Kepler Road
Community Development District Agenda
August 10, 2026

Agenda

Kepler Road Community Development District
219 E. Livingston Street, Orlando, FL 32801 Phone: 407-841-5524 – Fax: 407-839-1526

August 3, 2026
Board of Supervisors Kepler Road
Community Development District Dear Board Members:
The special meeting of the Board of Supervisors of the Kepler Road Community Development District will be held Monday, August 10, 2026, at 11:00 AM the Gateway Center of the Arts, 880 Hwy 17, DeBary, FL 32713. Following is the advance agenda for the regular meeting:

Board of Supervisors Meeting

Roll Call
Public Comment Period
Approval of Minutes of the June 8, 2026, Board of Supervisors Meeting
Public Hearing:
Consideration of Resolution 2026-04 Adopting the Fiscal Year 2027 Approved Budget and Appropriating Funds
Consideration of Resolution 2026-05 Imposing Fiscal Year 2027 Special Assessments and Certifying Assessment Roll
Consideration of Fiscal Year 2027 Budget Funding Agreement
Financing Matters for Series 2026 Bonds
Consideration of the Supplemental Engineer’s Report
Consideration of Second Supplemental Assessment Methodology Report
Consideration of Resolution 2026-06 Bond Delegation Resolution
Exhibit A: Form of Bond Purchase Agreement
Exhibit B: Form of Master Indenture and Supplemental Indenture
Exhibit C: Form of Preliminary Limited Offering Memorandum
Exhibit D: Form of Continuing Disclosure Agreement
Exhibit E: Form of Supplemental Engineer’s Report
Exhibit F: Form of Second Supplemental Assessment Methodology
Consideration of Supplement to Investment Banking Agreement, Series 2026
Consideration of Resolution 2026-07 Setting Public Hearing to Amend District’s

Rules of Procedure
Presentation of Fiscal Year 2025 Financial Audit Report
Consideration of Fiscal Year 2026 Financial Audit Engagement Letter
Staff Reports
Attorney
Engineer
District Manager’s Report
Approval of Check Register
Balance Sheet & Income Statement
Approval of Fiscal Year 2027 Meeting Schedule
District Goals & Objectives
Adoption of the Fiscal Year 2027 Goals & Objectives
Review of Approved Fiscal Year 2026 Goals & Objectives Authorizing Chair to Execute Final Form
Field Manager
Consideration of Blade Runners Landscape Proposals
Sabal Palm Replacement
Plants Along Walking Trail Beds
Rear Entrance Plant Replacement
Ratification of Agreement for Pet Waste Removal Services
Other Business
Supervisors Requests
Adjournment

Minutes

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 Monday, June 8, 2026 at 11:00 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
Jason Lonas by phone	Assistant Secretary
Rocky Owen	Assistant Secretary
Tom Franklin	Assistant Secretary Also present were:
George Flint	District Manager, GMS
Michelle Rigoni by phone	District Counsel
Rob Szozda	Field Manager

FIRST ORDER OF BUSINESS	Roll Call
Mr. Iorio called the meeting to order at 11:00 a.m. and called roll. Four Board members were present constituting a quorum and one Board member joined by phone.

SECOND ORDER OF BUSINESS	Public Comment Period
Mr. Flint stated there were no members of the public present for the meeting.

THIRD ORDER OF BUSINESS	Approval of the Minutes of the August 26,
2025 Board of Supervisors Meeting
Mr. Flint presented the minutes from the August 26, 2025, Board of Supervisors meeting and asked for any comments or corrections.

On MOTION by Mr. Franklin, seconded by Mr. Beasley, with all in favor, the Minutes of the August 26, 2025 Board of Supervisors Meeting, were approved.

FOURTH ORDER OF BUSINESS	Consideration of Acquisition Items:
Acquisition of Remaining Phase 1 Master Improvements
Acquisition of Phase 2 Master Improvements
Mr. Flint presented the acquisition items. Ms. Rigoni reviewed the acquisition items. First is the acquisition of remaining phase one master improvements. She explained that at the time they issued a Phase One and Two bonds they acquired, which are largely the stormwater and related improvements. She noted that it was their understanding that the partial developers completed the remainder of the master improvements in Phase One at this time. She stated they would just be looking to gain authorization for acquisition of the remaining Phase One master improvements at no cost to the District since there is no more bond funds left and similarly Phase Two as well. She further explained that they have also completed or are near completion of the Phase Two master improvements as well. The improvements will include things like stormwater improvements, the conservation mitigation areas, trails and other common areas and related recreational facilities, as well as landscape, hardscape and irrigation improvements. She again stated that this was part of the initial bond issuance, but there are no more bond funds left at this time. It would be acquisition of those master improvements at no cost to the District.

On MOTION by Mr. Beasley, seconded by Mr. Owen, with all in favor, Authorization to Acquire Remaining Phase 1 Master Improvements and Phase 2 Master Improvements, was approved.

Consideration of Acquisition Agreement for Series 2026 Project
Ms. Rigoni stated this acquisition agreement is for Phases 3 and 4. She noted they are recommending this item to be approved in substantial form. She explained that it is sustainably similar to the acquisition agreement they saw for Phases 1 and 2, except that this one jointly lists master developer and Risewell. She also stated that depending on the feedback they will get from both the master developer and Risewell, the partial developer, and the structure of the intended financing, this may get separated out or master developer dropped. It just depends on the development context that they don’t yet have details for. She stated in order to move forward with the acquisition of Phase 3 master improvements, which is the next business item on the agenda,

they need to approve in substantial form this acquisition agreement, which will get finalized and signed prior to completion of the acquisition.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, the Acquisition Agreement for the Series 2026 Project in Substantial Form and Authorizing the Chair to Sign the Final Form, was approved in substantial form.

Acquisition of Phase 3 Master Improvements
Ms. Rigoni stated they are looking to finance the next phase of the development, Phases 3 and 4. She explained that in the near future, they will be bringing back the various financing items. In the meantime, she stated they have received a request to go ahead and begin the acquisition process for Phase 3 master improvements, which are nearing completion. She further explained that upon completion, they will be acquiring improvements such as master water utilities, stormwater system, undergrounding of electrical conservation, mitigation areas on and off site roadways, trails and common areas, including recreational facilities and landscaping, hardscaping and irrigation improvements. She pointed out that they may not end up acquiring all off those all at once. She stated it will depend on the completion status as well as the bond sizing. She added that at the same time, she would like to recommend acquisition with the scope of all of the potential improvements pursuant to the master engineer’s report with a not to exceed amount of $7,000,000. She explained that this has been rounded up from the total Phase 3 estimated cost as presented in the master engineer’s report that the Board previously approved.

On MOTION by Mr. Owen, seconded by Mr. Franklin, with all in favor, the Acquisition of Phase 3 Master Improvements, was approved.

FIFTH ORDER OF BUSINESS	Consideration of Maintenance Map
Mr. Flint presented the maintenance map. He explained that they have been working with Michelle and the District engineer and the HOA to make sure they got a comprehensive map that indicates the areas to be maintained by the HOA and CDD.

SIXTH ORDER OF BUSINESS	Consideration of Cost Share Agreement
with HOA
Mr. Flint presented the cost share agreement with HOA for Board consideration. He requested this item be approved in substantial form.

On MOTION by Mr. Franklin, seconded by Mr. Beasley, with all in favor, the Cost Share Agreement with HOA, was approved in substantial form.

SEVENTH ORDER OF BUSINESS	Consideration	of	Resolution	2026-01
Approving the Fiscal Year 2027 Proposed Budget and Setting a Public Hearing to Adopt
Mr. Flint presented Resolution 2026-01. He stated they are recommending August 10, 2026 for the public hearing, which is the regular August meeting. He noted the proposed budget is attached as Exhibit A, which has been reviewed by the Chair and by Hanover. The budget includes a proposed increase. For a 50 foot lot, it’s $25. From there, it’s scaled up and down based on the ERU factors. He explained that the reason the townhomes appear to have a significant increase is because it’s changing from an admin only assessment to the current assessment, the proposed assessment would be $145. He pointed out that a 50 foot lot is proposed to go from $532 to $558, the 60 foot lot goes up from $638.30 to $670 and then the townhomes will go from $145 to $357. The $145 was an admin only assessment, so they will footnote that just to point it out, but it’s less than $25 on a ERU factor. He reminded the Board that they are not approving the final budget today, that will be done at the August meeting. He stated there will be a mailed notice that will go out based on this proposed increase.

On MOTION by Mr. Iorio, seconded by Mr. Owen, with all in favor, Resolution 2026-01 Approving the Fiscal Year 2027 Proposed Budget and Setting a Public Hearing to Adopt on August 10, 2026, was approved.

EIGHTH ORDER OF BUSINESS	Consideration	of	Resolution	2026-02
Setting Date, Time and Location of Landowners’ Election and Meeting
Mr. Flint presented Resolution 2026-02. He stated they have a landowner meeting that is required this November. He explained that this landowner election needs to be on the first Tuesday of November, which is November 3, 2026. The resolution shows that Seats #3, #4, and #5 are the three seats that up for election, which are Mr. Lonas’, Mr. Owen’s, and Mr. Franklin’s seats. He explained that the two seats that receive the most votes will serve a four-year term and the third seat will serve a two-year term. Then, in two years, three seats will be up again. He pointed out that the form of the ad that will be run in the newspaper as well as the official ballot instructions and proxy is attached.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, Resolution 2026-02 Setting Date, Time and Location of Landowners’ Election and Meeting on November 3, 2026, was approved.

NINTH ORDER OF BUSINESS	Consideration	of	Resolution	2026-03
Updating Registered Agent
Mr. Flint presented Resolution 2026-03. He stated this resolution is changing the registered agent to Michelle Rigoni from Sarah Sandy.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, Resolution 2026-03 Updating Registered Agent, was approved.

TENTH ORDER OF BUSINESS	Presentation  of  Series  2024  Arbitrage
Rebate Report
Mr. Flint presented the Series 2024 Arbitrage Rebate Report. He noted this is an IRS requirement. He explained that they demonstrate that they are not earning more interest than they are paying. He reminded the Board that they hired AMTEC to perform this calculation annually. He pointed out that they have a negative net rebateable arbitrage of $7,037, so there is no arbitrage issue.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, Accepting the Series 2024 Arbitrage Rebate Report, was approved.

ELEVENTH ORDER OF BUSINESS	Ratification of Agreement for Collection of
Non-Ad	Valorem	Assessments	with Volusia County Property Appraiser
Mr. Flint stated this item is a statutory requirement and it is the same form that the Board has seen previously. He noted that this agreement has been reviewed by counsel.

On MOTION by Mr. Beasley, seconded by Mr. Franklin, with all in favor, the Agreement for Collection of Non-Ad Valorem Assessments with Volusia County Property Appraiser, was ratified.

TWELFTH ORDER OF BUSINESS	Consideration	of	Form	of	Letter
Agreement Authorizing Private Fence Connection to District Fence
Ms. Rigoni stated a while back they received a request from a homeowner wanting to extend their private fence out to a retaining fence essentially that is intended to be owned by the District at some point, but it is currently developer owned. She explained that this will be part of the acquisition package that they approve for Phases 1 and 2. She noted that this letter agreement is memorializing the approval in the form that the county requested, as well as working in some of the protections that the District will need in order to be ensured that the District will not become responsible for any ongoing maintenance or repair to the private fence that the homeowners will be maintaining, as well as specifically providing that if there is any reason for the fence to be removed, then upon notice from the District, that it will be removed at the homeowners expense. She noted this agreement memorializes each party’s responsibilities as far as the private fence. She added that this is being approved ahead of the District actually acquiring the subject, so this will be held until the acquisition is complete, at which point, the District could provide that consent.

On MOTION by Mr. Owen, seconded by Mr. Beasley, with all in favor, the Form of Letter Agreement Authorizing Private Fence Connection to District Fence, was approved.

THIRTEENTH ORDER OF BUSINESS	Ratification of Recorded Disclosure of
Public Financing Report – Added
Mr. Flint stated the District’s required to make certain disclosures per statute. He explained that this notice of disclosure of public financing addresses the disclosure obligations when the District issues debt. He noted that this was prepared and recorded and they are just looking for the Board to ratify.

On MOTION by Mr. Beasley, seconded by Mr. Franklin, with all in favor, the Recorded Disclosure of Public Financing Report, was ratified.

FOURTEENTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Rigoni provided a quick preview for the Board regarding the upcoming bond issue for Phases 3 and 4. She noted that according to the underwriter, the tentative financing timeline is by mid-July the consultants will start to prepare and distribute the draft reports and financing documents. She added that by the August 10, 2026 Board meeting, the plan is to approve the supplementary engineer report as well as the methodology report and approve the delegated award resolution to start the financing process. She explained that subsequent to that, the underwriter plans to post offering document mid-August and late August with the goal to finalize all necessary documents and close on bonds by mid-September.

Engineer
There being no engineer report, the next item followed.

District Manager’s Report
Approval of Check Registers Oct – May
Mr. Flint presented the check register from October 2025 to May 2026. He noted there are three check registers: October 1, 2025 through April 4, 2026, April 5 through April 25, 2026, and April 26 through May 23, 2026. He explained that there is a summary for each one and the detailed registers are behind those.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, the Check Register October 2025 through May 2026, was approved.

Balance Sheet & Income Statement
Mr. Flint presented the unaudited financials. There is no action required by the Board.

Ratification of Series 2024 Funding Request No. 4
Mr. Flint noted Funding Request No. 4 was submitted under the developers funding agreement. He stated this is to pay Kutak Rock for $712.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, the Series 2024 Funding Request No. 4, was ratified.

Presentation of Registered Voters – 17
Mr. Flint noted each year the District is required to announce the number of registered voters. As of April 15th, Kepler Road had 17 registered voters.

Field Manager’s Report
Blade Runners Landscaping Proposals
Consideration of Revised Phase 1 Landscape Services Proposal with Scope of Services
Mr. Szozda presented a revised Phase 1 proposal from Blade Runners with scope of services.

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in favor, the Revised Phase 1 Landscape Services Proposal with Scope of Services from Blade Runners, was approved.

Consideration of Extra Mulch and Pine Straw
Mr. Szozda presented this item to the Board. He recommended that this item be tabled for now to let the rain get through and then revisit it.

Ratification of Conservation Pole for Signs
Mr. Szozda stated they had to replace one sign that was broken and they buried a couple of others. He also pointed out that a handful of signs were laying on the sides. He noted this work has been done and was $167 worth of fixing various conservation area signs. He stated they are looking for this item to be ratified.

On MOTION by Mr. Iorio, seconded by Mr. Beasley, with all in favor, the Conservation Pole for Signs, was ratified.

Ratification of Dead Tree (2) Removal
Mr. Szozda noted they removed two dead trees, and they are looking for a motion to ratify.

On MOTION by Mr. Beasley, seconded by Mr. Franklin, with all in favor, Dead Tree (2) Removal, was ratified.

Consideration of Proposal for Dog Station Installation
Mr. Szozda presented a proposal for dog station installation.

On MOTION by Mr. Iorio, seconded by Mr. Franklin, with all in favor, a Proposal for Dog Station Installation, was approved.

Mr. Szozda noted the stormwater ponds are low. He pointed out that one pond is three quarters dry and there are weeds going up. He stated Applied Aquatics is still spraying, even the weeds as they come up for the dry spots. He also noted that the refreshed the mulch and pine straw. He noted the Phase One irrigation controllers are now up and functioning. He noted one zone that is not working because apparently the wires were cut bringing in Phase Two, so they will fix that. He discussed the power meters. He noted three trees that are leaning, which he will get pricing for. He noted a tree got ran over and is leaning as well. He also pointed out that there is a depression near one of the storm drains and he is going to have Scott look at it. He concluded his report.

FIFTEENTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

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

SEVENTEENTH ORDER OF BUSINESS	Adjournment

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

Secretary/Assistant Secretary	Chairman/Vice Chairman

Section IV

Section A

RESOLUTION 2026-04
[FY 2027 APPROPRIATION RESOLUTION]

THE ANNUAL APPROPRIATION RESOLUTION OF THE KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT (“DISTRICT”) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET(S) FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2026, AND ENDING SEPTEMBER 30, 2027; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, for the fiscal year beginning October 1, 2026, and ending September 30, 2027 (“FY 2027”), the District Manager prepared and submitted to the Board of Supervisors (“Board”) of the Kepler Road Community Development District (“District”) prior to June 15, 2026, proposed budget(s) (“Proposed Budget”) along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Section 190.008(2)(a), Florida Statutes; and

WHEREAS, at least sixty (60) days prior to the adoption of the Proposed Budget, the District filed a copy of the Proposed Budget with the local general-purpose government(s) having jurisdiction over the area included in the District pursuant to the provisions of Section 190.008(2)(b), Florida Statutes; and

WHEREAS, the Board set a public hearing on the Proposed Budget and caused notice of such public hearing to be given by publication pursuant to Section 190.008(2)(a), Florida Statutes; and

WHEREAS, the District Manager posted the Proposed Budget on the District’s website in accordance with Section 189.016, Florida Statutes; and

WHEREAS, Section 190.008(2)(a), Florida Statutes, requires that, prior to October 1st of each year, the Board, by passage of the Annual Appropriation Resolution, shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1.  BUDGET

The Proposed Budget, attached hereto as Exhibit A, as amended by the Board, is hereby adopted in accordance with the provisions of Section 190.008(2)(a), Florida Statutes (“Adopted Budget”), and incorporated herein by reference; provided, however, that the comparative figures contained in the Adopted Budget may be subsequently revised as deemed necessary by the District Manager to reflect actual revenues and expenditures.

The Adopted Budget, as amended, shall be maintained in the office of the District Manager and at the District’s Local Records Office and identified as “The Budget for the Kepler Road Community Development District for the Fiscal Year Ending September 30, 2027.”

The Adopted Budget shall be posted by the District Manager on the District’s official website in accordance with Chapter 189, Florida Statutes, and shall remain on the website for at least two (2) years.

SECTION 2.	APPROPRIATIONS

There is hereby appropriated out of the revenues of the District, for FY 2027, the sum(s) set forth in Exhibit A to be raised by the levy of assessments and/or otherwise, which sum is deemed by the Board to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated as set forth in Exhibit A.

SECTION 3.	BUDGET AMENDMENTS

Pursuant to Section 189.016, Florida Statutes, the District at any time within FY 2027 or within 60 days following the end of the FY 2027 may amend its Adopted Budget for that fiscal year as follows:

A line-item appropriation for expenditures within a fund may be decreased or increased by motion of the Board recorded in the minutes, and approving the expenditure, if the total appropriations of the fund do not increase.

The District Manager or Treasurer may approve an expenditure that would increase or decrease a line-item appropriation for expenditures within a fund if the total appropriations of the fund do not increase and if either (i) the aggregate change in the original appropriation item does not exceed the greater of $15,000 or 15% of the original appropriation, or (ii) such expenditure is authorized by separate disbursement or spending resolution.

Any other budget amendments shall be adopted by resolution and consistent with Florida law. The District Manager or Treasurer must ensure that any amendments to the budget under this paragraph c. are posted on the District’s website in accordance with Chapter 189, Florida Statutes, and remain on the website for at least two (2) years.

SECTION 4. APPROVAL OF PRIOR ACTIONS. The actions of the Chairman, Vice Chairman, Secretary, Treasurer, Assistant Secretaries, and all District Staff in finalizing the Adopted Budget, including preparing the Proposed Budget and setting, noticing, and all other actions required for the public hearing on the Proposed Budget, are hereby ratified, approved, and confirmed in all respects.

SECTION 5.  SEVERABILITY; EFFECTIVE DATE. 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. This Resolution shall take effect immediately upon adoption.

[CONTINUED ON NEXT PAGE]

PASSED AND ADOPTED THIS 	 DAY OF 	, 2026.
ATTEST:	KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary	Chair/Vice Chair, Board of Supervisors
Exhibit A:	FY 2027 Budget

Kepler Road
Community Development District

Proposed Budget
FY2027

Table of Contents

1-2

3-6

7

8-9

General Fund

General Fund Narrative

Series 2024 Debt Service Fund

Series 2024 Amortization Schedule

	Adopted
Budget	Actuals
Thru	Projected
Next	Projected
Thru	Proposed
Budget	
Description	FY2026	6/30/26	3 Months	9/30/26	FY2027	
Revenues						
Assessments - Admin & Maintenance	$	59,000	$	59,268	$	-	$	59,268	$	233,373	
Assessments - Admin Only	$	85,593	$	85,593	$	-	$	85,593	$	16,036	
Developer Contributions	$	104,354	$	73,668	$	12,796	$	86,464	$	127,191	
HOA Cost Share Revenue	$	-	$	-	$	41,789	$	41,789	$	10,000	
Interest	$	-	$	656	$	145	$	801	$	-	
Total Revenues	$	248,947	$	219,185	$	54,731	$	273,916	$	386,600	
Expenditures						
General & Administrative
Supervisor Fees	
$	1,600	
$	400	
$	400	
$	800	
$	1,600	
FICA Expenditures	$	122	$	31	$	31	$	61	$	122	
Engineering	$	10,000	$	5,953	$	2,500	$	8,453	$	10,000	
Attorney	$	15,000	$	12,980	$	2,400	$	15,380	$	15,000	
Annual Audit	$	5,000	$	4,400	$	-	$	4,400	$	6,500	
Assessment Administration	$	5,000	$	5,000	$	-	$	5,000	$	5,000	
Arbitrage	$	450	$	450	$	-	$	450	$	900	
Dissemination	$	5,000	$	3,750	$	1,250	$	5,000	$	6,150	
Trustee Fees	$	4,500	$	3,185	$	1,315	$	4,500	$	9,000	
Management Fees	$	40,000	$	30,000	$	10,000	$	40,000	$	40,000	
Information Technology	$	1,800	$	1,350	$	450	$	1,800	$	1,854	
Website Maintenance	$	1,200	$	900	$	300	$	1,200	$	1,236	
Postage & Delivery	$	750	$	85	$	188	$	272	$	750	
Insurance	$	5,750	$	5,300	$	-	$	5,300	$	6,095	
Printing & Binding	$	600	$	17	$	17	$	35	$	600	
Legal Advertising	$	10,000	$	-	$	2,500	$	2,500	$	5,000	
Other Current Charges	$	3,500	$	710	$	123	$	833	$	1,000	
Office Supplies	$	300	$	1	$	15	$	16	$	100	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	110,747	$	74,686	$	21,489	$	96,174	$	111,082	

	Adopted
Budget	Actuals
Thru	Projected
Next	Projected
Thru	Proposed
Budget	
Description	FY2026	6/30/26	3 Months	9/30/26	FY2027	
Operations and Maintenance						
Field Expenditures						
Property Insurance	$	3,500	$	881	$	-	$	881	$	2,500	
Field Management	$	15,000	$	11,250	$	3,750	$	15,000	$	16,500	
Landscape Maintenance	$	75,000	$	42,985	$	13,827	$	56,812	$	151,132	
Landscape Contingency	$	5,000	$	1,350	$	1,250	$	2,600	$	13,500	
Lake Maintenance	$	11,500	$	2,625	$	1,875	$	4,500	$	14,760	
Electric	$	1,200	$	447	$	300	$	747	$	3,000	
Water & Sewer	$	15,000	$	79,013	$	9,900	$	88,913	$	45,126	
Irrigation Repairs	$	3,500	$	1,402	$	875	$	2,277	$	7,000	
General Repairs & Maintenance	$	5,000	$	2,154	$	3,858	$	6,012	$	15,500	
Contingency	$	3,500	$	-	$	-	$	-	$	6,500	
Total Operations & Maintenance	$	138,200	$	142,106	$	35,635	$	177,741	$	275,518	
						
Total Expenditures	$	248,947	$	216,791	$	57,124	$	273,916	$	386,600	
						
Excess Revenues/(Expenditures)	$	-	$	2,393	$	(2,393)	$	-	$	-	

Product	ERU	Assessable Units	Total ERU's	Net Assessment	Net Per Unit	Gross Per Unit	

Townhome	
0.64	
118	
75.52	
$39,648		
$336.00		
$357.45	
Single Family 50'	1.00	255	255.00	$133,875		$525.00		$558.51	
Single Family 60'	1.20	95	114.00	$59,850		$630.00		$670.21	
Unplatted Units		75		$16,036	N/A		N/A		
Developer Contribution				$127,191	N/A		N/A		
Total ERU's		543	369.00	$376,600					

Product	FY27 Gross Per Unit	FY26 Gross Per Unit	Increase/ (Decrease)	

Townhome	
$357.45	
$145.14	
$212.31	
Single Family 50'	$558.51	$531.91	$26.60	
Single Family 60'	$670.21	$638.30	$31.91	

Revenues:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

Developer Contributions

The District will also enter into a funding agreement with the Developer to fund the General Fund expenditures for the Fiscal Year.

Expenditures:

General & Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed
$4,800 per year paid to each Supervisor for the time devoted to District business and meetings.

FICA Expenditures

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisors checks.

Engineering

The District's engineer provides general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices and various projects as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel provides general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Assessment Administration

The District is contracted with Governmental Management Services – Central Florida, LLC to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District has contracted with AMTEC to annually calculate the District’s Arbitrage Rebate Liability on the Series 2024 bonds.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues. Governmental Management Services – Central Florida, LLC completes these reporting requirements.

Trustee Fees

The District issued the Series 2024 Capital Improvement Revenue Bonds that are deposited with a Trustee at USBank.

Management Fees

The District will receive Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

Information Technology

Represents costs with Governmental Management Services – Central Florida, LLC related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc.

Website Maintenance

Represents the costs with Governmental Management Services – Central Florida, LLC associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

Postage & Delivery

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverages.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes, etc.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, etc. in a newspaper of general circulation.

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Commerce for $175. This is the only expense under this category for the District.

Operations & Maintenance:

Field Expenditures

Property Insurance

Represents insurance that covers the districts property.

Field Management

The District will contract for onsite field management of contracts for the District such as landscape and lake maintenance. Services include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed. The district is currently contracted with Blade Runners Commercial Landscaping Orlando, LLC.

Landscape Contingency

Represents estimated costs related to the replacement of any landscaping needed throughout the fiscal year.

Lake Maintenance

Represents the costs of aquatic management services for the District’s lakes. Services may include monthly inspections and/or treatments needed to maintain control of noxious vegetation growth within the lakes. The district is currently contracted with Applied Aquatic Management, Inc.

Electric

Represents current and estimated electric charges of common areas throughout the District.

Water & Sewer

Represents current and estimated costs for water and refuse services provided for common areas throughout the District.

Irrigation Repairs

Represents the cost of maintaining and repairing the irrigation system.

General Repairs & Maintenance

Represents estimated costs for general repairs and maintenance of the District’s common areas.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any standard category.

Proposed Budget
Series 2024 Debt Service Fund

	Adopted Budget FY2026	Actuals Thru 6/30/26	Projected Next
3 Months	Total Projected 9/30/26	Proposed Budget FY2027	

Revenues						
Assessments	$	342,511	$	343,108	$	-	$	343,108	$	340,115	
Assessments - Prepayments	$	-	$	35,245	$	-	$	35,245	$	-	
Interest	$	4,000	$	8,572	$	2,108	$	10,680	$	4,000	
Carry Forward Surplus	$	141,121	$	144,886	$	-	$	144,886	$	145,523	
Total Revenues	$	487,632	$	531,810	$	2,108	$	533,918	$	489,638	

Expenditures						
Interest - 11/1	$	133,101	$	133,101	$	-	$	133,101	$	130,544	
Interest - 2/1		$	453	$	-	$	453	$	-	
Special Call - 2/1		$	35,000	$	-	$	35,000	$	-	
Principal - 5/1	$	75,000	$	75,000	$	-	$	75,000	$	80,000	
Interest - 5/1	$	133,101	$	132,194	$	-	$	132,194	$	130,544	
Total Expenditures	$	341,201	$	375,748	$	-	$	375,748	$	341,089	

Other Financing Sources/(Uses)
Transfer In/(Out)	

$	-	

$	(12,647)	

$	-	

$	(12,647)	

$	-	
Total Other Financing Sources/(Uses)	$	-	$	(12,647)	$	-	$	(12,647)	$	-	
						
Excess Revenues/(Expenditures)	$	146,431	$	143,415	$	2,108	$	145,523	$	148,549	

Interest - 11/1/27	

$	128,784.38	
Net Assessments	$	340,115	
Collection Cost (6%)	$	21,709	
Gross Assessments	$	361,824	

Property Type	

Platted Units	
Maximum Annual Debt Service	

Net Per Unit	

Gross Per Unit	
Townhome	118	$116,377	$986	$1,049	
Single Family 50'	150	$176,116	$1,174	$1,249	
Single Family 60'	39	$47,622	$1,221	$1,299	
	307	$340,115			

Date		Balance		Prinicpal		Interest		Total	
									
11/01/26	$	5,005,000.00	$	-	$	130,544.38	$	130,544.38	
05/01/27	$	5,005,000.00	$	80,000.00	$	130,544.38			
11/01/27	$	4,925,000.00	$	-	$	128,784.38	$	339,328.75	
05/01/28	$	4,925,000.00	$	80,000.00	$	128,784.38			
11/01/28	$	4,845,000.00	$	-	$	127,024.38	$	335,808.75	
05/01/29	$	4,845,000.00	$	85,000.00	$	127,024.38			
11/01/29	$	4,760,000.00	$	-	$	125,154.38	$	337,178.75	
05/01/30	$	4,760,000.00	$	90,000.00	$	125,154.38			
11/01/30	$	4,670,000.00	$	-	$	123,174.38	$	338,328.75	
05/01/31	$	4,670,000.00	$	95,000.00	$	123,174.38			
11/01/31	$	4,575,000.00	$	-	$	121,084.38	$	339,258.75	
05/01/32	$	4,575,000.00	$	100,000.00	$	121,084.38			
11/01/32	$	4,475,000.00	$	-	$	118,521.88	$	339,606.25	
05/01/33	$	4,475,000.00	$	105,000.00	$	118,521.88			
11/01/33	$	4,370,000.00	$	-	$	115,831.25	$	339,353.13	
05/01/34	$	4,370,000.00	$	110,000.00	$	115,831.25			
11/01/34	$	4,260,000.00	$	-	$	113,012.50	$	338,843.75	
05/01/35	$	4,260,000.00	$	115,000.00	$	113,012.50			
11/01/35	$	4,145,000.00	$	-	$	110,065.63	$	338,078.13	
05/01/36	$	4,145,000.00	$	120,000.00	$	110,065.63			
11/01/36	$	4,025,000.00	$	-	$	106,990.63	$	337,056.25	
05/01/37	$	4,025,000.00	$	125,000.00	$	106,990.63			
11/01/37	$	3,900,000.00	$	-	$	103,787.50	$	335,778.13	
05/01/38	$	3,900,000.00	$	135,000.00	$	103,787.50			
11/01/38	$	3,765,000.00	$	-	$	100,328.13	$	339,115.63	
05/01/39	$	3,765,000.00	$	140,000.00	$	100,328.13			
11/01/39	$	3,625,000.00	$	-	$	96,740.63	$	337,068.75	
05/01/40	$	3,625,000.00	$	150,000.00	$	96,740.63			
11/01/40	$	3,475,000.00	$	-	$	92,896.88	$	339,637.50	
05/01/41	$	3,475,000.00	$	155,000.00	$	92,896.88			
11/01/41	$	3,320,000.00	$	-	$	88,925.00	$	336,821.88	
05/01/42	$	3,320,000.00	$	165,000.00	$	88,925.00			
11/01/42	$	3,155,000.00	$	-	$	84,696.88	$	338,621.88	
05/01/43	$	3,155,000.00	$	175,000.00	$	84,696.88			
11/01/43	$	2,980,000.00	$	-	$	80,212.50	$	339,909.38	
05/01/44	$	2,980,000.00	$	180,000.00	$	80,212.50			
11/01/44	$	2,800,000.00	$	-	$	75,600.00	$	335,812.50	
05/01/45	$	2,800,000.00	$	190,000.00	$	75,600.00			
11/01/45	$	2,610,000.00	$	-	$	70,470.00	$	336,070.00	
05/01/46	$	2,610,000.00	$	200,000.00	$	70,470.00			
11/01/46	$	2,410,000.00	$	-	$	65,070.00	$	335,540.00	
05/01/47	$	2,410,000.00	$	215,000.00	$	65,070.00			
11/01/47	$	2,195,000.00	$	-	$	59,265.00	$	339,335.00	
05/01/48	$	2,195,000.00	$	225,000.00	$	59,265.00			
11/01/48	$	1,970,000.00	$	-	$	53,190.00	$	337,455.00	
05/01/49	$	1,970,000.00	$	240,000.00	$	53,190.00			
11/01/49	$	1,730,000.00	$	-	$	46,710.00	$	339,900.00	
05/01/50	$	1,730,000.00	$	250,000.00	$	46,710.00			
11/01/50	$	1,480,000.00	$	-	$	39,960.00	$	336,670.00	
05/01/51	$	1,480,000.00	$	265,000.00	$	39,960.00			

Date		Balance		Prinicpal		Interest		Total	

11/01/51	
$	
1,215,000.00	
$	
-	
$	
32,805.00	
$	
337,765.00	
05/01/52	$	1,215,000.00	$	280,000.00	$	32,805.00			
11/01/52	$	935,000.00	$	-	$	25,245.00	$	338,050.00	
05/01/53	$	935,000.00	$	295,000.00	$	25,245.00	$	-	
11/01/53	$	640,000.00	$	-	$	17,280.00	$	337,525.00	
05/01/54	$	640,000.00	$	310,000.00	$	17,280.00	$	-	
11/01/54	$	330,000.00	$	-	$	8,910.00	$	336,190.00	
05/01/55	$	330,000.00	$	330,000.00	$	8,910.00	$	338,910.00	
			$	5,005,000.00	$	4,924,561.25	$	9,929,561.25	

Section B

RESOLUTION 2026-05
[FY 2027 ASSESSMENT RESOLUTION]

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT PROVIDING FOR FUNDING FOR THE FY 2027 ADOPTED BUDGET(S); PROVIDING FOR THE COLLECTION AND ENFORCEMENT OF SPECIAL ASSESSMENTS, INCLUDING BUT NOT LIMITED TO PENALTIES AND INTEREST THEREON; CERTIFYING AN ASSESSMENT ROLL; PROVIDING FOR AMENDMENTS TO THE ASSESSMENT ROLL; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Kepler Road Community Development District (“District”) is a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, for the purpose of providing, operating and maintaining infrastructure improvements, facilities and services to the lands within the District, located in Volusia County, Florida (“County”); and

WHEREAS, the District has constructed or acquired various infrastructure improvements and provides certain services in accordance with the District’s adopted capital improvement plan and Chapter 190, Florida Statutes; and

WHEREAS, for the fiscal year beginning October 1, 2026, and ending September 30, 2027 (“FY 2027”), the Board of Supervisors (“Board”) of the District has determined to undertake various operations and maintenance and other activities described in the District’s budget (“Adopted Budget”), attached hereto as Exhibit A; and

WHEREAS, pursuant to Chapter 190, Florida Statutes, the District may fund the Adopted Budget through the levy and imposition of special assessments on benefitted lands within the District and, regardless of the imposition method utilized by the District, under Florida law the District may collect such assessments by direct bill, tax roll, or in accordance with other collection measures provided by law; and

WHEREAS, in order to fund the District’s Adopted Budget, the District’s Board now desires to adopt this Resolution setting forth the means by which the District intends to fund its Adopted Budget.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT:

FUNDING. The District’s Board hereby authorizes the funding mechanisms for the Adopted Budget as provided further herein and as indicated in the Adopted Budget attached hereto as Exhibit A and the assessment roll attached hereto as Exhibit B (“Assessment Roll”).

OPERATIONS AND MAINTENANCE ASSESSMENTS.

Benefit Findings. The provision of the services, facilities, and operations as described in Exhibit A confers a special and peculiar benefit to the lands within the District, which benefit exceeds or equals the cost of the assessments. The allocation of the assessments to the specially benefitted lands is shown in Exhibit A and Exhibit B and is hereby found to be fair and reasonable.

O&M Assessment Imposition. Pursuant to Chapter 190, Florida Statutes, a special assessment for operations and maintenance (“O&M Assessment(s)”) is hereby levied and imposed on benefitted lands within the District and in accordance with Exhibit A and Exhibit B. The lien of the O&M Assessments imposed and levied by this Resolution shall be effective upon passage of this Resolution.

Maximum Rate. Pursuant to Section 197.3632(4), Florida Statutes, the lien amount shall serve as the “maximum rate” authorized by law for operation and maintenance assessments.

DEBT SERVICE SPECIAL ASSESSMENTS. The District’s Board hereby certifies for collection the FY 2027 installment of the District’s previously levied debt service special assessments (“Debt Assessments,” and together with the O&M Assessments, the “Assessments”) in accordance with this Resolution and as further set forth in Exhibit A and Exhibit B, and hereby directs District staff to affect the collection of the same.

COLLECTION AND ENFORCEMENT; PENALTIES; INTEREST. Pursuant to Chapter 190,
Florida Statutes, the District is authorized to collect and enforce the Assessments as set forth below.

Tax Roll Assessments. To the extent indicated in Exhibit A and Exhibit B, those certain O&M Assessments (if any) and/or Debt Assessments (if any) imposed on the “Tax Roll Property” identified in Exhibit B shall be collected by the County Tax Collector at the same time and in the same manner as County property taxes in accordance with Chapter 197, Florida Statutes (“Uniform Method”). That portion of the Assessment Roll which includes the Tax Roll Property is hereby certified to the County Tax Collector and shall be collected by the County Tax Collector in the same manner and time as County property taxes. The District’s Board finds and determines that such collection method is an efficient method of collection for the Tax Roll Property.

Direct Bill Assessments. To the extent indicated in Exhibit A and Exhibit B, those certain O&M Assessments (if any) and/or Debt Assessments (if any) imposed on “Direct Collect Property” identified in Exhibit B shall be collected directly by the District in accordance with Florida law, as set forth in Exhibit A and Exhibit B. The District’s Board finds and determines that such collection method is an efficient method of collection for the Direct Collect Property.

Due Date (O&M Assessments). O&M Assessments directly collected by the District shall be due and payable in full on May 1, 2027; provided, however, that, to the extent permitted by law, the O&M Assessments due may be paid in several partial, deferred payments and according to the following schedule: 50% due no later than November 1, 2026, 25% due no later than February 1, 2027 and 25% due no later than May 1, 2027 (alternate option:] In full on October 1, 2026; provided, however, that, to the extent permitted by law, the O&M Assessments due may be paid in several partial, deferred payments and according to the following

schedule: 25% due no later than October 1, 2026, 25% due no later than January 1, 2027, 25% due no later than April 1, 2027, and 25% due no
later than July 1, 2027].

Due Date (Debt Assessments). Debt Assessments directly collected by the District shall be due and payable in full on October 1, 2026; provided, however, that, to the extent permitted by law, the Debt Assessments due may be paid in several partial, deferred payments and according to the following schedule: 50% due no later than November 1, 2026, 25% due
no later than February 1, 2027 and 25% due no later than May 1, 2027.

In the event that an Assessment payment is not made in accordance with the schedule(s) stated above, the whole of such Assessment, including any remaining partial, deferred payments for the Fiscal Year: shall immediately become due and payable; shall accrue interest, penalties in the amount of one percent (1%) per month, and all costs of collection and enforcement; and shall either be enforced pursuant to a foreclosure action, or, at the District’s sole discretion, collected pursuant to the Uniform Method on a future tax bill, which amount may include penalties, interest, and costs of collection and enforcement. Any prejudgment interest on delinquent Assessments shall accrue at the rate of any bonds secured by the Assessments, or at the statutory prejudgment interest rate, as applicable. In the event an Assessment subject to direct collection by the District shall be delinquent, the District Manager and District Counsel, without further authorization by the Board, may initiate foreclosure proceedings pursuant to Chapter 170, Florida Statutes, or other applicable law to collect and enforce the whole Assessment, as set forth herein.

Future Collection Methods. The District’s decision to collect Assessments by any particular method – e.g., on the tax roll or by direct bill – does not mean that such method will be used to collect special assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices.

ASSESSMENT ROLL; AMENDMENTS. The Assessment Roll, attached hereto as Exhibit B, is hereby certified for collection. The Assessment Roll shall be collected pursuant to the collection methods provided above. The proceeds therefrom shall be paid to the District. The District Manager shall keep apprised of all updates made to the County property roll by the Property Appraiser after the date of this Resolution and shall amend the Assessment Roll in accordance with any such updates, for such time as authorized by Florida law, to the County property roll.

APPROVAL OF PRIOR ACTIONS. The actions of the Chairman, Vice Chairman, Secretary, Treasurer, Assistant Secretaries, and all District Staff in finalizing the Assessments and Assessment Roll as provided herein are hereby ratified, approved, and confirmed in all respects.

SEVERABILITY; EFFECTIVE DATE. 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. This Resolution shall take effect immediately upon adoption.

[CONTINUED ON NEXT PAGE]

PASSED AND ADOPTED THIS 10TH DAY OF AUGUST 2026.

ATTEST:	KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary

By:	 Its:	

Exhibit A:	Adopted Budget
Exhibit B:	Assessment Roll

Kepler Road CDD
FY 27 Assessment Roll

ParcelID	Units	FY 27 O&M	Debt	Total	
701415000010	1	$670.21	$1,299.01	$1,969.22	
701415000020	1	$670.21	$1,299.01	$1,969.22	
701415000030	1	$670.21	$1,299.01	$1,969.22	
701415000040	1	$670.21	$1,299.01	$1,969.22	
701415000050	1	$670.21	$1,299.01	$1,969.22	
701415000060	1	$670.21	$1,299.01	$1,969.22	
701415000070	1	$558.51	$1,249.05	$1,807.56	
701415000080	1	$670.21	$1,299.01	$1,969.22	
701415000090	1	$670.21	$1,299.01	$1,969.22	
701415000100	1	$670.21	$1,299.01	$1,969.22	
701415000110	1	$670.21	$1,299.01	$1,969.22	
701415000120	1	$670.21	$1,299.01	$1,969.22	
701415000130	1	$670.21	$1,299.01	$1,969.22	
701415000140	1	$558.51	$1,249.05	$1,807.56	
701415000150	1	$558.51	$1,249.05	$1,807.56	
701415000160	1	$670.21	$1,299.01	$1,969.22	
701415000170	1	$670.21	$0.00	$670.21	
701415000180	1	$670.21	$1,299.01	$1,969.22	
701415000190	1	$670.21	$1,299.01	$1,969.22	
701415000200	1	$670.21	$1,299.01	$1,969.22	
701415000210	1	$670.21	$1,299.01	$1,969.22	
701415000220	1	$670.21	$1,299.01	$1,969.22	
701415000230	1	$558.51	$1,249.05	$1,807.56	
701415000240	1	$670.21	$1,299.01	$1,969.22	
701415000250	1	$670.21	$1,299.01	$1,969.22	
701415000260	1	$670.21	$1,299.01	$1,969.22	
701415000270	1	$670.21	$1,299.01	$1,969.22	
701415000280	1	$558.51	$1,249.05	$1,807.56	
701415000290	1	$558.51	$1,249.05	$1,807.56	
701415000300	1	$558.51	$1,249.05	$1,807.56	
701415000310	1	$558.51	$1,249.05	$1,807.56	
701415000320	1	$558.51	$1,249.05	$1,807.56	
701415000330	1	$558.51	$1,249.05	$1,807.56	
701415000340	1	$558.51	$1,249.05	$1,807.56	
701415000350	1	$558.51	$1,249.05	$1,807.56	
701415000360	1	$558.51	$1,249.05	$1,807.56	
701415000370	1	$558.51	$1,249.05	$1,807.56	
701415000380	1	$558.51	$1,249.05	$1,807.56	
701415000390	1	$558.51	$1,249.05	$1,807.56	
701415000400	1	$670.21	$1,299.01	$1,969.22	
701415000410	1	$670.21	$1,299.01	$1,969.22	
701415000420	1	$670.21	$1,299.01	$1,969.22	
701415000430	1	$558.51	$1,249.05	$1,807.56	
701415000440	1	$558.51	$1,249.05	$1,807.56	
701415000450	1	$558.51	$1,249.05	$1,807.56	
701415000460	1	$558.51	$1,249.05	$1,807.56	
701415000470	1	$558.51	$1,249.05	$1,807.56	
701415000480	1	$558.51	$1,249.05	$1,807.56	
701415000490	1	$558.51	$1,249.05	$1,807.56	
701415000500	1	$558.51	$1,249.05	$1,807.56	
701415000510	1	$558.51	$1,249.05	$1,807.56	
701415000520	1	$558.51	$1,249.05	$1,807.56	
701415000530	1	$670.21	$1,299.01	$1,969.22	
701415000540	1	$670.21	$0.00	$670.21	
701415000550	1	$670.21	$1,299.01	$1,969.22	
701415000560	1	$670.21	$1,299.01	$1,969.22	

ParcelID	Units	FY 27 O&M	Debt	Total	
701415000570	1	$670.21	$1,299.01	$1,969.22	
701415000580	1	$670.21	$1,299.01	$1,969.22	
701415000590	1	$558.51	$1,249.05	$1,807.56	
701415000600	1	$558.51	$1,249.05	$1,807.56	
701415000610	1	$558.51	$1,249.05	$1,807.56	
701415000620	1	$558.51	$1,249.05	$1,807.56	
701415000630	1	$558.51	$1,249.05	$1,807.56	
701415000640	1	$558.51	$1,249.05	$1,807.56	
701415000650	1	$558.51	$1,249.05	$1,807.56	
701415000660	1	$558.51	$1,249.05	$1,807.56	
701415000670	1	$558.51	$1,249.05	$1,807.56	
701415000680	1	$558.51	$1,249.05	$1,807.56	
701415000690	1	$558.51	$1,249.05	$1,807.56	
701415000700	1	$558.51	$1,249.05	$1,807.56	
701415000710	1	$558.51	$1,249.05	$1,807.56	
701415000720	1	$558.51	$1,249.05	$1,807.56	
701415000730	1	$558.51	$1,249.05	$1,807.56	
701415000740	1	$558.51	$1,249.05	$1,807.56	
701415000750	1	$558.51	$1,249.05	$1,807.56	
701415000760	1	$558.51	$0.00	$558.51	
701415000770	1	$558.51	$0.00	$558.51	
701415000780	1	$558.51	$1,249.05	$1,807.56	
701415000790	1	$558.51	$1,249.05	$1,807.56	
701415000800	1	$558.51	$1,249.05	$1,807.56	
701415000810	1	$558.51	$1,249.05	$1,807.56	
701415000820	1	$558.51	$1,249.05	$1,807.56	
701415000830	1	$558.51	$1,249.05	$1,807.56	
701415000840	1	$558.51	$1,249.05	$1,807.56	
701415000850	1	$558.51	$1,249.05	$1,807.56	
701415000860	1	$558.51	$1,249.05	$1,807.56	
701415000870	1	$558.51	$1,249.05	$1,807.56	
701415000880	1	$670.21	$1,299.01	$1,969.22	
701415000890	1	$670.21	$1,299.01	$1,969.22	
701415000900	1	$670.21	$1,299.01	$1,969.22	
701415000910	1	$670.21	$1,299.01	$1,969.22	
701415000920	1	$670.21	$1,299.01	$1,969.22	
701415000930	1	$670.21	$0.00	$670.21	
701415000940	1	$670.21	$0.00	$670.21	
701415000950	1	$670.21	$1,299.01	$1,969.22	
701415000960	1	$558.51	$1,249.05	$1,807.56	
701415000970	1	$558.51	$1,249.05	$1,807.56	
701415000980	1	$558.51	$1,249.05	$1,807.56	
701415000990	1	$558.51	$1,249.05	$1,807.56	
701415001000	1	$558.51	$1,249.05	$1,807.56	
701415001010	1	$558.51	$1,249.05	$1,807.56	
701415001020	1	$558.51	$0.00	$558.51	
701415001030	1	$558.51	$1,249.05	$1,807.56	
701415001040	1	$558.51	$1,249.05	$1,807.56	
701415001050	1	$558.51	$1,249.05	$1,807.56	
701415001060	1	$558.51	$1,249.05	$1,807.56	
701415001070	1	$558.51	$1,249.05	$1,807.56	
701415001080	1	$558.51	$1,249.05	$1,807.56	
701415001090	1	$558.51	$1,249.05	$1,807.56	
701415001100	1	$558.51	$1,249.05	$1,807.56	
Total Gross Onroll	110	$65,904.10	$130,450.71	$196,354.81	
					
Total Net Onroll		$61,949.85	$122,623.67	$184,573.52	

Direct Billing	
Acres				

ParcelID	Units	FY 27 O&M	Debt	Total	
701400000155	33.87	$67,491.72	$173,696.49	$273,497.18	
701400000160	10	$19,926.69	$51,283.29	$80,749.09	
701400000150	24.39	$52,726.49		$68,470.82	
701400000180	19.53	$42,220.10		$54,827.19	
701400000170	17.37	$8,758.38		$19,971.13	
701400000171	13.52	$6,817.11		$15,544.60	
701400000156	1.42	$716.00		$1,632.64	
Total Gross Direct		$198,656.49	$224,979.78	$514,692.65	
					
Total Net Direct		$186,737.10	$211,480.99	$483,811.09	
					
Total Gross Assessments		$264,560.59	$355,430.49	$711,047.46	
					
Total Net Assessments		$248,686.95	$334,104.66	$668,384.62	

Section V

BUDGET FUNDING AGREEMENT (O&M DEFICIT)
FY 2027

This Agreement (“Agreement”) is made and entered into effective as of October 1, 2026 (“Effective Date”), by and between:

Kepler Road Community Development District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, (“District”), and located in Volusia County, Florida (“County”), and

TLC Trinity Gardens, LLC, a Florida limited liability company, and the owner and/or developer of property located within the boundaries of the District (“Developer,” and together with the District, the “Parties”). For purposed of this Agreement, the term “Developer Property” shall refer to that certain property within the CDD owned by the Developer on the Effective Date of this Agreement, and

Risewell Homes Florida, LLC (fka Landsea Homes of Florida, LLC), a Delaware limited liability company, and the owner and/or developer of property located within the boundaries of the District (“Sub-Developer,” and together with the Developer, “Landowners” and Landowners together with the District, the “Parties”). For purposed of this Agreement, the term “Sub-Developer Property” shall refer to that certain property within the CDD owned by the Sub-Developer on the Effective Date of this Agreement and Developer Property and Sub-Developer Property shall together be referred to as “Property”.

RECITALS

WHEREAS, pursuant to Chapter 190, Florida Statutes, the District was established for the purpose of planning, financing, constructing, operating and/or maintaining certain infrastructure, and is authorized to levy such taxes, special assessments, fees, and other charges as may be necessary in furtherance of the District’s activities and services; and

WHEREAS, Landowners presently own and/or is developing the Property within the District, which Property will benefit from the timely construction and acquisition of the District’s facilities, activities, and services and from the continued operations of the District; and

WHEREAS, for the fiscal year beginning October 1, 2026, and ending September 30, 2027 (“FY 2027”), the Board of Supervisors (“Board”) of the District adopted its general fund budget (“Budget”) attached hereto as Exhibit A and incorporated herein by reference, and has and/or will levy non-ad valorem special assessments (“O&M Assessments”) in order to fund a portion of the Budget; and

WHEREAS, the Parties recognize the Budget may be amended from time to time in the sole discretion of the District; and

WHEREAS, the Parties recognize that in order to Fund the Budget, the District has the option of levying O&M Assessments on all lands within the District benefitting from the activities, operations and

services set forth in the Budget, including the Property, or utilizing such other revenue sources as may be available to it; and

WHEREAS, in lieu of levying O&M Assessments to fully fund the Budget, the Landowners are willing to provide such funds as are necessary to allow the District to proceed with its operations as described in the Budget; and

WHEREAS, the Landowners agree that the activities, operations and services provide a special and peculiar benefit to the Property equal to or in excess of the costs reflected in the Budget, subject to the terms and limitations provided herein; and

WHEREAS, the Landowners agreed to enter into this Agreement in lieu of having the District levy and collect O&M Assessments for FY 2027 at higher levels than currently provided for in Exhibit A, as authorized by law against the lands within the District, including the Property, for the activities, operations, and services set forth in the Budget; and

WHEREAS, Landowners and District agree such Budget funding obligation by the Landowners may be secured and collection enforced pursuant to the methods provided herein.

NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the Parties, the receipt of which and sufficiency of which are hereby acknowledged, the Parties agree as follows:

FUNDING. The Landowners agree to fund, on an as-needed basis, the difference between the total amount of net O&M Assessments levied by the District for FY 2027 and the amount of funds necessary to allow the District to proceed with its operations as described in the Budget (such difference referred to herein as the “O&M Deficit”). The Landowners agree to make available to the District the monies (“Funding Obligation”) necessary to fund any O&M Deficit within thirty (30) days of written request by the District. Exhibit A attached hereto may be amended from time to time pursuant to Florida law. Any such amendments adopted by the Board at a duly noticed public meeting shall have the effect of amending this Agreement without further action of the Parties. Notwithstanding the foregoing, the Landowers’ consent shall be required for any amendment that would increase the Landowners’ Funding Obligation beyond the amount set forth in the Budget as of the Effective Date of this Agreement; provided, the Parties agree to work in good faith to minimize unanticipated increases in the Landowners’ Funding Obligation and the Landowners agree that its consent shall not be unreasonably withheld to Budget amendments the District deems necessary. As a point of clarification, the District shall only request as part of the Funding Obligation that the Landowners fund the actual expenses of the District, and the Landowners are not required to fund the total general fund Budget in the event that actual expenses are less than the projected total general fund Budget, as may be amended as provided herein and/or as may otherwise be funded by O&M Assessments collected for FY 2027. The funds shall be placed in the District’s general checking account. In the event a Landowner(s) sells any of its Property during the term of this Agreement, such Landowner’s rights and obligations under this Agreement shall remain the same. Furthermore, the Parties agree that the Funding Obligation for the FY 2026 Budget shall be shared as follows:
Master Developer = 41%
Sub-Developer = 59%

ACKNOWLEDGEMENT. The District hereby finds, and the Landowners acknowledge and agree, that the activities, operations and services set forth in the Budget provide a special and peculiar benefit to the Property, which benefit is initially allocated to undeveloped property on an equal developable acreage basis. These Funding Obligation payments are made by the Landowners in lieu of taxes, fees, or assessments which might otherwise be levied or imposed by the District. Nothing contained herein shall constitute or be construed as a waiver of the District’s right to levy assessments, including on the Property, in the event of a funding deficit.

COLLECTION METHODS. The District may enforce the collection of funds due under this Agreement using one or more of the following collection methods:

Contractual Lien. The District shall have the right to file a continuing lien (“Lien”) upon all or a portion of the Property, which Lien shall be effective as of the date and time of the recording of a “Notice of Lien” in the public records of the County.
Enforcement Action. The District shall have the right to file an action against the Developer(s) in the appropriate judicial forum in and for the County.
Uniform Method; Direct. The District may certify amounts due hereunder as a non-ad valorem assessment on all or any part of the Property for collection, either through the Uniform Method of Collection set forth in Chapter 197, Florida Statutes, or under any method of direct bill and collection authorized by Florida law.

The enforcement of the collection of funds in any of the above manners, including which method(s) to utilize, shall be in the sole discretion of the District Manager on behalf of the District, without the need of further Board action authorizing or directing such.

ENTIRE AGREEMENT; AMENDMENTS. This instrument shall constitute the final and complete expression of the agreement among the Parties relating to the subject matter of this Agreement. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both of the Parties hereto.

AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of all Parties hereto, each Party has complied with all of the requirements of law, and each Party has full power and authority to comply with the terms and provisions of this instrument.

ASSIGNMENT. This Agreement may be assigned, in whole or in part, by either Party only upon the written consent of the other. Any purported assignment without such consent shall be void.

DEFAULT. A default by either Party under this Agreement shall entitle the other to all remedies available at law or in equity, which shall include, but not be limited to, the right of damages, injunctive relief and/or specific performance.

ENFORCEMENT. In the event that any Party is required to enforce this Agreement by court proceedings or otherwise, then the Parties agree that the prevailing Party shall be entitled to recover from the other all costs incurred, including interest accrued on an unsatisfied Funding Obligation, reasonable fees and costs incurred by the District incident to the collection of the Funding Obligation or for enforcement of the Lien, or reasonable attorneys’ fees and costs for trial, alternative dispute resolution, or appellate proceedings.

THIRD PARTY BENEFICIARIES. This Agreement is solely for the benefit of the formal Parties herein and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any third party not a formal Party hereto. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the Parties hereto any right, remedy or claim under or by reason of this Agreement or any provisions or conditions hereof; and all of the provisions, representations, covenants and conditions herein contained shall inure to the sole benefit of and shall be binding upon the Parties hereto and their respective representatives, successors and assigns.

CHOICE OF LAW. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida.

ARM’S LENGTH. This Agreement has been negotiated fully among the Parties as an arm’s length transaction. The Parties participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, the Parties are each deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any Party.

[SIGNATURES ON NEXT PAGE]

IN WITNESS WHEREOF, the Parties execute this Agreement the day and year first written above.

Attest:	Kepler Road Community Development District

Secretary/Assistant Secretary	By: Tony Iorio Its: Chair

TLC Trinity Gardens, LLC,
a Florida limited liability company

Witness	By: Andrew Orosz
Its: Authorized Representative

Risewell Homes Florida, LLC,
a Delaware limited liability company

Witness	By: Dan Kaiser
Its: Authorized Representative

EXHIBIT A:	FY 2027 Budget

Section VI

Section A

KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT
DELAND, FLORIDA

2026 SUPPLEMENTAL ENGINEER’S REPORT
(PHASES 3 & 4)

PREPARED FOR:
KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT

DATE:
Auguest 5, 2026

PREPARED BY:

1700 NORTH ORANGE AVENUE, SUITE 400
ORLANDO, FLORIDA 32804
P: (407) 898-7858 F: (407) 898-1488

TABLE OF CONTENTS
Narrative	3
INTRODUCTION	3
Project Description	3
Purpose of Report	3
DISTRICT BOUNDARY AND PROPERTIES SERVED	4
District Boundary	4
PROPOSED MASTER PROJECT INFRASTRUCTURE	4
Summary of the Proposed Master Project Infrastructure for Series 2024 Project	4
Master Utilities System	4
Master Stormwater Management System	5
Electrical Service System (Underground)	5
Conservation and Mitigation Areas	6
On-site Roadway Improvements	6
Off-site Roadway and Utility Improvements	6
Beresford Multi-Modal Trail	6
Trails, Common Area Landscape, Hardscape, and Irrigation	7
OPINION OF PROBABLE CONSTRUCTION COSTS	7
PERMITTING STATUS	8
ENGINEER’S CERTIFICATION	8
EXHIBIT A – Location Map	9
EXHIBIT B – Master Site Plan	10
EXHIBIT C-1 – Master Utility Plan - Potable Water System	11
EXHIBIT C-2 – Master Utility Plan – Reclaimed Water System	12
EXHIBIT C-3 – Master Utility Plan – Sanitary Sewer System	13
EXHIBIT D-1 – Master Stormwater Plan – Collection & Treatment System	14
EXHIBIT D-2 – Master Stormwater Plan - Post Development Basin Map	15
EXHIBIT D-3 – Master Stormwater Plan - LID Stormwater System	16
EXHIBIT E – Common Areas Plan	17
EXHIBIT F – Existing and Proposed Land Uses	18
EXHIBIT G – Future Land Use Map	19
EXHIBIT H – Zoning Map	20
EXHIBIT I – General Countywide Zoning Map	21
EXHIBIT J-1 – Phase 3 Legal Description	22
EXHIBIT J-2 – Phase 4 Legal Description	24
EXHIBIT K – Opinion of Probable Construction Costs	25

Narrative	

Developer:	TLC Trinity Gardens, LLC
Development Name:	Trinity Gardens
Project Name:	Kepler Road Community Development District (“District”)
Location:	Northwest corner of S Kepler Road & E Beresford Avenue in the City of Deland, FL

INTRODUCTION
Project Description
Trinity Gardens (also referred to as the “Development” or “Community”) is an approximately 183.926 acres residential community located in the City of Deland, Florida (“City”), the general location and boundary of which is shown on Exhibit A. The Development is approved as a Planned Development (PD) with 543 single family homes and townhomes as shown on Exhibit B.

Kepler Road Community Development District (herein called the “District” or “CDD”) encompasses the entire 183.926 acres of the Development. The District has adopted a master capital improvement plan (the “Master Project”) as described in the Master Engineer’s Report dated February 12, 2024 (the “Master Engineer’s Report”). The legal description of the District boundaries can be seen in the Master Engineer’s Report. See Exhibits J-1 and J-2 for legal descriptions for Phase 3 and Phase 4 of the Master Project constituting the “Series 2026 Project Area”. All or a portion of the Master Project improvements identified in the Master Engineer’s Report as supplemented herein are expected to be financed from the proceeds of District’s special assessment bonds.
Purpose of Report
The purpose of this report is to (i) provide a description of the portions of the Master Project that are intended to be financed through the issuance of the District’s proposed Capital Improvement Revenue Bonds, Series 2026 (2026 Assessment Area) (the “Series 2026 Project”); (ii) provide the current status of development and construction of the Series 2026 Project; and (iii) provide a summary cost estimate of the Series 2026 Project. The Series 2026 Project, as described herein, will encompass Master Project Infrastructure Improvements located within phases 3 and 4 of the District. The Master Project, which includes the Series 2026 Project, is to be developed and delivered as a system of improvements benefitting all lands within the District. Construction of phase 3 has commenced and is expected to be completed by the end of the year. Phase 4 is expected to commence next year and be completed by the end of 2028. Table 1.2 describes the current development plan for phases 3 and 4.

TABLE 1.2: PHASING SUMMARY
Phase	50’	60’	Town
Home	Total	Phase
Area (AC)	
3	104	55	0	159	43.93	
4	75	0	0	75	32.39	
Total	179	55	0	234	76.32	

DISTRICT BOUNDARY AND PROPERTIES SERVED
District Boundary
Trinity Gardens Master Site Plan, attached as Exhibit B hereto, identifies the location and boundary of the property included within the District, as well as the anticipated phasing for the Community buildout. The Series 2026 Project is shown on the exhibit as phases 3 and 4. The Master Site Plan for the District will provide for multiple types of residential land uses and is located on the northwest corner of S Kepler Road/Dr. Martin Luther King Jr Beltway and E Beresford Avenue in the City, Section 6, Township 18 South, and Range 31 East. Phases 3 and 4 are located on the western half of the District.

PROPOSED MASTER PROJECT INFRASTRUCTURE
Summary of the Proposed Master Project Infrastructure for Series 2024 Project
The infrastructure for the Series 2026 Project will generally include the following:
Portions of the Master Utilities System
Portions of the Master Stormwater Management System
Portions of the Electrical Services System (Underground)
Portions of the Conservation & Mitigation Areas
The On-Site Roadway Improvements within Phases 3 and 4
Portions of the Off-site Utility Improvements (including S Blue Lake Avenue Utility Improvements and E Beresford Avenue Utility Improvements)
Portions of the Beresford Multi-Modal Trail
Portions of the Trails, Common Area Landscape, Hardscape, and Irrigation See Exhibit K for estimated Series 2026 Project costs.
Table 3.1 shows the District's facilities, proposed ownership, and maintenance entities for each.

TABLE 3.1: PROPOSED FACILITIES
Facilities / Systems	Financing	Ownership	O&M Entity	
Master Utility System (Onsite and Offsite)
Potable water, reclaimed water, and sanitary sewer systems	District	City	City	
Master Stormwater Management System	District	District	District	
Electrical Service System (Underground)	District	Duke Energy	Duke Energy	
Conservation/Mitigation Areas	District	District	District	
On-site Roadway Improvements	District	City	City	
Off-site Roadway Improvements	District	County	County	
Beresford Multi-Modal Trail	District	District or City	District or City	
Trails, Landscape, Hardscape & Irrigation*	District	CDD	CDD/HOA*	
Key: City = City of DeLand; County = Volusia County; HOA = a homeowner’s association.
*Maintenance only, pursuant to an agreement with the District.

Master Utilities System
The utility services to the Development are provided by the City including potable water, reclaimed water, and sanitary sewer services. The Series 2026 Project includes utilities within the rights-of-way of the internal roads within the Development and off-site at E Beresford Avenue and S Blue Lake Avenue. The design of the potable water, reclaimed water, and sanitary sewer systems is in accordance with the criteria and guidelines of the City and the Florida Department of Environmental Protection (FDEP). The overall potable water system, reclaimed water system and sanitary sewer system are shown on the Master Utility Plans, Exhibits C-1, C-2, and C-3. The utility mains,

collection systems, and utility services to serve the District are to be constructed or acquired by the District.
The Potable Water System included in the Series 2026 Project will include mains along with the necessary valving, fire hydrants, and water services to the individual lots and development parcels within phases 3 and 4 (only those public portions located within the public right-of-way). The portion within phase 3 is complete. Phase 4 is expected to commence next year and be completed by the end of 2028. It is anticipated that the potable systems will be financed by the District and later turned over to the City for ownership, operation, and maintenance.
The Reclaimed Water System included in the Series 2026 Project will include mains along with necessary valving and services to the individual lots and development parcels within phases 3 and 4 (only those public portions located within the public right-of-way). The portion within phase 3 is complete. Phase 4 is expected to commence next year and be completed by the end of 2028. It is anticipated that the reclaimed water system will be financed by the District and later turned over to the City for ownership, operation, and maintenance.
The Sanitary Sewer System included in the Series 2026 Project will include gravity sewer services, mains, and manholes within phases 3 and 4. The sanitary sewer system is served by one (1) lift station, which was constructed with phase 1 as part of the Series 2024 Project near the center of the Development with a proposed force-main connecting to an existing force-main on E Beresford Avenue. The portion within phase 3 is complete. Phase 4 is expected to commence next year and be completed by the end of 2028. It is anticipated that the sanitary sewer system will be financed by the District and later turned over to the City for ownership, operation, and maintenance.
Master Stormwater Management System
The master stormwater management system provides for the stormwater runoff treatment and attenuation through the use of manmade and natural retention and detention systems such as Stormwater Ponds and Existing Wetlands identified in Exhibit C-3 (collectively, the “treatment systems”). The runoff will be collected in curbs, inlets, and pipes (collectively, the “collection systems”) to convey this runoff to the treatment system. The Series 2026 Project will include the treatment and collection systems within phases 3 and 4. See Exhibit D-1 for an overview of the treatment and collection systems. See the Master Engineer’s Report for an overall description of Master Project. The City, Volusia County (“County”), and the SJRWMD regulate the design criteria for the District’s stormwater management facilities. The phase 3 treatment and collection systems are nearly complete. Phase 4 includes Low Impact Design (LID) Stormwater areas and the collection system. Phase 4 is expected to commence next year and be completed by the end of 2028.
Additionally, as described in Section 3.8, Low Impact Design (LID) Stormwater areas are incorporated throughout the Development. See Exhibit C-3 for locations. The LID stormwater system is in addition to code requirements. The Series 2026 Project will include the LID stormwater systems within phases 3 and 4.

The District may finance the cost of the stormwater treatment and collection systems, as well as construction and/or acquisition, and maintenance of said systems. It is anticipated that the treatment systems will be owned and maintained by the District., while the collection systems will be owned and maintained by the City.
Electrical Service System (Underground)
Duke Energy will provide underground electrical service to the Community. The service will include the primary and secondary systems to serve the various land uses. The Series 2026 Project provides underground electrical services within the Development. The service includes primary

services for phases 3 and 4. Construction is expected to commence soon for phase 3 and be completed by the end of 2026. Phase 4 is expected to commence next year and be completed by the end of 2028.Only the differential cost of undergrounding the electric utilities may be financed by the District.
Conservation and Mitigation Areas
The proposed development of the Community will require mitigation of wetland communities for any impacts to the existing wetlands within the District as part of the approvals for the Master Stormwater Management System. The mitigation will be done though placing conservation easements over the preserved wetlands and likely upland buffers and/or purchasing mitigation credits. Preserved wetlands may additionally require the installation of plantings, signage, and other related costs. Portions of the conservation areas are included within the Series 2026 Project Area. The required mitigation for the wetland impacts may be financed by the District; thereafter, the conservation areas will be owned and maintained by the District, with a conservation easement in favor of the SJRWMD.
On-site Roadway Improvements
The on-site roadway improvements included in the Series 2026 Project will include asphaltic concrete surface (including roadway and on-street parking), concrete curbs, concrete sidewalks, signing and striping, landscaping, and hardscape features within phases 3 and 4. Sidewalks along all non-residential lot tracts (“Common Area Sidewalks”) will be constructed as part of the infrastructure site work and conveyed to the City for ownership, operation and maintenance. The sidewalks along residential lots will be constructed in the right-of-way by the residential builder(s) at the time of individual residential lot development and conveyed to the City for ownership, operation and maintenance as part of the on-site right-of-way. The on-site roadway improvements within phase 3 are nearly complete with the exception of the sidewalks along residential lots. Phase 4 is expected to commence next year and be completed by the end of 2028. The on-site roadway improvements associated with the Development will be public and financed by the District and later turned over to the City for ownership, operation, and maintenance.

Off-site Roadway and Utility Improvements
The off-site utility improvements included in the Series 2026 Project include improvements on S Blue Lake Avenue and E Beresford Avenue. The improvements include a water main crossing S Blue Lake Avenue to connect to an existing main and a reclaim main crossing E Beresford Avenue to connect to the existing main. The off-site utility improvements on S Blue Lake Avenue and E Beresford Avenue are complete. There are no off-site roadway improvements with phases 3 and 4 besides the Beresford Multi-Modal Trail described below in section 3.8. The off-site utility improvements associated with the Development will be public and financed by the District and later turned over to the City for ownership, operation, and maintenance.

Beresford Multi-Modal Trail
A Multi-Modal Trail will be placed along the south boundary of the Development, fronting E Beresford Avenue, within the District boundaries. The multi-modal trail will be 12’ wide with an asphaltic concrete surface. A portion of the trail was constructed with The Series 2024 Project. The Series 2026 Project includes the portion of the multi-modal trail from just west of E Beresford Avenue entrance to the Trinity Gardens subdivision to the existing trail terminus near the intersection of Blue Lake Avenue. The Series 2024 Project terminated completed the portion east of the E Beresford Avenue entrance to the Trinity Gardens subdivision. The trail terminus at S Blue Lake Avenue was recently completed by the County. The multi-modal trail construction is near completion and is expected to be completed by the end of 2026. The multi-modal trail may be financed by the District and owned, operated and/or maintained by the District or City.

Trails, Common Area Landscape, Hardscape, and Irrigation
The Common Areas include the parks, recreation, opens space, conservation areas, and LID stormwater features. The Series 2026 Project includes the portions within phases 3 and 4. Phase 3 construction has commenced and is expected to be completed before the end of 2026. Phase 4 is expected to commence next year and be completed by the end of 2028. The landscaping, irrigation, hardscape, trails/paths, multi-use trail, and entry features within the common areas may be financed, owned, and/or maintained by the District, or alternatively, may be owned by the District, but maintained by an HOA pursuant to an agreement with the District.

The Entry Features will include monument signs and some decorative fencing along the perimeter. The Series 2026 Project includes the portions within the phase 3 area including the entrance from S Blue Lake Avenue. The construction has commenced and is expected to be completed by the end of 2026. There are no entrance improvements associated with phase 4. The entry features will be financed, owned, and/or maintained by the District.

Trails/Paths will be placed throughout the open space and tree preservation tracts within the District and will be made up of pavement, mulch, and/or gravel. The Series 2026 Project includes the portions within phases 3 and 4. Phase 3 construction has commenced and is expected to be completed before the end of 2026. Phase 4 is expected to commence next year and be completed by the end of 2028. The trails/paths may be financed, owned, and/or maintained by the District, or alternatively, financed by the Developer and conveyed to the District for ownership, operation and maintenance.

Low Impact Design Stormwater (LID) areas are incorporated throughout the Development and include swales, retention basins, natural wetlands, vegetated natural buffers, and pervious pavement/pavers. The LID systems were offered by the Developer and were incorporated into the Trinity Gardens PD Developers Agreement. Much of the LID systems are above the typical jurisdictional code requirements including the City, County, and SJRWMD criteria. In a sense, the LID system is acting as a factor of safety and provide additional percolation and treatment above what is minimally required by the City, County, and SJRWMD. LID systems are intended to better mimic the existing conditions and percolate water throughout the Development instead of only concentrating it in a central stormwater pond. For that reason, the LID systems are scattered through-out the Development as seen on Exhibit C-3. The Series 2026 Project includes the portions within phases 3 and 4. Phase 3 construction has commenced and is expected to be completed before the end of 2026. Phase 4 is expected to commence next year and be completed by the end of 2028. See the Master Engineer’s Report for a description of the various LID systems. The LID systems will be within the open space tracts and may be financed, owned, operated, and/or maintained by the District.

OPINION OF PROBABLE CONSTRUCTION COSTS
Exhibit K presents a summary of the costs for the Series 2026 Project infrastructure including those portions of master utility system, master stormwater management system, electric service system, conservation/mitigation areas, on-site roadway improvements, off-site roadway improvements, landscape, hardscape, and irrigation, professional services, and a 15% contingency.

Costs in Exhibit K are derived from expected quantities of the infrastructure multiplied by units costs typical of the industry in Central Florida as of 2026. Included within these costs are technical services consisting of planning, land surveying, engineering, legal, environmental permitting, soils, and material testing related to such infrastructure. These services are necessary for the design, permitting, and construction contract management of the Master Project infrastructure including the Series 2026 Project improvements. The costs are exclusive of certain administrative, financing, operation, or maintenance services necessary to operate and maintain such infrastructure.

PERMITTING STATUS
The District is in the limits of the City and City utility service area. The Development was annexed into the City and given a City future land use and zoning district. The City approved a PD zoning district for the entirety of the District.

The Developer has obtained approvals and permits for the entirety of the Development. Those permits include the following:

The City Preliminary Plat/construction plans
SJRWMD ERP
County Use Permit (off-site roadway improvements)
County Health Department (FDEP Waste) Permit
FDEP Water Waste Permit
Environmental Protection Agency (EPA) National Pollutant Discharge Elimination System (NPDES)

The District Engineer hereby certifies that all permits necessary to complete the Series 2026 Project have either been obtained or, in his expert opinion, will be obtained and there is no reason to believe that the necessary permits cannot be obtained for the Series 2026 Project.

ENGINEER’S CERTIFICATION
It is our opinion that the estimated costs of the Series 2026 Project (Phases 3 and 4) improvements proposed to represent a portion of the system of improvements constituting the Master Project all of which are benefitting all developable property located within the District are fair and reasonable and that the anticipated District financed improvements are assessable improvements within the meaning of Chapter 190, F.S. Such benefits will be equal to or be greater than the costs of such improvements. We have no reason to believe that the Series 2026 Project cannot be constructed at the cost described in this report. We expect the Series 2026 Project improvements may be financed, constructed, and/or acquired by the District with bond proceeds, as indicated within this report. We believe that the District will be well served by the improvements discussed in this report.

Sean C. Fortier, P.E.
FLORIDA REGISTRATION 68396

CIVIL DISCIPLINE ONLY CERTIFICATION OF AUTHORIZATION NUMBER 00007350

The Series 2026 Project will be owned by the District or other governmental units and such the Series 2026 Project is intended to be available and will reasonably be available for use by the general public (either by being part of a system of improvements that is available to the general public or is otherwise available to the general public) including nonresidents of the District. All of the Series 2026 Project is or will be located on lands owned or to be owned by the District or
another public or governmental entity or on perpetual public easements in favor of the District or other public governmental entity. The Series 2026 Project, and any cost estimates set forth herein, do not include any earthwork, grading or other improvements on private lots or property. Regarding any fill generated by construction of the Series 2026 Project, and that is not used as part of the Series 2026 Project, such fill will only be placed on-site at the expense of the Developer. The estimated cost of the Series 2026 Project set forth herein to be paid by the District is not greater than the lesser of the actual cost or fair market value of such infrastructure.

I hereby certify that the foregoing is a true and correct copy of the 2026 Supplemental Engineer’s Report for the Kepler Road Community Development District.

EXHIBIT A

N BLUE LAKE AVE

CITY OF DELAND

E VOORHIS AVE

BERESFORD AVE

S KEPLER ROAD

E BERESFORD AVE

10

S BLUE LAKE AVE

E TAYLOR RD

STRATFORD DR

LEGEND
CDD BOUNDARY

KELLY, COLLINS &
GENTRY, INC.
ENGINEERING / PLANNING

Scale: Date: S: 14

1:2800
02/07/2024
T: 17 R: 30

LOCATION

MAP

Job # :	1503.000

Exhibit:

KEPLER ROAD CDD - EXHIBIT A

Drawn by: DSR
Appvd. by:  GPR

Source: KCG, GOOGLE MAPS
Area: CITY OF DELAND, FL

9

EXHIBIT B

EXISTING WETLAND 3

BLUE LAKE AVE

PHASE 2

STORMWATER POND
1

STORMWATER POND
3

STORMWATER POND
7

STORMWATER POND
2

EXISTING WETLAND 5

PHASE 1

EXISTING WETLAND 6

PHASE 3

EXISTING WETLAND 4-A

STORMWATER POND

S KEPLER ROAD

4

LS-1

STORMWATER POND 6

STORMWATER POND
5

EXISTING WETLAND 7

PHASE 4

EXISTING WETLAND 4-B

N MLK JR BELTWAY

E BERESFORD AVE

LEGEND
PHASE LINE	CDD BOUNDARY

WETLAND AREA
TOWNHOMES
STORMWATER POND

KELLY, COLLINS &

Scale: Date:

1:700
02/07/2024

MASTER SITE PLAN

EXHIBIT C-1

EXISTING WETLAND 3

BLUE LAKE AVE

STORMWATER POND
1

STORMWATER POND
7

EXISTING WETLAND 5

DIRECTIONAL DRILL UNDER S KEPLER ROAD. WATERMAIN POINT OF CONNECTION TO
EXISTING 12" WATERMAIN.

STORMWATER POND
3

STORMWATER POND
2

EXISTING WETLAND 6

EXISTING WETLAND 4-A

STORMWATER POND
4

WM

LS-1

STORMWATER POND 6

STORMWATER POND
5

EXISTING WETLAND 7

WATERMAIN POINT OF CONNECTION TO EXISTING 12" WATERMAIN.

EXISTING WETLAND 4-B

WM

S KEPLER ROAD

E BERESFORD AVE

WATERMAIN POINT OF CONNECTION TO EXISTING 12" WATERMAIN.

LEGEND
PHASE LINE

CDD BOUNDARY

WM	WM

POTABLE WATERMAIN

WETLAND AREA

STORMWATER POND

KELLY, COLLINS &

Scale: Date:

1:700
02/07/2024

MASTER UTILITY PLAN POTABLE WATER SYSTEM

EXHIBIT C-2

EXISTING WETLAND 3

BLUE LAKE AVE

STORMWATER POND
1

RM

RM

STORMWATER POND
7

EXISTING WETLAND 5

STORMWATER POND
3

STORMWATER POND
2

EXISTING WETLAND 6

EXISTING WETLAND 4-A

STORMWATER POND
4

RM

S KEPLER ROAD

LS-1

STORMWATER POND 6

STORMWATER POND
5

EXISTING WETLAND 7

RECLAIM MAIN STUB-OUT FOR POTENTIAL FUTURE CONNECTION TO CITY WATER SYSTEM.

EXISTING WETLAND 4-B

RM

RM

RECLAIM MAIN POINT OF CONNECTION TO EXISTING 12" RECLAIM MAIN.

E BERESFORD AVE

RECLAIM MAIN POINT OF CONNECTION TO EXISTING 12" RECLAIM MAIN.

LEGEND
PHASE LINE

CDD BOUNDARY

RM	RM

RECLAIM WATERMAIN

WETLAND AREA

STORMWATER POND

KELLY, COLLINS &

Scale: Date:

1:700
02/07/2024

MASTER UTILITY PLAN RECLAIM WATER SYSTEM

EXHIBIT C-3

EXISTING WETLAND 3

BLUE LAKE AVE

STORMWATER POND
1

STORMWATER POND
7

EXISTING WETLAND 5

STORMWATER POND
3

STORMWATER POND
2

EXISTING WETLAND 6

EXISTING WETLAND 4-A

STORMWATER POND
4

LS-1

STORMWATER POND 6

STORMWATER POND
5

EXISTING WETLAND 7

LIFT STATION

EXISTING WETLAND 4-B

S KEPLER ROAD

E BERESFORD AVE

FORCEMAIN POINT OF CONNECTION TO EXISTING 8" FORCEMAIN.

LEGEND
PHASE LINE

CDD BOUNDARY

SAN	SAN

GRAVITY MAIN

FM	FM

FORCE MAIN

WETLAND AREA

STORMWATER POND

KELLY, COLLINS &

Scale: Date:

1:700
02/07/2024

MASTER UTILITY PLAN
SANITARY SEWER SYSTEM

EXHIBIT D-1

EXISTING WETLAND 3

BLUE LAKE AVE

STORMWATER POND
1

STORMWATER POND
7

EXISTING WETLAND 5

STORMWATER POND
3

STORMWATER POND
2

EXISTING WETLAND 6

EXISTING WETLAND 4-A

STORMWATER POND
4

LS-1

STORMWATER POND 6

STORMWATER POND
5

EXISTING WETLAND 7

EXISTING WETLAND 4-B

S KEPLER ROAD

E BERESFORD AVE

LEGEND
PHASE LINE

CDD BOUNDARY

STORMWATER DRAINAGE

WETLAND AREA

15

STORMWATER POND

KELLY, COLLINS &
GENTRY, INC.
ENGINEERING / PLANNING

Scale: Date: S: 14

1:700
02/07/2024
T: 17 R: 30

MASTER STORMWATER PLAN

Job # :	1503.000	Exhibit: KEPLER ROAD CDD - EXHIBIT D-1
Drawn by: DSR

Appvd. by:  GPR

Source: KCG
Area: CITY OF DELAND, FL

14

EXHIBIT D-2

EXISTING WETLAND 3

BLUE LAKE AVE

BASIIN OS-5
1..92 AC

BASIN OS-9
6.39 AC

BASIN OS-10
0.34 AC

BASIN OS-13
3.36 AC

STORMWATER POND
1

BASIN 10
12.48 AC

BASIN OS-3
14.03 AC

BASIN OS-1
1.81 AC

BASIN 3
17.54 AC

STORMWATER POND
3

STORMWATER POND
2

EXISTING WETLAND 5

STORMWATER POND
7

BASIN 7
10.96 AC

BASIN 1
34.74 AC

BASIN 4
5.68 AC

EXISTING WETLAND 4-A

EXISTING WETLAND 6

STORMWATER POND
4

BASIN KEPLER MLK
13.00 AC

BASIN OS-2
0.39 AC

BASIN 2
69.02 AC

LS-1

BASIN OS-11
2.52 AC

BASIN 11
5.53 AC

STORMWATER POND 6

EXISTING WETLAND 4-B

STORMWATER POND
5

BASIN 5
2.39 AC

EXISTING WETLAND 7

BASIN OS-15
0.15 AC

BASIN EAST

S KEPLER ROAD

KEPLER
17.86 AC

BASIN 12
0.64 AC

BASIN OS-4
8.38 AC

BASIN OS-7
3.51 AC

BASIN 8

BASIN OS-12
0.35 AC

0.93 AC

E BERESFORD AVE

BASIN 6
11.60 AC

BASIN 9
1.86 AC

BASIN

BASIN OS-19
0.64 AC

KEPLER POND
1.32 AC

BERESFORD AVENUE EXTENSION
PERMITTED, DESIGNED & CONSTRUCTED BY
OTHERS

INCLUDED IN BASIN
EAST KEPLER

LEGEND
BASIN BOUNDARY

CDD BOUNDARY

WETLAND AREA

STORMWATER POND

KELLY, COLLINS &

Scale: Date:

1:700
02/07/2024

MASTER STORMWATER PLAN
POST DEVELOPMENT BASIN MAP

EXHIBIT D-3

EXISTING WETLAND 3

BLUE LAKE AVE

STORMWATER POND
1

STORMWATER POND
7

EXISTING WETLAND 5

STORMWATER POND
3

STORMWATER POND
2

EXISTING WETLAND 6

EXISTING WETLAND 4-A

STORMWATER POND
4

LS-1

STORMWATER POND 6

STORMWATER POND
5

EXISTING WETLAND 7

EXISTING WETLAND 4-B

S KEPLER ROAD

E BERESFORD AVE

LEGEND
PHASE LINE

CDD BOUNDARY

WETLAND AREA

AREAS/LID

KELLY, COLLINS &

Scale: Date:

1:700
02/07/2024

MASTER STORMWATER PLAN LID STORMWATER

EXHIBIT E

BLUE LAKE AVE

S KEPLER ROAD

LS-1

E BERESFORD AVE

LEGEND
PHASE LINE

CDD BOUNDARY

WETLAND AREA
OPEN SPACE
AMENITY

KELLY, COLLINS &

Scale: Date:

1:700
02/07/2024

COMMON AREAS PLAN

COMMERCIAL

EXHIBIT F

SINGLE FAMILY RESIDENTIAL

SINGLE FAMILY RESIDENTIAL

SINGLE FAMILY RESIDENTIAL

PASTURE /
RESIDENTIAL

SINGLE FAMILY RESIDENTIAL

PROPOSED
TOWNHOMES

PROPOSED
SINGLE FAMILY

S KEPLER ROAD

RESIDENTIAL	PROPOSED
SINGLE FAMILY
RESIDENTIAL

VACANT

BERESFORD AVE

E BERESFORD AVE

SINGLE FAMILY RESIDENTIAL

SINGLE FAMILY & MULTI FAMILY

BLUE LAKE AVE

RESIDENTIAL DEVELOPMENT (RESERVE AT VICTORIA)

19

KELLY, COLLINS &
GENTRY, INC.
ENGINEERING / PLANNING

Scale: Date: S: 14

1:800
02/07/2024
T: 17 R: 30

EXISTING & PROPOSED

LAND USE

Job # :	1503.000

Exhibit: KEPLER ROAD CDD - EXHIBIT F

Drawn by:  DSR	Source: CITY OF DELAND PLANNING DEPARTMENT
Appvd. by: GPR	Area: CITY OF DELAND, FL	 18

COMMERCIAL (COUNTY)

EXHIBIT G

URBAN MEDIUM
INTENSITY (COUNTY)

MEDIUM DENSITY RESIDENTIAL
(CITY)

URBAN LOW INTENSITY
(COUNTY)

URBAN LOW INTENSITY
(COUNTY)

LOW
DENSITY

S KEPLER ROAD

RESIDENTIAL (CITY)

BERESFORD AVE

E BERESFORD AVE

20

RURAL
(COUNTY)
LEGEND
CDD BOUNDARY

BLUE LAKE AVE

RURAL	LOW DENSITY RESIDENTIAL

COMMERCIAL	MEDIUM DENSITY RESIDENTIAL

URBAN MEDIUM INTENSITY	HIGHWAY COMMERCIAL

URBAN LOW INTENSITY

KELLY, COLLINS &
GENTRY, INC.
ENGINEERING / PLANNING

Scale: Date: S: 14

1:800
02/07/2024
T: 17 R: 30

LAND USE MAP

FUTURE

Job # :	1503.000

Exhibit: KEPLER ROAD CDD - EXHIBIT G

Drawn by:  DSR	Source: CITY OF DELAND PLANNING DEPT.
Appvd. by:  GPR	Area: CITY OF DELAND, FL	19

R-4

R-4A

BLUE LAKE AVE
R-1B

R-1B

R-4

B-5

R-M

B-4

R-1AA

B-4C R-4

A-3C

R-4C

R-4

BPUDC BPUDC
R-4C

EXRH-3ICBIT H

BPUDC

R-4

A-3

A-3C

R-3

R-3C

R-1B

R-1AA

R-R

THE OAKS PD

R-1AA

TRINITY GARDENS PD

R-3

BERESFORD AVE

R-R
R-R

R-R

E BERESFORD AVE

C-2

R-R

S KEPLER ROAD

C-2

R-R

R-A

ROLLING OAKS
(SHADY MEADOWS) VC:RPUD

THE RESERVE AT VICTORIA PD

LEGEND

CDD BOUNDARY
ZONING BOUNDARY

PARK LAKE ESTATES PD

CITY OF DELAND	VOLUSIA COUNTY

R-1AA: SINGLE FAMILY DWELLING	C: CONSERVATION (CLASSIFICATION APPLIED TO CERTAIN LANDS)

R-1B: SINGLE FAMILY DWELLING R-R: RURAL RESIDENTIAL DISTRICT
R-M: RESIDENTIAL MOBILE HOME DISTRICT

A-3: TRANSITIONAL AGRICULTURE R-A: RURAL AGRICULTURE
R-R: RURAL RESIDENTIAL

BPUDC: BUSINESS PLANNED UNIT DEV
R-3: URBAN SINGLE-FAMILY RESIDENTIAL R-4: URBAN SINGLE-FAMILY RESIDENTIAL

C-2: GENERAL COMMERCIAL DISTRICT	B-4: GENERAL COMMERCIAL	B-5: HEAVY COMMERCIAL

KELLY, COLLINS &

Scale: Date:

1:800
02/07/2024

ZONING
MAP

S: 14

T: 17 R: 30

GENTRY, INC.

Job # :	1503.000

Exhibit:

KEPLER ROAD CDD - EXHIBIT H

21

ENGINEERING / PLANNING

Drawn by:

DSR

Source:

CITY OF DELAND PLANNING DEPARTMENT

EXHIBIT I

BERESFORD AVE

E BERESFORD AVE

LEGEND
CDD BOUNDARY

BLUE LAKE AVE

RESIDENTIAL, RESIDENTIAL PUD

AGRICULTURE, AGRICULTURE PUD

MIXED USE, MIXED USE PUD

COMMERCIAL, BUSINESS PUD

KELLY, COLLINS &

Scale: Date:

1:800
02/07/2024

GENERAL COUNTYWIDE
ZONING MAP

S: 14 T: 17 R: 30

GENTRY, INC.

Job # :

1503.000

Exhibit:

KEPLER ROAD EXHIBIT I

22

S KEPLER ROAD

ENGINEERING / PLANNING

Drawn by:

DSR

Source:

VOLUSIA COUNTY PROPERTY APPRAISER

EXHIBIT J-1 – Phase 3 Legal Description	
Legal description provided by PEC-Surveying and Mapping August 4, 2026.

A TRACT OF LAND OF SECTION 14, TOWNSHIP 17 SOUTH, RANGE 30 EAST VOLUSIA COUNTY, FLORIDA BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCE AT THE SOUTHWEST CORNER OF THE SOUTHWEST QUARTER SECTION 14, TOWNSHIP 17 SOUTH, RANGE 30 EAST VOLUSIA COUNTY, FLORIDA, THENCE RUN NORTH 01 DEGREES 03 MINUTES 38 SECONDS WEST, 646.42 FEET ALONG THE WEST BOUNDARY OF THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14 FOR THE POINT OF BEGINNING; THENCE CONTINUE NORTH 01 DEGREES 03 MINUTES 38 SECONDS WEST, 646.42 FEET ALONG SAID WEST BOUNDARY; THENCE RUN NORTH 88 DEGREES 52 MINUTES 47 SECONDS EAST, 1326.35 FEET ALONG THE NORTH BOUNDARY OF THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14 TO THE SOUTHWEST CORNER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14; THENCE RUN NORTH 00 DEGREES 59 MINUTES 38 SECONDS WEST, 1303.17 FEET ALONG THE WEST BOUNDARY OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14 TO THE NORTHWEST CORNER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14; THENCE RUN NORTH 88 DEGREES 26 MINUTES 03 SECONDS EAST, 663.96 FEET ALONG THE NORTH BOUNDARY OF THE SOUTHWEST QUARTER OF SAID SECTION 14 TO THE NORTHEAST CORNER OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14; THENCE RUN SOUTH 00 DEGREES 57 MINUTES 39 SECONDS EAST, 654.16 FEET ALONG THE EAST BOUNDARY OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14 TO THE SOUTHEAST CORNER OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14; THENCE RUN SOUTH 61 DEGREES 48 MINUTES 06 SECONDS WEST, 66.38 FEET; THENCE RUN SOUTH 01 DEGREES 19 MINUTES 01 SECONDS EAST, 118.51 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE NORTHEASTERLY; THENCE RUN NORTHWESTERLY ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 50.00 FEET; A CENTRAL ANGLE OF 30 DEGREES 57 MINUTES 26 SECONDS, AN ARC LENGTH OF 27.02 FEET, A CHORD LENGTH OF 26.69 FEET AND A CHORD BEARING OF NORTH 61 DEGREES 47 MINUTES 44 SECONDS WEST TO THE POINT OF TANGENCY; THENCE RUN NORTH 46 DEGREES 19 MINUTES 01 SECONDS WEST, 11.41 FEET; THENCE RUN SOUTH 43 DEGREES 40 MINUTES 59 SECONDS WEST, 310.00 FEET; THENCE RUN SOUTH 21 DEGREES 56 MINUTES 09 SECONDS WEST, 51.82 FEET; THENCE RUN SOUTH 01 DEGREES 19 MINUTES 01 SECONDS EAST, 280.00 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHWESTERLY; THENCE RUN SOUTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 270.00 FEET; A CENTRAL ANGLE OF 45 DEGREES 00 MINUTES 00 SECONDS, AN ARC LENGTH OF 212.06 FEET, A CHORD LENGTH OF 206.65 FEET AND A CHORD BEARING OF SOUTH 21 DEGREES 10 MINUTES 59 SECONDS WEST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 43 DEGREES 40 MINUTES 59 SECONDS WEST, 136.89 FEET; THENCE RUN SOUTH 00 DEGREES 04 MINUTES 18 SECONDS WEST, 48.58 FEET; THENCE RUN NORTH 89 DEGREES 07 MINUTES 59 SECONDS EAST, 436.31 FEET; THENCE RUN NORTH 84 DEGREES 30 MINUTES 31 SECONDS EAST, 50.16 FEET; THENCE RUN NORTH 82 DEGREES 41 MINUTES 22 SECONDS EAST, 50.32 FEET; THENCE RUN NORTH 75 DEGREES 12 MINUTES 01 SECONDS EAST, 51.52 FEET; THENCE RUN NORTH 89 DEGREES 07 MINUTES 59 SECONDS EAST, 50.00 FEET; THENCE RUN SOUTH 00 DEGREES 52 MINUTES 01 SECONDS EAST, 115.00 FEET TO THE POINT ON A NON-TANGENT CURVE CONCAVE SOUTHEASTERLY; THENCE RUN SOUTHWESTERLY ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 425.00 FEET; A CENTRAL ANGLE OF 01 DEGREES 13 MINUTES 14 SECONDS, AN ARC LENGTH OF 9.05 FEET, A CHORD LENGTH OF 9.05 FEET AND A CHORD BEARING OF SOUTH 75 DEGREES 42 MINUTES 12 SECONDS WEST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 75 DEGREES 05 MINUTES 35 SECONDS WEST, 9.24 FEET; THENCE RUN SOUTH 14 DEGREES 54 MINUTES 25 SECONDS EAST, 50.00 FEET; THENCE RUN NORTH 75 DEGREES 05 MINUTES 35 SECONDS EAST, 9.24 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE SOUTHEASTERLY; THENCE RUN NORTHEASTERLY ALONG SAID CURVE, HAVING A RADIUS OF 375.00 FEET; A CENTRAL ANGLE OF 05 DEGREES 50 MINUTES 12 SECONDS, AN ARC LENGTH OF 38.20 FEET, A CHORD LENGTH OF 38.18 FEET AND A CHORD BEARING OF NORTH 78 DEGREES 00 MINUTES 41 SECONDS EAST TO THE POINT OF COMPOUND CURVATURE OF A CURVE; CONCAVE SOUTHWESTERLY; THENCE RUN SOUTHEASTERLY ALONG SAID CURVE, HAVING A RADIUS OF 25.00 FEET; A CENTRAL ANGLE OF 98 DEGREES 12 MINUTES 12 SECONDS, AN ARC LENGTH OF 42.85 FEET, A CHORD LENGTH OF 37.79 FEET AND A CHORD BEARING OF SOUTH 49 DEGREES 58 MINUTES 07 SECONDS EAST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 00 DEGREES 52 MINUTES 01 SECONDS EAST, 129.11 FEET; THENCE RUN SOUTH 89 DEGREES 07 MINUTES 59 SECONDS WEST, 1083.08 FEET; THENCE RUN

SOUTH 00 DEGREES 52 MINUTES 01 SECONDS EAST, 2.99 FEET; THENCE RUN SOUTH 89 DEGREES 07 MINUTES 59 SECONDS WEST, 975.00 FEET; THENCE RUN SOUTH 00 DEGREES 52 MINUTES 01 SECONDS EAST, 2.00 FEET; THENCE RUN SOUTH 89 DEGREES 07 MINUTES 59 SECONDS WEST, 34.57 FEET; THENCE RUN SOUTH 89 DEGREES 06 MINUTES 10 SECONDS WEST, 100.00 FEET TO THE POINT OF BEGINNING.
THE ABOVE DESCRIBED TRACT OF LAND CONTAINS 43.922 ACRES, MORE OR LESS, LOCATED IN SECTION 14, TOWNSHIP 17 SOUTH, RANGE 30 EAST, CITY OF DELAND, VOLUSIA COUNTY, FLORIDA

EXHIBIT J-2 – Phase 4 Legal Description	
Legal description provided by PEC-Surveying and Mapping August 4, 2026.

A TRACT OF LAND, LYING IN SECTION 14, TOWNSHIP 17 SOUTH, RANGE 30 EAST, VOLUSIA COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCE AT THE SOUTHWEST CORNER OF THE SOUTHWEST QUARTER OF SECTION 14, TOWNSHIP 17 SOUTH, RANGE 30 EAST, VOLUSIA COUNTY, FLORIDA, FOR A POINT OF REFERENCE; THENCE RUN NORTH 01°03'38" WEST, ALONG THE WEST BOUNDARY OF THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14,
646.42 FEET; THENCE DEPARTING SAID WEST BOUNDARY, RUN NORTH 89°06'10" EAST, 100.00 FEET TO THE POINT OF BEGINNING; THENCE RUN NORTH 89°07'59" EAST, 34.57 FEET; THENCE RUN NORTH 00°52'01" WEST, 2.00 FEET; THENCE RUN NORTH 89°07'59" EAST, 975.00 FEET; THENCE RUN NORTH 00°52'01" WEST, 2.99 FEET; THENCE RUN NORTH 89°07'59" EAST, 1575.33 FEET; THENCE RUN SOUTH 00°54'31" EAST, 288.22 FEET; THENCE RUN NORTH 89°05'29" EAST, 107.51 FEET; THENCE RUN SOUTH 00°54'31" EAST, 373.19 FEET; THENCE RUN SOUTH 89°31'09" WEST, 141.01 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHEASRLY; THENCE RUN WESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 1265.67 FEET, A CENTRAL ANGLE OF 09°23'45", AN ARC LENGTH OF 207.55 FEET, A CHORD LENGTH OF 207.32 FEET, AND A CHORD BEARING OF NORTH 85°47'57" WEST, TO THE POINT OF TANGENCY; THENCE RUN NORTH 81°09'12" WEST, 637.04 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE SOUTHWESTERLY; THENCE RUN WESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 3050.00 FEET, A CENTRAL ANGLE OF 09°31'25", AN ARC LENGTH OF 506.97 FEET, A CHORD LENGTH OF 506.38 FEET, AND A CHORD BEARING OF NORTH 85°54'54" WEST, TO THE POINT OF TANGENCY; THENCE RUN SOUTH 89°19'34" WEST, 1211.37 FEET; THENCE RUN NORTH 01°03'38" WEST, 481.81 FEET TO THE POINT OF BEGINNING.
THE ABOVE DESCRIBED TRACT OF LAND LIES IN THE CITY OF DELAND, VOLUSIA COUNTY, FLORIDA, AND CONTAINS
32.395 ACRES, MORE OR LESS.

Kepler Road CDD - Series 2026 Project
Opinion of Probable Construction Costs	
Proposed Improvements Cost (2024)	Total (Phases 3 & 4)	Phase 3	Phase 4	
# Lots	234	159	75	
Anticipated Construction Timeline	2026-2028	2026	2027-2028	
1. Master Utilities System				
a. Sanitary Sewer System	$	759,492	$	529,470	$	230,022	
b. Water Distribution System	$	849,686	$	641,156	$	208,530	
c. Reuse Water System	$	668,201	$	507,573	$	160,628	
2. Master Stormwater Management System				
a. Pond and Roadway Earthwork 5	$	2,043,155	$	1,367,514	$	675,641	
b. On and Offsite Storm Conveyance System	$	1,681,105	$	1,236,685	$	444,420	
3. Electrical Service Systems (Underground) 3	$	401,944	$	273,116	$	128,828	
4. Conservation/ Mitigation Areas	$	-	$	-	$	-	
5. On-Site Roadway Improvements 4	$	2,212,232	$	1,579,308	$	632,924	
6. Off-Site Roadway and Utility Improvements 4	$	-	$	-	$	-	
7. Landscaping, Hardscaping and Irrigation 2, 4	$	1,203,586	$	1,088,586	$	115,000	
8. Professional Consulting Fees 1	$	372,720	$	227,889	$	144,831	
9. Contingency (15%)	$	1,528,818	$	1,117,695	$	411,124	
	$	11,720,939	$	8,568,992	$	3,151,948	

EXHIBIT K – Opinion of Probable Construction Costs	

Total
1 Includes engineering, legal, and other consultant fees.
2 Inclusive of costs for the trails and community park.
3 Only includes the differential cost of undergrounding of the electrical system.
4 Exclusive of costs that are impact fee creditable. The utility connections are included with the Master Utilities System costs.
5 Includes all components assoicated with grading within the phase (retaining walls, erosions control within the phase.)

Section B

PRELIMINARY SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY
FOR THE SERIES 2026 PROJECT

KEPLER ROAD
COMMUNITY DEVELOPMENT DISTRICT

Date: August 10, 2026

Prepared by

Governmental Management Services – Central Florida, LLC 219 E. Livingston Street
Orlando, FL 32801

V1 8.6.2026

Table of Contents
1.0 Introduction	3
Purpose	3
Background	3
Special Benefits and General Benefits	4
Requirements of a Valid Assessment Methodology	5
Special Benefits Exceed the Costs Allocated	5
Assessment Methodology	6
Overview	6
Allocation of Debt	6
Allocation of Benefit	6
Lienability Test: Special and Peculiar Benefit to the Property	7
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments	7
True-Up Mechanism	8
Assessment Roll	8
Appendix	9
Table 1: Development Program	9
Table 2: Infrastructure Cost Estimates	10
Table 3: Bond Sizing	11
Table 4: Allocation of Benefit	12
Table 5: Allocation of Benefit/Total Par Debt to Each Product Type	13
Table 6: Par Debt and Annual Assessments	14
Table 7: Preliminary Assessment Roll	15
GMS-CF, LLC does not represent the Kepler Road Community Development District as a Municipal Advisor or Securities Broker nor is GMS-CF, LLC registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, GMS-CF, LLC does not provide the Kepler Road Community Development District with financial advisory services or offer investment advice in any form.

1.0	Introduction

The Kepler Road Community Development District is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes, as amended (the “District”). The District plans to issue $3,920,000 of tax exempt bonds (the “2026 Bonds” or “Bonds”) for the purpose of financing certain infrastructure improvements within the District, more specifically described in the 2026 Supplemental Engineer’s Report dated August 5, 2026, as may be amended and supplemented from time to time (the “Engineer’s Report”), prepared by Kelly, Collins & Gentry, Inc. (the “District Engineer”).

Purpose

This Preliminary Second Supplemental Assessment Methodology for the Series 2026 Project (the “Second Supplemental Assessment Report”) supplements the Master Assessment Methodology dated February 12, 2024 (the “Master Report” and together with the Second Supplemental Assessment Report, the “Assessment Report”), and provides for an assessment methodology for allocating the debt assessments to properties within the 2026 Assessment Area within the District based on the special benefits each receives from a portion of the District’s capital improvement plan (“CIP”) relating to Trinity Gardens Phases 3 & 4 of development (herein the “Series 2026 Project”). The Assessment Report is designed to conform to the requirements of Chapters 190, 197 and 170, Florida Statutes with respect to special assessments and is consistent with our understanding of case law on this subject.

The District intends to collect non ad valorem special assessments on the benefited lands within the 2026 Assessment Area within the District securing the repayment of the 2026 Bonds based on the Assessment Report. It is anticipated that all of the proposed debt special assessments will be collected through the Uniform Method of Collection described in Chapter 197.3632, Florida Statutes or any other legal means of collection available to the District. It is not the intent of this Second Supplemental Assessment Report to address any other assessments, if applicable, that may be levied by the District, a homeowner’s association, or any other unit of government.

Background

The District currently includes approximately 183.93 acres within the City of Deland, Volusia County, Florida. The proposed development program for Trinity Gardens Phases 3 & 4 contains approximately 76.317 acres and is currently planned for 234 residential units (herein the “2026 Assessment Area”), which represents a portion of the planned development within the District (the “Development”). It is recognized that such land use plan may change, and this Second Supplemental Assessment Report will be modified accordingly. The Development units planned for the 2026 Assessment Area, ultimately are the benefitting properties of the Series 2026 Project,

and are anticipated to fully absorb and secure the debt assessments pledged to the 2026 Bonds.

The public improvements contemplated by the District in the Series 2026 Project will provide facilities that benefit certain property within the District, including the 2026 Assessment Area of the District. The Series 2026 Project is delineated in the Engineer’s Report, which includes, but is not limited to, the construction and/or acquisition of certain master utilities systems (sanitary sewer system, water distributions system, and reuse water system), master stormwater management systems (pond & roadway earthwork, and on & offsite storm conveyance system), electrical service systems (underground), on-site roadway improvements, landscaping, hardscaping, and irrigation, parks & recreation facilities, professional fees, and contingency. The estimated acquisition and construction costs of the Series 2026 Project are summarized in Table 2.

The assessment methodology is a four-step process.

The District Engineer must first determine the public infrastructure improvements that may be provided by the District and the costs to implement the Series 2026 Project.
The District Engineer determines the assessable acres that benefit from the District’s Series 2026 Project.
A calculation is made to determine the funding amounts necessary to acquire and/or construct the Series 2026 Project.
This amount is initially divided equally among the benefited properties on a prorated gross acreage basis. Ultimately, as land is platted, site planned, or subjected to a declaration of condominium, this amount will be assigned to each of the benefited properties on an ERU basis.

Special Benefits and General Benefits

Improvements undertaken by the District create special and peculiar benefits to the property within the 2026 Assessment Area, different in kind and degree than general benefits, for properties outside its boundaries as well as general benefits to the public at large.

However, as discussed within the Assessment Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits, which accrue to the assessable property within 2026 Assessment Area within the District. The implementation of the Series 2026 Project enables properties within the 2026 Assessment Area of the District to be developed. Without the District’s Series 2026 Project, there would be no infrastructure to support development of land within

the 2026 Assessment Area. Without these improvements, the development of property within the 2026 Assessment Area would be prohibited by law.

There is no doubt that the general public and property owners outside the 2026 Assessment Area within District will benefit from the provision of the District’s Series 2026 Project. However, these benefits will be incidental to the District’s Series 2026 Project, which is designed solely to meet the needs of property within 2026 Assessment Area of the District. Properties outside the District boundaries and outside the 2026 Assessment Area do not depend upon the District’s Series 2026 Project. The property owners within the 2026 Assessment Area are therefore receiving special benefits not received by those outside the District boundaries and outside 2026 Assessment Area within the District.

Requirements of a Valid Assessment Methodology

There are two requirements under Florida law for a valid special assessment:

The properties must receive a special benefit from the improvements being paid for.
The assessments must be fairly and reasonably allocated to the properties being assessed.

Florida law provides for a wide application of special assessments that meet these two requirements for valid special assessments.

Special Benefits Exceed the Costs Allocated

The special benefits provided to the property owners within the 2026 Assessment Area are greater than the costs associated with providing these benefits. The District Engineer estimates that the District’s Series 2026 Project, which is necessary to support full development of certain property within the 2026 Assessment Area, will cost approximately $11,720,939. The District’s underwriter projects that financing costs required to fund a portion of the Series 2026 Project, the cost of issuance of the Bonds, the funding of a debt service reserve, and capitalized interest, will be approximately
$3,920,000. Additionally, funding required to complete the Series 2026 Project which is not financed with Bonds will be funded by TLC Trinity Gardens, LLC (the “Developer”). Without the Series 2026 Project, the property within the 2026 Assessment Area would not be able to be developed per the Development program and occupied by future residents of the community.

2.0	Assessment Methodology

Overview

The District plans to issue $3,920,000 in Bonds to fund a portion of the District’s Series 2026 Project, provide for capitalized interest, fund a debt service reserve account and pay costs of issuance. It is the purpose of this Second Supplemental Assessment Report to allocate the $3,920,000 in debt to the properties within the 2026 Assessment Area benefiting from the Series 2026 Project.

Table 1 identifies the proposed land uses as identified by the Developer and current landowners of the land within the 2026 Assessment Area of the District. The District has relied on the Engineer’s Report to develop the costs of the Series 2026 Project needed to support a portion the Development, which construction costs are outlined in Table 2. The improvements needed to support a portion of the Development are described in detail in the Engineer’s Report and are estimated to cost $11,720,939. Based on the estimated costs, the size of the Bond issue under current market conditions needed to generate funds to pay for a portion of the Series 2026 Project and related costs is projected by the District’s underwriter to total $3,920,000. Table 3 shows the breakdown of the bond sizing.

Allocation of Debt

Allocation of debt assessments is a continuous process until the Development plan is completed. The portion of the Series 2026 Project funded by the 2026 Bonds benefits all developable acres within the 2026 Assessment Area.

Once platting, site plan approval, or the recording of declaration of condominium, (“Assigned Properties”) has begun, the assessments will be levied to the Assigned Properties based on the benefits they receive. Property that has not been platted, assigned development rights or subjected to a declaration of condominium (“Unassigned Properties”), will continue to be assessed on an equal assessment per gross acre basis. Eventually the Development plan will be completed and the debt relating to the 2026 Bonds will be allocated to the planned 234 residential units within the 2026 Assessment Area of the District, as depicted in Table 5 and Table 6. If there are changes to the Development plan, a true up of the assessment will be calculated to determine if a debt reduction or true-up payment from the Developer is required. That process is outlined in Section 3.0.

The assignment of debt assessments pledged to the 2026 Bonds to platted units will be done on a first-platted, first-assigned basis, consistent with the assessment methodology found in the Master Report and as further described below. The initial assessments will be allocated to the platted property within the District first at the levels provided in Table 6, and then on an equal basis to the remaining unplatted gross

acres within the 2026 Assessment Area. A fair and reasonable methodology allocates the debt incurred by the District proportionately to the properties receiving the special benefits. At this point all of the lands within the 2026 Assessment Area are benefitting from the improvements.

The debt assessment levels provided in this Second Supplemental Assessment Report have determined based on targeted annual assessment installments provided by the Developer in order to achieve a certain market-level end user assessment. In order to reduce the debt service assessments for the 2026 Bonds to the target level under the methodology, the District shall recognize contributions of CIP infrastructure from the Developer. This is reflected on Table 5. Based on the product type and number of units anticipated to absorb a certain amount of the Bond principal, it is estimated that the Developer will contribute a total of $150,000 in eligible CIP infrastructure to the District.

2.3

Allocation of Benefit

The Series 2026 Project includes but is not limited to master utilities systems (sanitary sewer system, water distributions system, and reuse water system), master stormwater management systems (pond & roadway earthwork, and on & offsite storm conveyance system), electrical service systems (underground), on-site roadway improvements, landscaping, hardscaping, and irrigation, parks & recreation facilities, professional fees, and contingency as further provided in the Engineer’s Report. There are two residential product types within 2026 Assessment Area. The single family 50’ home has been set as the base unit and has been assigned one equivalent residential unit (“ERU”). Tables 4 and 5 show the allocation of the Series 2026 Project costs and benefit and Bond debt to the particular land uses. It is important to note that the benefit derived from the improvements on the particular units exceeds the cost that the units
will be paying for such benefits.

Lienability Test: Special and Peculiar Benefit to the Property

Construction and/or acquisition by the District of its proposed Series 2026 Project will provide several types of systems, facilities and services for its residents. These include master utilities systems (sanitary sewer system, water distributions system, and reuse water system), master stormwater management systems (pond & roadway earthwork, and on & offsite storm conveyance system), electrical service systems (underground), on-site roadway improvements, landscaping, hardscaping, and irrigation, parks & recreation facilities, professional fees, and contingency. These improvements accrue in differing amounts and are somewhat dependent on the type of land use receiving the special benefits peculiar to those properties, which flow from the logical relationship of the improvements to the properties.

For the provision of the Series 2026 Project, the special and peculiar benefits are:

added use of the property,
added enjoyment of the property, and
the probability of increased marketability and value of the property.

These special and peculiar benefits are real and ascertainable, but are not yet capable of being calculated as to value with mathematical certainty. However, each is more valuable than either the cost of, or the actual non-ad valorem special assessment levied for the improvement or the debt as allocated.

True Up Mechanism

Although the District does not process plats, declarations of condominium, site plans or revisions thereto for the Developer, it does have an important role to play during the course of platting and site planning. Whenever a plat, declaration of condominium or site plan is processed, the District must allocate a portion of its Bond debt to the property according to the Assessment Report outlined herein. In addition, the District must also prevent any buildup of debt on Unassigned Property. Otherwise, the land could be fully conveyed and/or platted without all of the debt being allocated. To preclude this, at the time Unassigned Properties become Assigned Properties, the District will determine the amount of anticipated assessment revenue that remains on the Unassigned Properties, taking into account the proposed plat, or site plan approval. If the total anticipated assessment revenue to be generated from the Assigned and Unassigned Properties is greater than or equal to the maximum annual debt service then no adjustment is required. In the case that the revenue generated is less than the required amount then a debt reduction or true-up payment by the landowner in the amount necessary to reduce the par amount of the outstanding Bonds plus accrued interest to a level that will be supported by the new net annual debt service assessments will be required.

Assessment Roll

The District will initially allocate the debt service assessments pledged to the Bonds across the Unassigned Properties within the 2026 Assessment Area of the District boundaries on an equal acreage basis as described in Table 7. As Assigned Property becomes known with certainty, the District will refine its allocation of debt from a per acre basis to a per unit basis as shown in Table 6. If the land use plan changes, then the District will update Tables 1, 4, 5 & 6 to reflect the changes. As a result, the assessment liens are neither fixed nor are they determinable with certainty on any acre of land in the 2026 Assessment Area of the District prior to the time final Assigned Properties become known. The current assessment roll is depicted in Table 7.

KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT DEVELOPMENT PROGRAM
SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE SERIES 2026 PROJECT

Product Types	
Phase 3	
Phase 4	Total
No. of Units *	
ERUs per Unit (1)	
Total ERUs	
Single Family 50'	104	75	179	1.00	179.00	
Single Family 60'	55	0	55	1.20	66.00	
Total Units	159	75	234		245.00	

(1) Benefit is allocated on an ERU basis; based on density of planned development, with a 50' Single Family unit equal to 1 ERU

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE COST ESTIMATES
SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE SERIES 2026 PROJECT

Capital Improvement Plan ("Series 2026 Project")	(1)	Total Cost Estimate	
Sanitary Sewer System		$759,492	
Water Distribution System		$849,686	
Reuse Water System		$668,201	
Pond and Roadway Earthwork		$2,043,155	
On and Offsite Storm Conveyance System		$1,681,105	
Electrical Distribution System (Underground)		$401,944	
On-Site Roadway Improvements		$2,212,232	
Landscaping, Hardscaping, irrigation		$1,203,586	
Professional Consulting Fees		$372,720	
Contingency		$1,528,818	
Total		$11,720,939	

(1) A detailed description of these improvements is provided in the 2026 Supplemental Engineer's Report dated August 5, 2026 and identified as Trinity Gardens Phases 3 and 4.

Prepared by: Governmental Management Services - Central Florida, LLC

KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT BOND SIZING
SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE SERIES 2026 PROJECT

Series 2026 Bonds
Description	Amount

Construction Funds	$3,274,258
Debt Service Reserve	$138,768
Capitalized Interest	$253,575
Underwriters Discount	$78,400
Cost of Issuance	$175,000

Par Amount*	$3,920,000

Average Coupon Amortization Capitalized Interest Debt Service Reserve Underwriters Discount

5.75%
30 years Thru 11/1/2027
50% Max Annual D/S
2%

Bond Assumptions:

*Preliminary, subject to change

Prepared by: Governmental Management Services - Central Florida, LLC

KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT ALLOCATION OF BENEFIT
SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE SERIES 2026 PROJECT

Product Types	No. of Units *	ERU
Factor	Total ERUs	
% of Total ERUs	Total Improvements Costs Per Product Type	Improvement Costs Per Unit	
Single Family 50'	179	1.00	179.00	73.06%	$8,563,462	$47,841	
Single Family 60'	55	1.20	66.00	26.94%	$3,157,477	$57,409	
Totals	234		245.00	100.00%	$11,720,939		

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

Total Improvements

Potential Allocation

Potential

Allocation of

Developer

Allocation of

Product Types	No. of
Units *	Costs Per Product
Type	of Par Debt Per
Product Type	Allocation of Par
Debt Per Unit	Developer
Contributions**	Contributions
Per Unit***	2026 Par Debt
Per Product Type	2026 Par
Debt Per Unit	
Single Family 50'	179	$8,563,461.56	$2,973,591.84	$16,612.24	($2,889.04)	($16.14)	$2,970,702.79	$16,596.10	
Single Family 60'	55	$3,157,477.44	$1,096,408.16	$19,934.69	($147,110.96)	($2,674.74)	$949,297.21	$17,259.95	
Totals	234	$11,720,939.00	$4,070,000.00		($150,000.00)		$3,920,000.00		

ALLOCATION OF TOTAL BENEFIT/PAR DEBT TO EACH PRODUCT TYPE
SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE SERIES 2026 PROJECT

* Unit mix is subject to change based on marketing and other factors

** In order for debt service assessment levels to be consistent with market conditions and targeted assessment levels, developer contributions are recognized. Based on the product type and number of units anticipated to absorb the Bond Principal, it is estimated that the CDD will recognize a developer contribution equal to $150,000 in eligible infrastructure.

***Amount calculated by determing the difference between the Potential Allocation of Par Debt Per Product Type Per Unit and the 2026 Par Debt Per Unit.

Prepared by: Governmental Management Services - Central Florida, LLC

PAR DEBT AND ANNUAL ASSESSMENTS FOR EACH PRODUCT TYPE
SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE SERIES 2026 PROJECT

Product Types	
No. of Units *	Allocation of Par Debt Per Product Type	
Total Par Debt Per Unit	Maximum Annual Debt Service	Net Annual Debt Assessment Per Unit	Gross Annual Debt Assessment Per Unit (1)	
Single Family 50'	179	$2,970,702.79	$16,596.10	$210,325.00	$1,175.00	$1,250.00	
Single Family 60'	55	$949,297.21	$17,259.95	$67,210.00	$1,222.00	$1,300.00	
Totals	234	$3,920,000.00		$277,535.00			

(1) This amount includes 6% for collection fees and early payment discounts when collected on the Volusia County Tax Bill

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

Total Par Debt Allocation Per

Total Par Debt

Net Annual Debt Assessment

Gross Annual Debt Assessment

Owner	Property*	Acres	Acre	Allocated	Allocation	Allocation (1)	
TLC TRINITY GARDENS LLC	Phase 3	43.922	$51,365	$2,256,040	$159,727	$169,922	
TLC TRINITY GARDENS LLC	Phase 4	32.395	$51,365	$1,663,960	$117,808	$125,328	
Totals		76.317		$3,920,000	$277,535	$295,250	

PRELIMINARY ASSESSMENT ROLL
SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR THE SERIES 2026 PROJECT

(1) This amount includes 6% to cover collection fees and early payment discounts when collected utilizing the uniform method.

Annual Assessment Periods Average Coupon Rate (%) Maximum Annual Debt Service

30
5.75%
$277,535

* - See Metes and Bounds, attached as Exhibit A

Prepared by: Governmental Management Services - Central Florida, LLC

EXHIBIT J-1 – Phase 3 Legal Description	
Legal description provided by PEC-Surveying and Mapping August 4, 2026.

A TRACT OF LAND OF SECTION 14, TOWNSHIP 17 SOUTH, RANGE 30 EAST VOLUSIA COUNTY, FLORIDA BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCE AT THE SOUTHWEST CORNER OF THE SOUTHWEST QUARTER SECTION 14, TOWNSHIP 17 SOUTH, RANGE 30 EAST VOLUSIA COUNTY, FLORIDA, THENCE RUN NORTH 01 DEGREES 03 MINUTES 38 SECONDS WEST, 646.42 FEET ALONG THE WEST BOUNDARY OF THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14 FOR THE POINT OF BEGINNING; THENCE CONTINUE NORTH 01 DEGREES 03 MINUTES 38 SECONDS WEST, 646.42 FEET ALONG SAID WEST BOUNDARY; THENCE RUN NORTH 88 DEGREES 52 MINUTES 47 SECONDS EAST, 1326.35 FEET ALONG THE NORTH BOUNDARY OF THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14 TO THE SOUTHWEST CORNER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14; THENCE RUN NORTH 00 DEGREES 59 MINUTES 38 SECONDS WEST, 1303.17 FEET ALONG THE WEST BOUNDARY OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14 TO THE NORTHWEST CORNER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14; THENCE RUN NORTH 88 DEGREES 26 MINUTES 03 SECONDS EAST, 663.96 FEET ALONG THE NORTH BOUNDARY OF THE SOUTHWEST QUARTER OF SAID SECTION 14 TO THE NORTHEAST CORNER OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14; THENCE RUN SOUTH 00 DEGREES 57 MINUTES 39 SECONDS EAST, 654.16 FEET ALONG THE EAST BOUNDARY OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14 TO THE SOUTHEAST CORNER OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14; THENCE RUN SOUTH 61 DEGREES 48 MINUTES 06 SECONDS WEST, 66.38 FEET; THENCE RUN SOUTH 01 DEGREES 19 MINUTES 01 SECONDS EAST, 118.51 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE NORTHEASTERLY; THENCE RUN NORTHWESTERLY ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 50.00 FEET; A CENTRAL ANGLE OF 30 DEGREES 57 MINUTES 26 SECONDS, AN ARC LENGTH OF 27.02 FEET, A CHORD LENGTH OF 26.69 FEET AND A CHORD BEARING OF NORTH 61 DEGREES 47 MINUTES 44 SECONDS WEST TO THE POINT OF TANGENCY; THENCE RUN NORTH 46 DEGREES 19 MINUTES 01 SECONDS WEST, 11.41 FEET; THENCE RUN SOUTH 43 DEGREES 40 MINUTES 59 SECONDS WEST, 310.00 FEET; THENCE RUN SOUTH 21 DEGREES 56 MINUTES 09 SECONDS WEST, 51.82 FEET; THENCE RUN SOUTH 01 DEGREES 19 MINUTES 01 SECONDS EAST, 280.00 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHWESTERLY; THENCE RUN SOUTHWESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 270.00 FEET; A CENTRAL ANGLE OF 45 DEGREES 00 MINUTES 00 SECONDS, AN ARC LENGTH OF 212.06 FEET, A CHORD LENGTH OF 206.65 FEET AND A CHORD BEARING OF SOUTH 21 DEGREES 10 MINUTES 59 SECONDS WEST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 43 DEGREES 40 MINUTES 59 SECONDS WEST, 136.89 FEET; THENCE RUN SOUTH 00 DEGREES 04 MINUTES 18 SECONDS WEST, 48.58 FEET; THENCE RUN NORTH 89 DEGREES 07 MINUTES 59 SECONDS EAST, 436.31 FEET; THENCE RUN NORTH 84 DEGREES 30 MINUTES 31 SECONDS EAST, 50.16 FEET; THENCE RUN NORTH 82 DEGREES 41 MINUTES 22 SECONDS EAST, 50.32 FEET; THENCE RUN NORTH 75 DEGREES 12 MINUTES 01 SECONDS EAST, 51.52 FEET; THENCE RUN NORTH 89 DEGREES 07 MINUTES 59 SECONDS EAST, 50.00 FEET; THENCE RUN SOUTH 00 DEGREES 52 MINUTES 01 SECONDS EAST, 115.00 FEET TO THE POINT ON A NON-TANGENT CURVE CONCAVE SOUTHEASTERLY; THENCE RUN SOUTHWESTERLY ALONG SAID NON-TANGENT CURVE, HAVING A RADIUS OF 425.00 FEET; A CENTRAL ANGLE OF 01 DEGREES 13 MINUTES 14 SECONDS, AN ARC LENGTH OF 9.05 FEET, A CHORD LENGTH OF 9.05 FEET AND A CHORD BEARING OF SOUTH 75 DEGREES 42 MINUTES 12 SECONDS WEST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 75 DEGREES 05 MINUTES 35 SECONDS WEST, 9.24 FEET; THENCE RUN SOUTH 14 DEGREES 54 MINUTES 25 SECONDS EAST, 50.00 FEET; THENCE RUN NORTH 75 DEGREES 05 MINUTES 35 SECONDS EAST, 9.24 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE SOUTHEASTERLY; THENCE RUN NORTHEASTERLY ALONG SAID CURVE, HAVING A RADIUS OF 375.00 FEET; A CENTRAL ANGLE OF 05 DEGREES 50 MINUTES 12 SECONDS, AN ARC LENGTH OF 38.20 FEET, A CHORD LENGTH OF 38.18 FEET AND A CHORD BEARING OF NORTH 78 DEGREES 00 MINUTES 41 SECONDS EAST TO THE POINT OF COMPOUND CURVATURE OF A CURVE; CONCAVE SOUTHWESTERLY; THENCE RUN SOUTHEASTERLY ALONG SAID CURVE, HAVING A RADIUS OF 25.00 FEET; A CENTRAL ANGLE OF 98 DEGREES 12 MINUTES 12 SECONDS, AN ARC LENGTH OF 42.85 FEET, A CHORD LENGTH OF 37.79 FEET AND A CHORD BEARING OF SOUTH 49 DEGREES 58 MINUTES 07 SECONDS EAST TO THE POINT OF TANGENCY; THENCE RUN SOUTH 00 DEGREES 52 MINUTES 01 SECONDS EAST, 129.11 FEET; THENCE RUN SOUTH 89 DEGREES 07 MINUTES 59 SECONDS WEST, 1083.08 FEET; THENCE RUN

SOUTH 00 DEGREES 52 MINUTES 01 SECONDS EAST, 2.99 FEET; THENCE RUN SOUTH 89 DEGREES 07 MINUTES 59 SECONDS WEST, 975.00 FEET; THENCE RUN SOUTH 00 DEGREES 52 MINUTES 01 SECONDS EAST, 2.00 FEET; THENCE RUN SOUTH 89 DEGREES 07 MINUTES 59 SECONDS WEST, 34.57 FEET; THENCE RUN SOUTH 89 DEGREES 06 MINUTES 10 SECONDS WEST, 100.00 FEET TO THE POINT OF BEGINNING.
THE ABOVE DESCRIBED TRACT OF LAND CONTAINS 43.922 ACRES, MORE OR LESS, LOCATED IN SECTION 14, TOWNSHIP 17 SOUTH, RANGE 30 EAST, CITY OF DELAND, VOLUSIA COUNTY, FLORIDA

EXHIBIT J-2 – Phase 4 Legal Description	
Legal description provided by PEC-Surveying and Mapping August 4, 2026.

A TRACT OF LAND, LYING IN SECTION 14, TOWNSHIP 17 SOUTH, RANGE 30 EAST, VOLUSIA COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCE AT THE SOUTHWEST CORNER OF THE SOUTHWEST QUARTER OF SECTION 14, TOWNSHIP 17 SOUTH, RANGE 30 EAST, VOLUSIA COUNTY, FLORIDA, FOR A POINT OF REFERENCE; THENCE RUN NORTH 01°03'38" WEST, ALONG THE WEST BOUNDARY OF THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 14,
646.42 FEET; THENCE DEPARTING SAID WEST BOUNDARY, RUN NORTH 89°06'10" EAST, 100.00 FEET TO THE POINT OF BEGINNING; THENCE RUN NORTH 89°07'59" EAST, 34.57 FEET; THENCE RUN NORTH 00°52'01" WEST, 2.00 FEET; THENCE RUN NORTH 89°07'59" EAST, 975.00 FEET; THENCE RUN NORTH 00°52'01" WEST, 2.99 FEET; THENCE RUN NORTH 89°07'59" EAST, 1575.33 FEET; THENCE RUN SOUTH 00°54'31" EAST, 288.22 FEET; THENCE RUN NORTH 89°05'29" EAST, 107.51 FEET; THENCE RUN SOUTH 00°54'31" EAST, 373.19 FEET; THENCE RUN SOUTH 89°31'09" WEST, 141.01 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHEASRLY; THENCE RUN WESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 1265.67 FEET, A CENTRAL ANGLE OF 09°23'45", AN ARC LENGTH OF 207.55 FEET, A CHORD LENGTH OF 207.32 FEET, AND A CHORD BEARING OF NORTH 85°47'57" WEST, TO THE POINT OF TANGENCY; THENCE RUN NORTH 81°09'12" WEST, 637.04 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE SOUTHWESTERLY; THENCE RUN WESTERLY ALONG SAID CURVE, HAVING A RADIUS OF 3050.00 FEET, A CENTRAL ANGLE OF 09°31'25", AN ARC LENGTH OF 506.97 FEET, A CHORD LENGTH OF 506.38 FEET, AND A CHORD BEARING OF NORTH 85°54'54" WEST, TO THE POINT OF TANGENCY; THENCE RUN SOUTH 89°19'34" WEST, 1211.37 FEET; THENCE RUN NORTH 01°03'38" WEST, 481.81 FEET TO THE POINT OF BEGINNING.
THE ABOVE DESCRIBED TRACT OF LAND LIES IN THE CITY OF DELAND, VOLUSIA COUNTY, FLORIDA, AND CONTAINS
32.395 ACRES, MORE OR LESS.

Section C

Section D

AGREEMENT FOR UNDERWRITING SERVICES KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT

August 10, 2026 Board of Supervisors
Kepler Road Community Development District Dear Supervisors:
Raymond James & Associates, Inc. (the “RJA” or the “Underwriter”) is pleased to submit this agreement (the “Agreement”) to the Kepler Road Community Development District (the “District”) to serve as underwriter or placement agent to the District. This Agreement relates to the proposed issuance of bonds (the “Bonds”) to acquire and/or construct certain public infrastructure improvements for the next phase of the District’s capital improvement plan. This Agreement will cover the engagement for the initial issuance of Bonds and will be supplemented for future bond issuances as may be applicable.
Scope of Services: The Underwriter intends to serve as the underwriter, and not as a financial advisor or municipal advisor, in connection with the issuance of the Bonds. The scope of services to be provided in a non-fiduciary capacity by the Underwriter for this transaction will include those listed below, as applicable.

Advice regarding the structure, timing, terms, and other similar matters concerning the particular municipal securities described above.
Preparation of rating strategies and presentations related to the issue being underwritten.
Preparations for and assistance with investor “road shows,” if any, and investor discussions related to the issue being underwritten.
Advice regarding retail order periods and institutional marketing if the District decides to engage in a negotiated sale.
Assistance to the District in its preparation of the Preliminary Official Statement, if any, and the Final Official Statement.
Assistance with the closing of the issue, including negotiation and discussion with respect to all documents, certificates, and opinions needed for the closing.
Coordination with respect to obtaining CUSIP numbers and the registration with the Depository Trust Company.
Preparation of post-sale reports for the issue, if any.
Structuring of refunding escrow cash flow requirements, but not the recommendation of and brokerage of particular municipal escrow investments.

152 Lincoln Avenue // Winter Park, FL 32789

Fees: The Underwriter will be responsible for its own out-of-pocket expenses other than the fees and disbursements of underwriter’s or disclosure counsel, whose fees shall be paid from the proceeds of the Bonds. Any fees payable to the Underwriter will be contingent upon the successful sale and delivery or placement of the Bonds. The underwriting fee for the sale or placement of the Bonds will be the greater of $50,000 or 2% of the par amount of Bonds issued.

Termination: Both the District and the Underwriter will have the right to terminate this Agreement without cause upon 90 days written notice to the non-terminating party.
Purchase Contract: At or before such time as the District gives its final authorization for the Bonds, the Underwriter and its counsel will deliver to the District a purchase or placement contract (the “Purchase Contract”) detailing the terms of the Bonds.

Notice of Meetings: The District shall provide timely notice to the Underwriter for all regular and special meetings of the District. The District will provide, in writing, to the Underwriter, at least one week prior to any meeting, except in the case of an emergency meeting for which the notice time shall be the same as that required by law for the meeting itself, of matters and items for which it desires the Underwriter's input.

Disclosures Concerning the Underwriter’s Role Required by MSRB Rule G-17. The Municipal Securities Rulemaking Board’s Rule G-17 requires underwriters to make certain disclosures to issuers in connection with the issuance of municipal securities. Those disclosures are attached hereto as “Exhibit A.” By execution of this Agreement, you are acknowledging receipt of the same. If you or any other District officials have any questions or concerns about these disclosures, please make those questions or concerns known immediately to the undersigned. In addition, you should consult with the District’s own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent you deem appropriate. It is our understanding that you have the authority to bind the District by contract with us, and that you are not a party to any conflict of interest relating to the subject transaction. If our understanding is incorrect, please notify the undersigned immediately.

Accuracy of Information. The District understands that the consummation of the transaction will be based upon, among other things, the truth, accuracy and completeness of the information included in the official statement or other offering document or otherwise provided to RJA.

Obligations Contingent; Not Municipal Advisor. Nothing in this Agreement is an expressed or an implied commitment by RJA to provide financing or to place, purchase or underwrite the Bonds. Any such commitment shall only be set forth in a bond purchase contract or other appropriate form of agreement for the underwriting or placement of the Bonds. Further, our participation in any transaction (contemplated herein or otherwise) remains subject to, among other things, the execution of a bond purchase contract (or other appropriate form of agreement), further internal review and approvals, satisfactory completion of our due diligence investigation and then-prevailing market conditions.
The District acknowledges and agrees that RJA is being retained to act solely as underwriter or placement agent for the Bonds, and not as advisor or in any other capacity as agent. RJA shall act as an

152 Lincoln Avenue // Winter Park, FL 32789

independent contractor under this Agreement, and not in any other capacity, including as a fiduciary. The District acknowledges and agrees that: (i) the transaction contemplated by this Agreement is an arm’s length, commercial transaction between District and RJA in which RJA is acting solely as a principal and is not

acting as a municipal advisor, financial advisor or fiduciary to the District; (ii) RJA has not assumed any advisory or fiduciary responsibility to the District with respect to the transaction contemplated hereby and the discussions, undertakings and procedures leading thereto (irrespective of whether RJA has provided other services or is currently providing other services to the District on other matters); (iii) the only obligations RJA has to the District with respect to the transaction contemplated hereby expressly are set forth in this Agreement; and (iv) the District has consulted its own legal, accounting, tax, financial and other advisors, as applicable, to the extent it has deemed appropriate.
Conflicts. You should be aware that RJA or its affiliates may have trading and other business relationships with other participants in the proposed transaction, including with potential purchasers of the Bonds. These relationships include, but may not be limited to, trading lines, frequent purchases and sales of securities and other engagements through which RJA may have, among other things, an economic interest. In addition, you should be aware that the primary role of an underwriter or placement agent is to purchase, or arrange for the placement of, respectively, securities in an arm’s-length commercial transaction between the issuer and (i) RJA, strictly in our capacity as Underwriter, or (ii) the purchaser, strictly in our capacity as Placement Agent, and that the RJA has financial and other interests that differ from those of the District. Notwithstanding the foregoing, RJA will not receive any compensation with respect to the services provided hereunder other than as set forth in paragraph 2 above or otherwise disclosed in writing to District. RJA is involved in a wide range of activities from which conflicting interests or duties may arise. Information which is held elsewhere within RJA, but of which none of our personnel involved in the proposed transaction actually has knowledge, will not for any purpose be taken into account in determining RJA’s responsibilities to you.
General Terms. No opinion or advice of RJA shall be reproduced, disseminated, quoted or referred to at any time without the prior written consent of RJA. Upon the completion of the financing, we will be entitled to advertise the transaction in publications and at times selected by us at our own expense. Notwithstanding the foregoing, nothing in this Agreement shall limit or impair the District’s obligations under Chapter 119 (Public Records) or Section 286.011 (Sunshine Law), Florida Statutes, or its disclosure obligations under applicable securities laws, and no consent of RJA shall be required for any disclosure required thereby.

No waiver, amendment or other modification of this Agreement shall be effective unless in writing and signed by each party hereto.
Any dispute arising under this Agreement shall be brought exclusively in the state courts located in Volusia County, Florida. The construction and interpretation of this Agreement shall be governed by the substantive law of the State of Florida, without regard to its conflicts of laws principles. Nothing in this Agreement shall be construed as a waiver by the District of sovereign immunity beyond the limited waiver set forth in Section 768.28, Florida Statutes, or of any other right or immunity afforded to the District under Florida law.

152 Lincoln Avenue // Winter Park, FL 32789

This Agreement shall be effective upon your acceptance hereof and shall remain effective until such time as the Agreement has been terminated in accordance with Section 3 hereof.
Please sign below to evidence acceptance of the terms of this Agreement and return one executed copy to me. We are required to seek your acknowledgement that you have received the disclosures referenced herein and attached hereto as Exhibit A. By execution of this agreement, you are acknowledging receipt of the same.

Sincerely,

Raymond James & Associates, Inc.

Brett Sealy Managing Director

Approved and Accepted By:
Kepler Road Community Development District

By: 	
Name: 	

Title: 	
Date: 	

152 Lincoln Avenue // Winter Park, FL 32789

EXHIBIT A

The District has engaged Raymond James & Associates, Inc. (“RJA”), to serve as an underwriter, and not as a financial advisor or municipal advisor, in connection with the issuance of the Bonds.
As part of our services as underwriter, RJA may provide advice concerning the structure, timing, terms, and other similar matters concerning the issuance of the Bonds.
The following G-17 conflict of interest disclosures are now broken down into three types, including:
(I) dealer-specific conflicts of interest disclosures (if applicable), (II) transaction-specific disclosures (if applicable), and (III) standard disclosures.
Dealer-Specific Conflicts of Interest Disclosures
RJA has identified the following potential or actual dealer-specific material conflicts or business relationships we wish to call to your attention. When we refer to potential material conflicts herein, we refer to ones that are reasonably likely to mature into actual material conflicts during the course of the transaction, which is the standard required by MSRB Rule G-17.
In the ordinary course of its various business activities, RJA and its affiliates, officers, directors, and employees may purchase, sell or hold a broad array of investments and may actively trade securities, derivatives, loans, commodities, currencies, credit default swaps, and other financial instruments for their own account and for the accounts of customers. Such investment and trading activities may involve or relate to assets, securities and/or instruments of the District (whether directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with the District. RJA and its affiliates also may communicate independent investment recommendations, market advice or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and at any time may hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.
Additionally, in the ordinary course of its business, RJA and its affiliates may have engaged, and may in the future engage, in transactions with, and perform services for, the District and its affiliates, including without limitation, investment bidding agent services, for which they received or will receive customary fees and expenses.
Further, we understand that the District may, in certain situations, use a portion of the proceeds from the issuance of the Bonds to refund certain of the District’s outstanding securities (the “Refunded Bonds”). To the extent that RJA or an affiliate thereof owns Refunded Bonds, RJA or its affiliate, as the case may be, would receive a portion of the proceeds from the issuance of the Bonds.

152 Lincoln Avenue // Winter Park, FL 32789

Transaction-Specific Disclosures
Disclosures Concerning Complex Municipal Securities Financing:
ο	Because we have not recommended to the District a financing structure that may be a “complex municipal securities financing” for purposes of MSRB Rule G-17,
additional disclosures regarding the financing structure for the Bonds are not required under MSRB Rule G-17.
Standard Disclosures
Disclosures Concerning the Underwriter’s Role:
MSRB Rule G-17 requires an underwriter to deal fairly at all times with both the District and investors.
The underwriter’s primary role is to purchase the Bonds with a view to distribution in an arm’s-length commercial transaction with the District. The underwriter has financial and other interests that differ from those of the District.
Unlike a municipal advisor, an underwriter does not have a fiduciary duty to the District under the federal securities laws and is, therefore, not required by federal law to act in the best interests of the District without regard to its own financial or other interests.
The District may choose to engage the services of a municipal advisor with a fiduciary obligation to represent the District’s interest in this transaction.
The underwriter has a duty to purchase the Bonds from the District at a fair and reasonable price but must balance that duty with their duty to sell the Bonds to investors at prices that are fair and reasonable.
The underwriter will review the official statement for the Bonds in accordance with, and a part of, its responsibility to investors under the federal securities laws, as applied to the facts and circumstances of this transaction. Under federal securities law, the District has the primary responsibility for disclosure to investors. The review of the official statement by the underwriter is solely for purposes of satisfying the underwriter’s obligations under the federal securities laws and such review should not be construed by the District as a guarantee of the accuracy or completeness of the information in the official statement.

152 Lincoln Avenue // Winter Park, FL 32789

Disclosures Concerning the Underwriter’s Compensation:
The underwriter will be compensated by a fee and/or an underwriting discount that will be set forth in the bond purchase agreement to be negotiated and
entered into in connection with the issuance of the Bonds. Payment or receipt of the underwriting fee or discount will be contingent on the closing of the transaction and the amount of the fee or discount may be based, in whole or in part, on a percentage of the principal amount of the Bonds. While this form of compensation is customary in the municipal securities market, it presents a conflict of interest since the underwriter may have an incentive to recommend to the District a transaction that is unnecessary or to recommend that the size of the transaction be larger than is necessary.
Depending on the structure of the transaction that the District decides to pursue, or if additional actual or potential material conflicts are identified, we may be required to send you additional disclosures regarding the material financial characteristics and risks of such transaction and/or describing those conflicts. At that time, we also will seek your acknowledgement of receipt of any such additional disclosures.

152 Lincoln Avenue // Winter Park, FL 32789

Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All products and services are provided solely through Raymond James.

Section VII

RESOLUTION 2026-07

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT TO DESIGNATE DATE, TIME AND PLACE OF PUBLIC HEARING AND AUTHORIZATION TO PUBLISH NOTICE OF SUCH HEARING FOR THE PURPOSE OF ADOPTING RULES OF PROCEDURE; AND PROVIDING AN EFFECTIVE DATE

Whereas, the Kepler Road Community Development District (the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes; and

Whereas, the Board of Supervisors of the District (the “Board”) is authorized by Section 190.011(5), Florida Statutes, to adopt rules and orders pursuant to Chapter 120, Florida Statutes.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT:

Section 1. A Public Hearing will be held to adopt Rules of Procedure on 	, 2026 at   :   _.m., at the 	.

Section 2. The District Secretary is directed to publish notice of the hearing in accordance with Section 120.54, Florida Statutes.

Section 3. This Resolution shall become effective immediately upon its adoption.

Passed and adopted this 10th day of August 2026.

ATTEST:	KEPLER ROAD COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chair/Vice Chair, Board of Supervisors

Section VIII

KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT
CITY OF DELAND, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT CITY OF DELAND, FLORIDA

TABLE OF CONTENTS

	Page	
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-6	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	7	
Statement of Activities	8	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	9	
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Position	
10	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
11	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
12	
Notes to the Financial Statements	13-20	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balances –
Budget and Actual – General Fund	
21	
Notes to Required Supplementary Information	22	
OTHER INFORMATION		
Data Elements required by FL Statute 218.39 (3) (c)	23	
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	

24-25	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

26	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
27-28	

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
Kepler Road Community Development District City of DeLand, Florida

1001 Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and each major fund of Kepler Road Community Development District, City of DeLand, Florida (“District”) as of and for the fiscal 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 thereof for the fiscal 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 (GAAS) 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
The District’s management is responsible for the preparation and fair presentation of the 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 GAAS 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 GAAS, 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 budgetary comparison information 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 Information Included in the Financial Report
Management is responsible for the other information included in the financial report. The other information comprises the information for compliance with FL Statute 218.39 (3) (c) but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 4, 2026, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is solely 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 effectiveness of the District’s 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.

June 4, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of Kepler Road Community Development District, City of DeLand, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2025. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($877,813).

The change in the District’s total net position in comparison with the prior fiscal year was ($862,464), a decrease. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2025, the District’s governmental funds reported combined ending fund balances of
$335,350, an increase of $329,204 in comparison with the prior fiscal year. The total fund balance is restricted for debt service and capital projects, and the remainder is unassigned which is available for spending at the District’s discretion.
OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.
The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The government-wide financial statements include all governmental activities that are principally supported by Developer contributions. The District does not have any business-type activities. The governmental activities of the District include the general government (management) and maintenance functions.

Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

OVERVIEW OF FINANCIAL STATEMENTS (Continued)

Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains three governmental funds for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, debt service fund and the capital projects fund, all of which are considered major funds.

The District adopts an annual appropriated budget for its general fund. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget.

Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, liabilities exceeded assets at the close of the most recent fiscal year.

Key components of the District’s net position are reflected in the following table:
NET POSITION SEPTEMBER 30,
	2025	2024	
Current and other assets	$	357,951	$	31,649	
Capital assets, net of depreciation	4,012,755	-	
Total assets	4,370,706	31,649	
Current liabilities	133,519	25,503	
Long-term liabilities	5,115,000	21,495	
Total liabilities	5,248,519	46,998	
Net position	
Net investment in capital assets	(1,091,585)	(21,495)	
Restricted	203,923	-	
Unrestricted	9,849	6,146	
Total net position	$	(877,813)	$	(15,349)	

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

The District’s net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure) less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations.

The District’s net position decreased during the most recent fiscal year. The majority of the decrease is attributed to the conveyance of completed infrastructure to other entities for maintenance and ownership responsibilities.
Key elements of the change in net position are reflected in the following table:
CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,

	2025	2024*	
Revenues:			
Program revenues			
Operating grants and contributions	$	102,636	$	68,710	
Capital grants and contributions	4,461,876	-	
Total revenues	4,564,512	68,710	
Expenses:	
General government	66,616	62,564	
Maintenance and operations	160,204	-	
Conveyance of infrastructure	4,660,899	-	
Interest	205,567	-	
Bond issue costs	333,690	21,495	
Total expenses	5,426,976	84,059	
Change in net position	(862,464)	(15,349)	
Net position - beginning	(15,349)	-	
Net position - ending	$	(877,813)	$	(15,349)	
*For the period from inception November 20, 2023 to September 30, 2024
As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2025, was $5,426,976. The costs of the District’s activities were paid primarily by program revenues. Program revenues are comprised primarily of developer contributions. In total, expenses increased from the prior year mainly due to the conveyance of completed infrastructure to other entities for maintenance and ownership responsibilities.

GENERAL BUDGETING HIGHLIGHTS

An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budgeted amounts, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets
At September 30, 2025, the District had $4,151,126 invested in capital assets for its governmental activities. In the government-wide financial statements depreciation of $138,371 has been taken, which resulted in a net book value of $4,012,755. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt
At September 30, 2025, the District had $5,115,000 in Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS
It is anticipated that the general operations of the District will continue to increase as the District is built out. CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, landowners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the Kepler Road Community Development District’s Finance Department at 219 E. Livingston Street, Orlando, FL 32801.

KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT CITY OF DELAND, FLORIDA
STATEMENT OF NET POSITION SEPTEMBER 30, 2025

	Governmental
	Activities		
ASSETS		
Cash	$	19,673	
Due from Developer	12,777	
Restricted assets:		
Investments	325,501	
Capital assets:		
Depreciable, net		4,012,755 	
Total assets		4,370,706 	
LIABILITIES		
Accounts payable	17,301	
Unearned revenue	5,300	
Accrued interest payable	110,918	
Non-current liabilities:		
Due within one year	75,000	
Due in more than one year		5,040,000 	
Total liabilities		5,248,519 	
NET POSITION		
Net investment in capital assets	(1,091,585)	
Restricted for debt service	203,923	
Unrestricted		9,849 	
Total net position	 $	(877,813) 	

See notes to the financial statements

KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT CITY OF DELAND, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net (Expense) Revenue and Changes in Net
	Program Revenues	Position   

Operating Grants and

Capital Grants and

Governmental

Functions/Programs		Expenses	Contributions	Contributions	Activities	 Primary government:
Governmental activities:
General government	$	66,616	$	92,152	$	-	$	25,536	
Maintenance and operations	160,204	-	4,461,876	4,301,672	
Conveyance of infrastructure	4,660,899	-	-	(4,660,899)	
Interest on long-term debt	205,567	10,484	-	(195,083)	
Bond issuance costs			333,690		-		-	(333,690)  Total governmental activities		5,426,976	102,636	4,461,876	(862,464) 

Change in net position	(862,464)	
Net position - beginning		(15,349) 	
Net position - ending	 $	(877,813) 	

See notes to the financial statements

BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025

	Major Funds	
Capital

Total Governmental

General

Debt Service

Projects

Funds

ASSETS		
Cash	$	19,673	$	-	$	-	$	19,673	
Investments	-	314,841	10,660	325,501	
Due from Developer	12,777	-	-	12,777	
Total assets	$	32,450	$	314,841	$	10,660	$	357,951	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	17,301	$	-	$	-	$	17,301	
Unearned revenue	5,300	-	-	5,300	
Total liabilities	22,601	-	-	22,601	

Fund balances:
Restricted for:		
Debt service	-	314,841	-	314,841	
Capital projects	-	-	10,660	10,660	
Unassigned	9,849	-	-	9,849	
Total fund balances	9,849	314,841	10,660	335,350	

Total liabilities and fund balances	
$	32,450	
$	314,841	
$	10,660	
$	357,951	

See notes to the financial statements

RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2025

Fund balance - governmental funds	$	335,350
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets, net of any accumulated depreciation, in the net position of the government as a whole.
Cost of capital assets	4,151,126
Accumulated depreciation	  (138,371) 	4,012,755
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund statements. All liabilities, both current and long-term, are reported in the government-wide financial statements.
Accrued interest payable	(110,918)
Bonds payable	  (5,115,000)		(5,225,918)  Net position of governmental activities		$  (877,813)

See notes to the financial statements

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

		Major Funds			Total	
						Capital	Governmental	
		General	Debt Service		Projects		Funds	
REVENUES
Developer contributions	
$	
92,152	
$	
-	
$	
2,676,531	
$	
2,768,683	
Interest income		-		10,484		311		10,795	
Total revenues		92,152		10,484		2,676,842		2,779,478	

EXPENDITURES
Current:
General government		

66,616		

-		

-		

66,616	
Maintenance and operations Debt service:
Principal		21,833

-		-

-		-

21,495		21,833

21,495	
Interest		-		94,649		-		94,649	
Bond issue costs		-		-		333,690		333,690	
Capital outlay		-		-		7,026,991		7,026,991	
Total expenditures		88,449		94,649		7,382,176		7,565,274	

Excess (deficiency) of revenues over (under) expenditures		

3,703		

(84,165)		

(4,705,334)		

(4,785,796)	
OTHER FINANCING SOURCES (USES)
Bond proceeds		
-		
399,006		
4,715,994		
5,115,000	
Total other financing sources (uses)		-		399,006		4,715,994		5,115,000	

Net change in fund balances		
3,703		
314,841		
10,660		
329,204	
Fund balances - beginning		6,146		-		-		6,146	

Fund balances - ending	
$	
9,849	
$	
314,841	
$	
10,660	
$	
335,350	

See notes to the financial statements

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

Net change in fund balances - total governmental funds
Amounts reported for governmental activities in the statement of activities

$	329,204

are different because:		
Governmental funds report capital outlays as expenditures, however, in the statement of activities, the cost of those assets is eliminated and capitalized as capital assets.	

7,026,991	
The statement of activities reports noncash contributions as revenues, but these revenues are not reported in the governmental fund financial statements.	

1,785,034	
Governmental funds report the face amount of Bonds issued as financial resources when debt is first issued, whereas these amounts are eliminated in the statement of activities and recognized as long-term liabilities in the statement of net position.	

(5,115,000)	
Conveyances of infrastructure improvements to other governments of previously capitalized capital assets is recorded as an expense in the statement of activities.	

(4,660,899)	
Depreciation on capital assets is not recognized in the governmental fund financial statements but is reported as an expense in the statement of activities.	

(138,371)	
Repayment of long-term liabilities are reported as expenditures in the governmental fund statements but such repayments reduce liabilities in the statement of net position and are eliminated in the statement of activities.	

21,495	
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but not in the fund financial statements.	

	(110,918) 	
Change in net position of governmental activities	$	(862,464)	

See notes to the financial statements

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

Kepler Road Community Development District ("District") was established by the Board of City Commissioners of City of DeLand, Florida (“City”), on November 20, 2023, by the City’s adoption of Ordinance 2023-27, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. 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 the Board of Supervisors (also referred to as "Board"), which is composed of five members. The current Supervisors were elected by landowners in accordance with chapter 190, Florida Statutes. The Board of Supervisors of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes. At September 30, 2025, three of the Board members were affiliated with TLC Trinity Gardens, LLC (“Developer”).

The Board has the final responsibility for:
Allocating 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.

The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District Board of Supervisors is considered to be financially accountable, and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING 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 of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment. (Operating-type special assessments for maintenance and debt service are treated as charges for services.); and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

Measurement Focus, Basis of Accounting and Financial Statement 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 related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and 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 government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.
Assessments
Assessments are non-ad valorem assessments on benefitted property within the District. Operating and Maintenance Assessments are based upon an adopted budget and levied annually. Debt Service Assessments are levied when Bonds are issued and certified for collection on an annual basis. The District may collect assessments directly or utilize the uniform method of collection (Chapter 197.3632, Florida Statutes). Direct collected assessments are due as determined by annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the uniform method are mailed by County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the Debt Service Assessments on their property subject to various provisions in the Bond documents.
Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The District reports on the following major governmental funds:

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

Debt Service Funds
The debt service funds are used to account for the accumulation of resources for the annual payment of principal and interest on debt.
Capital Projects Fund
This fund accounts for the financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital assets within the District.
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 for qualifying expenditures, then unrestricted resources as they are needed.
Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.

Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:
The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.
Securities listed in paragraphs c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.
Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.
Capital Assets
Capital assets which include property and infrastructure assets (e.g., trails, landscape, hardscape, irrigation, and other items) are reported in the governmental activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition 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 assets’ lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.
Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:
Assets	Years	
Stormwater management	30	

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.

Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received but not yet earned.

Long-Term Obligations
In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

Long-Term Obligations (Continued)
In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report 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.

In addition to liabilities, the statement of financial position 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.

Fund Equity/Net Position
In the fund financial statements, governmental funds report nonspendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.

The District can establish limitations on the use of fund balance as follows:

Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.

Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.
Fund Equity/Net Position (Continued)
Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. 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. Restricted net position represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Other Disclosures

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

NOTE 3 – BUDGETARY INFORMATION

The District is required to establish a budgetary system and adopt an Annual Budget. Annual Budgets are adopted on a basis consistent with generally accepted accounting principles for all governmental funds. All annual appropriations lapse at fiscal year-end.

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.
Public hearing is conducted to obtain public comments.
Prior to October 1, the budget is legally adopted by the District Board.
Budget changes must generally be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriations for annually budgeted funds lapse at the end of the year.

NOTE 4 – DEPOSITS AND INVESTMENTS

Deposits
The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.

Investments
The District’s investments were held as follows at September 30, 2025:

Amortized cost	Credit Risk	Maturities

US Bank GCTS 0490

$	325,501
$	325,501

N/A	N/A

Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.

Concentration risk – The District places no limit on the amount the District may invest in any one issuer.

Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.
However, the Bond Indenture limits the type of investments held using unspent proceeds.

NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)
Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.

These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level 1: Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.

The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.

Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. Accordingly, the District’s investments have been reported at amortized cost above.
NOTE 5 – CAPITAL ASSETS

Capital assets activity for the fiscal year ended September 30, 2025, was as follows:

Beginning Balance

Additions	Reductions

Ending Balance

Governmental activities
Capital assets, not being depreciated		
Construction in progress	$	-	$	8,812,025	$  (8,812,025)	$	-	
Total capital assets, not being depreciated		-		8,812,025		(8,812,025)		-	

Capital assets, being depreciated Stormwater management		

-		

4,151,126		

-		

4,151,126	
Total capital assets, being depreciated		-		4,151,126		-		4,151,126	

Less accumulated depreciation for: Stormwater management		

-		

138,371		

-		

138,371	
Total accumulated depreciation		-		138,371		-		138,371	

Total capital assets, being depreciated, net		
-		
4,012,755		
-		
4,012,755	

Governmental activities capital assets, net	
$	
-	
$	
12,824,780	
$	
(8,812,025)	
$	
4,012,755	
The total cost of the infrastructure improvements to be financed with bond proceeds have been estimated at
$33.04 million. Certain costs have been paid to the Developers under the various Acquisition Agreements between the developers (including the Developer) and the District. The District and the developers have entered into an agreement whereby the developers have agreed to fund costs incurred by the District for modifications to the Developers’ construction program. Certain assets will be conveyed to other governmental entities upon completion. During the current fiscal year, the District paid the Developer a total of $4,351,180 for the acquisition of completed infrastructure improvements using proceeds from Series 2024 Bonds. In addition, the Developer contributed $4,461,565 to fund the construction project and paid for infrastructure improvements to the District. Also, the District conveyed approximately $4,660,899 of infrastructure improvements to other entities during the current fiscal year.

Series 2024
On December 23, 2024, the District issued $5,115,000 of Capital Improvement Revenue Bonds, Series 2024 consisting of various Term Bonds with due dates from May 1, 2031, to May 1, 2055, and fixed interest rates ranging from 4.4% to 5.4%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November
1. Principal on the Bonds is to be paid serially commencing May 1, 2026, through May 1, 2055.

The Series 2024 Bonds are subject to redemption at the option of the District prior to their maturity. The Series 2024 Bonds are subject to optional redemption. The Bonds are subject to extraordinary mandatory redemption prior to their selected maturity in the manner determined by the Bond Registrar if certain events occurred as outlined in the Bond Indenture. For the Series 2024 Bonds, this occurred subsequent to the fiscal year end. See Note 10 – Subsequent Events for additional information.

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. Upon satisfaction of certain conditions, a portion of the original reserve requirements will be transferred to the acquisition and construction trust account to pay for project costs in accordance with the bond indenture; this did not occur during the current fiscal year. The District was in compliance with the requirements at September 30, 2025.
Direct Borrowings
In accordance with the bond financing team funding agreement entered into by the District and the Developer, the Developer advanced $21,495 to the District during the prior fiscal year for construction costs. The total advanced amounts were repaid in the current fiscal year from the proceeds of the bond issuance.
Long-term Debt Activity
Changes in long-term liability activity for the fiscal year ended September 30, 2025, were as follows:

	Beginning
Balance	
Additions	
Reductions	
Ending Balance	Due Within
One Year	
Governmental activities Bonds payable:
Series 2024	

$	-	

$	5,115,000	

$	-	

$	5,115,000	

$	75,000	
Direct borrowings:
Developer advances	
21,495	
-	
21,495	
-	
-	
Total	$	21,495	$	5,115,000	$	21,495	$	5,115,000	$	75,000	

At September 30, 2025, the scheduled debt service requirements on the long-term debt were as follows:

Year ending

	Governmental Activities	

  September 30:	Principal	Interest	Total	
2026	$	75,000	$	266,201	$	341,201	
2027	80,000	262,901	342,901	
2028	85,000	259,381	344,381	
2029	85,000	255,641	340,641	
2030	90,000	251,901	341,901	
2031-2035	525,000	1,191,211	1,716,211	
2036-2040	675,000	1,043,019	1,718,019	
2041-2045	875,000	851,088	1,726,088	
2046-2050	1,140,000	592,380	1,732,380	
2051-2055		1,485,000	249,480	1,734,480 	
Total	 $	5,115,000	$	5,223,203	$	10,338,203 	

The Developer has agreed to fund the general operations of the District. In connection with that agreement, Developer contributions to the general fund were $92,152, which includes a receivable of $12,777 at September 30, 2025. See Note 5 – Capital Assets for additional Developer transactions.
The District’s activity is dependent upon the continued involvement of the Developer and major landowners, the loss of which could have a material adverse effect on the District’s operations.

NOTE 8 – MANAGEMENT COMPANY
The District has contracted with a management company to perform management advisory services, which include financial and accounting 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, reimbursable expenses and other administrative costs.

NOTE 9 – 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 has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims since inception of the District.

NOTE 10 – SUBSEQUENT EVENTS

Subsequent to fiscal year end, the District prepaid a total of $35,000 of the Series 2024 Bonds. The prepayments were considered extraordinary mandatory redemptions as outlined in the Bond Indenture.

SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025

	
Budgeted
	Amounts	 Original & Final	

Actual Amounts	Variance with Final Budget - Positive
(Negative)	
REVENUES
Developer contributions	
124,678	
92,152	
(32,526)	
Total revenues	124,678	92,152	(32,526)	

EXPENDITURES
Current:
General government	

124,678	

66,616	

58,062	
Maintenance and operations	-	21,833	(21,833)	
Total expenditures	124,678	88,449	36,229	

Excess (deficiency) of revenues over (under) expenditures	

 $	-		

3,703	

 $	3,703 	
Fund balance - beginning			6,146 		
Fund balance - ending		 $	9,849 		

See notes to required supplementary information

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

The District is required to establish a budgetary system and adopt an Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2025.

OTHER INFORMATION – DATA ELEMENTS REQUIRED BY FL STATUTE 218.39(3)(C)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 UNAUDITED

Element	Comments
Number of District employees compensated in the last pay period of the District’s fiscal year being reported.	
2	
Number of independent contractors compensated to whom nonemployee compensation was paid in the last month of the District’s fiscal year being reported.	
3	
Employee compensation	$1,600	
Independent contractor compensation	$85,963	
Construction projects to begin on or after October 1; ($65K)	Series 2024 - $8,812,025	

Budget variance report	See the Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund	
Ad Valorem taxes	Not applicable	
		
Non ad valorem special assessments;	Not applicable	
Special assessments collected	Not applicable	
Outstanding Bonds		
Series 2024, due May 1, 2055	$5,115,000	

1001 Yamato Road ▪ Suite 301 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

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
Kepler Road Community Development District City of DeLand, 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 and each major fund of Kepler Road Community Development District, City of DeLand, Florida (the “District”) as of and for the fiscal 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 opinion thereon dated June 4, 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 determine the 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 of 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 or significant deficiencies may exist that were not 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 agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. 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 entity’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 entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

June 4, 2026

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
To the Board of Supervisors
Kepler Road Community Development District City of DeLand, Florida

We have examined Kepler Road Community Development District’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2025. Management is responsible for District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance 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 perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the 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. Our examination does not provide a legal determination on the District’s compliance with specified requirements.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.
In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2025.

This report 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, management, and the Board of Supervisors of Kepler Road Community Development District, City of DeLand, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 4, 2026

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA
To the Board of Supervisors
Kepler Road Community Development District City of DeLand, Florida

Report on the Financial Statements
We have audited the accompanying basic financial statements of Kepler Road Community Development District, City of DeLand, Florida (the "District") as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated June 4, 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 Florida Auditor General.

Other Reporting Requirements
We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s 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 those reports, which are dated June 4, 2026, should be considered in conjunction with this management letter.

Purpose of this Letter

The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:
Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.
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, as applicable, management, and the Board of Supervisors of Kepler Road Community Development District, City of DeLand, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank Kepler Road Community Development District, City of DeLand, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

June 4, 2026

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS
None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None
COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report.
There were no significant findings and recommendations made in the preceding annual financial audit report for the period from inception November 20, 2023, to September 30, 2024.

Any recommendations to improve the local governmental entity's financial management.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2025.
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.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2025.

The name or official title and legal authority of the District are disclosed in the notes to the financial statements.
The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.
We applied financial condition assessment procedures, and no deteriorating financial conditions were noted. It is management’s responsibility to monitor 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.

Management has provided the specific information required by Section 218.39(3)(c) in the Other Information section of the financial statements on page 23.

Section IX

July 29, 2026

1001 Yamato Road ▪ Suite 301
Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

Board of Supervisors
Kepler Road Community Development District 219 East Livingston Street
Orlando, Florida 32801
We are pleased to confirm our understanding of the services we are to provide Kepler Road Community Development District, City of DeLand, Florida (“the District”) for the fiscal year ended September 30, 2026. We will audit the financial statements of the governmental activities and each major fund, including the related notes to the financial statements, which collectively comprise the basic financial statements of Kepler Road Community Development District as of and for the fiscal year ended September 30, 2026. In addition, we will examine the District’s compliance with the requirements of Section 218.415 Florida Statutes. This letter serves to renew our agreement and establish the terms and fee for the 2026 audit.
Accounting principles generally accepted in the United States of America provide for certain required supplementary information (RSI), such as management’s discussion and analysis (MD&A), to supplement the District’s basic financial statements. Such information, 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. As part of our engagement, we will apply certain limited procedures to the District’s RSI in accordance with auditing standards generally accepted in the United States of America. These limited procedures will consist of inquiries of management regarding 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 will 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.
The following RSI is required by generally accepted accounting principles and will be subjected to certain limited procedures, but will not be audited:
Management’s Discussion and Analysis
Budgetary comparison schedule
The following other information accompanying the financial statements will not be subjected to the auditing procedures applied in our audit of the financial statements, and our auditor’s report will not provide an opinion or any assurance on that information:
Compliance with FL Statute 218.39 (3) (c)
Audit Objectives
The objective of our audit is the expression of opinions as to whether your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of the supplementary information referred to in the second paragraph when considered in relation to the financial statements as a whole. Our audit will be conducted in accordance with auditing standards generally accepted in the United States of America and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and will include tests of the accounting records of the District and other procedures we consider necessary to enable us to express such opinions. We will issue a written report upon completion of our audit of the District’s financial statements. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the financial statements is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement.
We will also provide a report (that does not include an opinion) on internal control related to the financial statements and compliance with the provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a material effect on the financial statements as required by Government Auditing Standards. The report on internal control and on compliance and other matters will include a paragraph that states (1) that the purpose of the report is solely to describe the scope of 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 on compliance, and (2) that the report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control and compliance. The paragraph will also state that the report is not suitable for any other purpose. If during our audit we become aware that the District is subject to an audit requirement that is not encompassed in the terms of this engagement, we will communicate to management and those charged with governance that an audit in accordance with U.S. generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards may not satisfy the relevant legal, regulatory, or contractual requirements.

We will also issue a management letter as required by Chapter 10.550, Rules of the Auditor General of the State of Florida. As part of our audit, we will apply financial condition assessment procedures pursuant to Section 218.39(5), Florida Statutes, and Rule 10.556(8), Rules of the Auditor General, and will report, as applicable, whether the District met any of the conditions described in Section 218.503(1), Florida Statutes.
Examination Objective
The objective of our examination is the expression of an opinion as to whether the District is in compliance with Florida Statute 218.415 in accordance with Rule 10.556(10) of the Auditor General of the State of Florida. Our examination will be conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and will include tests of your records and other procedures we consider necessary to enable us to express such an opinion. We will issue a written report upon completion of our examination of the District’s compliance. The report will include a statement that the report is intended solely for the information and use of management, those charged with governance, and the Florida Auditor General, and is not intended to be and should not be used by anyone other than these specified parties. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the District’s compliance is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the examination or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement.
Other Services
We will assist in preparing the financial statements and related notes of the District in conformity with U.S. generally accepted accounting principles based on information provided by you. These nonaudit services do not constitute an audit under Government Auditing Standards and such services will not be conducted in accordance with Government Auditing Standards. The other services are limited to the financial statement services previously defined. We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be construed as assuming management responsibilities.
Management Responsibilities
Management is responsible for compliance with Florida Statute 218.415 and will provide us with the information required for the examination. The accuracy and completeness of such information is also management’s responsibility. You agree to assume all management responsibilities relating to the financial statements and related notes and any other nonaudit services we provide. You will be required to acknowledge in the management representation letter our assistance with preparation of the financial statements and related notes and that you have reviewed and approved the financial statements and related notes prior to their issuance and have accepted responsibility for them. In addition, you will be required to make certain representations regarding compliance with Florida Statute 218.415 in the management representation letter. Further, you agree to oversee the nonaudit services by designating an individual, preferably from senior management, who possesses suitable skill, knowledge, or experience; evaluate the adequacy and results of those services; and accept responsibility for them.
Management is responsible for designing, implementing and maintaining effective internal controls, including evaluating and monitoring ongoing activities, to help ensure that appropriate goals and objectives are met; following laws and regulations; and ensuring that management and financial information is reliable and properly reported. Management is also responsible for implementing systems designed to achieve compliance with applicable laws, regulations, contracts, and grant agreements. You are also responsible for the selection and application of accounting principles, for the preparation and fair presentation of the financial statements and all accompanying information in conformity with U.S. generally accepted accounting principles, and for compliance with applicable laws and regulations and the provisions of contracts and grant agreements.
Management is also responsible for making all financial records and related information available to us and for the accuracy and completeness of that information. You are also responsible for providing us with (1) access to all information of which you are aware that is relevant to the preparation and fair presentation of the financial statements, (2) additional information that we may request for the purpose of the audit, and (3) unrestricted access to persons within the government from whom we determine it necessary to obtain audit evidence.
Your responsibilities include adjusting the financial statements to correct material misstatements and for confirming to us in the written representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.
You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the government involving (1) management, (2) employees who have significant roles in internal control, and (3) others where the fraud could have a material effect on the financial statements. Your responsibilities include informing us of your knowledge of any allegations of fraud or suspected fraud affecting the government received in communications from employees, former employees, grantors, regulators, or others. In addition, you are responsible for identifying and ensuring that the government complies with applicable laws, regulations, contracts, agreements, and grants and for taking timely and appropriate steps to remedy fraud and noncompliance with provisions of laws, regulations, contracts or grant agreements, or abuse that we report.
Management is responsible for establishing and maintaining a process for tracking the status of audit findings and recommendations. Management is also responsible for identifying and providing report copies of previous financial audits, attestation engagements, performance audits or other studies related to the objectives discussed in the Audit Objectives section of this letter. This responsibility includes relaying to us corrective actions taken to address significant findings and recommendations resulting from those audits, attestation engagements, performance audits, or other studies. You are also responsible for providing management’s views on our current findings, conclusions, and recommendations, as well as your planned corrective actions, for the report, and for the timing and format for providing that information.

With regard to the electronic dissemination of audited financial statements, including financial statements published electronically on your website, you understand that electronic sites are a means to distribute information and, therefore, we are not required to read the information contained in these sites or to consider the consistency of other information in the electronic site with the original document.
Audit Procedures—General
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the government or to acts by management or employees acting on behalf of the government. Because the determination of abuse is subjective, Government Auditing Standards do not expect auditors to provide reasonable assurance of detecting abuse.
Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and because we will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by us, even though the audit is properly planned and performed in accordance with U.S. generally accepted auditing standards and Government Auditing Standards. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements. Our responsibility as auditors is limited to the period covered by our audit and does not extend to later periods for which we are not engaged as auditors.
Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will require certain written representations from you about your responsibilities for the financial statements; compliance with laws, regulations, contracts, and grant agreements; and other responsibilities required by generally accepted auditing standards.
Audit Procedures—Internal Control
Our audit will include obtaining an understanding of the government and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures. Tests of controls may be performed to test the effectiveness of certain controls that we consider relevant to preventing and detecting errors and fraud that are material to the financial statements and to preventing and detecting misstatements resulting from illegal acts and other noncompliance matters that have a direct and material effect on the financial statements. Our tests, if performed, will be less in scope than would be necessary to render an opinion on internal control and, accordingly, no opinion will be expressed in our report on internal control issued pursuant to Government Auditing Standards.
An audit is not designed to provide assurance on internal control or to identify significant deficiencies or material weaknesses. However, during the audit, we will communicate to management and those charged with governance internal control related matters that are required to be communicated under AICPA professional standards and Government Auditing Standards.
Audit Procedures—Compliance
As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we will perform tests of the District’s compliance with the provisions of applicable laws, regulations, contracts, agreements, and grants. However, the objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion in our report on compliance issued pursuant to Government Auditing Standards.
Engagement Administration, Fees, and Other
We understand that your employees will prepare all cash or other confirmations we request and will locate any documents selected by us for testing.
The audit documentation for this engagement is the property of Grau & Associates and constitutes confidential information. However, subject to applicable laws and regulations, audit documentation and appropriate individuals will be made available upon request and in a timely manner to a cognizant or oversight agency or its designee, a federal agency providing direct or indirect funding, or the U.S. Government Accountability Office for purposes of a quality review of the audit, to resolve audit findings, or to carry out oversight responsibilities. We will notify you of any such request. If requested, access to such audit documentation will be provided under the supervision of Grau & Associates personnel. Furthermore, upon request, we may provide copies of selected audit documentation to the aforementioned parties. These parties may intend, or decide, to distribute the copies or information contained therein to others, including other governmental agencies. Notwithstanding the foregoing, the parties acknowledge that various documents reviewed or produced during the conduct of the audit may be public records under Florida law. The District agrees to notify Grau & Associates of any public record request it receives that involves audit documentation.
Furthermore, Grau & Associates agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Auditor acknowledges that the designated public records custodian for the District is the District Manager (“Public Records Custodian”). Among other requirements and to the extent applicable by law, Grau & Associates shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if Auditor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Grau & Associate’s possession

or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by Grau & Associates, Grau & Associates shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.

IF GRAU & ASSOCIATES HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO ITS DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE PUBLIC RECORDS CUSTODIAN AT: C/O GOVERNMENTAL MANAGEMENT SERVICES – CENTRAL FLORIDA LLC, 219 EAST LIVINGSTON STREET ORLANDO, FLORIDA 32801, OR RECORDREQUEST@GMSCFL.COM, PH: (407) 841-5524.

Our fee for these services will not exceed $4,500 for the September 30, 2026 audit, unless there is a change in activity by the District which results in additional audit work or if additional Bonds are issued.

We will complete the audit within prescribed statutory deadlines, which requires the District to submit its annual audit to the Auditor General no later than nine (9) months after the end of the audited fiscal year, with the understanding that your employees will provide information needed to perform the audit on a timely basis.

The audit documentation for this engagement will be retained for a minimum of five years after the report release date. If we are aware that a federal awarding agency or auditee is contesting an audit finding, we will contact the party(ies) contesting the audit finding for guidance prior to destroying the audit documentation.

Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. Invoices will be submitted in sufficient detail to demonstrate compliance with the terms of this agreement. In accordance with our firm policies, work may be suspended if your account becomes 60 days or more overdue and may not be resumed until your account is paid in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to have been completed upon written notification of termination, even if we have not completed our report. You will be obligated to compensate us for all time expended and to reimburse us for all out-of-pocket costs through the date of termination. The above fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate.

This agreement may be renewed each year thereafter subject to the mutual agreement by both parties to all terms and fees. The fee for each annual renewal will be agreed upon separately.
The District has the option to terminate this agreement with or without cause by providing thirty (30) days written notice of termination to Grau & Associates. Upon any termination of this agreement, Grau & Associates shall be entitled to payment of all work and/or services rendered up until the effective termination of this agreement, subject to whatever claims or off-sets the District may have against Grau & Associates.

We will provide you with a copy of our most recent external peer review report and any letter of comment, and any subsequent peer review reports and letters of comment received during the period of the contract. Our 2025 peer review report accompanies this letter.
We appreciate the opportunity to be of service to Kepler Road Community Development District and believe this letter accurately summarizes the terms of our engagement and, with any addendum, if applicable, is the complete and exclusive statement of the agreement between Grau & Associates and the District with respect to the terms of the engagement between the parties. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us.
Very truly yours, Grau & Associates

Antonio J. Grau

RESPONSE:
This letter correctly sets forth the understanding of Kepler Road Community Development District.

By: 	

Title: 	

Date: 	

PA

Program

Florida Institute of Certified Public Accountants

,.AICPA'	Peer Review

Administered in Florida
by the Florida Institute of CPAs

November 18, 2025 Antonio Grau
Grau & Associates
1001 W. Yamato Road, Suite 301 Boca Raton, FL 33431-4403

Dear Antonio Grau:

It is my pleasure to notify you that on November 18, 2025, the Florida Peer Review Committee accepted the report on the most recent System Review of your firm. The due date for your next review is December 31, 2028. This is the date by which all review documents should be completed and submitted to the administering entity.

As you know, the report had a peer review rating of pass. The Committee asked me to convey its congratulations to the firm.

Thank you for your cooperation. Sincerely,
frCPA,pu..,.�	�
Peer Review Team
FICPA Peer Review Committee paul@ficpa.org
850.224.2727, x5957

cc: Daniel Hevia, David Caplivski

Firm Number: 900004390114	Review Number:  616829

119 S Monroe Street, Suite 121 I Tallahassee, FL 323011 850.224.2727, in Florida I www.ficpa.org

Section X

Section C

Section 1

Kepler Road Community Development District

Summary of Check Register

May 24, 2026 to July 31, 2026

Fund	Date	Check No.'s	Amount

General Fund	
6/3/26	
100	
$	
4,233.67	
	6/8/26	101	$	52,870.16	
	6/24/26	102	$	1,297.92	
	7/1/26	103-107	$	14,169.34	
	Autodrafts	 $	4,387.02 	
		$	76,958.11	

 Supervisor Fees - June 2026  Thomas Franklin	

50017	

$	184.70	
Duane Owen	50018	$	184.70	
		$	369.40	
	Total Amount	$	77,327.51	

Section 2

Kepler Road
Community Development District

Unaudited Financial Reporting
June 30, 2026

Table of Contents

	Balance Sheet

	General Fund

	Series 2024 Debt Service Fund

	Series 2024 Capital Projects Fund

	Month to Month

	Long Term Debt Report

	Assessment Receipt Schedule

Combined Balance Sheet June 30, 2026

	General	Debt Service	Capital Projects		Total	
	Fund		Fund		Fund	Governmental Fund	
Assets:									
Cash:									
Operating Account	$	24,701	$	-	$	-	$	24,701	
Due from Developer	$	4,793	$	-	$	-	$	4,793	
Due from General Fund	$	-	$	167	$	-	$	167	
Prepaid Expense	$	1,991	$	-	$	-	$	1,991	
Investments:									
Series 2025									
Construction	$	-	$	-	$	23,142	$	23,142	
Prepayment	$	-	$	1,546	$	-	$	1,546	
Reserve	$	-	$	169,955	$	-	$	169,955	
Revenue	$	-	$	141,702	$	-	$	141,702	
Total Assets	$	31,485	$	313,369	$	23,142	$	367,996	
Liabilities:									
Accounts Payable	$	19,077	$	-	$	-	$	19,077	
Due to Debt Service	$	167	$	-	$	-	$	167	
Total Liabilites	$	19,243	$	-	$	-	$	19,243	

Fund Balance:									
Nonspendable:									
Deposits and Prepaid Items	$	1,991	$	-	$	-	$	1,991	
Restricted:									
Series 2025 Debt Service Fund	$	-	$	313,369	$	-	$	313,369	
Series 2025 Capital Projects Fund	$	-	$	-	$	23,142	$	23,142	
Unassigned	$	10,251	$	-	$	-	$	10,251	
Total Fund Balances	$	12,242	$	313,369	$	23,142	$	348,753	
									
Total Liabilities & Fund Balance	$	31,485	$	313,369	$	23,142	$	367,996	

General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending June 30, 2026

	Adopted	Prorated Budget	Actual		
	Budget	Thru 06/30/26	Thru 06/30/26	Variance	

Revenues:					
Assessments - Admin & Maintenance	$	59,000	$	59,000	$	59,268	$	268	
Assessments - Admin Only	$	85,593	$	85,593	$	85,593	$	-	
Developer Contributions	$	104,354	$	73,668	$	73,668	$	-	
Interest	$	-	$	-	$	656	$	656	
Total Revenues	$	248,947	$	218,261	$	219,185	$	924	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	1,600	$	1,200	$	400	$	800	
FICA Expenditures	$	122	$	92	$	31	$	61	
Engineering	$	10,000	$	7,500	$	5,953	$	1,548	
Attorney	$	15,000	$	11,250	$	12,980	$	(1,730)	
Annual Audit	$	5,000	$	5,000	$	4,400	$	600	
Assessment Administration	$	5,000	$	5,000	$	5,000	$	-	
Arbitrage	$	450	$	450	$	450	$	-	
Dissemination	$	5,000	$	3,750	$	3,750	$	(0)	
Trustee Fees	$	4,500	$	4,500	$	3,185	$	1,315	
Management Fees	$	40,000	$	30,000	$	30,000	$	0	
Information Technology	$	1,800	$	1,350	$	1,350	$	-	
Website Maintenance	$	1,200	$	900	$	900	$	-	
Postage & Delivery	$	750	$	563	$	85	$	478	
Insurance	$	5,750	$	5,750	$	5,300	$	450	
Printing & Binding	$	600	$	450	$	17	$	433	
Legal Advertising	$	10,000	$	7,500	$	-	$	7,500	
Other Current Charges	$	3,500	$	2,625	$	710	$	1,915	
Office Supplies	$	300	$	225	$	1	$	224	
Dues, Licenses & Subscriptions	$	175	$	175	$	175	$	-	
Operations & Maintenance:
Field Expenditures
Property Insurance	

$	3,500	

$	3,500	

$	881	

$	2,619	
Field Management	$	15,000	$	11,250	$	11,250	$	-	
Landscape Maintenance	$	75,000	$	56,250	$	42,985	$	13,265	
Landscape Contingency	$	5,000	$	3,750	$	1,350	$	2,400	
Lake Maintenance	$	11,500	$	8,625	$	2,625	$	6,000	
Electric	$	1,200	$	900	$	447	$	453	
Water & Sewer	$	15,000	$	15,000	$	79,013	$	(64,013)	
Irrigation Repairs	$	3,500	$	2,625	$	1,402	$	1,223	
General Repairs & Maintenance	$	5,000	$	3,750	$	2,154	$	1,596	
Contingency	$	3,500	$	2,625	$	-	$	2,625	
Total Expenditures	$	248,947	$	196,554	$	216,791	$	(20,237)	
					
Excess (Deficiency) of Revenues over Expenditures	$	-		$	2,393		
					
Fund Balance - Beginning	$	-		$	9,849		
					
Fund Balance - Ending	$	-		$	12,242		

Adopted	Prorated Budget	Actual	
Budget	Thru 06/30/26	Thru 06/30/26	Variance	

Revenues:		
Assessments - Tax Roll	$	131,030	$	131,030	$	131,627	$	597	
Assessments - Direct Bill	$	211,481	$	211,481	$	211,481	$	-	
Assessments - Prepayment	$	-	$	-	$	35,245	$	35,245	
Interest	$	4,000	$	4,000	$	8,572	$	4,572	
Total Revenues	$	346,511	$	346,511	$	386,925	$	40,414	

Expenditures:					
Interest - 11/1	$	133,101	$	133,101	$	133,101	$	-	
Interest - 2/1	$	-	$	-	$	453	$	(453)	
Special Call - 2/1	$	-	$	-	$	35,000	$	(35,000)	
Principal - 5/1	$	75,000	$	75,000	$	75,000	$	-	
Interest - 5/1	$	133,101	$	133,101	$	132,194	$	907	
Total Expenditures	$	341,202	$	341,202	$	375,748	$	(34,547)	
					
Excess (Deficiency) of Revenues over Expenditures	$	5,309		$	11,176		

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	-	$	-	$	(12,647)	$	(12,647)	
Total Other Financing Sources/(Uses)	$	-	$	-	$	(12,647)	$	(12,647)	
					
Net Change in Fund Balance	$	5,309		$	(1,471)		
					
Fund Balance - Beginning	$	141,121		$	314,840		
					
Fund Balance - Ending	$	146,430		$	313,369		

Adopted	Prorated Budget	Actual	
Budget	Thru 06/30/26	Thru 06/30/26	Variance	

Revenues:

Interest	

$	

-	$	

-	$	546	

$	546	
Total Revenues	$	-	$	-	$	546	$	546	

Expenditures:

Capital Outlay	

$	

-	$	

-	$	712	

$	(712)	
Total Expenditures	$	-	$	-	$	712	$	(712)	
					
Excess (Deficiency) of Revenues over Expenditures	$	-	$	(166)		

Other Financing Sources/(Uses):

Transfer In/(Out)	

$	

-	$	

-	$	12,647	

$	12,647	
Total Other Financing Sources/(Uses)	$	-	$	-	$	12,647	$	12,647	
					
Net Change in Fund Balance	$	-	$	12,482		
					
Fund Balance - Beginning	$	-	$	10,660		
					
Fund Balance - Ending	$	-	$	23,142		

Kepler Road
Community Development District Month to Month

	Oct	Nov		Dec	Jan	Feb	March	April	May	June	July	Aug	Sept		Total	

Revenues:																	
Assessments - Admin & Maintenance	$	-  $	-	$	59,193  $	-  $	-  $	-  $	-  $	-  $	75	$	-	$	-	$	-	$	59,268	
Assessments - Admin Only	$	-  $	-	$	27,163  $	29,215  $	-  $	7,817  $	-  $	21,398  $	-	$	-	$	-	$	-	$	85,593	
Developer Contributions	$	10,975  $	40,827	$	-  $	-  $	-  $	-  $	-  $	-  $	21,865	$	-	$	-	$	-	$	73,668	
Interest	$	-  $	-	$	0  $	296  $	137  $	78  $	50  $	48  $	48	$	-	$	-	$	-	$	656	
Total Revenues	$	10,975  $	40,827	$	0  $	296  $	137  $	78  $	50  $	48  $	21,913	$	-	$	-	$	-	$	219,185	

Expenditures:																	
General & Administrative:																	
Supervisor Fees	$	-  $	-	$	-  $	-  $	-  $	-  $	-  $	-  $	400	$	-	$	-	$	-	$	400	
FICA Expenditures	$	-  $	-	$	-  $	-  $	-  $	-  $	-  $	-  $	31	$	-	$	-	$	-	$	31	
Engineering	$	-  $	-	$	-  $	3,193  $	-  $	1,320  $	1,440  $	-  $	-	$	-	$	-	$	-	$	5,953	
Attorney	$	2,058  $	129	$	282  $	6,386  $	576  $	896  $	2,206  $	448  $	-	$	-	$	-	$	-	$	12,980	
Annual Audit	$	-  $	-	$	-  $	-  $	-  $	4,400  $	-  $	-  $	-	$	-	$	-	$	-	$	4,400	
Assessment Administration	$	5,000  $	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	$	-	$	-	$	-	$	5,000	
Arbitrage	$	-  $	-	$	-  $	450  $	-  $	-  $	-  $	-  $	-	$	-	$	-	$	-	$	450	
Dissemination	$	417  $	417	$	417  $	417  $	417  $	417  $	417  $	417  $	417	$	-	$	-	$	-	$	3,750	
Trustee Fees	$	-  $	-	$	-  $	-  $	3,185  $	-  $	-  $	-  $	-	$	-	$	-	$	-	$	3,185	
Management Fees	$	3,333  $	3,333	$	3,333  $	3,333  $	3,333  $	3,333  $	3,333  $	3,333  $	3,333	$	-	$	-	$	-	$	30,000	
Information Technology	$	150  $	150	$	150  $	150  $	150  $	150  $	150  $	150  $	150	$	-	$	-	$	-	$	1,350	
Website Maintenance	$	100  $	100	$	100  $	100  $	100  $	100  $	100  $	100  $	100	$	-	$	-	$	-	$	900	
Postage & Delivery	$	6  $	3	$	1  $	1  $	4  $	21  $	3  $	42  $	4	$	-	$	-	$	-	$	85	
Insurance	$	5,300  $	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	$	-	$	-	$	-	$	5,300	
Printing & Binding	$	-  $	-	$	-  $	-  $	-  $	-  $	4  $	12  $	1	$	-	$	-	$	-	$	17	
Legal Advertising	$	-  $	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	$	-	$	-	$	-	$	-	
Other Current Charges	$	48  $	52	$	118  $	293  $	39  $	41  $	40  $	39  $	40	$	-	$	-	$	-	$	710	
Office Supplies	$	0  $	0	$	0  $	0  $	0  $	0  $	0  $	0  $	0	$	-	$	-	$	-	$	1	
Dues, Licenses & Subscriptions	$	175  $	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	$	-	$	-	$	-	$	175	
Operations & Maintenance:
Field Expenditures
Property Insurance	

$	

-  $	

-	

$	

-  $	

-  $	

-  $	

-  $	

881  $	

-  $	

-	

$	-	

$	-	

$	-	

$	

881	
Field Management	$	1,250  $	1,250	$	1,250  $	1,250  $	1,250  $	1,250  $	1,250  $	1,250  $	1,250	$	-	$	-	$	-	$	11,250	
Landscape Maintenance	$	4,234  $	4,234	$	4,234  $	4,234  $	8,740  $	4,234  $	4,234  $	4,234  $	4,609	$	-	$	-	$	-	$	42,985	
Landscape Contingency	$	-  $	-	$	-  $	-  $	-  $	-  $	-  $	-  $	1,350	$	-	$	-	$	-	$	1,350	
Lake Maintenance	$	375  $	375	$	375  $	375  $	375  $	375  $	375  $	-  $	-	$	-	$	-	$	-	$	2,625	
Electric	$	-  $	-	$	-  $	-  $	-  $	-  $	-  $	411  $	36	$	-	$	-	$	-	$	447	
Water & Sewer	$	31,434  $	2,299	$	9,284  $	8,992  $	9,582  $	7,980  $	5,494  $	2,496  $	1,452	$	-	$	-	$	-	$	79,013	
Irrigation Repairs	$	-  $	-	$	-  $	-  $	669  $	733  $	-  $	-  $	-	$	-	$	-	$	-	$	1,402	
General Repairs & Maintenance	$	-  $	-	$	-  $	-  $	-  $	-  $	-  $	868  $	1,286	$	-	$	-	$	-	$	2,154	
Contingency	$	-  $	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-	$	-	$	-	$	-	$	-	
Total Expenditures	$	53,879  $	12,342	$	19,543  $	29,173  $	28,420  $	25,251  $	19,926  $	13,799  $	14,459	$	-	$	-	$	-	$	216,791	
																	
Excess Revenues (Expenditures)	$	(42,904)  $	28,485	$	(19,543)  $	(28,877)  $	(28,283)  $	(25,173)  $	(19,877)  $	(13,751)  $	7,454	$	-	$	-	$	-	$	2,393	

Kepler Road
Community Development District Long Term Debt Report

Series 2024, Capital Improvement Revenue Bonds

Interest Rates:	4.400%, 5.125%, 5.400% Maturity Date:		5/1/2055
Optional Redemption Date:
Reserve Fund Definition	50% Maximum Annual Debt Service Reserve Fund Requirement		$169,820
Reserve Fund Balance	$169,955

Bonds Outstanding - 12/23/24	$5,115,000
Less: Special Call - 2/1/26	($35,000)
Less: Princpal Payment - 5/1/26	($75,000)	
Current Bonds Outstanding	$5,005,000	

Kepler Road
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts Fiscal Year 2026

ON ROLL ASSESSMENTS

Gross Assessments	$ 62,765.70	$	139,393.90	$ 202,159.60	
Net Assessments	$ 58,999.76	$	131,030.27	$ 190,030.02	
31%	69%	100%	

Date	Distribution	Gross Amount	Discount/Penalty	Commission	Interest	Net Receipts	General Fund	2025 Debt Service	Total	

12/5/25	
11/11-11/22/25	
$	98,746.32	
$	-	
$	-	
$	-	
$  98,746.32	
$ 30,658.36	
$	68,087.96	
$ 98,746.32	
12/19/25	12/1/25-12/4/25	$	1,859.82	$	-	$	-	$	-	$	1,859.82	$	577.43	$	1,282.39	$  1,859.82	
12/31/25	12/5-12/14/25	$	90,047.62	$	-	$	-	$	-	$  90,047.62	$ 27,957.62	$	62,090.00	$ 90,047.62	
6/24/26	12.5.25 - ADJ	$	241.52	$	-	$	-	$	-	$	241.52	$	74.99	$	166.53	$	241.52	
	Total	$	190,895.28	$	-	$	-	$	-	$ 190,895.28	$ 59,268.40	$	131,626.88	$ 190,895.28	

100%
0

Net Percent Collected Balance Remaining to Collect

DIRECT BILL ASSESSMENTS

MVPD TRINITY LLC 2026-01			
Net Assessments	
$ 242,747.17	
$  31,266.54	
$	211,480.63	
Date Received	Due Date	Check Number	Net Assessed	Amount Received	General Fund	Series 2025 Debt Service Fund	
1/7/26	11/1/25	10037	$	121,373.59	$ 121,373.59	$ 15,633.27	$	105,740.32	
3/23/26	2/1/26	11780	$	60,686.79	$  60,686.79	$  7,816.63	$	52,870.16	
5/28/26	5/1/26	13115	$	60,686.79	$  60,686.79	$  7,816.63	$	52,870.16	
			$	242,747.17	$ 242,747.17	$ 31,266.53	$	211,480.64	

TLC TRINITY GARDENS 2026-02	LLC			
Net Assessments	
$  54,326.46	
$ 54,326.46	
Date Received	Due Date	Check Number	Net Assessed	Amount Received	General Fund	
12/11/25	11/1/25	2635	$	27,163.23	$  27,163.23	$ 27,163.23	
1/28/26	2/1/26	2699	$	13,581.62	$  13,581.62	$ 13,581.62	
5/8/26	5/1/26	2798	$	13,581.62	$  13,581.62	$ 13,581.62	
			$	54,326.47	$  54,326.47	$ 54,326.47	

Section 3

BOARD OF SUPERVISORS MEETING DATES KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2027

The Board of Supervisors of the Kepler Road Community Development District will hold their regular meetings for Fiscal Year 2027 on the 2nd Monday of each month, at the Gateway Center of the Arts, 880 Highway 17, DeBary, FL 32713 at 11:00 a.m., unless otherwise indicated as follows:
October 12, 2026
November 9, 2026
December 14, 2026
January 11, 2027
February 8, 2027
March 8, 2027
April 12, 2027
May 10, 2027
June 14, 2027
July 12, 2027
August 9, 2027
September 13, 2027

The meetings are open to the public and will be conducted in accordance with the provision of Florida Law for Community Development Districts. The meetings may be continued to a date, time, and place to be specified on the record at the meeting. A copy of the agenda for these meetings may be obtained from Governmental Management Services - Central Florida, LLC, 219
E. Livingston Street, Orlando, Florida 32801 or by calling (407) 841-5524.

There may be occasions when one or more Supervisors or staff will participate by telephone. Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Office at (407) 841-5524 at least 48 hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District Office.
A person who decides to appeal any decision made at the meeting with respect to any matter considered at the meeting is advised that 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 such appeal is to be based.

District Manager

Section 4

Kepler Road Community Development District Performance Measures/Standards &
Annual Reporting Form
October 1, 2026 – September 30, 2027

 Community Communication and Engagement
Goal 1.1: Public Meetings Compliance
Objective: Hold at least three regular Board of Supervisor meetings per year to conduct CDD related business and discuss community needs.
Measurement: Number of public board meetings held annually as evidenced by meeting minutes and legal advertisements.
Standard: A minimum of three board meetings were held during the Fiscal Year.
Achieved: Yes ☐ No ☐

Goal 1.2: Notice of Meetings Compliance
Objective: Provide public notice of each meeting at least seven days in advance, as specified in Section 190.007(1), using at least two communication methods.
Measurement: Timeliness and method of meeting notices as evidenced by posting to CDD website, publishing in local newspaper and via electronic communication. Standard: 100% of meetings were advertised with 7 days notice per statute on at least two mediums (i.e., newspaper, CDD website, electronic communications).
Achieved: Yes ☐ No ☐

Goal 1.3: Access to Records Compliance
Objective: Ensure that meeting minutes and other public records are readily available and easily accessible to the public by completing monthly CDD website checks.
Measurement: Monthly website reviews will be completed to ensure meeting minutes and other public records are up to date as evidenced by District Management’s records.
Standard: 100% of monthly website checks were completed by District Management.
Achieved: Yes ☐ No ☐

 Infrastructure and Facilities Maintenance
Goal 2.1: Field Management and/or District Management Site Inspections
Objective: Field manager and/or district manager will conduct inspections per
District Management services agreement to ensure safety and proper functioning of the District’s infrastructure.
Measurement: Field manager and/or district manager visits were successfully completed per management agreement as evidenced by field manager and/or district manager’s reports, notes or other record keeping method.
Standard: 100% of site visits were successfully completed as described within district management services agreement
Achieved: Yes ☐ No ☐

Goal 2.2: District Infrastructure and Facilities Inspections
Objective: District Engineer will conduct an annual inspection of the District’s infrastructure and related systems.
Measurement: A minimum of one inspection completed per year as evidenced by district engineer’s report related to district’s infrastructure and related systems.
Standard: Minimum of one inspection was completed in the Fiscal Year by the district’s engineer.
Achieved: Yes ☐ No ☐
 Financial Transparency and Accountability
Goal 3.1: Annual Budget Preparation
Objective: Prepare and approve the annual proposed budget by June 15 and final budget was adopted by September 30 each year.
Measurement: Proposed budget was approved by the Board before June 15 and final budget was adopted by September 30 as evidenced by meeting minutes and budget documents listed on CDD website and/or within district records.
Standard: 100% of budget approval & adoption were completed by the statutory deadlines and posted to the CDD website.
Achieved: Yes ☐ No ☐
Goal 3.2: Financial Reports
Objective: Publish to the CDD website the most recent versions of the following documents: Annual audit, current fiscal year budget with any amendments, and most recent financials within the latest agenda package.
Measurement: Annual audit, previous years’ budgets, and financials are accessible to the public as evidenced by corresponding documents on the CDD’s website.
Standard: CDD website contains 100% of the following information: Most recent annual audit, most recent adopted/amended fiscal year budget, and most recent agenda package with updated financials.
Achieved: Yes ☐ No ☐

Goal 3.3: Annual Financial Audit
Objective: Conduct an annual independent financial audit per statutory
requirements and publish the results to the CDD website for public inspection, and transmit to the State of Florida.
Measurement: Timeliness of audit completion and publication as evidenced by meeting minutes showing board approval and annual audit is available on the CDD’s website and transmitted to the State of Florida.
Standard: Audit was completed by an independent auditing firm per statutory requirements and results were posted to the CDD website and transmitted to the State of Florida.
Achieved: Yes ☐ No ☐

Chair/Vice Chair:		Date:	 Print Name:	 
Kepler Road Community Development District

District Manager:		Date:	 Print Name:	 
Kepler Road Community Development District

Kepler Road Community Development District Performance Measures/Standards &
Annual Reporting Form
October 1, 2025 – September 30, 2026

 Community Communication and Engagement
Goal 1.1: Public Meetings Compliance
Objective: Hold at least three regular Board of Supervisor meetings per year to conduct CDD related business and discuss community needs.
Measurement: Number of public board meetings held annually as evidenced by meeting minutes and legal advertisements.
Standard: A minimum of three board meetings were held during the Fiscal Year.
Achieved: Yes ☐ No ☐

Goal 1.2: Notice of Meetings Compliance
Objective: Provide public notice of each meeting at least seven days in advance, as specified in Section 190.007(1), using at least two communication methods.
Measurement: Timeliness and method of meeting notices as evidenced by posting to CDD website, publishing in local newspaper and via electronic communication. Standard: 100% of meetings were advertised with 7 days notice per statute on at least two mediums (i.e., newspaper, CDD website, electronic communications).
Achieved: Yes ☐ No ☐

Goal 1.3: Access to Records Compliance
Objective: Ensure that meeting minutes and other public records are readily available and easily accessible to the public by completing monthly CDD website checks.
Measurement: Monthly website reviews will be completed to ensure meeting minutes and other public records are up to date as evidenced by District Management’s records.
Standard: 100% of monthly website checks were completed by District Management.
Achieved: Yes ☐ No ☐

 Infrastructure and Facilities Maintenance
Goal 2.1: Field Management and/or District Management Site Inspections
Objective: Field manager and/or district manager will conduct inspections per
District Management services agreement to ensure safety and proper functioning of the District’s infrastructure.
Measurement: Field manager and/or district manager visits were successfully completed per management agreement as evidenced by field manager and/or district manager’s reports, notes or other record keeping method.
Standard: 100% of site visits were successfully completed as described within district management services agreement
Achieved: Yes ☐ No ☐

Goal 2.2: District Infrastructure and Facilities Inspections
Objective: District Engineer will conduct an annual inspection of the District’s infrastructure and related systems.
Measurement: A minimum of one inspection completed per year as evidenced by district engineer’s report related to district’s infrastructure and related systems.
Standard: Minimum of one inspection was completed in the Fiscal Year by the district’s engineer.
Achieved: Yes ☐ No ☐
 Financial Transparency and Accountability
Goal 3.1: Annual Budget Preparation
Objective: Prepare and approve the annual proposed budget by June 15 and final budget was adopted by September 30 each year.
Measurement: Proposed budget was approved by the Board before June 15 and final budget was adopted by September 30 as evidenced by meeting minutes and budget documents listed on CDD website and/or within district records.
Standard: 100% of budget approval & adoption were completed by the statutory deadlines and posted to the CDD website.
Achieved: Yes ☐ No ☐
Goal 3.2: Financial Reports
Objective: Publish to the CDD website the most recent versions of the following documents: Annual audit, current fiscal year budget with any amendments, and most recent financials within the latest agenda package.
Measurement: Annual audit, previous years’ budgets, and financials are accessible to the public as evidenced by corresponding documents on the CDD’s website.
Standard: CDD website contains 100% of the following information: Most recent annual audit, most recent adopted/amended fiscal year budget, and most recent agenda package with updated financials.
Achieved: Yes ☐ No ☐

Goal 3.3: Annual Financial Audit
Objective: Conduct an annual independent financial audit per statutory
requirements and publish the results to the CDD website for public inspection, and transmit to the State of Florida.
Measurement: Timeliness of audit completion and publication as evidenced by meeting minutes showing board approval and annual audit is available on the CDD’s website and transmitted to the State of Florida.
Standard: Audit was completed by an independent auditing firm per statutory requirements and results were posted to the CDD website and transmitted to the State of Florida.
Achieved: Yes ☐ No ☐

Chair/Vice Chair:		Date:	 Print Name:	 
Kepler Road Community Development District

District Manager:		Date:	 Print Name:	 
Kepler Road Community Development District

Section D

Section 1

SECTION a.

	Proposal #238116	
Date: 6/24/2026 PO #
Robert Clark

Governmental Management Service

Kepler Road CDD

,

Property:

	BILL TO	

	HOA- SABAL-CABBAGE PALMM TREE REPLACEMENT	

Default Group				$853.14	

Items	
Quantity	
Unit	
Price/Unit	
Price	
Property Improvements					
Demo / Debris Removal / Site Prep	2.00	Hr	$69.66	$139.32	
Labor - Maint	4.00	Hr	$48.00	$192.00	
Tractor/Skid steer	2.00	Hr	$75.00	$150.00	
Sabal Palm BnB 8-10' CT Tree	1.00	8' CT	$292.60	$292.60	
Irrigation Repair					

Labor - GCS Irrigation	
1.00	
Hr	
$79.22	
$79.22	
Sale	$853.14	
Sales Tax	$0.00	
Total	$853.14	

	Terms & Conditions	

Specifications: The Contractor shall recognize and perform in accordance with written terms, written specifications and drawings only, contained or referred to herein. All materials shall conform to bid specifications.

Work Force: Contractor shall designate a qualified representative with experience in landscape maintenance/construction upgrades. The workforce shall always be presentable. All employees shall be competent and qualified, and authorized to work in the U.S.

License and Permits: Contractor will comply with all license and permit requirements of the City, State and Federal Governments, as well as all other requirements of law.

Taxes: Contractor agrees to pay all applicable taxes, including sales tax where applicable on material supplied.

Insurance: Contractor agrees to provide General Liability Insurance, Automotive Liability Insurance, Worker´s Compensation Insurance, and any other insurance required by law or Client/Owner, as specified in writing prior to commencement of work. If not specified, contractor will furnish insurance with $1,000,000 limit of liability.

Liability: Contractor shall indemnify the Client/Owner and its agents and employees from liabilities which arise out of the Contractor’s work. It is understood and agreed that the Contractor is not liable whatsoever for any damages that are caused by the sole negligence or willful misconduct of the Client/Owner or an indemnified party. Contractor shall not be liable for any damage that occurs from acts of God. Acts of God are defined as those caused by windstorm, hail, fire, flood, earthquake, hurricane and freezing, etc. Under these circumstances, Contractor shall have the right to renegotiate the terms and prices of this agreement within thirty (30) days. Any illegal trespass, claims and/or damage resulting from work

requested that is not on property owned by Client/Owner or not under Client/Owner management and control shall be the sole responsibility of Client/Owner.

Subcontractors: Contractor reserves the right to hire qualified subcontractors.

Additional Services: Any additional work not shown in the above specifications involving extra costs will be executed only upon signed written orders and will become an extra charge over and above the estimate.

Access to Jobsite: Client/Owner shall provide all utilities to perform the work. Client/Owner shall furnish access to all parts of jobsite where Contractor is to perform work as required by the Contract or other functions related thereto, during normal business hours and other reasonable periods of time. Contractor will perform the work as reasonably practical after the owner makes the site available for performance of the work.

Invoicing: Client/Owner shall make payment to Contractor within thirty (30) days upon receipt of invoice.

Termination: This Work Order may be terminated by the Client/Owner with or without cause, upon seven (7) workdays advance written notice. Client/Owner will be required to pay for all materials purchased and work completed to the date of termination and reasonable charges incurred in demobilizing.

Assignment: The Client/Owner and the Contractor, respectively, bind themselves, their partners, successors, assignees and legal representatives to the other party with respect to all covenants of this Contract. In the event of sale or transfer of Client/Owner’s interest in its business and/or the property, which is the subject of this agreement, Client/Owner must first obtain the written consent of Contractor for the assignment of any interest in this agreement to be effective.

Warranty: Contractor will warranty plant material and workmanship for a period of one (1) year from date of installation provided Contractor is also responsible for the ongoing maintenance contract at the project location. If Contractor is not responsible for ongoing maintenance, warranty is thirty (30) days from completion. Contractor will not be responsible for warranty in the event of; Acts of God, Vandalism,

water restrictions, termination of ongoing maintenance contract, damage from wildlife etc. Stated warranties are only effective upon customer’s payment in full of total contract price, including any change-orders.

Design Services: Any design services or revision of designs done by Contractor will remain the property of Contractor. These ideas, designs, and plans are not to be used, reproduced, altered, or transferred in any matter whatsoever without the express written consent of Contractor.

Fuel Surcharge: The company reserves the right to apply a fuel surcharge or adjust existing fuel surcharges at any time due to fluctuations in fuel prices, transportation costs, or related operating expenses. Any such surcharge shall be added as a separate line item and is payable under the same terms as the underlying services.

Disclaimer: This proposal was estimated and priced based upon a site visit and visual inspection from ground level using ordinary means, at or about the time this proposal was prepared. The price quoted in this proposal for the work described, is the result of that ground level visual inspection and therefore our company will not be liable for any additional costs or damages for additional work not described herein, or liable for any incidents/accidents resulting from conditions, that were not ascertainable by said ground level visual inspection by ordinary means at the time said inspection was performed. We cannot be held responsible for unknown or otherwise hidden defects. Any corrective work proposed herein cannot guarantee exact results.

Contractor is authorized to perform the work stated on the face of this Contract. Payment will be 100% due at time of billing. If payment has not been received by Contractor, within fifteen (30) days after billing, Contractor, shall be entitled to all costs of collection, including reasonable attorney’s fees and it shall be relieved of any obligation to continue performance under this or any other Contract with Client/Owner. Interest at a per annum rate of 1% per month, or the highest rate permitted by law, will be charged on unpaid balance forty five (45) days after billing.

By	By
Robert Clark

Date

6/24/2026

Date

Kepler Road CDD

SECTION b.

	Proposal #238121	
Date: 6/24/2026 PO #
Robert Clark

Governmental Management Service

Kepler Road CDD

,

Property:

	BILL TO	

	CDD-PLANTS ALONG WALKING TRAILS BEDS	

Default Group				$3,330.20	

Items	
Quantity	
Unit	
Price/Unit	
Price	
Property Improvements					
Demo / Debris Removal / Site Prep	2.00	Hr	$69.66	$139.32	
Saw Palmetto - 3g Plant Installed - GCS	42.00	3g	$29.00	$1,218.00	
Firebush	60.00	3 gal	$18.00	$1,080.00	
Labor - Maint	12.00	Hr	$48.00	$576.00	
Irrigation Repair					

Labor - GCS Irrigation	
4.00	
Hr	
$79.22	
$316.88	
Sale	$3,330.20	
Sales Tax	$0.00	
Total	$3,330.20	

	Terms & Conditions	

Specifications: The Contractor shall recognize and perform in accordance with written terms, written specifications and drawings only, contained or referred to herein. All materials shall conform to bid specifications.

Work Force: Contractor shall designate a qualified representative with experience in landscape maintenance/construction upgrades. The workforce shall always be presentable. All employees shall be competent and qualified, and authorized to work in the U.S.

License and Permits: Contractor will comply with all license and permit requirements of the City, State and Federal Governments, as well as all other requirements of law.

Taxes: Contractor agrees to pay all applicable taxes, including sales tax where applicable on material supplied.

Insurance: Contractor agrees to provide General Liability Insurance, Automotive Liability Insurance, Worker´s Compensation Insurance, and any other insurance required by law or Client/Owner, as specified in writing prior to commencement of work. If not specified, contractor will furnish insurance with $1,000,000 limit of liability.

Liability: Contractor shall indemnify the Client/Owner and its agents and employees from liabilities which arise out of the Contractor’s work. It is understood and agreed that the Contractor is not liable whatsoever for any damages that are caused by the sole negligence or willful misconduct of the Client/Owner or an indemnified party. Contractor shall not be liable for any damage that occurs from acts of God. Acts of God are defined as those caused by windstorm, hail, fire, flood, earthquake, hurricane and freezing, etc. Under these circumstances, Contractor shall have the right to renegotiate the terms and prices of this agreement within thirty (30) days. Any illegal trespass, claims and/or damage resulting from work

requested that is not on property owned by Client/Owner or not under Client/Owner management and control shall be the sole responsibility of Client/Owner.

Subcontractors: Contractor reserves the right to hire qualified subcontractors.

Additional Services: Any additional work not shown in the above specifications involving extra costs will be executed only upon signed written orders and will become an extra charge over and above the estimate.

Access to Jobsite: Client/Owner shall provide all utilities to perform the work. Client/Owner shall furnish access to all parts of jobsite where Contractor is to perform work as required by the Contract or other functions related thereto, during normal business hours and other reasonable periods of time. Contractor will perform the work as reasonably practical after the owner makes the site available for performance of the work.

Invoicing: Client/Owner shall make payment to Contractor within thirty (30) days upon receipt of invoice.

Termination: This Work Order may be terminated by the Client/Owner with or without cause, upon seven (7) workdays advance written notice. Client/Owner will be required to pay for all materials purchased and work completed to the date of termination and reasonable charges incurred in demobilizing.

Assignment: The Client/Owner and the Contractor, respectively, bind themselves, their partners, successors, assignees and legal representatives to the other party with respect to all covenants of this Contract. In the event of sale or transfer of Client/Owner’s interest in its business and/or the property, which is the subject of this agreement, Client/Owner must first obtain the written consent of Contractor for the assignment of any interest in this agreement to be effective.

Warranty: Contractor will warranty plant material and workmanship for a period of one (1) year from date of installation provided Contractor is also responsible for the ongoing maintenance contract at the project location. If Contractor is not responsible for ongoing maintenance, warranty is thirty (30) days from completion. Contractor will not be responsible for warranty in the event of; Acts of God, Vandalism,

water restrictions, termination of ongoing maintenance contract, damage from wildlife etc. Stated warranties are only effective upon customer’s payment in full of total contract price, including any change-orders.

Design Services: Any design services or revision of designs done by Contractor will remain the property of Contractor. These ideas, designs, and plans are not to be used, reproduced, altered, or transferred in any matter whatsoever without the express written consent of Contractor.

Fuel Surcharge: The company reserves the right to apply a fuel surcharge or adjust existing fuel surcharges at any time due to fluctuations in fuel prices, transportation costs, or related operating expenses. Any such surcharge shall be added as a separate line item and is payable under the same terms as the underlying services.

Disclaimer: This proposal was estimated and priced based upon a site visit and visual inspection from ground level using ordinary means, at or about the time this proposal was prepared. The price quoted in this proposal for the work described, is the result of that ground level visual inspection and therefore our company will not be liable for any additional costs or damages for additional work not described herein, or liable for any incidents/accidents resulting from conditions, that were not ascertainable by said ground level visual inspection by ordinary means at the time said inspection was performed. We cannot be held responsible for unknown or otherwise hidden defects. Any corrective work proposed herein cannot guarantee exact results.

Contractor is authorized to perform the work stated on the face of this Contract. Payment will be 100% due at time of billing. If payment has not been received by Contractor, within fifteen (30) days after billing, Contractor, shall be entitled to all costs of collection, including reasonable attorney’s fees and it shall be relieved of any obligation to continue performance under this or any other Contract with Client/Owner. Interest at a per annum rate of 1% per month, or the highest rate permitted by law, will be charged on unpaid balance forty five (45) days after billing.

By	By
Robert Clark

Date

6/24/2026

Date

Kepler Road CDD

SECTION c.

	Proposal #238123	
Date: 6/24/2026 PO #
Robert Clark

Governmental Management Service

Kepler Road CDD

,

Property:

	BILL TO	

HOA- REAR ENTRANCE (E. BERESFORD AVE-FARFIELD ST.) PLANT REPLACEMENT

Default Group				$10,957.05	

Items	
Quantity	
Unit	
Price/Unit	
Price	
Property Improvements					
Demo / Debris Removal / Site Prep	1.00	Hr	$69.66	$69.66	
Firebush	20.00	3 gal	$18.00	$360.00	
Agave 3g	6.00	3g	$45.99	$275.94	
Asiatic Jasmine 'Snow N Summer' (1 gal)	260.00	1 gal	$18.88	$4,908.80	
Juniper Blue/shore 3g	180.00	3g	$18.00	$3,240.00	
Labor - Maint	24.00	Hr	$48.00	$1,152.00	
Irrigation Repair					

Labor - GCS Irrigation	
12.00	
Hr	
$79.22	
$950.65	
Sale	$10,957.05	
Sales Tax	$0.00	
Total	$10,957.05	

	Terms & Conditions	

Specifications: The Contractor shall recognize and perform in accordance with written terms, written specifications and drawings only, contained or referred to herein. All materials shall conform to bid specifications.

Work Force: Contractor shall designate a qualified representative with experience in landscape maintenance/construction upgrades. The workforce shall always be presentable. All employees shall be competent and qualified, and authorized to work in the U.S.

License and Permits: Contractor will comply with all license and permit requirements of the City, State and Federal Governments, as well as all other requirements of law.

Taxes: Contractor agrees to pay all applicable taxes, including sales tax where applicable on material supplied.

Insurance: Contractor agrees to provide General Liability Insurance, Automotive Liability Insurance, Worker´s Compensation Insurance, and any other insurance required by law or Client/Owner, as specified in writing prior to commencement of work. If not specified, contractor will furnish insurance with $1,000,000 limit of liability.

Liability: Contractor shall indemnify the Client/Owner and its agents and employees from liabilities which arise out of the Contractor’s work. It is understood and agreed that the Contractor is not liable whatsoever for any damages that are caused by the sole negligence or willful misconduct of the Client/Owner or an indemnified party. Contractor shall not be liable for any damage that occurs from acts of God. Acts of God are defined as those caused by windstorm, hail, fire, flood, earthquake, hurricane and freezing, etc. Under these circumstances, Contractor shall have the right to renegotiate the terms and prices of this agreement within thirty (30) days. Any illegal trespass, claims and/or damage resulting from work requested that is not on property owned by Client/Owner or not under Client/Owner management and control shall be the sole responsibility of Client/Owner.

Subcontractors: Contractor reserves the right to hire qualified subcontractors.

Additional Services: Any additional work not shown in the above specifications involving extra costs will be executed only upon signed written orders and will become an extra charge over and above the estimate.

Access to Jobsite: Client/Owner shall provide all utilities to perform the work. Client/Owner shall furnish access to all parts of jobsite where Contractor is to perform work as required by the Contract or other functions related thereto, during normal business hours and other reasonable periods of time. Contractor will perform the work as reasonably practical after the owner makes the site available for performance of the work.

Invoicing: Client/Owner shall make payment to Contractor within thirty (30) days upon receipt of invoice.

Termination: This Work Order may be terminated by the Client/Owner with or without cause, upon seven (7) workdays advance written notice. Client/Owner will be required to pay for all materials purchased and work completed to the date of termination and reasonable charges incurred in demobilizing.

Assignment: The Client/Owner and the Contractor, respectively, bind themselves, their partners, successors, assignees and legal representatives to the other party with respect to all covenants of this Contract. In the event of sale or transfer of Client/Owner’s interest in its business and/or the property, which is the subject of this agreement, Client/Owner must first obtain the written consent of Contractor for the assignment of any interest in this agreement to be effective.

Warranty: Contractor will warranty plant material and workmanship for a period of one (1) year from date of installation provided Contractor is also responsible for the ongoing maintenance contract at the project location. If Contractor is not responsible for ongoing maintenance, warranty is thirty (30) days from completion. Contractor will not be responsible for warranty in the event of; Acts of God, Vandalism,

water restrictions, termination of ongoing maintenance contract, damage from wildlife etc. Stated warranties are only effective upon customer’s payment in full of total contract price, including any change-orders.

Design Services: Any design services or revision of designs done by Contractor will remain the property of Contractor. These ideas, designs, and plans are not to be used, reproduced, altered, or transferred in any matter whatsoever without the express written consent of Contractor.

Fuel Surcharge: The company reserves the right to apply a fuel surcharge or adjust existing fuel surcharges at any time due to fluctuations in fuel prices, transportation costs, or related operating expenses. Any such surcharge shall be added as a separate line item and is payable under the same terms as the underlying services.

Disclaimer: This proposal was estimated and priced based upon a site visit and visual inspection from ground level using ordinary means, at or about the time this proposal was prepared. The price quoted in this proposal for the work described, is the result of that ground level visual inspection and therefore our company will not be liable for any additional costs or damages for additional work not described herein, or liable for any incidents/accidents resulting from conditions, that were not ascertainable by said ground level visual inspection by ordinary means at the time said inspection was performed. We cannot be held responsible for unknown or otherwise hidden defects. Any corrective work proposed herein cannot guarantee exact results.

Contractor is authorized to perform the work stated on the face of this Contract. Payment will be 100% due at time of billing. If payment has not been received by Contractor, within fifteen (30) days after billing, Contractor, shall be entitled to all costs of collection, including reasonable attorney’s fees and it shall be relieved of any obligation to continue performance under this or any other Contract with Client/Owner. Interest at a per annum rate of 1% per month, or the highest rate permitted by law, will be charged on unpaid balance forty five (45) days after billing.

By	By
Robert Clark

Date

6/24/2026

Date

Kepler Road CDD

Section 2

ADDENDUM TO PROPOSAL BETWEEN THE KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT (“DISTRICT”) AND SMART SCOOPS LLC (“CONTRACTOR”) FOR PET WASTE REMOVAL SERVICES

District:	Kepler Road Community Development District	Contractor:	Smart Scoops LLC	
Mailing Address:	219 East Livingston Street Orlando, Florida 32801	Mailing Address:	2121 Arrowhead Ave.
Deltona, FL 32725	
Phone:	(407) 841-5524	Phone:	(407) 205-2792	
The following provisions govern the proposal submitted by the Contractor and attached hereto as Exhibit A (hereinafter referred to as the “Proposal,” and as modified by this Addendum, the “Agreement”) for the following pet waste removal services:

The Agreement shall be deemed effective as of the date of the full execution of this Addendum, on the date of the last signature.

Contractor shall use reasonable care in performing the services and shall be responsible for any harm of any kind to persons or property resulting from Contractor’s actions or inactions. Contractor shall defend, indemnify and hold harmless the District, and the District’s officers, staff, representatives, and agents, from any and all liabilities, damages, claims, losses, costs, or harm of any kind, including, but not limited to, reasonable attorney’s fees, to the extent caused by any acts or omissions of the indemnifying party and persons employed or utilized by the indemnifying party in the performance of the Agreement. The obligations under this paragraph shall be limited to no more than $1,000,000.00, which amount Contractor agrees bears a reasonable commercial relationship to this Agreement. Nothing in this Section is intended to waive or alter any other remedies that the District may have as against the Contractor.
The Contractor or any subcontractor performing the work described in this Agreement shall maintain throughout the term of this Agreement the following insurance:

Workers’ Compensation Insurance in accordance with the laws of the State of Florida.
Commercial General Liability Insurance covering the Contractor’s legal liability for bodily injuries, with limits of not less than $1,000,000 combined single limit bodily injury and property damage liability, including Independent Contractors Coverage for bodily injury and property damage in connection with subcontractors’ operation.
Automobile Liability Insurance for bodily injuries in limits of not less than $1,000,000 combined single limit bodily injury and for property damage, providing coverage for any accident arising out of or resulting from the operation, maintenance, or use by the Contractor of any owned, non-owned, or hired automobiles, trailers, or other equipment required to be licensed.

The District, its staff, consultants, agents and supervisors shall be named as additional insureds and certificate holders. The Contractor shall furnish the District with the Certificate of Insurance evidencing compliance with this requirement. No certificate shall be acceptable to the District unless it provides that any change or termination within the policy periods of the insurance coverage, as certified, shall not be effective within thirty (30) days of prior written notice to the District. Insurance coverage shall be from a reputable insurance carrier, licensed to conduct business in the State of Florida.
If the Contractor fails to have secured and maintained the required insurance, the District has the right (without any obligation to do so, however), to secure such required insurance in which event, the Contractor shall pay the cost for that required insurance and shall furnish, upon demand, all information that may be required in connection with the District’s obtaining the required insurance.

Contractor further agrees that nothing in the Agreement between the parties shall constitute or be construed as a waiver of the District’s limitations on liability contained in Section 768.28, Florida Statutes, or other statute.

The Agreement may be terminated immediately by the District for cause, or for any or no reason upon thirty
(30) days written notice by either party. Contractor shall not be entitled to lost profits or any other damages of any kind resulting from any such termination by the District, provided however that Contractor shall be entitled to payment for any work provided through the effective date of termination, subject to any offsets.
Contractor understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records, and, accordingly, Contractor agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Contractor acknowledges that the designated public records custodian for the District is George Flint (“Public Records Custodian”). Among other requirements and to the extent applicable by law, the Contractor shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if the Contractor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Contractor’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by the Contractor, the Contractor shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.

IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE CONTRACTOR’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT GFLINT@GMSCFL.COM, (407) 841-5524, AND 219 EAST LIVINGSTON STREET, ORLANDO, FLORIDA 32801.
The Contractor shall comply with and perform all applicable provisions of Section 448.095, Florida Statutes. Accordingly, to the extent required by Florida Statute, Contractor shall register with and use the United States Department of Homeland Security’s E-Verify system to verify the work authorization status of all newly hired employees. The District may terminate this Agreement immediately for cause if there is a good faith belief that the Contractor has knowingly violated Section 448.09(1), Florida Statutes. By entering into this Agreement, the Contractor represents that no public employer has terminated a contract with the Contractor under Section 448.095(2)(c), Florida Statutes, within the year immediately preceding the date of this Agreement.
The Contractor agrees to comply with Section 20.055(5), Florida Statutes, to cooperate with the inspector general in any investigation, audit, inspection, review, or hearing pursuant to such section and to incorporate in all subcontracts the obligation to comply with Section 20.055(5), Florida Statutes.

Contractor acknowledges that, in addition to all Laws and Regulations that apply to this Agreement, the following provisions of Florida law (“Public Integrity Laws”) apply to this Agreement:

Section 287.133, Florida Statutes, titled Public entity crime; denial or revocation of the right to transact business with public entities;

Section 287.134, Florida Statutes, titled Discrimination; denial or revocation of the right to transact business with public entities;
Section 287.135, Florida Statutes, titled Prohibition against contracting with scrutinized companies;
Section 287.137, Florida Statutes, titled Antitrust violations; denial or revocation of the right to transact business with public entities; denial of economic benefits; and
Section 287.138, Florida Statutes, titled Contracting with entities of foreign countries of concern prohibited.

Contractor acknowledges that the Public Integrity Laws prohibit entities that meet certain criteria from bidding on or entering into or renewing a contract with governmental entities, including with the District (“Prohibited Criteria”).

Contractor acknowledges that the District may terminate this Agreement if the Contractor is found to have met the Prohibited Criteria or violated the Public Integrity Laws.

Contractor certifies that in entering into this Agreement, neither it nor any of its officers, directors, executives, partners, shareholders, employees, members, or agents who are active in the management of the entity, nor any affiliate of the entity, meets any of the Prohibited Criteria, and in the event such status changes, Contractor shall immediately notify the District. By entering into this Agreement, Contractor agrees that any renewal or extension of this Contract shall be deemed a recertification of such status.
The Contractor does not use coercion for labor or services as defined in Section 787.06, Florida Statutes, and the Contractor has complied, and agrees to comply, with the provisions of Section 787.06, Florida Statutes.

To the extent any of the provisions of this Addendum are in conflict with the provisions of the Agreement, this Addendum controls.

Lindsay Hinesley

07-14-2026

SMART SCOOPS LLC

By:		 Its:	  Date:	

KEPLER ROAD COMMUNITY DEVELOPMENT DISTRICT

By:	 Its:	 Date: 2026-06-23

RECIPIENT:
Trinity Gardens/Kepler Rd CDD
700 Beevalley St
Deland, FL 32724

QUOTE #1926

SENT ON:

SENDER:
Smart Scoops
2121 Arrowhead Avenue
Deltona, Florida 32725

Phone: 4072052792
Email: hello@smartscoops.com Website: SmartScoops.com

Product/Service	Description	Qty.	Unit Price	Total	
Station Refresh	Stations will have its scoop bags (headers)replaced, trash emptied and can liners replaced each visit.	5	$10.00	$50.00*	
	Visit schedule is on a weekly basis. Pricing is shown per visit.				
	Billing is on a Net30 term, Invoices more than 30 days past due will incur a $25 late fee.				

* Non-taxable

$50.00

Total

This quote is valid for the next 30 days, after which values may be subject to change.
By signing this agreement, you acknowledge that you have read and agree to the Terms of Service, including enrollment in automatic billing. Charges will be processed automatically using the payment method on file in accordance with our Terms of Service.
Full Terms of Service can be found at: www.SmartScoops.com/Terms-of-Service

Signature: 		Date:

2026-07-15

EXHIBIT A

Outline

About Smart Scoops

Waste Stations

Recommendations

Service Options

Terms & Conditions

SMART

SCOOPS
ffll'IHI• lNWI 

Licensed, Bonded, and Insured
Cleon Branded Trucks & Uniforms
Fully' Staffed (We answer the phone!)
Hundteds of Clients Servioed Weekly
150+	Google Rating

Meet

PE1 WlS,TIE IIIEMOV!L

Ou1rTeam

Existing Trash Cans

y Recommended Stations

Aecommendatlons:
There are currently 2 Pet Waste Stations and 3 trash cans in your oommooity. Smart Scoops recommends adding l mote station In the open space area marked on the site map. This will help keep our neighborhood clean and enjoyable for everyone!
We also reeornmend Smart Scoops toke over
weekly service of the stations and trash cans.
Weekly Service Includes:
Bag RefHI (Bags Included)
Trash Removal & Liner Replooement
Poop Scooping (20 ft around each station)
Wiping Stations Clean

Itemized Proposal
Weekly Services

$50.00	.$"2,600.00	
Maintencnc:e of S N'ew Pet 'Waste .Stations			

One Time Costs

S Aluminum .Statiom w/ IMtam

$2,160..00

Terms & Conditions

G·reellspaoe Clleani,ng:
Doe;; not indude: sma11 dan9en:1Ui5. de:bti;;. (Cigatett,a.;;., needle;;., 9la;,;;, etc), llal'ge item;; (ibi99e:rtihan ;;mop !bin,), or hazmat ma etial;;..
We wIll not ibe aib1e to fully o1ean,up pet was.te ihat i;;. coveted by leaves., yard deibti;;., or in,poo1ed up wa- i:
Waste Station Setvi.oe:
Smart Scoops will need ke-y;;. to petwa;;.te ;;tatio.n;;. ibefote ser.oidn9.
If ;;.tatio.n, in,;;.tallafion,i;;. delayed due to weatihe·r or ;;,u;p,plly oho in,is.sue;;., out team will o1ean,around w1iete 'he ;;tation,i;;. to
be insta11ed at the ;;ome m;;t un,til hey artive.
Fina1;;.tation,IOCXI ions mu;;.t !be ap1pr'm'ed in,wtiti1n9-
Noti.ces:
Ei 'her party may oonoel teourrin9 setvioe wi h 45 days. w,ritten,notice.
Smart Scoops will pro,.,ide 60 day;;. wtitten,n,otioe for an,y future pt ice iMreases" Billit'lg:
o.ne-time/ initial payime-n,t i;;.due u;po.n, comp1efio,n,of ihi;;.a9tee:me:n,t.
Monltily in,,.,oic,a.;w;. illl be se-n,t on,t'he 1;;.t of eaoh mo.n,'h ptior to servic,a.;;. bein9 ootnp1eted (Net 30)
Service;;. ootnpleted duri1n9 ltie fits. pa1rtia1mon,h will be added to lie fitst mon,'hly in,,.,oice.
r,woic,a.;;'.hat ate more 'han,30 days pa;;. dueate subject to lcitefe,a.;;. and in,te-r,a.;;.t penalti,a.;;._
�me,rge;l'ley Se;rvi.ce:
smart sooqps may be able to pto...ide e'xtn:i se;rvice fteqL.1e-rtci,a.;;. in,ffle eve-rt, of s.Kltio.n,vandalism, o...etflowin9 tra;;h,cans, or ei«:es;; pet woge._
If an,Cldditiona1 ,.,i;;it i;;. requited, Smart Scoqp;;. willl add 1ihe ,;et'v ice oharge on, the ,next in,ro ice. Agr-ment Te11m:
lh is agreeme-nt is tot 2 yeats. and will oo,n,ti,nue to renew on,a mon,tihly basis u:ntil cancelled in,wtitin9 by ei ihet party.

CERTIFICATE OF LIABILITY INSURANCE	DATE (MM/DD/YYYY)
07/16/2026	
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.	
IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).	
PRODUCER	
	CONTACT  ALEXIA EMERSON
NAME:	
	ALEXIA EMERSON STATE FARM 109 W 1ST STREET	PHONE	4077098703
(A/C, No, Ext):	FAX (A/C, No):	
		EMAIL	ALEXIA@ALEXIA PROTECTSFL.COM
ADDRESS:	
		INSURER(S) AFFORDING COVERAGE	NAIC #	
	SANFORD FL 32771			
		INSURER A : State Farm Mutual Automobile Insurance Company	25178	
INSURED		INSURER B :	
	SMART SCOOPS OF NORTH ORLANDO LLC		
		INSURER C :	
	2121 ARROWHEAD AVE		
		INSURER D :	
	DELTONA FL 32725-2752		
		INSURER E :	
		INSURER F :	

COVERAGES

CERTIFICATE NUMBER:

REVISION NUMBER:

THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. *LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. LIMITS SHOWN ARE INCLUSIVE OF AMOUNTS REQUESTED BY THE CERTIFICATE HOLDER AND MAY NOT REFLECT POLICY LIMIT AMOUNTS IN EXCESS OF THOSE REQUESTED. *Not Applicable in WY	
INSR LTR	TYPE OF INSURANCE	ADDL SUBR	POLICY EFF	POLICY EXP
INSD WVD	POLICY NUMBER	(MM/DD/YYYY) (MM/DD/YYYY)	LIMITS	
		COMMERCIAL GENERAL LIABILITY						EACH OCCURRENCE DAMAGE TO RENTED
PREMISES (Ea occurrence)
MED EXP (Any one person) PERSONAL & ADV INJURY GENERAL AGGREGATE PRODUCTS - COMP/OP AGG	$	
			CLAIMS-MADE	OCCUR							$	
		
							$	
									$	
	GEN'L AGGREGATE LIMIT APPLIES PER:							$	
		POLICY	PRO-	LOC JECT
OTHER:							$	
									$	

A	AUTOMOBILE LIABILITY	

X		0014012-SFX-59			COMBINED SINGLE LIMIT
(Ea accident)
BODILY INJURY (Per person)
BODILY INJURY (Per accident)	$	
		ANY AUTO							$ 100,000	
		OWNED
AUTOS ONLY HIRED AUTOS ONLY		SCHEDULED
AUTOS
NON-OWNED AUTOS ONLY							$ 300,000	
										PROPERTY DAMAGE
(Per accident)	$ 100,000	
											$	
		UMBRELLA LIAB
EXCESS LIAB		OCCUR CLAIMS-MADE						EACH OCCURRENCE AGGREGATE	$	
											$	
		DED	RETENTION $							$	
	WORKERS COMPENSATION
AND EMPLOYERS' LIABILITY	Y / N ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED?
(Mandatory in NH)
If yes, describe under
DESCRIPTION OF OPERATIONS below	

N / A						PER
STATUTE		OTH-
ER		
							E.L. EACH ACCIDENT
E.L. DISEASE - EA EMPLOYEE
E.L. DISEASE - POLICY LIMIT	$	
								$	
								$	
									
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)
2023 FORD F-150 pickup VIN# 1FTEX1CB7PKE59495

Trinity Gardens C/O Kepler Rd CDD 219 East Livingston St.
Orlando, FL 32801	

Trinity Gardens C/O Kepler Rd CDD 219 East Livingston St.
Orlando, FL 32801

CERTIFICATE HOLDER	CANCELLATION

SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.

AUTHORI

ZED REPRESENTATIVE

© 1988-2025 ACORD CO

ACORD 25 (2025/12)	RPORATION. All rights reserved.
The ACORD name and logo are registered marks of ACORD
1001486 132849.15 07-07-2026