates have been made of what they believe the operating expenses will be in the initial year.
Mr. Flint stated that today the Board is just approving a proposed budget and then at the final public hearing changes can be made to this budget. The proposed assessments can be reduced but they wouldn’t be able to go higher. There will be a mailed notice to all landowners within the District at least 30 days before the public hearing. Ms. Rigoni noted on the revenue stream; the proposed budget, as in the current year, the contribution deficit funding mechanism is based on the assumption that the landowners will agree to pay those contributions as they become necessary which will allow the District to levy O&M assessments on the platted lots at the anticipated amount per unit provided in the budget. They will have a discussion with the remaining phase landowners to confirm whether they would be willing to make a contribution otherwise they may have to come back at the May meeting to increase the assessment level in order to fully fund the budget.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, Resolution 2025-03 Approving the Fiscal Year 2026 Proposed Budget and Setting a Public Hearing on July 14, 2025 at 11:00 a.m. to Adopt, was approved.

FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2025-04
Declaring Special Assessments to Fund the Fiscal Year 2026 Budget
Mr. Flint stated because these are first time O&M assessments Resolution 2025-04 declares special assessments to fund the FY2026 budget. Ms. Rigoni noted when they are levying O&M assessments for the first time, they typically declare the assessment levy per statutory requirement.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, Resolution 2025-04 Declaring Special Assessments to Fund the Fiscal Year 2026 Budget, was approved.

SIXTH ORDER OF BUSINESS	Consideration	of	Resolution	2025-05
Ratifying Sale of Series 2024 Bonds
Ms. Rigoni noted this is a typical resolution that is adopted after a District has issued the bonds. As you recall back in December of last year, we closed on the Series 2024 bonds. The recitals summarize actions taken to close on such bonds. It recites all the closing documents that were approved and adopted all executed and recorded and then it goes to ratifying the actions of the Board members as well as certain District officers and staff in finalizing the closing and issuance of the bonds to the extent that any cost of issuance has not yet been distributed and the Trustee go ahead and distribute the same under the cost of issuance. Otherwise per the terms of the Supplemental Trust Indenture, the remainder of those funds would go into the acquisition of construction fund after a certain date per the Indenture terms.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, Resolution 2025-05 Ratifying Sale of Series 2024 Bonds, was approved.

SEVENTH ORDER OF BUSINESS	Ratification	of	Phase	1	Acquisition
Package
Ms. Rigoni noted with the Series 2024 bond issuance they did complete a certain Phase 1 improvement acquisition back in December and the funds have already been distributed to the appropriate parties. She had previously gotten authorization from the Board to commence this acquisition process. She typically likes to bring the completed package for the Boards final review and ratification. All acquisitions were completed within the parameters approved by the Board.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, the Phase 1 Acquisition Package, was ratified.

EIGHTH ORDER OF BUSINESS	Staff Reports
Attorney
Stormwater Ratification Bill and O&M Requirements Memo
Ms. Rigoni noted this is informational for the changes to the new reporting requirements as related to the Districts operations and maintenance of the stormwater management facility. She offered to take any questions.

Engineer
Mr. Fortier had nothing to report. He noted they received the COC. Ms. Rigoni asked for a copy of the COC.

District Manager’s Report
Balance Sheet & Income Statement
Mr. Flint presented the unaudited financials through the end of February. There is no action required by the Board. He offered to take any questions regarding the financials. They are still operating under a developer funding agreement.

Ratification of Funding Requests No. 16-20
Mr. Flint noted funding requests 16-20 were transmitted to the developer under the Developer Funding Agreement.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, Funding Requests No. 16-20, were ratified.

NINTH ORDER OF BUSINESS	Other Business
Mr. Flint asked if there was anything not on the agenda that the Board wanted to discuss. Mr. Iorio noted the big thing was the COC, to recognize that. The plat has been approved and there were some CC&R things that had to be ratified by the attorney from the land which he understands from conversation with their attorney has been completed. Hopefully with that, the document

should have that recorded and they will be able to actually record the plat itself hopefully by the end of the week. He noted for the bond holders; the project looks great.

TENTH ORDER OF BUSINESS	Supervisors Requests
There being no comments, the next item followed.

ELEVENTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Franklin seconded by Mr. Owen with all in favor, the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman