Magic Place Community Development District
12051 Corporate Boulevard, Orlando, FL 32817; 407-723-5900 www.magicplacecdd.com

The following is the proposed agenda for the Continued Board of Supervisors’ Meeting for the Magic Place Community Development District (“District”), scheduled to begin at 10:00 a.m. on July 16, 2019 in the offices located at the Historic Courthouse, 3 Courthouse Square, 3rd Floor Conference Room #315, Kissimmee, Florida 34741. If you have questions or comments on the Board Meeting, please contact the District Manager’s office at (407) 723-5900. A quorum consisting of at least three of the five Board Members will be confirmed prior to the start of the Board Meeting.
For those unable to attend in person, you may participate by telephone:
Call in number:1-855-747-8824 Passcode: 859458
BOARD OF SUPERVISORS’ MEETING PROPOSED AGENDA

Organizational Matters
Roll call to confirm a quorum
Public Comment Period (During which time any member of the public may speak on a specific agenda item before the item is considered by the Board of Supervisors.)

General Business Matters
Consideration of Resolution 2019-08, Declaring Special Assessments
Exhibit A- Engineers Report
Exhibit B- Assessment Methodology Report
Exhibit C- Lands Legal Description
Consideration of Resolution 2019-09, Setting Public Hearing on Assessments

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

MAGIC PLACE COMMUNITY DEVELOPMENT DISTRICT

Consideration of Resolution 2019-08, Declaring Special Assessments

Exhibit A- Engineers Report
Exhibit B- Assessment Methodology Report Exhibit C- Lands Legal Description

RESOLUTION 2019-08

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE MAGIC PLACE COMMUNITY DEVELOPMENT DISTRICT DECLARING SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH SPECIAL ASSESSMENTS SHALL BE PAID; DESIGNATING LANDS UPON WHICH THE SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR PUBLICATION OF THIS RESOLUTION

WHEREAS, the Magic Place Community Development District ("District") is a local unit of special-purpose government established pursuant to the Uniform Community Development District Act of 1980, as codified in Chapter 190, Florida Statutes ("Uniform Act"), by the Board of County Commissioners, Osceola County, Florida in Ordinance No.; and

WHEREAS, the Board of Supervisors of the District ("Board") hereby determines to undertake, install, plan, establish, construct or reconstruct, enlarge or extend, equip, acquire, operate, and/or maintain the public improvements and related interests in land described in the District Engineer's Report, prepared by Steven N. Boyd, P.E. of Boyd Civil Engineering, Inc., updated as of July 16, 2019, ("Improvements"), a copy of which is attached hereto as Exhibit A and incorporated herein by reference the "Engineer's Report"); and

WHEREAS, it is in the best interests of the District to pay the cost of the Improvements through the levy of special assessments pursuant to Chapters 170, 190 and 197, Florida Statutes ("Assessments"); and

WHEREAS, the District is empowered by Chapters 170, 190 and 197, Florida Statutes, to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate, and maintain the Improvements and to impose, levy and collect the Assessments; and

WHEREAS, the District hereby determines that benefits will accrue to the property improved, the amount of those benefits, and that special assessments will be made in proportion to the benefits received as set forth in the District's Second Amended and Restated Master Assessment Methodology dated July 2019, prepared by PPM Financial Advisors, LLC, attached hereto as Exhibit B incorporated herein by reference (the

"Assessment Methodology Report"), and on file at the offices of the District Manager, PPM Group Consulting, LLC, 12051 Corporate Blvd, Orlando, FL, 32817 ( the "District Manager's Office"); and

WHEREAS, the District hereby determines that the Assessments to be levied will not exceed the benefits to the property improved.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE MAGIC PLACE COMMUNITY DEVELOPMENT DISTRICT:

Section1.
the Board.

The foregoing recitals are hereby incorporated as findings of fact of

Section 2.	Assessments shall be levied to defray the Estimated Total Cost (hereinafter defined) of the Improvements. The nature of the Improvements generally
consists  of roadways, earthwork and surface water management system, water	distribution system, sanitary collection and transmission system, required perimeter landscape buffers, and off-site roadway improvements, all as described more particularly in the Engineer's Report and in the plans and specifications on file in the District Manager's Office.
Section 3.	The general locations of the Improvements are on a tract of land located in unincorporated Osceola County in the State of Florida. The land within the District is generally located south of U.S. 192, as shown on the plans and specifications referred to above and is more particularly described on Exhibit C.
Section 4. The total estimated cost of the Improvements is $70,017,357.00 hereinafter, referred to as the "Estimated Cost").
Section 5. The Assessments will defray the Estimated Cost, plus estimated financing- related costs, including capitalized interest, debt service reserve and contingency related to bonds and bond anticipation notes (collectively, "Bonds"), which may be issued by the District to finance a portion of the Improvements (The "Estimated Total Cost") .
Section 6. The manner in which the Assessments shall be apportioned and paid is set forth in the Assessment Methodology Report.
Section 7. The Assessments shall be levied within the District on all lots and lands adjoining and contiguous or bounding and abutting upon such Improvements or specially benefited thereby and further designated by the assessment plat hereinafter provided for. The property that is subject to the Assessments is more particularly described on attached Exhibit "C".
Section 8. There is on file at the District Manager 1 s Office an assessment plat showing the area to be assessed, the plans and specifications describing the Improvements and the Estimated Cost of the Improvements, all of which shall be open to inspection by the public.
Section 9. Commencing with the year in which the Assessments are certified for collection and subsequent to the capitalized interest period for each series of Bonds, the

Assessments shall be paid in not more than thirty (30) annual installments or the maximum period of time permitted by law then in effect. The Assessments may be payable at the same time and in the same manner as are ad valorem taxes and collected pursuant to Chapter 197, Florida Statutes; provided, however, that in the event the uniform non-ad valorem assessment method of collecting the Assessments is not available to the District in any year, or if determined by the Board to be in the best interest of the District; the Assessments may be collected as is otherwise permitted by law.
Section 10. The District Manager has caused to be made  a preliminary assessment  roll, in accordance with the Assessment Methodology Report, which shows the lots and lands assessed, the amount of benefit to and the Assessment against each lot or parcel of land and the number of annual installments into which the Assessments may be divided, which is hereby adopted and approved as the District's preliminary assessment roll.
Section 11. The Board shall adopt a subsequent resolution to fix a time and place at which the owners of property to be assessed or any other persons interested therein may appear before the Board and be heard as to the propriety and advisability of the Assessments or the making of the Improvements, the cost thereof, the manner of payment therefor, or the amount thereof to be assessed against each property as improved.
Section 12. The District Manager is hereby directed to cause this Resolution to be published twice in a newspaper of general circulation as required by 170.05, Florida Statutes, within Osceola County, Florida, and to provide such other notice as may be required by law or desired in the best interests of the District.
Section 13. This Resolution shall become effective immediately upon its passage. [The remainder of this page has intentionally been left blank.]

PASSED AND ADOPTED this 	day of 	, 2019.

Attest:	MAGIC PLACE COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chair Vice Chair, Board of Supervisors

Exhibit A: Engineer’s Report (updated as of July 16, 2019)
Exhibit B: Second Amended and Restated Master Assessment Methodology (dated July 2019) Exhibit C: Legal Description of Lands within the District Boundary

Exhibit A Engineer’s Report

ENGINEER’S REPORT FOR
MAGIC PLACE COMMUNITY DEVELOPMENT DISTRICT
Updated: September 7, 2016
October 2, 2017
Amended and Restated May 6, 2019
Revised May 31, 2019
Revised July 16, 2019

District Engineer:

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

District Manager:

PFM Group Consulting, LLC 12051 Corporate Blvd.
Orlando, FL 32817

TABLE OF CONTENTS

SECTION	PAGE

Introduction…	1
District Boundary and Property Served…	1
Proposed District Infrastructure	3
Entitlements                                  and                                   Permit Status	6
TABLES

Table 1 – Land Use Summary within District Boundaries	1

Table 2 – Development Program by Phase	2

Table 3 – Opinion of Probable Costs for the District Infrastructure	5

EXHIBITS

Exhibit 1 – Location Map Exhibit 2 – District Boundary
Exhibit 3 – Legal Description of the District Boundary Exhibit 4 – Existing Utilities
Exhibit 5 – Commercial Tourist (CT) Zoning Approval Exhibit 6 – Master Development and Phasing Plan

INTRODUCTION

The Magic Place CDD serves a proposed 458 acre mixed-use development that has approved Commercial Tourist (CT) land use and zoning. The property is located in the heart of the tourist commercial corridor of Osceola County. The project is in close proximity to Walt Disney World, the Town of Celebration, the City of Kissimmee, and all of the other theme parks and attractions in the Central Florida area.

The 458-acre project has roughly 3,300 ft. of direct frontage on US Highway 192, with three existing median openings available for access. See Exhibit 1 for a location map.

The CDD will construct the master stormwater, roadway and other required infrastructure for the development. Following completion, the primary roads will be turned over to Osceola County for ownership and maintenance. Water, wastewater, and reclaimed water infrastructure will be constructed by the CDD but will be turned over to Toho Water Authority for ownership and maintenance following completion.

Phase 1 Project:

The Phase 1 Project includes all infrastructure associated with the development of an initial development phase of 495 Residential Units. (The Phase 1 Project Includes Costs associated with the Infrastructure Road , Drainage and Utilities for the Blvd. Connection to US 192, but it does not include costs associated with the three commercial sites adjacent to the Boulevard.

DISTRICT BOUNDARY AND PROPERTY SERVED

Description of Properties Served

Exhibit 2 shows the approximate District boundary over an aerial photo showing US Highway 192 adjacent and north of the project. The specific legal description of the property included in the District is included as Exhibit 3.

The project will be developed in two phases as described in Tables 1 and 2. Refer to Exhibit 6 for a graphic depiction of the areas shown in Tables 1 and 2.

Table 1. Project Land Use Areas by Phase

Phase 1

Future Phases

Total

LAND USE	Acres	Acres	Acres
Road ROW	42.36	20	62.36

Development Area Stormwater Management Area

56.57	114.36	170.93
31.31	21	52.31

 Conservation Areas	0	172.54	172.54 

Total

130.24

327.9	458.14

Table 2. Development Program by Phase

DEVELOPMENT PROGRAM

Magic Place Phase 1*

Future	Total Phases

Condominium		
Apartments	(Units)	0	300	300	
Townhomes*	(Units)	495*	305	800	
Commercial	(SF)	0	313,000	313,000	

Hotel /

(Units)	0	746	746

* Includes 459 units starting construction in July 2019 with 36 additional Units planned for Tract 624.

Existing Infrastructure

The Toho Water Authority has existing main lines adjacent to the property that will provide water, wastewater and reclaimed water service to the CDD. Exhibit 4 shows the locations of existing utilities and includes a letter from Toho Water Authority committing to serve the project.

Electric power will be provided by Duke Energy, which has existing distribution lines along the northern property boundary of the project.

Access to the property is provided by direct access to US 192 through the construction of at least three anticipated roadway connections, to be aligned with three existing median openings located along the projects frontage.

PROPOSED DISTRICT MASTER INFRASTRUCTURE

Summary of the Proposed Magic Place CDD Infrastructure

The Magic Place CDD master infrastructure will generally consist of the following:

Master Roadways System
Water Distribution System
Reclaimed water distribution system.
Wastewater Collection System: Wastewater Gravity Lines, Force mains and Lift Stations
Electrical Distribution System
Landscaping/Hardscape/Signage
Recreation Facilities: Parks and Related District Amenities
Conservation areas
Stormwater Management System

Roadways

Roadways within the Magic Place CDD include the internal roadways within certain development parcels, roadways throughout the CDD, and additional shared infrastructure roadways as described in the following paragraphs.

Sidewalks will be provided as per Osceola County Land Development Regulations alongside development roadways. The roadways will consist of a subgrade, soil cement base, curbing, striping and signage as per Osceola County Land Development Regulations.

Phase 1 of the project includes a four lane boulevard running from US 192 to the properties southern boundary. This roadway, when completed, will be turned over to Osceola County for ownership and maintenance. Osceola County will extend this road further to the south to serve additional properties and eventually to interconnect with the existing Osceola County road network.

The proposed Phase 1 4-lane boulevard is shown on sheet 4.00 of the Preliminary Subdivision Master Plan drawings included as Exhibit 6 to this report.

Water, Wastewater and Electrical Infrastructure

This infrastructure consists of on-site potable water mains, wastewater gravity mains and force mains, lift stations, effluent reuse irrigation mains and the undergrounding of electrical conduit. These facilities are constructed in accordance with the County’s Land Development Regulations, the Toho Water Authority (water and wastewater provider), and the Florida Department of Environmental Protection.

The potable water system includes the necessary valving, fire hydrants and individual services necessary to serve individual development parcels. The system design provides for the necessary fire flows based on specific land uses throughout the Magic Place CDD.

The wastewater infrastructure includes gravity lines, force mains, lift stations and stub out to individual development parcels.

All water and wastewater infrastructure will be constructed by the Magic Place CDD, and subsequently dedicated to Toho Water Authority for perpetual operation and maintenance.

The electrical power utility provider will be responsible for the installation of electrical cable, switches and transformers and street lighting.

Stormwater Management Facilities

A master stormwater system will be constructed to meet the standards of Osceola County and the South Florida Water Management District. The master drainage system will consist of two primary master stormwater ponds that will discharge to the natural wetland systems adjacent to and south of the property.

Landscaping/Hardscape

Landscaping/hardscape will be provided at development entrances, along collector roadways, and within common parcels.

Opinion of Probable Construction Costs

Table 3 provides the estimated costs of the master infrastructure for the Magic Place CDD.

PHASES		
305	1,295	
300	300	
746	746	
313,000	313,000	
		
$ 956,447	$ 1,748,429	
$ 2,224,552	$ 2,251,552	
$ 1,560,000	$ 1,860,000	
$ 7,922,493	$ 13,457,251	

Table 3. Opinion of Probable Costs to Provide District Infrastructure Updated July 16, 2019

FUTURE PHASES

FUTURE

TOTAL

$  2,079,722   $
$  4,271,142   $
$  2,443,800   $
$	-	$

$     750,000    $
$  4,210,928   $

3,621,990
6,682,568
2,443,800
- 1,000,000
7,773,435

Townhomes	PHASE 1 - 2019 Bond Issue	
	
MAGIC PLACE
Phase 1 (Infrastructure Blvd)	MAGIC VILLAGE 3
(Phase 1 Residential
Project)	

Phase 1 Project Total	
		495.00	495.00	

CONSTRUCTION CATEGORIES	Apartments				
	Hotel / Condo Units				
	Comercial (SF)				
					
Clearing	$	63,366	$	728,616	$ 791,981	
Import Fill	$	27,000	$	-	$	27,000	
Lake / Pond Retaining Walls	$	-	$	300,000	$ 300,000	
Site Grading and Master Stormwater System for CDD Infrastructure	$	186,300	$ 5,348,458	$ 5,534,758	
Framework Roads Paving	$	624,823	$	917,445	$ 1,542,268	
Internal Roads Paving	$	-	$ 2,411,427	$ 2,411,427	
Public Surface Parking	$	-	$	-	$	-	
Public Structured Parking (1600 Hotel Spaces)	$	-	$	-	$	-	
US 192 Intersection Improvements	$	250,000	$	-	$ 250,000	
Water, Wastewater and Reclaimed Water Systems	$	362,700	$ 3,199,807	$ 3,562,507	
US 192 Water Main Crossings	$	150,000	$	-	$ 150,000	
Lift Station	$	450,000	$	500,000	$ 950,000	
Underground Duct Bank for Electr	$	50,000	$	450,000	$ 500,000	
Sub Total	$ 2,164,189	$ 13,855,752	$16,019,940	

$ 150,000	$	300,000	
$ 900,000	$ 1,850,000	
$ 600,000	$ 1,100,000	
$28,069,083	$ 44,089,024	

OTHER SITE RELATED COSTS1

Common Area Hardscape, Landscape, Irrigation	$	877,500	$ 2,740,300	$ 3,617,800	
Tree Mitigation	$	-	$	462,000	$ 462,000	
Entry Features	$	500,000	$	500,000	$ 1,000,000	
Site Lighting	$	112,500	$ 1,000,000	$ 1,112,500	
Sub Total	$ 1,490,000	$ 4,702,300	$ 6,192,300	

 	
$ 9,322,500	$ 12,940,300	
$ 270,000	$	732,000	
$ 1,600,000	$ 2,600,000	
$ 1,567,500	$ 2,680,000	
$12,760,000	$ 18,952,300	

PROFESSIONAL, PERMITTING AND INSPECTION FEES

Environmental Mitigation	$	-	$	-	$	-	
Permitting and Construction Inspection Fees	$	78,029	$	463,951	$ 541,981	
Professional Fees 3	$	500,000	$	600,000	$ 1,100,000	
Sub Total	$	578,029	$ 1,063,951	$ 1,641,981	

 	
$ 3,000,000	$ 3,000,000	
$ 1,034,053	$ 1,576,033	
$ 1,300,000	$ 2,400,000	
$ 5,334,053	$ 6,976,033	

Combined Total	$ 4,232,218	$ 19,622,003	$23,854,221	

$ 70,017,357

$46,163,136

Notes

Budget for Common Area Site Hardscape , Landscape, Irrigation, not associated with specific building pad sites.
TWA and County Fees include a combination of Impact Fees that may be due prior to or at each building permit issuance.
Only includes Professional Fees associated with design and permitting of site infrastructure
Future Phases include all Future Development Not included in the Magic Place Phase 1 and Magic Village 3 Projects
Costs of Osceola County and TWA Impact Fees are not elegible for CDD Bond Funding and are not included in this table

ENTITLEMENTS AND PERMIT STATUS Entitlement History and Status:
The property lies within the former Fallchase DRI and Planned Development District. In 2008 Osceola County officially voided the former DRI and Planned Development District with the consent of the original landowner. At that time, the property reverted to the original agricultural zoning and land use designations.

The approved current land use and zoning (Commercial Tourist) allows for a mix of commercial, resort, hotel, theme park and residential uses with a maximum density of up to 40 units per acre. The proposed development program shown in Table 2 of this report is well within the limits allowed by the approved Future Lane Use and Zoning.

Construction Permitting:

Construction for the roadway, utility and drainage infrastructure for Magic Place Phase 1 is in process with a scheduled completion of mid-2019.

Construction permitting for Magic Village 3 is in process with a construction start date scheduled for July, 2019.

Future Development Phases are in design. Additional permits will be required prior to the start of future Phases of the master infrastructure construction. Permits from the following agencies will be required:

Osceola County (All Site Improvements)
Florida Department of Environmental Protection (Water and Wastewater)
U.S. Army Corps of Engineers (Dredge and Fill, Protected Species)
South Florida Water Management District (Water Use, Stormwater, Wetland Impacts, Protected Species)
Toho Water Authority (Water, Waste-water and effluent reuse)
ECFRPC, DEO (DRI Development Order Compliance)
FDOT (Roadway and Utility Access to US Highway 192)

Construction Phasing Schedule for Series 2019 (Phase 1 )Project Area:

Permitting and construction is anticipated to proceed as shown below:

Entrance Boulevard:

Construction is in process

Infrastructure Construction Completed by August 2019

Magic Village 3 Residential Development Area:

Construction Starting June 2019

Infrastructure Construction Completed by February 2020

EXHIBITS

Exhibit 1 – Location Map Exhibit 2 – District Boundary
Exhibit 3 – Legal Description of the District Boundary Exhibit 4 – Existing Utilities
Exhibit 5 – Commercial Tourist (CT) Zoning Approval Exhibit 6 – Preliminary Subdivision and Phasing Plan

ORIGINAL CDD CDD EXPANSION

CDD LOCATION

6824 Hanging Moss Road, Orlando, FL 32807

MAGIC PLACE CDD

LOCATION MAP

EXHIBIT 1 - LOCATION MAP

0'	2640'	5280'

NORTH

US 192

ORIGINAL CDD

CDD EXPANSION

CDD BOUNDARY

6824 Hanging Moss Road,

MAGIC PLACE CDD

CDD BOUNDARY MAP

EXHIBIT 2 - CDD BOUNDARY

0'	400'	800'

NORTH

EXHIBIT 3 - LEGAL DESCRIPTION

(  AS  PROVIDED  BY  THE  CLIENT)  ENTIRE BOUNDARY OF PROPOSED CDD

OVERALL PROPERTY A PORTION OF SECTIONS 9 AND 10, TOWNSHIP 25 SOUTH, RANGE 28 EAST, OSCEOLA COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCE AT THE NORTHWEST CORNER OF SAID SECTION 10; THENCE RUN S 00'10'26" W, ALONG THE WEST LINE OF SAID SECTION 10, A DISTANCE OF 132.00 FEET TO A POINT ON THE SOUTH RIGHT-OF-WAY  LINE  OF  STATE  ROAD  NO.  530  AND  THE  POINT  OF  BEGINNING;  THENCE,  DEPARTING SAID  WEST  LINE,  RUN  N  89'58'10"  E,  ALONG  SAID  SOUTH  RIGHT-OF-WAY  LINE,  A  DISTANCE  OF 2,671.41 FEET TO A POINT ON THE EAST LINE OF THE WEST 1/2 OF SAID SECTION 10; THENCE RUN S 00'06'51" E, ALONG SAID EAST LINE, A DISTANCE OF 5158.92 FEET TO A POINT ON THE SOUTH
LINE OF SAID SECTION 10; THENCE RUN N 89'54'55" W, ALONG THE SOUTH LINE OF SAID SECTION 10, A DISTANCE OF 2697.64 FEET TO A POINT ON THE SOUTH LINE OF SAID SECTION 9; THENCE RUN N 89'52'00" W, ALONG THE SOUTH LINE OF SAID SECTION 9, A DISTANCE OF 1343.11 FEET TO A POINT ON THE WEST LINE OF THE EAST 1/4 OF SAID SECTION 9; THENCE RUN NORTH ALONG THE WEST
LINE OF THE EAST 1/4 OF SAID SECTION 9, THE FOLLOWING TWO (2) COURSES AND DISTANCES: RUN N 00'10'54" E, A DISTANCE OF 2639.75 FEET; THENCE RUN N 00i0'42" E, A DISTANCE OF 1368.92 FEET TO A POINT ON THE SOUTH LINE OF THE NORTH 1277.00 FEET OF THE NORTHEAST 1/4 OF THE NORTHEAST 1/4 OF SAID SECTION 9; THENCE RUN S 89'51'38" E, ALONG THE SOUTH LINE THEREOF, A DISTANCE OF 704.75 FEET; THENCE RUN N 00'08'22" E, PERPENDICULAR TO THE	NORTH LINE OF SAID SECTION 9, A DISTANCE OF 1145.00 FEET TO A POINT ON THE AFORESAID SOUTH
RIGHT-OF-WAY  LINE  OF  STATE  ROAD  NO.  530;  THENCE  RUN  S  89'51'38"  E,  ALONG  SAID  SOUTH RIGHT-OF-WAY  LINE,  A  DISTANCE  OF  638.88  FEET  TO  THE  POINT  OF  BEGINNING.

CONTAINING 458.14 ACRES, MORE OR LESS. LEGAL DESCRIPTION

PARCEL "A"	PARCEL "A" - EXISTING CDD BOUNDARY

A PORTION OF SECTIONS 9 AND 10, TOWNSHIP 25 SOUTH, RANGE 28 EAST, OSCEOLA COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCE AT THE NORTHWEST CORNER OF SAID SECTION 10; THENCE RUN S 00'10'26" W, ALONG THE WEST LINE OF SAID SECTION 10, A DISTANCE OF 132.00 FEET TO A POINT ON THE SOUTH RIGHT-OF-WAY  LINE  OF  STATE  ROAD  NO.  530  AND  THE  POINT  OF  BEGINNING;  THENCE,  DEPARTING SAID  WEST  LINE,  RUN  N  89'58'10"  E,  ALONG  SAID  SOUTH  RIGHT-OF-WAY  LINE,  A  DISTANCE  OF 2,671.41 FEET TO A POINT ON THE EAST LINE OF THE WEST 1/2 OF SAID SECTION 10; THENCE RUN S 00'06'51" E, ALONG SAID EAST LINE, A DISTANCE OF 1,145.00 FEET TO A POINT ON THE SOUTH
LINE OF THE NORTH 1277.00 FEET OF THE WEST 1/2 OF SAID SECTION 10; THENCE RUN S 89'58'10" W, ALONG THE SOUTH LINE THEREOF, A DISTANCE OF 2,677.17 FEET TO A POINT ON THE SOUTH LINE OF THE NORTH 1277.00 FEET OF THE NORTHEAST 1/4 OF THE NORTHEAST 1/4 OF SAID SECTION 9; THENCE RUN N 89'51'38" W, ALONG THE SOUTH LINE THEREOF, A DISTANCE OF 638.20 FEET TO A POINT LYING 704.75 FEET EASTERLY OF THE WEST LINE OF THE NORTHEAST 1/4 OF THE NORTHEAST 1/4 OF SAID SECTION 9; THENCE RUN N 00'08'22" E, PERPENDICULAR TO THE NORTH LINE OF SAID SECTION  9,  A  DISTANCE  OF  1,145.00  FEET  TO  A  POINT  ON  THE  AFORESAID  SOUTH  RIGHT-OF-WAY LINE  OF  STATE  ROAD  NO.  530;  THENCE  RUN  S  89'51'38"  E,  ALONG  SAID  SOUTH  RIGHT-OF-WAY  LINE, A DISTANCE OF 638.88 FEET TO THE POINT OF BEGINNING.

CONTAINING 87.08 ACRES, MORE OR LESS. LEGAL DESCRIPTION

PARCEL "B"	PARCEL "B" - PROPOSED CDD EXPANSION AREA BOUNDARY
THE EAST 1/4 OF SECTION 9, TOWNSHIP 25 SOUTH, RANGE 28 EAST, OSCEOLA COUNTY, FLORIDA, LESS AND EXCEPT THE NORTH 1277 FEET THEREOF, TOGETHER WITH THE WEST 1/2 OF SECTION 10, TOWNSHIP 25 SOUTH, RANGE 28 EAST, OSCEOLA COUNTY, FLORIDA, LESS AND EXCEPT THE NORTH 1277 FEET THEREOF, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGIN AT THE SOUTHEAST CORNER OF SAID SECTION 9; THENCE RUN N 89'52'00" W, ALONG THE SOUTH LINE OF SAID SECTION 9, A DISTANCE OF 1,343.11 FEET TO A POINT ON THE WEST LINE OF THE EAST 1/4 OF SAID SECTION
9; THENCE RUN NORTH ALONG THE WEST LINE OF THE EAST 1/4 OF SAID SECTION 9, THE FOLLOWING TWO (2) COURSES AND DISTANCES: RUN N 00'10'54" E, A DISTANCE OF 2639.75 FEET; THENCE RUN N 00'10'42" E, A DISTANCE OF 1368.92 FEET TO A POINT ON THE SOUTH LINE OF THE NORTH  1277.00 FEET OF THE NORTHEAST 1/4 OF THE NORTHEAST 1/4 OF SAID SECTION 9; THENCE RUN S
89'51'38" E, ALONG SAID SOUTH LINE, A DISTANCE OF 1,342.95 FEET TO A POINT ON THE SOUTH LINE OF THE NORTH 1277.00 FEET OF THE WEST 1/2 OF SAID SECTION 10; THENCE RUN N 89'58'10" E, ALONG THE SOUTH LINE OF THE NORTH 1277.00 FEET OF THE WEST 1/2 OF SAID SECTION 10, A DISTANCE OF 2,677.17 FEET TO A POINT ON THE EAST LINE OF THE WEST 1/2 OF SAID SECTION 10; THENCE RUN S 00'06'51" E, ALONG SAID EAST LINE, A DISTANCE OF 4013.92 FEET TO A POINT ON THE SOUTH LINE OF SAID SECTION 10; THENCE RUN N 89'54'55" W, ALONG SAID SOUTH LINE, A DISTANCE OF 2,697.64 FEET TO THE POINT OF BEGINNING.

CONTAINING 371.06 ACRES, MORE OR LESS.

EXISTING SEWER FORCEMAIN

EXISTING 24" WATERMAIN

FM

FM

FM

WM	WM	WM	WM	WM	WM	WM

UFM

RUFM	FM

RUFM

RU FM

RU FM

RU FM

RU FM

RU FM

RU FM

RU FM

RU FM

RU FM RU FM RU FM RU FM RU FM RU

FM RU

FM RU

FM RU

FM RU

FM RU

FM RU

FMRU	RU

FMRU

FMRU

FMRU

FMRU

FM

EXISTING RE-USE MAIN

PROPOSED WATER & RE-USE SERVICE CONNECTIONS

FM

FM

EXISTING SEWER FORCEMAIN

FM

FM

ORIGINAL CDD

PROPOSED SEWER SERVICE CONNECTION

FM

FM

FM

FM

CDD EXPANSION

PROPOSED SEWER SERVICE CONNECTION

EXISTING SEWER FORCEMAIN

FM

FM

FM

8" EXISTING WATER MAIN

WM	WM	WM

0'

400'

800'

NORTH

MAGIC PLACE CDD
EXHIBIT 4 - EXISTING UTILITIES

STORMWATER OUTFALL TO ADJACENT WETLAND

8" PROPOSED OFF-SITE WATER MAIN EXTENSION

EXISTING UTILITY MAP

6824 Hanging Moss Road, Orlando, FL 32807
407.494-2693 Phone

\\boydserver\share\PROJECTS\1102.000 - Magic Dev - MV3 Concept Plan\Plans\Civil\CONSTRUCTION PLANS\MV3 SITE PLAN.dwg, C3.00 OVERALL TRACT PLAN, 3/20/2019 6:53:42 PM, BillW, _DWG To PDF.pc3, ARCH full bleed D (36.00 x 24.00 Inches), 1:1

SERALAGO BLVD.

STATE ROAD NO. 530

WM

            US 19U2.S. HIGHWAY NO. 192  	

ROAD 'C'

ROAD 'B'

200' R/W

SERALAGO HOTEL

ROAD 'D'

CRACKER BARREL

ELESE DRIVE
  80' R/W	

 	WM

ROAD 'F'
RU

ROAD 'B'

 	ROAD 'E'	

MAGIC PLACE PSP PS16-00006
(UPDATE TO TAKE PLACE UNDER SEPARATE APPLICATION)

EXISTING SDP16-0042 UNDER

WYNDHAM CYPRESS PALMS

CONSTRUCTION

WETLAND
LINE

MAGIC VILLAGE 3
(FUTURE DEVELOPMENT)

TRACT 600

TRACT 603

TRACT 604

BEGIN CURRENT SDP18-00015

P.C.=205+58.69
P.T.=206+81.01

TRACT 601

REGAL OAKS AT OLD TOWN

36 ADDITOINAL PLANNED RESIDENTIAL TOWNHOMES

50' BUFFER

*60' FUTURE ACCESS EASEMENT

TRACT 625
(FUTURE DEVELOPMENT)

P.C.=223+56.08

TRACT 623

TRACT 605

TRACT 606

TRACT 607

TRACT 609
STORMWATER POND

INCLUDED IN
THE PHASE 1

100 YR FEMA FLOOD LINE

60' RW

P.T.=373+20.33

TRACT 624

P.T.=219+56.64

TRACT

TRACT 621

PROJECT AREA.

EL 68

BLDG 19

BLDG 18

TRACT

(TEMPORARY STOCKPILE AREA &FUTURE DEVELOPMENT)

603

459 RESIDENTIAL

                 	                   	611                 	                    	

P.T.=271+35.01

STORMWATER POND
BLDG
20	BLDG
17

TRACT 619

 	

P.C.=366+23.13   

TRACT 610
STORMWATER POND

TOWNHOMES IN THE
PHASE 1 AREA PERMITTED FOR CONSTRUCTION AS OF JUNE 2019.

100 YR FEMA FLOOD LINE
EL 68

WETLAND

BLDG 21

BLDG 22

BLDG 16

BLDG 6

P.C.=271+10.88

BLDG 7

BLDG 5

P.T.=275+60.36
P.C.=275+17.57

TRACT

BLDG 4

PP.C.T.=.=229911++6705.1.400
'A' ROAD   	
PP.T.C.=.=2255++5385.7.706

PP..CT..==227788P++.2C33.1=..2262970+93.94

BLDG 3

BLDG 2

TRACT 616

BLDG

BLDG 1

BLDG 8

TRACT 608

RU	      	   	

P.C.=229+59.66
P.T.=392+27.68
P.R.C.=391+62.35

P.C.=301+35.97

P.T.=302+22.15

P.T.=291+22.51

TRACT 618

TRACT 602

TRACT 602
(FUTURE DEVELOPMENT)

LINE

BLDG 15

TRACT 612
STORMWATER POND

617

BLDG 10

9	 	

SHERWOOD FOREST

P.T.=231+66.63 	

  	

BLDG

BLDG 23

P.PT.=2.=8298+97+65.183.71

PP.T.C.=.=332277++9479.8.061
P.C.=283+19.55
P.T.=283+75.28

BLDG 11

 	

BLDG

P.C.=383+01.67
BLDG 40

BLDG 54

55

 	

'E' ROAD

BLDG

BLDG 62

BLDG 24

BLDG 14

BLDG 12

39	 	

P.C.=376+21.20 P.T.=376+70.10  
 	'F' ROAD	

BLDG 53

56

57

BLDG

BLDG 34

BLDG 35

BLDG

STORMWATER POND

BLDG 42

STORMWATER
POND

BLDG 61

TRACT NO.

DESCRIPTION

TRACT TABLE
AREA (AC) OWNER/MAINTENANCE

BLDG 25

BLDG 13

BLDG 33

BLDG

 	PH 4

TRACT 613

38

P.RP.C.C.=.=335511++3080.3.708 'A' ROAD P.T.=351+73.06

TRACT 614

BLDG 52

TRACT 615

BLDG 58

 	

59

BLDG	BLDG

600
601
602

FUTURE DEVELOPMENT
FUTURE DEVELOPMENT FUTURE DEVELOPMENT

29.63
8.91
184.96

H.O.A.
H.O.A.
H.O.A.

TRACT

BLDG 26

3	STORMWATER POND

BLDG

BLDG	BLDG
36	37

BLDG
43	 	

BLDG 51

      60 

TRACT
622

603
604

RIGHT-OF-WAY
MEDIAN

5.16
0.21

COUNTY
COUNTY/H.O.A.

100 YR FEMA

620

BLDG 27

31	 	

PP.T.C.=.=332255++74.7.621

BLDG

BLDG

BLDG 50

605
606
607
608
609
610
611
612
613
614
615

 	

616

MEDIAN MEDIAN MEDIAN MEDIAN STORMWATER
STORMWATER
STORMWATER STORMWATER STORMWATER STORMWATER STORMWATER ACCESS ROADS/

0.01
0.29
0.32
0.29
3.32
7.24
8.46
2.16
2.63
2.90
2.73
11.94

COUNTY/H.O.A. COUNTY/H.O.A. COUNTY/H.O.A. COUNTY/H.O.A. H.O.A.
H.O.A.
H.O.A.
H.O.A.
H.O.A.
H.O.A.
H.O.A.
H.O.A.

FLOOD LINE

P.C.=313+58.04

EL 68

BLDG 28

TRACT 602
(FUTURE DEVELOPMENT)

30

PP.T.C.=.=332222++9633.6.163

BLDG 29

BLDG 45

PP.T.C.=.=332109++2818.5.156

BLDG 46

44

P.C.=317+30.91
P.T.=317+61.21

BLDG 47

BLDG 48

 	

 	

P.C.P=.3T0.=83+0289+.9853.75

BLDG 49

 	

 	     	     	     	

P.T.=314+22.09

WETLAND LINE

 	

 	

COMMON AREA	12.76	H.O.A.

617
618
619
620
621
622
623
624
625

AMENITY MAINTENANCE LIFT STATION COMMON AREA OPEN SPACE
FUTURE RIGHT-OF-WAY RIGHT-OF-WAY

SDP18-0210 CPA18-0007 PS18-00015 SDP18-0210

FUTURE DEVELOPMENT FUTURE DEVELOPMENT

4.09
0.80
0.08
13.73
3.29
5.55
1.13
7.54
14.40

H.O.A.
H.O.A.
H.O.A.
H.O.A.
H.O.A. COUNTY COUNTY H.O.A.
H.O.A.

PHASE 1 PROJECT AREA

 	

FUTURE [ PHASES

TRACT 602

 	

 	

 	

(FUTURE DEVELOPMENT)

MAGIC VILLAGE 3	STEVEN N. BOYD, P.E.
C3.00
AS
WEW   WEW	3/20/2019	OSCEOLA COUNTY, FLORIDA
1102.000   SHOWN	OVERALL TRACT PLAN
SNB	PREPARED FOR: MAGIC DEVELOPMENT

MAGIC PLACE CDD
EXHIBIT 6 - MASTER DEVELOPMENT AND PHASING PLAN

6816 Hanging Moss Road Orlando, Florida 32807
Office: (407)494-2693
Certificate of Auth. 29791

Exhibit B
Amended and Restated Master Assessment Methodology

{044745-001 : MWATT/HFLOR : 02399935.DOCX; 3}

SECOND AMENDED & RESTATED MASTER ASSESSMENT METHODOLOGY

MAGIC PLACE COMMUNITY DEVELOPMENT DISTRICT

July 2019

Prepared for:

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

Prepared on July 15, 2019

PFM Financial Advisors LLC
12051 Corporate Boulevard
Orlando, FL 32817

0	�

SECOND AMENDED & RESTATED MASTER ASSESSMENT METHODOLOGY
MAGIC PLACE COMMUNITY DEVELOPMENT DISTRICT July 15, 2019

Introduction

Purpose

This “Second Amended & Restated Master Assessment Methodology” dated July 15, 2019 (“Methodology”), effectively amends and restates both the District’s “Amended & Restated Master Assessment Methodology” dated May 31, 2019 (“A&R Methodology”) and “Master Assessment Methodology” dated May 2, 2016 (“Adopted Methodology”) in order to reflect the following two substantive changes: 1) the expansion of the District’s boundaries with the addition of approximately 370 acres and 2) edits to the equivalent residential unit (“ERU”) allocations given the nature of the project’s modified development program. The Methodology provides a system for the allocation of non-ad valorem special assessments securing the repayment of bond debt planned to be issued by the Magic Place Community Development District (“District”) to fund beneficial public infrastructure improvements and facilities. The Methodology described herein has two goals: (1) quantifying the special benefits received by properties within the District as a result of the construction of the District’s improvements and facilities, and (2) equitably allocating the costs incurred by the District to provide these benefits to properties in the District.

The District plans to implement a capital improvement program (“CIP”) that will allow for the development of property within the District. The District plans to fund the majority of its CIP through bond debt financing. This bond debt will be repaid from the proceeds of non-ad valorem special assessments levied by the District. These special assessments will serve as liens against properties within the boundary of the District that receive a special benefit from the CIP. This Methodology is designed to conform to the requirements of Chapters 170, 190, and 197 of the Florida Statutes with respect to special assessments and is consistent with our understanding of the case law on this subject.

2

Background

The District initially included approximately 87.08 acres of land on which 4P Development, LLC (“Developer”) planned to develop a portion of its Magic Place mixed-use development (“Project”). The Developer submitted a petition to expand the District’s boundaries and Osceola County accepted the Developer’s boundary expansion, to include approximately 370 +/- acres, bringing the total acres within the District to 458 +/- acres. On May 13, 2019 Osceola County held a public hearing approving the boundary amendment petition. The District is planned to include luxury townhome units, apartment units, hotel rooms and retail space, as outlined in Table 1.

Table 1. Summary of District Land Use Plan

	Phase 1	Future Phase(s)			
RE Use	Magic Place & Magic Village 3	MP Buildout	Total		
Townhomes (units)	495	305	800		
Apartments (units)	0	300	300		
Retail (sqft)	0	313,000	313,000		
Hotel (rms)	0	746	746		
Source: Magic Development LLC

CIP - Infrastructure Installation

The District will construct its public infrastructure and improvements on a phased basis, as outlined in the “Magic Place Community Development District Engineer’s Report,” dated April 28, 2016 and updated on September 7, 2016; updated on October 2, 2017 and Amended and Restated in the “Magic Place Community Development District Engineer’s Report”, dated July 16, 2019 (collectively the, “Engineer’s Report”), as prepared by Boyd Civil Engineering (“District Engineer”).

The District will install its public infrastructure and improvements on a phased basis, as outlined in more detail in the Engineer’s Report. A description of the phases of the District, is found within the Engineer’s Report. A legal description for the District is found attached as Exhibit “A.” The District infrastructure and improvements for Phase 1 are designed to serve Phase 1. The District infrastructure and improvements for the Future Phase(s) are designed to serve and specially benefit the lands within the Future Phase(s). The estimated costs of the District infrastructure and improvements (and the estimated costs for the District’s entire CIP) are presented in Table 2.

Table 2. Summary of CIP Cost Estimates

Site Work	Phase 1
Magic Place Ph 1	
Magic Village 3	Future Phase(s)
MP Buildout	
Total (1)	
Clearing	$63,366	$728,616	$956,447	$1,748,429	
Import Fill for District Infrastructure	$27,000	$0	$2,224,552	$2,251,552	
Lake / Pond Retaining Walls	$0	$300,000	$1,560,000	$1,860,000	
Site Grading & Master Stormwater System	$186,300	$5,348,458	$7,922,493	$13,457,251	
Framework Roads Paving	$624,823	$917,445	$2,079,722	$3,621,990	
Internal Roads Paving	$0	$2,411,427	$4,271,142	$6,682,568	
Public Surface Parking	$0	$0	$2,443,800	$2,443,800	
US 192 Intersection Improvements	$250,000	$0	$750,000	$1,000,000	
Water, Wastewater and Reclaimed Water Systems	$362,700	$3,199,807	$4,210,928	$7,773,435	
US 192 Water Main Crossings	$150,000	$0	$150,000	$300,000	
Lift Station	$450,000	$500,000	$900,000	$1,850,000	
Underground Duct Bank for Electrical Infrastructure	$50,000	$450,000	$600,000	$1,100,000	
Sub Total	$2,164,189	$13,855,752	$28,069,083	$44,089,024	
Other Site-Related Costs
Common Area Hardscape, Landscape, Irrigation	
$877,500	
$2,740,300	
$9,322,500	
$12,940,300	
Tree Mitigation	$0	$462,000	$270,000	$732,000	
Entry Features	$500,000	$500,000	$1,600,000	$2,600,000	
Site Lighting	$112,500	$1,000,000	$1,567,500	$2,680,000	
Sub Total	$1,490,000	$4,702,300	$12,760,000	$18,952,300	
Professional, Permitting and Impact Fees
Environmental Mitigation	
$0	
$0	
$3,000,000	
$3,000,000	
Permitting and Construction Inspection Fees	$78,029	$463,951	$1,034,053	$1,576,034	
Professional Fees	$500,000	$600,000	$1,300,000	$2,400,000	
Sub Total	$578,029	$1,063,951	$5,334,053	$6,976,034	
Grand Total	$4,232,218	$19,622,003	$46,163,136	$70,017,357	
Source: Boyd Civil Engineering
(1) The District's bonding capacity is $80,000,000 in bonds to fund its CIP. Any costs outlined herein the Engineer's Report not funded with bond proceeds will be funded via Developer's Agreement with the District.

Requirements of a Valid Assessment Methodology

In our experience, there are two primary requirements for special assessments to be valid under Florida law. First, the properties assessed must receive a special benefit from the improvements paid for via the assessments. Second, the assessments must be fairly and reasonably allocated to the properties being assessed. If these two characteristics of valid special assessments are adhered to, Florida law provides some latitude to legislative bodies, such as the District’s Board of Supervisors, in approving special assessments. Indeed, Florida courts have found that the mathematical perfection of calculating special benefit is likely impossible. Our research suggests that only if the District’s Board was to act in an arbitrary, capricious, or grossly unfair fashion would its assessment methods be overturned.

Special Benefits and General Benefits

Improvements undertaken by the District create both special benefits and general benefits to property owners located within and surrounding the District. However, in our opinion, the general benefits to the public at large are incidental in nature and are readily distinguishable from the special benefits which accrue to property located within the District. It is the District’s CIP that enables properties within the District’s boundaries to be developed. Without the District’s CIP there would be no infrastructure to support development of land within the District. Without these improvements, development of property in the District would not be permitted.

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

Special Benefits Provided by CIP Components

The roadway improvements will provide ingress and egress to residents and landowners, access to District commercial properties, and connections to existing roadways in the area, as outlined in more detail in the Engineer’s Report. The roadway costs also include on-street parking, bicycle lanes, and sidewalks planned for the District. Some of the special benefits provided to properties within the District by the roadway improvements are added accessibility to the property, added use of the property, added enjoyment of the property, and the probability of increased marketability and value of the property. Further, roadway improvements are required by state regulatory agencies and the Osceola County prior to or simultaneous with any development of property within the District.

0	�

Stormwater Management System
The District’s stormwater management system consists of water retention ponds, roadway inlets, collector pipes, manholes, and other improvements providing benefits to properties by effectively draining and dispersing stormwater runoff. Some of the special benefits provided to properties within the District by the stormwater management system are the added use of the property, increased sanitary conditions of the property, flood mitigation, protection of the environment, and the probability of increased marketability and value of the property. Further, stormwater management improvements are required by state regulatory agencies and the Osceola County prior to or simultaneous with any development of property within the District.

Utility System Improvements
The District’s utility system includes a series of interconnected and looped water mains connecting to an extension of the major distribution system from an existing Orlando Utilities Commission Water Treatment Plant. This water distribution system delivers potable water and fire protection water to the properties within the District. The CIP also includes a water distribution system used to deliver reclaimed water to the properties for irrigation purposes.

The District will provide sanitary sewer facilities including lift stations, gravity collection systems, and sanitary force mains. Some of the special benefits provided to properties within the District by the water and sewer utility improvements are the added use of the property, added enjoyment of the property, increased sanitary conditions of the property, protection of the environment, and the probability of increased marketability and value of the property. Further, these utility improvements are required by state regulatory agencies and the Osceola County prior to any development of property within the District.

Landscaping and Irrigation Improvements
The landscaping and irrigation estimates include landscape, streetscape, hardscape, signage, monumentation, and common area improvement costs including the irrigation systems required to support such improvements. The electrical duct bank system & lighting improvements include a plastic pipe duct bank system that will allow for the undergrounding of utilities and will also serve to power streetlights needed to illuminate the roadways and pedestrian areas within the District. These improvements provide for the safety and added enjoyment of the property and the probability of increased marketability and value of the property. Further, many of these landscape and irrigation improvements are required by state regulatory agencies and the Osceola County prior to or simultaneous with any development of property within the District.

6

Demonstration of Benefit

As shown in Table 3, the estimated cost of the CIP is $70,017,357. The District plans to issue bonds to fund a portion of these costs, with total bond principal estimated at $80,000,000 (Table 4). Following the installation of the District’s CIP (as outlined in Table 1 in the Engineer’s Report), there are an estimated 458 acres within the District (285.6 assessable acres). Therefore, the average cost of the District’s CIP, per assessable acre, is $280,112 on an as-financed basis. According to data from the Osceola County Property Appraiser (“PA”), the fair market value of the land in the District currently averages $101,328 per acre. Therefore, as illustrated in Table 3, the total cost of the land with the proposed improvements implemented is approximately $381,440 per acre.

Based on the land development plan, and market research by the District’s Financial Advisor (“FA”), the estimated average value of an ERU to be developed in the District is $268,357. Our research and experience indicate that the typical relationship between the total price of an ERU and its finished lot is approximately 25%. So, the average ERU lot in the District is expected to have a retail value of $53,671. The land use plan anticipates a density of 7.6 units per assessable acre. Therefore, the average value per acre for properties developed into units is $407,046. Thus, the estimated net special benefit to District lands is $25,606 per acre using an ERU method of allocation. In other words, the installation of the CIP is expected to increase the estimated market value of the land within the District in excess of the cost of the assessments. Table 3 summarizes the estimation of special benefit on a per acre basis.

Table 3. Demonstration of Special Benefit for Properties in the District

Category
Maximum Bonds Necessary to Fund District's Portion of CIP	Amount
$80,000,000	
Assessable Acres within District	285.6	
CIP Financed Cost Per Gross Acre	$280,112	
Value of Unimproved Land/Acre*	$101,328	
Total Cost of Improved Land per Acre	$381,440	
Est. Avg. Value of Finished Unit (with Land)	$268,357	
Value of Lot @ 20%	$53,671	
Density/Assessable Acre	7.6	
Est. Value of Commercial Land per Acre	$407,046	
Net Benefit per Acre from CDD Improvements	$25,606	
*Based on the 2018 assessed value of all assessable District land provided by the Osceola County Property Appraiser.

7

0	�

CIP Plan of Finance

The District has advised it intends to finance a portion of its CIP costs as detailed in Table 2 by issuing bonds. These bonds may be issued in several series, as development progresses within the District. The District infrastructure and improvements for Phase 1 are designed to serve Phase 1. Future Phase(s) District infrastructure and improvements will be assessed solely to properties located within the Future Phase(s). A number of component funds comprise the total principal of the bonds to be issued by the District. These funds may include, but are not limited to, acquisition and construction, capitalized interest, a debt service reserve, underwriter’s discount, and issuance costs. An estimate of the bond issuance required to fund the District’s CIP is found in Table 4. The construction/acquisition funds raised by the District's bonds may fund only a portion of the District's CIP. The balance of any remaining CIP costs will be funded by one or more District landowner(s) or by other means.

As bonds are issued by the District over time, the District will adopt supplemental assessment methodology report(s) detailing the particulars of each specific bond issue. The supplemental report(s) will detail the terms, interest rates, and costs associated with a specific series of bonds. The supplemental report(s) will also detail the specific bond debt service assessments for properties that have been assessed to secure each bond issuance.

8

Table 4. Estimated District Bond Financing Details

Bond Fund	Phase 1 (1)	Future Phase(s) (1)	Total (1)	
Construction/Acquisition Fund (2)	$23,854,221	$41,778,358	$65,632,579	
Debt Service Reserve	$2,352,720	$4,094,192	$6,446,912	
Capitalized Interest	$2,043,650	$3,556,350	$5,600,000	
Costs of Issuance (Including Underwriter's Fee)	$943,900	$1,376,100	$2,320,000	
Contingency	$509	$0	$509	
Maximum Bond Principal	$29,195,000	$50,805,000	$80,000,000	

Average Annual Interest Rate:	
7.00%	
7.00%	
7.00%	
Term (Years):	30	30	30	
Capitalized Interest (Months):	12	12	12	
Maximum Net Annual Debt Service:	$2,352,720	$4,094,192	$6,446,912	
Maximum Net Annual Debt Service (3):	$2,557,304	$4,450,209	$7,007,513	
The values shown are estimated and subject to change. Future supplemental assessment methodology report(s) will outline the actual details of the District's future bond issuance(s).
The District's bonding capacity is $80,000,000 in bonds to fund its CIP. Any costs outlined herein the Engineer's Report not funded with bond proceeds will be funded via Developer's Agreement with the District.
Gross assessments represent the assessment placed on the County tax roll each year, if the District elects to use the Uniform Method of collecting non- ad valorem assessments authorized by Chapter 197 of the Florida Statutes. Gross assessments include an 8.0% gross-up to account for the fees of the County Property Appraiser and Tax Collector and the statutory early payment discount.

Assessment Methodology

Assessment Foundation

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

9

0	�

Allocation of Specific Assessments

The discussion offered below illustrates the process by which the District will allocate bond debt it incurs to fund its CIP. The District would incur a maximum of $80,000,000 of total bond debt if bond financing was used to fund the portion of the CIP detailed in Table 4. The District’s bond debt will be secured primarily by special assessments allocated to properties in the District based on and proportional to the benefits that each property receives from the CIP.

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

In allocating special assessments to benefiting property, Florida governments have used a variety of methods including, but not limited to, front footage, area, trip rates, equivalent residential units, dwelling units, and acreage. These ERU values equate the benefit received by a stated amount of such particular land use category to the benefit received by a typical single-family residence. The use of ERU values to estimate the benefit derived from infrastructure improvements is recognized as a simple, fair, and reasonable method for apportioning benefit. ERU values are a commonly accepted method for calculating special benefit assessments in Florida.

The assignment of ERU values to units of development planned for the District begins with consideration of the benefit received by a hypothetical single family residence from the District’s CIP. This hypothetical single family residence will serve as the base unit for purposes of ERU allocation, and has been assigned an ERU value of 1.0 per residence. In assigning ERU values to the uses anticipated to be developed within the District, the FA considered several factors. First, the lot size of a Development Unit was taken into consideration. The size of a Development Unit affects the stormwater runoff generated by the Development Unit, the landscaping and lighting required to serve the Development Unit, and the length of roadways necessary to serve the Development Unit, among other impacts.

Second, the vehicle traffic generated by the Development Unit was taken into consideration. The FA is familiar with roadway trip generation statistics for property types such as those planned for the District and took those figures into consideration when assigning ERU values. Land uses with higher trip generation rates have a greater impact on roadway improvements, and thus receive a greater benefit from those improvements, and have thus been assigned higher ERU values.

Third, the District considered the probable usage of water and sewer utilities by the various land uses. For example, a multi-family residence will probably have a greater impact on and receive a greater benefit from water and sewer utilities when compared to non-medical office space covering a similar area.

10

PFM FA, has determined that an assessment methodology based on ERU values. Table 5 contains the allocation of the District’s CIP costs, as financed, to the Development Units planned for the District based on the ERU value assigned to each Development Unit. Table 6 shows the annual bond debt service assessments associated with the bond par allocations found in Table 5. Table 6 becomes important as the land within a phase is platted, as specific bond debt service assessments will be assigned to the individual Development Units within the relevant phases at this time.

Table 5. Allocation of the Costs of the District’s CIP, as Financed

			Total Bonds	Total Bonds	
	Unit/SF per		Principal Assmt.	Principal Assmt.	
Phase 1	Units	ERU	ERU Count	per ERU	per Unit	
Townhomes (units)	495	1.00	495	$29,195,000	$58,980	
Total			495	$29,195,000		
Future Phase(s)
Townhomes (units)	
305	
1.00	
305	
$13,580,653	
$44,527	
Apartments (units)	300	0.50	150	$6,679,010	$22,263	
Retail (sqft) (1)	313,000	0.001	313	$13,936,867	$44.53	
Hotel (rms)	746	0.50	373	$16,608,471	$22,263	
Total			1,141	$50,805,000		
Each unit equals 1,000 square feet of space. Source: PFM Financial Advisors LLC

Table 6. Summary of Annual Assessments

Phase 1	
Units	
ERUs	Total Bonds Net Annual	Total Bonds Net Annual Assmt./	Total Bonds Gross Annual	Total Bonds Gross Annual	
			Assmt./ ERU	Unit	Assmt./ ERU (2)	Assmt./ Unit (2)	
Townhomes (units)	495	495	$2,352,720	$4,753	$2,557,304	$5,166	
Total		495	$2,352,720		$2,557,304		
Future Phase(s)
Townhomes (units)	
305	
305	
$1,094,416	
$3,588	
$1,189,583	
$3,900	
Apartments (units)	300	150	$538,237	$1,794	$585,041	$1,950	
Retail (sqft) (1)	313,000	313	$1,123,122	$4	$1,220,785	$3.90	
Hotel (rms)	746	373	$1,338,417	$1,794	$1,454,801	$1,950	
Total		1,141	$4,094,192		$4,450,209		
Each unit equals 1,000 square feet of space.
Gross assessments represent the assessment placed on the County tax roll each year, if the District elects to use the Uniform Method of collecting non-ad valorem assessments authorized by Chapter 197 of the Florida Statutes. Gross assessments include an 8.0% gross-up to account for the fees of the County Property Appraiser and Tax Collector and the statutory early payment discount.
Source: PFM Financial Advisors LLC

11

0	�

Assignment of Specific Assessments

Assessments securing bonds issued to fund Phase 1 properties will initially be assigned to Phase 1 properties on an equal per-gross acre basis. Similarly, assessments securing bonds issued to fund Future Phase(s) properties will initially be assigned to Future Phase(s) properties on an equal per-gross acre basis. The assessments for each phase will then be equally divided among the lots within that phase, as property is initially platted. The final assignment of bond debt to a specific lot does not take place until the land containing that lot is platted. The specific bond debt assessment that is assigned to platted Development Unit will be detailed in one or more future supplemental assessment reports, in accordance with the principles and allocations set forth in this Methodology. Properties slated for development will first be assigned bond debt service assessments by the District based on the amounts set forth in Table 6. Bond indebtedness remaining to be allocated will initially be assigned on an equal per-acre basis to all acreage within the District that has not been developed.

The entitlements assigned or committed by the Developer via deed or development agreement will serve as the basis for determining the entitlements allocated to property within the District owned by a specific property owner. As undeveloped acreage is included as land to be developed, the District will assign par and annual assessments as outlined in Table 6 above until any outstanding District bond issuance is fully secured (subject to the exceptions outlined in Section 3.4).

The District will likely fund its CIP over the course of several bond issuances. Future supplemental assessment methodology reports will outline the details of each District bond issuance. As outlined in Section 2.0 above, a Development Unit’s full bond debt service assessment (estimates of which are provided in Table 6 above) will be assigned when that Development Unit is platted.

The total amount of bond debt necessary to fund the CIP may be revised in future supplemental assessment methodology reports. However, consistent with Section 2.0, each Development Unit’s assigned bond debt service assessment will be based on the total assessment necessary to fund the District’s CIP. Future supplemental assessment methodology reports will outline the specific units that are expected to ultimately provide security for the bonds that are the subject of that supplemental assessment methodology report.

In addition, a lien for the bond debt necessary to finance the District’s CIP will be placed on all property within the District at the time of the District’s first bond issuance. This lien will be satisfied at some point in the future at the District’s discretion by either the assignment of bond debt service assessments accompanying a future bond issuance providing funding for the CIP or a Contribution by the property owner in lieu of assessments. Should the District not issue bonds to fully fund the costs of its CIP, the District can enforce a completion agreement with the Developer, executed prior to the issuance of any bond debt, which requires the Developer to fund the balance of the CIP and contribute the improvements to the District. If the District’s CIP is revised at some point in the future such that less than the total CIP

12

0	�

costs in Table 4 are required, the District will reallocate any preexisting bond debt service assessments providing security for the CIP to all developable and assessable properties within the District pursuant to the assessment allocation principals outlined in this Methodology.

If all properties within the District have been assigned bond debt service assessments such that the full par value of the District’s bonds are secured, and additional development occurs within the District such that density is increased above the land uses shown in Table 1 (“New Development”), bond debt service assessments will be assigned to that New Development and all properties will receive a proportionate reduction in their bond debt service assessment. In the event that a unit owner has prepaid its debt assessment, the respective unit will not be included in the reassignment analysis.

True-Up Mechanism

Although the District does not process plats, it does have an important role to play during the course of development. Whenever a parcel’s land use and development density and intensity is determined with sufficient certainty, the District must allocate a portion of its debt to the parcel according to the procedures outlined in Section 3.2 above. In addition, the District must also prevent any buildup of debt on land that has not yet been developed. Otherwise, the land could be fully subdivided without all of the debt being allocated.

To preclude this, a test is conducted when development thresholds are reached within the District. As long as the development at these thresholds does not cause the debt on the remaining land to increase above a debt “Ceiling Level” illustrated in Table 7 below, then no further action in necessary. However, if the debt on the remaining land does increase, a debt reduction payment will be necessary.

The ceiling level of debt is established at the time each series of bonds is issued. For example, the District may issue up to $80,000,000 in Bonds to fund the CIP. There are approximately 457 gross acres of land within the District; however, according the Engineer’s Report, 172.54 acres located within Tract 602 are deemed Conservation Acres, which reduces the developable and assessable acres to 285.6 as outlined in Table 7. Each of these acres will be assigned an equal assessment of the $80,000,000 in remaining unassigned bond debt assessments. Therefore, and assuming for purposes of this illustration that all $80,000,000 in anticipated bond debt is issued by the District to fund its CIP, the ceiling level of debt for developable and assessable properties would be $280,112 per acre ($80,000,000 / 285.6). This ceiling level is based upon the best information available at the time of this report, is subject to change, and will only be finalized at the time of the District’s first bond issuance.

13

A test will be conducted when 25%, 50%, 75%, 90%, and 100% of the acreage within the District has been developed. The ceiling amount of debt is determined at the time any District bond issuance is closed. The ceiling amount is the ratio of the amount of debt outstanding divided by the number of acres of land for which no debt allocation has occurred as per this methodology. Table 7 below illustrates when the true-up test will be applied to determine if debt reduction payments are required.

Table 7. True- Up Thresholds

Category	25%	50%	75%	90%	100%	
Platted Developable Acres	71.40	142.80	214.20	257.04	285.60	
Unplatted Developable Acres	214.20	142.80	71.40	28.56	0.00	
Debt Ceiling per Acre	$280,112	$280,112	$280,112	$280,112	$280,112	

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

4.0	Contribution of District Infrastructure and/or Improvements

The costs of the District’s CIP will likely be funded by two mechanisms. The first mechanism is the issuance of special assessment bonds. The second mechanism is the contribution of funds or CIP components to the District (“Contribution”). Property owners within the District will have the opportunity to make such a Contribution upon approval by the District.

A District property owner’s Contribution will give rise to assessment credits that can be applied by the property owner to reduce or eliminate bond debt service assessments that would otherwise be assigned to lands within the District to fund the costs of the CIP. Prior to a property owner reducing or eliminating bond debt service assessments through a Contribution, it must be shown that the improvements funded or contributed by the property owner are a component of the CIP, as outlined in the Engineer’s Report. The property owner will be permitted to apply assessment credits equal to the value of the Contribution plus the costs of financing the improvement(s) that would otherwise have been incurred by the District if the District were required to issue bonds to fund or acquire the improvement(s) (such that the property would not be responsible for bond financing costs if the Contribution was made prior to the District’s issuance of special assessment bonds). A property owner possessing assessment credits due to a Contribution will, in the District’s discretion, have the opportunity to use the assessment credits to adjust bond debt service assessment levels of Development Units.

5.0	Assessment Roll

Table 8 outlines the maximum bond principal assessment per assessable acre for the lands within the District. A description of the land within the District, which will be assessed to secure the repayment of the District’s bonds, is found in Exhibit “A”, below. The assessments shall be paid in not more than thirty
(30) annual installments.

Table 8. Assessment Roll

Parcel ID Numbers	

Assessable Acreage	

Bond Principal Assessment	Bond Principal Assessment
per Acre	
Net Total Bond Annual Assessment	
Net Annual Assessment
per Acre	
Bond Gross
Annual Assessment (1)	Bond Gross
Annual Assessment per
Acre (1)	
09-25-28-0000-0020-0000	16.8	$4,705,882	$280,112	$379,230	$22,573	$412,207	$24,536	
10-25-28-0000-0025-0000	70.3	$19,686,275	$280,112	$1,586,446	$22,573	$1,724,398	$24,536	
10-25-28-0000-0020-0000	198.5	$55,607,843	$280,112	$4,481,236	$22,573	$4,870,909	$24,536	
TOTAL	285.6	$80,000,000	$280,112	$6,446,912	$22,573	$7,007,513	$24,536	

Exhibit C
Legal Description of Lands within the District Boundary

{044745-001 : MWATT/HFLOR : 02399935.DOCX; 3}

EXHIBIT “A”

LEGAL DESCRIPTION OF LAND LOCATED WITHIN THE DISTRICT

16

MAGIC PLACE COMMUNITY DEVELOPMENT DISTRICT

Consideration of Resolution 2019-09, Setting Public Hearing on Assessments

RESOLUTION 2019-09

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE MAGIC     PLACE     COMMUNITY     DEVELOPMENT   DISTRICT
SETTING A PUBLIC HEARING TO BE HELD ON	,
2019   AT   _______   A.M./P.M.,   AT   HISTORIC   COURTHOUSE,  3
COURTHOUSE SQUARE, 3RD FLOOR, CONFERENCE ROOM 315 KISSIMMEE, FL 34741, FOR THE PURPOSE OF HEARING PUBLIC COMMENT ON IMPOSING A SPECIAL ASSESSMENT ON CERTAIN PROPERTY WITHIN THE DISTRICT GENERALLY DESCRIBED AS THE MAGIC PLACE COMMUNITY DEVELOPMENT DISTRICT IN ACCORDANCE WITH CHAPTERS 170, 190 AND 197, FLORIDA STATUTES.

WHEREAS, the Board of Supervisors of the MAGIC PLACE Community Development District ("Board") has previously adopted Resolution 2019-05 entitled

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE MAGIC PLACE COMMUNITY DEVELOPMENT DISTRICT DECLARING SPECIAL ASSESSMENTS; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH SPECIAL ASSESSMENTS SHALL BE MADE; DESIGNATING LANDS UPON WHICH THE SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR PUBLICATION OF THIS RESOLUTION.

WHEREAS, in accordance with Resolution 2019-05, a preliminary assessment roll has been prepared and all other conditions precedent set forth in Chapters 170, 190 and 197, Florida Statutes, to the holding of the aforementioned public hearing have been satisfied, and the roll and related documents are available for public inspection at the offices of the District Manager, PFM Group Consulting, LLC, 12051 Corporate Blvd., Orlando, FL 32817 (the "District Manager's Office").

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE MAGIC PLACE COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1. There is hereby declared a public hearing to be held at on,
 	_, 2019, at 	_am/pm for the purpose of hearing comment and objections to the proposed special assessment program for assessable improvements as identified in the preliminary assessment roll, a copy of which is on file at the District Manager's Office. Affected parties may appear at that hearing or submit their comments in writing prior to the meeting to theDistrict Manager's Office.

SECTION 2. Notice of said hearing shall be advertised in accordance with Chapters 170, 190, and 197, Florida Statutes, and the District Manager is hereby authorized and directed to place said notice in a newspaper of general circulation within Osceola County (by two publications one week apart with the last publication at least one week prior to the date of the hearing established herein). The District Manager shall file a publisher's affidavit with the District Secretary verifying such publication of notice. The District Manager is further authorized and directed to give thirty (30) days written notice by mail of the time and place of this hearing to the owners of all property to be assessed and include in such notice the amount of the assessment for each such property owner, a description of the areas to be improved and notice that information concerning all assessments may be ascertained at the District Manager's Office. The District Manager shall file proof of such mailing by affidavit with the District Secretary.

SECTION 3. This Resolution shall become effective immediately upon its passage.

[The remainder of this page has intentionally been left blank

PASSED AND ADOPTED this _____day of 	_ 	, 2019.

Attest:		MAGIC PLACE COMMUNITY DEVELOPMENT DISTRICT

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