Coquina Shores Community Development District 475 West Town Place, Suite 114
St. Augustine, Florida 32092 www.coquinashorescdd.com
November 13, 2025

Board of Supervisors Coquina Shores CDD
Call-in #: 1-877-304-9269; Code 3006875

Dear Board Members and Staff:

The Coquina Shores Community Development District Board of Supervisors Meeting is scheduled for Thursday, November 20, 2025 at 2:00 p.m. at the Hilton Garden Inn Palm Coast Town Center, 55 Town Center Boulevard, Palm Coast, Florida 32164.
Following is the agenda for the meeting:

	I.	Call to Order

	I.	Public Comment

	I.	Organizational Matters
	A.	Consideration of Resolution 2026-01, Canvassing and Certifying the Results of the Landowner’s Election

	A.	Oath of Office for Newly Elected Supervisors

	A.	Consideration of Resolution 2026-02, Designating Officers

	I.	Approval of Minutes
	A.	September 25, 2025 Meeting
	B.	November 4, 2025 Landowner’s Meeting/Election
	II.	Consideration of Resolution 2026-03, Ratifying Actions Related to Bond Issuance
	III.	Ratification of Cline Construction Change Order No. 1 and Pay Application No. 1
	IV.	Ratification of Requisition No. 1
	V.	Consideration of Disclosure of Public Finance
	VI.	Consideration of Acquisition of Work Product
	VII.	Staff Reports
	A.	District Counsel

	A.	District Engineer – Requistion Summary
	B.	District Manager
	1.	Update on the Fiscal Year 2025 Goals & Objectives
	2.	Memorandum Regarding Exemption from Arbitrage Rebate Calculations
	II.	Financial Reports
	A.	Financial Statements as of September 30, 2025

	A.	Ratification of Funding Request No. 24

	A.	Consideration of Funding Request No. 25

	I.	Other Business

	I.	Supervisors’ Requests and Audience Comments

	I.	Next Scheduled Meeting – Thursday, December 18, 2025 at 2:00 p.m. at the Hilton Garden Inn Palm Coast Town Center

	I.	Adjournment

THIRD ORDER OF BUSINESS

A.
RESOLUTION 2026-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT CANVASSING AND CERTIFYING THE RESULTS OF THE LANDOWNERS ELECTION OF SUPERVISORS HELD PURSUANT TO SECTION 190.006(2), FLORIDA STATUTES, AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, the Coquina Shores Community Development District (hereinafter the “District”), is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within Flagler County, Florida; and

WHEREAS, pursuant to Section 190.006(2), Florida Statutes, a landowners’ meeting is required to be held within 90 days of the District’s creation and every two years following the creation of the District for the purpose of electing supervisors of the District; and

WHEREAS, such landowners’ meeting was held on November 4, 2025, at which the below recited persons were duly elected by virtue of the votes cast in his/her favor; and

WHEREAS, the Board of Supervisors of the District, by means of this Resolution, desire to canvas the votes and declare and certify the results of said election.

NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT:

Section 1. The following person is found, certified, and declared to have been duly elected as Supervisor of and for the District, having been elected by the votes cast in their favor as shown:
Matthew Fossler

Votes
200

Brett North
Bill Livingston
Votes _200 Votes _175

Section 2. In accordance with Section 190.006(2), Florida Statutes, and by virtue of the number of votes cast for the Supervisor, the above-named person is declared to have been elected for the following term of office:
Matthew Fossler Brett North
Bill Livingston
4 Year Term	Seat 3

4 Year Term	Seat 5

2 Year Term	Seat 4

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

PASSED AND ADOPTED THIS 20TH DAY OF NOVEMBER, 2025.
Attest:	COQUINA SHORES COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairman

C.
RESOLUTION 2026-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT DESIGNATING THE OFFICERS OF THE DISTRICT, AND PROVIDING FOR AN EFFECTIVE DATE.
Whereas, Coquina Shores Community Development District (the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within Flagler County, Florida; and

Whereas, the Board of Supervisors of the District desires to designate the Officers of the District.
Now, therefore, be it resolved by the Board of Supervisors of Coquina Shores Community Development District:

Section 1.		 is appointed Chairman.

Section 2.		 is appointed Vice Chairman.

Section 3.		 is appointed Secretary and Treasurer.

	 is appointed Assistant Secretary.
	 is appointed Assistant Secretary.
	 is appointed Assistant Secretary.
	 is appointed Assistant Treasurer.
	 is appointed Assistant Secretary.
Section 4.	This Resolution shall become effective immediately upon its adoption.
PASSED AND ADOPTED THIS 20TH DAY OF NOVEMBER, 2025.

ATTEST	COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairman/Vice Chairman

FOURTH ORDER OF BUSINESS

A.
MINUTES OF MEETING
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Coquina Shores Community Development District was held on Thursday, September 25, 2025 at 2:00 p.m. at the Hilton Garden Inn Palm Coast Town Center, 55 Town Center Boulevard, Palm Coast, Florida 32164.

Present and constituting a quorum were:

Blaz Kovacic	Chairman
Marcy McBride	Vice Chair
Matthew Fossler	Supervisor
Bill Livingston by phone	Supervisor

Also present were:

Jim Oliver	District Manager
Katie Buchanan	District Counsel
Scott Lockwood by phone	District Engineer
Kendall Bulleit by phone	MBS Capital Markets
Daniel Harvey	Governmental Management Services
Brett North	Pulte
Misty Taylor	Bryant Miller Olive

The following is a summary of the discussions and actions taken at the September 25, 2025 meeting.

FIRST ORDER OF BUSINESS	Roll Call
Mr. Oliver called the meeting to order at 2:00 p.m.

SECOND ORDER OF BUSINESS	Public Comment
There being no members of the public present, the next item followed.

THIRD ORDER OF BUSINESS	Financing Matters
	A.	Consideration of Supplemental Engineer’s Report
A copy of the engineer’s report was included in the agenda package for the Board’s review. No action was needed on this item.
September 25, 2025	Coquina Shores CDD

	A.	Consideration of Resolution 2025-08, Adopting the Final Supplemental Assessment Methodology Report
Mr. Oliver provided an overview of the report. Table 3 in the report provides the maturity date of May 1, 2055, and the average coupon rate of 5.613%. The assessments will be spread over 650 lots with the debt service assessments ranging from $360 to $585.

FOURTH ORDER OF BUSINESS	Consideration of Assignment of
Construction Contract
Ms. Buchanan stated that this item will assign the contract that was entered into with
S.E. Cline Construction, Inc. from JX Palm Coast Land to the CDD.

FIFTH ORDER OF BUSINESS	Consideration of Acquisition of Work
Product
Ms. Buchanan stated that in preparation for the construction contract, the landowner has undertaken a significant amount of work necessary to move forward and much of it is eligible for funding through the project. Her firm is current going through the information and invoices that were provided by the developer to determine if it’s part of the project and to confirm that it’s eligible for funding.

Ms. Buchanan noted the documents would be brought back before the Board for ratification once they are finalized.

SIXTH ORDER OF BUSINESS	Consideration of Requisition No. 1
This item was approved under item five.
September 25, 2025	Coquina Shores CDD

SEVENTH ORDER OF BUSINESS	Approval of Minutes of the August 21, 2025
No action was taken on this item.

EIGHTH ORDER OF BUSINESS	Staff Reports
	A.	District Counsel
There being nothing to report, the next item followed.

	A.	District Engineer
There being nothing to report, the next item followed.

	A.	District Manager
There being nothing to report, the next item followed.

NINTH ORDER OF BUSINESS	Financial Reports
	A.	Financial Statements as of July 31, 2025
Copies of the financial statements were included in the agenda package for the Board’s
review.

	A.	Consideration of Funding Request No. 23
A copy of funding request number 23, totaling $9,784.56 was included in the agenda package for the Board’s review.

TENTH ORDER OF BUSINESS	Other Business
There being none, the next item followed.

ELEVENTH ORDER OF BUSINESS	Supervisors’	Requests	and	Audience
Comments
Mr. Kovacic reported that the pre-construction meeting for the off-site improvements with the City of Palm Coast was scheduled for September 26th.
Next, Mr. Kovacic made a motion to add an item to consider appointing a new supervisor to fill the vacancy on the Board.
September 25, 2025	Coquina Shores CDD

Mr. Oliver noted Mr. North will be sworn into office before the next meeting. Lastly, Mr. Kovacic asked if a virtual option for meeting attendance can be used. Mr. Oliver stated that he will plan on using Zoom for the next board meeting.
TWELFTH ORDER OF BUSINESS	Next	Scheduled	Meeting	–	Thursday,
October 16, 2025 at 2:00 p.m. at the Hilton Garden Inn Palm Coast Town Center
THIRTEENTH ORDER OF BUSINESS	Adjournment

Secretary/Assistant Secretary	Chairman/Vice Chairman

B.
MINUTES OF MEETING
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT

A landowner’s meeting of the Board of Supervisors of the Coquina Shores Community Development District was held Thursday, November 4, 2025 at 2:00 p.m. at the Hilton Garden Inn Palm Coast Town Center, 55 Town Center Boulevard, Palm Coast, Florida 32164.

Present were:

Jim Oliver	Proxy Holder for JX Palm Coast Land, LLC Also present were:
Daniel Harvey	District Manager

FIRST ORDER OF BUSINESS	Roll Call
Mr. Harvey called the meeting to order at 2:00 p.m.

SECOND ORDER OF BUSINESS	Determination of Number of Voting Units
Represented
Mr. Harvey stated that the landowner, JX Palm Coast Land, LLC, represents 222 voting
units.

THIRD ORDER OF BUSINESS	Election of a Chairman for the Purpose of
Conducting the Landowners Meeting
Mr. Harvey acted as Chairman for the Landowners Meeting.

FOURTH ORDER OF BUSINESS	Nominations for the Position of Supervisors
Mr. Oliver nominated Matthew Fossler, Bill Livingston and Brett North for positions of supervisors.

FIFTH ORDER OF BUSINESS	Casting of Ballots
Mr. Oliver cast 200 votes each for Matthew Fossler and Brett North and 175 votes for Bill Livingston.
SIXTH ORDER OF BUSINESS	Tabulation of Ballots and Announcement of
Results
November 4, 2025 Landowner’s Election	Coquina Shores CDD

With 200 votes cast for Matthew Fossler and Brett North, Mr. Oliver noted that they would serve four-year terms, while Bill Livingston would serve a two-year term with 175 votes.

SEVENTH ORDER OF BUSINESS	Landowners Questions and Comments
There being none, the next item followed.

EIGHTH ORDER OF BUSINESS	Adjournment
The meeting was adjourned.

2

FIFTH ORDER OF BUSINESS
RESOLUTION 2026-03
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT RATIFYING, CONFIRMING AND APPROVING THE SALE OF THE DISTRICT’S SERIES 2025 BONDS; RATIFYING, CONFIRMING AND APPROVING THE ACTIONS OF THE CHAIRMAN, VICE CHAIRMAN, TREASURER, SECRETARY, ASSISTANT SECRETARIES AND ALL DISTRICT STAFF REGARDING THE SALE AND CLOSING OF THE DISTRICT’S SERIES 2025 BONDS; DETERMINING SUCH ACTIONS AS BEING IN ACCORDANCE WITH THE AUTHORIZATION GRANTED BY THE BOARD; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Coquina shores 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 District previously adopted resolutions authorizing the issuance and sale of bonds within the scope of Chapter 190, Florida Statutes, including its $3,865,000 Coquina Shores Community Development District Special Assessment Bonds, Series 2025 (the “Series 2025 Bonds”); and

WHEREAS, the District has closed on the sale of the Series 2025 Bonds; and
WHEREAS, as prerequisites to the issuance of the Series 2025 Bonds, the Chairman, Vice Chairman, Treasurer, Assistant Secretaries and District Staff, including the District Manager, District Financial Advisor, District Engineer, Bond Counsel and District Counsel, were required to execute and deliver various documents (the “Closing Documents”); and
WHEREAS, the District desires to ratify, confirm, and approve all actions of the District Chairman, Vice Chairman, Treasurer, Assistant Secretaries, and District Staff in closing the sale of the Series 2025 Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT:
SECTION 1. The sale, issuance, and closing of the Series 2025 Bonds are in the best interests of the District.

SECTION 2.  The issuance and sale of the Series 2025 Bonds, the adoption of resolutions relating to such bonds, and all actions taken in the furtherance of the closing on such bonds, are hereby declared and affirmed as being in the best interests of the District and are hereby ratified, approved, and confirmed.
SECTION 3. The actions of the Chairman, Vice Chairman, Treasurer, Secretary, Assistant Secretaries, and all District Staff in finalizing the closing and issuance of the Series 2025 Bonds, including the execution and delivery of the Closing Documents, and such other certifications or other documents required for the closing on the Series 2025 Bonds, are determined to be in accordance with the prior authorizations of the Board and are hereby ratified, approved, and confirmed in all respects.
SECTION 4. If any provision of this Resolution is held to be illegal or invalid, the other provisions shall remain in full force and effect.

SECTION 5.  This Resolution shall become effective upon its passage and shall remain in effect unless rescinded or repealed.
PASSED AND ADOPTED this 20th day of November, 2025.

ATTEST:	COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT

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

SIXTH ORDER OF BUSINESS

CHANGE ORDER REQUEST

01\TE:
10/15/2025	CHANGE ORDER#:

PROJECT:  Coquina Shores Ollistc

OWNER:	Coquiua Shores COD

Revision to the original proposal and Scope of Work:

	Bond/Fees						

Bond	QJ.Y

1	U.0.M.

LS	PRICG

$19,541	

$	TOTAi.

19,541.00	

2	
Admin/Cleric:al Fees	
1	
L'i	
$	405.00	s	
,t.05.00	
3					
$		
	
Total for Change Order #				
$	
19/Ho.00	

I. Total price under Lhc orignal Co11slruclio11A1,.,·eeme111:

	2.	Previous Change Orders:

	2.	This Change Order:

	2.	Total price under the new Conslruclion Agreement:

All OLher Lerms and conditions or the Conslruclion i\greemc11Lrckrrccl to above shall remaiu unchanged.

CONTRACTOR	OWNER
$ 1,,1.70,151.33

$	19,/J,16.00

	
AIA Type Document
Application and Certification for Payment	Page 1 of 4

TO (OWNER): Coquina Shores COD
C/O Gov. Management Ser., LLC 475 W. Town Place, Ste 114
St. Augustine, FL 32092
FROM (CONTRACTOR): S. E. Cline Construction
P.O.Box 354425
18 Utility Drive
Palm Coast, FL 32135-4425
PROJECT: Coquina shores Offsite
6150 State Highway 100 E.
Cline Job #1224
Palm Coast, FL 32137

VIA (ARCHITECT):
APPLICATION NO: 1
PERIOD T0:10/31/2025

ARCHITECT'S PROJECT NO:
DISTRIBUTION TO:
OWNER ARCHITECT CONTRACTOR

CONTRACT FOR:	CONTRACT DATE:
CONTRACTOR'S APPLICATION FOR PAYMENT
Application is made for Payment, as shown below, in connection with the Contract. Continuation Sheet, AIA Type Document is attached.

	1.	ORIGINAL CONTRACT SUM .................... $	1,-47-0,1-51.-33
	2.	Net Change by Change Orders	$ 	1_9_,9_4_6_.o_o
	3.	CONTRACT SUM TO DATE (Line 1 + 2)........... $ 	1_,4_9_0_,0_9_7_.3_3
The Undersigned Contractor certifies that to the best of the Contractor's knowledge, information and belief the work covered by this application for Payment has been completed in accordance with the Contract Documents, that all amounts have been paid by the Contractor for Work for which previous Certificates for Payment were issued and payments received from the owner, and that
current payment shown herein is now due.
	1.	TOTAL COMPLETED AND STORED TO DATE ...... $	5-1,0-15.-56
	2.	RETAINAGE:

Eric Rush State of: FL

/ Vice President

Date:
 f b-31-  Q695
a	5=.0=0=--% of Completed Work

b. 		0=-?00?% of Stored Material
$	2-,55-0.7-8
$ 	o_.o_o
County of: Flagler
Subscribed and Sworn to before me this	\ g\-

Day of Oc±ci:Jer-20?

Total retainage (Line Sa+ Sb) .................... $	2,5-50.-78
	1.	TOTAL EARNED LESS RETAINAGE .............. $	48,464.78
(Line 4 less Line 5 Total)
	1.	LESS PREVIOUS CERTIFICATES FOR PAYMENT
(Line 6 from prior Certificate) ..................... $	0.00
	1.	CURRENT PAYMENT DUE ..................... $	48,464.78
	2.	BALANCE TO FINISH, INCLUDING RETAINAGE
(Line 3 less Line 6)	$	1,441,632.55

In Accordance with the Contract Documents, based on on-site observations and the data com-prising the above application, the Architect certifies to owner that to the best of the Architect's knowledge, information and belief the Work has progressed as indicated.the quality of the work is in accordance with the Contract Documents, and the Contractor is entitled to payment of the AMOUNT CERTIFIED.

AMOUNT CERTIFIED ............................... $'------------
(Attach explanation if amount certified differs from the amount applied. Initial all figures on this Application and on the Continuation Sheet that are changed to conform to the amount certified.)
ARCHITECT:
By:		 Date:		

This Certificate is not negotiable. The AMOUNT CERTIFIED is payable only to the Contractor named herein. Issuance, Payment and acceptance of payment are without prejudice to any rights of the Owner or Contractor under this Contract.
AIA Type Document
Application and Certification for Payment	Page 2 of 4

TO (OWNER): Coquina Shores COD	PROJECT: Coquina shores Offsite	APPLICATION NO: 1 C/0 Gov. Management Ser., LLC		6150 State Highway 100 E.
475 W. Town Place, Ste 114	Cline Job #1224	PERIOD TO: 10/31/2025
St. Augustine, FL 32092	Palm Coast, FL 32137
DISTRIBUTION TO:
OWNER ARCHITECT

FROM (CONTRACTOR): S. E. Cline Construction
P.O.Box 354425	
VIA {ARCHITECT):	CONTRACTOR
ARCHITECT'S PROJECT NO:	
18 Utility Drive			
Palm Coast, FL 32135-4425			

CONTRACT FOR:	CONTRACT DATE:

Ditches After Pipe)
AIA Type Document
Application and Certification for Payment	Page 3 of 4

TO (OWNER): Coquina Shores COD	PROJECT: Coquina shores Offsite	APPLICATION NO: 1 C/0 Gov. Management Ser., LLC		6150 State Highway 100 E.
475 W. Town Place, Ste 114	Cline Job #1224	PERIOD TO: 10/31/2025
St. Augustine, FL 32092	Palm Coast, FL 32137

DISTRIBUTION TO:
OWNER ARCHITECT

FROM (CONTRACTOR): S. E. Cline Construction
P.O.Box 354425	
VIA (ARCHITECT):	CONTRACTOR
ARCHITECT'S PROJECT NO:	
18 Utility Drive			
Palm Coast, FL 32135-4425			

CONTRACT FOR:	CONTRACT DATE:

	SCHEDULE	PREVIOUS	COMPLETED	STORED	COMPLETED			
ITEM	DESCRIPTION	VALUE	APPLICATIONS	THIS PERIOD	MATERIAL	STORED		%_	BALANCE	RETAINAGE	
22	1" Asphalt Pavement SP9.5 (Turn	13,234.35	0.00	0.00	0.00	0.00	0.00	13,234.35	0.00
Lane 1st Lift)
23	1" Asphalt Pavement SP9.5 (Turn	13,321.50	0.00	0.00	0.00	0.00	0.00	13,321.50	0.00
Lane 2nd Lift)
24	Prime Limerock	3,996.45	0.00	0.00	0.00	0.00	0.00	3,996.45	0.00
25	Tack Coat	385.95	0.00	0.00	0.00	0.00	0.00	385.95	0.00
26	Striping & Signs	21,686.70	0.00	0.00	0.00	0.00	0.00	21,686.70	0.00
27	Sidewalks	74,202.50	0.00	0.00	0.00	0.00	0.00	74,202.50	0.00
28	A.DA Handicxap Ramps	1,487.50	0.00	0.00	0.00	0.00	0.00	1,487.50	0.00
29	A.DA Mats	3,332.00	0.00	0.00	0.00	0.00	0.00	3,332.00	0.00
30	Railing (Allowance)	16,184.00	0.00	0.00	0.00	0.00	0.00	16,184.00	0.00
31	19"x30" Mitered End Section	15,171.64	0.00	0.00	0.00	0.00	0.00	15,171.64	0.00
32	19"x30" ERCP	52,664.96	0.00	0.00	0.00	0.00	0.00	52,664.96	0.00
33	6" PVC DR18 Force Main	102,627.20	0.00	0.00	0.00	0.00	0.00	102,627.20	0.00
34	8" HOPE Force Main Directional	69,904.50	0.00	0.00	0.00	0.00	0.00	69,904.50	0.00
Drill
35	1O" HOPE Force Main Dircetional	40,061.50	0.00	0.00	0.00	0.00	0.00	40,061.50	0.00
Drill
36	Force Main Fittings & Valves	62,865.43	0.00	6,286.54	0.00	6,286.54	10.00	56,578.89	314.33
37	12" DR18 PVC Water Main	6,236.80	0.00	0.00	0.00	0.00	0.00	6,236.80	0.00
38	6" DR18 PVC Water Main	2,557.60	0.00	0.00	0.00	0.00	0.00	2,557.60	0.00
39	Water Main Fittings & Valves	34,673.47	0.00	0.00	0.00	0.00	0.00	34,673.47	0.00
40	16" DR18 PVC Reuse Main	214,302.00	0.00	0.00	0.00	0.00	0.00	214,302.00	0.00
41	18" HOPE Reuse Main Dircetional	208,149.00	0.00	0.00	0.00	0.00	0.00	208,149.00	0.00
Drill
AIA Type Document
Application and Certification for Payment	Page 4 of 4
TO (OWNER): Coquina Shores COD
C/O Gov. Management Ser., LLC 475W. Town Place, Ste 114
St. Augustine, FL 32092

PROJECT: Coquina shores Offsite
6150 State Highway 100 E.
Cline Job #1224
Palm Coast, FL 32137

APPLICATION NO: 1
PERIOD TO: 10/31/2025

DISTRIBUTION TO:
OWNER ARCHITECT CONTRACTOR
FROM (CONTRACTOR): S. E. Cline Construction
P.0.Box 354425
18 Utility Drive
Palm Coast, FL 32135-4425
VIA (ARCHITECT):	ARCHITECT'S
PROJECT NO:

CONTRACT FOR:	CONTRACT DATE:

ITEM	
DESCRIPTION	SCHEDULE
VALUE	PREVIOUS APPLICATIONS	COMPLETED THIS PERIOD	STORED MATERIAL	COMPLETED STORED	

--3'o	BALANCE	RETAINAGE		
42	Reuse Main Fittings & Valves	174,522.39	0.00	17,452.24	0.00	17,452.24	
10.00	157,070.15	872.61	
43	Mobilization	2,123.00	0.00	1,061.50	0.00	1,061.50	50.00	1,061.50	53.08	
Change Order #1									

44	Bond and Additional Admin Fees	19,946.00	0.00	19,946.00	0.00	19,946.00	100.00	0.00	997.30	
	REPORT TOTALS	$1,490,097.33	$0.00	$51,015.56	$0.00	$51,015.56	3.42	$1,439,081.77	$2,550.78	

This Instrument Prepared By:
S.E. Cline Construction, Inc.
P.O. Box 354425
18 Utility Dr. Palm Coast, FL 32137

WAIVER AND RELEASE OF LIEN UPON PROGRESS PAYMENT

The undersigned lienor, in consideration of the sum of $48,464.78, hereby waives and releases its lien and right to claim a lien for labor, services or materials furnished through
October 31st, 2025, to Coquina Shores Community Development District C/O Gov. Management Ser., LLC on the following described property:

Coquina Shores Off-Site Improvements
6150 State Highway 100 East Palm Coast, FL 32137
This Waiver and release does not cover any retention or labor, services, or materials furnished after the date specified.

DATED on October 3l5\ 2025

S.E. Cline Construction, Inc.
??;tL
EricRush,Vice President

STATE OF FLORIDA COUNTY OF FLAGLER
The foregoing instrument was acknowledged before me by means of Orphysical presence or □
online notarization, this 31st day of October, 2025, by Eric Rush as Vice President for S.E. Cline Construction, Inc.

G:rsonally Kn:?	 OR Produced Identification 	

'	?t,?Y PIia(

?<'OFf\.o?
JAMIE WRIGHT
Commission # HH 537636 Expires June 11, 2028
OTE: This release is conditioned upon clearance of the check tendered by S.E. Cline Construction, Inc. in payment of the amount stated herein. If collected funds are not received by lienor upon deposit of the check tendered, this Waiver and Release is null and void.
Application I Certificate for Progress Payment

Project Title: Coquina Shores Offsite Improvements Purchase Order No.:
Progress Payment No.:	1

Job#
For Period Ending·
I

1224
10/31/2025
Application I Certificate for Progress Payment

29	A.DA Mats	SF	70	$	47.60	$	3,332.00	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
30	Railing (Allowance)	LF	160	$	101.15	$	16,184.00	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
31	19"x30" Mitered End Section	EA	4	$	3,792.91	$	15,171.64	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
32	19"x30" ERCP	LF	284	$	185.44	$	52,664.96	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
33	6" PVC DR18 Force Main	LF	2080	$	49.34	$	102,627.20	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
34	8" HOPE Force Main Directional Drill	LF	150	$	466.03	$	69,904.50	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
35	1O" HOPE Force Main Dircetional Drill	LF	50	$	801.23	$	40,061.50	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
36	Force Main Fittings & Valves	LS	1	$  62,865.43	$	62,865.43	0%	$	-	10%	$	6,286.54	$	-	$	6,286.54	$	6,286.54	$	314.33	
37	12" DR18 PVC Water Main	LF	40	$	155.92	$	6,236.80	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
38	6" DR18 PVC Water Main	LF	20	$	127.88	$	2,557.60	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
39	Water Main Fittings & Valves	EA	1	$  34,673.47	$	34,673.47	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
40	16" DR18 PVC Reuse Main	LF	2200	$	97.41	$	214,302.00	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
41	18" HOPE Reuse Main Dircetional Drill	LF	300	$	693.73	$	208,149.00	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
42	Reuse Main Fittings & Valves	LS	1	$ 174,522.39	$	174,522.39	0%	$	-	10%	$	17,452.24	$	-	$	17,452.24	$	17,452.24	$	872.61	
43	Mobilization	LS	1	$	2,123.00	$	2,123.00	0%	$	-	50%	$	1,061.50	$	-	$	1,061.50	$	1,061.50	$	53.08	
				$	-	$	-	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
									$	-					
	Proiect Total:				$ 1,470,151.33	0%	$	-	0%	$	31,069.56	$	-	$	31,069.56	$	31,069.56	$	1,553.48	
#	Chance Orders								$	-					
	Deletions								$	-					
			0	$	-	$	-	0%	$	-	0%	$	-	$	-	$	-	$	-	$	-	
	Additions								$	-					
1	Bond and Additional Admin Fees	LS	1	$  19,946.00	$	19,946.00	0%	$	-	100%	$	19,946.00	$	-	$	19,946.00	$	19,946.00	$	997.30	
	Totals after Change Orders				$ 1,490,097.33	0%	$	-	0%	$	51,015.56	$	-	$	51,015.56	$	51,015.56	$	2,550.78	

SEVENTH ORDER OF BUSINESS
COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT
The undersigned, an Authorized Officer of Coquina Shores Community Development District (the "District") hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), dated as of September 1, 2025, as amended and supplemented by the First Supplemental Trust Indenture between the District and the Trustee, dated as of September 1, 2025 (collectively, the "Indenture"). All capitalized terms used herein shall have the meaning ascribed to such term in the Indenture.
(A)
(B)

(C)
Requisition Number: Name of Payee: Amount Payable:
1
JX Palm Coast Land, LLC
$ 881,396.87
	D.	Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments or state costs of issuance, if applicable):
Payment for:
	•	Acquisition of Wetland Mitigation Credits from Lake Swamp LLC
	•	Acquisition of Wetland Mitigation Credits from Miami Alternatives, LLC
	•	Acquisition of Gopher Tortoise Relocation services from Wiregrass Ecological Associates
	•	Acquisition of Gopher Tortoise Relocation services as from SES Environmental Resource Solutions, LLC
	E.	Fund, Account or subaccount from which disbursement is to be made: Series 2025 Acquisition and Construction Account
The undersigned hereby certifies that:
!29  obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Series 2025 Acquisition and Construction Account and the subaccount, if any, referenced above, that each disbursement set forth above was incurred in connection with the acquisition and/or construction of the Series 2025 Project and each represents a Cost of the Series 2025 Project, and has not previously been paid out of such Account or subaccount;
OR
D  this requisition is for costs of issuance payable from the Series 2025 Costs of Issuance Account that has not previously been paid out of such Account.
The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.
The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the elate of such certificate entitled to retain.
Originals or copies of the invoice(s) from the contractor of the improvements acquired or services rendered (or other equivalent supporting documents) with respect to which disbursement is hereby requested are on file with the District.

COQUINA SHORES COMMUNITY DEVELOPMENT	STRICT

Authorized Officer

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE REQUESTS ONLY
If this requisition is for a disbursement from other than the Series 2025 Costs of Issuance Account, the undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of the Series 2025 Project and is consistent with (a) the applicable acquisition or construction contract. (b) the plans and specifications for the portion of the Series 2025 Project with respect to which such disbursement is being made, and (c) the report of the Consulting Engineer attached as an Exhibit to the First Supplemental Indenture, as such report shall have been amended or modified on the date hereof.

Consulting Engineer
October 29, 2025

Coquina Shores Community Development District c/o Government Management Services
475 West Town Place, Suite 114 St. Augustine, Florida 32092

RE:		Acquisition of Wetland Mitigation Credits and Gopher Tortoise Relocation Services

Dear District Manager,

JX Palm Coast Land, LLC ("Developer"), has completed and wishes to convey to the Coquina Shores Community Development District ("District") certain work product, as further detailed in Exhibit A attached hereto ("Work Product"). The Developer wishes to convey the Work Product and [mprovements, as described in the Acquisition Agreement (Series 2025 Project) dated September 30, 2025, to the District in exchange for the payment of$88I ,396.87, representing the actual cost of producing the Work Product.

Sincerely,
JX Palm Coast Land, LLC
()_	·y	A-
Printed Name: Andrew Meran Title: VP

Exhibit A: Description of Work Product

COQUINA SHORE CDD - 2025 SERIES BONDS - EXHIBIT A							
							
					Etm Job. No. E 22-515		
No	Entity Paid	Invoice No	Date	Amount	Requistion Amount	Notes	

1	
Lake Swamp	
CS617	
6/17/2024	
$	69,180.00	
$	58,803.00	
Phase I Wetland Mit Credits 85% Public Benefit per COD report	
							
2	Lake Swamp	CS124	12/4/2024	$	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per COD report	
							
3	Lake Swamp	CS310	3/10/2025	$	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per COD report	
							
4	Lake Swamp	CS227	2/27/2025	$	10,815.04	$	9,192.78	Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per COD report	
							
5	Lake Swamp	CS820	8/20/2025	$	581,600.37	$	494,360.31	Phase I, Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per COD report	

							
6	Miami Alt, LLC	CS617A	6/17/2024	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per COD report	
							
7	Miami Alt, LLC	CS129	12/9/2024	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per COD report	
							
8	Miami Alt, LLC	CS310	3/10/2025	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per COD report	
							
9	Miami Alt, LLC	CS722	7/22/2025	$	112,075.00	$	95,263.75	Wetland Mit Credits 85% Public Benefit per COD report	

							
10	Wiregrass Eco	106609	8/25/2025	$	71,250.00	$	49,875.00	Gopher relocation 70% Public Benefit per COD report	

							
11	ERS Solutions	41350	8/31/2025	$	28,603.25	$	20,022.28	Gopher relocation 70% Public Benefit per COD report	

							
	TOTAL COSTS		$  1,054,558.66				
							
	SERIES 2025 PROJECT COSTS		$	881,396.87	Refer to actual Invoices and backup information for additional details			

AFFIDAVIT REGARDING COSTS PAID
Coquina Shores Wetland Mitigation and Gopher Tortoise Removal

STATE OF FLORIDA COUNTY OF BROWARD
I, Andrew Meran, of JX Palm Coast Land, LLC ("Developer"), a limited liability company, being first duly sworn, do hereby state for my affidavit as follows:

	1.	I have personal knowledge of the matters set forth in this affidavit.

	1.	My name is Andrew Meran, and I am VP for the Developer. I have authority to make this affidavit on behalf of Developer.

	1.	The Developer is the developer of certain lands within Coquina Shores Community Development District, a special purpose unit of local government established pursuant to Chapter I 90, Florida Statutes ("District").

	1.	The Master Engineer's Report dated November I 6, 2023 and the First Supplemental Engineer's Report dated July 22, 2025, among other applicable reports related to the District's current and future bond series (together, "Engineer's Report") describes certain work product for improvements that the District intends to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate, or maintain pursuant to Chapter I90, Florida Statutes.
	2.	Pursuant to the agreement and invoices ("Agreement") described in Exhibit A hereto, Developer has expended funds to develop work product described in the Engineer's Report. The attached Exhibit A accurately identifies the work product and improvements completed to date and states the amounts that Developer has spent on the work product.

	1.	In making this affidavit, I understand that the District intends to rely on this affidavit for purposes of acquiring the infrastructure improvements and/or work product identified in Exhibit A.

[CONTINUED ON NEXT PAGE]
Under penalties of perjury, I declare that I have read the foregoing Affidavit Regarding Costs Paid and the facts alleged are true and correct to the best of my knowledge and belief.

Executed this 29th day of October, 2025.

JX Palm Coast Land, LLC, a limited liability company

Title: _V-'--"-P		_

STATE OF FLORIDA COUNTY OF BROWARD

The foregoing instrument was sworn and subscribed before me by means of [x] physical presence or D on line notarization this 29th day of October, 2025, by Andrew Meran, who [x] is personally known to me or [] produced 	 asidentification.

(NOTARY SEAL)	/J1t?/11?du

Notary Public Signature
Marcy McBride
(Name typed, printed or st'$:...l,l??)t-	
Notary Public, State of	Notary PublicStal♦ol Florid•
	•	 	Mercy McBride
Commission No.-----4?	My Commluton HH 319160
lmlrlll?Explru 212112027
My Commission Expires:??:::????"'!.	.

Exhibit A: Description of Work Product

COQUINA SHORE COD - 2025 SERIES BONDS - EXHIBIT A								
								
					Etm Job. No. E 22-515			
No	Entity Paid	Invoice No	Date	Amount	Requistion Amount	Notes		

1	
Lake Swamp	
CS617	
6/17/2024	
$	69,180.00	
$	58,803.00	
Phase I Wetland Mit Credits 85% Public Benefit per CDD report		
								
2	Lake Swamp	CS124	12/4/2024	$	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per CDD report		
								
3	Lake Swamp	CS310	3/10/2025	$	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per CDD report		
								
4	Lake Swamp	CS227	2/27/2025	$	10,815.04	$	9,192.78	Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per CDD report		
								
5	Lake Swamp	CS820	8/20/2025	$	581,600.37	$	494,360.31	Phase I, Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per CDD report		

								
6	Miami Alt, LLC	CS617A	6/17/2024	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per CDD report		
								
7	Miami Alt, LLC	CS129	12/9/2024	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per CDD report		
								
8	Miami Alt, LLC	CS310	3/10/2025	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per CDD report		
								
9	Miami Alt, LLC	CS722	7/22/2025	$	112,075.00	$	95,263.75	Wetland Mit Credits 85% Public Benefit per CDD report		

								
10	Wiregrass Eco	106609	8/25/2025	$	71,250.00	$	49,875.00	Gopher relocation 70% Public Benefit per CDD report		
			I					

11	ERS Solutions	41350	8/31/2025	$	28,603.25	$	20,022.28	Gopher relocation 70% Public Benefit per CDD report		

								
	TOTAL COSTS			$	1,054,558.66				
								
	SERIES 2025 PROJECT COSTS			$	881,396.87	Refer to actual Invoices and backup information for additional details			
BILL OF SALE
Coquina Shores Wetland Mitigation Credits and Gopher Tortoise Relocation Services

THIS BILL OF SALE is effective as of the 29th day of October, 2025, JX PALM COAST LAND, LLC, a Florida limited liability company, whose mailing address is 201 East Las Olas Boulevard, Suite I 900, Fort Lauderdale, Florida 33301, hereinafter called the "Grantor," to Coquina Shores Community Development District, a special purpose unit oflocal government established under Chapter 190, Florida Statutes, whose address is c/o Government Management Services, 475 West Town Place, Suite 114, World Golf Village, St. Augustine, Florida 32092, hereinafter called the "Grantee."

BACKGROUND STATEMENT

This instrument is intended to release all right, title and interest, if any, of Grantor in and to certain work product prepared in connection with the Coquina Shores Wetland Mitigation Credits and Gopher Tortoise Relocation Credits and Services as identified herein.

NOW THEREFORE, for and in consideration of the sum of Ten and No/I 00 Dollars ($10.00), and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, Grantor and Grantee, intending to be legally bound, do hereby agree as follows:

I.   Grantor, for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration to said Grantor in hand paid by the said Grantee, the receipt and sufficiency whereof are hereby acknowledged, hereby transfers, grants, conveys, and assigns to Grantee, but only to the extent of Grantor's interest (subject to the Developer's reservations of rights as more fully set forth herein), if any. the following intangible and personal property rights (collectively, "Work Product"), to have and to hold for Grantee's own use and benefit forever:

	a.	Any and all construction and development drawings, plans and specifications, documents, surveys, engineering and soil reports and studies, environmental studies, licenses, permits, zoning approvals, entitlements, permits, drainage rights, bonds, and similar or equivalent private and governmental documents of every kind and character whatsoever pertaining or applicable to or in any way connected with the ownership of the Coquina Shores Wetland Mitigation Credits and Gopher Tortoise Relocation Services, made part of the District's capital improvement plan as described in the Master Engineer's Report dated November I 6, 2023 and the First Supplemental Engineer's Report dated July 22, 2025, all as more specifically described in Exhibit A attached hereto ("Work Product"); and

	a.	All of the right, title, interest, and benefit of Grantor, if any, in, to and under any and all guaranties, affidavits (excluding lien waivers and Final Payment Affidavits), warranties, bonds, claims and other forms of indemnification, given heretofore and with respect to the Work Product.

To have and to hold the same unto the Grantee forever.
	1.	Grantor makes no representations or warranties with respect to the Work Product or with respect to Grantor's title to any such Work Product and all such Work Product is conveyed in their "as is" condition without warranty or representation of any kind. Grantee agrees to accept the Work Product in "as is" condition. That said, the Grantor hereby assigns, transfers, and conveys to the Grantee any and all rights, which may relate to a error or have caused any defects, including, but not limited to, any and all warranties and other forms of indemnification, if any. The Grantee is solely responsible for its use of the property or interests transferred, conveyed or assigned hereunder on or after the date hereof.

	1.	By execution of this document, the Grantor affirmatively represents that it has the contractual right, consent and lawful authority of any and all forms to take this action in this document and in this form. Nothing herein shall be construed as a waiver of Grantee's limitations on liability as provided in Section 768.28, Florida Statutes, and other statutes and law.

fN WITNESS WHEREOF, the SELLER has hereunto set its hand and seal this 29th day of October, 2025.

Signed, sealed and delivered by: JX PALM COAST LAND, LLC By: Q y-----'---A- 
Print Name: Andrew Meran
Its: VP

STATE OF FLORIDA	)
)
COUNTY OF BROWARD	)

I HEREBY CERTIFY that on this 29th day of October, 2025, before me personally appeared Andrew Meran, who acting on behalf of JX PALM COAST LAND, LLC, signed the foregoing instrument and severally acknowledged the execution thereof to be his free act and deed for the uses and purposes therein mentioned. Said person is personally known to me or has produced 	 asidentification and did (did not) take an oath.

EXECUTED and sealed in the County and State named above this 29th day of October,
2025.

(NOTARIAL SEAL)
Print Name: Marcy McBride
Notary Public, State of Florida
My Commission No.:	N-01&-,y-Pu-bl.lc..S..,..-,.--,o-Fro-,.d?,
My	omm1,ss1,0n ExpJ.res:	Morey Me8rfde
C
Exhibit A: Description of Work Product

1111
MyCommlulon MH)l91$0
Explru 2127/2027

COQUINA SHORE COD - 2025 SERIES BONDS - EXHIBIT A							
							
					Etm Job. No. E 22-515		
No	Entity Paid	Invoice No	Date	Amount	Requistion Amount	Notes	

1	
Lake Swamp	
CS617	
6/17/2024	
$	69,180.00	
$	58,803.00	
Phase I Wetland Mit Credits 85% Public Benefit per CDD report	
							
2	Lake Swamp	CS124	12/4/2024	$	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per CDD report	
							
3	Lake Swamp	CS310	3/10/2025	$	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per CDD report	
							
4	Lake Swamp	CS227	2/27/2025	$	10,815.04	$	9,192.78	Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per CDD report	
							
5	Lake Swamp	CS820	8/20/2025	$	581,600.37	$	494,360.31	Phase I, Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per CDD report	

							
6	Miami Alt, LLC	CS617A	6/17/2024	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per CDD report	
							
7	Miami Alt, LLC	CS129	12/9/2024	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per CDD report	
							
8	Miami Alt, LLC	CS310	3/10/2025	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per CDD report	
							
9	Miami Alt, LLC	CS722	7/22/2025	$	112,075.00	$	95,263.75	Wetland Mit Credits 85% Public Benefit per CDD report	

							
10	Wiregrass Eco	106609	8/25/2025	$	71,250.00	$	49,875.00	Gopher relocation 70% Public Benefit per CDD report	

							
11	ERS Solutions	41350	8/31/2025	$	28,603.25	$	20,022.28	Gopher relocation 70% Public Benefit per CDD report	

							
	TOTAL COSTS			$	l,0S4,558.66			
							
	SERIES 2025 PROJECT COSTS			$	881,396.87	Refer to actual Invoices and backup information for additional details		
DISTRICT ENGINEER'S CERTIFICATE

Coquina Shores Wetland Mitigation Credits and Gopher Tortoise Relocation October 30, 2025
Board of Supervisors
Coquina Shores Community Development District

Re:	Acquisition of Environmental Services Work Product

Ladies and Gentlemen:

The undersigned, a representative of England, Thims & Miller, Inc. ("District Engineer"), as District Engineer for the Coquina Shores Community Development District ("District"), hereby makes the following certifications in connection with the District's acquisition from JX Palm Coast Land, LLC ("Developer") of services in connection with the construction of certain design and infrastructure improvements ("Work Product and Improvements"), all as more fully described in the requisition list - ("Exhibit A"). The undersigned, an authorized representative of the District Engineer, hereby certifies that:

l. I have reviewed Exhibit A. I have further reviewed certain documentation relating to the same, including but not limited to, invoices, back up and a draft of the Bill of Sale, and other documents.

	2.	The Work Product is within the scope of the District's capital improvement plan as set forth in the Master Engineer's Report dated November 16, 2023, the First Supplemental Engineer's Report dated July 22, 2025, among other applicable reports related to the current and future bond series ("Engineer's Report"), and specially benefits property within the District as further described in the Engineer's Report.

	2.	The total costs associated with the Work Product are as set forth in Exhibit A. Such costs are equal to or less than each of the following: (i) what was actually paid by the Developer to create and/or construct the Work Product, and (ii) the reasonable fair market value of the Work Product.

	2.	Plans, permits, and specifications produced or acquired in connection with the Work Product that are necessary for the operation and maintenance of those certain infrastructure improvements are on file with the District and have been, or are capable of being, transferred to the District for operation and maintenance responsibilities.

6.	Based on my review, I hereby certify that it is appropriate at this time to acquire the Work
Product.	,,,,,•••"'"'"•,,

[11yla11d, Tl1i111s & Millrn, Inc.
14775 Old SI. All\JllSli110 Rd., Jc1cksrn1villt?, Fl. 3??!i8
i'IHIIIO (904) ?65-3163 Reg No: ?584
Lockwoocls@etrninc.co111 (904) 2Ci!i-31Ci3
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Digitally signed
by:
Scott Jordan Lockwood, P.E. 2025.10.30

COQUINA SHORE CDD - 2025 SERIES BONDS - EXHIBIT A								
								
						Etm Job. No. E 22-515		
No	Entity Paid	Invoice No	Date	I	Amount	Requistion Amount	Notes	

1	
Lake Swamp	
CS617	
6/17/2024	
$	69,180.00	
$	58,803.00	
Phase I Wetland Mit Credits 85% Public Benefit per COD report		
								
2	Lake Swamp	CS124	12/4/2024	$	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per COD report		
								
3	Lake Swamp	CS310	3/10/2025	$	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per COD report		
								
4	Lake Swamp	CS227	2/27/2025	$	10,815.04	$	9,192.78	Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per COD report		
								
5	Lake Swamp	CS820	8/20/2025	$	581,600.37	$	494,360.31	Phase I, Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per COD report		

								
6	Miami Alt, LLC	CS617A	6/17/2024	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per COD report		
								
7	Miami Alt, LLC	CS129	12/9/2024	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per COD report		
								
8	Miami Alt, LLC	CS310	3/10/2025	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per COD report		
								
9	Miami Alt, LLC	CS722	7/22/2025	$	112,075.00	$	95,263.75	Wetland Mit Credits 85% Public Benefit per COD report		

								
10	Wiregrass Eco	106609	8/25/2025	$	71,250.00	$	49,875.00	Gopher relocation 70% Public Benefit per COD report		

								
11	ERS Solutions	41350	8/31/2025	$	28,603.25	$	20,022.28	Gopher relocation 70% Public Benefit per COD report		

								
	TOTAL COSTS		$  1,054,558.66					
								
	SERIES 2025 PROJECT COSTS			$	881,396.87	Refer to actual Invoices and backup information for additional details			
W AIYER AND ASSIGNMENT OF PAYMENT

The Altman Companies, LLC, a Florida limited liability company, ("Altman") agrees to waive its right to payment from the bond proceeds for the acquisition of the work product identified in Exhibit A ("Acquisition") undertaken pursuant to the Acquisition Agreement between Coquina Shores Community Development District and JX Palm Coast Land, LLC, and assigns all present and future monies payable from the bond proceeds for the Acquisition to JX Palm Coast Land, LLC, a Florida limited liability company. Altman agrees it shall not request remittance of any payments for requisitions associated with the Acquisition.
Sincerely,
THE ALTMAN COMPANIES, LLC
()	y	0-
By: Andrew Meran Its: CIO

The foregoing instrument was sworn and subscribed before me by means of [x] physical presence or □ online notarization this 29th day of October, 2025, by Andrew Meran who [x] is
personally known to me or [] produced 	as identification.

(NOTARY SEAL)

Notary Public Signature
Marcy McBride
(Name typed, printed or stamped) Notary Public, State of_ Commission No.
---

Exhibit A: Acquisition Description

4896-8920-0236.5

COQUINA SHORE COD - 2025 SERIES BONDS - EXHIBIT A							
							
						Etm Job. No. E 22-515	
No	Entity Paid	Invoice No	Date	I	Amount	Requistion Amount	Notes		

1	
Lake Swamp	
CS617	
6/17/2024  $	69,180.00	
$	58,803.00	
Phase I Wetland Mit Credits 85% Public Benefit per COD report		
							
2	Lake Swamp	CS124	12/4/2024  $	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per COD report		
							
3	Lake Swamp	CS310	3/10/2025  $	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per COD report		
							
4	Lake Swamp	CS227	2/27/2025	$	10,815.04	$	9,192.78	Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per COD report	
							
5	Lake Swamp	CS820	8/20/2025	$	581,600.37	$	494,360.31	Phase I, Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per COD report	

							
6	Miami Alt, LLC	CS617A	6/17/2024  $	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per COD report		
							
7	Miami Alt, LLC	CS129	12/9/2024  $	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per COD report		
							
8	Miami Alt, LLC	CS310	3/10/2025  $	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per COD report		
							
9	Miami Alt, LLC	CS722	7/22/2025	$	112,075.00	$	95,263.75	Wetland Mit Credits 85% Public Benefit per COD report	

							
10	Wiregrass Eco	106609	8/25/2025  $	71,250.00	$	49,875.00	Gopher relocation 70% Public Benefit per COD report		

							
11	ERS Solutions	41350	8/31/2025 1  s	28,603.25	$	20,022.28	Gopher relocation 70% Public Benefit per COD report	
							
			I				
							
	TOTAL COSTS		$  1,054,558.66				
							
	SERIES 2025 PROJECT COSTS			$	881,396.87	Refer to actual Invoices and backup information for additional details		
Waiyer and assignment of payment

BBX Capital, Inc., a Florida corporation, ("BBX") agrees to waive its right to payment from the bond proceeds for the acquisition of the work product identified in Exhibit A ("Acquisition") undertaken pursuant to the Acquisition Agreement between Coquina Shores Community Development District and JX Palm Coast Land, LLC, and assigns all present and future monies payable from the bond proceeds for the Acquisition to JX Palm Coast Land, LLC, a Florida limited liability company. Altman agrees it shall not request remittance of any payments for requisitions associated with the Acquisition.
Sincerely,
-----?
JiBX CA\PITAL,  INC.		

_,,,,\
By: Seth Wise
Its: EVP

The foregoing instrument was sworn and subscribed before me by means of [x] physical presence or O online notarization this 29th day of October, 2025, by Seth Wise, who [x) 1s personally known to me or [ ] produced 	as identification.

(NOTARY SEAL)

Notary Public Signature
Marcy McBride

Exhibit A: Acquisition Description

4896-8920-0236.5

COQUINA SHORE COD - 2025 SERIES BONDS - EXHIBIT A								
								
						Etm Job. No. E 22-515		
No	Entity Paid	Invoice No	Date	I	Amount	Requistion Amount	Notes	

1	
Lake Swamp	
CS617	
6/17/2024	
$	69,180.00	
$	58,803.00	
Phase I Wetland Mit Credits 85% Public Benefit per CDD report		
								
2	Lake Swamp	CS124	12/4/2024	$	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per CDD report		
								
3	Lake Swamp	CS310	3/10/2025		$	69,180.00	$	58,803.00	Phase I Wetland Mit Credits 85% Public Benefit per CDD report	
								
4	Lake Swamp	CS227	2/27/2025	$	10,815.04	$	9,192.78	Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per CDD report		
								
5	Lake Swamp	CS820	8/20/2025		$	581,600.37	$	494,360.31	Phase I, Phase 2 & 3 Wetland Mit Credits 85% Public Benefit per CDD report	

								
6	Miami Alt, LLC	CS617A	6/17/2024		$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per CDD report	
								
7	Miami Alt, LLC	CS129	12/9/2024		$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per CDD report	
								
8	Miami Alt, LLC	CS310	3/10/2025	$	14,225.00	$	12,091.25	Wetland Mit Credits 85% Public Benefit per CDD report		
								
9	Miami Alt, LLC	CS722	7/22/2025	$	112,075.00	$	95,263.75	Wetland Mit Credits 85% Public Benefit per CDD report		
								
				I				
								
10	Wiregrass Eco	106609	8/25/2025		$	71,250.00	$	49,875.00	Gopher relocation 70% Public Benefit per CDD report	

								
11	ERS Solutions	41350	8/31/2025	$	28,603.25	$	20,022.28	Gopher relocation 70% Public Benefit per CDD report		

								
	TOTAL COSTS		$	1,054,558.66					
								
	SERIES 2025 PROJECT COSTS			$	881,396.87	Refer to actual Invoices and backup information for additional details			
Lake Swamp, LLC
391 Palm Coast Pkwy., SW Suite 1
Palm Coast, FL 32137

MITIGATION CREDIT PURCHASE INVOICE

August 18, 2025
JX Palm Coast Land, LLC 201 E. Las Olas Blvd.
Suite 1900
Ft. Lauderdale, FL 3330 l

Re:		Wetland Mitigation Credit Purchase Coquina Shores Phase 1 and Phases 2&3

Phase 1
Purchase 7.74 State UMAM credits.
7.74 State credits@$ 89,380.49 each
Deposit No. 1 (June 2024)
Deposit No. 2 (Dec. 2024)
Deposit No. 3 (March 2025)

Total Amount Due (Phase 1)

Phases 2 and 3
Purchase 1.21 State UMAM credits.
l .21 State credits@$ 89,380.50 each
Deposit No. I (March 2025)

Total Amount Due (Phases 2 and 3)

Total Purchase Amount - All Phases

= $691,805.00 total.
= ($ 69, I 80.00)
= ($69,180.00)
= ($69,180.00)

= $484,265.00

= $ I 08,150.41 total.
=($ 10,815.04)

= $ 97,335.37

= $ 581,600.37

Please make check payable to and mail to:
Lake Swamp, LLC 8 Cadillac Place
Palm Coast, FL  32 I 37
05302
BBX Capital Real Estate
		ACH Request		

Invoice #:IL	 ....:C:..:S:..:6:..:1 J7J

Address book#:!...	.	Invoice Date:IL	....:6:.:../1....:7....:/2::.0:..=2C.c..J4I

Due Date:LI	....:6::../1....:7...;;/2::..:0:.::2'-'-'4I
Check Payable To: ILake Swamp, LLC	

Memo: JX Palm Coast Land - Mitigation Credit Deposit
		A;::;?;'.LI	$..:..._6_9.!. ,1_a_o_.o_o_,I

Business Unit	Object Acct.Subsidiarv	Sub Tvoe/Sub-Ledaer	Amount$$	
			$69,180.00	

				

				

				

				
Sample Coding:				
05000000.xxxxxx	61560	S/OTHER		
THERE MUST BE BACK-UP ATTACHED TO THIS CHECK REQUEST.				

PAID ON 6.28.2024
/YJiaLV-(fYl?cU
Prepared By:I Marcy McBride
Who prepared this wire request?

Approved By/Title:"' A..:rP:..cP::..:ro:..:vc=a....:Ii::.:.n.:..A::.P.:..A:.	  ,
Who authorizes this wire request?

Corporate Acctg:IApproval in APA

Business Unit	Object Acct.Subsidiary	Sub Tvoe/Sub-Ledqer	Amount$$	
			$69,180.00	

				

				

				

				
Sample Coding:				
05000000.xxxxxx	61560	S/OTHER		
THERE MUST BE BACK-UP ATTACHED TO THIS CHECK REQUEST.				

05302
Altman
		ACH Request				

Address book #:c	.
Invoice#:._I	  :Cc...:Sc...:3...c.1-'-'0I

Invoice Date:LI	:3:..:/1;..:0;..:/2:..:0;.::2?5I

Due Date:lc	:3,,,12.10,,,1=2-"'02""5"-'I

Check Payable To: lc=L:.=a.:..:ke=--=S..:.:wc::a::..:m..:,P:.,.,.=L:.=Lc=C	 _J

Memo: JX Palm Coast Lane - Mitigation Credit Deposit
		A;;:;:?'.LI  ...,:_$_6_9_,_,1_s_o_._o_.JoI

Business Unit	Obiect Acct.Subsidiary	Sub Type/Sub-Ledger	Amount$$	
			$69,180.00	

				

				

				

				
Sample Coding:				
05000000.xxxxxx	61560	S/OTHER		
THERE MUST BE BACK-UP ATTACHED TO THIS CHECK REQUEST.				

PAID ON 3.14.2025
/)11,au.yf/1?dJ
Prepared By:IMarcy McBride
Who prepared this wire request?

Approved By/Title:._IA_..p.i.p_ro_v_a_l in_A.c.P_A	 _,
Who authorizes this wire request?

Corporate Acctg:IApproval in APA
05302
Altman
		ACH Request				

Invoice#:l.	 -=C-=S.;;:2.;;:2-'-'7I

Address book#:
'	'
Invoice Date:l.	2/_2_7_/2_0_2_,5I

Due Date:IL-	.::.2/:..:2:.:.7:..:/2:..:0.::.2.::..i5I
Check Payable To:  I Lake Swamp, LLC	

Memo: JX Palm Coast Land - Mitigation Credit Deposit
		A;ii;:;'..I...	$_1_0 ,:,_8_1_5_._0_4_.I

Business Unit	Obiect Acct.Subsidiarv	Sub Tvpe/Sub-Ledqer	Amount$$	
			$10,815.04	

				

				

				

				
Sample Codina:				
05000000.xxxxxx	61560	$/OTHER		
THERE MUST BE BACK-UP ATTACHED TO THIS CHECK REQUEST.				

PAID ON 3.7.2025
/YJttiA_t,r m?d6
Prepared By:IMarcy McBride
Who prepared this wire request?

Approved ByfTitle:LI.A-'<p'-"p-'--ro:..cv-=ac...l"'in..:.A..c.P..:.A_;.	 _,
Who authorizes this wire request?

Corporate Acctg:IApproval in APA

Altman
		ACH Request		
05302

Address book #:I...	,
Invoice#:LI	:C:..:S:..:8-=2..::..iol
Invoice Date:Ll 	:.8...:/2'--'0---'/2'-'0_2 .5I Due Date:l'--		..;;.;8/-=2..;;.0/:..:2:..:0.;:.25.;.,I

Check Payable To:  kake Swamp, LLC	

Memo: JX Palm Coast Land - Mitigation Credit Balances

Business Unit	Obiect Acct.Subsidiarv	Sub Tvoe/Sub-Ledaer	Amount$$	
	$484,265.00		$484,265.00	
	$97,335.37		$97,335.37	

				

				

				

Sample Coding:				
05000000.xxxxxx	61560	S/OTHER		
THERE MUST BE BACK-UP ATTACHED TO THIS CHECK REQUEST.				

PAID ON 8.29.2025
/h1,r:u(,1M?dJ
Prepared By:I Marcy McBride
Who prepared this wire request?

Approved By/Title:1.elA..:,;p:;.,:Pc..ro::..;v:..:a::...I"'inc..:.A..:.:P...:.A..:.....		,
Who authorizes this wire request?

Corporate Acctg:IApproval in APA

RESERVATION AND SALES AGREEMENT
This Reservation and Sales Agreement (the "Agreement") is entered into this ISti-.day of 6-	2024 (the "Effective Date") by and between LAKE SWAMP, LLC., a Florida r 'ted liability company, whose address is 391 Palm Coast Pkwy. SW, Suite l, Palm
Coast, F orida 32137 ("Seller") and JX PALM COAST LAND, LLC whose address is 201 E
Las Olas Blvd., Suite 1900, Fort Lauderdale, FL 33301 ("Buyer').
RECITALS:

	A.	Seller is the owner of Lake Swamp Mitigation Banlt, a regionally significant wetland mitigation bank with freshwater mitigation credits under St. Johns River Water Management District ("SJRWMD") Permit Number 4-035-104433-4 and the United States Army Corps of Engineers ("USACE") Permit Number SAJ-2006-2586-TLH (together "Lake Swamp Credits");
	B.	Buyer is in the process of developing a project known as Coquina Shores Pllue l located in Flagler County, Florida, under SJRWMD Application Permit Number 202011-2 (the "SJRWMD Permit");
	C.	It is anticipated that, as a condition to issuing the Permits, SJRWMD will require Buyer to purchase mitigation credits;

	A.	Buyer has determined that Lake Swamp Credits will satisfy SJRWMD'S requirements and Buyer therefore desires to obtain an option to acquire Lake Swamp Credits from Seller; and

	A.	Seller is willing to sell Lake Swamp Credits to Buyer on the terms and conditions hereinafter setforth.

NOW, THEREFORE, in consideration of the mutual covenants and undertakings herein setforth, as hereinafter defined, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer agree as follows:

	I.	Recitals. The Recitals set forth above are material parts of this Agreement and are incorporated herein by reference.

	2.	Reservation. Seller hereby reserves up to 7.91 Lake Swamp Credits (the "Reserved Credits") for Buyer under the terms and conditions set forth herein (the "Reservation").

	2.	Term. The Reservation shall commence upon the Effective Date and expire on November 1, 2024 (the "Expiration Date").

	2.	Purchase Price.	The total purchase price for the Reserved Credits is Seven
Hund.red Seven Thousand dollars ($ 707,000,00) ($ 89,380.53) per credit for 7.91 State only

credits) (the "Purchase Price").	Buyer shall pay the Purchase Price to Seller at closing in immediately available funds in Flagler County, Florida.

	2.	Deposit. Upon execution of this Agreement, Buyer shall pay to Seller the sum of Seventy Thousand Seven Hundred dollars ($ 70,700.00) (the "Deposit"). The Deposit shall be non?refundable to Buyer unless Seller breaches this Agreement in which event the Deposit shall be fully refunded to Buyer.
	3.	Transfer of Reserved Credits. Upon Seller's timely receipt of the full Purchase Price, less the Deposit, Seller shall assign to Buyer the Reserved Credits using an instrument captioned "Assignment Of Wetland Mitigation Credits," a copy of which is attached as Exhibit "A" hereto. If Buyer fails to timely pay the Purchase Price by the Expiration Date, then this Agreement shall terminate and the parties shall be released and relieved of any further obligations under this Agreement.

	2.	Notices. A:n.y notice required hereunder shall be given in writing and shall be sent by any of the following means: (i) hand delivery; (ii) facsimile transmission; (iii) electronic mail;
(iv) registered or certified mail, return receipt requested or (v) deposited into a recognized overnight courier service to the parties hereto:

SELLER:

BUYER:
Lake Swamp, LLC
391 Palm Coast Pkwy. SW, Suite I Palm Coast, FL 32137
Attn: William I. Livingston
E-Mail: wilivingston(@hotmail.com

JX Palm Coast Land, LLC 201 E Las Olas Blvd.
Suite 1900
Fort Lauderdale, FL 33301
Attn: Blaz Kovacic Vice President
E-Mail: bkovacic@hhxcapital cam

Notices shall be deemed received when delivered if hand delivered; when sent via facsimile transmission; when sent via electronic mail; when sent via a recognized overnight courier service; or 3 days after deposit in the U.S. Mail if sent via registered or certified mail.

.	If the time period or ?te by which or on which any right or election provided under this Agreement must be exercised, or by which or on which any act required hereunder must be performed. or by which or on which any notice or demand must be given or received. expires or occurs on a Saturday, Sunday or holiday observed by local. state or federai governments or state chartered or national banks in the State of Florida, then such time period or date shall be automancally extended through the end of the next day which is not a Saturday Sunday or such a holiday.	'

	2.	Attorneys' Fees. In the event of any dispute hereunder or of any action to interpret or enforce this Agreement, any provision hereof or any matter arising herefrom, the prevailing party shall be entitled to recover its reasonable costs, fees and expenses, including, but not limited to, witness fees, expert fees, consultant fees, attorney, paralegal and legal assistants' fees, costs and expenses and other professional fees, costs and expenses whether suit be brought or not, and whether in settlement, in any declaratory action, at trial or on appeal.

	2.	Severability. If any provisions of this Agreement are held to be illegal or invalid, the other provisions shall remain in full force and effect.
	3.	Binding Effect. The obligations and covenants of this Agreement shall bind and benefit the successors, personal representatives, heirs and permitted assigns of the parties hereto.
	4.	Captions. The captions for each section of this Agreement are for convenience and reference only and in no way define, describe, extend or limit the scope or intent of this Agreement, or the intent of any provision hereof.

	2.	Countemarts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same Agreement.

	2.	Facsimile Signatures. Facsimile signatures of this Agreement shall be deemed binding on all parties.

	2.	Governing Law: Venue. This Agreement shall be governed by the laws of the State of Florida, exclusive of choice of law rules. Venue for any action arising out of this Agreement shall lie exclusively in the County or Circuit Court in Flagler County, Florida, regardless of the amount in controversy or any diversity of citizenship.

	2.	Entire Agreement/Amendments. This Agreement constitutes the sole and entire agreement between the parties hereto with respect to the Reserved Credits and supersedes all letters-of-intent, tenn sheets, letters-of-interest, understandings, promises, covenants, representations, statements, agreements and undertakings (whether written or oral), if any, with respect thereto, which. may have been given, distributed, furnished or made prior to or contemporaneously with the execution and delivery of this Agreement This Agreement may not be amended except by written agreement signed by all of the parties.

	2.	Assignment. Buyer shall not have the right to assign this Agreement without the prior written consent of Seller.

	2.	.	Waive?. N??aiv_er of any provision or condition of this Agreement by any party
shall be vahd unless Ill wntmg signed by such party. No such waiver shall be taken asa waiver of any other or similar provision or of any future event, act, or default.

	2.	Time of the Essence. Time is of the essence of this Agreement and each and every provision hereof

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
Effective Date.

SELLER:
LAKESWAMP,	L
By: \JJ?,
William I. Li •
Executed:_ _µ..a.:;r--.	i....-=?==--

BUYER:

JX PALM COAST;;J;;i-LLC

By:? Name:	Blaz Kovacic Title:		Vice President Executed:	May 13, 2024

VVETLA?.
ASSIGNMENT OF
D :\,HT1G/t,.TlOI\ CREDITS

This Assignment is n1a<le this --?-- day of 		. 2024, by Lake Swamp1 LLC. a Florida limited liability comp3.ny, of 39 ! Pa.Im Coast Phvy. SVv'. Suite 1, Palm Coast Florida 32137 ('1Asslgnor") to JX PAL\! C'OAST	LLC whose address is 201 E Las Olas Blvd" Suite !900. Fort Lauderdale. FL 3.1301 ,".>\ssignee").

RECITALS

	B.	Assignor is the OYvncr of c1 regionally si&.•nificant V,'ctland mitigarion bank \Vith freshwater mltjgation credits under St. Johns River \\'ater _;v1anagement District ("SJR\VlV!D") Permit :"-Jumber 4--035-104433-4 ('1Credits11

	B.	A.ssignee is developing :i pro_iect kno\vn as COQLiI':A SHORES PHASE
under SJR\VMD Application Perrnit ?umber 2020 l \ -:: (the Pcnnit"): and

	B.	Assignee is required to purchase certain mitigation credits to satisfy the conditions of the Permit.

:JO\V. THEREFORE1 for good and valuable consideration, receipt of \Vhich is hereby acknowledged by Assignor. Assignor hereby assigns and transfers to .Assignee all its right, title and interest in and to 7.91 Credits.

V/fT"'-JESS our hands and seals this	day of 	.2024.

ASS1G1\OR:
LAKE SWAMP, LLC

ASSIG'-'EE:
JX l'AL,l COAST L?.	LLC

B, --,?""?c=??-?---            --
;'Jama	-	Blaz Kovacic
Title:	Vice President
Exccut?d:	May j 3 --?2?0?2?4?----                        --

Lake Swamp, LLC
391 Palm Coast Parkway SW Suite #1
Palm Coast, Florida 32137

September 3, 2025
Mr. J. Reid Hilliard
Mitigation Bank Technical Program Manager St. Johns River Water Management District Maitland Service Center
601 South Destiny Road, Suite 200
Maitland, FL 32751

SENT VIA EMAIL ONLY:
jhilliard@sjrwmd.com

Re:	Lake Swamp Mitigation Bank - Permit No. 4-035-104433-3
Credit Assignment for Coquina Shores Phase 1, Pennit No. 202011-2 Dear Reid,
This is to certify that 7.74 UMAM-Freshwater Forested credits were assigned to JX Palm Coast
Land, LLC under the above referenced permit number to offset wetland impacts for the Coquina Shores Phase 1 project.

	•	Coquina Shores Phase 1, Permit No. 202011-2
	•	JX Palm Coast Land, LLC
	•	7.74 UMAM Credits Assigned
	•	Freshwater Forested Credits
	•	7.74 credits to be withdrawn from Phase 1, Basin 17

Please amend the Lake Swamp Mitigation Bank ledger to reflect the assignment. If you have any questions regarding this request, please contact me at (386) 931-4496 or clintfsmith@aol.com.

Clinton F. Smith Vice President

Cc:	Blaz Kovacic, BKovacic(@.BBXCapital.com Marcy McBride, MMcbride@BBXCapital.com Jon Summerfield, jsummcrfield@bbch-llc.com Melanie Fallin, mfallin@bbch-llc.com
Scott Lockwood, lockwoods(@,etminc.com Cameron Allen, callen@sjrwmd.com
clintfsmith@aol.com

From: Sent: To:
Cc:

Subject:
appnotify@sjrwmd.com
Thursday, September 4, 2025 9:21 AM clintfsmith@aol.com
clintfsmith@aol.com; e-reg-mail@sjrwmd.com; callen@sjrwmd.com; bkovacic@bbxcapital.com
SJRWMD - MB Credit Transaction Application Confirmation# 988823

Thank you for your application to modify a mitigation bank ledger.

Confirmation Number:	988823	
Applicant(s):	Lake Swamp LLC	
Ledger permit number:	104433-17	
New application number:	104433-41	
Mitigation bank credit transaction name: Coquina Shores Phase I
Compliance number:	1503775, 1503776 Following are the application details for your records:
Mitigation Bank:  Lake Swamp Mitg Bank- UMAM
Basin:	17
Community type: Forested Freshwater Applicant:	Lake Swamp LLC Transaction type: Purchase/ Allocation Who issued?:	 District Permit Permit#	202011-2
Transfer permit#	Transfer Seq# Project ID:	 Project date: Agency name:
Project name: Credits: Comments:
Coquina Shores Phase I
7.74 Transaction date: 04-Sep-2025

The District has received your application to modify the above mitigation bank ledger, and the application is being evaluated by staff. The new application number and associated compliance item numbers are listed above. Please include the new application number, the mitigation bank credit transaction name, and compliance item numbers on any additional correspondence with the District
regarding your submittal. Please address all emailcorrespondence to ApplicatiQnSupport@..sjrwmd...c.o.m

Sincerely, Reid Hilliard
Environmental Resource Program Manager

RESERVATION AND SALES AGREEMENT

This Reservation and Sales Agreement (the "Agreement") is entered into this J.!_J...day of YY\,u-.J,	, 2025 (the "Effective Date") by and between LAKE SWAMP, LLC., a Florida limited liability company, whose address is 391 Palm Coast Pkwy. SW, Suite l, Palm
Coast, Florida 32137 ("Seller") and JX PALM COAST LAND, LLC whose address is 201 E Las Olas Blvd., Suite 1900, Fort Lauderdale, FL 33301 ("Buyer").

RECITALS:

	A.	Seller is the owner of Lake Swamp Mitigation Bank, a regionally significant wetland mitigation bank with freshwater mitigation credits under St. Johns River Water Management District ("SJRWMD") Permit Number 4-035-104433-4 and the United States Army Corps of Engineers ("USACE") Permit Number SAJ-2006-2586-TLH (together "Lake Swamp Credits");

	A.	Buyer is in the process of developing a project known as Coquina Shores Phases
2 and 3 located in Flagler County, Florida, under SJRWMD Application Permit Number 202011-3 (the "SJRWMD Permit");

	A.	It is anticipated that, as a condition to issuing the Permits, SJRWMD will require Buyer to purchase mitigation credits;

	A.	Buyer has determined that Lake Swamp Credits will satisfy SJRWMD'S requirements and Buyer therefore desires to obtain an option to acquire Lake Swamp Credits from Seller; and

	A.	Seller is willing to sell Lake Swamp Credits to Buyer on the terms and conditions hereinafter setforth.

NOW, THEREFORE, in consideration of the mutual covenants and undertakings herein setforth, as hereinafter defined, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer agree as follows:

	I.	Recitals. The Recitals set forth above are material parts of this Agreement and are incorporated herein by reference.

	2.	Reservation. Seller hereby reserves up to 1.21 Lake Swamp Credits (the "Reserved Credits") for Buyer under the terms and conditions set forth herein (the "Reservation").

	2.	Term. The Reservation shall commence upon the Effective Date and expire on October I, 2025 (the "Expiration Date").

	2.	Purchase Price. The total purchase price for the Reserved Credits is One Hundred Eight Thousand One Hundred Fifty and 41/100 dollars($ 108,150.41) ($ 89,380.50) per credit

for 1.21 State only credits) (the "Purchase Price"). Buyer shall pay the Purchase Price to Seller at closing in immediately available funds in Flagler County, Florida.

	2.	Deposit. Upon execution of this Agreement, Buyer shall pay to Seller the sum of Ten Thousand Eight Hundred Fifteen and 04/100 dollars ($ 10,815.04) (the "Deposit"). The Deposit shall be non-refundable to Buyer unless Seller breaches this Agreement in which event the Deposit shall be fully refunded to Buyer.

	2.	Transfer of Reserved Credits. Upon Seller's timely receipt of the full Purchase Price, less the Deposit, Seller shall assign to Buyer the Reserved Credits using an instrument captioned "Assignment Of Wetland Mitigation Credits," a copy of which is attached as Exhibit "A" hereto. If Buyer fails to timely pay the Purchase Price by the Expiration Date, then this Agreement shall terminate and the parties shall be released and relieved of any further obligations under this Agreement.

	2.	Notices. Any notice required hereunder shall be given in writing and shall be sent by any of the following means: (i) hand delivery; (ii) facsimile transmission; (iii) electronic mail;
(iv) registered or certified mail, return receipt requested or (v) deposited into a recognized overnight courier service to the parties hereto:

SELLER:

BUYER:
Lake Swamp, LLC
391 Palm Coast Pkwy. SW, Suite I Palm Coast, FL 32137
Attn: William I. Livingston
E-Mail: wilivingston@hotmail.com

JX Palm Coast Land, LLC 20 I E Las Olas Blvd.
Suite 1900
Fort Lauderdale, FL 33301 Attn: Blaz Kovacic
E-Mail: bkovacicl@,altmancos.com

Notices shall be deemed received when delivered if hand delivered; when sent via facsimile transmission; when sent via electronic mail; when sent via a recognized overnight courier service; or 3 days after deposit in the U.S. Mail if sent via registered or certified mail.

If the time period or date by which or on which any right or election provided under this Agreement must be exercised, or by which or on which any act required hereunder must be performed, or by which or on which any notice or demand must be given or received, expires or occurs on a Saturday, Sunday or holiday observed by local, state or federal governments or state chartered or national banks in the State of Florida, then such time period or
date shall be automatically extended through the end of the next day which is not a Saturday, Sunday or such a holiday.

	2.	Attorneys' Fees. In the event of any dispute hereunder or of any action to interpret or enforce this Agreement, any provision hereof or any matter arising herefrom, the prevailing party shall be entitled to recover its reasonable costs, fees and expenses, including, but not limited to, witness fees, expert fees, consultant fees, attorney, paralegal and legal assistants' fees, costs and expenses and other professional fees, costs and expenses whether suit be brought or not, and whether in settlement, in any declaratory action, at trial or on appeal.

	2.	Severability. If any provisions of this Agreement are held to be illegal or invalid, the other provisions shall remain in full force and effect.

	2.	Binding Effect. The obligations and covenants of this Agreement shall bind and benefit the successors, personal representatives, heirs and permitted assigns of the parties hereto.

	2.	Captions. The captions for each section of this Agreement are for convenience and reference only and in no way define, describe, extend or limit the scope or intent of this Agreement, or the intent of any provision hereof.

	2.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same Agreement.

	2.	Facsimile Signatures. Facsimile signatures of this Agreement shall be deemed binding on all parties.

	2.	Governing Law; Venue. This Agreement shall be governed by the laws of the State of Florida, exclusive of choice of law rules. Venue for any action arising out of this Agreement shall lie exclusively in the County or Circuit Court in Flagler County, Florida, regardless of the amount in controversy or any diversity of citizenship.

	2.	Entire Agreement/Amendments. This Agreement constitutes the sole and entire agreement between the parties hereto with respect to the Reserved Credits and supersedes all letters-of-intent, term sheets, letters-of-interest, understandings, promises, covenants, representations, statements, agreements and undertakings (whether written or oral), if any, with respect thereto, which may have been given, distributed, furnished or made prior to or contemporaneously with the execution and delivery of this Agreement. This Agreement may not be amended except by written agreement signed by all of the parties.

	2.	Assignment. Buyer shall not have the right to assign this Agreement without the prior written consent of Seller.

	2.	Waiver. No waiver of any provision or condition of this Agreement by any party shall be valid unless in writing signed by such party. No such waiver shall be taken as a waiver of any other or similar provision or of any future event, act, or default.

	2.	Time of the Essence. Time is of the essence of this Agreement and each and every provision hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.

SELLER:

LAKES?M
By:?.
Clinton F. Smith, Vice President Executed:	LIV\,....., l., 7  ?<JU

BUYER:

JX PALM COAS'1/0ND, LLC
By:  /f#?fffePt
Name: Blaz Kovacic
Title: Vice President
Executed: March 3, 2025
EXHIBIT "A" ASSIGNMENT OF
WETLAND MITIGATION CREDITS
This Assignment is made this   day of	?2025, by Lake Swamp,
LLC, a Florida limited liability company, of 391 Palm Coast Pkwy. SW, Suite I, Palm Coast, Florida 32137 ("Assignor") to JX PALM COAST LAND, LLC whose address is 201 E Las Olas Blvd., Suite 1900, Fort Lauderdale, FL 33301 ("Assignee").
RECITALS

	A.	Assignor is the Owner of a regionally significant wetland mitigation bank with freshwater mitigation credits under St. Johns River Water Management District ("SJRWMD") Permit Number 4-035-104433-4 ("Credits");
	B.	Assignee is developing a project known as COQUINA SHORES PHASES 2
and 3 under SJRWMD Application Permit Number 202011-3 (the Permit''); and

	A.	Assignee is required to purchase certain mitigation credits to satisfy the conditions of the Permit.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged by Assignor, Assignor hereby assigns and transfers to Assignee all its right, title and interest in and to 1.21 Credits.
WITNESS our hands and seals this   day of 	, 2025.

ASSIGNOR:
LAKE SWAMP, LLC
By:	_ Name: Clinton F. Smith
Title: Vice President
Executed:	_

ASSIGNEE:
JX PALM COAST LAND, LLC
By:.			_ Name:		_ Title:	_
Executed:	_

September 3, 2025
Lake Swamp, LLC
391 Palm Coast Parkway SW Suite #1
Palm Coast, Florida 32137

Mr. J. Reid Hilliard
Mitigation Bank Technical Program Manager St. Johns River Water Management District Maitland Service Center
601 South Destiny Road, Suite 200
Maitland, FL 32751

SENT VIA EMAIL ONLY:
jhilliard@sjrwmd.com

Re:	Lake Swamp Mitigation Bank - Permit No. 4-035-104433-3
Credit Assignment for Coquina Shores Phases II and III - Mass Grading, Permit No. 202011-3

Dear Reid,

This is to certify that 1.21 UMAM - Freshwater Forested credits were assigned to JX Palm Coast Land, LLC under the above referenced perm.it number to offset wetland impacts for the Coquina Shores Phases II and III - Mass Grading project.

	•	Coquina Shores Phases II and III -Mass Grading, Permit No. 202011-3
	•	JX Palm Coast Land, LLC
	•	1.21 UMAM Credits Assigned
	•	Freshwater Forested Credits
	•	1.21 credits to be withdrawn from Phase 1, Basin 17

Please amend the Lake Swamp Mitigation Bank ledger to reflect the assignment. If you have any questions regarding this request, please contact me at (386) 931-4496 or clintfsmith@aol.com.

Si'ftl=	? ?

Clinton F. Smith Vice President

Cc:		Blaz Kovacic, I3Kovacic(@BBXCapital.com Marcy McBride, MMcbridc@,BBXCapital.com Jon Summerfield. jsummerfield(@.bbch-llc.com Melanie Fallin, mfallin@bbch-llc.com
Scott Lockwood, lockwoods(ci),etminc.com Cameron Allen, callen@sjrwmd.com
clintfsmith@aol.com

From: Sent: To:
Cc: Subject:
appnotify@sjrwmd.com
Thursday, September 4, 2025 9:23 AM clintfsmith@aol.com
clintfsmith@aol.com; e-reg-mail@sjrwmd.com; callen@sjrwmd.com; bkovacic@bbxcapital.com
SJRWMD - MB Credit Transaction Application Confirmation # 988826

Thank you for your application to modify a mitigation bank ledger.

Confirmation Number:	988826	
Applicant(s):	Lake Swamp LLC	
Ledger permit number:	104433-17	
New application number:	104433-42	
Mitigation bank credit transaction name: Coquina Shores Phases II and Ill - Mass Grading
Compliance number:	1520764, 1520765 Following are the application details for your records:
Mitigation Bank: Lake Swamp MitgBank - UMAM Basin:	17
Community type: Forested Freshwater Applicant:	Lake Swamp LLC Transaction type: Purchase/ Allocation Who issued?:	 District Permit Permit#	202011-3
Transfer permit#	Transfer Seq# Project ID:	 Project date: Agency name:
Project name: Credits: Comments:
Coquina Shores Phases ii and Ill - Mass Grading
1.21  Transaction date:	04-Sep-2025
The District has received your application to modify the above mitigation bank ledger, and the application is beingevaluated by staff. The new application number and associated compliance item numbers are listed above. Please include the new application number, the mitigation bank credit transaction name, and compliance item numbers on any additional correspondence with the District regarding your submittal. Please address all email correspondence to Applic_ationS..upp_or.t@sjrw.md.e.om

Sincerely, Reid Hilliard
Environmental Resource Program Manager
1

MITIGATION CREDIT RESERVATION AND PURCHASE AGREEMENT

THIS MITIGATION CREDIT PURCHASE AGREEMENT (hereinafter "Agreement") is made by and between Miami Alternatives, LLC, a Delaware limited liability company (hereinafter "Seller"), and JX Palm Coast Land, LLC (hereinafter "Buyer") (hereinafter collectively the "Parties").

WITNESSETH:

WHEREAS, Seller owns the Farmton Mitigation Bank (FMB) with mitigation credits (hereinafter "Credits") available for transfer and sale under St. Johns River Water Management District Permit No. 4-127-76185-25 and U.S. Army Corps of Engineers Permit No. MBl/1998-01836(1P-ME);

WHEREAS, as part of the environmental permitting process involving the St. Johns River Water Management District (hereinafter "SJRWMD") and the U.S. Army Corps of Engineers (hereinafter "USACOE"), it is anticipated that Buyer's permits from the aforereferenced respective governmental agencies will be conditioned upon purchase of Credits as compensatory mitigation;

WHEREAS, Seller agrees to sell and Buyer agrees to purchase Credits available from the FMB on the terms and conditions below to be used to offset wetland impacts associated with the project known as Coquina Shores Phase 1 (hereinafter "Project"); USACE Application No. SAJ-2004-09462-TDS;

WHEREAS, the number of Credits to be purchased by Buyer has been determined by Buyer after consultation with its advisors to be Five and Seventy-Two Hundredths (5.69) Federal WRAP Palustrine Mitigation Credits.

WHEREAS, Seller requires as part of this Agreement for Buyer to remit this Agreement and funds to Seller, in order to allow Seller to submit minor permit modifications (hereinafter "Minor Permit Modifications") for a debit of Credits from the SJRWMD ledger so that the aforesaid respective Credits can be transferred to the Buyer.

NOW, THEREFORE, in consideration of the premises and of the mutual covenants hereinafter contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto, each intending to be legally bound, do hereby warrant and agree as follows:
	1.	Terms ofrurchase. The purchase price (hereinafter "Purchase Price") of the Credits is One Hundred Forty-Two Thousand Two Hundred Fifty Dollars ($142,250.00) based on a per credit price ofTwenty-Five Thousand Dollars ($25,000.00) payable in wired federal funds. Seller agrees to reserve and sell to the Buyer the aforementioned Credits under this Agreement as may be required by the USACE. A 10% deposit, in the amount of Fourteen Thousand Two Hundred and Twenty Five Dollars ($14,225.00) shall accompany submittal of this Agreement. All payments shall be paid to the account of Miami Alternatives, LLC at 410 North Michigan Avenue, Suite 590, Chicago, Illinois 60611.

	1.	Reservation Period. This reservation shall commence upon the signing of this Agreement and the credit reservation shall expire the earlier of 180 days after the effective date or upon permit issuance, The deposit payment shall be paid to the account of Miami Alternatives, LLC at 410 North Michigan Avenue, Suite 590, Chicago, Illinois 60611 to complete the reservation in accordance with this agreement. All payments shall be sent in a trackable format, i.e., USPS, UPS or FedEx.

	1.	Adjustment of Credit Reservation. Seller agrees to reduce the number of credits reserved if the regulatory agency requirement is decreased at no penalty to the Buyer. The Seller also agrees to increase the number of credits reserved, if available, at the following pricing; federal credits (WRAP only) will be twenty-five thousand dollars ($25,000.00) per credit. The Deposit(s) in either a decreased need or an increased need will be applied to the final purchase price. In the case of a credit reservation adjustment within the reservation period identified above, an addendum to this agreement will be executed by both the Seller and Buyer.

	1.	Covenants of Seller. Seller covenants and agrees that it shall comply with all conditions and continuing requirements set forth in Seller's permits from the SJRWMD and USACOE for the Mitigation Property. Responsibility for compliance with the Seller's permits as to mitigation on the Mitigation Property shall solely be the responsibility of Seller. The provisions of this paragraph 4 shall survive the closing hereunder.

	1.	Deposit. Unless otherwise described herein or otherwise agreed, the Deposit shall be credited against the Purchase Price paid by Buyer for the Credits. The Deposit shall be deposited into a non-interest bearing account. Said Deposit shall be non-refundable to Buyer except in the case of breach by Seller as set forth in Paragraph 8 below.

	1.	Conditions of Transfer of Credit. Prior to the transfer of Credits, Buyer shall provide a true and correct copy of the SJRWMD and/or USACOE permit with exhibits and payment oft he final balance. Upon receipt of above, Seller shall provide to Buyer within ten (10) days thereafter documentation as required by the SJRWMD and/or USACOE to effectuate the transfer of Credits as per the conditions of the Buyer's permit (i.e., copy of signed minor permit modification request) for the Project. Buyer is hereby notified that the transfer of Credits generally takes approximately thirty (30) days to complete.

	1.	Debit of Credits and Transfer. Upon notification of the debit of the Credits by the SJRWMD and/or USACOE, the same shall be transferred to Buyer together with documents evidencing such transfer of Credits. The Parties hereby agree that evidence of the Credits being transferred shall be the receipt by Seller from the SJRWMD and/or USACOE of the Minor Permit Modification to its Environmental Resources Permit (hereinafter "ERP11) and ledger evidencing the debit of credits. Once either transfer has been completed, the transfer shall be deemed to be completed.

	1.	Breach of Seller. If, for some reason, the Credits have not been conveyed to Buyer due to a breach of the Agreement by Seller, then Seller shall refund all monies received from Buyer upon written notice of said breach. Notwithstandingthe foregoing, Seller shall have twenty
(20) days to remedy said breach; and, if not cured, shall refund all monies to Buyer.

	1.	Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Parties hereto.

	1.	Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Florida.

	1.	Notices. All notices required by this Agreement shall be in writing and shall be sent by certified or registered mail or hand delivered to the addresses set out below. Notices shall be deemed delivered and given when mailed, if mailed, or when delivered by hand, upon receipt.

Notices to Seller:

With copy to:

Notices to Buyer:
Miami Corporation Management, LLC Managing Member Miami Alternatives, LLC Attn: David C. Fuechtman
410 N. Michigan Avenue, Room 590
Chicago, IL 60611
(312) 644-6720
dfuechtman@miami-corp.com

Frank A. Ford, Manager FM Ford OGM, LLC
PO Box 457
Deland, FL 32721-0457

Landis Graham French, P.A.
F.A. ("Alex") Ford, Jr., Esquire 145 East Rich Avenue, Suite C Deland, FL 32724 aford@landispa.com

Ford Properties Lisa Ford Williams PO Box 457
Deland, FL 32721-0457
estrobeck@cfl.rr.com

JX Palm Coast Land, LLC Attn: Blax Kovacic, V.P. 201 E Las Dias Blvd
Suite 1900
Fort Lauderdale, FL 33301 bkovacic@bbxcapital.com

BBX Capital Real Estate
Attn: Marcy McBride 201 E Las Olas Blvd Suite 1900
Fort Lauderdale, FL 33301 mmcbride@bbxcapital.com

Any notice or demand so given, delivered or made by United States mail shall be deemed so given, delivered or made on the third business day after the same is deposited in the United States Mail, registered or certified letter, addressed as above provided, with postage thereon fully prepaid. All Parties agree that any notice may be faxed to any of the above Parties or their attorneys, Buyer and Seller may from time to time notify the other of changes with respect to whom and where notice should be sent by sending notification of such changes pursuant to this paragraph.

	1.	Entire Agreement. This Agreement contains the entire understanding between the Parties and the Parties agree that no representation was made by or on behalf of the other which is not contained in this Agreement, and that in entering into this Agreement neither relied upon any representation not especially herein contained, This Agreement shall not be binding upon the Seller and Buyer until executed by an officer of the Seller and Buyer, if applicable its corporate seal affixed, and an executed copy of the Agreement has been delivered to the Buyer and Seller.

13, Amendments and Waivers. This Agreement may not be amended, modified, altered, or changed in any respect whatsoever, except by a further agreement in writing duly executed by each and all of the parties hereto, No failure by Buyer or Seller to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy upon a breach thereof shall constitute a waiver of any such breach or of such any other covenant, agreement, term or condition. Any party hereto, by notice, may but shall be under no obligation to, waive any of its rights or any conditions to its obligations hereunder, or any duty, obligation or covenants of any other party hereto, No waiver shall affect or alter this Agreement, but each and every covenant, agreement, term and condition of this Agreement shall continue in full force and effect with respect to any other then existing or subsequent breach thereof.

14, No Joint Venture or Partnership or Agency Relationship. Seller does not have any ownership interest in Buyer's business relationships or operations and Buyer does not have any interest in Seller's business relationships or operations. The relationship between Seller and Buyer is not in any manner whatsoever a joint venture or partnership and neither party shall be the agent of the other for any purpose, unless specifically granted in writing after
execution hereof. Neither party shall hold itself out as an agent, partner or joint venturer with the other and each party shall defend and indemnify the other against any claim of liability arising out of an asserted agency, partnership or joint venture by the other contrary to the express provisions of this paragraph.

	15.	Captions; Genders. Captions used in this Agreement are for convenience of reference only and shall not affect the construction of any provision of this Agreement. Whenever used, the singular shall include the plural, the plural shall include the singular, and gender shall include all genders.

	15.	Partial Invalidity. In case any term of this Agreement shall be held to be invalid, illegal or unenforceable, in whole or in part, neither the validity of the remaining part of such term or the validity of any other term of this Agreement shall in any way be affected thereby.

	15.	Calculation of Time. Time periods of five (5) days or less shall be computed without including Saturdays, Sundays, or national legal holidays, and any time period existing on a Saturday, Sunday or national legal holiday shall be extended until 5:00 p.m. on the next business day.

	15.	Effective Date. This Agreement is effective on the date on which the last of the parties signs this Agreement.

	15.	Typewritten or Handwritten Provisions. Handwritten provisions and/or typewritten provisions inserted in this Agreement, which are initialed by both parties, shall control over the printed provisions in conflict therewith.

	15.	Counterparts. This Agreement may be executed in any number of counterparts, any one and all of which shall constitute the agreement of the parties and shall be deemed one original instrument.

	15.	Execution of Documents. The Parties agree that this document may be executed and delivered by electronic means and that the signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability and admissibility. The Agreement shall become final upon execution by both Buyer and Seller.

	15.	Time is of the Essence. Time is of the essence under the terms of this Agreement.

	15.	Agreement Not Recordable. This Agreement shall not be recorded in the public records of any county and any attempt to do so shall be null and void and of no force and effect whatsoever and any attempt to do so shall place said party in default hereof.

IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement, to become effective in accordance with the terms of this Agreement.

Signed, sealed and delivered in the presence of:

WITNESSES: AS TO SELLER:

AS TO BUYER:

SELLER:

MIAMI ALTERNATIVES, LLC

By:	? l.,l .l?	?	? 
Name:	Hci e.,r-. H0"\-CY"\P C'\S
Title:	A?D+
Date:	'l \	\ 2.0 2-L.\:
I	I

BUYER:

JX Palm Coast Land, LLC

Marcy McBride	By:			 Name:		Andrew Meran
Title:	Vice President

Date:	6/14/2024
Docusign Envelope ID: A515A032-9E77-44FC-870D-6E72954F14C7

FOURTH ADDENDUM TO MITIGATION CREDIT RESERVATION AND PURCHASE AGREEMENT

Miami Alternatives, LLC, the owner of the Farmton Mitigation Bank (hereinafter "Seller"), does hereby agree to attach this Addendum to the original Mitigation Credit Reservation and Purchase Agreement dated July 18, 2022 for the purchase of Five and Seventy-Two Hundredths (5.69) Federal WRAP Palustrine Mitigation Credits by JX Palm Coast Land, LLC (hereinafter "Buyer"). This Addendum is for the sole purpose of increasing the reservation commitment and contract amount for Coquina Shores Phase 1; USACE Application No. SAJ-2004-09462-TDS.

Because of the increase in required mitigation, the Buyer wishes to increase the mitigation credits reserved from Five and Sixty-Nine Hundredths (5.69) Forested Freshwater Federal WRAP mitigation credits to Six and Nineteen Hundredths (6.19), at a per credit cost ofTwenty-Five Thousand Dollars ($25,000.00).

As a condition of this Addendum, the seller agrees that the total contract amount due is One Hundred and Fifty-Four Thousand Seven Hundred and Fifty Dollars ($154,750.00).

The balance due on the Agreement after application of the non-refundable deposits received is One Hundred and Twelve Thousand and Seventy-Five Dollars ($112,075.00).

By signing below, both parties agree that all other terms of the original Mitigation Credit Reservation and Purchase Agreement remain in force as executed and that this Addendum will now become a part thereof.

SELLER:
Miami Alternatives, LLC

?s;gnodbyc

l!:::ca,?
Helen Hutchens
Print Name:	

Title:	M_a_na_g_e_r 	

	7/22/2025	
Date:	_

BUYER:

Print Name: Blaz Kovacic Title:	Vice President Date:	 July 21, 2025
05302
BBX Capital Real Estate
ACH Request		

Invoice #:1...I	 C::...S;;..6;;..1--7'-"AI

Address book #:IL 	,	Invoice Date:LI	....:6:..:./1....:7 :/2::c0:..:2;,,;.J4I

Check Payable To:

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Due Date:l'----------=6:..:./1:..;.7.:..:/2:.:0;.::2..:.J4I

Memo: JX Palm Coast Land - Mitigation Credit Deposit

Business Unit	Obiect Acct.Subsidiary	Sub Tvoe/Sub-Led!:!er	Amount$$	
			$14,225.00	

				

				

				

				
Samole Codina:				
05000000.)()(J()(J()(	61560	S/OTHER		
THERE MUST BE BACK-UP ATTACHED TO THIS CHECK REQUEST.				

PAID ON 6.28.2024
/J1t(),(_u.r(Yl?dJ
Prepared By:IMarcy McBride
Who prepared this wire request?

Approved By/Title:. IA_._p....._p_ro_v--a--1i--n_A P_A	  ,
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Corporate Acctg:IApproval in APA

Altman
		ACH Request		
05302

Invoice#:IL	 _::Cc::S:....:1-=2=9I 
Address book #:I...	_,	Invoice Date:l...	1 21_9_/2_0_2_,4I
Due  Date:.l..	 ;_1;::.2/..;.9-=/2:..;0-=2_,4I
Check Payable To:  IMiami Alternatives, LLC	

Memo: JX Palm Coast Lane - Mitigation Credit Deposit

Business Unit	Obiect Acct.Subsidiarv	Sub Tvoe/Sub-Ledaer	Amount$$	
			$14,225.00	

				

				

				

				
Sample Coding:				
05000000.xxxxxx	61560	S/OTHER		
THERE MUST BE BACK-UP ATTACHED TO THIS CHECK REQUEST.				

PAID ON 12.13.2024
/YY!_aA,t-r m?dJ
Prepared By:I Marcy McBride
Who prepared this wire request?

Approved By/Title:"'AI-"P;..i:Pc.cro;: ;vc::a::..I::.;in--A-"P--A-'	'
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05302

	Altman	 		
 		ACH Request	 	

Invoice #:LI	  :C::..:S::..:3:...:1...::.JOI	

Address book #:._I	?		Invoice Date:Ll	:3.c./1--'0--'/2::..0_2 J5I	
Due Date:1I...	 ;;3;..;/1..::0..::/2::..:0-=2=5I
Check Payable To: IMiami Alternatives, LLC	

Memo: JX Palm Coast Lane - Mitigation Credit Deposit

A?:;??'LI	$-'--1_4	,2_2_s_.o_o_,I

Business Unit	Obiect Acct.Subsidiarv	Sub Tvne/Sub-Ledaer	Amount$$	
			$14,225.00	

				

				

				

				
Sample Coding:				
05000000.xxxxxx	61560	S/OTHER		
THERE MUST BE BACK-UP ATTACHED TO THIS CHECK REQUEST.				

PAID ON 3.14.2025
/J11,ate,y /YI??
Prepared By:IMarcy McBride
Who prepared this wire request?

Approved By/Title:"IA..:.iP:.rP:.:.ro::..v:..:a:.:.l.::.in:..:A..::P..::A..	J
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05302
Altman
		ACH Request				

Address book#:!.	,
Invoice#:.._I	 C_S_7_2_,2I

Invoice Date:1..1	;_7:..:/2:..:2:..:/2:;.:0..::2 J5I

Due Date:1..l	 :_7:..:/2:..:2c.::/2:..:0:..:2=5I
Check Payable To: IMiami Alternatives, LLC	

Memo: JX Palm Coast Land - Mitigation Credit

PAID ON 8.1.2025
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Prepared By:I Marcy McBride
Who prepared this wire request?

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MIAMI CORPORATION MANAGEMENT, LLC
ROOM 590
410 NORTH MICHIGAN AVENUE CHICAGO. ILLINOIS 60611 4252
(312) 644-6720
August27,2025

Ryan Hendren
U.S. Army Corps of Engineers
P.O. Box 4970
Jacksonville, Florida 32232-0019

Re:	Sale of Mitigation Credits from Farmton Mitigation Bank (FMB) for SAJ-2004-09462 (SP-NDF) Dear Ryan,
This letter shall serve to fulfill the sponsor's obligations, detailed at 33 CFR 332.3(1)(3) and 332.8(p)(1), to notify the U.S. Army Corps of Engineers of the sale of Federal credits from Farmton Mitigation Bank (FMB). In support of this, the following information is provided, and a copy of the Department of the Army (DA) permit requiring the credit purchase is attached.

	•	Project Name: Coquina Shores
	•	Permittee: JX Palm Coast Land LLC
	•	Permit Number: SAJ-2004-09462
	•	8-Digit Hydrologic Unit Code: 03070205
	•	Latitude and Longitude: 30.504971 N, -81.74562 W
	•	Number of Credits: 6.19
	•	Type of Credits: Palustrine

The Federal credits noted above have been paid in full and we have deducted them from the Federal ledger for FMB and they are no longer available for sale. By action of this sale, the sponsor for the FMB has accepted the responsibility for providing the compensatory mitigation required by special condition of the permit noted above. If you have any questions regarding this request, please contact me at (312) 644.6720.

Sincerely,

Helen Hutchens Authorized Representative
Miami Corporation Management, LLC Managing Member Miami Alternatives, LLC

Enclosures
SAJ-2004-09462
cc:	Clint Smith

305 W Shotwell St Bainbridge, GA 39819
+12292465785

INVOICE
05302

WlREGRASS ECOLOGlCAL
ASSOCIATES

BILL TO
JX Palm Coast Land, LLC 201 E Las Olas Boulevard Suite 1900
Fort Lauderdale, Florida 33301
INVOICE# 106609
DATE 08/25/2025
DUE DATE 09/24/2025
TERMS Net 30

SALES REP					
SMB					

DATE	
DESCRIPTION	
QTY	
RATE	
AMOUNT	
08/25/2025	15 Adult Tortoises Relocated from Coquina Shores to Quail Run	15	4,750.00	71,250.00	

15 Adult Tortoises Relocated from Coquina Shores to Quail Run Recipient Site; QRCA-ERS-015
BALANCE DUE	$71,250.00

[ Pay invoice ]

PAID ON 9.25.2025
/f11aA..t-'f /11??

Past due payments are subject to a finance charge of 1.5% monthly or 18% annually.
Environmental Resource Solutions
A divisions of SES Energy Services, LLC
3550 St. Johns Bluff Road South Jacksonville, FL 32224
(904)285-1397

05302

JX Palm Coast Land, LLC Kovacic
201 Eath Las Olas Blvd
Invoice number Date
41350
08/31/2025
Suite 800
Ft. Lauderdale, FL 33301
Project 21107.00 Coquina Shores (123.22.8076.0001)

Professional Services provided through August 31, 2025

299 PROFESSIONAL SERVICES
Professional Personnel

Units	
Rate	Billed Amount	
Environmental Scientist 1	50.50	187.00	9,443.50	
Environmental Technician I	10.00	110.00	1,100.00	
Environmental Technician II	15.00	100.00	1,500.00	
	20.00	85.00	1,700.00	
Environmental Technician Ill	41.00	78.00	3,198.00	
	30.25	45.00	1,361.25	
Sr. Environmental Scientist II	9.00	230.00	2,070.00	

Reimbursable Expense

Consultant Mileage

Billed
	Units	Rate	Amount 
7,800.00
615.00	0.70	430.50

subtotal	28,603.25
Invoice total I	28,603.251

Gopher Tortoise relocation (7 days) and team meetings.

PAID ON 9.25.2025
/J//1,auy f11C/3,,d,

SEND PAYMENT WITHIN 30 DAYS TO	SES ENVIRONMENTAL RESOURCE SOL	REMIT ADDRESS ABOVE

EIGHTH ORDER OF BUSINESS

DISCLOSURE OF PUBLIC FINANCING AND MAINTENANCE OF IMPROVEMENTS TO REAL PROPERTY UNDERTAKEN BY
THE COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT

Board of Supervisors1

Coquina Shores Community Development District

Blaz Kovacic Chairman

Marcy McBride Vice Chair
Matthew Fossler Assistant Secretary

Bill Livingston Assistant Secretary
Brett North Assistant Secretary

Governmental Management Services 475 West Town Place, Suite 114
St. Augustine, Florida 32092

District records are on file at the offices of the District Manager and are available for public inspection upon request during normal business hours or on the District’s website.

1 This list reflects the composition of the Board of Supervisors as of December 1, 2025. For a current list of Board Members, please contact the District Manager’s office.
TABLE OF CONTENTS
Introduction	3
What is the District and how is it governed?	3
What infrastructure improvements does the District provide
and how are the improvements paid for?	4
Assessments, Fees and Charges	5
Method of Collection	6
DISCLOSURE OF PUBLIC FINANCING AND MAINTENANCE OF IMPROVEMENTS TO REAL PROPERTY UNDERTAKEN BY
THE COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT INTRODUCTION
The Coquina Shores Community Development District (“District”) is a local unit of special-purpose government created pursuant to and existing under the provisions of Chapter 190, Florida Statutes. Under Florida law, community development districts are required to take affirmative steps to provide for the full disclosure of information relating to the public financing and maintenance of improvements to real property undertaken by such districts. Unlike city and county governments, the District has only certain limited powers and responsibilities. These powers and responsibilities include, for example, construction and/or acquisition of roadways, utilities, and stormwater management, and other related public infrastructure.
Under Florida law, community development districts are required to take affirmative steps to provide for the full disclosure of information relating to the public financing and maintenance of improvements to real property undertaken by such districts. The law specifically provides that this information shall be made available to all persons currently residing within the District and to all prospective District residents. The following information describing the District and the assessments, fees and charges that may be levied within the District to pay for certain community infrastructure is provided to fulfill this statutory requirement.

What is the District and how is it governed?

The District is an independent special taxing district, created pursuant to and existing under the provisions of Chapter 190, Florida Statutes (the “Act”), and established by Ordinance No. 2023-09 enacted by the City Council of the City of Palm Coast, Florida, effective as of August 1, 2023. The District encompasses approximately 505.62 acres located entirely within the boundaries of Flagler County, Florida. As a local unit of special-purpose government, the District provides an alternative means for planning, financing, constructing, operating and maintaining various public improvements and community facilities within its jurisdiction.

The District is governed by a five-member Board of Supervisors (the “Board”), the members of which must be residents of the State and citizens of the United States. Board members were elected on an at-large basis by the owners of property within the District, each landowner being entitled to one vote for each acre of land with fractions thereof rounded upward to the nearest whole number. Elections are held every two years in November. Commencing when both (i) six years after the initial appointment of Supervisors have passed and (ii) the District has attained a minimum of two hundred and fifty (250) qualified electors, Supervisors whose terms are expiring will begin to be elected by qualified electors of the District. A “qualified elector” in this instance is any person at least eighteen (18) years of age who is a citizen of the United States, a legal resident of Florida and of the District, and who is also registered with the Supervisor of Elections to vote in Clay County. Notwithstanding the foregoing, if at any time the Board proposes to exercise its ad valorem taxing power, it shall, prior to the exercise of such power, call an election at which all members of the Board shall be elected by qualified electors of the District.
Board meetings are noticed in a local newspaper and conducted in a public forum in which public participation is permitted. Consistent with Florida’s public records laws, the records of the District are available for public inspection during normal business hours. Elected members of the Board are similarly bound by the State’s open meetings law and are generally subject to the same disclosure requirements as other elected officials under the State’s ethics laws.

What infrastructure improvements does the District provide and how are the improvements paid for?
The District is comprised of approximately 505.62 acres located entirely within Flagler County, Florida. The legal description of the lands encompassed within the District is attached hereto as Exhibit A. The public infrastructure necessary to support the District’s development program includes, but is not limited to stormwater improvements, potable, sanitary sewer and reclaimed water systems, recreation amenities, parks and open spaces, landscaping, irrigation, signage and entry features, roadway improvements, and street lighting and electrical improvements. These infrastructure improvements are more fully detailed below.

To plan the infrastructure improvements necessary for the District, the District adopted its Master Engineer’s Report dated November 16, 2023, First Supplemental Engineer’s Report dated July 22, 2025, which detail the improvements contemplated for the infrastructure of the District (together, the “Capital Improvement Plan”). Copies of the Capital Improvement Plan are available for review at the District’s office.

These public infrastructure improvements have been or will be funded by the District’s sale of bonds. On February 15, 2024, the Circuit Court of the Seventh Judicial Circuit of Florida, entered a Final Judgment validating the District’s ability to issue an aggregate principal amount not to exceed $80,000,000 in Special Assessment Bonds for the funding of the Capital Improvement Plan. The District issued its Special Assessment Bonds, Series 2025, in the amount of $3,865,000 (the “Series 2025 Bonds”) for the purposes of financing a portion of the costs of the construction and acquisition of the Capital Improvement Plan.

Stormwater Improvements
The stormwater management improvements include curbing, inlets, pipes, roadway underdrain, stormwater lakes, control structures, and other improvements coincident with stormwater management systems.
Recreation Amenities, Parks and Open Spaces
The recreation facilities include a swim and fitness center, playground areas, athletic fields, sports courts, and fishing ponds.

Landscaping, Irrigation, Signage and Entry Features
The landscaping and entry features including streetscape tree planting, irrigation, signage, and other ancillary features.

Roadway Improvements
The roadway improvements include paving, grading, and drainage systems associated with roadway systems. These improvements allow access to District properties and provide necessary traffic volume capacity. The District may undertake additional roadway improvements as determined necessary and as authorized by the Board of Supervisors.
Water, Sewer, Electrical, and Street Lighting Improvements
The water transmission and distribution system includes water services to serve property within the District; a sewage collection system including gravity sewer, manholes, and sewer services to serve property within the District, as well as sewage pumping stations; and electric and street lighting systems throughout the District.

Assessments, Fees and Charges

The costs of acquisition or construction of a portion of these infrastructure improvements have been financed by the District through the sale of the Series 2025 Bonds. The annual debt service payments, including interest due thereon, for each series of bonds are payable solely from and secured by the levy of non-ad valorem or special assessments against lands within the District which benefit from the construction, acquisition, establishment and operation of the District’s improvements. The annual debt service obligations of the District which must be defrayed by annual assessments upon each parcel of land or platted lot will depend upon the location and type of property purchased. Provided below are the current maximum annual debt service assessment levels for property within the District for the Series 2025 Bonds (the “Debt Service Assessments”). Interested persons are encouraged to contact the District Manager for information regarding special assessments on a particular lot or parcel of lands. A copy of the District’s assessment methodology and assessment roll are available for review at the District’s office.
The current annual Debt Service Assessments per product type for the Series 2025 Bonds are as follows:

	Maximum Annual Assessment		
Product Type	Phase 1 Lands	Remaining District Lands	
Platted Single Family 40’	$1,560.00	$1,680.00	
Platted Single Family 50’	$1,950.00	$2,100.00	
Platted Single Family 65’	$2,485.00	$2,675.00	

Note: The maximum annual amounts have been grossed up to include collection costs from Clay County and a maximum discount for early payment as authorized by law.
The amounts described above exclude any operations and maintenance assessments (“O&M Assessments”) which may be determined and calculated annually by the District’s Board of Supervisors and are levied against benefitted lands in the District.
A detailed description of all costs and allocations which result in the formulation of the Debt Service Assessments and the O&M Assessments is available for public inspection upon request.

The Capital Improvement Plan and financing plan of the District infrastructure as presented herein reflect the District’s current intentions, and the District expressly reserves the right in its sole discretion to change those plans at any time. Additionally, the District may undertake the construction, reconstruction, acquisition, or installation of future improvements and facilities, which may be financed by bonds, notes, or other methods authorized by Chapter 190, Florida Statutes.
Method of Collection

The District’s Debt Service Assessments and/or O&M Assessments may appear on that portion of the annual real estate tax notice entitled “non-ad valorem assessments,” and to the extent that it is, will be collected by the Flagler County Tax Collector in the same manner as county ad valorem taxes. Each property owner must pay both ad valorem and non-ad valorem assessments at the same time. Property owners will, however, be entitled to the same discounts as provided for ad valorem taxes. As with any tax notice, if all taxes and assessments due are not paid within the prescribed time limit, the tax collector is required to sell tax certificates which, if not timely redeemed, may result in the loss of title to the property. The District may also elect to collect the assessment directly.

This description of the District’s operation, services and financing structure is intended to provide assistance to landowners and purchasers concerning the important role that the District plays in providing infrastructure improvements essential to the use and development of this community. If you have any questions or would simply like additional information about the District, please write to the District Manager at: Coquina Shores Community Development District, c/o Governmental Management Services, 475 West Town Place, Suite 114 St. Augustine, Florida 32092.

The information provided herein is a good faith effort to accurately and fully disclose information regarding the public financing and maintenance of improvements to real property undertaken by the District and should only be relied upon as such. The information contained herein is, and can only be, a status summary of the District’s public financing and maintenance activities and is subject to supplementation and clarification from the actual documents and other sources from which this information is derived. In addition, the information contained herein may be subject to change over time, in the due course of the District’s activities and in accordance with Florida law. Prospective and current residents and other members of the public should seek confirmation and/or additional information from the District Manager’s office with regard to any questions or points of interest raised by the information presented herein.

[signatures on following page]
IN WITNESS WHEREOF, this Disclosure of Public Financing and Maintenance of Improvements to Real Property Undertaken has been executed as of the 	 day of
	, 2025, and recorded in the Official Records of Flagler County, Florida.

COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT

Blaz Kovacic, Chairman

Witness	Witness

Print Name	Print Name

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of ▢ physical presence or ▢ online notarization, this    day of 	, 2025, by Blaz Kovacic as Chairperson of the Board of Supervisors of Coquina Shores Community Development District, for and on behalf of the  District.  S/He  [   ]  is  personally  known  to  me  or  [   ]  produced
	 as identification.

Print Name:	 Notary Public, State of Florida
Exhibit A

il2?l']S- \ EST, lil:!i.'99 FEET; OOURSE NO. :ri • NORTiH ll0j0''17• E !S'F, UDJ.26 FEET: COURSE NO. 22.: NORTH: ]8°413?07" EAST 160.8] FEET" COURSE NO. 23: NORTH 08°59?58'" WES1\ '17'1.58 FEET; TH.ENCE NOR.TH ]8°3]'58 EAS"f, CO.''fll.lHNG ALONG
LAST SA.[D u: E AND ALONH "f.HE E··,S"fERLY LL·•E OF 'FHO<SE LANU<S DESCRIBED
.ND RECORDED IN OFFICIAL REOOR.DS BOOK 1774 P .GE 9 9 OF SAID PUBUC RECORDS,  140.89  FEE"f;  THE CE  NORT.HERLY,  NORTHEASTERLY  A. D
·.·ORTHWES"fERLY ALONG LAST SAID LIN. RUN T [E FOLLOWING El:Glff (8} COURSES AND Dl:STA.'CES: OOURSE NO.·1: NOR'FII ]4J.010']71; EAST; 67.04 FEE"f; COURSE NO, 2: NOR'FI-I 2JO.Ol.'l7mEAST 1·216.S:S, FEE"f· COlilRSE. O_J: ·OR"fH 04°37'2.S-l/t\fEST; ]75.86 FEET· COlilR.SE .·O. 4: NOR"f.H (l,9PS4'57" EAST! 86.88 FEE"f; COURSE NO. 5,: NORTH 28?2 3" \VEST; 124.6] FEET?COURSE 0. 6: NORTH ®0°05,'ll" WEST, I :!il.2® FEE"f; COURSE NO. 7: .'OR"fl-l 43°09'B" \\:ES'F, 75.27 FEET· COURSE NU. 8: NORTH 26°,fl 8" WEST; '160.08 FEET; l'.HE CE NORTH·1 °00'00" EAST, '966.54 FEET;, l'.HENCE
·_·ORTH 22°30'00" EAST  39:S.I 6 FEET; TME CE SOlffl-l 67DJO''G!IO- E  Sl'  33.00 FEET;
TH.ENCE NOR.TH •2°3(1,',00• EAST B0.00 FEET· TH.ENCE SOU"f.H 67°10'00" EAS"f- '1'18.00 FE.El'; l'.HENCE NORTH 22 JO'®O- EAST S.®®FEET l'O 'FME POINT OF CUR VAHJRE OF ACURVE'LEADINGNORTHERLY" l'HE  'CENOR.THERLY  ALONG·:.  D •  .ROUND Tl IE
.RC OF SAID CUR . E  CO. . CAVE \VESTERLY HAVING A RADIUS OF ] 25.00 FEET. AN
.RC DISTANCE OF 42.'.:li4.F El' SAID ARC BEi. G SUBTE DED BY A HORD:BE RING AND DISTA. CE or NORTH·1 °41.,5?00" E S'F; 4 34 FEE"f; TH.ENCE SOU'FI I 8'7°0®''0®" EAST; 22:5.S7 FEET m Tl-IE •.RC OF A CUR\ E LEADING•  ORT.Hl.VESTERL Y"'JUE CE
·.·OR"f.HWES'FERLY :LONG AND ARO NU THE •.RC OF Si\[D CUR E. co.·c .\ E SOUTHW!HSl'ERLY; .IIAV.I.. G A RADIUS OF 192.00 FEET, A.'N ARC DISTA. 'CE OF 414.8"2
FEET, SAID ARC :BELG SUBl'E.'DED BY . CHORD BEARING AND Dl:S'FANCE OF NORTH 1]041.J '7" WEST 118.72 FEET l'O TH.E POINT OF REVERSE CURVATURE OF A Cl.ii R E LE :DING \ ESTE.:RL Y· THENCE WES"fERL Y ALONG A.'D AROUND THE ARC OF SAID CURVE CO. C .VE NOR'FlrlERLY, MA\·L' G • . RADIUS OF ]C!l®.00 FEET AN
.R.CDIS"fANCEOF48.46FEEl'-S  JD ARC B.EJING SUBl'E.DEDBY ACHORDB.EA.RL'G A .D DISl' ANCE OF·_' OR"fl-I 79°4141'Ur' \ ESl' 47.'99 FEE'F 'FO l'ME PO[ 'F OF RE ERSE CURVATURE OF A CURVELEADL G WESTERLY?'FIIE. CE WESTERLY   .LO  GA. D
.R.OU 'D THE • RC  OF SAID CUR VE) OONCA VE SOlil'Fl-1\ ESTE.:RLY  H .YING A
RADIUS OF 305.®® FEET, A.' ARC rn:s'F .NCE OF 8.76 F'EE"f- SAID ARC BEING
SUBTENDED BY A CHORD BEA RI.. G AND D1:STANCE OF·_·OR'fl I 66°40'lJ- WEST. 8.76 FEET TO 'Ff1E PO[ ''F OF l' ANGE·. CY OF SAID Cl.iiRVE; 'fl-IE. 'CE NOR'FH 6J-Ol.10'00-WEST; 70.®® FEET TO nm POL 'F OF CURV .'FlilRE OF A CURVE LEADING NORl'.HWES'FERLY· l'HE. 'CE NORTHWES"fERLY, ALONG • .ND AROUND l'ME ARC OF
SAID· UR-E?CO. CAVE·_ ORTHEASl'ERLY; H .YING  . RADIUS OF 285.H FEET; AN
.R.C DIS'FA.NCE OF 3 I S.86 FEE"f  SA[D ARC BEING SUBTENDED BY A CHORD
:BEARING •ND DISTAN E OF·_'OR"fl I 35°415'00" WEST, 299.9-4 FEE'J TO THE POL''F OF TA. GENCY OF SAID CURVE; l'.HENCE NORTH 04°00'00" WEST- 167.6.J FEET 'FO Tl IE POINT OF  Cl.ii RVATURE  OF A  CUR\ E LEADING  NOR'FI-IE !HERL Y· 'FHENCE
·.·OR"f.HEASTERLY ALO.'G AND AROUND "f.HE ARC OF S JD CURVE., CO.'CAVE

TENTH ORDER OF BUSINESS

B.
COQUINA SHORES CDD REQUISITION SUMMARY 20-Nov-25
REQUISITION	REQUISITION
NUMBER	PAYEE	REFERENCE	AMOUNT
Capital Projects Fund Bond Issuance Opening Balance				
01	JX Palm Coast Land, LLC	Acquisition of Wetland Mitigation Credits	$	881,396.87	
02	JX Palm Coast Land, LLC	Reimbursement for Coquina Shores Phase I Infrastructure Improvements	$ 1,308,848.21	
03	SE Cline Construction	Coquina Shores Offsite - Contractor Payment Application No. 1	$	48,464.78	
Requisition Summary Total $ 2,238,709.86

C.
Coquina Shores Community Development District Performance Measures/Standards &
Annual Reporting Form
October 1, 2024 – September 30, 2025

	1.	 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 meetings in accordance with Florida Statutes, 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 per Florida 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 ☐
	1.	 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 ☐
	1.	 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:	 
Coquina Shores Community Development District

District Manager:		Date:	 Print Name:	 
Coquina Shores Community Development District

2.
Coquina Shores
Community Development District

475 West Town Place Suite 114 ~ St. Augustine, FL 32092 ~ (904) 239-5309 ~ Fax (904) 239-5309

MEMORANDUM

To:	Board of Supervisors and Stakeholders within the District
From:	Coquina Shores CDD Management Team of GMS
Date:	November 14, 2025
Subject: Coquina Shores Community Development District, Special Assessment Bonds, Series 2025 5 Year Arbitrage Rebate Calculation, Article: Section 5.04

The above bond issue is exempt from rebate based on a "small issuer exception" created in IRS Code Section 148(f)(4)(D). The requirements for the "small issuer exception" from rebate are the following:

	1.	The issuer must be a governmental entity with taxing powers, not private activity bonds,
	2.	At least 95% of the proceeds used for governmental activities, and

	1.	On the date of issuance, the issuer must reasonably expect that it will not issue more than $5 million in aggregate amount of all governmental bonds including related entities of the issuer during the current calendar year.

Accordingly, this issue meets these requirements and is exempt from rebate.

ELEVENTH ORDER OF BUSINESS

A.

Coquina Shores
Community Development District

Unaudited Financial Reporting
September 30, 2025
Table of Contents

	Balance Sheet

	General Fund Income Statement

	Month to Month

	Debt Service Series 2025

	Capital Project Series 2025

	Construction Schedule

	Developer Contributions

	Long Term Debt Report
Coquina Shores
Community Development District Combined Balance Sheet September 30, 2025

Assets:
Cash:
Operating Account

$	1,802	$

-	$	-	$	-	$

1,802
Due from Developer	8,781	-	-	-	8,781 Series 2022
Coquina Shores
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending September 30, 2025

	Adopted	Prorated Budget	Actual		
	Budget	Thru 09/30/25	Thru 09/30/25	Variance	

Revenues:					
Developer Contributions	$	140,453	$	140,453	$	66,486	$	(73,967)	
Interest Income	-	-	-	-	
Total Revenues	$	140,453	$	140,453	$	66,486	$	(73,967)	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	12,000	$	12,000	$	1,400	$	10,600	
FICA Expense	918	-	918	107	811	
Engineering	12,000	12,000	5,504	6,496	
Attorney	25,000	25,000	2,311	22,690	
Annual Audit	3,200	3,200	3,200	-	
Assessment Administration	7,500	7,500	-	7,500	
Arbitrage	600	600	-	600	
Dissemination Agent	7,500	7,500	-	7,500	
Trustee Fees	4,600	4,600	-	4,600	
Management Fees	45,000	45,000	45,000	-	
Information Technology	1,908	1,908	1,908	-	
Website Maintenance	1,272	1,272	1,272	-	
Telephone	500	500	60	440	
Postage & Delivery	1,500	1,500	84	1,416	
General Liability and Public Officials Insurance	5,500	5,500	5,200	300	
Printing & Binding	1,200	1,200	280	920	
Legal Advertising	5,000	5,000	4,238	762	
Other Current Charges	4,080	4,080	1,587	2,493	
Office Supplies	1,000	1,000	1	999	
Dues, Licenses & Subscriptions	175	175	175	-	
Total General & Administrative	$	140,453	$	140,453	$	72,326	$	68,127	
					
Excess (Deficiency) of Revenues over Expenditures	$	-		$	(5,840)		

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	-	$	-	$	-	$	-	
Total Other Financing Sources/(Uses)	$	-	$	-	$	-	$	-	
					
Net Change in Fund Balance	$	-	$	-	$	(5,840)	$	-	
					
Fund Balance - Beginning	$	-		$	13,455		
					
Fund Balance - Ending	$	-		$	7,615		
Coquina Shores
Community Development District Month to Month

Revenues:

Developer Contributions Interest Income	$	9,549
-	$	4,218
-	$	4,035
-	$	4,018
-	$	4,609
-	$	4,027
-	$	-	
-	$	12,150
-	$	-	
-	$	9,786
-	$	5,315
-	$	8,781
-	$	66,486
-	
Total Revenues	$	9,549	$	4,218	$	4,035	$	4,018	$	4,609	$	4,027	$	-	$	12,150	$	-	$	9,786	$	5,315	$	8,781	$	66,486			

Expenditures:																
General & Administrative:																
Supervisor Fees	$	-	$	-	$	-	$	200	$	-	$	400	$	-	$	200	$	-	$	200	$	200	$	200	$	1,400			
FICA Expense	-	-	-	15	-	31	-	15	-	15	15	15	107			
Engineering	914	-	-	-	-	128	-	191	-	1,084	-	3,188	5,504			
Attorney	19	-	-	146	-	309	140	576	-	1,121	-	-	2,311			
Annual Audit	-	-	-	-	-	-	3,200	-	-	-	-	-	3,200			
Assessment Administration	-	-	-	-	-	-	-	-	-	-	-	-	-			
Arbitrage	-	-	-	-	-	-	-	-	-	-	-	-	-			
Dissemination Agent	-	-	-	-	-	-	-	-	-	-	-	-	-			
Trustee Fees	-	-	-	-	-	-	-	-	-	-	-	-	-			
Management Fees	3,750	3,750	3,750	3,750	3,750	3,750	3,750	3,750	3,750	3,750	3,750	3,750	45,000			
Information Technology	159	159	159	159	159	159	159	159	159	159	159	159	1,908			
Website Maintenance	106	106	106	106	106	106	106	106	106	106	106	106	1,272			
Telephone	12	-	-	-	-	6	-	10	-	6	0	26	60			
Postage & Delivery	1	28	1	3	-	-	40	1	1	1	6	3	84			
General Liability and Public Officials Insurance	5,200	-	-	-	-	-	-	-	-	-	-	-	5,200			
Printing & Binding	4	-	-	-	194	6	17	7	12	2	9	29	280			
Legal Advertising	-	59	-	29	-	30	-	-	-	112	3,909	99	4,238			
Other Current Charges	339	12	18	19	69	70	387	72	70	390	72	70	1,587			
Office Supplies	0	0	0	0	-	-	0	0	0	0	0	0	1			
Dues, Licenses & Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175			
Total General & Administrative	$	10,678	$	4,115	$	4,034	$	4,427	$	4,279	$	4,993	$	7,799	$	5,087	$	4,097	$	6,946	$	8,227	$	7,644	$	72,326			
																
Excess (Deficiency) of Revenues over Expenditures	$	(1,129)	$	103	$	1	$	(409)	$	330	$	(967)	$	(7,799)	$	7,063	$	(4,097)	$	2,840	$	(2,913)	$	1,136	$	(5,840)			

Other Financing Sources/Uses:																
Transfer In/(Out)	-	-	-	-	-	-	-	-	-	-	-	-	-			
Total Other Financing Sources/Uses	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-			
																
Net Change in Fund Balance	$	(1,129)	$	103	$	1	$	(409)	$	330	$	(967)	$	(7,799)	$	7,063	$	(4,097)	$	2,840	$	(2,913)	$	1,136	$	(5,840)			
Coquina Shores
Community Development District Debt Service Fund Series 2025
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending September 30, 2025

	Proposed	Prorated Budget	Actual		
	Budget	Thru 09/30/25	Thru 09/30/25	Variance	

Revenues:				
Special Assessments - Tax Roll Special Assessments -Direct Bill Interest Income	$	-
-
-	$	-	$	-
-	-
-	-	$	-

-	
Total Revenues	$	-	$	-	$	-	$	-	

Expenditures:				
Interest -11/01	$	18,177	$	-	$	-	$	-	
Interest - 5/01	105,541	-	-	-	
Principal - 5/01	55,000	-	-	-	
Total Expenditures	$	178,718	$	-	$	-	$	-	
				
Excess (Deficiency) of Revenues over Expenditures	$	(178,718)	$	-	$	-	$	-	

Other Financing Sources/(Uses):				
Transfer In/(Out)	$	-	$	-	$	-	$	-	
Bonds Proceeds	153,510	-	153,510	$	153,510	
Total Other Financing Sources/(Uses)	$	153,510	$	-	$	153,510	$	153,510	
				
Net Change in Fund Balance	$	(25,208)	$	-	$	153,510	$	153,510	
				
Fund Balance - Beginning	$	-	$	-		
				
Fund Balance - Ending	$	(25,208)	$	153,510		
Coquina Shores
Community Development District Capital Projects Fund Series 2025
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending September 30, 2025

Proposed	Prorated Budget	Actual		
Budget	Thru 09/30/25	Thru 09/30/25	Variance	
Revenues

Interest Income

$	-	$	-	$

-	$	-

Expenditures:

Capital Outlay

$	-	$	-	$

-	$	-
Cost of Issuance Expenses	230,000	206,750	206,750	-
Underwriters Discount	77,300	77,300	77,300	-

COQUINA SHORES COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Revenue Bonds, Series 2025
Construction Account

10/31/25	1	JX Palm Coast Land LLC	Wetland Mitigation/Gopher Relocation	$	881,396.87

TOTAL	$	881,396.87	

Project (Construction) Fund at 9/30/25	
$	3,404,190.32	
Interest Earned and Transfer thru 09/30/25	-	
Transfer from COI	-	
Transfer from Debt Service	-	
Outstanding Requistions	-	
Requisitons Paid thru 09/30/25	(881,396.87)	

Remaining Project (Construction) Fund	$	2,522,793.45	
Coquina Shores Community Development District Developer Contributions/Due from Developer

Funding Request
#	Date Prepared	Date Payment
Received		Check Amount	Total Funding
Request FY25	Total Funding
Request FY26	Over and (short)
Balance Due	

1	
8/3/23	
10/6/23	
$	
28,685.60			
$	-	
2	9/14/23	10/6/23		5,935.60			-	
3	10/10/23	12/7/23		18,338.27			-	
4	11/9/23	12/5/24		4,987.81			-	
5	12/29/23	2/9/24		6,809.85			-	
6	1/10/24	2/9/24		4,083.12			-	
7	1/26/24	2/9/24		9,676.25			-	
8	2/7/24	2/9/24		4,302.80			-	
9	4/30/24	5/10/24		14,276.96			-	
10	5/9/24	6/28/24		4,003.97			-	
11	6/12/24	6/28/24		13,030.61			-	
12	7/11/24	8/23/24		5,756.55			-	
13	8/7/24	9/20/24		5,747.87			-	
14	9/12/24	10/4/24		10,165.77	5,200.00		-	
15	10/9/24	12/13/24		4,650.42	4,348.92		-	
16	11/13/24	12/13/24		4,218.23	4,218.23		-	
17	12/17/24	1/10/25		4,995.22	4,034.72		-	
18	1/9/25	1/31/25		4,017.88	4,017.88		-	
19	3/11/25	4/4/25		8,635.77	8,635.77		-	
20	5/7/25	6/6/25		12,149.73	12,149.73		-	
21	7/9/25	8/22/25		9,785.58	9,785.58		-	
22	8/10/25	9/12/25		5,314.98	5,314.98		-	
23	9/9/25	10/10/25		9,784.56	4,272.56	5,512.00	-	
24	10/8/25	10/24/25		4,508.00	4,508.00		-	
				-				
Due from Developer		$	203,861.40	$  66,486.37	$	5,512.00	$	-		
								
Total Developer Contributions				$  66,486.37	$	5,512.00	$	-		
Coquina Shores
Community Development District Long Term Debt Report

Series 2022, Special Assessment Revenue Refunding Bonds		

Interest Rate:	
4.250-5.700%	
Maturity Date:	5/1/2055	
Reserve Fund Definition	50% of Maximum Annual Debt Service	
Reserve Fund Requirement:	$135,333	
Reserve Fund Balance	135,333	
Bonds Outstanding -	$3,865,000	
Less: Principal Payment - 12/15/23	$0	
		
Current Bonds Outstanding	$3,865,000	

B.
Coquina Shores
Community Development District	FY 25 Funding Request #24
October 8, 2025

PAYEE	GENERAL FUND	CAPITAL PROJECTS	

1	England-Thims & Miller
Inv #222266 - September Consulting Task	

$  3,187.50		
2	Kutak Rock LLP
Inv #3627260 June and July General Counsel	
1,120.50		
3	Supervisor Meeting
9/25/25 Meeting	
200.00		

Please make check payable to:

Coquina Shores Community Development District
475 West Town Place Ste 114 St Augustine FL 32092

Governmental Management Services, L.L.C. Coquina Shores Community Development District 475 W Town Place
Suite 114
St. Augustine, FL 32092
October 06, 2025
Invoice No:	222266

Project	22515.00000	Coquina Shores Community Development District EMAIL TO: BKOVACIC@BBXCAPITAL.COM
Professional Services rendered through September 27, 2025
Phase
CDD Meeting Online	01.	Petition for Establishment Support				
Billing Limits		Current	Prior	To-Date		
Total Billings		0.00	13,061.25	13,061.25		
Limit				25,000.00		
Remaining				11,938.75		
			Total this	Phase	0.00	
Phase	02.	Consulting Tasks for CDD				
Work Description: Update CDD Report based on comments from Teams CDD Online Meeting 7/17/25
Labor
Hours	Rate	Amount
Senior Engineer/Senior Project Manager
	Lockwood, Scott	9/13/2025	1.50	255.00	382.50		
	Lockwood, Scott	9/20/2025	2.00	255.00	510.00		
	Lockwood, Scott	9/27/2025	9.00	255.00	2,295.00		
	Totals		12.50		3,187.50		
	Total Labor					3,187.50	
				Total this	Phase	$3,187.50	
Phase	XP	Expenses		
Total this	
Phase	
0.00	

Total This Invoice 	$3,187.50

K U T A K  R O C K  L L P
TALLAHASSEE, FLORIDA
Telephone 404-222-4600
Facsimile 404-222-4654

Federal ID 47-0597598

September 24, 2025
Check Remit To: Kutak Rock LLP PO Box 30057
Omaha, NE 68103-1157

ACH/Wire Transfer Remit To:
ABA #104000016
First National Bank of Omaha
Kutak Rock LLP A/C # 24690470
Reference: Invoice No. 3627260 Client Matter No. 44223-1
Notification Email: eftgroup@kutakrock.com

Mr. Jim Oliver Coquina Shores CDD
C/O Governmental Management Services Suite 114
475 West Town Place
St. Augustine, FL 32092	Invoice No. 3627260
44223-1

Re:	General Counsel
For Professional Legal Services Rendered

06/04/25	P. Avrett	0.40	64.00	Coordinate response to auditor letter	
				update	
07/02/25	K. Buchanan	0.50	175.00	Review  status  of  permitting  and	
				financing; review tentative agenda	
07/03/25	K. Haber	0.30	76.50	Prepare	developer’s	funding	
agreement; correspond with Oliver regarding same
07/17/25	K. Buchanan	0.90	315.00	Prepare for and attend board meeting 07/25/25	K. Buchanan	0.80	280.00	Confer	with	chairman;	prepare
addendum to construction contract 07/27/25	K. Buchanan	0.60	210.00	Prepare addendum to construction
contract
TOTAL HOURS	3.50
KUTAK ROCK LLP
Coquina Shores CDD		
September 24, 2025		
Client Matter No. 44223-1		
Invoice No. 3627260		
Page 2

TOTAL FOR SERVICES RENDERED	
$1,120.50	
TOTAL CURRENT AMOUNT DUE	$1,120.50	
Attendance Confirmation
for
Board of Supervisors

District Name:	Coguina Shores COD	

Board Meeting Date:		Thursday, September 25, 2025	

Name

Blaz Kovacic

	2.	Marcy McBride

	2.	Matthew Fassler
	3.	Bill Livingston 
	4.	VACANT
In Attendance Please
ll  I
0
G6
GZi
D
Fees Involved

$

$

$

$	200

$

The supervisors present at the above referenced meeting should be compensated
accordingly.

District Manager S  nature	Date

**RETURN SIGNED DOCUMENT TO DANIEL LAUGHLIN**

C.
Coquina Shores
Community Development District	FY 25 Funding Request #25
November 13, 2025

PAYEE	GENERAL FUND	CAPITAL PROJECTS

1	Kutak Rock LLP
Inv #3644767 August General Counsel

$	658.53
Inv #3655530 September General Counsel	2,835.00

Please make check payable to:

Coquina Shores Community Development District
475 West Town Place Ste 114 St Augustine FL 32092
K U T A K  R O C K  L L P
TALLAHASSEE, FLORIDA
Telephone 404-222-4600
Facsimile 404-222-4654

Federal ID 47-0597598

October 31, 2025
Check Remit To: Kutak Rock LLP PO Box 30057
Omaha, NE 68103-1157

ACH/Wire Transfer Remit To:
ABA #104000016
First National Bank of Omaha
Kutak Rock LLP A/C # 24690470
Reference: Invoice No. 3644767 Client Matter No. 44223-1
Notification Email: eftgroup@kutakrock.com

Mr. Jim Oliver Coquina Shores CDD
C/O Governmental Management Services Suite 114
475 West Town Place
St. Augustine, FL 32092	Invoice No. 3644767
44223-1

Re:	General Counsel
For Professional Legal Services Rendered

08/13/25	K. Haber	0.40	102.00	Correspond with Hogge regarding
appropriation	and	assessment
	resolutions; correspond with Oliver
regarding the same				
08/17/25

08/20/25	K. Haber

K. Haber	0.20	51.00	Correspond with Oliver and Hogge
regarding funding agreement
0.50	127.50	Revise	assessment	resolution;			

08/21/25	
K. Buchanan	
0.50	
175.00	correspond with Oliver, Hogge, and Fulks regarding same
Prepare for and attend board meeting	
09/06/25	L. Whelan	0.10	33.00	Review effect of legislative changes on District Rules of Procedure and prepare proposed revisions regarding
same	

TOTAL HOURS	1.70
KUTAK ROCK LLP
Coquina Shores CDD October 31, 2025
Client Matter No. 44223-1 Invoice No. 3644767
Page 2			
TOTAL FOR SERVICES RENDERED		$488.50	
DISBURSEMENTS			
Meals	2.38		
Travel Expenses	167.65		
TOTAL DISBURSEMENTS		170.03	
TOTAL CURRENT AMOUNT DUE		$658.53	
K U T A K  R O C K  L L P
TALLAHASSEE, FLORIDA
Telephone 404-222-4600
Facsimile 404-222-4654

Federal ID 47-0597598

November 12, 2025
Check Remit To: Kutak Rock LLP PO Box 30057
Omaha, NE 68103-1157

ACH/Wire Transfer Remit To:
ABA #104000016
First National Bank of Omaha
Kutak Rock LLP A/C # 24690470
Reference: Invoice No. 3655530 Client Matter No. 44223-1
Notification Email: eftgroup@kutakrock.com

Mr. Jim Oliver Coquina Shores CDD
C/O Governmental Management Services Suite 114
475 West Town Place
St. Augustine, FL 32092	Invoice No. 3655530
44223-1

Re:	General Counsel
For Professional Legal Services Rendered

08/07/25	K. Buchanan	3.00	1,050.00	Prepare bond documents		
09/04/25	K. Buchanan	0.30	105.00	Confer	with	chair	regarding	
09/19/25	K. Buchanan	0.30	105.00	construction contract requirements
Review open items		
09/25/25	K. Buchanan	4.50	1,575.00	Prepare for and attend board meeting		

TOTAL HOURS	8.10
TOTAL FOR SERVICES RENDERED	$2,835.00
TOTAL CURRENT AMOUNT DUE	$2,835.00